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 June 30, 1997
OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number 0-24660
LIBERTY TAX CREDIT PLUS II L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3458180
(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 II L.P.
AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
============= =============
June 30, March 31,
1997 1997
------------- -------------
ASSETS
Property and equipment, net of
accumulated depreciation
of $58,261,166 and $56,299,580,
respectively $ 178,701,656 $ 180,610,721
Cash and cash equivalents 5,668,922 4,956,628
Cash held in escrow 6,341,099 6,304,514
Deferred costs, net of accumulated
amortization of $3,012,810
and $2,966,900, respectively 4,227,229 4,273,139
Other assets 4,503,844 4,124,261
------------- -------------
Total assets $ 199,442,750 $ 200,269,263
============= =============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage notes payable $ 118,478,946 $ 118,783,431
Accounts payable and other
liabilities 9,230,267 9,331,939
Due to local general partners and
affiliates 11,129,036 10,926,397
Due to general partners and
affiliates 3,158,670 2,785,541
Due to selling partners 3,431,738 3,429,863
------------- -------------
Total liabilities 145,428,657 145,257,171
------------- -------------
Minority interest 4,508,951 3,297,946
------------- -------------
Commitments and contingencies
(Note 4)
Partners' capital
Limited partners (115,917.5 BACs
issued and outstanding) 50,040,774 52,227,688
General partners (535,632) (513,542)
------------- -------------
Total partners' capital 49,505,142 51,714,146
------------- -------------
Total liabilities and partners'
capital $ 199,442,750 $ 200,269,263
============= =============
See Accompanying Notes to Consolidated Financial Statements
2
<PAGE>
LIBERTY TAX CREDIT PLUS II L.P.
AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
==============================
Three Months Ended
June 30,
------------------------------
1997 1996
------------------------------
Revenues
Rentals, net $ 6,324,952 $ 6,096,423
Other 121,882 165,546
Gain on sale of investment
in subsidiary partnerships
(Note 3) 154,577 0
----------- -----------
6,601,411 6,261,969
----------- -----------
Expenses
General and administrative 1,670,137 1,507,154
General and administrative-
related parties (Note 2) 633,970 246,834
Repairs and maintenance 921,941 816,532
Operating 983,862 923,554
Taxes 294,661 251,845
Insurance 285,517 290,403
Interest 2,051,249 2,085,135
Depreciation and amortization 2,007,496 2,035,385
----------- -----------
8,848,833 8,156,842
----------- -----------
Minority interest in loss of
subsidiaries 38,418 60,740
----------- -----------
Net loss $(2,209,004) $(1,834,133)
=========== ===========
Net loss-limited partners $(2,186,914) $(1,815,792)
=========== ===========
Number of BACs
outstanding 115,917.5 115,917.5
=========== ===========
Net loss per BAC $ (18.87) $ (15.66)
=========== ===========
See Accompanying Notes to Consolidated Financial Statements
3
<PAGE>
LIBERTY TAX CREDIT PLUS II L.P.
AND SUBSIDIARIES
Consolidated Statement of Changes in Partners' Capital
(Unaudited)
================================================
Limited General
Total Partners Partners
------------------------------------------------
Partners' capital -
April 1, 1997 $ 51,714,146 $ 52,227,688 $ (513,542)
Net loss (2,209,004) (2,186,914) (22,090)
------------ ------------ ------------
Partners' capital -
June 30, 1997 $ 49,505,142 $ 50,040,774 $ (535,632)
============ ============ ============
See Accompanying Notes to Consolidated Financial Statements
4
<PAGE>
LIBERTY TAX CREDIT PLUS II L.P.
AND SUBSIDIARIES
Statements of Cash Flows
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
=============================
Three Months Ended
June 30,
----------------------------
1997 1996
----------------------------
Cash flows from
operating activities:
Net loss $(2,209,004) $(1,834,133)
=========== ===========
Adjustments to reconcile net loss
to net cash (used in) provided by
operating activities:
Gain on sale of investment in
subsidiary partnerships (Note 3) (154,577) 0
Depreciation and amortization 2,007,496 2,035,385
Minority interest in loss of
subsidiaries (38,418) (60,740)
(Increase) decrease in other assets (379,583) 220,762
Increase in cash held
in escrow (102,828) (199,435)
(Decrease) increase in accounts
payable and other liabilities (101,672) 524,954
Increase in due to general partners
and affiliates 373,129 44,298
Increase in due to local general
partners and affiliates 244,019 193,928
Decrease in due to local general
partners and affiliates (41,380) (46,075)
----------- -----------
Total adjustments 1,806,186 2,713,077
----------- -----------
Net cash (used in) provided by
operating activities (402,818) 878,944
----------- -----------
Cash flows from
investing activities:
Proceeds from sale
of investment in
subsidiary partnerships 1,400,000 0
Improvements to property and
equipment (52,521) (801,099)
Decrease in cash held
in escrow 66,243 17,283
----------- -----------
Net cash provided by (used in)
investing activities 1,413,722 (783,816)
----------- -----------
See Accompanying Notes to Consolidated Financial Statements
5
<PAGE>
LIBERTY TAX CREDIT PLUS II L.P.
AND SUBSIDIARIES
Statements of Cash Flows
Increase (Decrease) in Cash and Cash Equivalents
(continued)
(Unaudited)
=============================
Three Months Ended
June 30,
----------------------------
1997 1996
----------------------------
Cash flows from
financing activities:
Repayments of mortgage notes (304,485) (478,779)
Increase in due to selling partners 1,875 1,875
Increase (decrease) in capitalization
of consolidated subsidiaries
attributable to minority
interest 4,000 (106,152)
----------- -----------
Net cash used in
financing activities (298,610) (583,056)
----------- -----------
Net increase (decrease) in cash and
cash equivalents 712,294 (487,928)
Cash and cash equivalents at
beginning of period 4,956,628 4,498,565
----------- -----------
Cash and cash equivalents at
end of period $ 5,668,922 $ 4,010,637
=========== ===========
Components of sale of
investment in subsidiary
partnerships:
Increase in capitalization
of consolidated subsidiaries
attributable to minority
interest $ 1,245,423 $ 0
See Accompanying Notes to Consolidated Financial Statements
6
<PAGE>
LIBERTY TAX CREDIT PLUS II L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
June 30, 1997
(Unaudited)
Note 1 - General
The consolidated financial statements include the accounts of Liberty Tax Credit
Plus II (the "Partnership") and 27 subsidiary partnerships ("subsidiary
partnerships" or" Local Partnerships") in which the Partnership is the 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.
The Partnership's fiscal quarter ends June 30. All subsidiary partnerships have
fiscal quarters ending March 31. Accounts of the subsidiary partnerships have
been adjusted for intercompany transactions from April 1 through June 30.
All intercompany accounts and transactions have been eliminated in
consolidation.
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.
Losses attributable to minority interests which exceed the minority interests'
investment in a subsidiary partnership have been charged to the Partnership.
Such losses aggregated $131,000 and $130,000 for the three months ended June 30,
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.
The books and records of the Partnership are maintained on the accrual basis in
accordance with generally accepted accounting principles. In the opinion of the
general partners of the Partnership (the "General Partners"), the accompanying
unaudited finan-
7
<PAGE>
LIBERTY TAX CREDIT PLUS II L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
June 30, 1997
(Unaudited)
Note 1 - General (continued)
cial statements contain all adjustments (consisting only of normal recurring
adjustments) necessary to present fairly the financial position of the
Partnership as of June 30, 1997 and the results of operations and cash flows for
the three months ended June 30, 1997 and 1996. However, the operating results
for the three months ended June 30, 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 principles
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 year ended March 31,
1997.
Note 2 - Related Party Transactions
One of the General Partners 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 months ended June 30, 1997
and 1996 were as follows:
Three Months Ended
June 30,
-------------------------
1997 1996
-------------------------
Partnership management fees (a) $374,000 $ 50,000
Expense reimbursement (b) 45,341 31,878
Property management fees (c) 201,629 152,956
Local administrative fee (d) 13,000 12,000
-------- --------
$633,970 $246,834
======== ========
(a) The General Partners are entitled to receive a partnership management fee,
after payment of all Partnership expenses, which together with the annual local
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
8
<PAGE>
LIBERTY TAX CREDIT PLUS II L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
June 30, 1997
(Unaudited)
Note 2 - Related Party Transactions (continued)
their sole discretion based upon their review of the Partnership's investments.
Partnership management fees owed to the General Partners amounting to
approximately $2,752,000 and $2,378,000 were accrued and unpaid as of June 30,
1997 and March 31, 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 Related General Partner performs asset monitoring for the
Partnership. These services include site visits and evaluations of the
subsidiary partnerships' performance.
(c) Property management fees incurred by subsidiary partnerships amounted to
$341,308 and $373,692 for the three months ended June 30, 1997 and 1996,
respectively. Of these fees $201,629 and $152,956 were incurred to affiliates of
the subsidiary partnerships' general partners. Included in amounts incurred to
affiliates of the subsidiary partnerships' general partners are $69,295 and
$18,399 for the three months ended June 30, 1997 and 1996, respectively, which
were also incurred to affiliates of the Partnership.
(d) Liberty Associates II L.P., a 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.
Note 3 - Sale of Investment in Subsidiary Partnerships
Campeche Isle Apartments, L.P. ("Campeche") filed a voluntary petition under
Chapter 11 during March 1996. Although current on its debt service up to and
including the January 1, 1996 payment, the property was unable to fully fund all
operating expenses plus debt service following a 1% increase in the interest
rate on the property's mortgage in June of 1994. Debt service had been kept
current through advances by the subsidiary partnership's general partner, RCC
Pineview, Inc., and the Partnership totaling $302,222 as of December 31, 1996.
In addition, Campeche has not paid its managing agent in excess of $100,000 of
management fees.
In an effort to reduce the property's debt service burden, negotiations with the
holder of the property's first mortgage, Sun America Life Insurance Company (the
"Mortgagee") had been ongoing during
9
<PAGE>
LIBERTY TAX CREDIT PLUS II L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
June 30, 1997
(Unaudited)
Note 3 - Sale of Investment in Subsidiary Partnerships (continued)
January and February of 1996. The Mortgagee rejected Campeche's proposals and
commenced a foreclosure action during the latter part of February. In order to
preserve Campeche's ownership of the property, a Chapter 11 filing was made
during March 1996 and the Mortgagee was stayed from proceeding with its
foreclosure. Campeche had presented a Plan of Reorganization to the Bankruptcy
Court and the property was being operated under a Cash Collateral order issued
by the Court. On June 19, 1997, Campeche completed a restructuring of its
mortgage debt wherein the mortgage debt was settled for $4,200,000, through the
following transactions: Bank of Boston made a $4,000,000 loan to Campeche and
the Partnership as co-borrowers. Such loan is secured by a first mortgage on
Campeche Isle Apartments, a pledge of the Partnership's interest in Spring Creek
and recourse guarantees of the Partnership, Campeche, Campeche's general partner
and one of the General Partners. In addition to paying off the mortgage, the
restructuring agreement required Campeche to make approximately $800,000 of
required repairs to the project. The Partnership raised approximately $1,400,000
by selling a portion of its limited partnership interest in two subsidiary
partnerships to Related Glenport Associates, an affiliate of the General
Partner. The Partnership sold 24.99% of its limited partnership interest in
United-Glenarden I Limited Partnership for $600,000 resulting in a gain of
$224,482 and sold 32.32% of its limited partnership interest in Property
Development Associates, L.P. for $800,000 resulting in a loss of $69,905. A
portion of the proceeds were used to repay the Mortgagee, pay closing costs on
the new loan and to fund debt service and an escrow account for repairs. Monthly
debt service on the new loan will be paid by the net income of Campeche and the
balance by the Partnership. In addition, any distributions received by the
Partnership from Spring Creek must be placed in escrow at Bank of Boston. The
new loan matures on December 31, 1998. On or prior to the maturity of the new
loan a refinancing will be completed which will have a term at least equal to
the remaining compliance period of the project which ends in 2004. On July 24,
1997 the Chapter 11 filing was dismissed. As of June 30, 1997, total advances to
Campeche from the Partnership totaled approximately $1,328,000.
Note 4 - Commitments and Contingencies
The following disclosure includes changes and/or additions to disclosures
regarding the subsidiary partnerships which were
10
<PAGE>
LIBERTY TAX CREDIT PLUS II L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
June 30, 1997
(Unaudited)
Note 4 - Commitments and Contingencies (continued)
included in the Partnership's Annual Report on Form 10-K for the period ended
March 31, 1997 (see Notes 5 and 3 for discussions of the resolution of the
contingencies regarding Williamsburg Residential, L.P. and Campeche Isle
Apartments, L.P., respectively.)
Santa Juanita II Limited Partnership
A bank filed a suit against Santa Juanita II Limited Partnership ("Santa
Juanita") for non-payment of the monthly installments required by a second
mortgage loan agreement. During February 1994, the court issued a judgement
against Santa Juanita demanding immediate payment of the second mortgage note
with an outstanding principal balance of $474,656, plus accrued interest and
legal expenses. A significant portion of Santa Juanita's operating assets is
pledged as collateral for this note and foreclosure by the bank would seriously
impair Santa Juanita's continued existence. In May 1996, the special limited
partner of Santa Juanita instituted proceedings to formally remove the general
partner of Santa Juanita and in June 1996, the general partner of Santa Juanita
filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code
("Chapter 11"). In June 1997 the court ordered that Santa Juanita's Amended and
Restated Agreement of Limited Partnership and Management Agreement should not be
part of the general partner's bankruptcy. As such, the court ordered the general
partner to surrender the books and records of Santa Juanita to Liberty
Associates II L.P., the special limited partner and in July, the case was
dismissed in the Bankruptcy Court. Liberty Associates II L.P. amended Santa
Juanita's Amended and Restated Agreement of Limited Partnership which removed
the former general partner as general partner and management agent and admitted
a new general partner and management agent. Management of Santa Juanita is
currently pursuing a workout agreement with the lenders with respect to Santa
Juanita's mortgage debt. The Partnership's investment in Santa Juanita at June
30, 1997 and March 31, 1997 was approximately $460,000 and $478,000,
respectively, and the minority interest balance was zero at each date. Santa
Juanita's net loss after minority interest amounted to approximately $23,000 and
$23,000 for the three months ended June 30, 1997 and 1996, respectively.
11
<PAGE>
LIBERTY TAX CREDIT PLUS II L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
June 30, 1997
(Unaudited)
Note 5 - Subsequent Event
In November 1996, the general partner of Williamsburg Residential, L.P.
("Williamsburg") stopped making the mortgage note payments which constituted an
event of default. The general partner also communicated to the limited partners
its desire to withdraw as general partner and property manager in an effort to
eliminate the need for it to further secure loans from its affiliated entities
to keep the project going. The limited partners retained a national property
management firm to operate the property effective January 1, 1997 and replaced
the general partner effective January 16, 1997.
The new general partner, which is an affiliate of the Related General Partner,
has been in contact with the lender, Federal National Mortgage Association
("FNMA"), since shortly after the default. Williamsburg entered into a
Forbearance Agreement with FNMA on January 27, 1997. The agreement called for
back payments to be made and provided Williamsburg 60 days to work out a loan
agreement. A subsequent extension of the forbearance agreement ran through July
25, 1997 at which time the loan was modified. The general framework of the loan
modification agreement calls for: 1. Williamsburg to deposit an amount
approximately equal to $165,000 into a debt service escrow fund to be utilized
as needed; 2. Payments of interest only on the loan for 36 months; 3. The
waiving of replacement reserve escrow payments during 1997; 4. Excess net
operating income to be turned over to the loan servicer monthly. FNMA's standard
modification documentation was used and FNMA will not exercise further remedies
relating to the default.
12
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Liquidity and Capital Resources
The Partnership's primary source of funds include (i) working capital reserves,
(ii) interest earned on the working capital reserves and (iii) cash
distributions from the operations of the Local Partnerships. All these sources
of funds are available to meet obligations of the Partnership.
As of June 30, 1997 the Partnership has invested all of the net proceeds in
twenty-seven Local Partnerships. Approximately $434,000 of the purchase price
remains to be paid (none of which is being held in escrow). During the three
months ended June 30, 1997, $5,000 was paid.
During the three months ended June 30, 1997, cash and cash equivalents of the
Partnership and its 27 consolidated Local Partnerships increased approximately
$712,000. This increase was primarily due to proceeds from sale of investment in
subsidiary partnerships ($1,400,000) and a decrease in cash held in escrow for
investing activities ($66,000) which exceeded cash used in operating activities
($403,000), improvements to property and equipment ($53,000) and repayment of
mortgage notes ($304,000). Included in adjustments to reconcile the net loss to
cash used in operating activities is depreciation and amortization in the amount
of approximately $2,007,000.
The Partnership established a working capital reserve of approximately
$3,500,000 (3% of gross equity raised) of which approximately $376,000 and
$520,000 was unused at June 30, 1997 and March 31, 1997, respectively. The
General Partners believe that these reserves, plus any cash distributions
received from the operations of the Local Partnerships will be sufficient to
fund the Partnership's ongoing operations for the foreseeable future. During the
three months ended June 30, 1997 and 1996 respectively, amounts received from
operations of the Local Partnerships were approximately $7,910 and $0,
respectively.
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 contingencies 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
13
<PAGE>
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 trends or events, commitments or uncertainties
which have not otherwise been disclosed, that will or are likely to 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 27 Local Partnerships, all of which fully have their tax credits in
place. 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 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 months ended June 30, 1997 consisted
primarily of the results of the Partnership's investment in twenty-seven Local
Partnerships.
Rental income increased approximately 4% for the three months ended June 30,
1997 as compared to the corresponding period in 1996 primarily due to the merger
of Spring Creek Retail Associates, L.P. ("Retail") with Spring Creek Associates,
L.P. ("Spring Creek") effective August 16, 1996, which resulted in an increase
of approximately 1% and an increase in occupancy at another Local Partnership,
which resulted in an increase of approximately 1%. Before such merger the
commercial rent was accrued by Spring Creek on the basis of cash flow from
Retail's operations, pursuant to the terms of a net lease agreement. Excluding
these two Local Partnerships, rental income increased approximately 2% for the
three months ended June 30, 1997 as compared to the corresponding period in 1996
primarily due to rental rate increases.
Other income decreased approximately $44,000 for the three months ended June 30,
1997 as compared to the corresponding period in 1996 primarily due to the
receipt of a real estate tax refund at one Local Partnership in the first
quarter of 1996.
Total expenses excluding general and administrative, general and
administrative-related parties, repairs and maintenance and taxes
14
<PAGE>
decreased less than 1% for the three months ended June 30, 1997 as compared to
the corresponding in 1996.
General and administrative increased approximately $163,000 for the three months
ended June 30, 1997 as compared to the corresponding period in 1996 primarily
due to an increase in legal fees due to a bankruptcy filing at one Local
Partnership.
General and administrative-related parties increased approximately $387,000 for
the three months ended June 30, 1997 as compared to the corresponding period in
1996 primarily due to an increase in partnership management fees payable to the
General Partners and an increase in property management fees resulting from the
change at two Local Partnerships from an unaffiliated property manager to one
which is an affiliate.
Repairs and maintenance increased approximately $105,000 for the three months
ended June 30, 1997 as compared to the corresponding period in 1996 primarily
due to roof repairs, parking lot repaving, as well as painting and retiling
expenses at two Local Partnerships.
Taxes increased approximately $43,000 for the three months ended June 30, 1997
as compared to the corresponding period in 1996 primarily due to an increase in
real estate taxes at one Local Partnership and underaccrual in 1996 at three
Local Partnerships.
15
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The litigation described Note 4 to the financial statements contained in
Part I, Item 1 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 - None
Item 6. Exhibits and Reports on Form 8-K - None
(a) Exhibits
27 Financial Data Schedule (filed herewith)
(b) Reports on Form 8K - 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 II L.P.
-------------------------------
(Registrant)
By: RELATED CREDIT PROPERTIES II L.P.,
a General Partner
By: RELATED CREDIT PROPERTIES II INC.,
General Partner
Date: August 13, 1997
By: /s/ Alan P. Hirmes
------------------
Alan P. Hirmes,
Vice President
(principal financial officer)
Date: August 13, 1997
By: /s/ Richard A. Palermo
----------------------
Richard A. Palermo,
Treasurer
(principal accounting officer)
By: LIBERTY G.P. II INC.,
General Partner
Date: August 13, 1997
By: /s/ Paul L. Abbott
-------------------
Paul L. Abbott,
Chairman of the Board, President,
Chief Operating Officer and Director
18
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial information extracted
from the financial statements for Liberty Tax Credit Plus II L.
P. and is qualified in its entirety by reference to such
financial statements
</LEGEND>
<CIK> 0000832141
<NAME> Liberty Tax Credit Plus II L.P.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 12,012,101
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 8,731,073
<PP&E> 236,962,822
<DEPRECIATION> 58,261,166
<TOTAL-ASSETS> 199,442,750
<CURRENT-LIABILITIES> 23,517,973
<BONDS> 121,910,684
0
0
<COMMON> 0
<OTHER-SE> 54,014,093
<TOTAL-LIABILITY-AND-EQUITY> 199,442,750
<SALES> 0
<TOTAL-REVENUES> 6,601,411
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 6,797,584
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,051,249
<INCOME-PRETAX> (2,247,422)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,247,422)
<EPS-PRIMARY> (18.87)
<EPS-DILUTED> 0
</TABLE>
