June 28, 2006





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

         Boston Financial Tax Credit Fund Plus, A Limited Partnership
         Annual Report on Form 10-KSB for the Year Ended March 31, 2006
         File Number 0-22104


Dear Sir/Madam:

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


Very truly yours,




/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller



TCP10K-K



<PAGE>


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

                                   FORM 10-KSB

(Mark One)

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

For the fiscal year ended    March 31, 2006
                          ---------------------


                                       OR

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

For the transition period from                 to


  Commission file number 0-22104

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

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

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

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


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

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

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

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

State the aggregate sales price of partnership units held by nonaffiliates of
the registrant.
                                         $37,933,000 as of March 31, 2006
                                         --------------------------------


<PAGE>





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

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

Post-effective amendment No. 5 to the Form S-11
<S>                                                                     <C>
     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, 2006

<TABLE>
<CAPTION>
                                TABLE OF CONTENTS


                                                                           Page No.

PART I

       <S>         <C>                                                          <C>
       Item 1       Business                                                    K-3
       Item 2       Properties                                                  K-5
       Item 3       Legal Proceedings                                           K-12
       Item 4       Submission of Matters to a Vote of
                    Security Holders                                            K-13

PART II

       Item 5       Market for the Registrant's Units and
                    Related Security Holder Matters                             K-13
       Item 6       Management's Discussion and Analysis of
                    Financial Condition and Results of Operations               K-13
       Item 7       Financial Statements and Supplementary Data                 K-18
       Item 8       Changes in and Disagreements with Accountants
                    on Accounting and Financial Disclosure                      K-18
       Item 8A      Controls and Procedures                                     K-18
       Item 8B      Other Information                                           K-18

PART III

       Item 9       Directors and Executive Officers
                    of the Registrant                                           K-18
       Item 10      Management Remuneration                                     K-19
       Item 11      Security Ownership of Certain Beneficial
                    Owners and Management                                       K-19
       Item 12      Certain Relationships and Related Transactions              K-20
       Item 13      Exhibits, Financial Statement Schedules and
                    Reports on Form 8-K                                         K-21
       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 owned and operated residential
apartment complexes ("Properties"), some of which benefited 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.

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>
<CAPTION>

                                     TABLE A

                             SELECTED LOCAL LIMITED
                                PARTNERSHIP DATA

                                                                                                      Date
                              Properties owned by                                                   Interest
                         Local Limited Partnerships                Location                         Acquired

<S>                                                      <c>                                        <C>
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                                           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                                              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

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

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, 2006, 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) Tree Trail Apartments, A Limited Partnership and
Meadow Wood Townhomes, A Limited Partnership, representing 15.52%, have Flournoy
Development Company as Local General Partners; (ii) Long Creek Court Limited
Partnership, Atkins Glen Limited Partnership, and Kings Grant Court Limited
Partnership representing 4.22%, have Third Renaissance Inc. as Local General
Partners; (iii) Dakota Square Manor Limited Partnership and Duluth Limited
Partnership II, representing 5.43%, have MetroPlains Acquisition Corporation as
Local General Partners; and (iv) Pilot House Associates, L.P. and Preston Place
Associates, L.P., representing 19.50%, have Castle Development Corporation as
Local General Partner. The Local General Partners of the remaining Local Limited
Partnerships are identified in the Acquisition Reports, which are herein
incorporated by reference.

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

                                               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, 2006  March 31, 2006  December 31, 2005     Subsidy *              2006
 -----------------------     ------------ -------------   --------------- ------------------  ------------     ---------------

Division of Boston Financial
Texas Properties Limited
Partnership VI (formerly,
Yoakum-Village Oaks
Housing Associates, LTD)(1)
Leatherwood Terrace
Yoakum, TX

Tamaric Housing Associates, LTD. (1)
Tamaric
Cedar Park, TX

Georgetown - Northwest Housing
Associates, LTD. (1)
Northwest
Georgetown, TX

Pilot House Associates, L.P
Pilot House
<S>                             <C>      <C>                 <C>             <C>                                     <C>
Newport News, VA                132      $    2,479,708      $   2,479,708   $  3,958,953          None              100%

Jardines Limited Dividend
Partnership, S.E., L.P.
Jardines de Juncos
Juncos, PR                       60              604,781           604,781      2,562,306          FmHA              100%
<PAGE>

</TABLE>

<TABLE>
<CAPTION>

                                               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, 2006  March 31, 2006  December 31, 2005     Subsidy *              2006
 -----------------------     ------------ -------------   --------------- ------------------  ------------     ---------------

99 Livingston Associates, L.P.
Livingston Arms
<S>                             <C>         <C>                  <C>              <C>                               <C>
Poughkeepsie, NY                26          1,114,686            1,114,686        99,265            None            100%

Broadway Tower Limited
Partnership
Broadway Tower
Revere, MA                      92          2,350,000            2,350,000     4,679,139       Section 8             90%

Phoenix Housing, L.P. (1)
Phoenix Housing
Moorhead, MN

Cottage Homesteads of Aspen
Limited Partnership
Cottages of Aspen
Oakdale, MN                    114         1,027,333            1,027,333      4,195,000            None            98%

45th & Vincennes Limited
Partnership
45th & Vincennes
Chicago, IL                     18            689,080              689,080      549,682       Section 8             89%

Long Creek Court Limited
Partnership
Long Creek Court
Kittrell, NC                    14            120,476              120,476      537,535            FmHA           100%


</TABLE>



<PAGE>


<TABLE>
<CAPTION>

                                               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, 2006  March 31, 2006  December 31, 2005     Subsidy *              2006
 -----------------------     ------------ -------------   --------------- ------------------  ------------     ---------------

Atkins Glen Limited Partnership
Atkins Glen
<S>                               <C>        <C>                  <C>           <C>                                      <C>
Stoneville, NC                    24         205,574              205,574       931,049                FmHA              100%

Tree Trail Apartments,
A Limited Partnership
Tree Trail
Gainesville, FL                  108      2,060,143            2,060,143      2,444,807                None               81%

Meadow Wood Townhomes,
A Limited Partnership
Meadow Wood
Smyrna, TN                        88       1,742,671            1,742,671     2,318,215                None               88%

Dakota Square Manor
Limited Partnership
Primrose
Grand Forks, ND                   48         674,557              674,557     1,037,448                None               98%

Duluth Limited Partnership II
Sycamore
Sioux Falls, SD                   48         657,000              657,000     1,188,038                None               98%

Preston Place Associates, L.P.
Preston Place
Winchester, VA                   120      2,300,000            2,300,000      3,812,959                None               99%

</TABLE>






<PAGE>



<TABLE>
<CAPTION>

                                               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, 2006  March 31, 2006  December 31, 2005     Subsidy *              2006
 -----------------------     ------------ -------------   --------------- ------------------  ------------     ---------------

Kings Grant Court
 Limited Partnership
Kings Grant Court
<S>                            <C>         <C>                  <C>             <C>                                       <C>
Statesville, NC                36          708,530              708,530         807,219                None               100%

Chestnut Plains Limited
Partnership (1)
Chestnut Plains
Winston-Salem, NC

Prince Hall Housing Associates,
Limited Partnership (1)
Capitol Park
Oklahoma City, OK

Bancroft Street Limited
Partnerships (1)
Bankcroft Court
Toledo, OH

Hudson Square Apartments
Company (A Limited
Partnership)
Hudson Square
Baton Rouge, LA                82          554,670              554,670         283,357           Section 8                94%

Walker Woods Partners, II, L.P.
Walker Woods II
Dover, DE                      19          591,429              591,429         844,128                None                95%

</TABLE>


<PAGE>



<TABLE>
<CAPTION>

                                               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, 2006  March 31, 2006  December 31, 2005     Subsidy *              2006
 -----------------------     ------------ -------------   --------------- ------------------  ------------     ---------------

Vista Villa Limited Dividend
Housing Association
Limited Partnership
Vista Villa
<S>                            <C>            <C>            <C>              <C>                                          <C>
Saginaw County, MI             100            1,204,762      1,204,762        3,277,229                None                88%

Metropolitan Apartments
Limited Partnership
Metropolitan
Chicago, IL                     69            2,139,159      2,139,159          1761,292         Section 8                  68%

Carolina Woods Associates II,
Limited Partnership (1)
Carolina Woods II
Greensboro, NC

Linden Square Limited Dividend
Housing Association
Limited Partnership
Linden Square
Genesee County, MI             120            1,299,774      1,299,774        3,874,802                None                98%

New Garden Associates,
Limited Partnership
New Garden Place
Gilmer, NC                      76            1,269,794      1,269,794        2,167,124                None                97%


</TABLE>





<PAGE>


<TABLE>
<CAPTION>

                                               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, 2006  March 31, 2006  December 31, 2005     Subsidy *              2006
 -----------------------     ------------ -------------   --------------- ------------------  ------------     ---------------

Exodus/Lyndon/Windsor,
Limited Partnership
<S>                               <C>         <C>           <C>            <C>                                        <C>
Findley Place                     89          716,000       716,000        5,533,536               None               100%
                               ------    -------------  ------------   --------------
Minneapolis, MN                1,483    $  27,510,127   $  27,510,127  $   46,863,083
                               ======   ==============  =============  ===============


</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.

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




<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

On or about July 13, 2004, Park G.P., Inc. ("Park") commenced litigation against
Boston Financial Qualified Housing Tax Credits L.P. IV ("QH IV") and its
purported general partners (collectively, the "Defendants") in Clay County,
Missouri, claiming that the Defendants breached QH IV's partnership agreement
and their fiduciary duties owed to Park by, among other things, failing to
permit inspection of certain alleged "books and records" of QH IV. On or about
October 7, 2004, Park sought leave of the court to amend its Petition to include
claims for inspection of the alleged "books and records" against the Fund,
Boston Financial Qualified Housing Limited Partnership, Boston Financial
Qualified Housing Tax Credits L.P. II, Boston Financial Qualified Housing Tax
Credits L.P. III, Boston Financial Qualified Housing Tax Credits L.P. V, Boston
Financial Tax Credit Fund VII, A Limited Partnership, and their purported
general partners (collectively, the "New Defendants"). On or about October 8,
2004, Park moved the court for entry of a temporary restraining order compelling
the Defendants and the New Defendants to turn over the alleged "books and
records" in conjunction with a transaction Park was proposing entering into. On
October 12, 2004, the court denied Park's request for a temporary restraining
order, and on November 15, 2004 it granted the request to amend the Petition.

In October, 2005, Park again sought leave of the court in the Missouri action to
amend its Petition, claiming that the Defendants were in violation of the
Partnership Agreement by disposing of interests in Local Limited Partnerships
following expiration of the Compliance Period(s) without first obtaining Limited
Partner consent. On or about October 11, 2005, Park moved the court for a
temporary restraining order prohibiting the Defendants from entering into any
agreement to sell, transfer, or otherwise convey any interest in Local Limited
Partnerships. On October 14, 2005, the court denied Park's request for a
temporary restraining order. In December 2005, the court granted Park's request
to amend its Petition to include the alleged claim regarding disposition of
Local Limited Partnership interests. The New Defendants have filed a motion to
dismiss the second amended complaint. That motion is pending. If the motion to
dismiss is denied, a trial is scheduled for this matter on October 16, 2006,
although it is possible that a portion of the case may be heard and resolved at
an earlier date.

The Defendants and the New Defendants maintain that Park is not entitled to
review the materials requested and/or use the materials in secondary market
transactions because, among other things: (i) they are not "books and records"
of the partnerships; (ii) Park does not seek to review them for a proper
purpose; and (iii) selective disclosure of the information to Park would give it
an unfair informational advantage in secondary market transactions and may
violate federal and/or state securities laws. The Defendants and New Defendants
accordingly intend on defending against the claims vigorously. The court has
scheduled an evidentiary hearing for May 31, 2006 with respect to Park's "books
and records" claims against the Defendants and the New Defendants. The
Defendants and New Defendants have not formed an opinion that an unfavorable
outcome is either probable or remote, and their counsel refrains from expressing
an opinion as to the likely outcome of the case or the range of any loss.

On August 24, 2004, the Fund, Boston Financial Qualified Housing Limited
Partnership, Boston Financial Qualified Housing Tax Credits L.P. II, Boston
Financial Qualified Housing Tax Credits L.P. III, Boston Financial Qualified
Housing Tax Credits L.P. IV, Boston Financial Qualified Housing Tax Credits L.P.
V, Boston Financial Tax Credit Fund VII, A Limited Partnership, and Boston
Financial Tax Credit Fund VIII, A Limited Partnership (collectively, the
"Partnerships"), and their general partners commenced litigation against Everest
Housing Investors 2, LLC ("Everest 2") and several other Everest-related
entities (collectively, the "Everest Entities") in Massachusetts state court,
seeking a declaratory judgment that certain materials the Everest Entities
sought to inspect are not "books and records" of the Partnerships and that the
Everest Entities are in any case not entitled to inspect said information under
applicable partnership agreements, partnership law or otherwise. On October 7,
2004, the Everest Entities filed an answer and counterclaim against the
Partnerships and their purported general partners, claiming that they breached
applicable partnership agreements, partnership law and their fiduciary duties to
the Everest Entities by failing to make the purported "books and records"
available. On January 12, 2005, the Partnerships moved to amend their complaint
to, among other things, add a claim based on Everest 2's breach of a November
24, 2003 letter agreement which compelled Everest 2 to keep confidential certain
information contemporaneously disseminated by four of the Partnerships to
Everest 2. The Court granted this Motion. Discovery in the matter is ongoing.

The Partnerships maintain that the Everest Entities are not entitled to review
the materials requested and/or use the materials in secondary market
transactions because, among other things: (i) they are not "books and records"
of the Partnerships; (ii) the Everest Entities do not seek to review them for a
proper purpose; and (iii) selective disclosure of the information to the Everest
Entities would give them an unfair informational advantage in secondary market
transactions and may violate federal and/or state securities laws. The
Partnerships have not formed an opinion that an unfavorable outcome is either
probable or remote, and their counsel refrains from expressing an opinion as to
the likely outcome of the case or the range of any loss.

Except as noted above, 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, 2006, there were 1,876 record holders of Units of the Fund.

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

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

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

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 Partnership'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.

As of March 31, 2006, the Fund's investment portfolio consisted of limited
partnership interests in twenty- one 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 $1,055 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. Starting in 2006
and continuing through 2010, the Compliance Period of the twenty-one Properties
in which the Fund has an interest will expire. The Managing General Partner has
negotiated agreements that will ultimately dispose of the Fund's interest in
four Local Limited Partnerships. It is unlikely that the disposition of any of
these Local Limited Partnership interests will generate any material cash
distributions to the Fund. Two of the Local Limited Partnerships in which the
Fund had an investment were sold during the twelve months ended March 31, 2006.

The Managing General Partner will continue to closely monitor the operations of
the Properties during the Compliance Period 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 ($4,824,980 at March 31, 2006). 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, 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 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. During the year ended March 31, 2006, the Fund concluded that one of
the Local Limited Partnerships had experienced other-than-temporary declines in
their carrying value and impairment losses were recorded: Metropolitan
Apartments, LP for approximately $395,000. 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, 2006, the Fund had cash and cash equivalents of $115,889, as
compared to $371,212 at March 31, 2005. The decrease is primarily attributable
to cash used for operating activities and purchases of investment securities
both of which are partially offset by cash distributions received from Local
Limited Partnerships and maturties of investment securities. Cash used for
operations included $174,728 paid to the Managing General Partner for accrued
asset management fees.

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, 2006, $213,785 of cash,
cash equivalents and investment securities have been designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $454,000 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, 2006, the
Fund has advanced approximately $261,000 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 used
approximately $552,000 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, 2006, the Fund had no contractual or other
obligation to any Local Limited Partnership which had not been paid or provided
for.

Cash Distributions

No cash distributions to Limited Partners were made during the two years ended
March 31, 2006. In the event that distributions are received from Local Limited
Partnerships, the Managing General Partner has decided that such amounts will be
used to increase Reserves. No assurance can be given as to the amounts of future
distributions from the Local Limited Partnerships since many of the Properties
benefit from some type of federal or state subsidy and, as a consequence, are
subject to restrictions on cash distributions.

Results of Operations

For the year ended March 31, 2006, the Fund's operations resulted in a net loss
of $663,895 as compared to a net loss of $636,061 for the same period in 2005.
The increase in net loss is primarily attributable to an increase in provision
for valuation allowance on investments in Local Limited Partnerships, partially
offset by a decrease in equity in losses of Local Limited Partnerships and a
decrease in general and administrative expenses. Provision for valuation
allowance on investment increased due to the Fund recording a valuation
allowance on investment in certain Local Limited Partnerships. The decrease in
equity in losses of Local Limited Partnerships is primarily due to an increase
in unrecognized losses by the Fund of Local Limited Partnerships with carrying
values of zero. The decrease in general and administrative expenses is due to a
decrease in charges due to an affiliate of the Managing General Partner for
operational and administrative expense necessary for operations of the fund
partially offset by increased expenses associated with auditing the Fund's
financial statements.

Low-Income Housing Tax Credits

The 2005 Tax Credits per Unit were $.23 and $.17 for Class A Unit and Class B
Unit investors, respectively. The 2004 Tax Credits per Unit were $24.45 and
$17.60 for Class A Unit and Class B Unit investors, respectively. The Tax
Credits stabilized in 1995 and are expected to continue to decrease as certain
Properties reach the end of the ten year Tax Credit period. However, because the
Compliance Periods extend significantly beyond the Tax Credit periods, the Fund
is expected to retain most of its interest in the Local Limited Partnerships for
the foreseeable future.

Property Discussions

A majority of the Properties in which the Fund has an interest have stabilized
operations and operate above breakeven. A few Properties generate cash flow
deficits that the Local General Partners of those Properties fund 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, although the neighborhood in which 45th & Vincennes is
located (Chicago, Illinois) has improved in the last few years, potential
tenants are reluctant to occupy the Property due to its location and curb
appeal. As a result, maintaining occupancy, and therefore revenues, continues to
be an issue. Although occupancy has stabilized, debt service coverage and
working capital are well below appropriate levels as of December 31, 2005. A
site visit by the Managing General Partner in October 2005 found the Property in
need of some improvements. Even though 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. The Managing General Partner and
Local General Partner have begun to explore an exit strategy that will allow for
the Partnership's disposition of its interest in this Local Limited Partnership
subsequent to the end of the Property's Compliance Period on December 31, 2007.

As previously reported, due to concerns over the long-term financial health of
Primrose, Phoenix Housing and Sycamore, located in Grand Forks, North Dakota,
Moorhead, Minnesota and Sioux Falls, South Dakota, respectively, the Managing
General Partner developed a plan that will ultimately result in the transfer of
the Fund's interest in each Local Limited Partnership. All three 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 the three 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 three 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 after December 1, 2001.

As previously reported, with regard to Sycamore and Primrose, the Fund will
retain its full share of Tax Credits until such time as the remaining interest
is put to the Local General Partner. In addition, the Local General Partner has
the right to call the remaining interest subsequent to the Compliance Period,
which expires on December 31, 2007. With regard to Phoenix Housing, the Fund
approved the admission of an additional limited partner to the Local Limited
Partnership effective February 1, 2000. As a result, the Fund's interest in the
Local Limited Partnership was diluted to an immaterial amount (0.2%). Because of
its diluted interest in the Local Limited Partnership, the Fund did not receive
a material amount of the Property's Tax Credits subsequent to February 1, 2000.
The Fund transferred its remaining interest in Phoenix Housing on September 15,
2005. This transfer, in its entirety, has resulted in taxable income of
$360,815, or approximately $9 per Unit. The Fund no longer has an interest in
this Local Limited Partnership. The Property's Compliance Period ended on
December 31, 2005.

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. Currently,
the Property is experiencing stabilized operations.

As previously reported, New Garden Place, located in Gilmer, North Carolina, has
enjoyed strong operations 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, Chestnut Plains, located in Winston-Salem, North
Carolina, had experienced very low occupancy, inadequate levels of working
capital and operating deficits during 2003 and 2004. The Local General Partner
had been funding operating deficits but stopped such fundings in May 2004. This
resulted in the Property's inability to continue making debt service payments
and a default on the Property's first mortgage. The Local General Partner failed
to inform the Managing General Partner of the default. The Property's management
agent informed the Managing General Partner of impending foreclosure by the
first mortgage lender but with inadequate time to formulate a workout plan. On
October 22, 2004, the first mortgage lender foreclosed on the Property. This
foreclosure resulted in 2005 Tax Credit recapture of approximately $4 per Unit,
including interest. In addition, the foreclosure resulted in 2005 taxable income
of $118,688, or $3.13 per Unit.

As previously reported, Metropolitan, located in Chicago, Illinois, has incurred
operating deficits in prior years. The Property operated at below breakeven
during the twelve-month period ended December 31, 2005 due mainly to higher
energy and administrative payroll costs along with increased vacancy losses. The
deficit was funded by working capital. As a result of the vacancy losses
attributable to eviction and home purchases, occupancy decreased to 71% at
December 31, 2005. Although property management has responded by offering rental
concessions, efforts to attract new tenants have not materially improved
occupancy. The Property remains current on its debt service obligations.

As previously reported, Carolina Woods II, located in Greensboro, North
Carolina, was under agreement to be sold during the first half of 2006. On March
22, 2006, Carolina Woods II was sold, effecting the Partnership's disposition of
its interest in this Local Limited Partnership. As expected, the property's
sales price was insufficient to produce any net proceeds to the Fund. This sale
will result in a 2006 taxable loss projected to be approximately $133,000 or $4
per Unit. The Fund no longer has an interest in this Local Limited Partnership.

The Managing General Partner and Local General Partner of Meadow Wood, located
in Smyrna, Tennessee have reached an agreement that would result in the 2006
sale of this Property. Under the current terms, this sale would result in net
proceeds to the Fund of approximately $1,500,000, or $40 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, 2006 and 2005.

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

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

Item 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

Based on the Fund's evaluation within 120 days prior to filing this Form 10-KSB,
the Fund's Principal Executive Officer has concluded that the Fund's disclosure
controls and procedures are effective to ensure that information required to be
disclosed in the reports that the Fund files or submits under the Securities
Exchange Act of 1934 is recorded, processed, summarized and reported within the
time periods specified in the Securities and Exchange Commission's rules and
forms.

There have been no significant changes in the Fund's internal controls or in
other factors that could significantly affect those controls subsequent to the
date of their evaluation.

Item 8B. Other Information

No reports on Form 8-K were filed during the fourth quarter of the year ended
March 31, 2006.

                                    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

Jenny Netzer                                Executive Vice President
Michael H. Gladstone                        Principal, Member

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

Jenny Netzer, age 50, Executive Vice President - Ms. Netzer joined MMA as a
result of the Boston Financial and subsequent Lend Lease HCI acquisitions,
starting with Boston Financial in 1987 and leading Boston Financial's new
business initiatives and managing the firm's Asset Management division. Prior to
joining Boston Financial, Ms. Netzer served as Deputy Budget Director for the
Commonwealth of Massachusetts where she was responsible for the Commonwealth's
health care and public pension program's budgets. Ms. Netzer also served as
Assistant Controller at Yale University, as a former member of Watertown Zoning
Board of Appeals, as the Officer of Affordable Housing Tax Credit Coalition and
is a frequent speaker on affordable housing and tax credit industry issues. Ms.
Netzer is a graduate of Harvard University (BA) and Harvard's Kennedy School of
Government (MPP).

Michael H. Gladstone, age 49, Principal, Member - Mr. Gladstone is responsible
for capital transactions work in the Asset Management group of MMA. 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 on affordable housing
matters and is a member of the National Realty Committee, Cornell Real Estate
Council, National Association of Real Estate Investment Managers and
Massachusetts Bar. Mr. Gladstone is a graduate of Emory University (BA) and
Cornell University.

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, 2006, 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>

                                                                                  Amount
      Title of                          Name and Address of                    Beneficially
        Class                            Beneficial Owner                          Owned           Percent of Class

<S>                                                                           <C>                         <C>
   Limited                      Everest Tax Credit Investors                  2,146.5 Units               7%
   Partner                      155 North Lake Avenue
                                Suite 1000
                                Pasadena, CA  91101
</TABLE>

The equity securities registered by the Fund under Section 12(g) of the Act of
1934 consist of 100,000 Units, 37,933 (34,643 Class A Units and 3,290 Class B
Units) of which have been sold to the public. The remaining Units were
deregistered in Post-Effective Amendment No. 6, dated June 15, 1993, which is
herein incorporated by reference. Holders of Units are permitted to vote on
matters affecting the Fund only in certain unusual circumstances and do not
generally have the right to vote on the operation or management of the Fund.

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

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

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

Item 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, 2006 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, 2006 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. $2,035,611 of
organization fees and expenses incurred on behalf of the Fund were paid and
reimbursed to an affiliate of the Managing General Partner. Total organization
and offering expenses reimbursed by the Fund did not exceed 5.5% of the Gross
Proceeds. There were no organization fees and offering expenses paid in the two
years ended March 31, 2006.

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, 2006.

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, 2006 are as follows:

                                        2006                  2005
                                     --------------        --------------

Asset management fees              $      173,806        $        176,500

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, 2006 are as follows:

                                                 2006                2005
                                            --------------        ----------

Salaries and benefits expense reimbursements   $  146,027        $   275,085

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, 2006.

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, 2006 is presented in Note 6 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
       32.1   Certification of Principal Executive Officer and Principal
              Financial Officer pursuant to section 906 of the Sarbanes-Oxley
              Act of 2002

Item 14.   Principal Accountant Fees and Services

The Partnership paid or accrued fees for services rendered by the principal
accountant for the two years ended March 31, 2006 as follows:

                                         2006                  2005
                                      --------------        ----------

Audit fees                           $       75,219        $       23,450
Tax fees                             $        2,400        $        1,950

No other fees were paid or accrued to the principal accountants during the two
years ended March 31, 2006.

<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/Jenny Netzer                              Date:    June 28, 2006
           ---------------------------------------             --------------
           Jenny Netzer
           Executive Vice President
           MMA Financial, LLC




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/Jenny Netzer                             Date:    June 28, 2006
           ---------------------------------------             --------------
           Jenny Netzer
           Executive Vice President
           MMA Financial, LLC



     By:   /s/Michael H. Gladstone                     Date:   June 28, 2006
           -----------------------------                       ---------------
           Michael H. Gladstone
           Principal
           MMA Financial, LLC


<page>


          BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2006

                                      INDEX
<TABLE>
<CAPTION>

                                                                               Page No.



<S>                                                                              <C>
Report of Independent Registered Public Accounting Firm                          F-2
     for the years ended March 31, 2006 and 2005


Financial Statements:

     Balance Sheet - March 31, 2006                                              F-3

     Statements of Operations - For the years ended
       March 31, 2006 and 2005                                                   F-4

     Statements of Changes in Partners' Equity (Deficiency) -
       For the years ended March 31, 2006 and 2005                               F-5

     Statements of Cash Flows - For the years ended
       March 31, 2006 and 2005                                                   F-6

     Notes to the Financial Statements                                           F-7


</TABLE>




<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, 2006, and the results of its operations and its cash flows for each of
the two years in the period ended March 31, 2006 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 audits. We conducted our audits 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
audits provide a reasonable basis for our opinion.



PricewaterhouseCoopers LLP
Boston, Massachusetts
June 28, 2006









<PAGE>


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

                                 BALANCE SHEET
                                 March 31, 2006
<TABLE>
<CAPTION>



         Assets

<S>                                                                                               <C>
Cash and cash equivalents                                                                         $       115,889
Investment securities, at fair value (Note 3)                                                              97,896
Investment in Local Limited Partnerships (Note 4)                                                       4,824,980
Other investments (Note 5)                                                                              2,662,386
Accounts receivable (Note 4)                                                                               10,000
Other  assets                                                                                               1,270
                                                                                                  ---------------
   Total Assets                                                                                   $     7,712,421
                                                                                                  ===============

Liabilities and Partners' Equity

Due to affiliate (Note 6)                                                                         $       134,230
Accrued expenses                                                                                           27,953
                                                                                                  ---------------
   Total Liabilities                                                                                      162,183
                                                                                                  ---------------

General, Initial and Investor Limited Partners' Equity                                                  7,551,534
Net unrealized loss on Investment securities                                                               (1,296)
                                                                                                  ---------------
   Total Partners' Equity                                                                               7,550,238
                                                                                                  ---------------
   Total Liabilities and Partners' Equity                                                         $     7,712,421
                                                                                                  ===============

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

</TABLE>

<PAGE>

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

<TABLE>
<CAPTION>

                            STATEMENTS OF OPERATIONS
                   For the Years Ended March 31, 2006 and 2005



                                                                                 2006                     2005
                                                                           ----------------         ----------
        Revenue:
<S>                                                                        <C>                      <C>
   Investment                                                              $         14,700         $         9,137
   Accretion of Original Issue Discount (Note 5)                                    198,929                 183,639
   Other                                                                             54,703                  14,853
                                                                           ----------------         ---------------
     Total Revenue                                                                  268,332                 207,629
                                                                           ----------------         ---------------

Expense:
   Asset management fees, affiliate (Note 6)                                        173,806                 176,500
   Provision for valuation allowance on investments in Local
     Limited Partnerships (Note 4)                                                  394,517                       -
   General and administrative (includes reimbursements
     to an affiliate in the amount of $146,027 and
     $275,085 in 2006 and 2005, respectively)                                       330,839                 395,935
   Amortization                                                                       9,626                  15,083
                                                                           ----------------          --------------
     Total Expense                                                                  908,788                 587,518
                                                                           ----------------         ---------------

Loss before equity in losses of Local Limited Partnerships and gain on disposal
   of investments in of Local Limited
   Partnerships                                                                    (640,456)               (379,889)

Equity in losses of Local Limited Partnerships (Note 4)                             (23,439)               (276,313)

Gain on disposal of investments in Local Limited Partnerships                             -                  20,141
                                                                           ----------------         ---------------

Net Loss                                                                   $       (663,895)        $      (636,061)
                                                                           ================         ===============

Net Loss allocated:
   General Partners                                                        $         (8,628)        $        (8,197)
   Class A Limited Partners                                                        (799,527)               (759,567)
   Class B Limited Partners                                                         144,260                 131,703
                                                                           ----------------         ---------------
                                                                           $       (663,895)        $      (636,061)
                                                                           ================         ===============
Net Income (Loss) per Limited Partner Unit
   Class A Unit (34,643 Units)                                             $         (23.08)        $        (21.93)
                                                                           ================         ===============
   Class B Unit (3,290 Units)                                              $          43.85         $         40.03
                                                                           ================         ===============

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


<PAGE>

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


             STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                   For the Years Ended March 31, 2006 and 2005




<TABLE>
<CAPTION>

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

<S>                                    <C>            <C>            <C>             <C>            <C>            <C>
Balance at March 31, 2004              $   (251,179)  $      5,000   $  6,382,546    $  2,715,123   $         11   $8,851,501

Comprehensive Income (Loss):
  Change in net unrealized
     gains on investment
     securities available for sale                -              -              -               -            (29)        (29)
  Net Income (Loss)                          (8,197)             -       (759,567)        131,703              -    (636,061)
                                       ------------   ------------   ------------    ------------   ------------   ----------
Comprehensive Income (Loss)                  (8,197)             -       (759,567)        131,703            (29))  (636,090)
                                       -------------  ------------   ------------    ------------   ------------   ----------


Balance at March 31, 2005                  (259,376)         5,000      5,622,979       2,846,826            (18)    8,215,411
                                       ------------   ------------   ------------    ------------   ------------    ----------


Comprehensive Income (Loss):
  Change in net unrealized
     losses on investment
     securities available for sale                -              -              -               -         (1,278)    (1,278)
  Net Income (Loss)                          (8,628)             -       (799,527)        144,260              -   (663,895)
                                       ------------   ------------   ------------    ------------   ------------   ---------

Comprehensive Income (Loss)                  (8,628)             -       (799,527)        144,260         (1,278)   (665,173)
                                       ------------   ------------   ------------    ------------   ------------   ----------


Balance at March 31, 2006              $   (268,004)  $      5,000   $  4,823,452    $  2,991,086   $     (1,296) $7,550,238
                                       ============   ============   ============    ============   ============   =========
The accompanying notes are an integral part of these financial statements.
</TABLE>



<PAGE>


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

                            STATEMENTS OF CASH FLOWS
                   For the Years Ended March 31, 2006 and 2005



<TABLE>
<CAPTION>


                                                                                 2006                     2005
                                                                           ----------------         ----------
Cash flows from operating activities:
<S>                                                                        <C>                      <C>
   Net Loss                                                                $       (663,895)        $      (636,061)
   Adjustments to reconcile net loss to net
     cash used for operating activities:

   Equity in losses of Local Limited Partnerships                                    23,439                  276,313


   Gain on disposal of investments in Local Limited
     Partnerships                                                                         -                 (20,141)
   Provision for valuation allowance on investments in Local

     Limited Partnerships                                                           394,517                       -
   Accretion of Original Issue Discount                                            (198,929)               (183,639)
   Amortization                                                                       9,626                  15,083
   Accretion                                                                            391                       -
   Cash distributions included in net loss                                          (34,758)                 (3,258)
   Other non-cash item                                                                   22                      33
   Increase (decrease) in cash arising from changes

     in operating assets and liabilities:
     Other assets                                                                      (886)                   (247)
     Due to affiliate                                                                90,105                 (45,090)
     Accrued expenses                                                                 7,553                    (188)
                                                                           ----------------         ---------------
Net cash used for operating activities                                             (372,815)               (597,195)
                                                                           ----------------         ---------------

Cash flows from investing activities:
   Proceeds from maturities of investments securities                               100,518                     781
   Purchases of investment securities                                              (199,334)                      -
   Cash distributions received from Local
     Limited Partnerships                                                           226,308                 178,526
   Proceeds received from disposal of investments in Local
     Limited Partnerships                                                                 -                  20,141
   Account receivable from sale of investments                                      (10,000)                      -
                                                                           ----------------        ----------------
Net cash provided by investing activities                                           117,492                 199,448
                                                                           ----------------        ----------------

Net decrease in cash and cash equivalents                                          (255,323)               (397,747)

Cash and cash equivalents, beginning of year                                        371,212                 768,959
                                                                           ----------------         ---------------

Cash and cash equivalents, end of year                                     $        115,889         $       371,212
                                                                           ================         ===============

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

<PAGE>



                     BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)
                        NOTES TO THE FINANCIAL STATEMENTS


1.   Organization


Boston Financial Tax Credit Fund Plus, A Limited Partnership (the "Fund") is a
Massachusetts limited partnership organized to invest in other limited
partnerships ("Local Limited Partnerships") which own and operate apartment
complexes which are eligible for low income housing tax credits that may be
applied against the federal income tax liability of an investor. The Fund also
invests in, for the benefit of the Class B Limited Partners, United States
Treasury obligations from which the interest coupons have been stripped or in
such interest coupons themselves (collectively "Treasury STRIPS"). The Fund used
approximately 28% of the Class B Limited Partners' capital contributions to
purchase Treasury STRIPS with maturities of 13 to 18 years, with a total
redemption amount equal to the Class B Limited Partners' capital contributions.
The Fund's objectives are to: (i) provide annual tax benefits in the form of tax
credits which Limited Partners may use to offset their Federal income tax
liability; (ii) preserve and protect the Fund's capital committed to Local
Limited Partnerships; (iii) provide cash distributions from operations of Local
Limited Partnerships; (iv) provide cash distributions from Sale or Refinancing
transactions with the possibility of long term capital appreciation; and (v)
provide cash distributions derived from investment in Treasury STRIPS to Class B
Limited Partners after a period of approximately thirteen to eighteen years
equal to their Capital Contributions. Arch Street VIII, Inc., a Massachusetts
corporation is the Managing General Partner of the Fund. Arch Street VI Limited
Partnership, a Massachusetts limited partnership whose general partner consists
of Arch Street, Inc., is also a General Partner. Both of the General Partners
are affiliates of MMA Financial, LLC ("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, 2006, the Managing General Partner has designated
$213,785 of cash, cash equivalents and investments securities 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.

Investments Securities and Other Investments

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

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 ($4,824,980 at March 31, 2006). 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, a Local
Limited Partnership investment will not be carried below zero. To the extent
that equity in losses are incurred when the Partnership'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 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, 2005 and 2004 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.


<PAGE>

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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)



3.   Investment Securities

A summary of investment securities is as follows:

<TABLE>
<CAPTION>
                                                                   Gross               Gross
                                                                Unrealized          Unrealized            Fair
                                               Cost                Gains              Losses              Value

Debt securities issued by the US
Treasury and other US
<S>                                       <C>                 <C>                 <C>                <C>
Government Agency                         $       98,942      $            -      $       (1,287)    $       97,655

Mortgage backed securities                           250                   -                  (9)               241
                                          --------------      --------------      --------------     --------------

Investment securities
     at March 31, 2006                    $       99,192      $            -      $       (1,296)    $       97,896
                                          ==============      ==============      ==============     ==============

The contractual maturities at March 31, 2006 are as follows:

                                                                                                        Fair
                                                                                Cost                    Value


Due in one year to five years                                             $        98,942           $      97,655
Mortgage backed securities                                                            250                     241
                                                                          ---------------           -------------

                                                                          $        99,192           $      97,896
                                                                          ===============           =============

</TABLE>


Actual maturities for mortgage backed securities may differ from contractual
maturities because some borrowers have the right to call or prepay obligations.
Proceeds from the maturities of marketable securities were approximately
$100,100 and $1,000 during the years ended March 31, 2006 and 2005,
respectively.


4.   Investments in Local Limited Partnerships

The Fund has limited partnership interests in twenty-one 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)


4. Investments in Local Limited Partnerships (continued)


The following is a summary of investments in Local Limited Partnerships at March
31, 2006:
<TABLE>
<CAPTION>

Capital contributions and advances paid to Local Limited Partnerships and
purchase
<S>                                                                                                 <C>
   price paid to withdrawing partners of Local Limited Partnerships                                 $    24,817,453

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $3,011,301)                                                                   (14,439,038)

Cumulative cash distributions received from Local Limited Partnerships                                   (3,645,665)
                                                                                                    ---------------

Investments in Local Limited Partnerships before adjustments                                              6,732,750

Excess investment costs over the underlying assets acquired:

   Acquisition fees and expenses                                                                          1,054,870

   Cumulative amortization of acquisition fees and expenses                                                (297,040)
                                                                                                    ---------------

Investments in Local Limited Partnerships before valuation allowance                                      7,490,580

Valuation allowance on investments in Local Limited Partnerships                                         (2,665,600)
                                                                                                    ---------------

Investments in Local Limited Partnerships                                                           $     4,824,980
                                                                                                    ===============
</TABLE>


The Fund has 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. During the year ended March 31, 2006, the
Fund concluded that one of the Local Limited Partnerships had experienced
other-than-temporary declines in their carrying value and impairment losses were
recorded: Metropolitan Apartments, LP for approximately $395,000.


During the year ended March 31, 2006, the Fund disposed of its investments in
two Local Limited Partnerships.


<PAGE>

                    BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)
<
                  NOTES TO THE FINANCIAL STATEMENTS (continued)


4. Investments in Local Limited Partnerships (continued)

Summarized combined financial information of the Local Limited Partnerships in
which the Fund has invested as of December 31, 2005 and 2004 (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>

                                                                                   2005                2004
                                                                             ----------------    ----------
Assets:
<S>                                                                          <C>                 <C>
   Investment property, net                                                  $     49,750,790    $     55,593,107
   Other assets                                                                     7,042,017           6,600,698
                                                                             ----------------    ----------------
     Total Assets                                                            $     56,792,807    $     62,193,805
                                                                             ================    ================

Liabilities and Partners' Equity:                                            $     46,863,083    $     49,718,509
   Mortgage notes payable                                                           6,508,731           6,607,362
                                                                             ----------------    ----------------
   Other liabilities                                                               53,371,814          56,325,871
                                                                             ----------------    ----------------
     Total Liabilities

Fund's Equity                                                                       2,987,281           3,804,248
Other partners' Equity                                                                433,712           2,063,686
                                                                             ----------------    ----------------
   Total Partners' Equity                                                           3,420,993           5,867,934
                                                                             ----------------    ----------------
   Total Liabilities and Partners' Equity                                    $     56,792,807    $     62,193,805
                                                                             ================    ================

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

                                                                                   2005                2004
                                                                             ----------------    ----------

Rental and other income                                                      $     11,714,103    $     11,655,985

Expenses:
   Operating                                                                        7,516,627           6,844,903
   Interest                                                                         2,756,488           2,790,522
   Depreciation and amortization                                                    2,734,263           2,767,363
                                                                             ----------------    ----------------
     Total Expenses                                                                13,007,378          12,402,788
                                                                             ----------------    ----------------

Net Loss                                                                     $     (1,293,275)   $       (746,803)
                                                                             ================    ================

Fund's share of net loss                                                     $     (1,250,779)   $       (736,281)
                                                                             ================    ================
Other partners' share of net loss                                            $        (42,496)   $        (10,522)
                                                                             ================    ================
</TABLE>

For the years ended March 31, 2006 and 2005, the Fund has not recognized
$1,323,082 and $550,532, 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 $95,742 and $90,564 were included in losses
recognized in the years ended March 31, 2006 and 2005, respectively.

The Fund's equity as reflected by the Local Limited Partnerships of $2,987,281
differs from the Fund's investments in Local Limited Partnerships before
adjustments of $6,732,750 primarily due to cumulative unrecognized losses as
described above, advances to Local Limited Partnerships which the Fund included
in investments in Local Limited Partnerships and differences in the accounting
treatment of miscellaneous items.


<PAGE>

                    BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)
<
                  NOTES TO THE FINANCIAL STATEMENTS (continued)


5.   Other Investments

Other investments consists of the aggregate cost of the Treasury STRIPS
purchased by the Fund for the benefit of the Class B Limited Partners. The
amortized cost at March 31, 2006 is composed of the following:
<TABLE>
<CAPTION>

<S>                                                                                        <C>
   Aggregate cost of Treasury STRIPS                                                       $       918,397
   Accumulated accretion of
     Original Issue Discount                                                                     1,743,989
                                                                                           ---------------
                                                                                           $     2,662,386
</TABLE>

The fair value of these securities at March 31, 2006 is $2,885,435. Maturity
dates for the STRIPS range from February 15, 2007 to May 15, 2010 with a final
maturity value of $3,290,000.

6.   Transactions with 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 $173,806 and
$176,500 for the years ended March 31, 2006 and 2005, respectively. Included in
due to affiliates at March 31, 2006 is $43,203 of Asset Management Fees. During
the years ended March 31, 2006 and 2005, $174,728 and $131,899, respectively
were paid out of available cash flow for Asset Management Fees.

An affiliate of the Managing General Partner is reimbursed for the cost of the
Fund's salaries and benefits expenses. Included in general and administrative
expenses for the years ended March 31, 2006 and 2005 is $146,027 and $275,085,
respectively, that the Fund has incurred for these expenses. During the year
ended March 31, 2006 and 2005, salaries and benefits of $55,000 and $87,776,
respectively, were paid to the affiliate of the Managing General Partner as of
March 31, 2006, $91,027, of reimbursements to an affiliate of the Managing
General Partner remains unpaid.


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


7.   Federal Income Taxes

The following schedules reconcile the reported financial statement net loss for
the fiscal years ended March 31, 2006 and 2005 to the net loss reported on the
Form 1065, U. S. Partnership Return of Income for the years ended December 31,
2005 and 2004:
<TABLE>
<CAPTION>

                                                                                    2006                  2005
                                                                               --------------         --------

<S>                                                                            <C>                    <C>
Net loss per financial statements                                              $     (663,895)        $    (636,061)

Equity in losses of Local Limited Partnerships for financial reporting (tax)
   purposes in excess of equity in losses for tax (financial
   reporting) purposes                                                                635,105               (94,936)

Equity in losses of Local Limited Partnerships not recognized
   for financial reporting purposes                                                (1,227,340)             (459,968)

Adjustment to reflect March 31 fiscal year end to
   December 31 taxable year end                                                         9,292               (34,809)

Amortization for tax purposes in excess of amortization
   for financial reporting purposes                                                   (34,509)              (24,354)

Provision for valuation allowance on investments in Local Limited
   Partnerships not deductible for tax purposes                                       394,517                     -

Gain on disposal of investments in Local Limited Partnership for tax (financial
   reporting) purposes in excess of for financial (tax)
   reporting purposes                                                                 144,125               (20,141)

Cash distributions included in net loss for financial reporting purposes              (34,758)               (3,258)
                                                                               --------------         -------------

Net Loss per tax return                                                        $     (777,463)        $  (1,273,527)
                                                                               ==============         =============
</TABLE>

The differences in the assets and liabilities of the Fund for financial
reporting purposes and tax purposes as of March 31, 2006 and December 31, 2005,
respectively are as follows:
<TABLE>
<CAPTION>

                                                               Financial
                                                               Reporting             Tax
                                                               Purposes           Purposes           Differences


<S>                                                         <C>                <C>                 <C>
Investments in Local Limited Partnerships                   $    4,824,980     $      767,179      $    4,057,801
                                                            ==============     ==============      ==============
Other assets                                                $    2,887,441     $    8,051,028      $   (5,163,587)
                                                            ==============     ==============      ==============
Liabilities                                                 $      162,183     $      104,279      $       57,904
                                                            ==============     ==============      ==============

</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 $4,175,000 greater than for financial reporting purposes including
approximately $3,011,301 of losses the Fund has not recognized related to
certain Local Limited Partnerships whose cumulative equity in losses exceeded
their total investment; ii) the Fund has provided an impairment allowance of
approximately $2,666,000 against its investments in Local Limited Partnerships
for financial reporting purposes; 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; and (iv) the
disposal of investment in a Local Limited Partnership during the quarter ended
March 31, 2006 resulted in its removal from investments in Local Limited
Partnerships for financial reporting purposes.


<PAGE>

                    BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)
<
                  NOTES TO THE FINANCIAL STATEMENTS (continued)


8.   Significant Subsidiaries

The following Local Limited Partnerships invested in by the Fund represent more
than 20% of the Fund's total assets or equity as of March 31, 2006 or 2005 or
net losses for the years ended either March 31, 2006 or 2005. The following
financial information represents the performance of these Local Limited
Partnerships for the years ended December 31, 2005 and 2004:
<TABLE>
<CAPTION>

Pilot House Associates Limited Partnership                                        2005                      2004
------------------------------------------                                   ---------------            --------

<S>                                                                          <C>                        <C>
Total Assets                                                                 $     4,714,403            $   5,059,305
Total Liabilities                                                            $     4,044,311            $   4,440,448
Revenue                                                                      $     1,036,164            $   1,007,564
Net Income                                                                   $       219,986            $      39,537

Preston Place Associates Limited Partnership

Total Assets                                                                 $     4,190,464            $   4,485,350
Total Liabilities                                                            $     4,049,010            $   3,996,908
Revenue                                                                      $       954,883            $     952,284
Net Income (Loss)                                                            $      (211,972)           $      71,074

Tree Trail, Limited Partnership

Total Assets                                                                 $     2,939,546            $   3,061,304
Total Liabilities                                                            $     2,684,263            $   2,643,310
Revenue                                                                      $       666,975            $     666,868
Net Loss                                                                     $      (162,711)           $    (143,194)

Metropolitan Apartments, Limited Partnership

Total Assets                                                                 $     2,623,010            $   2,811,527
Total Liabilities                                                            $     2,110,384            $   2,109,560
Revenue                                                                      $       574,231            $     634,457
Net Loss                                                                     $      (189,341)           $     (83,945)

</TABLE>


<PAGE>