----

|   | [ X ]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-------------------------------------------------------------------------------------------------------------------------------|

|   | [   ]         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                     Boston Financial Tax Credit Fund Plus, A Limited Partnership__________ |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (Exact name of registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

|                    Massachusetts_____                                                              04-3105699________________ |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       (State or other jurisdiction of                                            (I.R.S. Employer Identification No.)                                                                                                                                                               |
|        incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

| Title of each class | Name of each exchange on which registered |
|---------------------|-------------------------------------------|
| None                | None                                      |

| CLASS A AND CLASS B UNITS OF LIMITED PARTNERSHIP INTEREST(Title of Class)  |
|---------------------------------------------------------------------------------|

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|                                                                                                                                  Page No. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Item 1   Business                                                                                                         K-4                                                                                                                      |
| Item 2   Properties                                                                                                       K-6                                                                                                                                |
| Item 3   Legal Proceedings                                                                                        K-8                                                                                                                                                                                                                   |
| Item 4   Submission of Matters to a Vote of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|              Security Holders                                                                                            K-8                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Item 5  Market for the Registrant's Units and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|             Related Security Holder Matters                                                                 K-8                                                                                                                                                                                                                                                                                               |
| Item 7  Management's Discussion and Analysis of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|             Financial Condition and Results of Operations                                        K-8                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Item 8  Financial Statements and Supplementary Data                                        K-15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Item 9  Changes in and Disagreements with Accountants                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|              on Accounting and Financial Disclosure                                                 K-15                                                                                                                                                                                                                                                                                                                                                                                 |
| Item 9A Controls and Procedures                                                                           K-15                                                                                                                                                                                                                                                                                                          |
| Item 9B Other Information                                                                                        K-15                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| PART III                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Item 10  Directors and Executive Officers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|               of the Registrant                                                                                           K-16                                                                                                                                         |
| Item 11  Management Remuneration                                                                       K-16                                                                                                                                                                                                                                                                                                                       |
| Item 12  Security Ownership of Certain Beneficial                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|               Owners and Management                                                                           K-17                                                                                                                                                                                                                                |
| Item 13  Certain Relationships and Related Transactions                                    K-17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Item 14  Principal Accountant Fees and Services                                                  K-19                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Item 15  Exhibits, Financial Statement Schedules, and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                Director Independence                                                                                K-19                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| SIGNATURES                                                                                                             K-20                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| CERTIFICATIONS                                                                                                    K-21                                                                                                                                                                     |

----

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| Properties owned by                    |               | Date Interest |
|----------------------------------------|--------------------|---------------|
| Local Limited Partnerships             | Location           | Acquired      |
|                                   |               |          |
| Leatherwood (formerly Village Oaks)(1) | Yoakum, TX         | 12/23/91      |
| Tamaric(1)                             | Cedar Park, TX     | 12/23/91      |
| Northwest(1)                           | Georgetown, TX     | 12/23/91      |
| Pilot House                            | Newport News, VA   | 02/25/92      |
| Jardines de Juncos                     | Juncos, PR         | 04/14/92      |
| Livingston Arms (1)                    | Poughkeepsie, NY   | 05/01/92      |
| Broadway Tower (1)                     | Revere, MA         | 06/02/92      |
| 45th & Vincennes (1)               | Chicago, IL        | 06/26/92      |
| Phoenix Housing (1)                    | Moorhead, MN       | 07/06/92      |
| Cottages of Aspen (1)                  | Oakdale, MN        | 07/02/92      |
| Long Creek Court                       | Kittrell, NC       | 07/01/92      |
| Atkins Glen (1)                        | Stoneville, NC     | 07/01/92      |
| Tree Trail                             | Gainesville, FL    | 10/30/92      |
| Meadow Wood (1)                        | Smyrna, TN         | 10/30/92      |
| Primrose (1)                           | Grand Forks, ND    | 12/09/92      |
| Sycamore (1)                           | Sioux Falls, SD    | 12/17/92      |
| Preston Place                          | Winchester, VA     | 12/21/92      |
| Kings Grant Court (1)                  | Statesville, NC    | 12/23/92      |
| Chestnut Plains (1)                    | Winston-Salem, NC  | 12/24/92      |
| Bancroft Court(1)                      | Toledo, OH         | 12/31/92      |
| Capitol Park(1)                        | Oklahoma City, OK  | 02/10/93      |
| Hudson Square (1)                      | Baton Rouge, LA    | 03/08/93      |
| Walker Woods II (1)                    | Dover, DE          | 06/11/93      |
| Vista Villa (1)                        | Saginaw County, MI | 08/04/93      |
| Metropolitan (1)                       | Chicago, IL        | 08/19/93      |
| Carolina Woods II (1)                  | Greensboro, NC     | 10/11/93      |
| Linden Square                          | Genesee County, MI | 10/29/93      |
| New Garden Place (1)                   | Gilmer, NC         | 06/24/94      |
| Findley Place (1)                      | Minneapolis, MN    | 07/15/94      |

|   |  (1)    The Fund no longer has an interest in the Local Limited Partnership which owns this Property. |
|--------|--------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                              |   |       | Capital Contributions |   |           |   |      |
|---------------------------------------------------|--------|------------|-----------------------|--------|----------------|--------|-----------|
| Local Limited Partnership                         |   |       |                  |   | Total          |   |      | Paid |   |   | Mtge. Loans |   |   |   | Occupancy at |   |
| Property Name                                     |   | Number of  |                  |   | Committed at   |   |      | Through |   |   | Payable at |   | Type of |   | March 31, |   |
| Property Location                                 |   | Apt. Units |                  |   | March 31, 2010 |   |      | March 31, 2010 |   |   | December 31, 2009 |   | Subsidy* |   | 2010 |   |
|                                              |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |
| Pilot House Associates, L.P                       |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |
| Pilot House                                       |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |
| Newport News, VA                                  |   |       | 132                   |   |           | $      | 2,479,708 |   |   | $ | 2,479,708 |   |   | $ | 3,764,766 |   | None |   |   | 100 | % |
|                                              |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preston Place Associates, L.P.                    |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preston Place                                     |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Winchester, VA                                    |   |       | 120                   |   |           |   | 2,300,000 |   |   |   | 2,300,000 |   |   |   | 3,484,892 |   | None |   |   | 93 | % |
|                                              |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jardines Limited Dividend Partnership, S.E., L.P. |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Jardines de Juncos                                |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Juncos, PR                                        |   |       | 60                    |   |           |   | 604,781   |   |   |   | 604,781 |   |   |   | 2,512,207 |   | FmHA |   |   | 100 | % |
|                                              |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long Creek Court Limited Partnership              |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long Creek Court                                  |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Kittrell, NC                                      |   |       | 14                    |   |           |   | 120,476   |   |   |   | 120,476 |   |   |   | 523,223 |   | FmHA |   |   | 86 | % |
|                                              |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tree Trail Apartments, A Limited Partnership      |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tree Trail                                        |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gainesville, FL                                   |   |       | 108                   |   |           |   | 2,060,143 |   |   |   | 2,060,143 |   |   |   | 2,249,557 |   | None |   |   | 71 | % |
|                                              |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Linden Square Limited Dividend Housing            |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Association Limited Partnership                   |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Linden Square                                     |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Genesee County, MI                                |   |       | 120                   |   |           |   | 1,299,774 |   |   |   | 1,299,774 |   |   |   | 3,126,275 |   | None |   |   | 98 | % |
|                                              |   |       | 554                   |   |           | $      | 8,864,882 |   |   | $ | 8,864,882 |   |   | $ | 15,660,920 |   |   |   |   |   |   |
|                                              |   |       |                  |   |           |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | *  FmHA         This subsidy, which is authorized under Section 515 of the Housing Act of 1949, can be one or a combination of many different types.  For instance, FmHA may provide: 1) direct below-market-rate mortgage loans for rural rental housing; 2) mortgage interest subsidies which effectively lower the interest rate of the loan to 1%; 3) a rental assistance subsidy to tenants which allows them to pay no more than 30% of their monthly income as rent with the balance paid by the federal government; or 4) a combination of any of the above. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Name                                          Position |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                     |
| Kenneth J. Cutillo                      Chief Executive Officer                                                                                                 |

----

|     |                          | Amount        |             |
|----------|-------------------------------|---------------|------------------|
| Title of | Name and Address of           | Beneficially  |             |
| Class    | Beneficial Owner              | Owned         | Percent of Class |
|     |                          |          |             |
| Limited  | Everest Tax Credit Investors  | 2,146.5 Units | 6%               |
| Partner  | 155 North Lake Avenue         |          |             |
|     | Suite 1000                    |          |             |
|     | Pasadena, CA  91101 |          |             |

----

|                  |   | 2010   |   |   | 2009   |   |
|-----------------------|--------|--------|--------|--------|--------|--------|
|                  |   |   |   |   |   |   |
| Asset management fees |   | $      | 88,436 |   |   | $      | 144,609 |   |

|                                         |   | 2010   |    |   | 2009   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                         |   |   |    |   |   |   |
| Salaries and benefits expense reimbursements |   | $      | 117,760 |   |   | $      | 157,666 |   |

----

|       |   | 2010   |   |   | 2009   |   |
|------------|--------|--------|--------|--------|--------|--------|
|       |   |   |   |   |   |   |
| Audit fees |   | $      | 67,639 |   |   | $      | 72,500 |   |
| Tax fees   |   | $      | 2,500  |   |   | $      | 2,500 |   |

| (b)   |   Exhibits |
|-----------------|----------------------|

| 31.1 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|----------------------------------------------------------------------------------------------------------------------------------------------|
| 31.2 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.2 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

----

|        By:  /s/Kenneth J. Cutillo                     Date:   June 29, 2010 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     Kenneth J. Cutillo                                                                                                  |
|                     President                                                                                                           |
|                     Arch Street VIII, Inc.                                                                                              |
|                   (Chief Executive Officer)                                                                                                       |

|        By:   /s/Kenneth J. Cutillo                    Date:   June 29, 2010 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     Kenneth J. Cutillo                                                                                                  |
|                     President                                                                                                      |
|                    Arch Street VIII, Inc.                                                                                                    |
|                   (Chief Financial Officer)                                                                                                            |

|         By:  /s/Kenneth J. Cutillo                     Date:   June 29, 2010 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     Kenneth J. Cutillo                                                                                                        |
|                     President                                                                                                                 |
|                     Arch Street VIII, Inc.                                                                                                    |
|                    (Chief Accounting Officer)                                                                                                      |
|                                                                                                                                                                                                                                         |

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----

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|                                                   |   | 2010   |      |   | 2009   |   |
|--------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Assets                                                 |   |   |      |   |   |   |
|                                                   |   |   |      |   |   |   |
| Cash and cash equivalents                              |   | $      | 1,495,321 |   |   | $      | 4,400,689 |   |
| Investments in Local Limited Partnerships (Note 4)     |   |   | 1,581,998 |   |   |   | 2,099,831 |   |
| Other investments (Note 5)                             |   |   | 447,908   |   |   |   | 1,278,877 |   |
| Accounts receivable (Note 4)                           |   |   | -         |   |   |   | 5,000 |   |
| Other assets                                           |   |   | 349       |   |   |   | - |   |
| Total Assets                                           |   | $      | 3,525,576 |   |   | $      | 7,784,397 |   |
|                                                   |   |   |      |   |   |   |   |   |
| Liabilities and Partners' Equity                       |   |   |      |   |   |   |   |   |
|                                                   |   |   |      |   |   |   |   |   |
| Due to affiliate (Note 6)                              |   | $      | 12,926    |   |   | $      | 84,843 |   |
| Accrued expenses                                       |   |   | 61,036    |   |   |   | 62,449 |   |
| Total Liabilities                                      |   |   | 73,962    |   |   |   | 147,292 |   |
|                                                   |   |   |      |   |   |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |   | 3,451,614 |   |   |   | 7,637,105 |   |
| Total Liabilities and Partners' Equity                 |   | $      | 3,525,576 |   |   | $      | 7,784,397 |   |

----

|                                                           |   | 2010   |     |   | 2009   |   |
|----------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Revenue:                                                       |   |   |     |   |   |   |
| Investment                                                     |   | $      | 49,537   |   |   | $      | 57,134 |   |
| Accretion of Original Issue Discount (Note 5)                  |   |   | 61,031   |   |   |   | 150,902 |   |
| Cash distribution income                                       |   |   | 5,556    |   |   |   | 57,675 |   |
| Total Revenue                                                  |   |   | 116,124  |   |   |   | 265,711 |   |
|                                                           |   |   |     |   |   |   |   |   |
| Expense:                                                       |   |   |     |   |   |   |   |   |
| Asset management fees, affiliate (Note 6)                      |   |   | 88,436   |   |   |   | 144,609 |   |
| Provision for valuation allowance on advances to Local Limited |   |   |     |   |   |   |   |   |
| Partnerships (Note 4)                                          |   |   | -        |   |   |   | 7,233 |   |
| Impairment on investments in Local Limited                     |   |   |     |   |   |   |   |   |
| Partnerships (Note 4)                                          |   |   | 141,603  |   |   |   | 434,000 |   |
| General and administrative (includes reimbursements            |   |   |     |   |   |   |   |   |
| to an affiliate in the amount of $117,760 and                  |   |   |     |   |   |   |   |   |
| $157,666 in 2010 and 2009, respectively)                       |   |   | 228,554  |   |   |   | 294,680 |   |
| Amortization                                                   |   |   | 3,994    |   |   |   | 6,698 |   |
| Total Expense                                                  |   |   | 462,587  |   |   |   | 887,220 |   |
|                                                           |   |   |     |   |   |   |   |   |
| Loss before equity in income of Local Limited Partnerships     |   |   |     |   |   |   |   |   |
| and gain (loss) on sale of investments in Local Limited        |   |   |     |   |   |   |   |   |
| Partnerships                                                   |   |   | (346,463 | )      |   |   | (621,509 | ) |
|                                                           |   |   |     |   |   |   |   |   |
| Equity in income of Local Limited Partnerships (Note 4)        |   |   | 49,004   |   |   |   | 3,208,917 |   |
|                                                           |   |   |     |   |   |   |   |   |
| Gain (loss) on sale of investments in Local Limited            |   |   |     |   |   |   |   |   |
| Partnerships (Note 4)                                          |   |   | 4,550    |   |   |   | (1,007,106 | ) |
|                                                           |   |   |     |   |   |   |   |   |
| Net Income (Loss)                                              |   | $      | (292,909 | )      |   | $      | 1,580,302 |   |
|                                                           |   |   |     |   |   |   |   |   |
| Net Income (Loss) allocated:                                   |   |   |     |   |   |   |   |   |
| General Partners                                               |   | $      | (11,849  | )      |   | $      | 1,633 |   |
| Class A Limited Partners                                       |   |   | (320,197 | )      |   |   | 1,336,390 |   |
| Class B Limited Partners                                       |   |   | 39,137   |   |   |   | 242,279 |   |
|                                                           |   | $      | (292,909 | )      |   | $      | 1,580,302 |   |
| Net Income (Loss) per Limited Partner Unit                     |   |   |     |   |   |   |   |   |
| Class A Unit (34,643 Units)                                    |   | $      | (9.24    | )      |   | $      | 38.58 |   |
| Class B Unit (3,290 Units)                                     |   | $      | 11.90    |   |   | $      | 73.64 |   |

----

|                      |   |     |    |   |    |   |   | Investor  |   |   | Investor   |   |   |   |       |
|---------------------------|--------|----------|---------|--------|---------|--------|--------|-----------|--------|--------|------------|--------|--------|--------|------------|
|                      |   |     |    |   | Initial |   |   | Limited   |   |   | Limited    |   |   |   |       |
|                      |   | General  |    |   | Limited |   |   | Partners, |   |   | Partners,  |   |   |   |       |
|                      |   | Partners |    |   | Partner |   |   | Class A   |   |   | Class B    |   |   | Total  |       |
|                      |   |     |    |   |    |   |   |      |   |   |       |   |   |   |       |
| Balance at March 31, 2008 |   | $        | 74,738  |   |    | $      | 5,000  |      |   | $      | 4,741,559  |   |   | $      | 2,652,506  |   |   | $ | 7,473,803 |   |
|                      |   |     |    |   |    |   |   |      |   |   |       |   |   |   |       |   |   |   |   |   |
| Cash distributions        |   |     | -       |   |    |   | -      |      |   |   | -          |   |   |   | (1,417,000 | ) |   |   | (1,417,000 | ) |
|                      |   |     |    |   |    |   |   |      |   |   |       |   |   |   |       |   |   |   |   |   |
| Net Income                |   |     | 1,633   |   |    |   | -      |      |   |   | 1,336,390  |   |   |   | 242,279    |   |   |   | 1,580,302 |   |
|                      |   |     |    |   |    |   |   |      |   |   |       |   |   |   |       |   |   |   |   |   |
| Balance at March 31, 2009 |   |     | 76,371  |   |    |   | 5,000  |      |   |   | 6,077,949  |   |   |   | 1,477,785  |   |   |   | 7,637,105 |   |
|                      |   |     |    |   |    |   |   |      |   |   |       |   |   |   |       |   |   |   |   |   |
| Cash distributions        |   |     | (30,006 | )      |    |   | -      |      |   |   | (2,780,459 | )      |   |   | (1,082,117 | ) |   |   | (3,892,582 | ) |
|                      |   |     |    |   |    |   |   |      |   |   |       |   |   |   |       |   |   |   |   |   |
| Net Income (Loss)         |   |     | (11,849 | )      |    |   | -      |      |   |   | (320,197   | )      |   |   | 39,137     |   |   |   | (292,909 | ) |
|                      |   |     |    |   |    |   |   |      |   |   |       |   |   |   |       |   |   |   |   |   |
| Balance at March 31, 2010 |   | $        | 34,516  |   |    | $      | 5,000  |      |   | $      | 2,977,293  |   |   | $      | 434,805    |   |   | $ | 3,451,614 |   |

----

|                                                                                |   | 2010   |       |   | 2009   |   |
|-------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Cash flows from operating activities:                                               |   |   |       |   |   |   |
| Net Income (Loss)                                                                   |   | $      | (292,909   | )      |   | $      | 1,580,302 |   |
| Adjustments to reconcile net income (loss) to net                                   |   |   |       |   |   |   |   |   |
| cash used for operating activities:                                                 |   |   |       |   |   |   |   |   |
| Equity in income of Local Limited Partnerships                                      |   |   | (49,004    | )      |   |   | (3,208,917 | ) |
| Loss (gain) on sale of investments in Local Limited                                 |   |   |       |   |   |   |   |   |
| Partnerships                                                                        |   |   | (4,550     | )      |   |   | 1,007,106 |   |
| Provision for valuation allowance on advances                                       |   |   |       |   |   |   |   |   |
| to Local Limited Partnerships                                                       |   |   | -          |   |   |   | 7,233 |   |
|      Impairment on investments in Local Limited            |   |   |       |   |   |   |   |   |
|    Partnerships                                                      |   |   | 141,603    |   |   |   | 434,000 |   |
| Accretion of Original Issue Discount                                                |   |   | (61,031    | )      |   |   | (150,902 | ) |
| Amortization                                                                        |   |   | 3,994      |   |   |   | 6,698 |   |
| Cash distributions included in net income (loss)                                    |   |   | (3,258     | )      |   |   | (41,862 | ) |
| Increase (decrease) in cash arising from changes                                    |   |   |       |   |   |   |   |   |
| in operating assets and liabilities:                                                |   |   |       |   |   |   |   |   |
| Other assets                                                                        |   |   | (349       | )      |   |   | 2 |   |
| Due to affiliate                                                                    |   |   | (71,917    | )      |   |   | (87,643 | ) |
| Accrued expenses                                                                    |   |   | (1,413     | )      |   |   | 3,294 |   |
| Net cash used for operating activities                                              |   |   | (338,834   | )      |   |   | (450,689 | ) |
|                                                                                |   |   |       |   |   |   |   |   |
| Cash flows from investing activities:                                               |   |   |       |   |   |   |   |   |
| Proceeds from maturities of T-Strips                                                |   |   | 892,000    |   |   |   | 1,417,000 |   |
| Reimbursement of advances (advances) to Local                                       |   |   |       |   |   |   |   |   |
| Limited Partnerships                                                                |   |   | 74,990     |   |   |   | (32,223 | ) |
| Cash distributions received from Local                                              |   |   |       |   |   |   |   |   |
| Limited Partnerships                                                                |   |   | 349,508    |   |   |   | 317,616 |   |
| Proceeds received from sale of investments in Local                                 |   |   |       |   |   |   |   |   |
| Limited Partnerships                                                                |   |   | 4,550      |   |   |   | 3,513,815 |   |
| Accounts receivable from sale of investments in Local                               |   |   |       |   |   |   |   |   |
| Limited Partnerships                                                                |   |   | 5,000      |   |   |   | - |   |
| Net cash provided by investing activities                                           |   |   | 1,326,048  |   |   |   | 5,216,208 |   |
|                                                                                |   |   |       |   |   |   |   |   |
| Cash flows from financing activities:                                               |   |   |       |   |   |   |   |   |
| Cash distributions                                                                  |   |   | (3,892,582 | )      |   |   | (1,417,000 | ) |
| Net cash used for financing activities                                              |   |   | (3,892,582 | )      |   |   | (1,417,000 | ) |
|                                                                                |   |   |       |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                |   |   | (2,905,368 | )      |   |   | 3,348,519 |   |
|                                                                                |   |   |       |   |   |   |   |   |
| Cash and cash equivalents, beginning of year                                        |   |   | 4,400,689  |   |   |   | 1,052,170 |   |
|                                                                                |   |   |       |   |   |   |   |   |
| Cash and cash equivalents, end of year                                              |   | $      | 1,495,321  |   |   | $      | 4,400,689 |   |
|                                                                                |   |   |       |   |   |   |   |   |
| Non-cash investing activity:                                                        |   |   |       |   |   |   |   |   |
|      Accounts receivable from sale of investments          |   |   |       |   |   |   |   |   |
|          in Local Limited Partnerships |   | $      | -          |   |   | $      | (5,000 | ) |

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|                                                                                                                                                          |   | 2010   |       |   | 2009   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Capital contributions and advances paid to Local Limited Partnerships and    Purchase price paid to withdrawing partners of Local Limited |   |   |       |   |   |   |
| Partnerships                                                                                                                                                  |   | $      | 8,864,882  |   |   | $      | 13,590,985 |   |
|                                                                                                                                                          |   |   |       |   |   |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships (excluding                                                                                          |   |   |       |   |   |   |   |   |
| cumulative unrecognized losses of $1,922,197 and $3,474,251 in 2010                                                                                           |   |   |       |   |   |   |   |   |
|     and 2009, respectively)                                                                                                               |   |   | (1,858,955 | )      |   |   | (6,025,254 | ) |
|                                                                                                                                                          |   |   |       |   |   |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                                                                                        |   |   | (3,841,529 | )      |   |   | (3,534,918 | ) |
|                                                                                                                                                          |   |   |       |   |   |   |   |   |
| Investments in Local Limited Partnerships before adjustments                                                                                                  |   |   | 3,164,398  |   |   |   | 4,030,813 |   |
|                                                                                                                                                          |   |   |       |   |   |   |   |   |
| Excess investment costs over the underlying assets acquired:                                                                                                  |   |   |       |   |   |   |   |   |
|                                                                                                                                                          |   |   |       |   |   |   |   |   |
| Acquisition fees and expenses                                                                                                                                 |   |   | 259,312    |   |   |   | 399,859 |   |
|                                                                                                                                                          |   |   |       |   |   |   |   |   |
| Cumulative amortization of acquisition fees and expenses                                                                                                      |   |   | (107,109   | )      |   |   | (142,587 | ) |
|                                                                                                                                                          |   |   |       |   |   |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance                                                                                          |   |   | 3,316,601  |   |   |   | 4,288,085 |   |
|                                                                                                                                                          |   |   |       |   |   |   |   |   |
| Valuation allowance on investments in Local Limited Partnerships                                                                                              |   |   | (1,734,603 | )      |   |   | (2,188,254 | ) |
|                                                                                                                                                          |   |   |       |   |   |   |   |   |
| Investments in Local Limited Partnerships                                                                                                                     |   | $      | 1,581,998  |   |   | $      | 2,099,831 |   |

|                                   |   | 2009   |       |   | 2008   |   |
|----------------------------------------|--------|--------|------------|--------|--------|--------|
| Assets:                                |   |   |       |   |   |   |
| Investment property, net               |   | $      | 16,723,589 |   |   | $      | 23,555,436 |   |
| Other assets                           |   |   | 1,348,794  |   |   |   | 2,047,509 |   |
| Total Assets                           |   | $      | 18,072,383 |   |   | $      | 25,602,945 |   |
|                                   |   |   |       |   |   |   |   |   |
| Liabilities and Partners' Equity:      |   |   |       |   |   |   |   |   |
| Mortgage notes payable                 |   | $      | 15,660,920 |   |   | $      | 21,898,861 |   |
| Other liabilities                      |   |   | 1,340,020  |   |   |   | 2,744,409 |   |
| Total Liabilities                      |   |   | 17,000,940 |   |   |   | 24,643,270 |   |
|                                   |   |   |       |   |   |   |   |   |
| Fund's equity                          |   |   | 1,404,079  |   |   |   | 525,036 |   |
| Other partners' equity (deficiency)    |   |   | (332,636   | )      |   |   | 434,639 |   |
| Total Partners' Equity                 |   |   | 1,071,443  |   |   |   | 959,675 |   |
| Total Liabilities and Partners' Equity |   | $      | 18,072,383 |   |   | $      | 25,602,945 |   |

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|                                       |   | 2009   |      |   | 2008   |   |
|--------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                       |   |   |      |   |   |   |
| Rental and other income                    |   | $      | 4,611,208 |   |   | $      | 9,055,899 |   |
|                                       |   |   |      |   |   |   |   |   |
| Expenses:                                  |   |   |      |   |   |   |   |   |
| Operating                                  |   |   | 3,164,481 |   |   |   | 1,892,363 |   |
| Interest                                   |   |   | 920,661   |   |   |   | 1,514,261 |   |
| Depreciation and amortization              |   |   | 1,115,853 |   |   |   | 2,041,545 |   |
| Total Expenses                             |   |   | 5,200,995 |   |   |   | 5,448,169 |   |
|                                       |   |   |      |   |   |   |   |   |
| Net Income (Loss)                          |   | $      | (589,787  | )      |   | $      | 3,607,730 |   |
|                                       |   |   |      |   |   |   |   |   |
| Fund’s share of net income (loss)    |   | $      | (469,605  | )      |   | $      | 2,239,559 |   |
| Other partners' share of net income (loss) |   | $      | (120,182  | )      |   | $      | 1,368,171 |   |

----

|                              |   | 2010   |    |   | 2009   |   |
|-----------------------------------|--------|--------|---------|--------|--------|--------|
|                              |   |   |    |   |   |   |
| Aggregate cost of Treasury STRIPS |   | $      | 126,828 |   |   | $      | 373,553 |   |
| Accumulated accretion of          |   |   |    |   |   |   |   |   |
| Original Issue Discount           |   |   | 321,080 |   |   |   | 905,324 |   |
|                              |   | $      | 447,908 |   |   | $      | 1,278,877 |   |

----

|                                                                     |   | 2010   |     |   | 2009   |   |
|--------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                     |   |   |     |   |   |   |
| Net Income (Loss) per financial statements                               |   | $      | (292,909 | )      |   | $      | 1,580,302 |   |
|                                                                     |   |   |     |   |   |   |   |   |
| Equity in income (losses) of Local Limited Partnerships for tax purposes |   |   |     |   |   |   |   |   |
| in excess of equity in income (losses) for financial reporting purposes  |   |   | (8,942   | )      |   |   | 93,603 |   |
|                                                                     |   |   |     |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships not recognized            |   |   |     |   |   |   |   |   |
| for financial reporting purposes, net of recognition of                  |   |   |     |   |   |   |   |   |
| previously unrecognized losses                                           |   |   | (512,889 | )      |   |   | (969,358 | ) |
|                                                                     |   |   |     |   |   |   |   |   |
| Adjustment to reflect March 31 fiscal year end to                        |   |   |     |   |   |   |   |   |
| December 31 taxable year end                                             |   |   | 11,987   |   |   |   | (12,846 | ) |
|                                                                     |   |   |     |   |   |   |   |   |
| Amortization for tax purposes in excess of amortization                  |   |   |     |   |   |   |   |   |
| for financial reporting purposes                                         |   |   | (7,742   | )      |   |   | (10,240 | ) |
|                                                                     |   |   |     |   |   |   |   |   |
| Provision for valuation allowance on advances to Local Limited           |   |   |     |   |   |   |   |   |
| Partnerships not deductible for tax purposes                             |   |   | -        |   |   |   | 7,233 |   |
|                                                                     |   |   |     |   |   |   |   |   |
| Impairment on investments in Local Limited Partnerships                  |   |   |     |   |   |   |   |   |
| not deductible for tax purposes                                          |   |   | 141,603  |   |   |   | 434,000 |   |
|                                                                     |   |   |     |   |   |   |   |   |
| Gain (loss) on sale of investments in Local Limited Partnerships for     |   |   |     |   |   |   |   |   |
| tax purposes in excess of gain (loss) recognized for financial           |   |   |     |   |   |   |   |   |
| reporting purposes                                                       |   |   | 995,642  |   |   |   | (12,229 | ) |
|                                                                     |   |   |     |   |   |   |   |   |
| Cash distributions included in net income (loss) for financial           |   |   |     |   |   |   |   |   |
| reporting purposes                                                       |   |   | (3,258   | )      |   |   | (41,862 | ) |
|                                                                     |   |   |     |   |   |   |   |   |
| Net Income per tax return                                                |   | $      | 323,492  |   |   | $      | 1,068,603 |   |

|                                      |   | Financial |      |   |     |   |       |        |   |
|-------------------------------------------|--------|-----------|-----------|--------|----------|--------|------------|-------------|--------|
|                                      |   | Reporting |      |   | Tax      |   |       |        |   |
|                                      |   | Purposes  |      |   | Purposes |   |       | Differences |   |
|                                      |   |      |      |   |     |   |       |        |   |
| Investments in Local Limited Partnerships |   | $         | 1,581,998 |   |     | $      | (2,667,985 | )           |   | $ | 4,249,983 |   |
| Other assets                              |   | $         | 1,943,578 |   |     | $      | 10,029,194 |        |   | $ | (8,085,616 | ) |
| Liabilities                               |   | $         | 73,962    |   |     | $      | 108,775    |        |   | $ | (34,813 | ) |

----

|                                      |   | Financial |      |   |     |   |       |        |   |
|-------------------------------------------|--------|-----------|-----------|--------|----------|--------|------------|-------------|--------|
|                                      |   | Reporting |      |   | Tax      |   |       |        |   |
|                                      |   | Purposes  |      |   | Purposes |   |       | Differences |   |
|                                      |   |      |      |   |     |   |       |        |   |
| Investments in Local Limited Partnerships |   | $         | 2,099,831 |   |     | $      | (2,898,707 | )           |   | $ | 4,998,538 |   |
| Other assets                              |   | $         | 5,684,566 |   |     | $      | 10,848,298 |        |   | $ | (5,163,732 | ) |
| Liabilities                               |   | $         | 147,292   |   |     | $      | 128,649    |        |   | $ | 18,643 |   |

----

|                                             |   | 2009   |      |   | 2008   |   |
|--------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|  Pilot House Associates Limited Partnership |   |   |      |   |   |   |
| Total Assets                                     |   | $      | 5,163,007 |   |   | $      | 5,376,761 |   |
| Total Liabilities                                |   | $      | 3,867,809 |   |   | $      | 3,921,313 |   |
| Revenue                                          |   | $      | 1,211,426 |   |   | $      | 1,171,055 |   |
| Net Income                                       |   | $      | 31,742    |   |   | $      | 69,977 |   |
|                                             |   |   |      |   |   |   |   |   |
| Cottage Homesteads of Aspen Limited Partnership  |   |   |      |   |   |   |   |   |
| Total Assets                                     |   |   | N/A       |   |   |   | N/A |   |
| Total Liabilities                                |   |   | N/A       |   |   |   | N/A |   |
| Revenue                                          |   |   | N/A       |   |   | $      | 534,208 |   |
| Net Income                                       |   |   | N/A       |   |   | $      | 3,803,483 |   |

| Hudson Square Apartments Limited Partnership               |   |   |      |   |   |   |
|------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Total Assets                                               |   |   | N/A       |   |   |   | N/A |   |
| Total Liabilities                                          |   |   | N/A       |   |   |   | N/A |   |
| Revenue                                                    |   |   | N/A       |   |   | $      | 1,528,000 |   |
| Net Income                                                 |   |   | N/A       |   |   | $      | 1,071,415 |   |
|                                                       |   |   |      |   |   |   |   |   |
| Metropolitan Apartments Limited Partnership                |   |   |      |   |   |   |   |   |
| Total Assets                                               |   |   | N/A       |   |   | $      | 2,308,301 |   |
| Total Liabilities                                          |   |   | N/A       |   |   | $      | 2,379,519 |   |
| Revenue                                                    |   |   | N/A       |   |   | $      | 576,231 |   |
| Net Loss                                                   |   |   | N/A       |   |   | $      | (215,202 | ) |
|                                                       |   |   |      |   |   |   |   |   |
| Linden Square Ltd. Div. Housing Assoc. Limited Partnership |   |   |      |   |   |   |   |   |
| Total Assets                                               |   | $      | 4,727,822 |   |   | $      | 4,902,977 |   |
| Total Liabilities                                          |   | $      | 3,325,753 |   |   | $      | 3,474,734 |   |
| Revenue                                                    |   | $      | 700,635   |   |   | $      | 703,541 |   |
| Net Loss                                                   |   | $      | (26,174   | )      |   | $      | (37,726 | ) |

----