July 13, 2005





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, 2005
         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







<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, 2005
                          -----------------------------------------------------


                                                         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, 2005
                        --------------------------------


<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, 2005

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>


                                                                           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-14
       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-22


SIGNATURES                                                                      K-23
----------

CERTIFICATIONS                                                                  K-24

</TABLE>



<PAGE>


                                     PART I

Item 1.  Business

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

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

The Fund originally invested as a limited partner in twenty-nine limited
partnerships ("Local Limited Partnerships") which own and operate residential
apartment complexes ("Properties"), some of which benefit from some form of
federal, state or local assistance programs and all of which qualify 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


Properties owned by                                                                    Date 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                                 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                               Greensboro, NC                       10/11/93
     Linden Square                                   Genesee County, MI                   10/29/93
     New Garden Place                                Gilmer, NC                           06/24/94
     Findley Place                                   Minneapolis, MN                      07/15/94

</TABLE>


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

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

Each Local Limited Partnership has as its general partners ("Local General
Partners") one or more individuals or entities not affiliated with the Fund or
its General Partners. In accordance with the partnership agreements under which
such entities are organized ("Local Limited Partnership Agreements"), the Fund
depends on the Local General Partners for the management of each Local Limited
Partnership. As of March 31, 2005, 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 14.79%, have Flournoy
Development Company as Local General Partners; (ii) Long Creek Court Limited
Partnership, Atkins Glen Limited Partnership, Kings Grant Court Limited
Partnership representing 4.02%, have Regency Investment Assoc. Inc. as Local
General Partners; (iii) Phoenix Housing, L.P., Dakota Square Manor Limited
Partnership and Duluth Limited Partnership II, representing 6.96%, have
MetroPlains Acquisition Corporation as Local General Partners; and (iv) Pilot
House Associates, L.P. and Preston Place Associates, L.P., representing 18.58%,
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, LLC ("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-three 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, Phoenix Housing, Metropolitan, New Garden Place and Findley
Place, where the Fund's ownership interests are 82%, 0.2%, 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 Credit runs for
ten years from the date the Property is placed in service. The required holding
period (the "Compliance Period") of the Properties is fifteen years. During
these fifteen years, the Properties must satisfy rent restrictions, tenant
income limitations and other requirements, as promulgated by the Internal
Revenue Service, in order to maintain eligibility for the Tax Credit at all
times during the Compliance Period. Once a Local Limited Partnership has become
eligible for the Tax Credits, it may lose such eligibility and suffer an event
of recapture if its Property fails to remain in compliance with the
requirements.

In addition, some of the Local Limited Partnerships have obtained one or a
combination of different types of loans such as: i) below market rate interest
loans; ii) loans provided by a redevelopment agency of the town or city in which
the Property is located at favorable terms; and iii) loans 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          Number         Total committed    Paid through     Mtge. loans payable               Occupancy
Property Name                       of            at March 31,       March 31,        at December 31,        Type of    at March 31,
Property Location                  Apt. Units     2005               2005             2004                   Subsidy*   2005
--------------------------------- ------------  -------------------  --------------  ---------------------- ----------  ------------

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>         <C>
Newport News, VA                    132            $2,479,708          $2,479,708         $3,998,743           None        100%

Jardines Limited Dividend
     Partnership, S.E., L.P.
Jardines de Juncos
Juncos, PR                          60             604,781             604,781            2,572,268            FmHA        100%


</TABLE>

<PAGE>

<TABLE>
<CAPTION>


                                                       Capital Contributions
Local Limited Partnership          Number         Total committed    Paid through     Mtge. loans payable               Occupancy
Property Name                       of            at March 31,       March 31,        at December 31,        Type of    at March 31,
Property Location                  Apt. Units     2005               2005             2004                   Subsidy*   2005
--------------------------------- ------------  -------------------  --------------  ---------------------- ----------  ------------

99 Livingston Associates, L.P.
Livingston Arms
<S>                                  <C>          <C>                  <C>                <C>                  <c>          <C>
Poughkeepsie, NY                     26           1,114,686            1,114,686          358,175              None         93%

Broadway Tower Limited
     Partnership
Broadway Tower
Revere, MA                           92           2,350,000            2,350,000          4,978,887            Section 8     94%

Phoenix Housing, L.P.
Phoenix Housing
Moorhead, MN                         40           457,810              457,810            1,959,664            Section 8     99%

Cottage Homesteads of Aspen
     Limited Partnership
Cottages of Aspen
Oakdale, MN                         114           1,027,333            1,027,333          4,290,000            None          90%

45th & Vincennes Limited
     Partnership
45th & Vincennes
Chicago, IL                         18            689,080              689,080            568,680              Section 8     95%

Long Creek Court Limited
     Partnership
Long Creek Court
Kittrell, NC                        14            120,476              120,476            540,277              FmHA          97%

</TABLE>



<PAGE>

<TABLE>
<CAPTION>


                                                       Capital Contributions
Local Limited Partnership          Number         Total committed    Paid through     Mtge. loans payable               Occupancy
Property Name                       of            at March 31,       March 31,        at December 31,        Type of    at March 31,
Property Location                  Apt. Units     2005               2005             2004                   Subsidy*   2005
--------------------------------- ------------  -------------------  --------------  ---------------------- ----------  ------------

Atkins Glen Limited Partnership
Atkins Glen
<S>                                  <C>            <C>                <C>              <C>                     <c>         <C>
Stoneville, NC                       24             205,574            205,574          935,528                 FmHA        98%

Tree Trail Apartments,
     A Limited Partnership
Tree Trail
Gainesville, FL                      108            2,060,143          2,060,143        2,483,823                 None      90%

Meadow Wood Townhomes,
     A Limited Partnership
Meadow Wood
Smyrna, TN                           88             1,742,671          1,742,671        2,376,186                 None      93%

Dakota Square Manor
     Limited Partnership
Primrose
Grand Forks, ND                      48             674,557            674,557          1,075,000                 None      98%

Duluth Limited Partnership II
Sycamore
Sioux Falls, SD                      48             657,000            657,000          1,203,392                 None      92%

Preston Place Associates, L.P.
Preston Place
Winchester, VA                      120             2,300,000          2,300,000        3,882,019                 None      99%


</TABLE>

<PAGE>


<TABLE>
<CAPTION>


                                                        Capital Contributions
Local Limited Partnership          Number         Total committed    Paid through     Mtge. loans payable               Occupancy
Property Name                       of            at March 31,       March 31,        at December 31,        Type of    at March 31,
Property Location                  Apt. Units     2005               2005             2004                   Subsidy*   2005
--------------------------------- ------------  -------------------  --------------  ---------------------- ----------  ------------

Kings Grant Court
     Limited Partnership
Kings Grant Court
<S>                                 <C>            <C>                <C>              <C>                   <c>          <C>
Statesville, NC                     36             708,530            708,530          823,636               None         98%

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             402,863            Section 8     99%

Walker Woods Partners, II, L.P.
Walker Woods II
Dover, DE                           19              591,429           591,429             847,300             None         96%
</TABLE>


<PAGE>

<TABLE>
<CAPTION>



                                                       Capital Contributions
Local Limited Partnership          Number         Total committed    Paid through     Mtge. loans payable               Occupancy
Property Name                       of            at March 31,       March 31,        at December 31,        Type of    at March 31,
Property Location                  Apt. Units     2005               2005             2004                   Subsidy*   2005
--------------------------------- ------------  -------------------  --------------  ---------------------- ----------  ------------

Vista Villa Limited Dividend
     Housing Association
     Limited Partnership
Vista Villa
<S>                                 <C>            <C>                  <C>               <C>                  <c>         <C>
Saginaw County, MI                  100            1,204,762            1,204,762         3,431,586            None        94%

Metropolitan Apartments
     Limited Partnership
Metropolitan
Chicago, IL                         69             2,139,159            2,139,159         1,820,005            Section 8   85%

Carolina Woods Associates II,
     Limited Partnership
Carolina Woods II
Greensboro, NC                      40             750,238              750,238           720,601              None        82%

Linden Square Limited Dividend
     Housing Association
     Limited Partnership
Linden Square
Genesee County, MI                  120            1,299,774            1,299,774         4,057,304            None        98%

New Garden Associates,
     Limited Partnership
New Garden Place
Gilmer, NC                          76             1,269,794            1,269,794         2,187,572            None        92%


</TABLE>


<PAGE>

<TABLE>
<CAPTION>


                                                       Capital Contributions
Local Limited Partnership          Number         Total committed    Paid through     Mtge. loans payable               Occupancy
Property Name                       of            at March 31,       March 31,        at December 31,        Type of    at March 31,
Property Location                  Apt. Units     2005               2005             2004                   Subsidy*   2005
--------------------------------- ------------  -------------------  --------------  ---------------------- ----------  ------------

Exodus/Lyndon/Windsor,
     Limited Partnership
Findley Place
<S>                                 <C>            <C>                  <C>             <C>                    <c>        <C>
Minneapolis, MN                     89             716,000              716,000         4,205,000              None       100%
                                   ------          ------------         ------------    ------------
                                   1,563           $ 28,718,175         $ 28,718,175    $49,718,509
                                   ======          ============         ============    ===========

</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>
Two Local Limited Partnerships invested in by the Fund represent more than 20%
of the Fund's consolidated assets, equity or net losses. The following financial
information represents the Local Limited Partnerships' performance for the years
ended December 31, 2004 and 2003:
<TABLE>
<CAPTION>

     Tree Trail Apartments, A Limited Partnership                        2004              2003
     --------------------------------------------                    -------------    -------------
<S>                                                                  <C>              <C>
     Total Assets                                                    $   3,061,304    $   3,306,002
     Total Liabilities                                               $   2,643,310    $   2,695,694
     Revenue                                                         $     666,868    $     722,979
     Net Loss                                                        $    (143,194)   $     (53,990)

     Carolina Woods Associates II, Limited Partnership
     Total Assets                                                    $   1,402,484    $   1,495,147
     Total Liabilities                                               $   1,027,845    $   1,054,336
     Revenue                                                         $     206,198    $     202,245
     Net Loss                                                        $     (66,172)   $     (72,487)

</TABLE>


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 (the "Partnership") and
its purported general partners (collectively, "Defendants") in Clay County,
Missouri, claiming that Defendants breached the relevant partnership agreement
and their fiduciary duties owed to Park by, among other things, failing to
permit inspection of certain alleged "books and records" of the Partnership. 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
Boston Financial Qualified Housing Limited Partnership, Boston Financial Tax
Credit Fund Plus, A 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"). The court granted the amendment on November 15, 2004, and
all defendants subsequently moved to dismiss the amended complaint in its
entirety. That motion is currently pending (along with a concurrently filed
motion for entry of a blanket protective order), and oral argument on the motion
took place on February 16, 2005. 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.

After Park served a deposition notice duces tecum that requested the production
of confidential non-public documents, defendants filed a Motion for a Protective
Order on March 23, 2005. After a short hearing on April 21, 2005, the Court
"overruled" the Motion in a brief docket entry on May 16, 2005 without any
findings of fact, conclusions of law, or other explanation. On or about June 9,
2005, defendants petitioned the Missouri Court of Appeals for a writ ordering
the Circuit Court to set aside the prior order and grant defendant's request for
a protective order.

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) that 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. Defendants accordingly intend on defending against the claims
vigorously. We have not formed an opinion that an unfavorable outcome is either
probable or remote. In addition, our counsel refrains from expressing an opinion
as to the likely outcome of the case, or the range of any loss.

On August 24, 2004, Boston Financial Qualified Housing Limited Partnership,
Boston Financial Tax Credit Fund Plus, A 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
three 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
served a motion 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. Having received no
opposition within the specified time, the Partnerships filed the motion to amend
with the proposed first amended complaint on January 31, 2005. The Court has
granted this Motion.

Defendants 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) Everest does not seek to review them for a proper purpose,
and (iii) that selective disclosure of the information to Everest would give it
an unfair informational advantage in secondary market transactions, and may
violate federal and/or state securities laws. We have not formed an opinion that
an unfavorable outcome is either probable or remote. In addition, our counsel
refrains from expressing an opinion as to the likely outcome of the case, or the
range of any loss.

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

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

None.
                                     PART II

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

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

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

As of March 31, 2005, there were 1,893 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 Operation

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, 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.

The Fund's investment portfolio consists of limited partnership interests in
twenty-three 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 has generated Tax Credits, net of recapture, of
approximately $1,467 per Class A Unit, with immaterial amounts expected from
2005 through 2010. Class B Unit investors have received Tax Credits, net of
recapture, of approximately $1,055 per Limited Partner Unit, with immaterial
amounts expected from 2005 through 2010.

Properties that receive low income housing Tax Credits must remain in compliance
with rent restriction and set-aside requirements for at least 15 years from the
date the property is completed. Failure to do so would result in the recapture
of a portion of the Property's Tax Credits. Between 2006 and continuing through
2010, the Compliance Period of the twenty-three 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 five 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.

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.

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.

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 Fund accounts for its investments in Local Limited Partnerships using the
equity method of accounting. Under the equity method, the investment is carried
at cost, adjusted for the Fund's share of net income or loss and for cash
distributions from the Local Limited Partnerships; equity in income or loss of
the Local Limited Partnerships is included currently in the Fund's operations.
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 potential
impairment of its investments in Local Limited Partnerships. The investments
are reviewed for impairment whenever events or changes in circumstances
indicate that the Fund may not be able to recover its carrying value. If an
other than temporary impairment in carrying value exists, a provision to reduce
the asset to fair value will be recorded in the Fund's financial statements.




                           Accounting Standard Update

In January 2003, the FASB issued Interpretation No. 46 ("Interpretation"),
"Consolidation of Variable Interest Entities", which provides new criteria for
determining whether or not consolidation accounting is required. The
Interpretation, which was modified in December 2003 in order to address certain
technical and implementation issues, requires the Fund to consider consolidation
or provide additional disclosures of financial information for Local Limited
Partnerships meeting the definition of a Variable Interest Entity ("VIE"). The
Fund was required to apply the Interpretation to the Local Limited Partnerships
meeting the definition of a VIE as of March 31, 2005.

This Interpretation requires consolidation by the Fund of the Local Limited
Partnerships' assets and liabilities and results of operations if the Fund
determined that the Local Limited Partnerships were VIEs and that the Fund was
the "Primary Beneficiary". Minority interests may be recorded for the Local
Limited Partnerships' ownership share attributable to other investors. Where
consolidation of Local Limited Partnerships is not required, additional
financial information disclosures of Local Limited Partnerships may be required.
The Fund has assessed the Interpretation and concluded that it is not the
Primary Beneficiary of any of the Local Limited Partnerships that meet the
definition of a VIE. The Fund is involved with those VIEs as a non-controlling
limited partner equity holder. The Fund is required to disclose its maximum
exposure to economic and financial statement losses as a result of its
involvement with the VIEs. The Fund's exposure to economic and financial
statement losses from the VIEs is limited to its investment in the VIEs
($5,444,112 at March 31, 2005). The Fund may be subject to additional losses to
the extent of any financial support that the Fund voluntarily provides in the
future.

Liquidity and capital resources

At March 31, 2005, the Fund had cash and cash equivalents of $371,212, as
compared to $768,959 at March 31, 2004. The decrease is primarily attributable
to cash used for operating activities partially offset by cash distributions
received from Local Limited Partnerships.

The Managing General Partner initially designated 4% of the Adjusted Gross
Proceeds (which generally means Gross Proceeds minus the amounts committed to
the acquisition of Treasury STRIPS) as Reserves, as defined in the Partnership
Agreement. The Reserves were established to be used for working capital of the
Fund and contingencies related to the ownership of Local Limited Partnership
interests. The Managing General Partner may increase or decrease such Reserves
from time to time, as it deems appropriate. At March 31, 2005, $371,983 of cash,
cash equivalents and marketable securities has been designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $445,000 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, 2005, 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 $402,000 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, 2005, 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, 2005. 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, 2005, the Fund's operations resulted in a net loss
of $636,061 as compared to a net loss of $1,298,145 for the same period in 2004.
The decrease in net loss is primarily attributable to a decrease in provision
for valuation of investments in Local Limited Partnerships, a decrease in equity
in losses of Local Limited Partnerships, and a decrease in provision for
valuation of advances to Local Limited Partnerships. These effects were
partially offset by an increase in general and administrative expenses primarily
due to increase charges from an affiliate of the Managing General Partner for
administrative expenses necessary for the operation of the Fund. 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 other revenue relates to less distributions
received by the Fund from Local Limited Partnerships.

Low-income housing tax credits

The 2004 Tax Credits per Unit were $24.45 and $17.60 for Class A Unit and Class
B Unit investors, respectively. The 2003 Tax Credits per Unit were $55.79 and
$40.17 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 recently improved, and debt service coverage
and working capital are below appropriate levels. A site visit by the Managing
General Partner found the Property in need of some minor improvements but in
overall fair condition. 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.

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
had 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. Because of its
diluted interest in the Local Limited Partnership, the Fund will not receive a
material amount of the Property's Tax Credits subsequent to February 1, 2000.
Instead, the Fund will receive cash from the Local Limited Partnership in the
approximate amount of the Property's Tax Credits that it would have received had
its interest in the Property not been diluted. The compliance period expires on
December 31, 2005 for Phoenix Housing.

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 one year from the March 1, 2000
effective date. 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 the past several 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 Partnership to the Local General Partner for a nominal amount any
time after the Property's Compliance Period ends on December 31, 2008.
Preston Place, located in Winchester, Virginia has historically operated
extremely well. The Property finished 2003 with 98% occupancy and high levels of
debt service coverage and working capital. In late 2003, the Local General
Partner requested and the Managing General Partner approved a refinancing of the
Property with net cash proceeds available for distribution to the Fund. On
November 14, 2003, the Property closed on the refinancing, and the Fund received
$750,000 of proceeds. The Managing General Partner, in accordance with and as
permitted by the Partnership Agreement, retained the entire amount of net
proceeds in Reserves.

Chestnut Plains, located in Winston-Salem, North Carolina had experienced very
low occupancy, inadequate levels of working capital and operating deficits for
the last several quarters. The Local General Partner had been funding operating
deficits but stopped such funding 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 will result in Tax Credit recapture projected to be approximately $4
per Unit, including interest. In addition, the foreclosure will result in
taxable income projected to be approximately $63,000, or $2 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, 2005 and 2004.

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 director 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, 2005.



                                    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
Financial, LLC. 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, Tax Credit Equity Group
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 49, Executive Vice President, Tax Credit Equity Group - Ms.
Netzer is responsible for tax credit investment programs to institutional
clients. She joined MMA Financial, LLC 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 48, Principal, Member - Mr. Gladstone is responsible
for capital transactions work in the Asset Management group of MMA Financial,
LLC. He joined MMA Financial, LLC 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, 2005, the following is the only entity known to the Fund to be
the beneficial owner of more than 5% of the Units outstanding:

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

Limited       Everest Tax Credit Investors     2,705.5 Units          7%
Partner       155 North Lake Avenue
              Suite 1000
              Pasadena, CA  91101

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 Financial, LLC 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, 2005 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, 2005 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, 2005.

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, 2005.

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, 2005 are as follows:

<TABLE>
<CAPTION>


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

<S>                                                                    <C>            <C>
       Asset management fees                                           $   176,500    $   175,831

</TABLE>


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, 2005 are as follows:

<TABLE>
<CAPTION>


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

<S>                                                                    <C>            <C>
       Salaries and benefits expense reimbursements                    $   275,085    $   215,939

</TABLE>



Cash distributions paid to the General Partners

In accordance with the Partnership Agreement, the General Partners of the Fund,
Arch Street VIII, Inc. and Arch Street VI L.P., receive 1% of cash distributions
paid to partners. No cash distributions were paid to the General Partners in the
two years ended March 31, 2005.

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 Financial, LLC and its affiliates for the two
years ended March 31, 2005 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 pursuant to
                    section 302 of the Sarbanes-Oxley Act of 2002
           31.2     Certification of 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, 2005 as follows:

<TABLE>
<CAPTION>

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

<S>                                                           <C>               <C>
     Audit fees                                               $  23,450         $ 25,805
     Tax fees                                                 $   1,950         $  1,850

</TABLE>


No other fees were paid or accrued to the principal accountants during the two
years ended March 31, 2005.


<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:    July 13, 2005
           ---------------------------------------              -------------
           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:    July 13, 2005
           ---------------------------------------               -------------
           Jenny Netzer
           Executive Vice President
           MMA Financial, LLC



     By:   /s/Michael H. Gladstone                      Date:   July 13, 2005
           -----------------------------                        -------------
           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, 2005

                                      INDEX
<TABLE>
<CAPTION>

                                                                               Page No.


<S>                                                                              <C>
Report of Independent Registered Public Accounting Firm                          F-2
     For the years ended March 31, 2005 and 2004

Financial Statements:

     Balance Sheet - March 31, 2005                                              F-3

     Statements of Operations - For the years ended
       March 31, 2005 and 2004                                                   F-4

     Statements of Changes in Partners' Equity (Deficiency) -
       For the years ended March 31, 2005 and 2004                               F-5

     Statements of Cash Flows - For the years ended
       March 31, 2005 and 2004                                                   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, 2005, and the results of its operations and its cash flows for each of
the two years in the period ended March 31, 2005 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.



/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
July 13, 2005





<PAGE>


                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)





                                  BALANCE SHEET
                                 March 31, 2005
<TABLE>
<CAPTION>



Assets

<S>                                                                                              <C>
Cash and cash equivalents                                                                        $     371,212
Marketable securities, at fair value (Note 3)                                                              771
Investments in Local Limited Partnerships (Note 4)                                                   5,444,112
Other investments (Note 5)                                                                           2,463,457
Other assets                                                                                               384
                                                                                                 -------------
     Total Assets                                                                                $   8,279,936
                                                                                                 =============

Liabilities and Partners' Equity

Due to affiliate (Note 6)                                                                        $      44,125
Accrued expenses                                                                                        20,400
                                                                                                 -------------
     Total Liabilities                                                                                  64,525
                                                                                                 -------------

General, Initial and Investor Limited Partners' Equity                                               8,215,429
Net unrealized losses on marketable securities                                                             (18)
                                                                                                 -------------
     Total Partners' Equity                                                                          8,215,411
                                                                                                 -------------
     Total Liabilities and Partners' Equity                                                      $   8,279,936
                                                                                                 =============

</TABLE>



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

<PAGE>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)


                            STATEMENTS OF OPERATIONS
                   For the Years Ended March 31, 2005 and 2004

<TABLE>
<CAPTION>


                                                                               2005              2004
                                                                         -------------       -------------
Revenue:
<S>                                                                      <C>                 <C>
   Investment                                                            $       9,137       $      12,969
   Accretion of Original Issue Discount (Note 5)                               183,639             170,154
   Other                                                                        14,853             100,073
                                                                         -------------       -------------
     Total Revenue                                                             207,629             283,196
                                                                         -------------       -------------

Expenses:
   Asset management fees, affiliate (Note 6)                                   176,500             175,831
   Provision for valuation of advances to Local
     Limited Partnerships (Note 4)                                                   -              29,688
   Provision for valuation of investments in Local
     Limited Partnerships (Note 4)                                                   -             520,042
   General and administrative (includes
    reimbursements to an affiliate in the amount
    of $275,085 and $215,939 in 2005 and 2004,
    respectively) (Note 6)                                                     395,935             304,946
   Amortization                                                                 15,083              15,178
                                                                         -------------       -------------
     Total Expenses                                                            587,518           1,045,685
                                                                         -------------       -------------

Loss before equity in losses of Local Limited Partnerships and gain on disposal
   of investments in of Local Limited
   Partnerships                                                               (379,889)           (762,489)

Equity in losses of Local Limited Partnerships (Note 4)                       (276,313)           (535,656)

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

Net Loss                                                                 $    (636,061)      $  (1,298,145)
                                                                         =============       =============

Net Loss allocated:
   General Partners                                                      $      (8,197)      $     (14,683)
   Class A Limited Partners                                                   (759,567)         (1,360,585)
   Class B Limited Partners                                                    131,703              77,123
                                                                         -------------       -------------
                                                                         $    (636,061)      $  (1,298,145)
                                                                         =============       =============
Net Income (Loss) per Limited Partner Unit:
   Class A Unit (34,643 Units)                                           $      (21.93)      $      (39.27)
                                                                         =============       =============
   Class B Unit (3,290 Units)                                            $       40.03       $       23.44
                                                                         =============       =============

</TABLE>


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

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)


             STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                   For the Years Ended March 31, 2005 and 2004


<TABLE>
<CAPTION>


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

<S>                             <C>          <C>          <C>            <C>            <C>          <C>
Balance at March 31, 2003       $  (236,496) $   5,000    $  7,743,131   $  2,638,000   $     6,510  $   10,156,145
                                -----------  ---------    ------------   ------------   -----------  --------------=

Comprehensive Income (Loss):
   Change in net unrealized
     gains on marketable
     securities available for sale      -            -              -              -         (6,499)         (6,499)
   Net Income (Loss)                (14,683)         -      (1,360,585)        77,123             -      (1,298,145)
                                -----------  ---------    ------------   ------------   -----------  --------------
Comprehensive Income (Loss)         (14,683)         -      (1,360,585)        77,123        (6,499)     (1,304,644)
                                -----------  ---------    ------------   ------------   -----------  --------------

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 marketable
     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
                                ===========  =========    ============   ============   ===========  ===============

</TABLE>


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


                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)



                            STATEMENTS OF CASH FLOWS
                   For the Years Ended March 31, 2005 and 2004

<TABLE>
<CAPTION>



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

Cash flows from operating activities:
<S>                                                                             <C>              <C>
   Net Loss                                                                     $    (636,061)   $  (1,298,145)
   Adjustments to reconcile net loss to net cash
     used for operating activities:
     Equity in losses of Local Limited Partnerships                                   276,313          535,656
     Gain on disposal of investments in Local Limited Partnerships                    (20,141)               -
     Provision for valuation of advances to Local Limited
       Partnerships                                                                         -           29,688
     Provision for valuation of investments in
       Local Limited Partnerships                                                           -          520,042
     Accretion of Original Issue Discount                                            (183,639)        (170,154)
     Amortization                                                                      15,083           15,178
     Cash distributions included in net loss                                           (3,258)         (64,883)
     Other non-cash item                                                                   33             (800)
     Increase (decrease) in cash arising from
       changes in operating assets and liabilities:
       Other assets                                                                      (247)           2,396
       Due to affiliate                                                               (45,090)        (238,659)
Accrued expenses                                                                         (188)         (10,517)
                                                                                -------------    -------------
Net cash used for operating activities                                               (597,195)        (680,198)
                                                                                -------------    -------------

Cash flows from investing activities:
   Proceeds from maturities of marketable securities                                      781          204,536
   Advances to Local Limited Partnerships                                                   -          (29,688)
   Cash distributions received from Local
     Limited Partnerships                                                             178,526        1,101,099
   Proceeds received from disposal of investments in
     Local Limited Partnerships                                                        20,141                -
                                                                                -------------    -------------
Net cash provided by investing activities                                             199,448        1,275,947
                                                                                -------------    -------------

Net increase (decrease) in cash and cash equivalents                                 (397,747)         595,749

Cash and cash equivalents, beginning of year                                          768,959          173,210
                                                                                -------------    -------------

Cash and cash equivalents, end of year                                          $     371,212    $     768,959
                                                                                =============    =============

</TABLE>



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


<PAGE>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)



                        NOTES TO THE FINANCIAL STATEMENTS


1.   Organization

Boston Financial Tax Credit Fund Plus, A Limited Partnership (the "Fund") is a
Massachusetts limited partnership organized to invest in other limited
partnerships ("Local Limited Partnerships") which own and operate apartment
complexes which are eligible for low income housing tax credits that may be
applied against the federal income tax liability of an investor. The Fund also
invests in, for the benefit of the Class B Limited Partners, United States
Treasury obligations from which the interest coupons have been stripped or in
such interest coupons themselves (collectively "Treasury STRIPS"). The Fund used
approximately 28% of the Class B Limited Partners' capital contributions to
purchase Treasury STRIPS with maturities of 13 to 18 years, with a total
redemption amount equal to the Class B Limited Partners' capital contributions.
The Fund's objectives are to: (i) provide annual tax benefits in the form of tax
credits which Limited Partners may use to offset their Federal income tax
liability; (ii) preserve and protect the 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 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, 2005, the Managing General Partner has designated
$371,983 of cash, cash equivalents and marketable 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 Partner has an obligation to fund deficits in its capital account,
subject to limits set forth in 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.

Marketable Securities and Other Investments

The Fund's marketable securities are classified as "Available for Sale"
securities and reported at fair value as reported by the brokerage firm at which
the securities are held. All marketable securities have fixed maturities.
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 Fund accounts for its investments in Local Limited Partnerships using the
equity method of accounting. Under the equity method, the investment is carried
at cost, adjusted for the Fund's share of net income or loss and for cash
distributions from the Local Limited Partnerships; equity in income or loss of
the Local Limited Partnerships is included currently in the Fund's operations.
Under the equity method, a Local Limited Partnership investment will not be
carried below zero. To the extent that equity in losses are incurred when the
Fund's carrying value of the respective Local Limited Partnership has been
reduced to a zero balance, the losses will be suspended and offset against
future income. Income from Local Limited Partnerships, where cumulative equity
in losses plus cumulative distributions have exceeded the total investment in
Local Limited Partnerships, will not be recorded until all of the related
unrecorded losses have been offset. To the extent that a Local Limited
Partnership with a carrying value of zero distributes cash to the Fund, that
distribution is recorded as income on the books of the Fund and is included in
"Other Revenue" in the accompanying financial statements.

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

Excess investment costs over the underlying net assets acquired have arisen from
acquisition fees paid and expenses reimbursed to an affiliate of the Fund. These
fees and expenses are included in investments in Local Limited Partnerships and
are being amortized on a straight-line basis over 35 years 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, 2004 and 2003 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 potential
 impairment of its investments in Local Limited Partnerships. The investments
 are reviewed for impairment whenever events or changes in circumstances
 indicate that the Fund may not be able to
recover its carrying value. If an other than temporary impairment in carrying
value exists, a provision to reduce the asset to fair value 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 Partnership'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.

Accounting Standard Update

In January 2003, the FASB issued Interpretation No. 46 ("Interpretation"),
"Consolidation of Variable Interest Entities", which provides new criteria for
determining whether or not consolidation accounting is required. The
Interpretation, which was modified in December 2003 in order to address certain
technical and implementation issues, requires the Fund to consider consolidation
or provide additional disclosures of financial information for Local Limited
Partnerships meeting the definition of a Variable Interest Entity ("VIE"). The
Fund was required to apply the Interpretation to the Local Limited Partnerships
meeting the definition of a VIE as of March 31, 2005.

<page>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2. Significant Accounting Policies (continued)

Accounting Standard Update (continued)

This Interpretation requires consolidation by the Fund of the Local Limited
Partnerships' assets and liabilities and results of operations if the Fund
determined that the Local Limited Partnerships were VIEs and that the Fund was
the "Primary Beneficiary". Minority interests may be recorded for the Local
Limited Partnerships' ownership share attributable to other investors. Where
consolidation of Local Limited Partnerships is not required, additional
financial information disclosures of Local Limited Partnerships may be required.
The Fund has assessed the Interpretation and concluded that it is not the
Primary Beneficiary of any of the Local Limited Partnerships that meet the
definition of a VIE. The Fund is involved with those VIEs as a non-controlling
limited partner equity holder. The Fund is required to disclose its maximum
exposure to economic and financial statement losses as a result of its
involvement with the VIEs. The Fund's exposure to economic and financial
statement losses from the VIEs is limited to its investment in the VIEs
($5,444,112 at March 31, 2005). The Fund may be subject to additional losses to
the extent of any financial support that the Fund voluntarily provides in the
future.

3.   Marketable Securities

A summary of marketable securities is as follows:

<TABLE>
<CAPTION>

                                                                Gross         Gross
                                                              Unrealized    Unrealized          Fair
                                                Cost            Gains         Losses            Value

<S>                                            <C>            <C>           <C>              <C>
Mortgage backed securities                     $       789    $         -   $       (18)     $       771
                                               -----------    -----------   -----------      ------------

Marketable securities
   at March 31, 2005                           $       789    $         -   $       (18)     $       771
                                               ===========    ===========   ===========      ============

</TABLE>


Actual maturities 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 $1,000 and $205,000 during the years
ended March 31, 2005 and 2004, respectively.

4.   Investments in Local Limited Partnerships

The Fund has limited partnership interests in twenty-three 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, Phoenix Housing, Metropolitan, New Garden Place and Findley
Place, where the Fund's ownership interests are 82%, 0.2%, 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, 2005:

<TABLE>
<CAPTION>


Capital contributions and advances paid to Local Limited Partnerships
<S>                                                                                                <C>
   and purchase price paid to withdrawing partners of Local Limited Partnerships                   $  26,025,500

Cumulative equity in losses of Local Limited Partnerships (excluding
   cumulative unrecognized losses of $2,764,597)                                                     (14,993,252)

Cumulative cash distributions received from Local Limited Partnerships                                (3,525,672)
                                                                                                   -------------

Investments in Local Limited Partnerships before adjustments                                           7,506,576

Excess investment cost over the underlying assets acquired:

   Acquisition fees and expenses                                                                       1,088,352

   Cumulative amortization of acquisition fees and expenses                                             (295,358)
                                                                                                   -------------

Investments in Local Limited Partnerships before impairment allowance                                  8,299,570

Impairment allowance on investments in Local Limited Partnerships                                     (2,855,458)
                                                                                                   -------------

Investments in Local Limited Partnerships                                                          $   5,444,112
                                                                                                   =============
</TABLE>

The Fund has recorded an impairment allowance for its investments in certain
Local Limited Partnerships in order to appropriately reflect the estimated net
realizable value of these investments.

Summarized combined financial information of the Local Limited Partnerships in
which the Fund has invested as of December 31, 2004 and 2003 (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:

<TABLE>
<CAPTION>

Summarized Balance Sheets - as of December 31,
                                                                                    2004                2003
                                                                                -------------      -------------
Assets:
<S>                                                                             <C>                <C>
   Investment property, net                                                     $  55,593,107      $  58,499,842
   Other assets                                                                     6,600,698          6,242,738
                                                                                -------------      -------------
     Total Assets                                                               $  62,193,805      $  64,742,580
                                                                                =============      =============

Liabilities and Partners' Equity:
   Mortgage notes payable                                                       $  49,718,509      $  51,653,539
   Other liabilities                                                                6,607,362          6,159,015
                                                                                -------------      -------------
     Total Liabilities                                                             56,325,871         57,812,554
                                                                                -------------      -------------

Fund's equity                                                                       3,804,248          4,747,055
Other partners' equity                                                              2,063,686          2,182,971
                                                                                -------------      -------------
     Total Partners' Equity                                                         5,867,934          6,930,026
                                                                                -------------      -------------
     Total Liabilities and Partners' Equity                                     $  62,193,805      $  64,742,580
                                                                                =============      =============

</TABLE>

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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


4. Investments in Local Limited Partnerships (continued)

Summarized Income Statements - for the years
ended December 31,

<TABLE>
<CAPTION>

                                                                                    2004                2003
                                                                                -------------      -------------

<S>                                                                             <C>                <C>
Rental and other revenue                                                        $  11,655,985      $  11,469,959
                                                                                -------------      -------------

Expenses:
   Operating                                                                        6,844,903          6,721,342
   Interest                                                                         2,790,522          2,928,879
   Depreciation and amortization                                                    2,767,363          2,806,093
                                                                                -------------      -------------
     Total Expenses                                                                12,402,788         12,456,314
                                                                                -------------      -------------

Net Loss                                                                        $    (746,803)     $    (986,355)
                                                                                =============      =============

</TABLE>

Fund's share of Net Loss $ (736,281) $ (908,686) Other partners' share of Net
Loss $ (10,522) $ (77,669) For the years ended March 31, 2005 and 2004, the Fund
has not recognized $550,532 and $406,874, 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 $90,564 and $33,844 were
included in losses recognized in the years ended March 31, 2005 and 2004,
respectively.

The Fund's equity as reflected by the Local Limited Partnerships of $3,804,248
differs from the Fund's investments in Local Limited Partnerships before
adjustments of $7,506,576 primarily due to: i) cumulative unrecognized losses as
described above; ii) advances to Local Limited Partnerships which the Fund
included in investments in Local Limited Partnerships and iii) differences in
the accounting treatment of miscellaneous items.

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, 2005 is composed of the following:

<TABLE>
<CAPTION>

<S>                                                                                          <C>
   Aggregate cost of Treasury STRIPS                                                         $   918,397
   Accumulated accretion of
     Original Issue Discount                                                                   1,545,060
                                                                                             -----------
                                                                                             $ 2,463,457

</TABLE>

The fair value of these securities at March 31, 2005 is $2,828,522. 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 $176,500 and
$175,831 for the years ended March 31, 2005 and 2004, respectively. Included in
due to affiliates at March 31, 2005 is $44,125 of Asset Management Fees. During
the years ended March 31, 2005 and 2004, $131,899 and $420,429, 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, 2005 and 2004 is $275,085 and $215,939,
respectively, that the Fund has incurred for these expenses. As of March 31,
2005, all reimbursements to an affiliate of the Managing General Partner for
these expenses have been paid.

<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, 2005 and 2004 to the net loss reported on the
Form 1065, U. S. Partnership Return of Income for the years ended December 31,
2004 and 2003:

<TABLE>
<CAPTION>

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

<S>                                                                             <C>                <C>
Net Loss per financial statements                                               $     (636,061)    $  (1,298,145)

Equity in losses of Local Limited Partnerships for tax purposes
   in excess of equity in losses for financial reporting purposes                      (94,936)         (165,127)

Equity in losses of Local Limited Partnerships not
   recognized for financial reporting purposes                                        (459,968)         (373,030)

Adjustment to reflect March 31 fiscal year end
   to December 31 taxable year end                                                     (34,809)           65,173

Amortization for tax purposes in excess of amortization
   for financial reporting purposes                                                    (24,354)          (32,363)

Provision for valuation of advances to Local Limited
   Partnerships not deductible for tax purposes                                              -            29,688

Provision for valuation of investments in Local Limited
   Partnerships not deductible for tax purposes                                              -           520,042

Gain on disposal of investments in Local Limited Partnerships
   for tax purposes in excess of (less than) financial reporting purposes              (20,141)          325,378

Cash distributions included in net loss for financial reporting purposes                (3,258)         (109,573)
                                                                                --------------     -------------
Net Loss per tax return                                                         $   (1,273,527)    $  (1,037,957)
                                                                                ==============     =============

</TABLE>
<PAGE>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)


                  NOTES TO THE FINANCIAL STATEMENTS (continued)


7. Federal Income Taxes (continued)

The differences in the assets and liabilities of the Fund for financial
reporting purposes and tax purposes as of March 31, 2005 and December 31, 2004,
respectively are as follows:

<TABLE>
<CAPTION>


                                                              Financial
                                                              Reporting            Tax
                                                              Purposes          Purposes          Differences

<S>                                                         <C>              <C>                 <C>
Investments in Local Limited Partnerships                   $   5,444,112    $   1,531,311       $   3,912,801
                                                            =============    =============       ==============
Other assets                                                $   2,835,824    $   8,026,944       $  (5,191,120)
                                                            =============    =============       =============
Liabilities                                                 $      64,525    $      66,864       $      (2,339)
                                                            =============    =============       =============

</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 $6,435,000 greater than for financial reporting purposes including
approximately $2,765,000 of losses the Fund has not recognized related to
certain Local Limited Partnerships whose cumulative equity in losses exceeded
their total investment; ii) the Fund has provided an impairment allowance of
approximately $2,855,000 against its investments in Local Limited Partnerships
for financial reporting purposes; and iii) organizational and offering costs of
approximately $5,132,000 that have been capitalized for tax purposes are charged
to Limited Partners' equity for financial reporting purposes.



<PAGE>