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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 December 15, 2002
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
--- ---
PART I - Financial Information
Item 1. Financial Statements
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
============ ============
December 15, March 15,
2002 2002
------------ ------------
ASSETS
Property and equipment, at cost,
net of accumulated depreciation
of $114,829,639 and $117,564,191
respectively $130,940,730 $144,303,061
Property and equipment -
held for sale, net of accumulated
depreciation of $2,776,591 3,734,297 0
Cash and cash equivalents 5,379,920 6,379,655
Cash held in escrow 14,139,465 14,707,928
Accounts receivable - tenants 611,719 704,001
Deferred costs - net of accumulated
amortization of $3,300,784
and $3,268,299, respectively 3,051,842 3,384,587
Other assets 1,424,439 1,073,070
------------ ------------
Total assets $159,282,412 $170,552,302
============ ============
2
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
(continued)
============= =============
December 15, March 15,
2002 2002
------------- -------------
LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
Mortgage notes payable (Note 3) $ 148,534,361 $ 161,496,588
Accounts payable and other
liabilities 13,375,107 12,694,556
Due to local general partners and
affiliates 14,901,466 15,249,086
Due to general partners and
affiliates 7,404,509 6,723,981
Due to selling partners 1,203,660 1,233,660
------------- -------------
Total liabilities 185,419,103 197,397,871
------------- -------------
Minority interest 1,588,393 2,111,304
------------- -------------
Commitments and contingencies
(Note 5)
Partners' deficit:
Limited partners (15,987.5 BACs
issued and outstanding) (26,717,989) (27,937,460)
General partners (1,007,095) (1,019,413)
------------- -------------
Total partners' deficit (27,725,084) (28,956,873)
------------- -------------
Total liabilities and partners'
deficit $ 159,282,412 $ 170,552,302
============= =============
See Accompanying Notes to Consolidated Financial Statements.
3
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
============================ ===========================
Three Months Ended Nine Months Ended
December 15, December 15,
---------------------------- ---------------------------
2002 2001 2002 2001
---------------------------- ---------------------------
Revenues
Rental income $ 8,419,178 $ 9,013,362 $ 26,328,074 $ 26,858,913
Other 289,505 338,405 881,529 1,075,601
Gain on sale of
property (Note 4) 0 0 6,585,801 0
------------ ------------ ------------ ------------
8,708,683 9,351,767 33,795,404 27,934,514
------------ ------------ ------------ ------------
Expenses
General and
administrative 1,436,963 1,431,618 4,344,906 4,733,876
General and
administrative-
related parties
(Note 2) 669,776 637,182 2,011,196 1,885,877
Repairs and
maintenance 1,724,332 1,697,665 5,115,684 4,914,825
Operating and
other 925,180 1,163,042 3,339,221 3,731,117
Taxes 499,450 541,032 1,298,309 1,391,438
Insurance 421,628 374,412 1,156,809 1,058,081
Financial 2,874,953 3,226,006 8,957,980 9,447,130
Depreciation and
amortization 2,414,562 2,187,280 6,760,711 6,541,762
------------ ------------ ------------ ------------
Total expenses 10,966,844 11,258,237 32,984,816 33,704,106
------------ ------------ ------------ ------------
(Loss) income before
minority
interest (2,258,161) (1,906,470) 810,588 (5,769,592)
Minority interest
in loss of
subsidiaries 113,124 220,841 421,201 387,202
------------ ------------ ------------ ------------
Net (loss) income $ (2,145,037) $ (1,685,629) $ 1,231,789 $ (5,382,390)
============ ============ ============ ============
Net (loss) income
- -limited partners $ (2,123,587) $ (1,668,773) $ 1,219,471 $ (5,328,566)
============ ============ ============ ============
Number of BACs
outstanding 15,987.5 15,987.5 15,987.5 15,987.5
============ ============ ============ ============
Net (loss) income
per BAC $ (132.82) $ (104.38) $ 76.28 $ (333.30)
============ ============ ============ ============
See Accompanying Notes to Consolidated Financial Statements.
4
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Statement of Changes in Partners' Deficit
(Unaudited)
================================================
Limited General
Total Partners Partners
------------------------------------------------
Partners'
deficit -
March 16, 2002 $(28,956,873) $(27,937,460) $ (1,019,413)
Net income 1,231,789 1,219,471 12,318
------------ ------------ ------------
Partners'
deficit -
December 15, 2002 $(27,725,084) $(26,717,989) $ (1,007,095)
============ ============ ============
See Accompanying Notes to Consolidated Financial Statements.
5
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Increase (decrease) in Cash and Cash Equivalents
(Unaudited)
==========================
Nine Months Ended
December 15,
--------------------------
2002 2001
--------------------------
Cash flows from operating activities:
Net income (loss) $ 1,231,789 $(5,382,390)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Gain on sale of property (Note 4) (6,585,801) 0
Depreciation and amortization 6,760,711 6,541,762
Minority interest in loss of
subsidiaries (421,201) (387,202)
Decrease in accounts
receivable-tenants 88,292 205,977
Increase in other assets (370,245) (249,156)
Increase in accounts payable and
other liabilities 833,355 1,197,779
Increase in due to general partners
and affiliates 718,508 471,670
Increase in cash held in escrow (995,264) (799,695)
----------- -----------
Net cash provided by operating
activities 1,260,144 1,598,745
----------- -----------
Cash flows from investing activities:
Proceeds from sale 200,000 0
Decrease in cash held in escrow 1,249,986 710,063
Improvements to property and
equipment (2,724,451) (989,503)
----------- -----------
Net cash used in investing
activities (1,274,465) (279,440)
----------- -----------
6
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Increase (decrease) in Cash and Cash Equivalents
(Unaudited)
(continued)
============================
Nine Months Ended
December 15,
----------------------------
2002 2001
----------------------------
Cash flows from financing activities:
Increase in deferred costs (345,301) 0
Proceeds from mortgage notes 18,059,376 0
Repayments of mortgage notes (18,220,159) (2,620,659)
Decrease in due to selling partner (30,000) 0
Increase in due to local general
partners and affiliates 381,193 1,407,849
Decrease in due to local general
partners and affiliates (728,813) (283,478)
Decrease in capitalization of
consolidated subsidiaries
attributable to minority interest (101,710) (433,555)
------------ ------------
Net cash used in
financing activities (985,414) (1,929,843)
------------ ------------
Net decrease in cash and cash
equivalents (999,735) (610,538)
Cash and cash equivalents at
beginning of period 6,379,655 6,659,875
------------ ------------
Cash and cash equivalents at
end of period $ 5,379,920 $ 6,049,337
============ ============
Supplemental disclosures of noncash activities:
Increase in property and equipment-
held for sale reclassified from
property and equipment $ 3,734,297 $ 0
Summarized below are the components of the gain
on sale of property:
7
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Increase (decrease) in Cash and Cash Equivalents
(Unaudited)
(continued)
============================
Nine Months Ended
December 15,
----------------------------
2002 2001
----------------------------
Decrease in property and
equipment, net of accumulated
depreciation $ 6,081,229 $ 0
Decrease in mortgage escrow
deposits 313,741 0
Decrease in prepaid expenses
and other assets 18,876 0
Decrease in accounts receivable 3,990 0
Decrease in deferred costs 188,591 0
Decrease in mortgage notes payable (12,801,444) 0
Decrease in accounts payable,
accrued expenses and other
liabilities (152,804) 0
Decrease in due to general partners
and affiliates (37,980) 0
See Accompanying Notes to Consolidated Financial Statements.
8
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
December 15, 2002
(Unaudited)
Note 1 - General
The consolidated financial statements include the accounts of Liberty Tax Credit
Plus L.P. (the "Partnership") and 31 subsidiary partnerships (each a "subsidiary
partnership" or "Local Partnership") in which the Partnership is a limited
partner. Through the rights of the Partnership and/or a general partner of the
Partnership (a "General Partner"), which General Partner has a contractual
obligation to act on behalf of the Partnership, to remove the general partners
of each subsidiary partnership (the "local general partners") 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.
For financial reporting purposes, the Partnership's fiscal quarter ends on
December 15. All subsidiary partnerships have fiscal quarters ending September
30. Accounts of the subsidiary partnerships have been adjusted for intercompany
transactions from October 1 through December 15. The Partnership's quarter ends
on December 15 in order to allow adequate time for the subsidiary partnerships
financial statements to be prepared and consolidated. The books and records of
the Partnership are maintained on the accrual basis of accounting, in accordance
with generally accepted accounting principles ("GAAP").
In the opinion of the General Partners, 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 December 15, 2002, the results of operations for the three and
nine months ended December 15, 2002 and 2001 and cash flows for the nine months
ended December 15, 2002 and 2001. However, the operating results for the nine
months ended December 15, 2002 may not be indicative of the results for the
year.
Certain information and note disclosures which are normally included in
financial statements prepared in accordance with GAAP have been omitted or
condensed. These consolidated financial statements should be read in conjunction
9
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
December 15, 2002
(Unaudited)
with the financial statements and notes thereto included in the Partnership's
Annual Report on Form 10-K for the period ended March 15, 2002.
Increases (decreases) in the capitalization of consolidated subsidiaries
attributable to minority interest arise from cash contributions and cash
distributions to the minority interest partners.
The Partnership's investment in each subsidiary partnership is equal to the
respective subsidiary partnership's partners' equity less minority interest
capital, if any. Losses attributable to minority interests which exceed the
minority interests' investments in the subsidiary partnerships have been charged
to the Partnership. Such losses aggregated $0 and $41,000 and $0 and $153,000
for the three and nine months ended December 15, 2002 and 2001, respectively. 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
An affiliate 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.
10
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
December 15, 2002
(Unaudited)
The costs incurred to related parties for the three and nine months ended
December 15, 2002 and 2001 were as follows:
======================= =======================
Three Months Ended Nine Months Ended
December 15, December 15,
----------------------- -----------------------
2002 2001 2002 2001
----------------------- -----------------------
Partnership manage-
ment fees (a) $ 284,500 $ 284,500 $ 853,500 $ 853,500
Expense reimburse-
ment (b) 44,620 34,750 109,551 93,352
Property management
fees incurred to af-
filiates of the Gen-
eral Partners (c) 30,186 32,172 90,557 86,416
Local administrative
fee (d) 16,000 17,000 48,000 51,000
---------- ---------- ---------- ----------
Total general and
administrative-
General Partners 375,306 368,422 1,101,608 1,084,268
---------- ---------- ---------- ----------
Property manage-
ment fees
incurred to affili-
ates of the local
general partners (c) 294,470 268,760 909,588 801,609
---------- ---------- ---------- ----------
Total general and
administrative-
related parties $ 669,776 $ 637,182 $2,011,196 $1,885,877
========== ========== ========== ==========
(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's Amended and Restated Agreement of
Limited Partnership), 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
11
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
December 15, 2002
(Unaudited)
General Partners amounting to approximately $6,944,000 and $6,215,000 were
accrued and unpaid as of December 15, 2002 and March 15, 2002, 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 Related Credit Properties L.P., a General Partner, amounting to approximately
$24,000 and $20,000 were accrued and unpaid as of December 15, 2002 and March
15, 2002, respectively.
The General Partners have allowed for the accrual without payment of the amounts
set forth in (a) and (b) but are under no obligation to continue to do so.
(c) Property management fees incurred by the subsidiary partnerships amounted to
$455,627 and $426,530 and $1,439,879 and $1,415,056 for the three and nine
months ended December 15, 2002 and 2001, respectively. Of these fees, $294,470
and $268,760 and $909,588 and $801,609, respectively, were incurred to
affiliates of the local general partners. In addition, $30,186 and $32,172 and
$90,557 and $86,416, respectively, were incurred to affiliates of the General
Partners.
(d) Liberty Associates III L.P., a General Partner and 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.
Note 3 - Mortgage Note Payable
On August 29, 2002, B&C Housing Associates, L.P. refinanced its outstanding
mortgage note payable of $5,390,000. The new mortgages in the amounts of
$1,201,000, $4,157,376 and $1,201,000 bear interest at 7.5%, 4% and 4%,
respectively, through October 30, 2032.
12
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
December 15, 2002
(Unaudited)
In February 2002, Ludlam Gardens Apartments' previous mortgage note payable of
$2,486,169 was repaid in full with the proceeds from a new mortgage note payable
of $2,850,000. The new mortgage note payable is secured by a deed of trust on
the real estate and is due in monthly installments of $20,070, including
interest at 7.25%, through March 12, 2011 when a balloon payment is due.
On January 31, 2002, Alameda Towers Associates, Ltd. refinanced its outstanding
mortgage note payable of $7,834,000. The new mortgage in the amount of
$8,650,000 bears interest at 7% through January 31, 2032.
Note 4 - Sale of Properties
On June 7, 2002, Ludlam Gardens Apartments, Ltd. ("Ludlam") entered into a
purchase and sale agreement with an unaffiliated third party pursuant to which
Ludlam agreed to sell its property for a purchase price of $3,900,000.
Subsequently, the contract was cancelled. On July 30, 2002, Ludlam entered into
a new purchase and sale agreement with an unaffiliated third party pursuant to
which Ludlam agreed to sell its property for a purchase price of $3,900,000. The
closing is expected to occur in early 2003. No assurance can be given that the
closing will actually occur.
On May 31, 2002, the Partnership sold its limited partnership interest in Apple
Creek Housing Associates, Ltd. to an unaffiliated third party purchaser for
$200,000 resulting in a gain of approximately $6,586,000.
On May 22, 2002, Dixie Apartment Associates, Ltd. ("Dixie") entered into a
purchase and sale agreement with an unaffiliated third party pursuant to which
Dixie agreed to sell its property for a purchase price of $1,350,000.
Subsequently, the contract was cancelled. On November 7, 2002, Dixie entered
into a new purchase and sale agreement with an unaffiliated third party pursuant
to which Dixie agreed to sell its property for a purchase price of $1,300,000.
The closing is expected to occur in early 2003. No assurance can be given that
the closing will actually occur.
13
LIBERTY TAX CREDIT PLUS L.P.
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
December 15, 2002
(Unaudited)
Note 5 - Commitments and Contingencies
There have been no material 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 fiscal year ended March 15, 2002.
14
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 sold its interest in one Local Partnership (the "Sold Interest") in
May 2002. For a discussion of the sale of the Sold Interest, see Note 4 to the
financial statements.
The Partnership's primary source of funds is cash distributions from operations
of the Local Partnerships in which the Partnership has invested. Such funds are
available to meet obligations of the Partnership. During the nine months ended
December 15, 2002 and 2001, such distributions amounted to approximately
$248,000 and $1,028,000, respectively. In addition, partnership management fees
and expense reimbursements owed to the General Partners amounting to
approximately $6,968,000 and $6,235,000 were accrued and unpaid as of December
15, 2002 and March 15, 2002, respectively. Without the General Partners'
continued accrual without payment of the partnership management fees, the
Partnership will not be in a position to meet its obligations. The General
Partners have allowed for the accrual without payment of the partnership
management fees but are under no obligation to continue to do so.
For the nine months ended December 15, 2002, cash and cash equivalents of the
Partnership and its consolidated Local Partnerships decreased approximately
$1,000,000. This decrease is primarily attributable to improvements to property
and equipment ($2,724,000), net proceeds and principal repayment of mortgage
notes ($161,000), an increase in deferred costs ($345,000), a decrease in
capitalization of consolidated subsidiaries attributable to minority interest
($102,000) and a net decrease in due to local general partners and affiliates
relating to financing activities ($348,000) which exceeded net cash provided by
operating activities ($1,260,000), proceeds from sale ($200,000) and a decrease
in cash held in escrow relating to investing activities ($1,250,000). Included
in adjustments to reconcile the net income to cash provided by operating
activities is depreciation and amortization of approximately ($6,761,000) and
gain on sale of property ($6,586,000).
For a discussion of contingencies affecting certain Local Partnerships, see Note
5 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
15
results of operations, liquidity or financial condition in a material way.
However, the Partnership's loss of its investment in a Local Partnership may
result in recapture of tax credits if the investment is lost before the
expiration of the applicable 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 Partnership's portfolio may be experiencing upswings. However, the
geographic diversification of the portfolio may not protect against a general
downturn in the national economy.
Results of Operations
- ---------------------
The results of operations of the Partnership, as well as the Local Partnerships,
remained fairly consistent during the three and nine months ended December 15,
2002 and 2001, excluding the Sold Interest, gain on sale of property, other
income, insurance, operating and depreciation and amortization. The results of
operations for the three and nine months ended December, 2002 and 2001 consisted
primarily of the results of the Partnership's investment in the consolidated
Local Partnerships.
Rental income decreased approximately 7% and 2% for the three and nine months
ended December 15, 2002 as compared to the corresponding periods in 2001.
Excluding the Sold Interest, rental income decreased approximately 3% and 1%,
primarily due to a decrease in occupancy at three local partnerships.
Other income decreased approximately $49,000 and $194,000 for the three and nine
months ended December 15, 2002 as compared to the corresponding periods in 2001.
Excluding the Sold Interest, other income decreased approximately $40,000 and
$167,000, primarily due to lower interest rates on cash and cash equivalent
balances at the Local Partnerships and Partnership level.
Total expenses, excluding the Sold Interest, insurance, operating and
depreciation and amortization, remained fairly consistent with an increase of
approximately 1% and a decrease of approximately 1% for the three and nine
months ended December 15, 2002 as compared to the corresponding periods in 2001.
16
Insurance increased approximately $47,000 and $99,000 for the three and nine
months ended December 15, 2002 as compared to the corresponding periods in 2001.
Excluding the Sold Asset, insurance increased approximately $52,000 and $97,000,
primarily due to an increase in insurance premiums at the Local Partnerships.
Operating decreased approximately $238,000 and $392,000 for the three and nine
months ended December 15, 2002 as compared to the corresponding periods in 2001.
Excluding the Sold Interest, operating decreased approximately $220,000 and
$374,000, primarily due to a decrease in gas prices at three Local Partnerships.
Depreciation and amortization expense increased approximately $227,000 and
$219,000 for the three and nine months ended December 15, 2002 as compared to
the corresponding periods in 2001. Excluding the Sold Interest, depreciation and
amortization expense increased approximately $424,000 and $710,000, primarily
due to the write-off of deferred financing costs at one Local Partnership.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
None.
Item 4. Controls and Procedures
The Principal Executive Officer and Principal Financial Officer of Related
Credit Properties L.P. and Liberty Associates III, L.P., each of which is a
general partner of the Partnership, has evaluated the Partnership's disclosure
controls and procedures relating to the Partnership's quarterly report on Form
10-Q for the period ending December 15, 2002 as filed with the Securities and
Exchange Commission and has judged such controls and procedures to be effective
as of December 15, 2002 (the "Evaluation Date").
There have been no significant changes in the internal controls or in other
factors that could significantly affect internal controls relating to the
Partnership since the Evaluation Date.
17
PART II. OTHER INFORMATION
Item 1. Legal Proceedings - None
Item 2. Changes in Securities and Use of Proceeds - 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
99.1 Certification Pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(b) Reports on Form 8-K - None
18
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.,
its General Partner
Date: January 8, 2003
By: /s/ Alan P. Hirmes
------------------
Alan P. Hirmes,
President and Chief Executive
Officer
(Principal Executive and Financial
Officer)
Date: January 8, 2003
By: /s/ Glenn F. Hopps
------------------
Glenn F. Hopps,
Treasurer
(Principal Accounting Officer)
By: LIBERTY ASSOCIATES III, L.P.,
a General Partner
By: Related Credit Properties L.P.,
its General Partner
By: Related Credit Properties Inc.,
its General Partner
Date: January 8, 2003
By: /s/ Alan P. Hirmes
------------------
Alan P. Hirmes,
President and Chief
Executive Officer
(Principal Executive and
Financial Officer)
Date: January 8, 2003
By: /s/ Glenn F. Hopps
------------------
Glenn F. Hopps,
Treasurer
(Principal Accounting
Officer)
CERTIFICATION
I, Alan P. Hirmes, Principal Executive Officer and Principal Financial Officer
of Related Credit Properties L.P. and Liberty Associates III, L.P. (the "General
Partners"), each of which is a general partner of Liberty Tax Credit Plus L.P.
(the "Partnership"), hereby certify that:
1. I have reviewed this quarterly report on Form 10-Q for the period
ending December 15, 2002 of the Partnership;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements made, in light of the
circumstances under which such statements were made, not misleading
with respect to the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the Partnership as of, and for, the periods presented in
this quarterly report;
4. I am responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-14 and 15-d-14)
for the Partnership and I have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the Partnership is made known to me,
particularly during the period in which this quarterly report was
being prepared;
b) evaluated the effectiveness of the Partnership's disclosure
controls and procedures as of December 15, 2002 (the "Evaluation
Date"); and
c) presented in this quarterly report my conclusions about the
effectiveness of the disclosure controls and procedures based on my
evaluation as of the Evaluation Date;
5. I have disclosed, based on my most recent evaluation, to the
Partnership's auditors and to the boards of directors of the General
Partners:
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the Partnership's ability to
record, process, summarize and report financial data and have
identified for the Partnership's auditors any material weaknesses in
internal controls; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the Partnership's
internal controls; and
6. I have indicated in this quarterly report whether or not there were
significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date of
our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
By: /s/ Alan P. Hirmes
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Alan P. Hirmes
Principal Executive Officer and
Principal Financial Officer
January 8, 2003
Exhibit 99.1
CERTIFICATION PURSUANT TO
18.U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Liberty Tax Credit Plus L.P. (the
"Partnership") on Form 10-Q for the period ending December 15, 2002 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Alan P. Hirmes, Principal Executive Officer and Principal Financial Officer
of Related Credit Properties L.P. and Liberty Associates III, L.P., the general
partners of the Partnership, certify, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and result of operations of the
Partnership.
By: /s/ Alan P. Hirmes
------------------
Alan P. Hirmes
Principal Executive Officer and Principal Financial Officer
January 8, 2003