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 30, 1996
OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number 0-20476
INDEPENDENCE TAX CREDIT PLUS L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3589920
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
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
INDEPENDENCE TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
ASSETS
<TABLE>
<CAPTION>
September 30, March 31,
1996 1996*
------------ ------------
<S> <C> <C>
Property and equipment at cost, net of accumulated depreciation of
$18,341,358 and $15,437,715, respectively $164,660,162 $167,478,231
Cash and cash equivalents 1,876,374 2,395,044
Cash held in escrow 9,328,728 8,730,403
Deferred costs, net of accumulated amortization of
$1,063,792 and $882,061, respectively 3,072,322 3,254,053
Other assets 1,911,160 1,930,488
------------ ------------
Total assets $180,848,746 $183,788,219
============ ============
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Mortgage notes payable $100,073,801 $100,916,832
Construction note payable 6,740,018 6,740,018
Accounts payable and other liabilities 6,402,783 6,470,526
Due to local general partners and affiliates 5,816,405 5,979,525
Due to general partner and affiliates 580,064 595,999
------------ ------------
Total liabilities 119,613,071 120,702,900
------------ ------------
Minority interest 6,816,993 6,850,591
------------ ------------
Partners' capital:
Limited partners (76,786 BACs issued and outstanding) 54,557,369 56,355,255
General partner (138,687) (120,527)
------------ ------------
Total partners' capital 54,418,682 56,234,728
------------ ------------
Total liabilities and partners' capital $180,848,746 $183,788,219
============ ============
</TABLE>
* Reclassified for comparative purposes
See accompanying notes to consolidated financial statements
-2-
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
September 30, September 30,
------------------------------ ------------------------------
1996 1995* 1996 1995*
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues
Rental income $ 4,868,217 $ 4,770,102 $ 9,701,589 $ 9,439,855
Other income 51,285 81,438 176,021 218,252
------------ ------------ ------------ ------------
4,919,502 4,781,540 9,877,610 9,658,107
------------ ------------ ------------ ------------
Expenses
General and administrative 756,727 675,452 1,508,150 1,332,123
General and administrative-
related parties (Note 2) 284,047 456,725 560,421 979,336
Repairs and maintenance 693,227 679,824 1,330,739 1,251,248
Operating and other 613,268 614,075 1,284,602 1,265,275
Taxes 354,866 334,042 659,425 627,349
Insurance 205,293 193,351 393,394 435,894
Financial, principally interest 1,416,888 1,489,871 2,886,853 2,904,667
Depreciation and amortization 1,547,282 1,509,851 3,085,374 3,019,700
------------ ------------ ------------ ------------
5,871,598 5,953,191 11,708,958 11,815,592
------------ ------------ ------------ ------------
Net loss before minority interest (952,096) (1,171,651) (1,831,348) (2,157,485)
Minority interest in loss of subsidiary
partnerships 8,256 8,037 15,302 16,337
------------ ------------ ------------ ------------
Net loss $ (943,840) $ (1,163,614) $ (1,816,046) $ (2,141,148)
============ ============ ============ ============
Net loss - limited partners $ (934,402) $ (1,151,978) $ (1,797,886) $ (2,119,737)
============ ============ ============ ============
Net loss per BAC $ (12.16) $ (15.00) $ (23.41) $ (27.61)
============ ============ ============ ============
</TABLE>
* Reclassified for comparative purposes
See accompanying notes to consolidated financial statements
-3-
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
Total Limited Partners General Partner
----------- ---------------- ---------------
<S> <C> <C> <C>
Partners' capital-April 1, 1996 $56,234,728 $56,355,255 $ (120,527)
Net loss (1,816,046) (1,797,886) (18,160)
----------- ----------- -----------
Partners' capital-September 30, 1996 $54,418,682 $54,557,369 $ (138,687)
=========== =========== ===========
</TABLE>
See accompanying notes to consolidated financial statements
-4-
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
DECREASE IN CASH AND CASH EQUIVALENTS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended September 30,
-----------------------------
1996 1995
----------- ------------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (1,816,046) $ (2,141,148)
----------- ------------
Adjustments to reconcile net loss to net cash provided by
operating activities:
Depreciation and amortization 3,085,374 3,019,700
Minority interest in loss of subsidiaries (15,302) (16,337)
(Decrease) increase in due to general partner and affiliates (15,935) 391,206
Decrease in due from local general partner and affiliate 0 60,033
Decrease in accounts payable and other liabilities (67,743) (145,355)
Decrease in other assets 19,328 63,387
Increase in cash held in escrow (920,718) (330,257)
----------- ------------
Total adjustments 2,085,004 3,042,377
----------- ------------
Net cash provided by operating activities 268,958 901,229
----------- ------------
Cash flows from investing activities:
Acquisition of property and equipment (85,574) (220,133)
Decrease in cash held in escrow 322,393 77,000
Increase in due to local general partners and affiliates 2,958 321
Decrease in due to local general partners and affiliates (166,078) (2,089,666)
----------- ------------
Net cash provided by (used in) investing activities 73,699 (2,232,478)
----------- ------------
Cash flows from financing activities:
Proceeds from mortgage notes payable 0 71,932
Repayment of mortgage notes (843,031) (829,022)
Decrease in capitalization of consolidated subsidiaries attributable
to minority interest (18,296) (48,507)
----------- ------------
Net cash used in financing activities (861,327) (805,597)
----------- ------------
Net decrease in cash and cash equivalents (518,670) (2,136,846)
Cash and cash equivalents at beginning of period (2,395,044) 4,827,649
----------- ------------
Cash and cash equivalents at end of period $ 1,876,374 $ 2,690,803
=========== ============
</TABLE>
See accompanying notes to consolidated financial statements
-5-
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
(Unaudited)
NOTE 1 - General
Independence Tax Credit Plus L.P. (the "Partnership") was formed
pursuant to the laws of the State of Delaware on November 7, 1990 but had no
activity until May 31, 1991, (which date is considered to be inception for
financial accounting purposes), and commenced its public offering on July 1,
1991. The Partnership's business is to invest in other limited partnerships
("subsidiary partnerships", "subsidiaries" or "Local Partnerships") owning
affordable apartment complexes that are eligible for the low-income housing tax
credit. Some of such apartment complexes may also be eligible for the
rehabilitation investment credit for certified historic structures. As of
September 30, 1996 the Partnership has acquired an interest in 28 Local
Partnerships. The Partnership does not intend to acquire additional properties.
Through the rights of the Partnership and/or an affiliate of the General
Partner, which affiliate has a contractual obligation to act on behalf of the
Partnership, to remove the general partner of the subsidiary local partnerships
and to approve certain major operating and financial decisions, the Partnership
has a controlling financial interest in the subsidiary local partnerships.
Pursuant to a public offering, the Partnership was authorized to
issue 200,000 units ($200,000,000) of beneficial assignment certificates
("BACs") representing assignment of Limited Partnership Interests in the
Partnership. As of September 30, 1996 the Partnership has raised a total of
$76,786,000 from the sale of 76,786 BACs and no further issuance of BACs is
anticipated.
The Partnership's fiscal quarter ends September 30. All subsidiaries
have fiscal quarters ending June 30. Accounts of the subsidiaries have been
adjusted for intercompany transactions from July 1 through September 30.
All intercompany accounts and transactions with the subsidiary
partnerships have been eliminated in consolidation.
Increases (decreases) in the capitalization of consolidated
subsidiaries attributable to minority interest arise from cash contributions and
cash distributions to the minority interest partners.
Losses attributable to minority interests which exceed the minority
interests' investment in a subsidiary have been charged to the Partnership. Such
losses aggregated approximately $14,000 and $15,000 and $25,000 and $25,000 for
the three and six months ended September 30, 1996 and 1995, respectively. The
Partnership's investment in each subsidiary is generally equal to the respective
subsidiary'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.
In March 1995, the Financial Accounting Standards Board ("FASB")
issued Statement of Financial Accounting Standards ("SFAS") No. 121, "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of". Under SFAS No. 121, the Partnership is required to review long-lived assets
and certain identifiable intangibles for impairment whenever events or changes
in circumstances indicate that the book value of an asset may not be
recoverable. An impairment loss should be recognized whenever the review
demonstrates that the book value of a long-lived asset is not recoverable.
Effective April 1, 1996, the Partnership adopted SFAS No. 121, consistent with
the required adoption period.
Property and equipment are carried at the lower of depreciated cost
or estimated amounts recoverable through future operations and ultimate
disposition of the property. Cost includes the purchase price, acquisition fees
and expenses, and any other costs incurred in acquiring the properties. As
required by SFAS No. 121, a provision for loss on impairment of assets is
recorded when estimated amounts recoverable through future
-6-
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
(Unaudited)
NOTE 1 - General (continued)
operations and sale of the property on an undiscounted basis are below
depreciated cost. However, depreciated cost, adjusted for such reductions in
value, if any, may be greater than the fair value. Property investments
themselves are reduced to estimated fair value (generally using discounted cash
flows) when the property is considered to be impaired and the depreciated cost
exceeds estimate fair value. Through September 30, 1996, the Partnership has not
recorded any provisions for loss on impairment of assets or reduction to
estimated fair value.
Certain information and note disclosure normally included in
financial statements prepared in accordance with generally accepted accounting
principles has been omitted or condensed. These condensed fiancial 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 31, 1996.
The books and records of the Partnership are maintained on the
accrual basis of accounting in accordance with generally accepted accounting
principles. In the opinion of the General Partner, 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 30, 1996, the results of operations for the three
and six months ended September 30, 1996 and 1995 and cash flows for the six
months ended September 30, 1996 and 1995. However, the operating results for the
six months ended September 30, 1996 may not be indicative of the results for the
year.
NOTE 2 - Related Party Transactions
An affiliate of the General Partner, Independence SLP, L.P., has a 1%
interest as a special limited partner in each of the subsidiary partnerships. An
affiliate of the General Partner also has a minority interest in certain local
limited partnerships.
The General Partner and its affiliates perform services for the
Partnership. The costs incurred to related parties for the three and six months
ended September 30, 1996 and 1995 were as follows:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
September 30, September 30,
---------------------------- ---------------------------
1996 1995 1996 1995
---------- --------- --------- ---------
<S> <C> <C> <C> <C>
Partnership management
fees (a) $ 25,000 $ 220,055 $ 50,000 $ 440,110
Expense reimbursement (b) 28,331 23,431 49,485 43,044
Property management fees (c) 212,716 198,239 424,936 466,182
Local administrative fee (d) 18,000 15,000 36,000 30,000
---------- --------- --------- ---------
$ 284,047 $ 456,725 $ 540,421 $ 979,336
========== ========= ========= =========
</TABLE>
(a) The General Partner is 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. Subject to the foregoing limitation, the
partnership management fee will be determined by the General
-7-
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
(Unaudited)
NOTE 2 - Related Party Transactions (continued)
Partner in its sole discretion based upon its review of the Partnership's
investments. Unpaid partnership management fees for any year will be accrued
without interest and will be payable from working capital reserves or to the
extent of available funds after the Partnership has made distributions to the
limited partners of sale or refinancing proceeds equal to their original capital
contributions plus a 10% priority return thereon (to the extent not theretofore
paid out of cash flow). Partnership management fees owed to the General Partner
amounting to approximately $452,000 and $402,000 were accrued and unpaid as of
September 30, 1996 and March 31, 1996, respectively.
(b) The Partnership reimburses the General Partner and its affiliates
for actual Partnership operating expenses incurred by the General Partner and
its 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 Partner performs asset monitoring for the Partnership.
These services include site visits and evaluations of the subsidiary
partnerships' performance.
(c) Property management fees incurred to affiliates of the subsidiary
partnerships amounted to $212,716 and $198,239 and $424,936 and $466,182 for the
three and six months ended September 30, 1996 and 1995, respectively. Included
in amounts incurred to affiliates of the subsidiary partnerships were $13,301
and $16,713 and $31,545 and $33,586 for the three and six months ended September
30, 1996 and 1995, respectively, which were also incurred to an affiliate of the
Related General Partner.
(d) Independence SLP, L.P. is entitled to receive a local
administrative fee of up to $2,500 per year from each subsidiary partnership.
Pursuant to the Partnership Agreement and the Local Partnership
Agreements, the General Partner and Independence SLP, L.P. received their
pro-rata share of profits, losses and tax credits.
NOTE 3 - Commitments and Contingencies
There were no changes and/or additions to the disclosure regarding
the subsidiary partnership which was included in the Partnership's Annual Report
on Form 10-K for the period ended March 31, 1996.
-8-
<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 raised and interest earned thereon, and (ii) cash distributions from
the operations of the Local Partnerships. All these sources of funds are
available to meet obligations of the Partnership.
The Partnership received $76,786,000 in Gross Proceeds from the sale
of BACs pursuant to a public offering, resulting in net proceeds available for
investment, after volume discounts, establishment of a working capital reserve,
payment of sales commissions, acquisition fees and expenses, and offering
expenses, of $61,400,000.
As of September 30, 1996, the Partnership has invested approximately
$59,710,000 (not including acquisition fees of approximately $4,491,000) of net
proceeds in twenty-eight Local Partnerships of which approximately $987,000
remains to be paid to the Local Partnerships (which is being held in escrow) as
certain benchmarks, such as occupancy level, must be attained prior to the
release of the funds. During the six months ended September 30, 1996,
approximately $322,000 was paid from escrow. The Partnership does not intend to
acquire additional properties, however, the Partnership may be required to fund
potential purchase price adjustments based on tax credit adjustor clauses.
Cash and cash equivalents of the Partnership and its twenty-eight
consolidated subsidiary partnerships decreased approximately $519,000 during the
six months ended September 30, 1996 primarily due to net repayments of mortgage
notes ($843,000), acquisitions of property and equipment ($86,000) and a net
decrease in due to local general partners and affiliates ($163,000) which
exceeded cash provided by operating activities ($269,000) and a decrease in cash
held in escrow for investing activities ($322,000). Included in the adjustments
to reconcile the net loss to cash flow from operations is depreciation and
amortization of approximately $3,085,000.
An original working capital reserve of approximately $1,536,000 (2%
of Gross Proceeds raised) was established from the Partnership's funds available
for investment. The working capital reserve at September 30, 1996 and March 31,
1996 was approximately $235,000 and $365,000, respectively, which includes
amounts which may be required for the potential purchase price adjustments based
on tax credit adjustor clauses.
Cash distributions received from the Local Partnerships remain
relatively immaterial. Distributions of approximately $62,000 and $58,000 were
received during the six months ended September 30, 1996 and 1995, respectively.
However, management expects that the distributions received from the Local
Partnerships will increase, although not to a level sufficient to permit
providing cash distributions to BACs holders. These distributions as well as the
working capital reserves referred to in the above paragraph will be used to meet
the operating expenses of the Partnership.
HUD previously released the proposed American Community Partnerships
Act (the "ACPA"). The ACPA is HUD's blueprint for providing for the nation's
housing needs in an era of static or decreasing budget authority.
Two key proposals in the ACPA that could affect the Local
Partnerships are: a discontinuation of project based Section 8 subsidy payments
and an attendant reduction in debt on properties that were supported by the
Section 8 payments.
The ACPA calls for a transition during which the project-based
Section 8 would be converted to a tenant-based voucher system. Any FHA insured
debt would then be "marked-to-market", that is revalued in light of the reduced
income stream, if any.
Several industry sources have already commented to HUD and Congress
that in the event the ACPA was fully enacted in its present form, the reduction
in mortgage indebtedness would be considered taxable income to
-9-
<PAGE>
limited partners in the Partnership. Legislative relief has been proposed to
exempt "marked-to-market" debt from cancellation of indebtedness income
treatment. Though HUD initially backed away from the "marked-to-market"
proposal, it has now been re-introduced as "Portfolio Restructuring".
Additionally, in the interim, HUD has agreed to annual extensions of any
expiring project based Section 8 contracts, but there is no guarantee that such
extension will be available in the future.
For a discussion of contingencies affecting certain Local
Partnerships, see Note 3 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 contingency 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 credit 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
diversification of the portfolio may not protect against a general downturn in
the national economy. The Partnership has fully invested the proceeds of its
offering in 28 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 the ten year
period. If trends in the real estate market warranted the sale of a property,
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
In March 1995, the Financial Accounting Standards Board ("FASB")
issued Statement of Financial Accounting Standards ("SFAS") No. 121, "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of". Under SFAS No. 121, the Partnership is required to review long-lived assets
and certain identifiable intangibles for impairment whenever events or changes
in circumstances indicate that the book value of an asset may not be
recoverable. An impairment loss should be recognized whenever the review
demonstrates that the book value of a long-lived asset is not recoverable.
Effective April 1, 1996, the Partnership adopted SFAS No. 121, consistent with
the required adoption period.
Property and equipment are carried at the lower of depreciated cost
or estimated amounts recoverable through future operations and ultimate
disposition of the property. Cost includes the purchase price, acquisition fees
and expenses, and any other costs incurred in acquiring the properties. As
required by SFAS No. 121, a provision for loss on impairment of assets is
recorded when estimated amounts recoverable through future operations and sale
of the property on an undiscounted basis are below depreciated cost. However,
depreciated cost, adjusted for such reductions in value, if any, may be greater
than the fair value. Property investments themselves are reduced to estimated
fair value (generally using discounted cash flows) when the property is
considered to be impaired and the depreciated cost exceeds estimated fair value.
Through September 30, 1996, the Partnership has not recorded any provisions for
loss on impairment of assets or reduction to estimated fair value.
The Partnership's results of operations for the three and six months
ended September 30, 1996 and 1995 consisted primarily of the results of the
Partnership's investment in twenty-eight Local Partnerships. The majority of
Local Partnership income continues to be in the form of rental income with the
corresponding expenses being divided among operations, depreciation and mortgage
interest.
Rental income remained fairly consistent with increases of
approximately 2% and 3% for the three and six months ending September 30, 1996,
respectively, as compared to the same periods in 1995 primarily due to rental
rate increases.
-10-
<PAGE>
Other income decreased approximately $30,000 and $42,000 for the
three and six months ended September 30, 1996, respectively, as compared to the
same periods in 1995 due to the receipt of a grant to be used for the payment of
real estate taxes at one Local Partnership and the receipt of funds to be used
for social services at another Local Partnership during the second quarter of
1995.
Total expenses not including general and administrative and general
and administrative-related parties increased less than 1% and approximately 1%
for the three and six months ending September 30, 1996, respectively, as
compared to the same periods in 1995.
General and administrative increased approximately $81,000 and
$176,000 for the three and six months ending September 30, 1996, respectively,
as compared to the same periods in 1995 primarily due to increases at five Local
Partnerships. There was an increase in security at one Local Partnership, an
increase in selling and renting expenses at a second, and an increase in bad
debt expense at three other Local Partnerships.
General and administrative-related parties decreased approximately
$173,000 and $419,000 for the three and six months ending September 30, 1996,
respectively, as compared to the same periods in 1995 primarily due to a
decrease in partnership management fees payable to the General Partner.
-11-
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings - None
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
(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.
-12-
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of Section 13 or 15(d) 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.
INDEPENDENCE TAX CREDIT PLUS L.P.
---------------------------------
(Registrant)
By: RELATED INDEPENDENCE ASSOCIATES L.P.
a General Partner
By: RELATED INDEPENDENCE ASSOCIATES INC.
a General Partner
Date: November 13, 1996
By: /s/ Alan P. Hirmes
Alan P. Hirmes,
Vice President
(Principal Financial Officer)
Date: November 13, 1996
By: /s/ Richard A. Palermo
Richard A. Palermo,
Treasurer
(Principal Accounting Officer)
-13-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial information extracted from the
financial statements for Independence Tax Credit Plus L.P. and is qualified
in its entirety by reference to such financial statements
</LEGEND>
<CIK> 0000869615
<NAME> Independence Tax Credit Plus L.P.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 11,205,102
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,983,482
<PP&E> 183,001,520
<DEPRECIATION> 18,341,358
<TOTAL-ASSETS> 180,848,746
<CURRENT-LIABILITIES> 12,799,252
<BONDS> 106,813,819
0
0
<COMMON> 0
<OTHER-SE> 61,235,675
<TOTAL-LIABILITY-AND-EQUITY> 180,848,746
<SALES> 0
<TOTAL-REVENUES> 9,877,610
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 8,822,105
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,886,853
<INCOME-PRETAX> (1,831,348)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,831,348)
<EPS-PRIMARY> (23.41)
<EPS-DILUTED> 0
</TABLE>
