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

                                   FORM 10-KSB

(Mark One)

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

                For  the fiscal year ended March   31,2008
              ---------------------------------------------
                                    OR

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

               For the transition period from _________   to______________


                         Commission file number 0-22104

          Boston Financial Tax Credit Fund Plus, A Limited Partnership

             (Exact name of registrant as specified in its charter)

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

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

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

Securities registered pursuant to Section 12(b) of the Act:

        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)


Check whether the issuer is not required to file reports pursuant to Section 13
 or 15(d) of the Exchange Act.  ____

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
                                   Yes X No .


<PAGE>



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

Indicate by check mark whether the registrant is a shell company (as defined in
 Rule 12 b-2 of the Exchange Act).

                                 Yes   No X .

State issuer's revenues for its most recent fiscal year:  $400,242.

State the aggregate sales price of Fund units held by nonaffiliates of the
registrant:  $37,933,000 as of March 31, 2008.
<TABLE>
<CAPTION>
<S>                                                                     <C>

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

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

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

Acquisition Reports                                                     Part I, Item 1

Prospectus - Sections Entitled:

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

     "Investment Risks"                                                 Part I, Item 1

     "Estimated Use of Proceeds"                                        Part III, Item 12

     "Management Compensation and Fees"                                 Part III, Item 12

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

</TABLE>

<PAGE>


          BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2008

                                TABLE OF CONTENTS

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

                                                                           Page No.

PART I

       Item 1       Business                                                    K-4
       Item 2       Properties                                                  K-6
       Item 3       Legal Proceedings                                           K-11
       Item 4       Submission of Matters to a Vote of
                    Security Holders                                            K-11

PART II

       Item 5       Market for the Registrant's Units and
                    Related Security Holder Matters                             K-11
       Item 6       Management's Discussion and Analysis of
                    Financial Condition and Results of Operations               K-11
       Item 7       Financial Statements and Supplementary Data                 K-17
       Item 8       Changes in and Disagreements with Accountants
                    on Accounting and Financial Disclosure                      K-17
       Item 8A      Controls and Procedures                                     K-17
       Item 8B      Other Information                                           K-17

PART III

       Item 9       Directors and Executive Officers
                    of the Registrant                                           K-17
       Item 10      Management Remuneration                                     K-18
       Item 11      Security Ownership of Certain Beneficial
                    Owners and Management                                       K-18
       Item 12      Certain Relationships and Related Transactions              K-19
       Item 13      Exhibits, Financial Statement Schedules and
                    Reports on Form 8-K                                         K-20
       Item 14.     Principal Accountant Fees and Services                      K-21


SIGNATURES                                                                      K-22
----------

CERTIFICATIONS                                                                  K-23
--------------
</TABLE>


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


<PAGE>


                                     TABLE A

                             SELECTED LOCAL LIMITED
                                PARTNERSHIP DATA
<TABLE>
<S>                                                               <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                                          Poughkeepsie, NY                           05/01/92
Broadway Tower (1)                                       Revere, MA                                 06/02/92
45th & Vincennes                                         Chicago, IL                                06/26/92
Phoenix Housing (1)                                      Moorhead, MN                               07/06/92
Cottages of Aspen                                        Oakdale, MN                                07/02/92
Long Creek Court                                         Kittrell, NC                               07/01/92
Atkins Glen                                              Stoneville, NC                             07/01/92
Tree Trail                                               Gainesville, FL                            10/30/92
Meadow Wood (1)                                          Smyrna, TN                                 10/30/92
Primrose                                                 Grand Forks, ND                            12/09/92
Sycamore                                                 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                                            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                                         Gilmer, NC                                 06/24/94
Findley Place                                            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.

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, 2008, 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, Atkins
Glen Limited Partnership, and Kings Grant Court Limited Partnership representing
5.07%, have Third Renaissance Inc. as Local General Partners; (ii) Dakota Square
Manor Limited Partnership and Duluth Limited Partnership II, representing 6.52%,
have MetroPlains Acquisition Corporation as Local General Partners; and (iii)
Pilot House Associates, L.P. and Preston Place Associates, L.P., representing
23.41%, 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.

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

The Fund is managed by Arch Street 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 9 of this Report.

Item 2.  Properties

The Fund currently owns limited partnership interests in nineteen Local Limited
Partnerships which own and operate Properties, some of which benefit from some
form of federal, state or local assistance programs and all of which qualify for
the Tax Credits added to the Code by the Tax Reform Act of 1986. The Fund's
ownership interest in each Local Limited Partnership is 99%, except for
Livingston Arms, Metropolitan, New Garden Place and Findley Place, where the
Fund's ownership interests are 82%, 98.75%, 97.9% and 98%, respectively, and
Primrose and Sycamore, where the Fund's ownership is 49.5%.

Each of the Local Limited Partnerships has received an allocation of Tax Credits
from its relevant state tax credit agency. In general, the Tax 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, 2008  March 31, 2008  December 31, 2007       Subsidy *        2008
 ---------------------------------------------   -----------    --------------   ----------------    ------------------ -----------

Pilot House Associates, L.P
Pilot House
Newport News, VA                   132          $  2,479,708        $ 2,479,708    $ 3,869,424             None             99%

Jardines Limited Dividend
  Partnership, S.E., L.P.
Jardines de Juncos
Juncos, PR                          60                604,781           604,781      2,539,496             FmHA             100%

99 Livingston Associates, L.P.
Livingston Arms
Poughkeepsie, NY                    26              1,114,686         1,114,686         21,627             None              92%

Cottage Homesteads of Aspen
  Limited Partnership
Cottages of Aspen
Oakdale, MN                         114              1,027,333        1,027,333       3,985,000             None             96%

45th & Vincennes Limited
  Partnership
45th & Vincennes
Chicago, IL                         18                 689,080          689,080         510,979          Section 8           67%

Long Creek Court Limited
  Partnership
Long Creek Court
Kittrell, NC                        14                 120,476          120,476         530,789            FmHA            100%

</TABLE>



<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, 2008   March 31, 2008   December 31, 2007     Subsidy *       2008
 ---------------------------------------------   ------------   --------------     ----------------    ------------   -------------

Atkins Glen Limited Partnership
Atkins Glen
Stoneville, NC                      24                205,574         205,574         919,380            FmHA              100%

Tree Trail Apartments,
  A Limited Partnership
Tree Trail
Gainesville, FL                     108              2,060,143       2,060,143       2,355,719           None               86%

Dakota Square Manor
  Limited Partnership
Primrose
Grand Forks, ND                      48                674,557         674,557       1,350,000           None                96%

Duluth Limited Partnership II
Sycamore
Sioux Falls, SD                      48                657,000         657,000       1,153,722           None                94%

Preston Place Associates, L.P.
Preston Place
Winchester, VA                       120              2,300,000       2,300,000      3,660,077           None                98%

</TABLE>






<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, 2008  March 31, 2008   December 31, 2007        Subsidy *        2008
 ---------------------------------------------     -----------  --------------  ----------------   ------------------   ---------

Kings Grant Court
 Limited Partnership
Kings Grant Court
Statesville, NC                        36             708,530       708,530          771,477                None           100%

Hudson Square Apartments
  Company (A Limited
  Partnership) Hudson Square
Baton Rouge, LA                        82             554,670       554,670           23,378             Section 8          100%

Walker Woods Partners, II, L.P.
Walker Woods II
Dover, DE                              19             591,429      591,429           835,773                None            100%

Vista Villa Limited Dividend
  Housing Association
  Limited Partnership
Vista Villa
Saginaw County, MI                    100            1,204,762     1,204,762       2,963,849                None             93%

Metropolitan Apartments
  Limited Partnership
Metropolitan
Chicago, IL                            69            2,139,159     2,139,159       1,635,688              Section 8          84%



</TABLE>

<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, 2008    March 31, 2008  December 31, 2007      Subsidy *       2008
 ---------------------------------------------  ------------    --------------    --------------  ------------------ -------------

Linden Square Limited Dividend
  Housing Association
  Limited Partnership
Linden Square
Genesee County, MI               120            1,299,774            1,299,774      3,504,280          None                93%

New Garden Associates,
  Limited Partnership
New Garden Place
Gilmer, NC                       76            1,269,794             1,269,794      2,151,809          None               100%

Exodus/Lyndon/Windsor,
 Limited Partnership
Findley Place                    89              716,000              716,000       5,435,659          None               100%
                               ------       --------------        -------------  ---------------
Minneapolis, MN                 1,303       $   20,417,456        $  20,417,456  $ 38,218,126
                               ======       ==============        =============  ===============
</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, 6 and 7 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, 2008, there were 1,858 record holders of Units of the Fund.

Cash distributions, when made, are paid annually. The Fund has made cash
distributions of $532,669 during the year ended March 31, 2008.

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

Certain matters discussed herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. The 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.

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.
<PAGE>

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. On
August 15, 2007, the Fund received $342,000 or $104.20, 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. The next scheduled maturity date is August 15, 2008, when
four Treasury STRIPS will mature and the Fund will receive $537,000, or $163.22
per Class B Unit. The Managing General Partner will distribute these proceeds in
September 2008, to the Limited Partners recognized as holders of the Class B
Units on the date these Treasury Strips mature. Additional securities will
mature between years 2008 and 2010.

As of March 31, 2008, the Fund's investment portfolio consisted of limited
partnership interests in nineteen Local Limited Partnerships, each of which owns
and operates a multi-family apartment complex and each of which has generated
Tax Credits. 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 fifteen of the remaining nineteen Properties have expired on or
before December 31, 2007, while the other four Properties have compliance
periods that expire on December 31, 2008. The Managing General Partner has
negotiated agreements that will ultimately dispose of the Fund's interest in
four Local Limited Partnerships. The Fund has not disposed of any Local Limited
Partnership interests during the twelve months ended March 31, 2008.

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.

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. 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 ($4,108,297 at March 31, 2008). 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 Partnership'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
Partnership'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 and is included in "other revenue" in the accompanying
financial statements.
<PAGE>
The Fund has implemented policies and practices for assessing
other-than-temporary declines in values of its investments in Local Limited
Partnerships. Periodically, the carrying values of the investments are compared
to their respective fair values. If an other-than-temporary decline in carrying
value exists, a provision to reduce the asset to fair value, as calculated based
primarily on remaining tax benefits, will be recorded in the Fund's financial
statements.  The tax benefits for each Local Limited Partnership consist of
future tax losses, tax credits and residual receipts at disposition.  Included
in the residual receipts calculation is current net operating income capitalized
at the regional rate specific to each Local Limited Partnership. During the year
ended March 31, 2008, the Fund concluded that four 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
$112,000; Atkins Glen Limited Partnership for $44,882; Hudson Square Apartments
Company for approximately $528,000; and Linden Square Limited Dividend for
approximately $1,313,000. 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, 2008, the Fund had cash and cash equivalents of $1,052,170, as
compared to $1,132,010 at March 31, 2007. The decrease is primarily attributable
to distributions to Class B Partners and advances to Local Limited Partners
partially offset by Treasury STRIP maturities, cash distributions received from
Local Limited Partnerships and proceeds from the sale of investments in Local
Limited Partnerships.

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, 2008, $751,379 has been
designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $458,000 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, 2008, the
Fund has advanced approximately $271,000 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 on
going operations. Reserves may be used to fund 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, 2008, 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 $532,669 were made to the Investor Limited Partners, Class
B during the two years ended March 31, 2008. No cash distribution were made
during the year ended March 31, 2007. 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.
<PAGE>
Results of Operations

For the year ended March 31, 2008, the Fund's operations resulted in a net loss
of $1,778,386 as compared to a net income of $2,233,324 for the same period in
2007. The decrease in net income is primarily attributable to an increase in
impairment on investments in Local Limited Partnerships, a decrease in equity
in income of Local Limited Partnerships and a decrease in gain on sale,
partially offset by a decrease in general and administrative expense and an
increase in investment and other income. Impairment on investments in Local
Limited Partnerships increased due to the Fund recording an impairment allowance
for its investments in certain Local Limited Partnerships. One of the Local
Limited Partnerships contributed to the decrease in equity income due to
recognizing a gain on involuntary income in 2007 where as the Fund recognized
the income in 2006. The decrease in gain on sale of investments in Local Limited
Partnership is due to the sale of two Local Limited Partnerships sold in the
prior year. The decrease in general and administrative expenses is due to a
decrease in legal expenses between 2006 and 2007, partially offset by an
increase in charges due to an affiliate of the Managing General Partner for
operational and administrative expense necessary for operations of the Fund and
increased expenses associated with auditing the Fund's financial statements. The
increase in other income is due to distributions received from a Local Limited
Partnership sold in the prior year. Investment income increased due to an
increase in returns on investments.

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 at December 31, 2007. 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.
<PAGE>
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 will
ultimately result in the transfer of the Fund's interest in each Local Limited
Partnership. 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. The Managing General Partner has the right to transfer the Fund's
remaining interests, and currently plans to do so by the middle of 2008. These
transfers, when consummated, will be effectively dated January 1, 2008. The
Managing General Partner is currently projecting a taxable loss of approximately
$127,000, or $3.35 per Unit, from Primrose, and taxable income of approximately
$140,000, or $3.69 per Unit, from Sycamore. The Managing General Partner is not
expecting these transfers to result in any proceeds for the Partnership.

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.

As previously reported, although occupancy had stabilized at 45th and Vincennes,
located in Chicago, Illinois, debt service coverage and working capital remain
well below appropriate levels as of September 30, 2007. As of March 31, 2008,
occupancy was unstable at 67%. A representative of the Managing General Partner
visited the Property in December 2007 to reassess the management agent and
physical condition and noted that the Property remains in need of significant
improvement. Although advances from the Local General Partner have enabled the
Property to remain current on its loan obligations, the Managing General Partner
believes that the Local General Partner and its affiliated management company
are not adequately performing their responsibilities with respect to the
Property. The Managing General Partner has expressed these concerns to the Local
General Partner and will continue to closely monitor the Property's operations.
Based on the results of a market valuation, confirming the property's value is
less than its outstanding debt, the Managing General Partner, will assign the
Partnership's interest to the Local General Partner, upon receipt of official
documentation from HUD, approving the Transfer of Physical Assets application.
The Managing General Partner currently believes a mid-2008 disposition is
likely. The Managing General Partner does not expect this disposition to result
in any proceeds to the Partnership, or result in a significant taxable event for
Limited Partners. The Property's Compliance Period ended on December 31, 2007.

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 has 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 has the right to call the remaining interest after the
Compliance Period has expired, which will occur on December 31, 2008. The
Property operated at above break even for the twelve-month period ending
December 31, 2007.

As previously reported, New Garden Place, located in Gilmer, North Carolina, has
operated at above breakeven for many years. 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 payments 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 can 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 ends on December 31,
2008.

As previously reported, Metropolitan Apartments, located in Chicago, Illinois,
continues to incur operating deficits. Occupancy improved to 88% at December 31,
2007, from 80% at September 30, 2007. High maintenance and repair expense, bad
debt expenses associated with the eviction on non -payment of rent, and real
estate taxes, combined with a reduction in Federal Section 8 rental subsidy
income, resulted in the Property's below breakeven status at December 31, 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, will 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 expects to provide $50,000 more in 2008 to address the need
for structural repairs as cited in the City of Chicago's report of recent
building code violations. Advances will be refunded to the Fund upon
disposition, which is currently expected to occur in early 2009. The Property
remains current on its debt service obligations.
<PAGE>
As previously reported the Managing General Partner and Local General Partner of
Tree Trail, located in Gainesville, Florida, have been exploring an exit
strategy that would have allowed for the early 2008 disposal of the Fund's
interest in the Local Limited Partnership that owns and operates Tree Trail. A
purchase and sale agreement was entered into during January 2008 with the sale
of the underlying property expected to occur during the spring of 2008. The
Managing General Partner is now estimating a late summer 2008 sale with net
sales proceeds to the Fund of approximately $325,000, or $8.57 per Unit, and
2008 taxable income of approximately $584,000, or $15.40 per Unit.

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 early
2008, but due to the inability of the potential buyer to receive a tax credit
allocation for the property from the Delaware State Housing Authority, the sale
of this property was delayed. Another potential buyer has expressed interest and
the Managing General Partner is presently estimating a mid to late 2008 sale of
the property. Net sales proceeds, if any, are indeterminable at this time.

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 may result in the 2008 disposal of the Fund's interest in the
Local Limited Partnership. The Managing General Partner is presently estimating
a mid 2008 sale that, according to preliminary estimates, could potentially
result in net sales proceeds of approximately $1,600,000, or $42.18 per Unit. If
proceeds of this amount are realized, the taxable income resulting from the
eventual sale of the property, are projected to be approximately $1,800,000, or
$47.45 per Unit.

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 $67.77 per Unit.
The Managing General Partner estimates this sale will result in 2008 taxable
income projected to be approximately $2,850,000, or $75.13, per Unit. The Fund
no longer has an interest in this Local Limited Partnership

As previously reported, the Managing General Partner anticipates 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 currently expects a sale to
result in approximately $1,200,000, or $31.63 per Unit. This sale would result
in a loss projected to be approximately $163,000, or $4.30 per Unit.

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, 2008 and 2007.

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.
<PAGE>

Item 7.  Financial Statements and Supplementary Data

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

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

None.

Item 8A. 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, 2008, 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 effectiveness of the Fund's internal control over
financial reporting as of March 31, 2008. Based on this assessment, management
concluded that, as of March 31, 2008, the Fund's internal control over financial
reporting was effective.

Item 8B.  Other Information

     None.
                                    PART III

Item 9.  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
<PAGE>

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 10 of this report. Such day-to-day management
does not include the management of the Properties.

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

Greg Judge, age 43, 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 51, 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 10.  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.

Item 11.  Security Ownership of Certain Beneficial Owners and Management

As of March 31, 2008, 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.
<PAGE>
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 12.  Certain Relationships and Related Transactions

The Fund was required to pay certain fees to and reimburse certain expenses of
the Managing General Partner or its affiliates in connection with the
organization of the Fund and the offering of Units. The Fund is also required to
pay certain fees to and reimburse certain expenses of the Managing General
Partner or its affiliates in connection with the administration of the Fund and
its acquisition and disposition of investments in Local Limited Partnerships. In
addition, the General Partners are entitled to certain Fund distributions under
the terms of the Partnership Agreement. Also, an affiliate of the General
Partners will receive up to $10,000 from the sale or refinancing proceeds of
each Local Limited Partnership, if it is still a limited partner at the time of
such transaction. All such fees, expenses and distributions paid in the two
years ending March 31, 2008 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, 2008 is presented as follows:

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, 2008.

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, 2008.

<PAGE>

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, 2008 are as follows:
<TABLE>
<CAPTION>
<S>                                                                               <C>                <C>

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

Asset management fees                                                        $      166,625        $  171,881

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, 2008 are as follows:

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

Salaries and benefits expense reimbursements                                 $      160,831        $  137,789
</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, 2008.

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, 2008 is presented in Note 5 to the Financial Statements.

Item 13. Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a) Documents filed as a part of this Report

In response to this portion of Item 13, 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>


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, 2008 as follows:
<TABLE>
<CAPTION>
<S>                                                                               <C>                    <C>

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

Audit fees                                                                   $       84,322        $       63,610
Tax fees                                                                     $        2,400        $        2,400
</TABLE>

No other fees were paid or accrued to the principal accountants during the two
years ended March 31, 2008.

<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:   June 30, 2008
           ----------------------------------                    -------------
           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:    June 30, 2008
           ----------------------------------                    -------------
           Greg Judge
           President
           Arch Street VIII, Inc.



     By:   /s/Michael H. Gladstone                       Date:   June 30, 2008
           -----------------------------                         -------------
           Michael H. Gladstone
           Vice President
           Arch Street VIII, Inc.



<PAGE>





          BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2008


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

                                                                               Page No.

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

Report of Independent Registered Public Accounting Firm                          F-3
     for the years ended March 31, 2007

Financial Statements:

     Balance Sheet - March 31, 2008                                              F-4

     Statements of Operations - For the years ended
       March 31, 2008 and 2007                                                   F-5

     Statements of Changes in Partners' Equity  -
       For the years ended March 31, 2008 and 2007                               F-6

     Statements of Cash Flows - For the years ended
       March 31, 2008 and 2007                                                   F-7

     Notes to the Financial Statements                                           F-8

</TABLE>





<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 sheet of Boston Financial Tax
Credit Fund Plus, A Limited Partnership as of March 31, 2008, and the related
statements of operations, changes in partners' equity and cash flows for the
year 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. An audit 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, 2008, and the results of
its operations and its cash flows for the year then ended, in conformity with
accounting principles generally accepted in the United States of America.


/s/ Reznick Group, P.C.

Bethesda, Maryland
June 30, 2008




<PAGE>


     Report of Independent Registered Public Accounting Firm


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


In our opinion, the financial statements listed in the accompanying index
present fairly, in all material respects, the financial position of Boston
Financial Tax Credit Fund Plus, A Limited Partnership ("the Partnership") at
March 31, 2007, and the results of its operations and its cash flows for the
year ended March 31, 2007 in conformity with accounting principles generally
accepted in the United States of America. 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 of these statements 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. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.


/s/ PricewaterhouseCoopers, LLP


Boston, Massachusetts
June 22, 2007


<PAGE>


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




                                  BALANCE SHEET
                                 March 31, 2008


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

         Assets

Cash and cash equivalents                                                                         $     1,052,170
Investment in Local Limited Partnerships (Note 3)                                                       4,108,297
Other investments (Note 4)                                                                              2,544,977
                                                                                                  ---------------
   Total Assets                                                                                   $     7,705,444
                                                                                                  ===============

Liabilities and Partners' Equity

Due to affiliate (Note 5)                                                                         $       172,486
Accrued expenses                                                                                           59,155
                                                                                                  ---------------
   Total Liabilities                                                                                      231,641


General, Initial and Investor Limited Partners' Equity                                                  7,473,803
                                                                                                  ---------------
   Total Liabilities and Partners' Equity                                                         $     7,705,444
                                                                                                  ===============
</TABLE>

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

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

                            STATEMENTS OF OPERATIONS
                   For the Years Ended March 31, 2008 and 2007


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

                                                                                 2008                     2007
                                                                           ----------------            ----------
        Revenue:
   Investment                                                              $         60,132        $          6,593
   Accretion of Original Issue Discount (Note 4)                                    199,689                 211,900
   Other                                                                            140,421                  14,533
                                                                           ----------------        ----------------
     Total Revenue                                                                  400,242                 233,026
                                                                           ----------------        ----------------

Expense:
   Asset management fees, affiliate (Note 5)                                        166,625                 171,881
   Impairment on investments in Local
     Limited Partnerships (Note 3)                                                1,997,881                       -
   Recovery of valuation allowance of advances to Local Limited
     Partnerships (Note 3)                                                                -                 (40,170)
   General and administrative (includes reimbursements
     to an affiliate in the amount of $160,831 and
     $137,789  in 2008 and 2007, respectively)                                      327,443                 344,014
   Amortization                                                                       8,654                   8,654
                                                                                   ---------               --------
     Total Expense                                                                2,500,603                 484,379
                                                                           ----------------        ----------------

Loss before equity in income of Local Limited Partnerships and
gain on sale of investments in Local Limited
 Partnerships                                                                  (2,100,361)               (251,353)

Equity in income of Local Limited Partnerships (Note 3)                             246,974               1,310,589

Gain on sale of investments in Local Limited Partnerships (Note 3)                   75,001               1,174,088
                                                                           ----------------        ----------------

Net Income (Loss)                                                          $     (1,778,386)       $      2,233,324
                                                                           ================        ================

Net Income (Loss) allocated:
   General Partners                                                        $        (23,111)       $        365,853
   Class A Limited Partners                                                      (1,829,846)              1,747,953
   Class B Limited Partners                                                          74,571                 119,518
                                                                           ----------------        ----------------
                                                                           $      1,778,386        $      2,233,324
                                                                           ================        ================
Net Income (Loss) per Limited Partner Unit
   Class A Unit (34,643 Units)                                             $        (52.82)        $          50.46
                                                                           ===============         ================
   Class B Unit (3,290 Units)                                              $          22.67        $          36.33
                                                                           ================        ================
</TABLE>


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

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

                      STATEMENTS OF CHANGES IN PARTNERS' EQUITY
                   For the Years Ended March 31, 2008 and 2007




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

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

Balance at March 31, 2006            $   (268,004)      $ 5,000     $ 4,823,452    $  2,991,086      $(1,296)      7,550,238
                                        ----------      ---------    -----------     -----------     --------     ----------

Comprehensive Income:
  Change in net unrealized
     losses on investment
     securities available for sale              -               -            -              -           1,296           1,296

  Net Income                              365,853               -     1,747,953         119,518             -        2,233,324
                                     ------------    ------------   ------------    ------------      ----------   -------------

Comprehensive Income                      365,853               -     1,747,953         119,518         1,296        2,234,620
                                     ------------    ------------   ------------    ------------      -----------   -----------


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
                                     ============    ============   ============    ============     ===========    ============

</TABLE>

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

<PAGE>

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

                                 STATEMENTS OF CASH FLOWS
                   For the Years Ended March 31, 2008 and 2007

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

                                                                                 2008                       2007
                                                                           ----------------             ----------
Cash flows from operating activities:
   Net Income (Loss)                                                       $     (1,778,386)       $      2,233,324
   Adjustments to reconcile net income (loss) to net
     cash used for operating activities:
   Equity in income of Local Limited Partnerships                                  (246,974)             (1,310,589)
   Gain on sale of investments in Local Limited
     Partnerships                                                                   (75,001)             (1,174,088)
   Recovery of prior year provision for valuation allowance on
     advances to Local Limited Partnerships                                               -                 (40,170)
   Impairment on investments in Local
     Limited Partnerships                                                         1,997,881                       -
   Accretion of Original Issue Discount                                            (199,689)               (211,900)
   Amortization                                                                       8,654                   8,654
   Gain on sales of investment securities                                                 -                   1,159
   Cash distributions included in net income (loss)                                  (3,258)                 (3,258)
   Other non-cash items                                                                   -                  (1,047)
   Increase (decrease) in cash arising from changes
     in operating assets and liabilities:
     Due from affiliate                                                              50,000                       -
     Accounts receivable                                                                  -                  10,000
     Other assets                                                                         1                   1,267
     Due to affiliate                                                               (42,598)                 80,854
     Accrued expenses                                                                24,090                   7,112
                                                                           ----------------        ----------------
Net cash used for operating activities                                             (265,280)               (398,682)
                                                                           ----------------        ----------------

Cash flows from investing activities:
   Release of (deposit to) restricted cash                                          187,000                (187,000)
   Proceeds from maturity of T-Strips                                               342,000                 187,000
   Proceeds from sales and maturities of investments securities                           -                  99,080
   Advances to Local Limited Partnerships                                           (50,000)                      -
   Reimbursement of advances to Local Limited Partnerships                                -                  40,170
   Cash distributions received from Local
     Limited Partnerships                                                           164,108                 117,120
   Proceeds received from sale of investments in Local
     Limited Partnerships                                                            75,001               1,158,433
                                                                           ----------------        ----------------
Net cash provided by investing activities                                           718,109               1,414,803
                                                                           ----------------        ----------------

Cash flows from financing activities:
   Cash distribution                                                               (532,669)                      -
                                                                           ----------------        ----------------
Net cash used for financing activities                                             (532,669)                      -
                                                                           ----------------        ----------------

Net increase (decrease) in cash and cash equivalents                                (79,840)              1,016,121

Cash and cash equivalents, beginning of year                                      1,132,010                 115,889
                                                                           ----------------        ----------------

Cash and cash equivalents, end of year                                     $      1,052,170        $      1,132,010
                                                                           ================        ================

Non cash investment activity:
   Accounts receivable from sale of investments in Local
     Limited Partnerships                                                  $              -        $        (50,000)
                                                                           ================        ================
</TABLE>

      The accompanying notes are an integral part of these financial statements
<PAGE>

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

                        NOTES TO THE FINANCIAL STATEMENTS


1.   Organization

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

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, 2008, the Managing General Partner has designated
approximately $751,000 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 Partner's 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. 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 ($4,108,297 at March 31, 2008). 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 Partnership'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 and is included
in "other revenue" in the accompanying financial statements.

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.

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.


<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)

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, 2007 and 2006 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 values of its investments in Local Limited
Partnerships. Periodically, the carrying values of the investments are compared
to their respective fair values. If an other-than-temporary decline in carrying
value exists, a provision to reduce the asset to fair value, as calculated based
primarily on remaining tax benefits, will be recorded in the Fund's financial
statements.

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 sheet.

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 June 2006, the Financial Accounting Standards Board ("FASB") issued
Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48), an
interpretation of FASB Statement No. 109. FIN 48 provides guidance for how
uncertain tax positions should be recognized, measured, presented and disclosed
in the financial statements. FIN 48 requires the evaluation of tax positions
taken or expected to be taken in the course of preparing the Fund's tax returns
to determine whether the tax positions are more-likely-than-not of being
sustained upon examination by the applicable tax authority, based on the
technical merits of the tax position, and then recognizing the tax benefit that
is more-likely-than-not to be realized. Tax positions not deemed to meet the
more-likely-than-not threshold would be recorded as a tax expense in the current
reporting period. As required, the Fund adopted FIN 48 effective April 1, 2007
and concluded that the effect is not material to its financial statements.
Accordingly, no cumulative effect adjustment related to the adoption of FIN 48
was recorded.


<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

In September 2006, the 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 ("FSP")
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 will adopt SFAS No. 157
effective April 1, 2008. The adoption of this standard is not expected to have a
material impact on the Fund's financial position, operations or cash flow.

In February 2007, the FASB issued SFAS 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 will adopt SFAS No. 159 effective April 1, 2008. The adoption of
this standard is not expected to have a material impact on the Fund's financial
position, operations or cash flow.

3.   Investments in Local Limited Partnerships

The Fund currently owns limited partnership interests in nineteen 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
Livingston Arms, Metropolitan, New Garden Place and Findley Place, where the
Fund's ownership interests are 82%, 98.75%, 97.9% and 98%, respectively, and
Primrose and Sycamore, where the Fund's ownership is 49.5%. 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.


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)
<TABLE>
<CAPTION>
<S>                                                                                                 <C>


3. Investments in Local Limited Partnerships (continued)

The following is a summary of investments in Local Limited Partnerships at March
31, 2008:

Capital contributions and advances paid to Local Limited Partnerships and
purchase
   price paid to withdrawing partners of Local Limited Partnerships                                 $    20,734,612

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $4,275,879)                                                                    (8,778,443)

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

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

Excess investment costs over the underlying assets acquired:

   Acquisition fees and expenses                                                                            717,628

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

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

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

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

For the year ended March 31, 2008, the Fund advanced $50,000 to one of the Local
Limited Partnerships, none 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.

Summarized combined financial information of the Local Limited Partnerships in
which the Fund has invested as of December 31, 2007 and 2006 (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>
<CAPTION>
<S>                                                                               <C>                   <C>

                                                                                   2007                  2006
                                                                             ----------------    -     ---------
Assets:
   Investment property, net                                                  $     40,618,263    $     49,074,593
   Other assets                                                                     4,553,844           6,263,610
                                                                             ----------------    ----------------
     Total Assets                                                            $     45,172,107    $     55,338,203
                                                                             ================    ================

Liabilities and Partners' Equity:
   Mortgage notes payable                                                    $     38,218,126    $     45,494,800
   Other liabilities                                                                3,934,931           7,286,269
                                                                             ----------------    ----------------
     Total Liabilities                                                             42,153,057          52,781,069
                                                                             ----------------    ----------------

Fund's Equity                                                                       3,160,431           2,372,971
Other partners' Equity (deficit)                                                     (141,381)            184,163
                                                                             ----------------    ----------------
   Total Partners' Equity                                                           3,019,050           2,557,134
                                                                             ----------------    ----------------
   Total Liabilities and Partners' Equity                                    $     45,172,107    $     55,338,203
                                                                             ================    ================

</TABLE>


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3. Investments in Local Limited Partnerships (continued)

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

Summarized Statements of Operations - for the years
ended December 31,

                                                                                   2007                  2006
                                                                             ----------------         ---------

Rental and other income                                                      $      9,640,377    $     11,410,056

Expenses:
   Operating                                                                        5,434,988           6,924,228
   Interest                                                                         1,898,993           2,482,296
   Depreciation and amortization                                                    2,233,064           2,622,991
                                                                             ----------------    ----------------
     Total Expenses                                                                 9,567,045          12,029,515
                                                                             ----------------    ----------------

Net Income (Loss)                                                            $         73,332    $       (619,459)
                                                                             ================    ================

Fund's share of net income (loss)                                            $       (815,007)   $        427,145
                                                                             ================    ================
Other partners' share of net loss                                            $        888,339    $       (976,658)
                                                                             ================    ================
</TABLE>

For the years ended March 31, 2008 and 2007, the Fund has not recognized
$1,061,981 and $1,009,188, 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 $125,744 were included in losses recognized in
the year ended March 31, 2007.

The Fund's equity as reflected by the Local Limited Partnerships of $3,160,431
differs from the Fund's investments in Local Limited Partnerships before
adjustments of $8,244,030 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; (iii) advances to Local Limited Partnerships that the
Partnership included in investments in Local Limited Partnerships; and (iv)
differences in the accounting treatment of miscellaneous items.

During the year ended March 31, 2008, the Fund received proceeds of $75,001
related to the 2007 sale of two Local Limited Partnerships. A receivable related
to the sale of one of these Local Limited Partnerships, in the amount of
$50,000, was received during 2007.

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, 2008 is composed of the following:
<TABLE>
<CAPTION>
<S>                                                                                       <C>

   Aggregate cost of Treasury STRIPS                                                       $       754,734
   Accumulated accretion of
     Original Issue Discount                                                                     1,790,243
                                                                                           ---------------
                                                                                           $     2,544,977
</TABLE>

The fair value of these securities at March 31, 2008 is $2,713,895. As of March
31, 2008 and 2007, two Treasury Strips matured yielding proceeds of $342,000 and
$187,000, respectively. The next maturity date for the STRIPS is August 15, 2008
and the final maturity will take place on May 15, 2010. The total maturity value
is $2,761,000.



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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


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 $166,625 and
$171,881 for the years ended March 31, 2008 and 2007, respectively. During the
years ended March 31, 2008 and 2007, $341,896 and $0, respectively were paid out
of available cash flow for Asset Management Fees. Included in due to affiliates
at March 31, 2008 is $39,813 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, 2008 and 2007 is $160,831
and $137,789, respectively, that the Fund has incurred for these expenses.
During the year ended March 31, 2008 and 2007, salaries and benefits of $80,488
and $228,816, respectively, were paid to the affiliate of the Managing General
Partner. As of March 31, 2008, $80,343 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, 2008, $52,330 is reimbursable to the
affiliate.

6.   Federal Income Taxes

The following schedules reconcile the reported financial statement net income
(loss) for the fiscal years ended March 31, 2008 and 2007 to the net loss
reported on the Form 1065, U. S. Partnership Return of Income for the years
ended December 31, 2007 and 2006:
<TABLE>
<CAPTION>
<S>                                                                                <C>                      <C>

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

Net Income (Loss) per financial statements                                     $   (1,778,386)      $    2,233,324

Equity in losses of Local Limited Partnerships for  tax purposes in
    excess of equity in losses for financial reporting purposes                       (88,360)          (1,272,004)

Equity in losses of Local Limited Partnerships not recognized
   for financial reporting purposes                                                (1,061,981)            (883,444)

Adjustment to reflect March 31 fiscal year end to
   December 31 taxable year end                                                        48,931              (41,065)

Amortization for tax purposes in excess of amortization
   for financial reporting purposes                                                   (17,442)             (42,198)

Recovery of provision for valuation of advances to Local Limited
   Partnerships not reportable for tax purposes                                             -              (40,170)

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

Gain on sale of investments in Local Limited Partnership for tax (financial
   reporting) purposes in excess of gain for financial
   reporting (tax) purposes                                                         2,234,086            (1,174,085)

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

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

Net Income (Loss) per tax return                                               $    1,204,464       $   (1,216,384)
                                                                               = =============       ==============
</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 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 Partnership invested in by the Fund represents more
than 20% of the Fund's total assets or equity as of March 31, 2008 or 2007 or
net losses for the years ended either March 31, 2008 or 2007. The following
financial information represents the performance of these Local Limited
Partnerships for the years ended December 31, 2007 and 2006:
<TABLE>
<CAPTION>
<S>                                                                                <C>                       <C>

Pilot House Associates Limited Partnership                                         2007                       2006
------------------------------------------                                    ---------------              ---------

Total Assets                                                                  $     5,514,231         $     5,359,734
Total Liabilities                                                             $     3,973,208         $     4,691,908
Revenue                                                                       $     1,110,710         $     1,060,847
Net Income                                                                    $       999,438         $        90,097

</TABLE>

8.   Subsequent Event

On June 4, 2008, the Fund sold its interest in Cottages of Aspen resulting in
net proceeds to the Fund of $2,570,481.