UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
_X_ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 15, 1997
OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number 0-17015
LIBERTY TAX CREDIT PLUS L.P.
----------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3446500
- - ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
625 Madison Avenue, New York, New York 10022
- - ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212)421-5333
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes _X_ No ___
<PAGE>
PART I - Financial Information
Item 1. Financial Statements
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
September 15, March 15,
1997 1997
------------ ------------
ASSETS
Property and equipment, at cost,
net of accumulated depreciation
of $76,335,906 and $72,046,250,
respectively $178,928,920 $182,767,711
Cash and cash equivalents 2,606,811 2,918,344
Cash held in escrow 10,295,287 9,258,938
Accounts receivable - tenants 563,224 612,022
Deferred costs - net of accumulated
amortization of $3,843,540
and $3,694,780, respectively 3,688,057 3,836,817
Other assets 1,318,897 1,404,120
------------ ------------
Total assets $197,401,196 $200,797,952
============ ============
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Mortgage notes payable $156,676,526 $157,643,066
Accounts payable and other
liabilities 8,876,012 7,954,170
Due to local general partners and
affiliates 13,882,148 14,161,748
Due to general partners and
affiliates 3,628,665 2,987,268
Due to selling partners 923,385 980,913
------------ ------------
Total liabilities 183,986,736 183,727,165
------------ ------------
Minority interest 5,737,283 6,124,180
------------ ------------
Commitments and contingencies (Note 4)
Partners' capital:
Limited partners (15,987.5 BACs
issued and outstanding) 8,330,249 11,566,985
General partners (653,072) (620,378)
------------ ------------
Total partners' capital 7,677,177 10,946,607
------------ ------------
Total liabilities and partners'
capital $197,401,196 $200,797,952
============ ============
See Accompanying Notes to Consolidated Financial Statements
-2-
<PAGE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
========================== ==========================
Three Months Ended Six Months Ended
September 15, September 15,
1997 1996* 1997 1996*
-------------------------- --------------------------
Revenues
Rental income $8,511,832 $8,374,900 $16,859,872 $16,716,870
Other 234,107 436,275 513,651 730,646
----------- ----------- ----------- -----------
8,745,939 8,811,175 17,373,523 17,447,516
----------- ----------- ----------- -----------
Expenses
General and
administrative 1,276,015 1,176,465 2,743,463 2,540,467
General and
administrative-
related parties
(Note 2) 660,800 409,778 1,300,475 837,850
Repairs and
maintenance 1,525,174 1,549,619 2,927,985 3,103,402
Operating and
other 1,001,206 1,027,822 2,235,019 2,136,470
Taxes 420,974 435,991 788,429 799,129
Insurance 374,234 350,314 710,917 687,230
Financial,
primarily
interest 3,172,399 3,300,570 6,375,770 6,645,570
Depreciation and
amortization 2,225,089 2,251,652 4,438,416 4,543,387
----------- ----------- ----------- -----------
10,655,891 10,502,211 21,520,474 21,293,505
----------- ----------- ----------- -----------
Loss before
minority
interest and
extraordinary
item (1,909,952) (1,691,036) (4,146,951) (3,845,989)
Minority interest in
loss of subsidiaries 90,756 95,169 184,181 181,180
----------- ----------- ----------- -----------
Loss before extra-
ordinary item (1,819,196) (1,595,867) (3,962,770) (3,664,809)
Extraordinary
item - forgiveness
of indebtedness
income (Note 3) 693,340 0 693,340 0
----------- ----------- ----------- -----------
Net loss $(1,125,856) $(1,595,867) $(3,269,430) $(3,664,809)
=========== =========== =========== ===========
*Reclassified for comparative purposes
See Accompanying Notes to Consolidated Financial Statements
-3-
<PAGE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Statements of Operations
(continued)
(Unaudited)
=========================== ===========================
Three Months Ended Six Months Ended
September 15, September 15,
--------------------------- ---------------------------
1997 1996 1997 1996
=========================== ===========================
Loss before extra-
ordinary item-
limited partners $(1,801,004) $(1,579,908) $(3,923,142) $(3,628,161)
Extraordinary
item - limited
partners 686,406 0 686,406 0
------------ ------------ ------------ ------------
Net loss-
limited
partners $(1,114,598) $(1,579,908) $(3,236,736) $(3,628,161)
============ ============ ============ ============
Number of
BACs
outstanding 15,987.5 15,987.5 15,987.5 15,987.5
============ ============ ============ ============
Per BAC:
Loss before
extraordinary
item $(112.65) $(98.82) $(245.39) $(226.94)
Extraordinary
item 42.93 0 42.93 0
------------ ------------ ------------ ------------
Net loss per
BAC $(69.72) $(98.82) $(202.46) $(226.94)
============ ============ ============ ============
See Accompanying Notes to Consolidated Financial Statements
-4-
<PAGE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Statement of Changes in Partners' Capital
(Unaudited)
=============================================
Limited General
Total Partners Partners
---------------------------------------------
Partners' capital -
March 16, 1997 $10,946,607 $11,566,985 $(620,378)
Net loss, six
months ended
September 15, 1997 (3,269,430) (3,236,736) (32,694)
----------- ----------- ---------
Partners' capital -
September 15, 1997 $ 7,677,177 $ 8,330,249 $(653,072)
=========== =========== =========
See Accompanying Notes to Consolidated Financial Statements
-5-
<PAGE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Statements of Cash Flows
Decrease in Cash and Cash Equivalents
(Unaudited)
===========================
Six Months Ended
September 15,
---------------------------
1997 1996
---------------------------
Cash flows from operating activities:
Net loss $(3,269,430) $(3,664,809)
Adjustments to reconcile net loss
to net cash provided
by operating activities:
Extraordinary item - forgiveness
of indebtedness (Note 3) (693,340) 0
Depreciation and amortization 4,438,416 4,543,387
Minority interest in loss of
subsidiaries (184,181) (181,180)
Decrease in accounts
receivable-tenants 48,798 1,563
Decrease in other assets 85,223 160,575
Increase in accounts payable and
other liabilities 921,842 270,340
Increase (decrease) in due to
general partners and affiliates 641,397 (565,120)
(Increase) decrease in cash held
in escrow (366,367) 82,500
----------- -----------
Net cash provided by
operating activities 1,622,358 647,256
----------- -----------
Cash flows from investing activities:
Increase in cash held
in escrow (669,982) (101,457)
Improvements to property and
equipment (450,865) (392,286)
----------- -----------
Net cash used in investing activities (1,120,847) (493,743)
----------- -----------
See Accompanying Notes to Consolidated Financial Statements
-6-
<PAGE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Statements of Cash Flows
Decrease in Cash and Cash Equivalents
(continued)
(Unaudited)
===========================
Six Months Ended
September 15,
---------------------------
1997 1996
---------------------------
Cash flows from financing activities:
Increase in deferred costs 0 (162,155)
Decrease in due to selling partners (57,528) (72,560)
Proceeds from mortgage notes 0 4,480,000
Repayments of mortgage notes (966,540) (4,349,309)
Increase in due to local general
partners and affiliates 420,436 423,935
Decrease in due to local general
partners and affiliates (6,696) (143,239)
Decrease in capitalization of
consolidated subsidiaries
attributable to minority interest (202,716) (467,466)
----------- -----------
Net cash used in
financing activities (813,044) (290,794)
----------- -----------
Net decrease in cash and
cash equivalents (311,533) (137,281)
Cash and cash equivalents at
beginning of period 2,918,344 2,780,280
----------- -----------
Cash and cash equivalents at
end of period $ 2,606,811 $ 2,642,999
=========== ===========
Supplemental disclosure of
noncash activities:
Forgiveness of indebtedness (Note 3)
Decrease in due to local
general partner and affiliates $ 693,340 $ 0
=========== ===========
See Accompanying Notes to Consolidated Financial Statements
-7-
<PAGE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
September 15, 1997
(Unaudited)
Note 1 - General
The consolidated financial statements include the accounts of the Partnership
and 31 subsidiary partnerships ("subsidiary partnerships" or Local Partnerships)
in which the Partnership is a limited partner. Through the rights of the
Partnership and/or a General Partner, which General Partner has a contractual
obligation to act on behalf of the Partnership, to remove the general partner of
the subsidiary partnerships and to approve certain major operating and financial
decisions, the Partnership has a controlling financial interest in the
subsidiary partnerships. All intercompany accounts and transactions with the
subsidiary partnerships have been eliminated in consolidation.
The Partnership's fiscal quarter ends on September 15. All subsidiary
partnerships have fiscal quarters ending June 30. Accounts of the subsidiary
partnerships have been adjusted for intercompany transactions from July 1
through September 15.
In the opinion of the general partners of the Partnership, the accompanying
unaudited financial statements contain all adjustments (consisting only of
normal recurring adjustments) necessary to present fairly the financial position
of the Partnership as of September 15, 1997, the results of operations for the
three and six months ended September 15, 1997 and 1996 and cash flows for the
six months ended September 15, 1997 and 1996. However, the operating results for
the six months ended September 15, 1997 may not be indicative of the results for
the year.
Certain information and note disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principals
have been omitted or condensed. These consolidated financial statements should
be read in conjunction with the financial statements and notes thereto included
in the Partnership's Annual Report on Form 10-K for the period ended March 15,
1997.
Increases (decreases) in the capitalization of consolidated subsidiary
partnerships attributable to minority interest arise from cash contributions
from and cash distributions to the minority interest partners.
-8-
<PAGE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
September 15, 1997
(Unaudited)
Losses attributable to minority interests which exceed the minority interests'
investment in subsidiary partnerships have been charged to the Partnership. Such
losses aggregated $34,000 and $30,000 and $85,000 and $97,000, for the three and
six months ended September 15, 1997 and 1996, respectively. The Partnership's
investment in each subsidiary partnership is equal to the respective subsidiary
partnership's partners' equity less minority interest capital, if any. In
consolidation, all subsidiary partnership losses are included in the
Partnership's capital account except for losses allocated to minority interest
capital.
Note 2 - Related Party Transactions
One of the General Partners also has a 1% interest as a special limited partner,
in each of the subsidiary partnerships. An affiliate of the General Partners
also has a minority interest in certain subsidiary partnerships.
The costs incurred to related parties for the three and six months ended
September 15, 1997 and 1996 were as follows:
Three Months Ended Six Months Ended
September 15, September 15,
----------------------- -----------------------
1997 1996* 1997 1996*
----------------------- -----------------------
Partnership
management
fees (a) $284,500 $50,000 $569,000 $100,000
Expense
reimburse-
ment (b) 36,346 24,251 82,059 71,576
Property
management
fees (c) 320,954 314,527 611,416 625,274
Local
administrative
fee (d) 19,000 21,000 38,000 41,000
-------- -------- ---------- --------
$660,800 $409,778 $1,300,475 $837,850
======== ======== ========== ========
*Reclassified for comparative purposes
-9-
<PAGE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
September 15, 1997
(Unaudited)
(a) The General Partners are entitled to receive a partnership management fee,
after payment of all Partnership expenses, which together with the local annual
administrative fees will not exceed a maximum of 0.5% per annum of invested
assets (as defined in the Partnership Agreement), for administering the affairs
of the Partnership. The partnership management fee, subject to the foregoing
limitation, will be determined by the general partners in their sole discretion
based upon their review of the Partnership's investments. Partnership management
fees owed to the General Partners amounting to approximately $2,557,000 and
$1,988,000 were accrued and unpaid as of September 15, 1997 and March 15, 1997,
respectively.
(b) The Partnership reimburses the General Partners and their affiliates for
actual Partnership operating expenses incurred by the General Partners and their
affiliates on the Partnership's behalf. The amount of reimbursement from the
Partnership is limited by the provisions of the Partnership Agreement. Another
affiliate of the General Partners performs asset monitoring for the Partnership.
These services include site visits and evaluations of the subsidiary
partnerships' performance. Expense reimbursements and asset monitoring fees owed
to the Related General Partner amounting to approximately $375,000 and $293,000
were accrued and unpaid as of September 15, 1997 and March 15, 1997,
respectively.
The General Partners have continued advancing and allowing the accrual without
payment of the amounts set forth in (a) and (b) but are under no obligation to
do so.
(c) Property management fees incurred by subsidiary partnerships amounted to
$461,216 and $456,491 and $916,188 and $916,877 for the three and six months
ended September 15, 1997 and 1996, respectively. Of these fees $299,801 and
$294,399 and $569,111 and $585,019 were incurred to affiliates of the subsidiary
partnerships' general partners. In addition, $21,153 and $20,128 and $42,305 and
$40,255 were incurred to affiliates of the Partnership.
(d) Liberty Associates III L.P., the special limited partner of the subsidiary
partnerships, is entitled to receive a local administrative fee of up to $2,500
per year from each subsidiary partnership.
-10-
<PAGE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
September 15, 1997
(Unaudited)
Note 3 - Extraordinary Item
Walnut Park Plaza Associates ("Walnut Park") has sustained recurring losses from
operations. At December 31, 1996, Walnut Park had not made certain payments
required under the terms of the Bond Indenture and , as a result, is in default.
In August 1995, the Project's bonds payable were sold by the bondholder to E. A.
Moos ("Moos"). On April 9, 1996, Walnut Park entered into an interim agreement
with Moos which expired October 15, 1996. Moos and Walnut Park continued to
operate under the interim agreement while negotiating a Settlement Agreement and
Release (the "Agreement"). The interim agreement primarily allows Moos to select
an interim and permanent replacement property manager, to formulate a proposal
to replace the general partner, and to possibly restructure the indebtedness of
the project. On April 29, 1997, the Agreement was signed which provides for,
among other things, the transfer of the general partner interest to RCC Partners
'96 LLC ("RCC"), an affiliate of the Partnership. Upon transfer of the general
partner interest to RCC, amounts due to the former general partner and its
affiliates totaling $693,340 were forgiven resulting in forgiveness of
indebtedness income. Through the rights of the Partnership and/or a General
Partner, which General Partner has a contractual obligation to act on behalf of
the Partnership to approve certain major operating and financial decisions, the
Partnership continues to have a controlling financial interest in Walnut Park.
Walnut Park's continued existence is dependent on the impact of the interim
agreement and ultimately the resolution of the default of certain obligations
under the terms of the Bond Indenture. Contingent upon the outcome of the
interim agreement and the status of the Bond Indenture default, Walnut Park may
be unable to continue as a going concern in its present form. The Partnership's
investment in Walnut Park at September 15, 1997 and March 15, 1997 was reduced
to zero by prior years' losses and the minority interest balance amounted to
approximately $441,000 and $437,000, respectively. Walnut Park's net income
(loss) after minority interest amounted to approximately $232,000 and ($51,000)
and $388,000 and ($129,000) for the three and six months ended September 15,
1997 and 1996, respectively.
-11-
<PAGE>
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
September 15, 1997
(Unaudited)
Note 4 - Commitments and Contingencies
The following disclosure includes changes and/or additions to the disclosures
regarding the subsidiary partnerships which were included in the Partnership's
Annual Report on Form 10-K for the period ended March 15, 1997.
Regent Street Associates, L.P.
- - ------------------------------
Regent Street Associates, L.P. ("Regent Street") received from the Internal
Revenue Service a Notice of Final Partnership Administrative Adjustment.
Pursuant to the notice, the Internal Revenue Service challenged the method in
which Regent Street has allocated the below-market federal financing to its
properties, contending that Regent Street is entitled to only a 4% Low Income
Housing Tax Credit rather than a 9% Low Income Housing Tax Credit. The Internal
Revenue Service also challenged the inclusion of a portion of the developer's
fee and legal costs in qualified expenditures for the purpose of determining Low
Income Housing and Historic Rehabilitation Tax Credits and depreciable basis.
The general partners of the Regent Street subsidiary partnership have filed a
petition in the United States Tax Court for readjustment challenging each of the
positions taken by the Internal Revenue Service. Regent Street and the Internal
Revenue Services have agreed to a settlement of adjustments proposed by the
Service with respect to the 1988 through 1996 taxable years. Under the
settlement, in its 1997 taxable year Regent Street will recapture low income
housing credits of approximately $1,098,000, recapture rehabilitation credits of
approximately $254,000 and recapture depreciation expense of approximately
$385,000. (The above estimated amounts are subject to final adjustment upon
completion of the settlement computations.) This prospective settlement approach
will result in there being no liability for interest with respect to the years
involved.
-12-
<PAGE>
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Liquidity and Capital Resources
The Partnership's capital has been invested in 31 Local Partnerships.
The Partnership's primary sources of funds are the cash distributions from
operations of the Local Partnerships in which the Partnership has invested.
These sources are available to meet obligations of the Partnership. However, the
cash distributions received from the Local Partnerships to date have not been
sufficient to meet all such obligations of the Partnership. During the six
months ended September 15, 1997 and 1996 such distributions amounted to
approximately $101,000 and $84,000 respectively. Accordingly, the Related
General Partner and affiliates advanced funds totaling approximately $119,000
and $118,000 at September 15, 1997 and March 15, 1997 respectively, to meet the
Partnership's third party obligations. In addition, certain fees and expense
reimbursements owed to the General Partners amounting to approximately
$2,932,000 and $2,281,000 were accrued and unpaid as of September 15, 1997 and
March 15, 1997, respectively. Without the General Partners' advances and
continued accrual without payment of certain fees and expense reimbursements,
the Partnership will not be in a position to meet its obligations. The General
Partners have continued advancing and allowing the accrual without payment of
these amounts but are under no obligation to do so.
For the six months ended September 15, 1997, cash and cash equivalents of the
Partnership and its 31 consolidated subsidiary partnerships decreased
approximately $312,000. This decrease is attributable to improvements to
property and equipment ($451,000), an increase in cash held in escrow for
investing activities ($670,000), a decrease in due to selling partners
($58,000), repayments of mortgage notes ($967,000) and a decrease in
capitalization of consolidated subsidiaries attributable to minority interest
($203,000) which exceeded cash provided by operating activities ($1,622,000) and
a net increase in due to local general partners and affiliates ($414,000).
Included in the adjustments to reconcile the net loss to cash provided by
operating activities is forgiveness of indebtedness income ($693,000) and
depreciation and amortization ($4,438,000).
For a discussion of contingencies affecting certain Local Partnerships, see Note
4 to the financial statements. Since the maximum loss the Partnership would be
liable for is its net investment in the respective Local Partnerships, the
resolution of the existing con-
-13-
<PAGE>
tingencies is not anticipated to impact future results of operations, liquidity
or financial condition in a material way. However, the Partnership's loss of its
investment in a Local Partnership will eliminate the ability to generate future
tax credits from such Local Partnership and may also result in recapture of tax
credits if the investment is lost before the expiration of the compliance
period.
Management is not aware of any other trends or events, commitments or
uncertainties that will impact liquidity in a material way. Management believes
the only impact would be from laws that have not yet been adopted. The portfolio
is diversified by the location of the properties around the United States so
that if one area of the country is experiencing downturns in the economy, the
remaining properties in the portfolio may be experiencing upswings. However, the
geographic diversifications of the portfolio may not protect against a general
downturn in the national economy. The Partnership has fully invested the
proceeds of its offerings in 31 Local Partnerships, all of which fully have
their tax credits in place (see Note 4 to the financial statements with respect
to Regent Street Associates L.P.). The tax credits are attached to the project
for a period of ten years and are transferable with the property during the
remainder of such ten year period. If the General Partners determined that a
sale of a property is warranted, the remaining tax credits would transfer to the
new owner, thereby adding significant value to the property on the market, which
are not included in the financial statement carrying amount.
Results of Operations
Results of operations for the three and six months ended September 15, 1997 and
1996 consisted primarily of the results of the Partnership's investment in the
consolidated Local Partnerships.
Rental income increased approximately 2% and 1% for the three and six months
ended September 15, 1997 as compared to the corresponding periods in 1996
primarily due to rental rate increases.
Other income decreased approximately $202,000 and $217,000 for the three and six
months ended September 15, 1997 as compared to the corresponding periods in 1996
primarily due to the receipt of a real estate tax refund at one Local
Partnership during the second quarter of 1996.
Total expenses excluding general and administrative-related parties remained
fairly consistent with decreases of approximately 1% for both the three and six
months ended September 15, 1997 as compared to 1996.
-14-
<PAGE>
General and administrative-related parties increased approximately $251,000 and
$463,000 for the three and six months ended September 15, 1997 as compared to
the corresponding periods in 1996 primarily due to an increase in partnership
management fees payable to the General Partners.
-15-
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The litigation described in Note 4 to the financial statements contained
in Part 1, Item I of this quarterly report on Form 10-Q is incorporated herein
by reference.
Item 2. Changes in Securities - None
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information
Paul L. Abbott ceased to serve as President, Chief Executive Officer and
Chief Financial Officer of Liberty GP Inc., effective September 1, 1997.
Effective September 1, 1997, Doreen D. Odell was elected President, Chief
Executive Officer and Chief Financial Officer of Liberty GP Inc.
Affiliates of Related Credit Properties L.P. and Liberty GP Inc.,
general partners of the Partnership, have entered into a Purchase Agreement
pursuant to which Liberty GP Inc. agreed to sell and an affiliate of Related
Credit Properties L.P. agreed to purchase Liberty GP Inc.'s general partner
interest in the Partnership (the "Transfer"). The Transfer may only be
consummated if not more than 50% in interest of Limited Partners of the
Partnership disapprove of the Transfer in writing. Notice of the proposed
Transfer has been mailed to the Limited Partners of the Partnership and, if
authorized, the Partnership, Related Credit Properties L.P. and Liberty GP Inc.
intend to consummate the Transfer no later than December 31, 1997.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
27 Financial Data Schedule (filed herewith).
(b) Reports on Form 8-K - No reports on Form 8-K were filed during the
quarter.
-16-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
LIBERTY TAX CREDIT PLUS L.P.
----------------------------
(Registrant)
By: RELATED CREDIT PROPERTIES L.P.,
a General Partner
By: RELATED CREDIT PROPERTIES INC.,
General Partner
Date: October 29, 1997
By: /s/ Alan P. Hirmes
-------------------
Alan P. Hirmes,
Vice President
(principal financial officer)
Date: October 29, 1997
By: /s/ Richard A. Palermo
-----------------------
Richard A. Palermo,
Treasurer
(principal accounting officer)
By: LIBERTY GP INC.,
a General Partner
Date: October 29, 1997
By: /s/ Doreen D. Odell
--------------------
Doreen D. Odell,
President, Chief Executive Officer
and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary
financial information extracted
from the financial statements for
Liberty Tax Credit Plus L.P. and
is qualified in its entirety by
reference to such financial
statements
</LEGEND>
<CIK> 0000818020
<NAME> Liberty Tax Credit Plus L.P.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-15-1998
<PERIOD-START> MAR-16-1997
<PERIOD-END> SEP-15-1997
<CASH> 12,902,098
<SECURITIES> 0
<RECEIVABLES> 563,224
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,318,897
<PP&E> 256,264,826
<DEPRECIATION> 76,335,906
<TOTAL-ASSETS> 197,401,196
<CURRENT-LIABILITIES> 26,386,826
<BONDS> 157,599,911
0
0
<COMMON> 0
<OTHER-SE> 13,414,460
<TOTAL-LIABILITY-AND-EQUITY> 197,401,196
<SALES> 0
<TOTAL-REVENUES> 17,373,523
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 15,144,704
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,375,770
<INCOME-PRETAX> (4,146,951)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 693,340
<CHANGES> 0
<NET-INCOME> (4,146,951)
<EPS-PRIMARY> (202.46)
<EPS-DILUTED> 0
</TABLE>
