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

                                    FORM 10-K
(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, 2009
                         ---------------------------------

                                       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 Identification No.)
       incorporation or organization)

   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:
        Title of each class      Name of each exchange on 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)


Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act. |_| Yes |X| No

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act. |_| Yes |X| No



<PAGE>



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.
                                       |X| Yes   |_|  No

Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss. 229.405
of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files). |_| Yes |_| 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-K or any amendment to this Form 10-K.                       |X|

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b -2 of the Exchange Act.

 Large accelerated filer |_|   Accelerated Filer |_|
 Non-accelerated filer   |_|   Smaller reporting company |X|
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12 b-2 of the Exchange Act).
                                                    |_| Yes  |X|No

State the aggregate sales price of Fund units held by nonaffiliates of the
registrant:  $37,933,000 as of March 31, 2009.


<PAGE>


          BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                           ANNUAL REPORT ON FORM 10-K
                        FOR THE YEAR ENDED MARCH 31, 2009

                                TABLE OF CONTENTS


                                                                    Page No.

PART I

       Item 1       Business                                          K-4
       Item 2       Properties                                        K-6
       Item 3       Legal Proceedings                                 K-9
       Item 4       Submission of Matters to a Vote of
                    Security Holders                                  K-9

PART II

       Item 5       Market for the Registrant's Units and
                    Related Security Holder Matters                   K-9
       Item 7       Management's Discussion and Analysis of
                    Financial Condition and Results of Operations     K-9
       Item 8       Financial Statements and Supplementary Data       K-16
       Item 9       Changes in and Disagreements with Accountants
                    on Accounting and Financial Disclosure            K-16
       Item 9A      Controls and Procedures                           K-16
       Item 9B      Other Information                                 K-16

PART III

       Item 10      Directors and Executive Officers
                    of the Registrant                                 K-17
       Item 11      Management Remuneration                           K-17
       Item 12      Security Ownership of Certain Beneficial
                    Owners and Management                             K-18
       Item 13      Certain Relationships and Related Transactions    K-18
       Item 14      Principal Accountant Fees and Services            K-20
       Item 15      Exhibits, Financial Statement Schedules, and
                    Director Independence                             K-20



SIGNATURES                                                           K-21
----------

CERTIFICATIONS                                                       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 originally invested as a limited partner in twenty-nine 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 qualified for
low-income housing tax credits ("Tax Credits") that were 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) provide annual tax benefits in
the form of tax credits which Limited Partners may use to offset their Federal
income tax liability; (ii) preserve and protect the Fund's capital committed to
Local Limited Partnerships; (iii) provide cash distributions from operations of
Local Limited Partnerships; (iv) provide cash distributions from Sale or
Refinancing transactions with the possibility of long term capital appreciation;
and (v) provide cash distributions derived from investment in Treasury STRIPS to
Class B Limited Partners after a period of approximately thirteen to eighteen
years equal to their Capital Contributions. There cannot be any assurance that
the Fund will attain any or all of these investment objectives. A more detailed
discussion of these investment 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 7 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>
<S>                            <C>                                <C>                                <C>

                                                                                                      Date
                              Properties owned by                                                   Interest
                         Local Limited Partnerships                Location                         Acquired




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

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

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.
<PAGE>
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, 2009, 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 made to
Local Limited Partnerships: (i) Long Creek Court Limited Partnership and Kings
Grant Court Limited Partnership representing 6.14%, have Third Renaissance Inc.
as Local General Partner; and (ii) Pilot House Associates, L.P. and Preston
Place Associates, L.P., representing 35.38%, have Castle Development Corporation
as Local General Partner. 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 effect on the business of the
Fund.

The Fund is managed by Arch Street VIII, 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 MMA
Financial, Inc. ("MMA"), 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 10 of this Report.

On June 26, 2009, Municipal Mortgage & Equity, LLC (the parent company of MMA
Financial, Inc.) entered into a purchase and sale agreement with JEN I, L.P. for
the sale of substantially all of its low-income housing tax credit business,
including the Fund and its General Partners. Upon the consummation of the sale
transaction (expected to occur on or before August 31, 2009), the General
Partners will be owned or controlled by JEN I, L.P. The sale is not expected to
impact the Limited Partners of the Fund.

Item 2.  Properties

The Fund currently owns limited partnership interests in ten 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
Metropolitan, where the Fund's ownership interest is 98.75%.

Each of the Local Limited Partnerships has received an allocation of Tax Credits
from its relevant state tax credit agency. In general, the Tax Credits run 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 Code, in order
to maintain eligibility for the Tax Credits 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 that have repayment
terms that are based on a percentage of cash flow.

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


<PAGE>

<TABLE>
<CAPTION>
<S>                                  <C>            <C>             <C>              <C>                  <C>          <C>



                                                             Capital Contributions
  Local Limited Partnership                         Total             Paid            Mtge. Loans                    Occupancy at
  Property Name                      Number of     Committed at     Through          Payable at            Type of      March 31,
  Property Location                  Apt. Units   March 31, 2009    March 31, 2009   December 31, 2008     Subsidy *      2009
 ---------------------------------------------    ------------      -----------     ----------------  ------------   ------------

Pilot House Associates, L.P
Pilot House
Newport News, VA                        132     $  2,479,708     $  2,479,708         $ 3,819,137            None          95%

Preston Place Associates, L.P.
Preston Place
Winchester, VA                          120        2,300,000        2,300,000           3,575,484             None         95%

Jardines Limited Dividend
  Partnership, S.E., L.P.
Jardines de Juncos
Juncos, PR                               60           604,781          604,781          2,526,464             FmHA         100%

Long Creek Court Limited
  Partnership
Long Creek Court
Kittrell, NC                             14           120,476          120,476           527,229              FmHA           86%

Tree Trail Apartments,
  A Limited Partnership
Tree Trail
Gainesville, FL                         108          2,060,143        2,060,143        2,304,965               None          85%

Kings Grant Court
 Limited Partnership
Kings Grant Court
Statesville, NC                          36            708,530          708,530          751,715               None         100%

Walker Woods Partners, II, L.P.
Walker Woods II
Dover, DE                                19            591,429          591,429          699,758               None          100%

</TABLE>



<PAGE>


<TABLE>
<S>                                   <C>               <C>               <C>             <C>                <C>        <C>

                                                       Capital Contributions
  Local Limited Partnership                            Total               Paid          Mtge. Loans                   Occupancy at
  Property Name                       Number of      Committed at        Through          Payable at         Type of      March 31,
  Property Location                 Apt. Units     March 31, 2009      March 31, 2009   December 31, 2008    Subsidy *       2009
 ---------------------------------------------      -------------     -------------   ----------------   ------------  ------------

Vista Villa Limited Dividend
  Housing Association
  Limited Partnership
Vista Villa
Saginaw County, MI                     100             1,204,762         1,204,762           2,804,794        None            89%

Metropolitan Apartments
  Limited Partnership
Metropolitan
Chicago, IL                             69             2,139,159         2,139,159           1,573,093       Section 8        83%

Linden Square Limited Dividend
  Housing Association
  Limited Partnership
Linden Square
Genesee County, MI                      120            1,299,774         1,299,774            3,316,222      None             91%
                                    -----------     --------------    -------------         ---------------
                                        778       $   13,508,762      $ 13,508,762         $ 21,898,861
                                      ======       ==============     =============         ===============
</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.

<PAGE>


The Fund does not guarantee any of the mortgages or other debt of the Local
Limited Partnerships.

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

Additional information required under this item, as it pertains to the Fund, is
contained in Items 1, 7 and 8 of this report.

Item 3.  Legal Proceedings

The Fund is not a party to any pending legal or administrate 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 March 31, 2009, there were 1,839 record holders of Units of the Fund.

Cash distributions, when made, are paid annually. The Fund has made cash
distributions of $1,417,000 and $532,669 during the years ended March 31, 2009
and 2008, respectively.

Item 7.  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 use of
words like "anticipate," "estimate," "intend," "project," "plan," "expect,"
"believe," "could," and similar expressions are intended to identify such
forward-looking statements. The Fund intends such forward-looking statements to
be covered by the safe harbor provisions for forward-looking statements and is
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 and current expectations, the Fund can give no
assurance that its 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.
<PAGE>
Executive Level Overview

The Fund is a Massachusetts limited partnership organized to invest in 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. The Fund's objectives are to:
(i) provide annual tax benefits in the form of tax credits which Limited
Partners may use to offset their Federal income tax liability; (ii) preserve and
protect the Fund's capital committed to Local Limited Partnerships; (iii)
provide cash distributions from operations of Local Limited Partnerships; (iv)
provide cash distributions from Sale or Refinancing transactions with the
possibility of long term capital appreciation; and (v) provide cash
distributions derived from investment in Treasury STRIPS to Class B Limited
Partners after a period of approximately thirteen to eighteen years equal to
their Capital Contributions. Arch Street VIII, Inc., a Massachusetts
corporation, is the Managing General Partner of the Fund. Arch Street VI Limited
Partnership, 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 MMA. The fiscal year of the Fund ends on March 31.

On May 15, 2009, the Fund received $236,000, or approximately $71.73 per Class B
Unit, as the Fund's investment in one U.S. Treasury STRIPS matured. The Managing
General Partner distributed these funds to Class B Limited Partners in May 2009.

On November 15, 2008, the Fund received $880,000, or approximately $267.47 per
Class B Unit, as the Fund's investment in four U. S. Treasury STRIPS matured.
The Managing General Partner distributed these funds to Class B Limited Partners
in November 2008. On August 15, 2008 the Fund received $537,000, or $163.22 per
Class B Unit, as the Fund's investment in four Treasury STRIPS matured. The
Managing General Partner distributed these funds to Class B Limited Partners in
August 2008.

On August 15, 2007, the Fund received $342,000 or $103.95, per Class B Unit, as
the Fund's second, in a series of sixteen, investment in Treasury STRIPS
matured. The Managing General Partner distributed these funds to Class B Limited
Partners in September 2007. On February 15, 2007 the Fund received $187,000 or
$56.87 per Class B Unit, as the Fund's initial investment in Treasury STRIPS
matured. The Managing General Partner distributed these funds to Class B Limited
Partners in August 2007.

The next scheduled maturity date is August 15, 2009, when one U.S. Treasury
STRIP, in the amount of $183,000, or $55.62 per Class B Unit, will mature. The
Managing General Partner will distribute these proceeds in August 2009, to the
Limited Partners recognized as holders of the Class B Units on the date these
Treasury STRIPS mature. Four additional securities, totaling $925,000, or about
$281.15 per Class B Unit, are scheduled to mature between November 15, 2009 and
May 15, 2010.

As of March 31, 2009, the Fund's investment portfolio consisted of limited
partnership interests in ten Local Limited Partnerships, each of which owns and
operates a multi-family apartment complex and each of which has generated Tax
Credits. As of July 10, 2009, the Fund's investment portfolio consisted of
limited partnership interests in seven Local Limited Partnerships. Since
inception, the Fund generated Tax Credits, net of recapture, of approximately
$1,467 per Class A Unit. Class B Unit investors have received Tax Credits, net
of recapture, of approximately $1,056 per Limited Partner Unit.

Properties that receive low income housing tax credits must remain in compliance
with rent restriction and set-aside requirements for at least 15 calendar years
from the date the Property is placed in service. Failure to do so would result
in the recapture of a portion of the Property's Tax Credits. The Compliance
Period for six of the remaining seven properties expired on or before December
31, 2008, while one property's Compliance Period ends December 31, 2009. The
Fund disposed of nine Local Limited Partnership interests during the year ending
March 31, 2009. In addition, the Managing General Partner disposed of three
Local Limited Partnership interests in April, May, and July 2009. Currently, the
Managing General Partner does not have any negotiated agreements to dispose of
the Fund's interest in the Local Limited Partnerships in 2009. However, the Fund
is in negotiations with potential buyers to dispose of its interest in three
Local Limited Partnerships in 2009.

The Managing General Partner will continue to closely monitor the operations of
the Properties during their Compliance Periods and will formulate disposition
strategies with respect to the Fund's remaining Local Limited Partnership
interests. It is unlikely that the Managing General Partner's efforts will
result in the Fund disposing of all of its remaining Local Limited Partnership
interests concurrently with the expiration of each Property's Compliance Period.
The Fund shall dissolve and its affairs shall be wound up upon the disposition
of the final Local Limited Partnership interest and other assets of the Fund.
Investors will continue to be Limited Partners, receiving K-1s and quarterly and
annual reports, until the Fund is dissolved.
<PAGE>

Critical Accounting Policies

The Fund's accounting policies include those that relate to its recognition of
investments in Local Limited Partnerships using the equity method of accounting.
The Fund's policy is as follows:

The Local Limited Partnerships in which the Fund invests are Variable Interest
Entities ("VIE"s). The Fund is involved with the VIEs as a non-controlling
limited partner equity holder. The investments in the Local Limited Partnerships
are made primarily to obtain tax credits on behalf of the Fund's investors. The
general partners of the Local Limited Partnerships, who are considered to be the
primary beneficiaries, control the day-to-day operations of the Local Limited
Partnerships. The general partners are also responsible for maintaining
compliance with the tax credit program and for providing subordinated financial
support in the event operations cannot support debt and property tax payments.
The Fund, through its ownership percentages, may participate in property
disposition proceeds. The timing and amounts of these proceeds are unknown but
can impact the Fund's financial position, results of operations or cash flows.
Because the Fund is not the primary beneficiary of these VIEs, it accounts for
its investments in the Local Limited Partnerships using the equity method of
accounting. As a result of its involvement with the VIEs, the Fund's exposure to
economic and financial statement losses is limited to its investments in the
VIEs ($2,099,831 and $4,108,297 at March 31, 2009 and 2008, respectively). The
Fund may be subject to additional losses to the extent of any financial support
that the Fund voluntarily provides in the future. Under the equity method, the
investment is carried at cost, adjusted for the Fund's share of net income or
loss and for cash distributions from the Local Limited Partnerships; equity in
income or loss of the Local Limited Partnerships is included currently in the
Fund's operations. A liability is recorded for delayed equity capital
contributions to Local Limited Partnerships. Under the equity method, a Local
Limited Partnership investment will not be carried below zero. To the extent
that equity in losses are incurred when the Fund's carrying value of the
respective Local Limited Partnership has been reduced to a zero balance, the
losses will be suspended and offset against future income. Income from Local
Limited Partnerships, where cumulative equity in losses plus cumulative
distributions have exceeded the total investment in Local Limited Partnerships,
will not be recorded until all of the related unrecorded losses have been
offset. To the extent that a Local Limited Partnership with a carrying value of
zero distributes cash to the Fund, that distribution is recorded as income on
the books of the Fund.

The Fund has implemented policies and practices for assessing
other-than-temporary declines in the values of its investments in Local Limited
Partnerships. Periodically, the carrying values of the investments are tested
for other-than-temporary impairment. If an other-than-temporary decline in
carrying value exists, a provision to reduce the investment to the sum of the
estimated remaining benefits will be recorded in the Fund's financial
statements. The estimated remaining benefits for each Local Limited Partnership
consist of estimated future tax losses and tax credits over the estimated life
of the investment and estimated residual proceeds at disposition. Included in
the estimated residual proceeds calculation is current net operating income
capitalized at a regional rate specific to each Local Limited Partnership less
the debt of the Local Limited Partnership. During the year ended March 31, 2009,
the Fund concluded that three of the Local Limited Partnerships had experienced
other-than-temporary decline in their carrying values and impairment losses were
recorded: Pilot House Associates, L.P., for approximately $162,000; Hudson
Square Apartments Company for approximately $266,000; and Linden Square Limited
Dividend for approximately $6,000. Generally, the carrying values of most Local
Limited Partnerships will decline through losses and distributions in amounts
sufficient to prevent other-than-temporary impairments. However, the Fund may
record similar impairment losses in the future if the expiration of tax credits
outpaces losses and distributions from any of the Local Limited Partnerships.

Liquidity and Capital Resources

At March 31, 2009, the Fund had cash and cash equivalents of $4,400,689, as
compared to $1,052,170 at March 31, 2008. The increase is primarily attributable
to proceeds from the sale of investments in Local Limited Partnerships and cash
distributions received from Local Limited Partnerships, partially offset by cash
used for operating activities, payment of asset management fees, and advances to
a Local Limited Partnership.

The Managing General Partner initially designated 4% of the Adjusted Gross
Proceeds (which generally means Gross Proceeds minus the amounts committed to
the acquisition of Treasury STRIPS) as Reserves, as defined in the Partnership
Agreement. The Reserves were established to be used 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. At March 31, 2009 and 2008,
$4,283,561 and $751,379, respectively, has been designated as Reserves.
<PAGE>
To date, professional fees relating to various Property issues totaling
approximately $465,000 have been paid from Reserves. In the event a Local
Limited Partnership encounters operating difficulties requiring additional
funds, the Fund's management might deem it in its best interest to voluntarily
provide such funds in order to protect its investment. As of March 31, 2009, the
Fund has advanced approximately $303,000 to Local Limited Partnerships to fund
operating deficits.

The Managing General Partner 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. To date, the Fund has not
used any of Reserves to fund operations. If Reserves are not adequate to cover
the Fund's operations, the Fund will seek other financing sources including, but
not limited to, the deferral of Asset Management Fees paid to an affiliate of
the Managing General Partner or working with Local Limited Partnerships to
increase cash distributions.

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, as of March 31, 2009, the Fund had no contractual or other
obligation to any Local Limited Partnership which had not been paid or provided
for.

Cash Distributions

Cash distributions of $1,417,000 and $532,669 were made to the Investor Limited
Partners, Class B, during the years ended March 31, 2009 and 2008, respectively.
The Fund is currently working on disposing of its interest in certain Local
Limited Partnerships during the next twelve months. These dispositions may
result in cash available for distribution, but due to the uncertainty of the
sales, no guarantees can be made as to the extent of their outcome on
distributions to Limited Partners. In the event that distributions are received
from Local Limited Partnerships, the Managing General Partner has decided that
such amounts will be used to increase Reserves. No assurance can be given as to
the amounts of future distributions from the Local Limited Partnerships since
many of the Properties benefit from some type of federal or state subsidy and,
as a consequence, are subject to restrictions on cash distributions.

Results of Operations

For the year ended March 31, 2009, the Fund's operations resulted in a net
income of $1,580,302 as compared to a net loss of $1,778,386 for the same period
in 2008. The decrease in net loss is primarily attributable to an increase in
equity in income of Local Limited Partnerships and a decrease in provision for
valuation allowance on investments in Local Limited Partnerships, partially
offset by a decrease in gain on sale of investments in Local Limited
Partnerships and a decrease in other income. The increase in equity in income of
Local Limited Partnerships is primarily due to two Local Limited Partnerships
recording a significant increase in net income. Provision for valuation
allowance on investments in Local Limited Partnerships decreased primarily due
to the Fund recording a significantly lower impairment allowance for its
investment in a certain Local Limited Partnership. The decrease in gain on sale
of investments in Local Limited Partnership is the result of a net loss related
to the sale of nine Local Limited Partnerships during the year ended March 31,
2009. The decrease in other income is primarily attributable to a decrease in
cash distributions received from previously-disposed Local Limited Partnerships,
partially offset by an increase in distributions from Local Limited Partnerships
with carrying values of zero.
<PAGE>
Low-Income Housing Tax Credits

The Tax Credits per Limited Partner stabilized in 1995. The credits have ended
as all properties have reached the end of the ten year credit period.

Property Discussions

A majority of the Properties in which the Fund has an interest had stabilized
operations and operated above breakeven through December 31, 2008. Several
Properties generated cash flow deficits that the Local General Partners of those
Properties funded through project expense loans, subordinated loans or operating
escrows. However, some Properties have had persistent operating difficulties
that could either: (i) have an adverse impact on the Fund's liquidity; (ii)
result in their foreclosure; or (iii) result in the Managing General Partner
deeming it appropriate for the Fund to dispose of its interest in the Local
Limited Partnership prior to the expiration of the Compliance Period. Also, the
Managing General Partner, in the normal course of the Fund's business, may
arrange for the future disposition of its interest in certain Local Limited
Partnerships. The following Property discussions focus only on such Properties.

As previously reported, the Managing General Partner and Local General Partner
of Meadow Wood, located in Smyrna, Tennessee, had reached an agreement that
would result in the early 2007 sale of this Property. On January 23, 2007, the
Property was sold, resulting in net proceeds to the Fund of $1,174,546, or
$30.96 per Unit. During the three month period ending September 30, 2007, the
Fund received additional sales proceeds of $75,000, or $1.98 per Unit, upon a
reconciliation of tax and utility expenses. This sale resulted in 2007 taxable
income of $1,165,374, or $30.72 per Unit. The Fund no longer has an interest in
this Local Limited Partnership.

As previously reported, on March 21, 2007, the Managing General Partner
exercised the Fund's put option and transferred its interest in the Local
Limited Partnership that owned Broadway Tower, located in Revere, Massachusetts,
for $50,000 or $1.32 per Unit. Proceeds related to this sale were received on
April 18, 2007. The sale of this Local Limited Partnership resulted in 2007
taxable income of $749,398, or $19.76 per Unit. The Fund retained an economic
interest in the transferred Property in the form of a contingent note equal to
10% of Related Party Payments, as defined in the contingent note agreement. The
Fund no longer has an interest in this Local Limited Partnership.

As previously reported, due to concerns over the long-term financial health of
Primrose located in Grand Forks, North Dakota and Sycamore, located in Sioux
Falls, South Dakota, the Managing General Partner developed a plan that would
ultimately result in the transfer of the Fund's interests in each Local Limited
Partnerships. Both Local Limited Partnerships have the same Local General
Partner. 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 these Local Limited Partnerships to an affiliate of the
Local General Partner. Effective June 17, 1999, the Local General Partner
transferred both its general partner interest and 48.5% of its interest in
capital and profits in the Local Limited Partnerships to a non-affiliated,
non-profit general partner. Effective August 31, 2000, the former Local General
Partner withdrew its remaining interest in each of the Local Limited
Partnerships. In July 2008, the Managing General Partner transferred the Fund's
remaining interest in both Primrose and Sycamore to the Local General Partner.
As expected, these transfers, effectively dated January 1, 2008, did not result
in any proceeds to the Fund. The Managing General Partner reported a 2008
taxable loss of $116,401, or $3.07 per Unit, from Primrose, and taxable income
of $105,906, or $2.79 per Unit, from Sycamore. As previously reported, with
regard to Sycamore and Primrose, the Fund received its full share of Tax
Credits. In addition, the Local General Partner had the right to call the
remaining interest subsequent to the Compliance Period, which expired on
December 31, 2007. The Fund no longer has an interest in these two Local Limited
Partnerships.

As previously reported, the Managing General Partner anticipated that the Fund's
interest in the Local Limited Partnership that owns Cottages of Aspen, located
in Oakdale, Minnesota, would be terminated upon the sale of the underlying
Property in mid-2008. On June 4, 2008, the Fund's interest was transferred,
resulting in net sales proceeds to the Fund of $2,570,481, or $67.76 per Unit.
The Managing General Partner reported a 2008 taxable loss of $43,073, or $1.14,
per Unit, as a result of the sale. The Fund no longer has an interest in this
Local Limited Partnership.

As previously reported, the Fund's interest in the Local Limited Partnership
that owns Livingston Arms, located in Poughkeepsie, New York, was transferred on
September 1, 2008, resulting in net sales proceeds to the Fund of $10,000, or
$0.26 per Unit. The Managing General Partner reported a 2008 loss of $347,141,
or $8.38 per Unit. The Fund no longer has an interest in this Local Limited
Partnership.
<PAGE>
As previously reported, the Managing General Partner estimated a late 2008
disposition, via a transfer to the Local General Partner, of the Fund's interest
in the Local Limited Partnership that owns Atkins Glen, located in Stoneville,
South Carolina. On October 1, 2008, the Fund's interest was transferred. The
Fund received $3,334, or $0.09 per Unit. The Managing General Partner reported a
2008 taxable income of $283,085, or $7.46 per Unit. The Fund no longer has an
interest in this Local Limited Partnership.

As previously reported, occupancy for the three month period ending September
30, 2008, improved to 89%; however, working capital and debt service coverage
levels remained below acceptable levels at 45th and Vincennes, located in
Chicago, Illinois. A representative of the Managing General Partner visited the
Property in December 2007 to reassess the management agent and physical
condition of the Property and noted that the Property was in need of significant
improvement. Although advances from the Local General Partner enabled the
Property to remain current on its loan obligations, the Managing General Partner
believed that the Local General Partner and its affiliated management company
were not adequately performing their responsibilities with respect to the
Property. The Managing General Partner expressed their concerns to the Local
General Partner. Based on the results of a market valuation, which confirmed the
Property's value to be less than its outstanding debt, the Managing General
Partner assigned the Fund's interest to the Local General Partner, upon receipt
of official documentation from HUD approving the Transfer of Physical Assets
application. The Assignment was dated October 31, 2008, effectively terminating
the Fund's interest in the Local Limited Partnership. The disposition did not
result in any proceeds to the Fund. The Managing General Partner reported 2008
taxable income of $29,879, or $0.79 per Unit. The Property's Compliance Period
ended on December 31, 2007. The Fund no longer has an interest in this Local
Limited Partnership.

As previously reported, the Managing General Partner anticipated that the Fund's
interest in the Local Limited Partnership that owns and operates Hudson Square,
located in Baton Rouge, Louisiana, will be terminated either upon the sale of
the underlying Property, or a sale of the Fund's interest, in early 2009. Based
on a 2007 valuation, the Managing General Partner expected a sale to result in
approximately $1,200,000, or $31.63 per Unit. However, due to current market
conditions, the disposition resulted in net sales proceeds of $925,000, or
$24.39 per Unit, and a 2008 loss of $931,590, or $24.56 per Unit. The sale took
place on December 12, 2008. The Fund no longer has an interest in this Local
Limited Partnership.

As previously reported, as a result of concerns regarding the then-existing
operating deficits and capital requirements of Findley Place, located in
Minneapolis, Minnesota, in 1999, the Managing General Partner developed a plan
that will ultimately result in the transfer of the Fund's interest in the Local
Limited Partnership. On March 1, 2000, the Managing General Partner consummated
the transfer of 1% of the Fund's interest in losses, 48.5% of its interest in
profits and 30% of its capital account to the Local General Partner. The
Managing General Partner had the right to put the Fund's remaining interest to
the Local General Partner any time after March 1, 2001. In addition, the Local
General Partner had the right to call the remaining interest after the
Compliance Period has expired, which was December 31, 2008. The Property
operated below breakeven for the year ending December 31, 2008, due to
maintenance and capital expenses. The disposition of the Fund's interest in
Findley Place took place on January 16, 2009. This transaction resulted in net
proceeds to the Fund of $5,000, or $0.13 per Unit. The Managing General Partner,
in accordance with and as permitted by the Partnership Agreement, retained the
entire amount of sales proceeds in Reserves. The Managing General Partner
currently estimates 2009 taxable income of $308,000, or $8.12 per Unit. The Fund
no longer has an interest in this Local Limited Partnership.

As previously reported, New Garden Place, located in Gilmer, North Carolina, in
early 2004 the Local General Partner requested and the Fund provided its
approval to a refinancing of the Property's first mortgage. The new first
mortgage, which closed in April 2004, had a lower interest rate and lower annual
debt service payment than the original mortgage, thereby increasing the
Property's cash flow. In connection with the Fund's approval of this
refinancing, the Fund and the Local General Partner entered into a put agreement
whereby the Fund could transfer its interest in the Local Limited Partnership to
the Local General Partner for a nominal amount any time after the Property's
Compliance Period, which ended on December 31, 2008. On March 26, 2009, the
Managing General Partner exercised the Fund's put option and transferred its
interest in the Local Limited Partnership that owned New Garden Place effective
January 1, 2009. This transaction resulted in net proceeds to the Fund of
$5,000, or $0.13 per Unit. The Managing General Partner, in accordance with and
as permitted by the Partnership Agreement, retained the entire amount of sales
proceeds in Reserves. The Managing General Partner currently estimates 2009
taxable income of $244,000, or $6.43 per Unit. The Fund no longer has an
interest in this Local Limited Partnership.
<PAGE>
As previously reported, working capital and debt service coverage levels
remained below acceptable standards at Metropolitan Apartments, located in
Chicago, Illinois. In addition, occupancy decreased from 86% for the three
months ending September 30, 2008 to 79% for the three months ending December 31,
2008. In addition to low occupancy levels, the decline in operations was
attributable to the rising cost of natural gas and, more significantly, an
increase in debt service caused by the Property's five year adjustable rate
first mortgage being reset in late 2007. The deficit was funded by advances from
the Management Agent, an affiliate of the Local General Partner. The Local
General Partner, having exceeded their working capital obligation, would no
longer continue to fund deficits. The Managing General Partner, as part of a
disposition agreement with the Local General Partners to jointly fund operating
deficits from Fund reserves, advanced $50,000 in 2007 and $32,223 more in 2008,
to address the need for structural repairs as cited in the City of Chicago's
report of recent building code violations. On April 16, 2009, the Managing
General Partner disposed of its interest in the Local Limited Partnership that
owned Metropolitan Apartments; however, benefits were transferred as of January
1, 2009. The Managing General Partner was able to recover a majority, $75,000,
of its advances upon disposition. The Compliance Period for the Property ended
December 31, 2008. The Managing General Partner currently estimates 2009 taxable
income of $270,000, or $7.12 per Unit. The Fund no longer has an interest in
this Local Limited Partnership.

As previously reported, the Managing General Partner and Local General Partner
of Tree Trail, located in Gainesville, Florida, were exploring an exit strategy
that would have allowed for a late summer 2008 disposal of the Fund's interest,
via a sale of the underlying Property, in the Local Limited Partnership that
owns and operates Tree Trail. Due to current market conditions, the Managing
General Partner is reexamining the exit strategy for the Fund's interest in this
Local Limited Partnership and anticipates a June 2010 disposition.

As previously reported, the Managing General Partner estimates a 2009
disposition, via a transfer to the Local General Partner, of the Fund's interest
in the Local Limited Partnership that owns Vista Villa, located in Saginaw
County, Michigan. The Fund and the Local General Partner entered into a put
agreement whereby the Fund could transfer its interest in the Local Limited
Partnership to the Local General Partner for a nominal amount any time after the
Property's Compliance Period, which ended on December 31, 2008. An exercise of
the put occurred on July 10, 2009, effective June 1, 2009. This transaction did
not result in any net sales proceeds to the Fund. The Managing General Partner
currently projects taxable income of approximately $280,000, or $7.38 per Unit.

As previously reported the Managing General Partner and Local General Partner of
Pilot House, located in Newport News, Virginia, were exploring an exit strategy
that could have resulted in a mid-2008 disposal of the Fund's interest in the
Local Limited Partnership that owns Pilot House, for approximately $1,650,000 or
$43.50 per Unit. The Managing General Partner continues to negotiate the sale of
the Fund's interest in this Local Limited Partnership. Terms of a possible
disposition have not been agreed upon at this time.

As previously reported, the Managing General Partner anticipated that the Fund's
interest in the Local Limited Partnership that owns Walker Woods II, located in
Dover, Delaware, would be terminated upon the sale of the Property in late 2008.
Although no deal is pending at this time, the Managing General Partner will
continue to explore an exit strategy that may lead to a 2009 disposition.

As previously reported, the Managing General Partner is currently exploring an
exit strategy for Jardines de Juncos, located in Juncos, Puerto Rico, that could
lead to a 2009 disposition. Net sales proceeds to the Fund, if any, are unknown
at this time.

As previously reported, the Managing General Partner was exploring an exit
strategy for Kings Grant Court, located in Statesville, North Carolina. The
Managing General Partner agreed to sell its interest to an affiliate of the
Local General Partner, originally expected for January 2009. A sale of the
Fund's interest occurred on May 29, 2009. The sale resulted in $4,540, or $0.12
per Unit, in proceeds. The Managing General Partner currently estimates a 2009
loss of $97,000, or $2.56 per Unit.
<PAGE>
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, 2009 and 2008. 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 Tax Credits.

Certain 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, the Managing
General Partner 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.

Item 8.  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 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure
------------------------------------------------------------------------

None.

Item 9A. Controls and Procedures

Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of the design and operation of
our disclosure controls and procedures, as defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange
Act, to ensure that information required to be disclosed by us in the reports
filed or submitted by us under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the Securities
Exchange Commission's rules and forms, including to ensure that information
required to be disclosed by us in the reports filed or submitted by us under the
Exchange Act is accumulated and communicated to management to allow timely
decisions regarding required disclosure. Based on that evaluation, management
has concluded that as of March 31, 2009, our disclosure controls and procedures
were effective.

Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal
control over financial reporting, as such term is defined in Exchange Act Rules
13a-15(f) and 15d-15(f). Our management conducted an assessment of the
effectiveness of our internal control over financial reporting. This assessment
was based upon the criteria for effective internal control over financial
reporting established in Internal Control -- Integrated Framework, issued by the
Committee of Sponsoring Organizations of the Treadway Commission.

The Fund's internal control over financial reporting involves a process designed
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. Internal control over financial
reporting includes the controls themselves, as well as monitoring of the
controls and internal auditing practices and actions to correct deficiencies
identified. Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements.

Management assessed the Fund's internal control over financial reporting as of
March 31, 2009. Based on this assessment, management concluded that, as of March
31, 2009, the Fund's internal control over financial reporting were designed
effectively.

Item 9B.  Other Information

     None.

<PAGE>


                                    PART III

Item 10.  Directors and Executive Officers of the Registrant

The Managing General Partner of the Fund is Arch Street VIII, Inc., a
Massachusetts  corporation (the "Managing General  Partner"),  an affiliate of
MMA. The Managing  General Partner was  incorporated in December,  1990. 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

Greg Judge                                           Executive Vice President
Michael H. Gladstone                                 Principal, Member

The other General Partner of the Fund 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 VI L.P. is Arch
Street VIII, Inc.

The Managing General Partner provides day-to-day management of the Fund.
Compensation is discussed in Item 11 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.

Greg Judge, age 44, Executive Vice President, Head of the Affordable Housing
Group of MMA Financial since February 2008. As head of the Company's Affordable
Housing Group, Mr. Judge is responsible for both the affordable tax exempt and
taxable lending and equity businesses. Prior to his appointment as EVP, Mr.
Judge was responsible for tax credit equity investments and underwriting of
equity and debt investments for the Affordable Housing Group. Mr. Judge joined
MMA as a result of the Boston Financial and Lend Lease HCI acquisitions,
starting with Boston Financial in 1989 as an asset manager. Mr. Judge is a
frequent speaker on affordable housing and tax credit industry issues. Mr. Judge
is a graduate of Colorado College (BA) and Boston University (MBA).

Michael H. Gladstone, age 52, Senior Vice President. Mr. Gladstone is
responsible for capital transactions work in the Asset Management group of MMA
Financial. He joined MMA as a result of the Boston Financial and Lend Lease HCI
acquisitions, starting with Boston Financial in 1985 as the firm's General
Counsel. Prior to joining Boston Financial, Mr. Gladstone was associated with
the law firm of Herrick & Smith and served on the advisory board of the Housing
and Development Reporter. Mr. Gladstone has lectured at Harvard University and
Cornell University on affordable housing matters and is a member of the Cornell
Real Estate Council and the Massachusetts Bar. Mr. Gladstone is a graduate of
Emory University (BA) and Cornell University (J.D. & MBA).

The Fund is organized as a limited partnership solely for the purpose of real
estate investment and does not have any employees. Therefore the Fund has not
adopted a Code of Ethics.

The Fund is structured as a limited partnership that was formed principally for
real estate investment and is not "listed" issuer as defined by Rule 10A-3 of
the Securities Exchange Act of 1934. Accordingly, neither an audit committee nor
a financial expert to serve on such a committee has been established by the
Fund.

Item 11.  Management Remuneration

Neither the directors nor officers of Arch Street VIII, 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.

<PAGE>


Item 12.  Security Ownership of Certain Beneficial Owners and Management

As of March 31, 2009, the following is the only entity known to the Fund to be
the beneficial owner of more than 5% of the Units outstanding:
<TABLE>
<CAPTION>
<S>             <C>                          <C>              <C>

                                             Amount
   Title of   Name and Address of         Beneficially
   Class       Beneficial Owner                Owned          Percent of Class
_________   ___________________              __________       ________________

   Limited     Everest Tax Credit Investors   2,146.5 Units        6%
   Partner     155 North Lake Avenue
               Suite 1000
               Pasadena, CA  91101
</TABLE>

The equity securities registered by the Fund under Section 12(g) of the Act of
1934 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 VIII, Inc.,
Arch Street VI L.P., MMA 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 13.  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, 2009 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.

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, 2009 is presented as follows:
<PAGE>
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 Proceeds. Organization
fees and expenses of $2,035,611 were 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 Proceeds. There were no organization fees and offering expenses paid
in the two years ended March 31, 2009.

Acquisition Fees and Expenses

In accordance with the Partnership Agreement, the Fund was 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 were paid to an affiliate of the Managing
General Partner. Acquisition expenses totaling $825,516 were incurred and were
reimbursed to an affiliate of the Managing General Partner. There were no
acquisition fees or expenses paid in the two years ended March 31, 2009.

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 $5,500 (annually adjusted by the CPI factor) per Local Limited
Partnership as the annual Asset Management Fee. Asset Management Fees incurred
in each of the two years ended March 31, 2009 are as follows:
<TABLE>
<S>                                                                                  <C>               <C>

                                                                                    2009              2008
                                                                             --------------        ----------

>

                                                          Asset management fees  $ 144,609         $ 166,625

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, 2009 are as follows:

                                                                                   2009                2008
                                                                             --------------        ----------

                                                         Salaries and benefits
                                                         expense reimbursements  $ 157,666         $ 160,831
</TABLE>

Cash Distributions Paid to the General Partners

In accordance with the Partnership Agreement, the General Partners of the Fund,
Arch Street VIII, Inc. and Arch Street VI L.P., receive 1% of cash distributions
paid to partners. No cash distributions were paid to the General Partners in the
two years ended March 31, 2009.

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 MMA and its affiliates for the two years ended
March 31, 2009 is presented in Note 5 to the Financial Statements.

<PAGE>

Item 14.   Principal Accountant Fees and Services

The Fund paid or accrued fees for services rendered by the principal accountants
for the two years ended March 31, 2009 as follows:
<TABLE>
<CAPTION>
<S>                                                                                 <C>                 <C>

                                                                                   2009                 2008
                                                                             --------------        -------------

                                                                    Audit fees   $  72,500          $  84,322
                                                                    Tax fees     $   2,500          $   2,400
</TABLE>


No other fees were paid or accrued to the principal accountants during the two
years ended March 31, 2009.

Item 15. Exhibits, Financial Statement Schedules, and Director Independence

(a) Documents filed as a part of this Report

In response to this portion of Item 15, the financial statements and the
auditors' reports relating thereto are submitted as a separate section of this
Report. See Index to the Financial Statements on page F-1 hereof.

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.

(b) Exhibits

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


<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 VIII, Inc.
           its Managing General Partner



     By:   /s/Greg Judge                           Date:    July 15, 2009
           ----------------------------------               -------------
           Greg Judge
           President
           Arch Street VIII, Inc.


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 Partnership and in the capacities and on the dates indicated:

     By:   /s/Greg Judge                            Date:    July 15, 2009
           ----------------------------------                -------------
           Greg Judge
           President
           Arch Street VIII, Inc.



     By:   /s/Michael H. Gladstone                    Date:   July 15, 2009
           -----------------------------                      -------------
           Michael H. Gladstone
           Vice President
           Arch Street VIII, Inc.

























<PAGE>





          BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                           ANNUAL REPORT ON FORM 10-K
                        FOR THE YEAR ENDED MARCH 31, 2009


INDEX

                                                                  Page No.

Report of Independent Registered Public Accounting Firm             F-2
     for the years ended March 31, 2009 and 2008

Financial Statements:

     Balance Sheets - March 31, 2009 and 2008                       F-3

     Statements of Operations - For the years ended
       March 31, 2009 and 2008                                      F-4

     Statements of Changes in Partners' Equity  -
       For the years ended March 31, 2009 and 2008                  F-5

     Statements of Cash Flows - For the years ended
       March 31, 2009 and 2008                                      F-6

     Notes to the Financial Statements                              F-7






<PAGE>


             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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


         We have audited the accompanying balance sheets of Boston Financial Tax
Credit Fund Plus, A Limited Partnership as of March 31, 2009 and 2008, and the
related statements of operations, changes in partners' equity and cash flows for
the years then ended. 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 audit.

         We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The partnership is not
required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit includes consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

         In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Boston Financial Tax
Credit Fund Plus, A Limited Partnership as of March 31, 2009 and 2008, and the
results of its operations and its cash flows for the years then ended, in
conformity with accounting principles generally accepted in the United States of
America.



/s/ Reznick Group, P.C.


Bethesda, Maryland
July 15, 2009



<PAGE>





                     BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)



                                 BALANCE SHEETS
                             March 31, 2009 and 2008

<TABLE>
<CAPTION>
<S>                                                                                  <C>                     <C>


                                                                                      2009                   2008
                                                                                ----------------       -----------------
         Assets

Cash and cash equivalents                                                       $      4,400,689       $      1,052,170
Investments in Local Limited Partnerships (Note 3)                                     2,099,831              4,108,297
Other investments (Note 4)                                                             1,278,877              2,544,977
Accounts receivable (Note 3)                                                               5,000                      -
                                                                                ----------------       ----------------
   Total Assets                                                                 $      7,784,397       $      7,705,444
                                                                                ================       ================

Liabilities and Partners' Equity

Due to affiliate (Note 5)                                                       $         84,843       $        172,486
Accrued expenses                                                                          62,449                 59,155
                                                                                ----------------       ----------------
   Total Liabilities                                                                     147,292                231,641

General, Initial and Investor Limited Partners' Equity                                 7,637,105              7,473,803
                                                                                ----------------       ----------------
   Total Liabilities and Partners' Equity                                       $      7,784,397       $      7,705,444
                                                                                ================       ================

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

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

                            STATEMENTS OF OPERATIONS
                   For the Years Ended March 31, 2009 and 2008


<TABLE>
<CAPTION>
<S>                                                                               <C>                     <C>

                                                                                 2009                    2008
                                                                           ----------------        -----------------
        Revenue:
   Investment                                                              $         57,134        $         60,132
   Accretion of Original Issue Discount (Note 4)                                    150,902                 199,689
   Cash distribution income                                                          57,675                 140,421
                                                                           ----------------        ----------------
     Total Revenue                                                                  265,711                 400,242
                                                                           ----------------        ----------------

Expense:
   Asset management fees, affiliate (Note 5)                                        144,609                 166,625
   Provision for valuation allowance on advances to Local Limited
     Partnerships (Note 3)                                                            7,233                       -
   Impairment on investments in Local Limited
     Partnerships (Note 3)                                                          434,000               1,997,881
   General and administrative (includes reimbursements
     to an affiliate in the amount of $157,666 and
     $160,831 in 2009 and 2008, respectively)                                       294,680                 327,443
   Amortization                                                                       6,698                  8,654
                                                                           ----------------        ----------------
     Total Expense                                                                  887,220               2,500,603
                                                                           ----------------        ----------------

Loss before equity in income of Local Limited Partnerships and gain (loss) on
   sale of investments in Local Limited
   Partnerships                                                                    (621,509)             (2,100,361)

Equity in income of Local Limited Partnerships (Note 3)                           3,208,917                 246,974

Gain (loss) on sale of investments in Local Limited
    Partnerships (Note 3)                                                        (1,007,106)                 75,001
                                                                           -----------------       ----------------

Net Income (Loss)                                                          $      1,580,302        $     (1,778,386)
                                                                           ================        ================

Net Income (Loss) allocated:
   General Partners                                                        $          1,633        $        (23,111)
   Class A Limited Partners                                                       1,336,390              (1,829,846)
   Class B Limited Partners                                                         242,279                  74,571
                                                                           ----------------        ----------------
                                                                           $      1,580,302        $     (1,778,386)
                                                                           ================        =================
Net Income (Loss) per Limited Partner Unit
   Class A Unit (34,643 Units)                                             $          38.58        $        (52.82)
                                                                           ================        ===============
   Class B Unit (3,290 Units)                                              $          73.64        $          22.67
                                                                           ================        ================

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

</TABLE>

<PAGE>

                    BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)

                   STATEMENTS OF CHANGES IN PARTNERS' EQUITY

                  For the Years Ended March 31, 2009 and 2008



<TABLE>
<CAPTION>
<S>                                         <C>               <C>                <C>          <C>              <C>


                                                                            Investor        Investor
                                                            Initial          Limited        Limited
                                           General          Limited         Partners,      Partners,
                                          Partners          Partner          Class A        Class B           Total

Balance at March 31, 2007              $     97,849     $      5,000     $  6,571,405    $  3,110,604    $    9,784,858
                                       ------------     ------------     ------------    ------------    ---------------


Cash distributions                                -                -                -        (532,669)         (532,669)


Net Income (Loss)                           (23,111)               -       (1,829,846)         74,571        (1,778,386)
                                       ------------     ------------     ------------    ------------       ------------


Balance at March 31, 2008                    74,738            5,000        4,741,559       2,652,506         7,473,803


Cash distributions                               -                 -                -      (1,417,000)       (1,417,000)


Net Income                                    1,633                -        1,336,390         242,279         1,580,302
                                       ------------     ------------     ------------    ------------        -----------


Balance at March 31, 2009              $     76,371     $      5,000     $  6,077,949    $  1,477,785        $7,637,105
                                       ============     ============     ============    ============      ==============

    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, 2009 and 2008
<TABLE>
<CAPTION>
<S>                                                                                <C>                    <C>


                                                                                 2009                    2008
                                                                           ----------------        -----------------
Cash flows from operating activities:
   Net Income (Loss)                                                       $      1,580,302        $     (1,778,386)
   Adjustments to reconcile net income (loss) to net
     cash used for operating activities:
   Equity in income of Local Limited Partnerships                                (3,208,917)               (246,974)
   Loss (gain) on sale of investments in Local Limited
     Partnerships                                                                 1,007,106                 (75,001)
   Provision for valuation allowance on advances
     to Local Limited Partnerships                                                    7,233                       -
     Impairment on investments in Local Limited
      Partnerships                                                                  434,000               1,997,881
   Accretion of Original Issue Discount                                            (150,902)               (199,689)
   Amortization                                                                       6,698                   8,654
   Cash distributions included in net income (loss)                                 (41,862)                 (3,258)
   Increase (decrease) in cash arising from changes
     in operating assets and liabilities:
     Due from affiliate                                                                   -                  50,000
     Other assets                                                                         2                       1
     Due to affiliate                                                               (87,643)                (42,598)
     Accrued expenses                                                                 3,294                  24,090
                                                                           ----------------        ----------------
Net cash used for operating activities                                             (450,689)               (265,280)
                                                                           -----------------       ----------------

Cash flows from investing activities:
   Release of restricted cash                                                             -                 187,000
   Proceeds from maturities of T-Strips                                           1,417,000                 342,000
   Advances to Local Limited Partnerships                                           (32,223)                (50,000)
   Cash distributions received from Local
     Limited Partnerships                                                           317,616                 164,108
   Proceeds received from sale of investments in Local
     Limited Partnerships                                                         3,513,815                  75,001
                                                                           ----------------        ----------------
Net cash provided by investing activities                                         5,216,208                 718,109
                                                                           ----------------        ----------------

Cash flows from financing activities:
   Cash distributions                                                            (1,417,000)               (532,669)
                                                                           -----------------       ----------------
Net cash used for financing activities                                           (1,417,000)               (532,669)
                                                                           -----------------       ----------------

Net increase (decrease) in cash and cash equivalents                              3,348,519                 (79,840)

Cash and cash equivalents, beginning of year                                      1,052,170               1,132,010
                                                                           ----------------        ----------------

Cash and cash equivalents, end of year                                     $      4,400,689        $      1,052,170
                                                                           ================        ================

Non-cash investing activity:
     Accounts receivable from sale of investments
         in Local Limited Partnerships                                       $       (5,000)         $            -
                                                                             ---------------         --------------

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

<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.
The Fund's objectives are to: (i) provide annual tax benefits in the form of tax
credits which Limited Partners may use to offset their Federal income tax
liability; (ii) preserve and protect the Fund's capital committed to Local
Limited Partnerships; (iii) provide cash distributions from operations of Local
Limited Partnerships; (iv) provide cash distributions from Sale or Refinancing
transactions with the possibility of long term capital appreciation; and (v)
provide cash distributions derived from investment in Treasury STRIPS to Class B
Limited Partners after a period of approximately thirteen to eighteen years
equal to their Capital Contributions. Arch Street VIII, Inc., a Massachusetts
corporation, is the Managing General Partner of the Fund. Arch Street VI Limited
Partnership, 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 MMA Financial, Inc. ("MMA"). The fiscal year of the Fund ends
on March 31. On June 26, 2009, Municipal Mortgage & Equity, LLC (the parent
company of MMA Financial, Inc.) entered into a purchase and sale agreement with
JEN I, L.P. for the sale of substantially all of its low-income housing tax
credit business, including the Fund and its General Partners. Upon the
consummation of the sale transaction (expected to occur on or before August 31,
2009), the General Partners will be owned or controlled by JEN I, L.P.

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. 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.

Under the terms of the Partnership Agreement, the Fund originally 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. At March 31, 2009 and 2008, the Managing General Partner has
designated approximately $4,284,000 and $751,000, respectively, as such
Reserves.

Generally, profits, losses, tax credits and cash flow from operations are
allocated 99% to the Limited Partners and 1% to the General Partners. Net
proceeds from a sale or refinancing will be allocated 95% to the Limited
Partners and 5% to the General Partners, after certain priority payments. The
General Partners may have an obligation to fund deficits in their capital
accounts, subject to limits set forth in the Partnership Agreement. However, to
the extent that the General Partners' capital accounts are in a deficit
position, certain items of net income may be allocated to the General Partners
in accordance with the Partnership Agreement.

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.


<PAGE>


                     BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)


                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2.   Significant Accounting Policies

Cash Equivalents

Cash equivalents represent short-term, highly liquid instruments with original
maturities of 90 days or less.

Concentration of Credit Risk

The Fund invests its cash primarily in money market funds with commercial banks.
At times, cash balances at a limited number of banks and financial institutions
may exceed federally insured amounts. Management believes it mitigates its
credit risk by investing in major financial institutions.

Other Investments

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.

Investments in Local Limited Partnerships

The Local Limited Partnerships in which the Fund invests are Variable Interest
Entities ("VIE"s). The Fund is involved with the VIEs as a non-controlling
limited partner equity holder. The investments in the Local Limited Partnerships
are made primarily to obtain tax credits on behalf of the Fund's investors. The
general partners of the Local Limited Partnerships, who are considered to be the
primary beneficiaries, control the day-to-day operations of the Local Limited
Partnerships. The general partners are also responsible for maintaining
compliance with the tax credit program and for providing subordinated financial
support in the event operations cannot support debt and property tax payments.
The Fund, through its ownership percentages, may participate in property
disposition proceeds. The timing and amounts of these proceeds are unknown but
can impact the Fund's financial position, results of operations or cash flows.
Because the Fund is not the primary beneficiary of these VIEs, it accounts for
its investments in the Local Limited Partnerships using the equity method of
accounting. As a result of its involvement with the VIEs, the Fund's exposure to
economic and financial statement losses is limited to its investments in the
VIEs ($2,099,831 and $4,108,297 at March 31, 2009 and 2008, respectively). The
Fund may be subject to additional losses to the extent of any financial support
that the Fund voluntarily provides in the future. Under the equity method, the
investment is carried at cost, adjusted for the Fund's share of net income or
loss and for cash distributions from the Local Limited Partnerships; equity in
income or loss of the Local Limited Partnerships is included currently in the
Fund's operations. A liability is recorded for delayed equity capital
contributions to Local Limited Partnerships. Under the equity method, a Local
Limited Partnership investment will not be carried below zero. To the extent
that equity in losses are incurred when the Fund's carrying value of the
respective Local Limited Partnership has been reduced to a zero balance, the
losses will be suspended and offset against future income. Income from Local
Limited Partnerships, where cumulative equity in losses plus cumulative
distributions have exceeded the total investment in Local Limited Partnerships,
will not be recorded until all of the related unrecorded losses have been
offset. To the extent that a Local Limited Partnership with a carrying value of
zero distributes cash to the Fund, that distribution is recorded as income on
the books of the Fund.

The Tax Credits generated by Local Limited Partnerships are not reflected on the
books of the Fund as such credits are allocated to partners for use in
offsetting their Federal income tax liability.

<PAGE>

                       BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2. Significant Accounting Policies (continued)

Investments in Local Limited Partnerships (continued)

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 or until a Local
Limited Partnership's respective investment balance has been reduced to zero.
The Fund may provide advances to the Local Limited Partnerships to finance
operations or to make debt service payments. The Fund assesses the
collectibility of any advances at the time the advance is made and records a
reserve if collectibility is not reasonably assured.

The Fund does not guarantee any of the mortgages or other debt of the Local
Limited Partnerships.

The Managing 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, 2008 and 2007 and for the years then ended.

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 Fund has implemented policies and practices for assessing
other-than-temporary declines in the values of its investments in Local Limited
Partnerships. Periodically, the carrying values of the investments are tested
for other-than-temporary impairment. If an other-than-temporary decline in
carrying value exists, a provision to reduce the investment to the sum of the
estimated remaining benefits will be recorded in the Fund's financial
statements. The estimated remaining benefits for each Local Limited Partnership
consist of estimated future tax losses and tax credits over the estimated life
of the investment and estimated residual proceeds at disposition. Included in
the estimated residual proceeds calculation is current net operating income
capitalized at a regional rate specific to each Local Limited Partnership less
the debt of the Local Limited Partnership. Generally, the carrying values of
most Local Limited Partnerships will decline through losses and distributions in
amounts sufficient to prevent other-than-temporary impairments. However, the
Fund may record similar impairment losses in the future if the expiration of tax
credits outpaces losses and distributions from any of the Local Limited
Partnerships.

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets,
liabilities and disclosure 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

Statements of Financial Accounting Standards No. 107 ("SFAS No. 107"),
Disclosures About Fair Value of Financial Instruments, requires disclosure for
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. Unless
otherwise described, 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.

In December 2008, the Financial Accounting Standards Board (`FASB") issued
Interpretation No. 48-3 "Effective Date of FASB Interpretation No. 48 for
Certain Nonpublic Enterprises" ("FIN48-3"). FIN48-3 deferred the effective date
of FIN48 for certain nonpublic organizations. The deferred effective date is
intended to give the FASB additional time to develop guidance on the application
of FIN48 by pass-through and not-for-profit entities. The General Partner may
modify the Fund's disclosures if the FASB's guidance regarding the application
of FIN48 to pass-through entities changes.

Effect of New Accounting Principles

SFAS No. 157

In September 2006, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 157, "Fair Value Measurements" ("SFAS No. 157"), which provides enhanced
guidance for using fair value to measure assets and liabilities. SFAS No. 157
establishes a common definition of fair value, provides a framework for
measuring fair value under U.S. generally accepted accounting principles and
expands disclosure requirements about fair value measurements. SFAS No. 157 is
effective for financial statements issued in fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. In February
2008, the FASB issued FASB Staff Position 157-2, "Effective Date of FASB
Statement No. 157", which delays the effective date of SFAS No. 157 for all
nonfinancial assets and liabilities except those that are recognized or
disclosed at fair value in the financial statements on at least an annual basis
until November 15, 2008. The Fund adopted the provisions of SFAS No. 157 for
financial assets and liabilities recognized at fair value on a recurring basis
effective April 1, 2008. The partial adoption of SFAS No. 157 did not have a
material impact on the Fund's financial statements. The Fund does not expect the
adoption of the remaining provisions of SFAS No. 157 to have a material effect
on the Fund's financial position, operations or cash flow. This standard
requires that a Fund measure its financial assets and liabilities using inputs
from the three levels of the fair value hierarchy. A financial asset or
liability classification within the hierarchy is determined based on the lowest
level input that is significant to the fair value measurement. The three levels
are as follows:


     Level      1 - Inputs are unadjusted quoted prices in active markets for
                identical assets or liabilities that the Fund has the ability to
                access at the measurement date.

     Level      2 - Inputs include quoted prices for similar assets and
                liabilities in active markets, quoted prices for identical or
                similar assets or liabilities in markets that are not active,
                inputs other than quoted prices that are observable for the
                asset or liability and inputs that are derived principally from
                or corroborated by observable market data by correlation or
                other means (market corroborated inputs).

     Level      3 - Unobservable inputs reflect the Fund's judgments about the
                assumptions market participants would use in pricing the asset
                or liability since limited market data exists. The Fund develops
                these inputs based on the best information available, including
                the Fund's own data.

Financial assets accounted for at fair value on a recurring basis at March 31,
2009 include cash equivalents of $4,400,689.

 <PAGE>

                         BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)

                       NOTES TO THE FINANCIAL STATEMENTS (continued)


2. Significant Accounting Policies (continued)

Effect of New Accounting Principles (continued)

SFAS No. 159

In February 2007, the FASB issued Statement of Financial Accounting Standards
No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities"
("SFAS No. 159"), which permits entities to choose to measure many financial
assets and financial liabilities at fair value. Unrealized gains and losses on
items for which the fair value option has been elected are reported in earnings.
SFAS No. 159 is effective for fiscal years beginning after November 15, 2007,
and interim periods within those fiscal years. The Fund has not elected to
measure any financial assets and financial liabilities at fair value under the
provisions of SFAS No. 159.

3.   Investments in Local Limited Partnerships

The Fund currently owns limited partnership interests in ten Local Limited
Partnerships which were organized for the purpose of owning and operating
multi-family housing complexes, all of which are government-assisted. The Fund's
ownership interest in each Local Limited Partnership is 99%, except for
Metropolitan, where the Fund's ownership interest is 98.75%. The Fund may have
negotiated or may negotiate options with the local general partners to purchase
or sell the Fund's interests in the Local Limited Partnership at the end of the
Compliance Period at nominal prices. In the event that Properties are sold to a
third party, or upon dissolution of the Local Limited Partnerships, proceeds
will be distributed according to the terms of each Local Limited Partnership
agreement.

The following is a summary of investments in Local Limited Partnerships at March
31, 2009 and 2008:
<TABLE>
<CAPTION>
<S>                                                                                  <C>                   <C>

                                                                                     2009                  2008
                                                                               ----------------      -----------------
Capital contributions and advances paid to Local Limited Partnerships and
    Purchase price paid to withdrawing partners of Local Limited
   Partnerships                                                                $     13,590,985      $     20,734,612

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $3,474,251 and $4,275,879 in 2009
    and 2008, respectively)                                                          (6,025,254)           (8,778,443)

Cumulative cash distributions received from Local Limited Partnerships               (3,534,918)           (3,712,139)
                                                                               ----------------      ----------------

Investments in Local Limited Partnerships before adjustments                          4,030,813             8,244,030

Excess investment costs over the underlying assets acquired:

   Acquisition fees and expenses                                                        399,859               717,628

   Cumulative amortization of acquisition fees and expenses                            (142,587)             (230,050)
                                                                               ----------------      ----------------

Investments in Local Limited Partnerships before valuation allowance                  4,288,085             8,731,608

Valuation allowance on investments in Local Limited Partnerships                     (2,188,254)           (4,623,311)
                                                                               ----------------      ----------------

Investments in Local Limited Partnerships                                      $      2,099,831      $      4,108,297
                                                                               ================      ================
</TABLE>

During the year ended March 31, 2009, the Fund advanced $32,223 to one of the
Local Limited Partnerships, $7,233 of which was reserved. The Fund has also
recorded a valuation allowance for its investments in certain Local Limited
Partnerships in order to appropriately reflect the estimated net realizable
value of these investments.

<PAGE>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3. Investments in Local Limited Partnerships (continued)

Summarized combined financial information of the Local Limited Partnerships in
which the Fund has invested as of December 31, 2008 and 2007 (due to the Fund's
policy of reporting the financial information of its Local Limited Partnership
interests on a 90-day lag basis) is as follows:

Summarized Balance Sheet - as of December 31,
<TABLE>
<S>                                                                                 <C>                 <C>

                                                                                   2008                2007
                                                                             ----------------    ----------------
Assets:
   Investment property, net                                                  $     23,555,436    $     40,618,263
   Other assets                                                                     2,047,509           4,553,844
                                                                             ----------------    ----------------
     Total Assets                                                            $     25,602,945    $     45,172,107
                                                                             ================    ================

Liabilities and Partners' Equity:
   Mortgage notes payable                                                    $     21,898,861    $     38,218,126
   Other liabilities                                                                2,744,409           3,934,931
                                                                             ----------------    ----------------
     Total Liabilities                                                             24,643,270          42,153,057
                                                                             ----------------    ----------------

Fund's equity                                                                         525,036           3,160,431
Other partners' equity (deficiency)                                                   434,639            (141,381)
                                                                             ----------------    ----------------
   Total Partners' Equity                                                             959,675           3,019,050
                                                                             ----------------    ----------------
   Total Liabilities and Partners' Equity                                    $     25,602,945    $     45,172,107
                                                                             ================    ================
</TABLE>




Summarized Statements of Operations - for the years ended December 31,
<TABLE>
<CAPTION>
<S>                                                                                   <C>               <C>

                                                                                   2008                2007
                                                                             ----------------    ----------------

Rental and other income                                                      $      9,055,899    $      9,640,377

Expenses:
   Operating                                                                        1,892,363           5,434,988
   Interest                                                                         1,514,261           1,898,993
   Depreciation and amortization                                                    2,041,545           2,233,064
                                                                             ----------------    ----------------
     Total Expenses                                                                 5,448,169           9,567,045
                                                                             ----------------    ----------------

Net Income                                                                   $      3,607,730    $         73,332
                                                                             ================    ================

Fund's share of net income                                                   $      2,239,559    $       (815,007)
                                                                             ================    ================
Other partners' share of net income                                          $      1,368,171    $        888,339
                                                                             ================    ================
</TABLE>

For the years ended March 31, 2009 and 2008, the Fund has not recognized
$1,153,572 and $1,061,981, respectively, of equity in losses relating to certain
Local Limited Partnerships in which cumulative equity in losses and
distributions exceeded its total investment in these Local Limited Partnerships.
Previously unrecognized losses of $184,214 were included in losses recognized in
the year ended March 31, 2009.

The Fund's equity as reflected by the Local Limited Partnerships of $525,036 and
$3,160,431 at March 31, 2009 and 2008, respectively, differs from the Fund's
investments in Local Limited Partnerships before adjustments of $4,030,813 and
$8,244,030 at March 31, 2009 and 2008, respectively, primarily due to: (i)
cumulative unrecognized losses as described above; (ii) syndication costs
charged to equity by the Local Limited Partnerships that are not reflected in
the Fund's investments in Local Limited Partnerships; and (iii) advances to
Local Limited Partnerships that the Partnership included in investments in Local
Limited Partnerships.

<PAGE>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3. Investments in Local Limited Partnerships (continued)

For the year ended March 31, 2009, one of the Local Limited Partnerships with a
carrying value of $167,515 was considered to have operating issues significant
enough to warrant its independent auditor to issue an audit report that raised
substantial doubt about the Local Limited Partnership's ability to continue as a
going concern. However, the Fund believes that support from the Local General
Partner and adequate Local Limited Partnership reserve levels will likely
mitigate substantial risk to the Fund.

During the year ended March 31, 2009, the Fund sold its interest in nine Local
Limited Partnerships resulting in a net loss of $1,007,106. As of March 31,
2009, $5,000 is receivable related to the sale of one of these Local Limited
Partnerships.

4.   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, 2009 and 2008 is composed of the following:
<TABLE>
<CAPTION>
<S>                                                                  <C>                         <C>

                                                                  2009                           2008
                                                             --------------                ---------------

   Aggregate cost of Treasury STRIPS                        $       373,553                $       754,734
   Accumulated accretion of
     Original Issue Discount                                        905,324                      1,790,243
                                                            ---------------                ---------------
                                                            $     1,278,877                $     2,544,977
                                                            ===============                ===============
</TABLE>

The fair value of these securities at March 31, 2009 is $1,340,213. As of March
31, 2009 and 2008, ten Treasury Strips matured yielding proceeds of $1,417,000
and $529,000, respectively. The next maturity date for the STRIPS is May 15,
2009 and the final maturity will take place on May 15, 2010. The total maturity
value is $1,344,000.

5.   Transactions with Affiliate

An affiliate of the Managing General Partner receives the base amount of $5,500
(annually adjusted by the CPI factor) per Local Limited Partnership as the
annual Asset Management Fee for administering the affairs of the Fund. Included
in the Statements of Operations are Asset Management Fees of $144,609 and
$166,625 for the years ended March 31, 2009 and 2008, respectively. During the
years ended March 31, 2009 and 2008, $159,258 and $341,896, respectively, were
paid out of available cash flow for Asset Management Fees. Included in due to
affiliate at March 31, 2009 and 2008 were $25,164 and $39,813, respectively, of
Asset Management Fees.

An affiliate of the Managing General Partner is reimbursed for the actual cost
of the Fund's salaries and benefits expenses. Included in general and
administrative expenses for the years ended March 31, 2009 and 2008 is $157,666
and $160,831, respectively, that the Fund has incurred for these expenses.
During the years ended March 31, 2009 and 2008, salaries and benefits of
$191,481 and $80,488, respectively, were paid to the affiliate of the Managing
General Partner. As of March 31, 2009 and 2008, $46,529 and $80,343,
respectively, of reimbursements to an affiliate of the Managing General Partner
remains unpaid.

An affiliate of the General Partner is reimbursed for the actual cost of the
Fund's operating expenses. As of March 31, 2009 and 2008, $13,150 and $52,330,
respectively, were reimbursable to the affiliate.

<PAGE>


                   BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


6.   Federal Income Taxes

The following schedules reconcile the reported financial statement net income
(loss) for the fiscal years ended March 31, 2009 and 2008 to the net income
reported on the Form 1065, U. S. Partnership Return of Income for the years
ended December 31, 2008 and 2007:
<TABLE>
<CAPTION>
<S>                                                                                   <C>                 <C>

                                                                                    2009                 2008
                                                                               --------------       ---------------

Net Income (Loss) per financial statements                                     $    1,580,302       $   (1,778,386)

Equity in income (losses) of Local Limited Partnerships for tax purposes
    in excess of equity in income (losses) for financial reporting purposes            93,603              (88,360)

Equity in losses of Local Limited Partnerships not recognized
   for financial reporting purposes                                                  (969,358)          (1,061,981)

Adjustment to reflect March 31 fiscal year end to
   December 31 taxable year end                                                       (12,846)              48,931

Amortization for tax purposes in excess of amortization
   for financial reporting purposes                                                   (10,240)             (17,442)

Provision for valuation allowance on advances to Local Limited
   Partnerships not deductible for tax purposes                                         7,233                    -

Impairment on investments in Local Limited Partnerships
   not deductible for tax purposes                                                    434,000            1,997,881

Gain (loss) on sale of investments in Local Limited Partnerships for tax
   purposes in excess of gain (loss) recognized for financial
   reporting purposes                                                                 (12,229)           2,234,086

Cash distributions included in net income (loss) for financial
   reporting purposes                                                                 (41,862)              (3,258)

Other                                                                                       -             (127,007)
                                                                               --------------       --------------

Net Income per tax return                                                      $    1,068,603       $    1,204,464
                                                                               ==============       ==============
</TABLE>

The differences in the assets and liabilities of the Fund for financial
reporting purposes and tax purposes as of March 31, 2009 and December 31, 2008,
respectively, are as follows:
<TABLE>
<CAPTION>
<S>                                                             <C>                     <C>                 <C>

                                                               Financial
                                                               Reporting             Tax
                                                               Purposes           Purposes           Differences

Investments in Local Limited Partnerships                   $    2,099,831     $   (2,898,707)     $    4,998,538
                                                            ==============     ==============      ==============
Other assets                                                $    5,684,566     $   10,848,298      $   (5,163,732)
                                                            ==============     ==============      ===============
Liabilities                                                 $      147,292     $      128,649      $       18,643
                                                            ==============     ==============      ==============
</TABLE>
<PAGE>


                           BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)



                  NOTES TO THE FINANCIAL STATEMENTS (continued)


6. Federal Income Taxes (continued)

The differences in the assets and liabilities of the Fund for financial
reporting and tax purposes are primarily attributable to: (i) the cumulative
equity in losses from Local Limited Partnerships for tax purposes is
approximately $5,810,000 greater than for financial reporting purposes including
approximately $3,474,000 of losses the Fund has not recognized related to
certain Local Limited Partnerships whose cumulative equity in losses exceeded
their total investment; (ii) the Fund has provided an impairment allowance of
approximately $2,181,000 against its investments in Local Limited Partnerships
for financial reporting purposes; and (iii) organizational and offering costs of
approximately $5,132,000 that have been capitalized for tax purposes are charged
to Limited Partners' equity for financial reporting purposes.

The differences in the assets and liabilities of the Fund for financial
reporting purposes and tax purposes as of March 31, 2008 and December 31, 2007,
respectively are as follows:
<TABLE>
<CAPTION>
<S>                                                             <C>                  <C>               <C>

                                                               Financial
                                                               Reporting             Tax
                                                               Purposes           Purposes           Differences

Investments in Local Limited Partnerships                   $    4,108,297     $     (399,243)     $    4,507,540
                                                            ==============     ==============      ==============
Other assets                                                $    3,597,147     $    8,841,194      $   (5,244,047)
                                                            ==============     ==============      ==============
Liabilities                                                 $      231,641     $      272,612      $      (40,971)
                                                            ==============     ==============      ==============
</TABLE>

The differences in the assets and liabilities of the Fund for financial
reporting and tax purposes are primarily attributable to: (i) the cumulative
equity in losses from Local Limited Partnerships for tax purposes is
approximately $4,603,000 greater than for financial reporting purposes including
approximately $4,276,000 of losses the Fund has not recognized related to
certain Local Limited Partnerships whose cumulative equity in losses exceeded
their total investment; (ii) the Fund has provided an impairment allowance of
approximately $5,261,000 against its investments in Local Limited Partnerships
for financial reporting purposes; and (iii) organizational and offering costs of
approximately $5,132,000 that have been capitalized for tax purposes are charged
to Limited Partners' equity for financial reporting purposes.

7.   Significant Subsidiaries

The following Local Limited Partnerships invested in by the Fund represent more
than 20% of the Fund's total assets or equity as of March 31, 2009 or 2008 or
net income (loss) for the years ended either March 31, 2009 or 2008. The
following financial information represents the performance of these Local
Limited Partnerships for the years ended December 31, 2008 and 2007:
<TABLE>
<CAPTION>
<S>                                                                                  <C>                    <C>

                                                                                   2008                    2007
                                                                              ---------------         ---------------
Pilot House Associates Limited Partnership
Total Assets                                                                  $     5,376,761         $     5,514,231
Total Liabilities                                                             $     3,921,313         $     3,973,208
Revenue                                                                       $     1,171,055         $     1,110,710
Net Income                                                                    $        69,977         $       999,438

Cottage Homesteads of Aspen Limited Partnership
Total Assets                                                                              N/A         $     4,674,220
Total Liabilities                                                                         N/A         $     4,271,009
Revenue                                                                       $       534,208         $     1,236,565
Net Income (Loss)                                                             $     3,803,483         $       (36,448)
</TABLE>
<PAGE>


                      BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


7. Significant Subsidiaries (continued)
<TABLE>
<CAPTION>
<S>                                                                                  <C>                   <C>

                                                                                   2008                    2007
                                                                              ---------------         ---------------
Hudson Square Apartments Limited Partnership
Total Assets                                                                              N/A         $       895,617
Total Liabilities                                                                         N/A         $        61,854
Revenue                                                                       $     1,528,000         $       637,150
Net Income                                                                    $     1,071,415         $       170,570

Linden Square Ltd. Div. Housing Assoc. Limited Partnership
Total Assets                                                                  $     4,902,977         $     5,134,487
Total Liabilities                                                             $     3,474,734         $     3,661,018
Revenue                                                                       $       703,541         $       722,600
Net Income (Loss)                                                             $       (37,726)        $        34,001

8.   Subsequent Events
</TABLE>

On April 16, 2009, the Fund sold its interest in Metropolitan, resulting in the
recovery of $75,000 of advances made by the Fund. On May 29, 2009, the Fund sold
its interest in Kings Grant Court, resulting in net proceeds to the Fund of
$4,540. On July 10, 2009, the Fund sold its interest in Vista Villa, which did
not result in any net proceeds to the Fund.