June 29, 2000




Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC  20549

         Boston Financial Tax Credit Fund Plus, A Limited Partnership
         Annual Report on Form 10-KSB for the Year Ended March 31, 2000
         File Number 0-22104


Dear Sir/Madam:

Pursuant to the requirements of Section 15(d) of the Securities  Exchange Act of
1934, filed herewith is one copy of subject report.


Very truly yours,




/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller



TCP10K-K



<PAGE>


                                         UNITED STATES
                              SECURITIES AND EXCHANGE COMMISSION
                                     Washington, D.C. 20549

                                          FORM 10-KSB

(Mark One)

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

For the fiscal year ended                    March 31, 2000
                         -------------------------------------------------

                                                         OR

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

For the transition period from                         to

                                 Commission file number        0-22104

                                             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
       incorporation or organization)                      Identification No.)

   101 Arch Street, Boston, Massachusetts                      02110-1106
    (Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code           (617) 439-3911
                                             -----------------------------------

Securities registered pursuant to Section 12(b) of the Act:
                                                      Name of each exchange on
          Title of each class                            which registered
                None                                            None
Securities registered pursuant to Section 12(g) of the Act:

          CLASS A AND CLASS B UNITS OF LIMITED PARTNERSHIP INTEREST
                                (Title of Class)
                                     100,000

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

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation S-K (Subsection  229.405 of this chapter) is not contained herein,
and will not be contained,  to the best of registrant's knowledge, in definitive
proxy or information  statements  incorporated  by reference in Part III of this
Form 10-KSB or any amendment to this Form 10-KSB. [ X ]

State the aggregate sales price of partnership units held by nonaffiliates of
the registrant.       $37,933,000 as of March 31, 2000


<PAGE>





DOCUMENTS   INCORPORATED   BY  REFERENCE:   LIST  THE  FOLLOWING   DOCUMENTS  IF
INCORPORATED  BY  REFERENCE  AND THE  PART OF THE FORM  10-KSB  INTO  WHICH  THE
DOCUMENT IS  INCORPORATED:  (1) ANY ANNUAL REPORT TO SECURITY  HOLDERS;  (2) ANY
PROXY OR INFORMATION  STATEMENT;  AND (3) ANY PROSPECTUS  FILED PURSUANT TO RULE
424(b) OR (c) UNDER THE SECURITIES ACT OF 1933.

                                                             Part of Report on
                                                             Form 10-KSB into
                                                             Which the Document
Documents incorporated by reference                          is Incorporated

Post-effective amendment No. 5 to the Form S-11
     Registration Statement, File # 33-38408                 Part I, Item 1

Post-effective amendment No. 6 to the Form S-11
     Registration Statement File # 33-38408                  Part III, Item 11

Acquisition Reports                                          Part I, Item 1

Prospectus - Sections Entitled:

     "Investment Objectives and Policies -
      Principal Investment Objectives"                       Part I, Item 1

     "Investment Risks"                                      Part I, Item 1

     "Estimated Use of Proceeds"                             Part III, Item 12

     "Management Compensation and Fees"                      Part III, Item 12

     "Profits and Losses for Tax Purposes, Tax
      Credits and Cash Distributions"                        Part III, Item 12


<PAGE>


               BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                              ANNUAL REPORT ON FORM 10-KSB
                            FOR THE YEAR ENDED MARCH 31, 2000

                                   TABLE OF CONTENTS


                                                                       Page No.

PART I

       Item 1       Business                                               K-3
       Item 2       Properties                                             K-6
       Item 3       Legal Proceedings                                      K-13
       Item 4       Submission of Matters to a Vote of
                    Security Holders                                       K-13

PART II

       Item 5       Market for the Registrant's Units and
                    Related Security Holder Matters                        K-13
       Item 6       Management's Discussion and Analysis of
                    Financial Condition and Results of Operations          K-14
       Item 7       Financial Statements and Supplementary Data            K-16
       Item 8       Changes in and Disagreements with Accountants
                    on Accounting and Financial Disclosure                 K-17

PART III

       Item 9       Directors and Executive Officers
                    of the Registrant                                      K-17
       Item 10      Management Remuneration                                K-18
       Item 11      Security Ownership of Certain Beneficial
                    Owners and Management                                  K-18
       Item 12      Certain Relationships and Related Transactions         K-18

PART IV

       Item 13      Exhibits and Reports on Form 8-K                       K-21

SIGNATURES                                                                 K-22


<PAGE>


                                   PART I

Item 1.  Business

Boston  Financial Tax Credit Fund Plus, A Limited  Partnership (the "Fund") is a
Massachusetts  limited partnership formed on December 10, 1990 under the laws of
the   Commonwealth   of   Massachusetts.   The  Fund's   partnership   agreement
("Partnership Agreement") authorized the sale of up to 100,000 Class A and Class
B units of Limited  Partnership  Interest  ("Class A Units" and "Class B Units";
Class A Units and Class B Units are  collectively  called "Units") at $1,000 per
Unit,  adjusted  for  certain  discounts.  The Fund raised  $37,932,300  ("Gross
Proceeds"),  net of discounts of $700,  through the sale of 34,643 Class A Units
and 3,290 Class B Units. Such amounts exclude five unregistered Units previously
acquired  for $5,000 by the Initial  Limited  Partner,  which is also one of the
General Partners. The offering of Units terminated on January 11, 1993.

The  Fund  is  engaged  solely  in  the  business  of  real  estate  investment.
Accordingly,  a  presentation  of  information  about  industry  segments is not
applicable and would not be material to an  understanding of the Fund's business
taken as a whole.

The  Fund has  invested  as a  limited  partner  in  twenty-five  other  limited
partnerships  ("Local Limited  Partnerships")  which own and operate residential
apartment  complexes  ("Properties"),  some of which  benefit  from some form of
federal,  state or local  assistance  programs,  and all of  which  qualify  for
low-income  housing tax credits ("Tax  Credits")  added to the Internal  Revenue
Code (the "Code") by the Tax Reform Act of 1986.  The Fund also invested in, for
the benefit of the Class B Limited Partners,  United States Treasury obligations
from which the interest coupons have been stripped or in such coupons themselves
(collectively "Treasury STRIPS"). The Fund used approximately 28% of the Class B
Limited  Partners'  capital  contributions  to  purchase  Treasury  STRIPS  with
maturities of 13 to 18 years,  with a total redemption amount equal to the Class
B Limited Partners' capital contributions. The investment objectives of the Fund
include the  following:  (i) to provide  investors with annual tax credits which
they may use to reduce their federal income taxes;  (ii) to provide limited cash
distributions from the operations of apartment complexes;  (iii) to preserve and
protect the Fund's  capital with the  possibility  of realizing a profit through
the sale or refinancing of apartment complexes;  and (iv) to provide payments to
Class B Limited  Partners  from Treasury  STRIPS.  There cannot be any assurance
that the Fund will  attain  any or all of these  investment  objectives.  A more
detailed  discussion  of these  investments  objectives,  along with the risk in
achieving  them,  is  contained  in  the  sections  of the  Prospectus  entitled
"Investment  Objectives  and  Policies - Principal  Investment  Objectives"  and
"Investment Risks", which are herein incorporated by this reference.

Table A on the following  page lists the Properties  originally  acquired by the
Local Limited Partnerships in which the Fund has invested. Item 6 of this Report
contains  other  significant  information  with  respect to such  Local  Limited
Partnerships.  The terms of the  acquisition  of each Local Limited  Partnership
interest have been described in six  supplements to the Prospectus and five Form
8-K  filings  which were  collected  in  Post-effective  Amendment  No. 5 to the
Registration  Statement   (collectively,   the  "Acquisition   Reports");   such
descriptions are incorporated herein by this reference.


<PAGE>


                                                       TABLE A

                                                SELECTED LOCAL LIMITED
                                                   PARTNERSHIP DATA
<TABLE>
<CAPTION>
                                                      (Unaudited)

      Properties owned by                                                               Date Interest
Local Limited Partnerships                               Location                         Acquired

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

*        The  Fund's  interest  in  profits  and  losses of each  Local  Limited
         Partnership  arising from normal  operations is 99%,  except for an 82%
         interest in Livingston  Arms, a 98.75% interest in  Metropolitan  and a
         97.9%  interest in New Garden  Place.  Profits and losses  arising from
         sale or refinancing  transactions  will be allocated in accordance with
         the respective Local Limited Partnership Agreements.

**       The Managing  General  Partner  transferred  all of the assets of these
         three Local  Limited  Partnerships,  subject to their  liabilities,  to
         unaffiliated  entities.  The transfers  were effective May 31, 1996 for
         Tamaric and Northwest and September 23, 1997 for Leatherwood.

***      The title of Capitol Park was transferred to an affiliated entity.
         The transfer was effective October 7, 1997.

As previously  reported,  due to  construction  and other  problems at Villas de
Montellano in Morovis,  Puerto Rico, the Managing General Partner  abandoned its
interest in this Local Limited  Partnership to the Local General Partner.  Also,
as previously  reported,  the Managing  General  Partner elected to exercise its
rights under the  Repurchase  Agreement  and  requested  from the Local  General
Partner and the Guarantor the repayment of the capital contributions advanced by
the Fund and of certain expenses associated with this investment.  However,  the
Local General  Partner and the Guarantor  filed for bankruptcy in May and August
1994,  respectively,  and it is  unlikely  that  they  will  meet  all of  their
obligations  under the  Repurchase  Agreement.  The Fund has engaged  counsel to
vigorously  pursue the Fund's claim in the Bankruptcy  Court. The Fund wrote off
this investment in Fiscal 1996.

Although the Fund's investments in Local Limited Partnerships are not subject to
seasonal   fluctuations,   the  Fund's   equity  in  losses  of  Local   Limited
Partnerships, to the extent it reflects the operations of individual Properties,
may vary from quarter to quarter  based upon changes in occupancy  and operating
expenses as a result of seasonal factors.

Each Local  Limited  Partnership  has as its general  partners  ("Local  General
Partners") one or more  individuals or entities not affiliated  with the Fund or
its General Partners. In accordance with the partnership  agreements under which
such entities are organized ("Local Limited Partnership  Agreements"),  the Fund
depends on the Local General  Partners for the  management of each Local Limited
Partnership. As of March 31, 2000, the following Local Limited Partnerships have
a common Local  General  Partner or affiliated  group of Local General  Partners
accounting for the specified  percentage of the capital  contributions  to Local
Limited Partnerships:  (i) Tree Trail and Meadow Wood, representing 14.16%, have
Flournoy  Development Company and John Flournoy as Local General Partners;  (ii)
Long  Creek  Court,   Atkins  Glen,  Kings  Grant  Court  and  Chestnut  Plains,
representing  5.04%,  have Gordon  Blackwell  and MBG  Investment  Inc. as Local
General  Partners;  (iii) Phoenix Housing,  Primrose and Sycamore,  representing
6.66%,  have Jerry Meide (see  discussion  below) and/or  certain  affiliates as
Local General Partners  (Phoenix  Housing has Phoenix  Housing,  Inc. and RRABB,
Inc.,  Primrose has RRABB, Inc., and Sycamore has Jerry Meide and RRABB,  Inc.);
and (iv)  Pilot  House and  Preston  Place,  representing  17.80%,  have  Castle
Development Corporation as Local General Partners. The Local General Partners of
the  remaining  Local Limited  Partnerships  are  identified in the  Acquisition
Reports, which are herein incorporated by reference.

The  Properties  owned  by Local  Limited  Partnerships  in  which  the Fund has
invested are, and will continue to be, subject to competition  from existing and
future apartment  complexes in the same areas. The continued success of the Fund
will depend on many outside factors, most of which are beyond the control of the
Fund and which cannot be predicted at this time.  Such factors  include  general
economic  and real estate  market  conditions,  both on a national  basis and in
those areas where the  properties  are  located,  the  availability  and cost of
borrowed  funds,  real estate tax rates,  operating  expenses,  energy costs and
government  regulations.  In  addition,  other  risks  inherent  in real  estate
investment  may  influence  the  ultimate  success of the Fund,  including:  (i)
possible  reduction  in rental  income  due to an  inability  to  maintain  high
occupancy  levels or adequate  rental levels;  (ii) possible  adverse changes in
general economic  conditions and adverse local  conditions,  such as competitive
overbuilding,  a decrease in employment or adverse  changes in real estate laws,
including  building  codes;  and (iii) possible  future adoption of rent control
legislation  which  would  not  permit  increased  costs to be  passed on to the
tenants in the form of rent  increases  or which  suppresses  the ability of the
Local Limited  Partnerships to generate  operating cash flow.  Since most of the
properties benefit from some form of government assistance,  the Fund is subject
to the risks inherent in that area including decreased  subsidies,  difficulties
in finding  suitable  tenants and obtaining  permission for rent  increases.  In
addition,  any Tax Credits allocated to investors with respect to a property are
subject to  recapture  to the extent that the  property  or any portion  thereof
ceases to qualify for the Tax Credits. Other future changes in federal and state
income tax laws affecting real estate  ownership or limited  partnerships  could
have a material and adverse affect on the business of the Fund.

The Fund is managed by Arch Street VI, Inc., the Managing General Partner of the
Fund.  The  other  General  Partner  of the  Fund  is  Arch  Street  VI  Limited
Partnership. The Fund, which does not have any employees,  reimburses Lend Lease
Real Estate  Investments,  Inc.  ("Lend  Lease"),  an  affiliate  of the General
Partners,  for certain expenses and overhead costs. A complete discussion of the
management of the Fund is set forth in Item 9 of this Report.




Item 2.  Properties

The Fund  owns  limited  partnership  interests  in  twenty-five  Local  Limited
Partnerships,  which own and operate Properties, some of which benefit from some
form of federal, state or local assistance programs and all of which qualify for
the Tax  Credits  added to the Code by the Tax  Reform  Act of 1986.  The Fund's
ownership  interest  in  each  Local  Limited  Partnership  is 99%,  except  for
Livingston Arms,  Metropolitan and New Garden Place,  where the Fund's ownership
interests are 82%, 98.75% and 97.9%, respectively, and Phoenix Housing, Primrose
and Sycamore, where the Fund's ownership is 49.5%.

Each of the Local Limited Partnerships has received an allocation of Tax Credits
from its relevant state tax credit agency.  In general,  the Tax Credit runs for
ten years from the date the Property is placed in service.  The required holding
period (the  "Compliance  Period") of the  Properties is fifteen  years.  During
these fifteen  years,  the  Properties  must satisfy rent  restrictions,  tenant
income  limitations  and other  requirements,  as  promulgated  by the  Internal
Revenue  Service,  in order to  maintain  eligibility  for the Tax Credit at all
times during the Compliance Period.  Once a Local Limited Partnership has become
eligible for the Tax Credits,  it may lose such  eligibility and suffer an event
of  recapture  if  its  Property   fails  to  remain  in  compliance   with  the
requirements.

In  addition,  some of the Local  Limited  Partnerships  have  obtained one or a
combination  of different  types of loans such as: i) below market rate interest
loans; ii) loans provided by a redevelopment agency of the town or city in which
the property is located at favorable  terms; and iii) loans with repayment terms
that are based on a percentage of cash flow.

The schedules on the  following  pages provide  certain key  information  on the
Local Limited Partnership interests acquired by the Fund.


<PAGE>

<TABLE>
<CAPTION>



                                                     Capital Contributions
Local Limited Partnership        Number      Total committed      Paid through       Mtge. loans payable                 Occupancy
Property Name                      of          at March 31,         March 31,          at December 31,      Type of     at March 31,
Property Location              Apt. Units          2000               2000                  1999            Subsidy*        2000
------------------------------------------------------------------------------------------------------------------------------------

Division of Boston Financial
   Texas Properties Limited
   Partnership VI (formerly,
   Yoakum-Village Oaks
   Housing Associates, LTD)(A)
Leatherwood Terrace
Yoakum, TX

Tamaric Housing Associates, LTD. (A)
Tamaric
Cedar Park, TX

Georgetown - Northwest Housing Associates,
     LTD. (A)
Northwest
Georgetown, TX

Pilot House Associates, L.P.
Pilot House
<S>                               <C>            <C>                 <C>                  <C>                  <C>             <C>
Newport News, VA                  132            $2,479,707          $2,479,707           $3,252,538           None            99%

Jardines Limited Dividend
     Partnership, S.E., L.P.
Jardines de Juncos
Juncos, PR                         60               604,781             604,781            2,610,121           FmHA           100%



<PAGE>




                                                    Capital Contributions
Local Limited Partnership        Number      Total committed     Paid through      Mtge. loans payable                  Occupancy
Property Name                      of         at March 31,         March 31,         at December 31,       Type of     at March 31,
Property Location              Apt. Units         2000               2000                1999              Subsidy*        2000
-----------------------------------------------------------------------------------------------------------------------------------

99 Livingston Associates, L.P.
Livingston Arms
Poughkeepsie, NY                   25             1,114,686           1,114,686            488,854            None             96%

Broadway Tower Limited
     Partnership
Broadway Tower
Revere, MA                         92             2,350,000           2,350,000           5,907,798         Section 8         100%

Phoenix Housing, L.P.
Phoenix Housing
Moorhead, MN                       40               457,809             457,809           1,860,000         Section 8          90%

Cottage Homesteads of Aspen
     Limited Partnership
Cottages of Aspen
Oakdale, MN                       114             1,027,333           1,027,333           4,650,000            None            99%

45th & Vincennes Limited
     Partnership
45th & Vincennes
Chicago, IL                        19               689,080             689,080             644,004         Section 8          90%

Long Creek Court Limited
     Partnership
Long Creek Court
Kittrell, NC                       14               120,476             120,476             551,320            FmHA           100%


<PAGE>



                                                      Capital Contributions
Local Limited Partnership         Number      Total committed     Paid through      Mtge. loans payable                  Occupancy
Property Name                       of          at March 31,         March 31,        at December 31,       Type of     at March 31,
Property Location               Apt. Units          2000               2000                 1999            Subsidy*        2000
-----------------------------------------------------------------------------------------------------------------------------------

Atkins Glen Limited Partnership
Atkins Glen
Stoneville, NC                     24               205,574             205,574             953,397             FmHA          100%

Tree Trail Apartments,
     A Limited Partnership
Tree Trail
Gainesville, FL                   108             2,060,143           2,060,143            2,634,940            None           94%

Meadow Wood Townhomes,
     A Limited Partnership
Meadow Wood
Smyrna, TN                         88             1,742,671           1,742,671            2,601,034            None          100%

Dakota Square Manor
     Limited Partnership
Primrose
Grand Forks, ND                    48               674,557             674,557            1,076,497            None          100%

Duluth Limited Partnership II
Sycamore
Sioux Falls, ND                    48               657,000             657,000            1,226,569            None           98%

Preston Place Associates, L.P.
Preston Place
Winchester, VA                    120             2,300,000       ,   2,300,000            3,139,512            None           99%



<PAGE>




                                                    Capital Contributions
Local Limited Partnership        Number      Total committed       Paid through      Mtge. loans payable                 Occupancy
Property Name                     of           at March 31,          March 31,         at December 31,      Type of    at March 31,
Property Location              Apt. Units          2000                2000               1999              Subsidy*       2000
------------------------------------------------------------------------------------------------------------------------------------

Kings Grant Court
     Limited Partnership
Kings Grant Court
Statesville, NC                     36              708,530             708,530              886,762            None           100%

Chestnut Plains Limited
     Partnership
Chestnut Plains
Winston-Salem, NC                   24              319,810             319,810              587,262            None           100%

Prince Hall Housing Associates,
     Limited Partnership (B)
Capitol Park
Oklahoma City, OK

Bancroft Street Limited
     Partnership
Bancroft Court
Toledo, OH                          97              902,340             902,340            1,248,729         Section 8          59%

Hudson Square Apartments
     Company (A Limited
     Partnership)
Hudson Square
Baton Rouge, LA                     82              554,670             554,670              772,765         Section 8          95%

Walker Woods Partners, II, L.P.
Walker Woods II
Dover, DE                           19              591,429             591,429              808,764            None           100%


<PAGE>




                                                    Capital Contributions
Local Limited Partnership        Number       Total committed       Paid through      Mtge. loans payable                 Occupancy
Property Name                      of           at March 31,         March 31,          at December 31,      Type of    at March 31,
Property Location              Apt. Units          2000                2000                 1999             Subsidy*        2000
-----------------------------------------------------------------------------------------------------------------------------------

Vista Villa Limited Dividend
     Housing Association
     Limited Partnership
Vista Villa
Saginaw County, MI                  100           1,204,762         1,204,762             4,180,642            None             97%

Metropolitan Apartments
     Limited Partnership
Metropolitan
Chicago, IL                          69           2,296,714         2,056,354             2,035,718          Section 8          87%

Carolina Woods Associates II,
     Limited Partnership
Carolina Woods II
Greensboro, NC                       40             750,238           750,238               867,868             None            98%

Linden Square Limited Dividend
     Housing Association
     Limited Partnership
Linden Square
Genesee County, MI                  120           1,299,774         1,299,774             4,942,944             None            98%

New Garden Associates,
     Limited Partnership
New Garden Place
Gilmer, NC                           76           1,269,794         1,269,794             2,253,913             None           100%




<PAGE>




                                                     Capital Contributions
Local Limited Partnership        Number       Total committed      Paid through    Mtge. loans payable                  Occupancy
Property Name                     of          at March 31,          March 31,        at December 31,       Type of     at March 31,
Property Location             Apt. Units         2000                2000                  1999            Subsidy*        2000
------------------------------------------------------------------------------------------------------------------------------------

Exodus/Lyndon/Windsor,
     Limited Partnership
Findley Place Apartments
Minneapolis, MN                   89              716,000             716,000             2,630,000             None           100%
                              ------         ------------        ------------          ------------
                               1,684         $ 27,097,878        $ 26,857,518          $ 52,811,951
                              ======         ============        ============          ============
</TABLE>

*   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.

    Section     8 This subsidy,  which is authorized under Section 8 of Title II
                of the Housing and  Community  Development  Act of 1974,  allows
                qualified  low-income tenants to pay 30% of their monthly income
                as rent with the balance paid by the federal government.

    (A)         The Managing  General  Partner  transferred all of the assets of
                Tamaric,  Northwest and Leatherwood subject to their liabilities
                to unaffiliated  entities effective May 31, 1996 for Tamaric and
                Northwest and September  23, 1997 for  Leatherwood.  These Local
                Limited   Partnerships  had  total  capital   contributions  and
                mortgage   payable   amounts   of   $328,434   and   $1,467,017,
                respectively, at the date of transfer.

    (B)         Effective   October  7,  1997,  the  Managing   General  Partner
                transferred the title of Prince Hall Housing Associates, Limited
                Partnership to an affiliated  entity.  The Partnership had total
                capital contributions and mortgage payable amounts of $1,495,000
                and $1,570,000, respectively, as of December 31, 1996.




<PAGE>



Duration of leases for  occupancy in the  Properties  described  above is six to
twelve months.  The Managing  General Partner  believes the described herein are
adequately covered by insurance.

Additional  information required under this item, as it pertains to the Fund, is
contained in Items 1, 6 and 7 of this report.

Item 3.  Legal Proceedings

Except for certain claims made by the Fund against the Local General Partner and
the  Guarantor of Villas De  Montellano,  Leatherwood,  Tamaric and Northwest in
connection  with their  bankruptcy  proceedings,  the Fund is not a party to any
pending legal or administrative proceeding, and to the best of its knowledge, no
legal or administrative proceeding is threatened or contemplated against it.

Item 4.  Submission of Matters to a Vote of Security Holders

None.

PART II

Item 5.  Market for the Registrant's Units and Related Security Holder Matters

There is no public  market for the Units,  and it is not expected  that a public
market will develop.  If a Limited Partner  desires to sell Units,  the buyer of
those Units will be required to comply with the minimum  purchase and  retention
requirements and investor suitability standards imposed by applicable federal or
state  securities  laws and the  minimum  purchase  and  retention  requirements
imposed  by the  Fund.  The  price  to be  paid  for the  Units,  as well as the
commissions to be received by any participating broker-dealers,  will be subject
to negotiation by the Limited Partner seeking to sell his Units.  Units will not
be redeemed or repurchased by the Fund.

The  Partnership  Agreement does not impose on the Fund or its General  Partners
any  obligation to obtain  periodic  appraisals of assets or to provide  Limited
Partners with any estimates of the current value of Units.

As of June 15, 2000, there were 2,043 record holders of Units of the Fund.

Cash distributions,  when made, are paid annually. To date, the Fund has made no
cash distributions.



<PAGE>


Item 6.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

Certain matters  discussed herein constitute  forward-looking  statements within
the meaning of the Private  Securities  Litigation  Reform Act of 1995. The Fund
intends  such  forward-looking  statements  to be  covered  by the  safe  harbor
provisions for  forward-looking  statements and are including this statement for
purposes of  complying  with these safe  harbor  provisions.  Although  the Fund
believes the forward-looking statements are based on reasonable assumptions, the
Fund can give no assurance  that their  expectations  will be  attained.  Actual
results  and  timing of  certain  events  could  differ  materially  from  those
projected in or contemplated by the  forward-looking  statements due to a number
of factors,  including,  without  limitation,  general  economic and real estate
conditions and interest rates.

Liquidity and Capital Resources

At March  31,  2000,  the Fund had cash  and cash  equivalents  of  $216,088  as
compared with $87,134 at March 31, 1999. The increase is primarily  attributable
to  proceeds  from  sales  and  maturities  of  marketable  securities  and cash
distributions  received from Local  Limited  Partnerships.  These  increases are
partially  offset by purchases of  marketable  securities  and advances to Local
Limited Partnerships.

Under the terms of the Partnership  Agreement,  the Fund initially designated 4%
of the Adjusted Gross Proceeds  (which  generally means Gross Proceeds minus the
amounts  committed to the acquisition of Treasury STRIPS) from the sale of Units
as a reserve for working  capital of the Fund and  contingencies  related to the
ownership of Local Limited Partnership  interests.  The Managing General Partner
may  increase  or  decrease  such  Reserves  from  time  to  time,  as it  deems
appropriate.  Funds  totaling  approximately  $372,000 have been  withdrawn from
Reserves to pay legal and other fees  relating to various  property  issues.  To
date,  the Fund has used  approximately  $327,000 of operating cash to replenish
Reserves.  At March 31, 2000,  approximately  $982,000 of cash, cash equivalents
and marketable securities have been designated as Reserves.  Management believes
that the investment income earned on the Reserves, along with cash distributions
received  from Local  Limited  Partnerships,  to the extent  available,  will be
sufficient to fund the Fund's ongoing  operations.  Reserves may be used to fund
operating deficits,  if the Managing General Partner deems funding  appropriate.
If Reserves are not adequate to cover Fund operations,  the Fund will seek other
funding sources including,  but not limited to, the deferral of Asset Management
Fees to an  affiliate  of the  General  Partner  or working  with Local  Limited
Partnerships to increase cash distributions.

In the  event a Local  Limited  Partnership  encounters  operating  difficulties
requiring  additional  funds,  the Fund might deem it in its best  interests  to
provide such funds,  voluntarily,  in order to protect its investment.  The Fund
has  advanced  approximately  $213,000  to Local  Limited  Partnerships  to fund
operating deficits.

At March 31, 2000, the Fund has committed to make future  capital  contributions
and pay future  purchase price  installments on its investments in Local Limited
Partnerships.  These future  payments are  contingent  upon the  achievement  of
certain  criteria as set forth in the Local Limited  Partnership  Agreements and
total approximately $240,000.

Since the Fund invests as a limited partner, the Fund has no contractual duty to
provide  additional  funds to Local  Limited  Partnerships  beyond its specified
investment.  Thus,  at March  31,  2000,  the Fund had no  contractual  or other
obligation to any Local Limited  Partnership which had not been paid or provided
for, except as noted above.

Cash Distributions

No cash  distributions  were made during the years ended March 31, 2000 or 1999.
It is not  expected  that  cash  available  for  distribution,  if any,  will be
significant  during  the  2000  calendar  year.  Based  on the  results  of 1999
operations,  the Local  Limited  Partnerships  are not  expected  to  distribute
significant  amounts of cash to the Fund  because such amounts will be needed to
fund Property operating costs. In addition,  many of the Properties benefit from
some type of federal or state  subsidy  and,  as a  consequence,  are subject to
restrictions on cash distributions.



<PAGE>


Results of Operations

2000 versus 1999

For the year ended March 31, 2000, the Fund's operations  resulted in a net loss
of  $1,760,848  as compared to a net loss of  $1,597,697  for the same period in
1999.  The  increase  in net loss is  primarily  attributable  to an increase in
equity in losses of Local Limited  Partnerships and an increase in provision for
valuation of investment in Local Limited Partnership.

Low Income Housing Tax Credits

The 1999 and 1998 Tax Credits per Unit were $144.63 and $104.13 for Class A Unit
and Class B Unit investors,  respectively.  The credits,  which have stabilized,
are  expected  to remain  stable for the next  year,  and then are  expected  to
decrease as certain  properties  reach the end of the ten year period.  However,
because  the  compliance  periods  extend  significantly  beyond  the tax credit
periods,  the Fund is  expected  to  retain  most of its  interest  in the Local
Limited Partnerships for the foreseeable future.

The Managing  General Partner  estimates that the 2000 Tax Credits  allocated to
investors  will be  approximately  $145 per Unit for Class A Unit  investors and
$104 per Unit for Class B Unit investors.  However, no assurance can be given in
this matter. Once the Tax Credits are stabilized, the annual amount allocated to
investors is expected to remain the same for about seven  years.  In years eight
through ten, the credits are expected to decrease as Properties reach the end of
the ten year credit period.

Property Discussions

As previously  reported,  Bancroft Street Apartments,  located in Toledo,  Ohio,
continues to experience  significant  operating deficits due to occupancy issues
and deteriorating market conditions. Occupancy as of March 31, 2000 was 59%. The
management  agent is  trying to  address  these  problems  by  enhancing  tenant
screening and marketing efforts,  as well as implementing  on-site tenant social
programs.  However, given the severity of the operating deficits, it is possible
that the Fund will not be able to retain its  interest in the  property  through
2000. A foreclosure would result in recapture of tax credits for investors,  the
allocation of taxable income to the Fund and loss of future benefits  associated
with this property.  The Managing  General Partner and Local General Partner are
currently  in  negotiations  with the lender.  The Managing  General  Partner is
closely monitoring this property.

Occupancy for Broadway Tower, located in Revere, Massachusetts, has improved and
for the past four  quarters  has been at 100%.  However,  the  property is still
experiencing some operating deficits.  As previously reported, in 1997 the Local
General Partner  successfully  negotiated  with the local housing  authority for
Section  8 rent  increases  and  has  implemented  plans  to  decrease  expenses
associated  with tenant  turnover  and  maintenance  contracts.  The property is
currently  covering  its  operating  expenses  and debt  service with funds from
operations and from funding by the Local General  Partner.  The Managing General
Partner continues to closely monitor this property.

As previously reported,  Metropolitan Apartments,  located in Chicago, Illinois,
has been  experiencing  occupancy  problems.  In 1998,  management  revised  its
marketing plan and implemented new leasing  policies.  Occupancy as of March 31,
2000 was 87%.  The property  continues  to operate at a deficit.  It is possible
that Fund  Reserves  may be required to fund  operating  deficits.  The Managing
General Partner and Local General Partner are working together to develop a plan
to help mitigate some of the deficits.

Primrose,  located in Grand Forks,  North Dakota,  Phoenix  Housing,  located in
Moorhead,  Minnesota, and Sycamore,  located in Sioux Falls, South Dakota, which
have the same  Local  General  Partner,  have  been  performing  satisfactorily.
However,  affiliates of the Managing  General Partner have been working with the
Local General Partner who has raised some concerns over the long-term  financial
health of the properties.  In 1997, in an effort to reduce possible future risk,
the  Managing  General  Partner  consummated  the  transfer of 50% of the Fund's
interest in capital and profits in Primrose,  Phoenix Housing and Sycamore to an
affiliate of the Local General Partner.  Subsequently,  effective June 17, 1999,
the Local General  Partner  transferred  both its general  partner  interest and
transferred  48.5% of its interest in capital and profits in  Primrose,  Phoenix
Housing and  Sycamore to a  non-affiliated,  non-profit  general  partner.  As a
result of this transfer,  the Managing  General Partner has the right to put the
Fund's  remaining  interest to the new Local General  Partner any time after one
year from the June 17, 1999 effective  date. The Fund will retain its full share
of tax  credits  until such time as the  remaining  interest is put to the Local
General  Partner.  In addition,  the Local General Partner has the right to call
the remaining interest after the tax credit period has expired.

Findley  Place   Apartments,   located  in   Minneapolis,   Minnesota  has  been
experiencing  operating deficits due to significant  capital needs. The Managing
General  Partner,  the Local General  Partner and the new  management  agent are
working  together  to develop a plan that will  address  the  occupancy  issues,
capital needs and long-term  strategy for this  property.  The Managing  General
Partner is closely  monitoring  this  property.  Occupancy  continues  to remain
strong and at March 31, 2000 was 100%.

The  Fund  has  implemented  policies  and  practices  for  assessing  potential
impairment of its investments in Local Limited Partnerships. The investments are
analyzed by real estate experts to determine if impairment  indicators exist. If
so,  the  carrying  value is  compared  to the  undiscounted  future  cash flows
expected to be derived from the asset.  If there is a significant  impairment in
carrying  value,  a  provision  to write  down the asset to fair  value  will be
recorded in the Fund's financial statements.

Inflation and Other Economic Factors

Inflation had no material impact on the operations or financial condition of the
Fund for the years ended March 31, 2000 and 1999.

Since most of the  Properties  benefit from some form of government  assistance,
the Fund is  subject  to the risks  inherent  in that area  including  decreased
subsidies, difficulties in finding suitable tenants and obtaining permission for
rent increases. In addition, any Tax Credits allocated to investors with respect
to a Property  are  subject to  recapture  to the extent  that a Property or any
portion thereof ceases to qualify for the Tax Credits.

Certain of the  Properties  in which the Fund has  invested are located in areas
suffering from poor economic  conditions.  Such conditions could have an adverse
effect  on the  rent  or  occupancy  levels  at such  Properties.  Nevertheless,
management believes that the generally high demand for below market rate housing
will tend to negate such  factors.  However,  no assurance  can be given in this
regard.

Other Development

Lend Lease Real Estate Investments, Inc. ("Lend  Lease"), the U.S. subsidiary of
Lend Lease Corporation and the leading U.S. institutional real estate advisor,
as ranked by assets under management, acquired The Boston Financial Group
Limited Partnership ("Boston Financial") on November 3, 1999.

Headquartered  in New York and  Atlanta,  Lend Lease  Corporation  has  regional
offices in 12 cities  nationwide.  The company ranks as the leading U.S. manager
of tax-exempt assets invested in real estate. Lend Lease is a subsidiary of Lend
Lease  Corporation,  an international  real estate and financial  services group
listed on the  Australian  Stock  Exchange.  Worldwide,  Lend Lease  Corporation
operates from more than 30 cities on five  continents:  North  America,  Europe,
Asia,  Australia and South America. In addition to real estate investments,  the
Lend  Lease  Group  operates  in the  areas  of  property  development,  project
management and construction, and capital services (infrastructure).

Item 7.  Financial Statements and Supplementary Data

Information  required under this Item is submitted as a separate section of this
Report. See Index on page F-1 hereof.

Item 8.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure

None.
PART III

Item 9.  Directors and Executive Officers of the Registrant

The  Managing   General  Partner  of  the  Fund  is  Arch  Street  VI,  Inc.,  a
Massachusetts corporation (the "Managing General Partner"), an affiliate of Lend
Lease Real Estate  Investments,  Inc.,  ("Lend  Lease").  The  Managing  General
Partner was incorporated in December,  1990.  Randolph G. Hawthorne is the Chief
Operating   Officer  of  the  Managing  General  Partner  and  had  the  primary
responsibility  for evaluating,  selecting and  negotiating  investments for the
Fund.  The Investment  Committee of the Managing  General  Partner  approved all
investments. The names and positions of the principal officers and the directors
of the Managing General Partner are set forth below.

     Name                                           Position

Jenny Netzer                           President, Managing Director
Michael H. Gladstone                   Vice President, Managing Director
Randolph G. Hawthorne                  Vice President, Managing Director
Paul F. Coughlan                       Vice President
William E. Haynsworth                  Vice President

The  other  General  Partner  of the  Partnership  is  Arch  Street  VI  Limited
Partnership,  a Massachusetts  limited  partnership ("Arch Street VI L.P.") that
was organized in December 1990. The General  Partner of Arch Street L.P. is Arch
Street VI, Inc.

The  Managing  General  Partner  provides  day-to-day  management  of the  Fund.
Compensation is discussed in Item 10 of this report. Such day-to-day  management
does not include the management of the Properties.

The business experience of each of the persons listed above is described  below.
There is no family  relationship  between any of the persons listed in this
section.

Jenny  Netzer,  age 44,  Principal,  Head of Housing and  Community  Investing -
Responsible for tax credit investment programs to institutional clients.  Joined
Lend Lease through its 1999 acquisition of Boston Financial, started with Boston
Financial in 1987.  Previously,  led Boston Financial's new business initiatives
and managed firm's Asset Management division, responsible for performance of 750
properties and providing  service to 35,000  investors.  Prior to joining Boston
Financial,  served as Deputy Budget Director for Commonwealth of  Massachusetts,
responsible for Commonwealth's health care and public pension program's budgets,
served as Assistant Controller at Yale University and former member of Watertown
Zoning Board of Appeals Officer of Affordable  Housing Tax Credit  Coalition and
frequent  speaker on  affordable  housing  and tax credit  industry  issues,  BA
Harvard  University;  Master's  in Public  Policy  Harvard's  Kennedy  School of
Government.

Michael H. Gladstone,  age 43, Principal,  Legal - Responsible for legal work in
the areas of affordable and  conventional  housing and  investment  products and
services.  Joined Lend Lease through its 1999  acquisition of Boston  Financial,
started with Boston Financial in 1985;  served as firm's General Counsel.  Prior
to joining Boston Financial, associated with law firm of Herrick & Smith, served
on  advisory  board of Housing  and  Development  Reporter.  Lectured at Harvard
University on affordable housing matters, Member, The National Realty Committee,
Cornell Real Estate  Council,  National  Association  of Real Estate  Investment
Managers  and  Massachusetts  Bar,  BA  Emory  University;   JD  &  MBA  Cornell
University.

Randolph G.  Hawthorne,  age 50,  Principal,  Housing and Community  Investing -
Responsible for structuring and acquiring real estate  investments.  Joined Lend
Lease  through its 1999  acquisition  of Boston  Financial,  started with Boston
Financial in 1973.  Previously,  served as Boston  Financial's  Treasurer,  Past
Chairman of the Board of the National  Multi Housing  Council,  having served on
the board since 1989, Past President of the National Housing and  Rehabilitation
Association,  Member, Multifamily Council of the Urban Land Institute,  Frequent
speaker at industry conferences.  Serves on the Editorial Advisory Boards of the
Tax Credit  Advisor  and  Multi-Housing  News,  BS  Massachusetts  Institute  of
Technology; MBA Harvard Graduate School of Business. Board of Directors National
Housing Conference. Graduated MIT 1971, HBS 1973

Paul  F.  Coughlan,  age  56,  Principal,  Housing  and  Community  Investing  -
Responsible  for marketing and sales of  institutional  tax credit  investments.
Joined Lend Lease through its 1999 acquisition of Boston Financial, started with
Boston  Financial  in 1975.  Previously,  served  as sales  manager  for  Boston
Financial's retail tax credit fund, AB Brown University.

William E.  Haynsworth,  age 60,  Principal,  Housing and Community  Investing -
Responsible for the  structuring of real estate  investments and the acquisition
of property interests.  Joined Lend Lease through its 1999 acquisition of Boston
Financial,  started  with  Boston  Financial  in 1977.  Prior to joining  Boston
Financial,  Acting Executive  Director and General Counsel of the  Massachusetts
Housing Finance Agency. Served as Director of Non-Residential Development of the
Boston  Redevelopment  Authority and Associate of Goodwin,  Proctor & Hoar, Past
President and current  Chairman of the Board of Directors of Affordable  Housing
Tax Credit Coalition, BA Dartmouth College; LLB and LLM Harvard Law School.

Item 10.  Management Remuneration

Neither the directors nor officers of Arch Street VI, Inc., the partners of Arch
Street VI L.P. nor any other  individual  with  significant  involvement  in the
business of the Fund  receives  any current or  proposed  remuneration  from the
Fund.

Item 11.  Security Ownership of Certain Beneficial Owners and Management

No person is known to the Fund to be the beneficial owner of more than 5% of the
outstanding Units.

The equity  securities  registered  by the Fund under  Section  12(g) of the Act
consist of 100,000 Units,  37,933 (34,643 Class A Units and 3,290 Class B Units)
of which have been sold to the public.  The remaining Units were deregistered in
Post-Effective   Amendment  No.  6,  dated  June  15,  1993,   which  is  herein
incorporated  by  reference.  Holders of Units are  permitted to vote on matters
affecting the Fund only in certain  unusual  circumstances  and do not generally
have the right to vote on the operation or management of the Fund.

Arch Street VI L.P.  owns five  (unregistered)  Units not included in the 37,933
Units sold to the public.  Additionally,  ten  registered  Units were sold to an
employee of an affiliate of the Managing General Partner of the Registrant. Such
Units were sold at a discount  of 7% of the Unit price for a total  discount  of
$700 and a total purchase price of $9,300.

Except as described in the  preceding  paragraph,  neither Arch Street VI, Inc.,
Arch Street VI Limited Partnership,  Boston Financial nor any of their executive
officers,  directors,  partners or  affiliates  is the  beneficial  owner of any
Units.  None of the foregoing  persons  possesses a right to acquire  beneficial
ownership of Units.

The Fund does not know of any  existing  arrangement  that might at a later date
result in a change in control of the Fund.

Item 12.  Certain Relationships and Related Transactions

The Fund was required to pay certain fees to and reimburse  certain  expenses of
the  Managing   General  Partner  or  its  affiliates  in  connection  with  the
organization of the Fund and the offering of Units. The Fund is also required to
pay certain  fees to and  reimburse  certain  expenses of the  Managing  General
Partner or its affiliates in connection with the  administration of the Fund and
its acquisition and disposition of investments in Local Limited Partnerships. In
addition,  the General Partners are entitled to certain Fund distributions under
the terms of the  Partnership  Agreement.  Also,  an  affiliate  of the  General
Partners  will  receive up to $10,000 from the sale or  refinancing  proceeds of
each Local Limited Partnership,  if it is still a limited partner at the time of
such  transaction.  All such fees,  expenses and  distributions  paid in the two
years  ending  March 31,  2000 are  described  below and in the  sections of the
Prospectus  entitled "Estimated Use of Proceeds",  "Management  Compensation and
Fees"  and  "Profits  and  Losses  for  Tax  Purposes,   Tax  Credits  and  Cash
Distributions". Such sections are incorporated herein by reference. In addition,
affiliates of the Managing  General Partner are property  management  agents for
Pilot House, Preston Place and Linden Square.

The Fund is permitted to enter into  transactions  involving  affiliates  of the
Managing  General  Partner,  subject to certain  limitations  established in the
Partnership Agreement.

Information  regarding the fees paid and expense  reimbursements made in the two
years ended March 31, 2000 is presented below.

Organizational fees and expenses

In accordance with the Partnership Agreement, affiliates of the General Partners
were reimbursed by the Fund for  organizational,  offering and selling  expenses
advanced on behalf of the Fund by its  affiliates  and for  salaries  and direct
expenses of certain employees of the Managing General Partner and its affiliates
in connection with the  registration and organization of the Fund. Such expenses
include  printing  expenses and legal,  accounting,  escrow agent and depository
fees  and  expenses.  Such  expenses  also  include  a  non-accountable  expense
allowance  for  marketing  expenses  equal  to 1% of  gross  offering  proceeds.
$2,035,611 of organization fees and expenses incurred on behalf of the Fund were
paid and  reimbursed  to an  affiliate of the Managing  General  Partner.  Total
organization and offering expenses reimbursed by the Fund did not exceed 5.5% of
the gross  offering  proceeds.  There  were no  organization  fees and  offering
expenses paid in the two years ended March 31, 2000.

Acquisition fees and expenses

In  accordance  with the  Partnership  Agreement,  the Fund is  required  to pay
acquisition fees to and reimburse  acquisition  expenses of the Managing General
Partner or its affiliates for selecting,  evaluating,  structuring,  negotiating
and closing the Fund's  investments in Local Limited  Partnerships.  Acquisition
fees totaled 7% of Gross  Proceeds.  Acquisition  expenses,  which  include such
expenses as legal fees and expenses,  travel and communications  expenses, costs
of  appraisals,  accounting  fees  and  expenses  did not  exceed  1.5% of Gross
Proceeds.  Acquisition  fees totaling  $2,590,827  for the closing of the Fund's
Local  Limited  Partnership  Investments  have been paid to an  affiliate of the
Managing General Partner.  Acquisition  expenses totaling $825,516 were incurred
and have been reimbursed to an affiliate of the Managing General Partner.  There
were no acquisition fees or expenses paid in the two years ended March 31, 2000.


Asset Management Fees

In  accordance  with the  Partnership  Agreement,  an  affiliate of the Managing
General  Partner  is paid an annual  fee for  services  in  connection  with the
administration of the affairs of the Fund. The affiliate  currently receives the
base  amount of $6,600 per Local  Limited  Partnership  (as  adjusted by the CPI
factor)  annually as the Asset Management Fee. Asset Management Fees incurred in
each of the two years ended March 31, 2000 are as follows:

                                                           2000           1999
                                                       -----------     -------

       Asset Management Fees                           $  163,750     $ 166,952

Salaries and benefits expense reimbursements

An affiliate of the Managing  General  Partner is reimbursed for the cost of the
Fund's salaries and benefits  expenses.  The  reimbursements  are based upon the
size and complexity of the Fund's operations.  Reimbursements paid or payable in
each of the two years ended March 31, 2000 are as follows:


                                                           2000           1999
                                                       -----------     -------

       Salaries and benefits
          expense reimbursements                       $  104,994     $  79,303

Property Management Fees

Affiliates of the Managing General Partner are management agents for three Local
Limited  Partnerships.  Fees charged in each of the two years ended December 31,
1999 are as follows:

                                                           1999            1998
                                                       -----------     --------

        Property Management Fees                       $  116,585     $ 109,997

Cash distributions paid to the General Partners

In accordance with the Partnership Agreement,  the General Partners of the Fund,
Arch Street VI, Inc. and Arch Street VI Limited Partnership,  receive 1% of cash
distributions  paid to partners.  No cash distributions were paid to the General
Partners in the two years ended March 31, 2000.

Additional  information  concerning  cash  distributions  and other fees paid or
payable to the Managing General Partner and its affiliates and the reimbursement
of expenses paid or payable to Lend Lease and its  affiliates  for the two years
ended March 31, 2000 is presented in Note 6 to the Financial Statements.




<PAGE>



PART IV

Item 13.  Exhibits and Reports on Form 8-K

(a)(1) and (a)(2) Documents filed as a part of this Report.

In  response  to this  portion  of Item 13,  the  financial  statements  and the
auditors'  report relating  thereto are submitted as a separate  section of this
Report. See Index to the Financial Statements on page F-1 hereof.

The reports of auditors of the Local Limited Partnerships relating to the audits
of the financial statements of such Local Limited Partnerships appear in Exhibit
28.1 of this Report.

All other financial statement schedules and exhibits for which provision is made
in  the  applicable  accounting  regulations  of  the  Securities  and  Exchange
Commission are not required under related  instructions or are  inapplicable and
therefore have been omitted.

(a)(3)     See Exhibit Index contained herein.

(a)(3)(b)  Reports on Form 8-K:
           No  reports on Form 8-K were  filed  during the year ended  March 31,
2000.

(a)(3)(c)   Exhibits

Number and Description in Accordance with
Item 601 of Regulation S-K

   27.  Financial Data Schedule

   28.  Additional Exhibits

        (a)    28.1 Reports of Other Independent Auditors


 (a)(3)(d) None.



<PAGE>


                    SIGNATURES



Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.

     BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

     By:   Arch Street VI, Inc.
           its Managing General Partner



     By:   /s/Randolph G. Hawthorne                Date:    June 29, 2000
           ------------------------------                   ----------------
           Randolph G. Hawthorne,
           Managing Director, Vice President and
           Chief Operating Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been  signed by the  following  persons  on behalf of the  Managing  General
Partner of the Fund and in the capacities and on the dates indicated:



     By:   /s/Randolph G. Hawthorne                  Date:    June 29, 2000
           ------------------------------                     ---------------
           Randolph G. Hawthorne,
           Managing Director, Vice President and
           Chief Operating Officer




     By:   /s/Michael H. Gladstone                   Date:    June 29, 2000
           ------------------------------                     ----------------
           Michael H. Gladstone,
           Managing Director, Vice President


<PAGE>

Item 8.  Financial Statements and Supplementary Data


          BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2000

                                      INDEX

                                                                      Page No.


Report of Independent Accountants                                       F-2
     For the years ended March 31, 2000 and 1999

Financial Statements:

     Balance Sheet - March 31, 2000                                     F-3

     Statements of Operations - For the Years Ended
       March 31, 2000 and 1999                                          F-4

     Statements of Changes in Partners' Equity (Deficiency) -
       For the Years Ended March 31, 2000 and 1999                      F-5

     Statements of Cash Flows - For the Years Ended
       March 31, 2000 and 1999                                          F-6

     Notes to the Financial Statements                                  F-7








<PAGE>







                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Partners
Boston Financial Tax Credit Fund Plus, A Limited Partnership:

In our opinion, based on our audits and the reports of other auditors, the
financial  statements  listed in the accompanying  index present fairly,  in all
material respects, the financial position of Boston Financial Tax Credit Fund
Plus,A Limited Partnership (the "Fund") at March 31, 2000 and the results of its
operations and its cash flows for each of the two years in the period ended
March 31, 2000, in conformity with accounting  principles generally accepted in
the United States.  These financial  statements are the responsibility of the
Partnership's management;  our  responsibility  is to express  an  opinion on
these  financial statements  based on our audits.  We did not audit the
financial  statements of certain local limited partnerships for which $9,729,589
of cumulative equity in losses are included in these  financial  statements as
of March 31, 2000 and for which net losses of $1,173,917 and  $1,050,536 are
included in the  accompanying financial statements for the years ended March 31,
2000 and 1999,  respectively. Those  statements were audited by other auditors
whose reports thereon have been furnished to us, and our opinion expressed
herein,  insofar as it relates to the amounts  included  for the Local  Limited
Partnerships,  is based solely on the reports  of the other  auditors.  We
conducted  our  audits of these  financial statements  in  accordance  with
auditing  standards  generally  accepted in the United States,  which  require
that we plan and  perform  the  audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the  amounts  and
disclosures  in  the  financial  statements,   assessing  the accounting
principles  used and significant  estimates made by management,  and evaluating
the overall  financial  statement  presentation.  We believe that our audits and
the  reports of other  auditors  provide a  reasonable  basis for the  opinions
expressed above.




/S/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
June 22, 2000
Boston, Massachusetts



<PAGE>


                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)

                                  BALANCE SHEET
                                 March 31, 2000

<TABLE>
<CAPTION>


Assets

<S>                                                                                              <C>
Cash and cash equivalents                                                                        $     216,088
Marketable securities, at fair value (Note 3)                                                        1,082,649
Other investments (Note 5)                                                                           1,672,507
Investments in Local Limited Partnerships, net (Note 4)                                             13,088,569
Other assets                                                                                            14,723
                                                                                                 -------------
     Total Assets                                                                                $  16,074,536
                                                                                                 =============

Liabilities and Partners' Equity

Accounts payable to affiliates (Note 6)                                                          $   1,406,153
Accounts payable and accrued expenses                                                                   29,599
                                                                                                 -------------
     Total Liabilities                                                                               1,435,752

Commitments (Note 7)

General, Initial and Investor Limited Partners' Equity                                              14,651,196
Net unrealized loss on marketable securities                                                           (12,412)
     Total Partners' Equity                                                                         14,638,784

     Total Liabilities and Partners' Equity                                                      $  16,074,536
                                                                                                 =============
</TABLE>

The accompanying notes are an integral part of these financial statements.

<PAGE>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)

                            STATEMENTS OF OPERATIONS
                   For the Years Ended March 31, 2000 and 1999
<TABLE>
<CAPTION>


                                                                               2000               1999
                                                                          ------------          --------
Revenue:
<S>                                                                       <C>                <C>
   Investment                                                             $     72,855       $     60,160
   Accretion of Original Issue Discount (Note 5)                               124,882            115,250
   Recovery of bad debt                                                              -             10,368
   Other                                                                       115,960             26,366
                                                                          ------------       ------------
     Total Revenue                                                             313,697            212,144
                                                                          ------------       ------------

Expenses:
   Asset management fees, related party (Note 6)                               163,750            166,952
   General and administrative (includes
    reimbursements to an affiliate in the amount
    of $104,994 and $79,303, respectively) (Note 6)                            216,657            193,976
   Provision for valuation of investment in Local
     Limited Partnership                                                       150,000                  -
   Amortization                                                                 28,859             28,860
                                                                          ------------       ------------
     Total Expenses                                                            559,266            389,788
                                                                          ------------       ------------

Loss before equity in losses of Local Limited
   Partnerships                                                               (245,569)          (177,644)

Equity in losses of Local Limited
   Partnerships (Note 4)                                                    (1,515,279)        (1,420,053)
                                                                          ------------       ------------

Net Loss                                                                  $ (1,760,848)       $(1,597,697)
                                                                          ============       ============

Net Income (Loss) per Limited Partnership Unit:
   Class A Unit (34,643 Units)                                            $     (50.44)      $     (45.82)
                                                                          ============       ============
   Class B Unit (3,290 Units)                                             $       1.64       $       2.04
                                                                          ============       ============
</TABLE>

The accompanying notes are an integral part of these financial statements.
<PAGE>
                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership

             STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                   For the Years Ended March 31, 2000 and 1999


<TABLE>
<CAPTION>


                                                          Investor       Investor           Net
                                              Initial      Limited        Limited       Unrealized
                                   General    Limited     Partners,      Partners,         Gains
                                  Partners    Partner      Class A        Class B        (Losses)         Totals

<S>                             <C>         <C>        <C>             <C>              <C>            <C>
Balance at March 31, 1998       $ (151,122) $   5,000  $   15,654,223  $2,501,640$        5,877     $    18,015,618
                                ----------  ---------  --------------  ------------     --------     ---------------

Comprehensive Income (Loss):
   Change in net unrealized
     gains on marketable
     securities available for sale       -          -               -           -          (1,212)           (1,212)
   Net Income (Loss)               (17,130)         -      (1,587,285)       6,718              -        (1,597,697)
                                ----------  ---------  --------------  -----------    -----------    --------------
Comprehensive Income (Loss)        (17,130)         -      (1,587,285)       6,718         (1,212)       (1,598,909)
                                ----------  ---------  --------------  -----------    -----------    --------------

Balance at March 31, 1999         (168,252)     5,000      14,066,938    2,508,358          4,665        16,416,709
                                ----------  ---------  --------------  -----------    -----------    --------------

Comprehensive Income (Loss):
   Change in net unrealized
     gains on marketable
     securities available for sale       -          -               -            -        (17,077)          (17,077)
   Net Income (Loss)               (18,857)         -      (1,747,393)       5,402              -        (1,760,848)
                                ----------  ---------  --------------  -----------    -----------    --------------
Comprehensive Income (Loss)        (18,857)         -      (1,747,393)       5,402        (17,077)       (1,777,925)
                                ----------  ---------  --------------  -----------    -----------    --------------

Balance at March 31, 2000       $ (187,109) $   5,000  $   12,319,545  $ 2,513,760    $   (12,412)   $   14,638,784
                                ==========  =========  ==============  ===========    ===========    ==============

The accompanying notes are an integral part of these financial statements.
</TABLE>


<PAGE>
                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership

                            STATEMENTS OF CASH FLOWS
                   For the Years Ended March 31, 2000 and 1999

<TABLE>
<CAPTION>

                                                                                    2000              1999
                                                                                -------------    ---------

Cash flows from operating activities:
<S>                                                                             <C>              <C>
   Net Loss                                                                     $  (1,760,848)   $  (1,597,697)
   Adjustments to reconcile net loss to net cash
     provided by (used for) operating activities:
     Accretion of Original Issue Discount                                            (124,882)        (115,250)
     Equity in losses of Local Limited Partnerships                                 1,515,279        1,420,053
     Provision for valuation of investments in
       Local Limited Partnerships                                                     150,000          (10,368)
     Gain on sales and maturities of
       marketable securities                                                           (1,788)          (5,607)
     Amortization                                                                      28,859           28,860
     Increase (decrease) in cash arising from
       changes in operating assets and liabilities:
       Other assets                                                                       534            6,602
       Accounts payable to affiliates                                                 194,937          168,826
       Accounts payable and accrued expenses                                            4,003         (331,732)
                                                                                -------------    -------------
Net cash provided by (used for) operating activities                                    6,094         (436,313)
                                                                                -------------    -------------

Cash flows from investing activities:
   Investments in Local Limited Partnerships                                                -         (100,000)
   Advances to Local Limited Partnerships                                            (120,000)         (19,632)
   Purchases of marketable securities                                                (598,892)        (700,187)
   Proceeds from sales and maturities of
     marketable securities                                                            684,859          922,316
   Cash distributions received from Local
     Limited Partnerships                                                             156,893          204,121
                                                                                -------------    -------------
Net cash provided by investing activities                                             122,860          306,618
                                                                                -------------    -------------

Net increase (decrease) in cash and cash
   equivalents                                                                        128,954         (129,695)

Cash and cash equivalents, beginning of year                                           87,134          216,829
                                                                                -------------    -------------

Cash and cash equivalents, end of year                                          $     216,088    $      87,134
                                                                                =============    =============
</TABLE>

The accompanying notes are an integral part of these financial statements



<PAGE>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership

                        NOTES TO THE FINANCIAL STATEMENTS


1.   Organization

Boston  Financial Tax Credit Fund Plus, A Limited  Partnership (the "Fund") is a
Massachusetts   limited  partnership   organized  to  invest  in  other  limited
partnerships  ("Local  Limited  Partnerships")  which own and operate  apartment
complexes  which are  eligible  for low income  housing tax credits  that may be
applied  against the federal income tax liability of an investor.  The Fund also
invests  in, for the  benefit  of the Class B Limited  Partners,  United  States
Treasury  obligations  from which the interest  coupons have been stripped or in
such interest coupons themselves (collectively "Treasury STRIPS"). The Fund used
approximately  28% of the Class B Limited  Partners'  capital  contributions  to
purchase  Treasury  STRIPS  with  maturities  of 13 to 18  years,  with a  total
redemption amount equal to the Class B Limited Partners' capital contributions.

Arch Street VI, Inc., a Massachusetts  corporation ("Arch Street, Inc."), is the
Managing General Partner of the Fund. Arch Street VI Limited  Partnership ("Arch
Street  L.P."),  a  Massachusetts  limited  partnership  whose  general  partner
consists of Arch Street,  Inc., is also a General  Partner.  Both of the General
Partners  are  affiliates  of Lend Lease Real Estate  Investments,  Inc.  ("Lend
Lease").  An affiliate of the General  Partners  ("SLP  Affiliate") is a special
limited  partner in each Local  Limited  Partnership  in which the Fund invests,
with the right to become a general partner under certain circumstances.
The fiscal year of the Fund ends on March 31.

The Fund offered two classes of Limited Partnership  Interests - Class A Limited
Partnership  Interests,  represented  by  Class A  Units,  and  Class B  Limited
Partnership  Interests,  represented by Class B Units. The capital contributions
of Class A Limited  Partners  available for  investment by the Fund are invested
entirely in Local Limited  Partnerships.  The capital  contributions  of Class B
Limited Partners  available for investment by the Fund are invested partially in
Local Limited Partnerships and partially in Treasury STRIPS.

The Partnership  Agreement authorized the sale of up to 100,000 Units of limited
partnership interests ("Units") at $1,000 per Unit. Boston Financial Securities,
Inc., an affiliate of the General  Partners,  received  selling  commissions and
underwriting advisory fees in the amount of 7.0% and 1.5%, respectively,  of the
Class A Gross Proceeds and 5.04% and 1.08%,  respectively,  of the Class B Gross
Proceeds  for Units sold by the entity as a  soliciting  dealer.  On January 11,
1994,  the Fund held its final  investor  closing.  In total,  the Fund received
$34,642,300 of capital contributions,  net of discounts, from investors admitted
as  Class A  Limited  Partners  for  34,643  Units  and  $3,290,000  of  capital
contributions,  net of  discounts,  from  investors  admitted as Class B Limited
Partners for 3,290 Units.

The Partnership Agreement provides that all cash available for distribution will
be allocated 99% to the Limited Partners and 1% to the General Partners. Sale or
refinancing proceeds generally will be distributed first to the Limited Partners
in an  amount  equal to their  adjusted  capital  contributions,  second  to the
General Partners in an amount equal to their capital contributions, third to the
General  Partners  (after payment of the 6% return as set forth in Section 4.2.3
of the  Partnership  Agreement  and  of  any  accrued  but  unpaid  Subordinated
Disposition Fee) in such amount as is necessary to cause the General Partners to
have  received 5% of all  distributions  to the Partners and lastly,  95% to the
Limited Partners and 5% to the General Partners.

Profits and losses for tax  purposes  arising from  general  operations  and tax
credits  generally  will be allocated 99% to the Limited  Partners and 1% to the
General Partners.  However, as set forth in the Partnership  Agreement,  profits
and losses for tax purposes arising from a sale or refinancing generally will be
allocated  among the  Partners  in such  manner as is  necessary  to cause their
respective capital accounts to reflect the amount that would be distributable to
them in accordance with the priorities set forth in the preceding paragraph,  if
all of the Fund's assets were sold for their federal adjusted basis and the Fund
were then liquidated.


<PAGE>
                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


1.   Organization (continued)

All distributions of cash available for distribution or distributions of sale or
refinancing proceeds, and all allocations of profits and losses for tax purposes
from normal  operations and from a sale or refinancing or of tax credits,  which
are  distributed or allocated to the General  Partners,  will be allocated 1% to
Arch Street, Inc. and 99% to Arch Street L.P.

Because  each class of Limited  Partners  had a different  amount of its capital
contribution  available for investment by the Fund in Local Limited Partnerships
(100% for Class A Limited  Partners  and  approximately  72% for Class B Limited
Partners),  the two  classes  of  Limited  Partners  have  different  percentage
participation  as to  cash  distributions,  sale  or  refinancing  proceeds  and
allocation of profits,  losses and credits  attributable to investments in Local
Limited  Partnerships.  As such,  profits  and  losses for  financial  reporting
purposes are allocated 1% to the General Partners, 92.66% to the Class A Limited
Partners and 6.34% to the Class B Limited  Partners.  All profits and losses and
cash distributions attributable to Treasury STRIPS are allocable only to Class B
Limited Partners.

Under the terms of the Partnership  Agreement,  the Fund initially designated 4%
of the Adjusted Gross Proceeds  (which  generally means Gross Proceeds minus the
amounts  committed to the acquisition of Treasury STRIPS) from the sale of Units
as a reserve  for  working  capital  of the Fund and  contingencies  related  to
ownership of Local Limited Partnership  interests.  The Managing General Partner
may  increase  or  decrease  such  amounts  from  time  to  time,  as  it  deems
appropriate.  Funds  totaling  approximately  $372,000 have been  withdrawn from
Reserves to pay legal and other fees  relating to various  property  issues.  To
date,  the Fund has used  approximately  $327,000 of operating cash to replenish
Reserves.  At March 31,  2000,  the  Managing  General  Partner  has  designated
approximately  $982,000 of cash, cash  equivalents and marketable  securities as
such Reserve.

2.   Significant Accounting Policies

Basis of Presentation

The Fund accounts for its investments in Local Limited  Partnerships,  using the
equity  method of  accounting  because the Fund does not have  control  over the
major  operating and financial  policies of the Local  Limited  Partnerships  in
which it invests.  Under the equity  method,  the investment is carried at cost,
adjusted  for  the  Fund's  share  of  income  or  loss  of  the  Local  Limited
Partnership,  additional  investments in and cash  distributions  from the Local
Limited Partnerships. Equity in income or loss of the Local Limited Partnerships
is  included  in the  Fund's  operations.  The  Fund has no  obligation  to fund
liabilities of the Local Limited Partnership beyond its investment and therefore
a Local Limited Partnership's  investment will not be carried below zero. To the
extent  that  equity  losses are  incurred  when a Local  Limited  Partnership's
respective  investment  value  has been  reduced  to zero,  the  losses  will be
suspended to be used against  future income.  Distributions  received from Local
Limited Partnerships whose respective  investment value has been reduced to zero
are included in income.

Excess investment costs over the underlying net assets acquired have arisen from
acquisition fees paid and expenses reimbursed to an affiliate of the Fund. These
fees and expenses are included in Investments in Local Limited  Partnerships and
are being amortized on a straight-line basis over 35 years.



<PAGE>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2.   Significant Accounting Policies (continued)

Basis of Presentation (continued)

The Fund  recognizes a decline in the carrying value of its investments in Local
Limited  Partnerships  when there is evidence of a non-temporary  decline in the
recoverable amount of the investment.  There is a possibility that the estimates
relating to reserves for non-temporary declines in carrying value of investments
in Local Limited Partnerships may be subject to material near term adjustments.

The Fund, as a limited partner in the Local Limited Partnerships,  is subject to
risks inherent in the ownership of property  which are beyond its control,  such
as fluctuations in occupancy rates and operating expenses,  variations in rental
schedules,  proper maintenance and continued eligibility for tax credits. If the
cost of operating a property exceeds the rental income earned thereon,  the Fund
may  deem it in its  best  interest  to  voluntarily  provide  funds in order to
protect its investment.

The  General  Partner  has  elected  to  report  results  of the  Local  Limited
Partnerships on a 90-day lag basis because the Local Limited Partnerships report
their results on a calendar year basis.  Accordingly,  the financial information
of the Local Limited Partnerships that is included in the accompanying financial
statements is as of December 31, 1999 and 1998.

Cash Equivalents

Cash equivalents  consist of short-term highly liquid money market instruments
with original  maturities of 90 days or less at acquisition and approximate fair
value.

Marketable Securities and Other Investments

Marketable securities consist primarily of U. S. Treasury instruments and
various assets backed investment vehicles. The  Fund's marketable securities are
classified  as  "Available  for  Sale" securities and reported at fair value as
reported by the brokerage firm at which the securities are held.  Realized gains
and losses from the sales of securities are based on the specific identification
method. Unrealized gains and losses are excluded from earnings and reported as a
separate component of partners' equity. The Fund accounts for its investments in
Treasury STRIPS,  which are included in other  investments in the balance sheet
using the effective interest method of accretion for the original issue
discount.  The Fund has the ability and it is its intention to hold the Treasury
STRIPS until maturity. Therefore, they are classified as "Held to Maturity" and
are carried at cost plus the  adjustments for the discount using the effective
interest method.

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States  requires  management to make estimates
and assumptions  that affect the reported  amounts of assets and liabilities and
disclosures  of contingent  assets and  liabilities at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instruments

Statement  of  Financial   Accounting   Standards  No.  107  ("SFAS  No.  107"),
Disclosures About Fair Value of Financial  Instruments,  requires  disclosure of
the fair value of most on- and off-balance sheet financial instruments for which
it is  practicable  to estimate  that value.  The scope of SFAS No. 107 excludes
certain financial  instruments,  such as trade receivables and payables when the
carrying value  approximates the fair value and investments  accounted for under
the equity method, and all nonfinancial assets, such as real property.  The fair
values  of the  Fund's  assets  and  liabilities,  which  qualify  as  financial
instruments  under  SFAS No.  107,  approximate  their  carrying  amounts in the
accompanying balance sheets.
<PAGE>
                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership

               NOTES TO THE FINANCIAL STATEMENTS (continued)


2.   Significant Accounting Policies (continued)

Income Taxes

No provision  for income taxes has been made, as the liability for such taxes is
an obligation of the partners of the Fund.

Reclassifications

Certain reclassifications have been made to prior year's financial statements to
conform to the current year presentation.

3.   Marketable Securities
<TABLE>
<CAPTION>

A summary of marketable securities is as follows:
                                                              Gross             Gross
                                                           Unrealized       Unrealized          Fair
                                              Cost            Gains            Losses           Value
Debt securities issued by
   the US Treasury and other
   US government corporation
<S>                                       <C>                <C>            <C>              <C>
   and agencies                           $   973,042        $     109      $   (9,516)      $   963,635

Mortgage backed securities                    122,019                -          (3,005)          119,014
                                          -----------        ---------      ----------       -----------

Marketable securities
   at March 31, 2000                      $ 1,095,061        $     109      $  (12,521)      $ 1,082,649
                                          ===========        =========      ==========       ===========
</TABLE>

The contractual maturities at March 31, 2000 are as follows:
<TABLE>
<CAPTION>
                                                                                                Fair
                                                                        Cost                    Value

<S>                                                                  <C>                     <C>
Due in less than one year                                            $   499,222             $   497,157
Due in one year to five years                                            473,820                 466,478
Mortgage backed securities                                               122,019                 119,014
                                                                     -----------             -----------
                                                                     $ 1,095,061             $ 1,082,649
                                                                     ===========             ===========
</TABLE>


<PAGE>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3.   Marketable Securities (continued)

Actual  maturities  for asset  backed  securities  may differ  from  contractual
maturities because some borrowers have the right to call or prepay  obligations.
Proceeds from sales of marketable  securities  were  approximately  $263,000 and
$525,000 during the years ended March 31, 2000 and 1999, respectively.  Proceeds
from the maturities of marketable  securities  were  approximately  $422,000 and
$397,000 during the years ended March 31, 2000 and 1999, respectively.  Included
in  investment  income are gross gains of $1,924 and $6,095 and gross  losses of
$136 and $488 that were  realized on these sales  during the years ended  March,
2000 and 1999, respectively.

4.   Investments in Local Limited Partnerships

The Fund uses the equity method to account for its limited partnership interests
in twenty-five  Local Limited  Partnerships  which own and operate  multi-family
housing complexes,  most of which are government assisted. The Fund, as Investor
Limited Partner  pursuant to the various Local Limited  Partnership  Agreements,
which contain certain  operating and distribution  restrictions,  has acquired a
99% interest in the profits,  losses, tax credits and cash flows from operations
of  each  of  the  Local  Limited  Partnerships,  except  for  Livingston  Arms,
Metropolitan and New Garden Place, in which 82%, 98.75% and 97.9% interests have
been  acquired,  respectively.  Upon  dissolution,  proceeds will be distributed
according to each respective partnership agreement.

The following is a summary of Investments in Local Limited Partnerships at March
31, 2000:
<TABLE>
<CAPTION>

Capital contributions and advances paid to Local Limited Partnerships and purchase
<S>                                                                                                <C>
   price paid to withdrawing partners of Local Limited Partnerships                                $  27,178,914

Cumulative equity in losses of Local Limited Partnerships (excluding
   cumulative unrecognized losses of $473,930)                                                       (12,338,299)

Cash distributions received from Local Limited Partnerships                                             (782,897)
                                                                                                   -------------

Investments in Local Limited Partnerships before adjustments                                          14,057,718

Excess of investment cost over the underlying net assets acquired:

   Acquisition fees and expenses                                                                       1,122,226

   Accumulated amortization of acquisition fees and expenses                                            (215,199)
                                                                                                   -------------
                                                                                                      14,964,745

Reserve for valuation Investments in Local Limited Partnerships                                       (1,876,176)
                                                                                                   -------------
                                                                                                   $  13,088,569

</TABLE>

<PAGE>
                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


4.   Investments in Local Limited Partnerships (continued)

The Fund has provided a reserve for  valuation  for four of its  investments  in
Local  Limited  Partnerships,  Bancroft  Court,  Phoenix  Housing,  Primrose and
Sycamore, because there is evidence of non-temporary declines in the recoverable
amount of the investments.

Summarized  financial  information  as of December 31, 1999 and 1998 (due to the
Fund's  policy of  reporting  the  financial  information  of its Local  Limited
Partnership  interests on a 90-day lag basis) of all Local Limited  Partnerships
in which the Fund has invested as of that date is as follows:

Summarized Balance Sheets - as of December 31,
<TABLE>
<CAPTION>
                                                                                    1999             1998
                                                                                ------------     --------
Assets:
<S>                                                                             <C>              <C>
   Investment property, net                                                     $ 66,735,658     $ 69,053,346
   Current assets                                                                  1,595,317        2,039,137
   Other assets                                                                    3,946,585        3,869,751
                                                                                ------------     ------------
     Total Assets                                                               $ 72,277,560     $ 74,962,234
                                                                                ============     ============

Liabilities and Partners' Equity:
   Current liabilities (includes current portion
     of long-term debt)                                                         $  2,962,229     $  2,961,881
   Long-term debt                                                                 51,956,857       52,855,222
   Other debt                                                                      3,214,764        2,630,760
                                                                                ------------     ------------
     Total Liabilities                                                            58,133,850       58,447,863

Fund's Equity                                                                     12,764,924       14,927,073
Other Partners' Equity                                                             1,378,786        1,587,298
                                                                                ------------     ------------
     Total Liabilities and Partners' Equity                                     $ 72,277,560     $ 74,962,234
                                                                                ============     ============

Summarized Income Statements -
for the years ended December 31,
                                                                                    1999             1998
                                                                                ------------     --------

Rental and other income                                                         $ 10,212,301     $ 10,265,533
                                                                                ------------     ------------

Expenses:
   Operating                                                                       5,818,020        5,541,256
   Interest                                                                        3,464,002        3,563,300
   Depreciation and amortization                                                   2,748,464        2,812,942
                                                                                ------------     ------------
     Total Expenses                                                               12,030,486       11,917,498
                                                                                ------------     ------------
     Net Loss                                                                   $ (1,818,185)    $ (1,651,965)
                                                                                ============     ============

Fund's share of Net Loss                                                        $ (1,782,829)    $ (1,626,433)
                                                                                ============     ============
Other partners' share of Net Loss                                               $    (35,356)    $    (25,532)
                                                                                ============     ============
</TABLE>

For the  years  ended  March  31,  2000 and  1999,  the Fund has not  recognized
$267,550 and $206,380, respectively, of equity in losses relating to three Local
Limited  Partnerships in which  cumulative  equity in losses have exceeded their
total investment.

The Fund's equity as reflected by the Local Limited  Partnerships of $12,764,924
differs  from the  Fund's  investments  in  Local  Limited  Partnerships  before
adjustment of $14,057,718 primarily because of cumulative unrecognized losses of
$473,930  described  above  and  differences  in  the  accounting  treatment  of
miscellaneous items.
<PAGE>
                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership

                NOTES TO THE FINANCIAL STATEMENTS (continued)


5.   Other Investments

Other  investments  consists  of  the  aggregate  cost  of the  Treasury  STRIPS
purchased  by the Fund for the  benefit  of the  Class B Limited  Partners.  The
amortized cost at March 31, 2000 is composed of the following:

   Aggregate cost of Treasury STRIPS                                $   918,397
   Accumulated accretion of
     Original Issue Discount                                            754,110
                                                                    $ 1,672,507

The fair value of these  securities at March 31, 2000 is  $1,904,618.  Maturity
dates for the STRIPS range from February 15, 2007 to May 15, 2010 with a final
maturity value of $3,290,000.

6.   Transactions with Affiliates

An affiliate of the Managing General Partner currently  receives the base amount
of $6,600 per Local Limited Partnership (as adjusted by the CPI factor) annually
as the Asset Management Fee for administering the affairs of the Fund.  Included
in the  statements of operations  for the years ended March 31, 2000 and 1999 is
$163,750 and $166,952,  respectively,  of fees earned by the affiliate. At March
31, 2000, the affiliate is due $1,359,565 for these fees.

An affiliate of the Managing  General  Partner is reimbursed for the actual cost
of the  Fund's  operating  expenses.  Included  in  general  and  administrative
expenses  for the years ended  March 31,  2000 and 1999 is $104,994  and $79,303
respectively, that has been paid or is payable by the Fund as reimbursements for
salaries and  benefits  expenses.  At March 31,  2000,  $46,588 is payable to an
affiliate of the Managing General Partner.

Affiliates of the Managing  General Partner manage three properties in which the
Fund has  invested.  Included in  operating  expenses in the  summarized  income
statements  in Note 4 to the  Financial  Statements  is $116,585 and $109,997 of
fees earned by these  affiliates for the years ended December 31, 1999 and 1998,
respectively.

7.   Commitments

At March 31, 2000, the Fund has committed to make future  capital  contributions
and pay future purchase price  installments on its investment in a Local Limited
Partnership.  These  future  payments are  contingent  upon the  achievement  of
certain  criteria as set forth in the Local  Limited  Partnership  Agreement and
total approximately $240,000.


<PAGE>
                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


8.   Federal Income Taxes

The following schedule  reconciles the reported financial statement loss for the
fiscal  years  ended  March 31,  2000 and 1999 to the loss  reported on the Form
1065, U. S.  Partnership  Return of Income for the years ended December 31, 1999
and 1998:

<TABLE>
<CAPTION>
                                                                                    2000                 1999
                                                                                --------------     ----------

<S>                                                                             <C>                <C>
Net Loss per financial statements                                               $   (1,760,848)    $  (1,597,697)

   Adjustment to reflect March 31 fiscal year end
     to December 31 tax year end                                                        36,275            (9,133)

   Adjustment for equity in losses of Local Limited
     Partnerships for tax purposes in excess of equity
     in losses for financial reporting purposes                                       (342,700)         (413,357)

   Euity in losses of Local Limited Parnerships not
     recognized for financial reporting purposes                                      (267,550)         (206,380)

   Loss on write-off of investment in Local Limited
     Partnership for tax purposes                                                            -          (404,224)

   Bad debt expense not deductible for tax purposes                                    150,000                 -

   Related party expenses not currently deductible for
     tax purposes                                                                      163,332           168,159

   Amortization of acquisition fees and expenses for
     tax purposes in excess of amortization for financial
     reporting purposes                                                                (11,949)          (11,948)
                                                                                --------------     -------------

Net Loss per tax return                                                         $   (2,033,440)    $  (2,474,580)
                                                                                ==============     =============
</TABLE>

The differences in the assets and liabilities of the Fund for financial
reporting  purposes and tax reporting  purposes for the year ended March 31,
2000 are as follows:
<TABLE>
<CAPTION>

                                                            Financial             Tax
                                                             Reporting          Reporting
                                                             Purposes           Purposes             Differences

<S>                                                        <C>               <C>                  <C>
Investments in Local Limited Partnerships                  $  13,088,569     $  10,768,801        $      2,319,768
                                                           =============     =============        ================
Other assets                                               $   2,985,967     $   8,251,136        $     (5,265,169)
                                                           =============     =============        ================
Liabilities                                                $   1,435,752     $      32,918        $      1,402,834
                                                           =============     =============        ================
</TABLE>

The  differences  in the  assets  and  liabilities  of the  Fund  for  financial
reporting  purposes are primarily  attributable to: i) the cumulative  equity in
losses  from  Local  Limited   Partnerships   for  tax  reporting   purposes  is
approximately $3,832,000 greater than for financial reporting purposes including
approximately  $474,000  of losses  the Fund has not  recognized  for  financial
reporting  purposes;  ii)  organizational  and offering  costs of  approximately
$5,132,000 have been  capitalized for tax reporting  purposes but are charged to
Limited  Partners'  equity for financial  reporting  purposes;  and iii) related
party  expenses  which  are  deductible  for  financial  reporting  purposes  of
approximately $1,360,000 are not deductible for tax reporting purposes.



<PAGE>