Microsoft Word 11.0.6502;









July 16, 2007





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, 2007
         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/Patricia Olsen-Goldberg
Patricia Olsen-Goldberg
Controller



TCP10K-K



<PAGE>


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

                                   FORM 10-KSB

(Mark One)

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

  For  the   fiscal year ended March 31, 2007

                                    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, 2007
                   --------------------------------


<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>
<S>                                                                    <C>

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

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

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

Acquisition Reports                                                     Part I, Item 1

Prospectus - Sections Entitled:

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

     "Investment Risks"                                                 Part I, Item 1

     "Estimated Use of Proceeds"                                        Part III, Item 12

     "Management Compensation and Fees"                                 Part III, Item 12

     "Profits and Losses for Tax Purposes, Tax
      Credits and Cash Distributions"                                   Part III, Item 12
</TABLE>


<PAGE>


          BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2007

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

<S>                                                                       <C>

                                                                           Page No.

PART I

       Item 1       Business                                                    K-3
       Item 2       Properties                                                  K-5
       Item 3       Legal Proceedings                                           K-10
       Item 4       Submission of Matters to a Vote of
                    Security Holders                                            K-10

PART II

       Item 5       Market for the Registrant's Units and
                    Related Security Holder Matters                             K-10
       Item 6       Management's Discussion and Analysis of
                    Financial Condition and Results of Operations               K-11
       Item 7       Financial Statements and Supplementary Data                 K-16
       Item 8       Changes in and Disagreements with Accountants
                    on Accounting and Financial Disclosure                      K-16
       Item 8A      Controls and Procedures                                     K-16
       Item 8B      Other Information                                           K-16

PART III

       Item 9       Directors and Executive Officers
                    of the Registrant                                           K-16
       Item 10      Management Remuneration                                     K-17
       Item 11      Security Ownership of Certain Beneficial
                    Owners and Management                                       K-17
       Item 12      Certain Relationships and Related Transactions              K-18
       Item 13      Exhibits, Financial Statement Schedules and
                    Reports on Form 8-K                                         K-19
       Item 14.     Principal Accountant Fees and Services                      K-19



SIGNATURES                                                                      K-20
----------

CERTIFICATIONS                                                                  K-21
--------------

</TABLE>
<PAGE>


                                     PART I

Item 1.  Business

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

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

The Fund originally invested as a limited partner in twenty-nine limited
partnerships ("Local Limited Partnerships") which own and operate residential
apartment complexes ("Properties"), some of which benefit from some form of
federal, state or local assistance programs and all of which qualified for
low-income housing tax credits ("Tax Credits") that were added to the Internal
Revenue Code (the "Code") by the Tax Reform Act of 1986. The Fund also invested
in, for the benefit of the Class B Limited Partners, United States Treasury
obligations from which the interest coupons have been stripped or in such
coupons themselves (collectively "Treasury STRIPS"). The Fund used approximately
28% of the Class B Limited Partners' capital contributions to purchase Treasury
STRIPS with maturities of 13 to 18 years, with a total redemption amount equal
to the Class B Limited Partners' capital contributions. The investment
objectives of the Fund include the following: (i) provide annual tax benefits in
the form of tax credits which Limited Partners may use to offset their Federal
income tax liability; (ii) preserve and protect the Fund's capital committed to
Local Limited Partnerships; (iii) provide cash distributions from operations of
Local Limited Partnerships; (iv) provide cash distributions from Sale or
Refinancing transactions with the possibility of long term capital appreciation;
and (v) provide cash distributions derived from investment in Treasury STRIPS to
Class B Limited Partners after a period of approximately thirteen to eighteen
years equal to their Capital Contributions. There cannot be any assurance that
the Fund will attain any or all of these investment objectives. A more detailed
discussion of these investments objectives, along with the risk in achieving
them, is contained in the sections of the Prospectus entitled "Investment
Objectives and Policies - Principal Investment Objectives" and "Investment
Risks", which are herein incorporated by this reference.

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


<PAGE>


                                     TABLE A

                             SELECTED LOCAL LIMITED
                                PARTNERSHIP DATA
<TABLE>
<CAPTION>
<S>                                                    <C>                                          <C>

                                                                                                      Date
Properties owned by                                                                                 Interest
Local Limited Partnerships                               Location                                    Acquired

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

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

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

Each Local Limited Partnership has as its general partners ("Local General
Partners") one or more individuals or entities not affiliated with the Fund or
its General Partners. In accordance with the partnership agreements under which
such entities are organized ("Local Limited Partnership Agreements"), the Fund
depends on the Local General Partners for the management of each Local Limited
Partnership. As of March 31, 2007, the following Local Limited Partnerships have
a common Local General Partner or affiliated group of Local General Partners
accounting for the specified percentage of the capital contributions made to
Local Limited Partnerships: (i) Long Creek Court Limited Partnership, Atkins
Glen Limited Partnership, and Kings Grant Court Limited Partnership representing
5.07%, have Third Renaissance Inc. as Local General Partners; (ii) Dakota Square
Manor Limited Partnership and Duluth Limited Partnership II, representing 6.52%,
have MetroPlains Acquisition Corporation as Local General Partners; and (iii)
Pilot House Associates, L.P. and Preston Place Associates, L.P., representing
23.41%, have Castle Development Corporation as Local General Partner. The Local
General Partners of the remaining Local Limited Partnerships are identified in
the Acquisition Reports, which are herein incorporated by reference.
<PAGE>
The Properties owned by Local Limited Partnerships in which the Fund has
invested are, and will continue to be, subject to competition from existing and
future apartment complexes in the same areas. The continued success of the Fund
will depend on many outside factors, most of which are beyond the control of the
Fund and which cannot be predicted at this time. Such factors include general
economic and real estate market conditions, both on a national basis and in
those areas where the Properties are located, the availability and cost of
borrowed funds, real estate tax rates, operating expenses, energy costs and
government regulations. In addition, other risks inherent in real estate
investment may influence the ultimate success of the Fund, including: (i)
possible reduction in rental income due to an inability to maintain high
occupancy levels or adequate rental levels; (ii) possible adverse changes in
general economic conditions and adverse local conditions, such as competitive
overbuilding, a decrease in employment or adverse changes in real estate laws,
including building codes; and (iii) possible future adoption of rent control
legislation which would not permit increased costs to be passed on to the
tenants in the form of rent increases or which suppresses the ability of the
Local Limited Partnerships to generate operating cash flow. Since most of the
Properties benefit from some form of government assistance, the Fund is subject
to the risks inherent in that area including decreased subsidies, difficulties
in finding suitable tenants and obtaining permission for rent increases. In
addition, any Tax Credits allocated to investors with respect to a Property are
subject to recapture to the extent that the Property or any portion thereof
ceases to qualify for the Tax Credits. Other future changes in federal and state
income tax laws affecting real estate ownership or limited partnerships could
have a material and adverse affect on the business of the Fund.

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

Item 2.  Properties

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

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

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

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


<PAGE>

<TABLE>
<CAPTION>


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

                                                        Capital Contributions
 Local Limited Partnership                           Total            Paid            Mtge. Loans                     Occupancy at
 Property Name                     Number of    Committed at         Through          Payable at           Type of     March 31,
 Property Location                Apt. Units    March 31, 2007   March 31, 2007  December 31, 2006      Subsidy *         2007
 --------------------------------   -------------  ------------   --------------     -----------------   ------------  -----------

Pilot House Associates, L.P
Pilot House
Newport News, VA                      132        $    2,479,708     $   2,479,708    $ 3,915,935          None               99%

Jardines Limited Dividend
  Partnership, S.E., L.P.
Jardines de Juncos
Juncos, PR                             60               604,781          604,781       2,551,412           FmHA              100%

99 Livingston Associates, L.P.
Livingston Arms
Poughkeepsie, NY                       26             1,114,686        1,114,686          62,182           None               92%

Cottage Homesteads of Aspen
  Limited Partnership
Cottages of Aspen
Oakdale, MN                           114             1,027,333        1,027,333       4,095,000           None               100%

45th & Vincennes Limited
  Partnership
45th & Vincennes
Chicago, IL
                                      18               689,080           689,080        530,658           Section 8            94
Long Creek Court Limited
  Partnership
Long Creek Court
Kittrell, NC                          14               120,476           120,476        534,363             FmHA              100%
</TABLE>




<PAGE>



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

                                                               Capital Contributions
Local Limited Partnership                           Total             Paid           Mtge. Loans                     Occupancy at
Property Name                    Number of       Committed at       Through          Payable at         Type of        March 31,
Property Location                Apt. Units      March 31, 2007  March 31, 2007   December 31, 2006       Subsidy *     2007
 ------------------------------ --------------    ----------       --------------  ----------------  ------------------ --------

Atkins Glen Limited Partnership
Atkins Glen
Stoneville, NC                       24             205,574            205,574            926,211          FmHA               92%

Tree Trail Apartments,
  A Limited Partnership
Tree Trail
Gainesville, FL                      108           2,060,143          2,060,143          2,402,214          None               97%

Dakota Square Manor
  Limited Partnership
Primrose
Grand Forks, ND                      48             674,557            674,557              992,899        None               96%

Duluth Limited Partnership II
Sycamore
Sioux Falls, SD                       48            657,000             657,000           1,171,511        None               85%

Preston Place Associates, L.P.
Preston Place
Winchester, VA                       120           2,300,000          2,300,000           3,739,101        None               94%
</TABLE>







<PAGE>


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

                                                                  Capital Contributions
Local Limited Partnership                             Total           Paid            Mtge. Loans                 Occupancy at
Property Name                    Number of          Committed at   Through            Payable at         Type of    March 31,
Property Location              Apt Units          March 31, 2007  March 31, 2007   December 31, 2006    Subsidy *    2007
 ---------------------------------------------    ------------   --------------  ---------------- ------------     -------

Kings Grant Court
 Limited Partnership
Kings Grant Court
Statesville, NC                    36                 708,530         708,530             789,909        None            100%

Hudson Square Apartments
  Company (A Limited
  Partnership) Hudson Square
Baton Rouge, LA                    82                 554,670         554,670             156,986       Section 8         100%

Walker Woods Partners, II, L.P.
Walker Woods II
Dover, DE                          19                 591,429         591,429             840,296         None            89%

Vista Villa Limited Dividend
  Housing Association
  Limited Partnership
Vista Villa
Saginaw County, MI                100               1,204,762        1,204,762            3,121,322       None            92%

Metropolitan Apartments
  Limited Partnership
Metropolitan
Chicago, IL                        69               2,139,159        2,139,159            1,699,905      Section 8        86%
</TABLE>




<PAGE>


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

                                                              Capital Contributions
Local Limited Partnership                           Total             Paid              Mtge. Loans               Occupancy at
Property Name                     Number of      Committed at        Through            Payable at       Type of    March 31,
Property Location               Apt. Units      March 31, 2007    March 31, 2007     December 31, 2006   Subsidy *    2007
 ---------------------------------------------   ------------      --------------     ----------------   ----------  -------

Linden Square Limited Dividend
  Housing Association
  Limited Partnership
Linden Square
Genesee County, MI                 120            1,299,774           1,299,774           3,690,467        None         98%

New Garden Associates,
  Limited Partnership
New Garden Place
Gilmer, NC                         76             1,269,794           1,269,794            2,158,783       None          99%

Exodus/Lyndon/Windsor,
 Limited Partnership
Findley Place                      89                716,000            716,000           5,485,858        None          100%
                                  ------       --------------        -------------    ---------------
Minneapolis, MN                    1,303       $   20,417,456       $  20,417,456      $ 38,865,012
                                  ======       ==============        =============   ===============
</TABLE>


*               FmHA This subsidy, which is authorized under Section 515 of the
                Housing Act of 1949, can be one or a combination of many
                different types. For instance, FmHA may provide: 1) direct
                below-market-rate mortgage loans for rural rental housing; 2)
                mortgage interest subsidies which effectively lower the interest
                rate of the loan to 1%; 3) a rental assistance subsidy to
                tenants which allows them to pay no more than 30% of their
                monthly income as rent with the balance paid by the federal
                government; or 4) a combination of any of the above.

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



<PAGE>



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

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

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

Item 3.  Legal Proceedings

As previously reported, for the past several years the following three
litigation proceedings had been pending between certain investors and various
affiliates of the General Partners, including the Partnership, concerning, among
other things, those investors' requests to inspect certain alleged "books and
records" of the Partnership and the affiliates: Park G.P., Inc. ("Park") brought
a lawsuit against the Partnership and various affiliates of the General Partner
and their purported general partners (collectively, the "Fund Parties") in state
court in Missouri (the "Missouri Lawsuit"); the Fund Parties brought a
declaratory judgment lawsuit against Everest Housing Investors 2, LLC and
several other Everest-related entities (collectively, the "Everest Entities") in
Massachusetts state court (the "Everest Massachusetts Lawsuit"); and Boston
Financial Qualified Housing Tax Credits L.P. IV ("Partnership IV") and its
general partners brought a lawsuit against Park and its affiliate Bond Purchase,
L.L.C. ("Bond") in Massachusetts state court (the "Park and Bond Massachusetts
Lawsuit").

As of April 21, 2007, the Fund Parties and Partnership IV reached an agreement
with Park, Bond and the Everest Entities to resolve these lawsuits (the
"Settlement Agreement"). Under the terms of the Settlement Agreement, the claims
and counterclaims asserted in the Everest Massachusetts Lawsuit have been
dismissed with prejudice and the claims in the Missouri Lawsuit and the Park and
Bond Massachusetts Lawsuit have been dismissed without prejudice, all in
exchange for options, subject to various conditions, to purchase certain Local
Limited Partnership interests held by Partnership IV, Boston Financial Qualified
Housing Tax Credits L.P. III, Boston Financial Qualified Housing Tax Credits
L.P. V and Boston Financial Tax Credit Fund VII, A Limited Partnership at
specified prices.

Except as noted above, the Partnership is not a party to any pending legal or
administrate proceeding, and to the best of its knowledge, no legal or
administrative proceeding is threatened or contemplated against it.

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

None.
                                     PART II

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

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

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

As of March 31, 2007, there were 1,841 record holders of Units of the Fund.

Cash distributions, when made, are paid annually. The Fund has made no cash
distributions during the years ended March 31, 2007 and 2006.


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

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

Executive Level Overview

The Fund is a Massachusetts limited partnership organized to invest in Local
Limited Partnerships which own and operate apartment complexes which are
eligible for low income housing tax credits that may be applied against the
federal income tax liability of an investor. The Fund also invests in, for the
benefit of the Class B Limited Partners, United States Treasury obligations from
which the interest coupons have been stripped or in such interest coupons
themselves (collectively "Treasury STRIPS"). The Fund used approximately 28% of
the Class B Limited Partners' capital contributions to purchase Treasury STRIPS
with maturities of 13 to 18 years, with a total redemption amount equal to the
Class B Limited Partners' capital contributions. The Fund's objectives are to:
(i) provide annual tax benefits in the form of tax credits which Limited
Partners may use to offset their Federal income tax liability; (ii) preserve and
protect the Partnership's capital committed to Local Limited Partnerships; (iii)
provide cash distributions from operations of Local Limited Partnerships; (iv)
provide cash distributions from Sale or Refinancing transactions with the
possibility of long term capital appreciation; and (v) provide cash
distributions derived from investment in Treasury STRIPS to Class B Limited
Partners after a period of approximately thirteen to eighteen years equal to
their Capital Contributions. Arch Street VIII, Inc., a Massachusetts corporation
is the Managing General Partner of the Fund. Arch Street VI Limited Partnership,
a Massachusetts limited partnership whose general partner consists of Arch
Street, Inc., is also a General Partner. Both of the General Partners are
affiliates of MMA. The fiscal year of the Fund ends on March 31.

On February 15, 2007 the Fund received $187,000 or $56.87 per Class B unit, as
the Fund's initial investment in Treasury STRIPS matured. The Managing General
Partner currently expects to distribute these funds to Class B Limited Partners,
along with $342,000, or $103.95 per Class B unit, expected from an upcoming
August 2007 maturity, by the end of calendar year 2007.

As of March 31, 2007, the Fund's investment portfolio consisted of limited
partnership interests in nineteen Local Limited Partnerships, each of which owns
and operates a multi-family apartment complex and each of which has generated
Tax Credits. Since inception, the Fund generated Tax Credits, net of recapture,
of approximately $1,467 per Class A Unit. Class B Unit investors have received
Tax Credits, net of recapture, of approximately $1,056 per Limited Partner Unit.

Properties that receive low income housing Tax Credits must remain in compliance
with rent restriction and set-aside requirements for at least 15 calendar years
from the date the Property is placed in service. Failure to do so would result
in the recapture of a portion of the Property's Tax Credits. The Compliance
period for ten of the remaining nineteen Properties has expired, while the other
nine Properties have compliance periods that expire in 2007 or 2008. The
Managing General Partner has negotiated agreements that will ultimately dispose
of the Fund's interest in four Local Limited Partnerships. The Fund has disposed
of two Local Limited Partnership interests during the twelve months ended March
31, 2007.

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

<PAGE>
Critical Accounting Policies

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

The Local Limited Partnerships in which the Fund invests are Variable Interest
Entities ("VIE"s). The Fund is involved with the VIEs as a non-controlling
limited partner equity holder. Because the Fund is not the primary beneficiary
of these VIEs, it accounts for its investments in the Local Limited Partnerships
using the equity method of accounting. As a result of its involvement with the
VIEs, the Fund's exposure to economic and financial statement losses is limited
to its investments in the VIEs ($5,978,708 at March 31, 2007). The Fund may be
subject to additional losses to the extent of any financial support that the
Fund voluntarily provides in the future. Under the equity method, the investment
is carried at cost, adjusted for the Partnership's share of net income or loss
and for cash distributions from the Local Limited Partnerships; equity in income
or loss of the Local Limited Partnerships is included currently in the
Partnership's operations. Under the equity method, a Local Limited Partnership
investment will not be carried below zero. To the extent that equity in losses
are incurred when the Fund's carrying value of the respective Local Limited
Partnership has been reduced to a zero balance, the losses will be suspended and
offset against future income. Income from Local Limited Partnerships, where
cumulative equity in losses plus cumulative distributions have exceeded the
total investment in Local Limited Partnerships, will not be recorded until all
of the related unrecorded losses have been offset. To the extent that a Local
Limited Partnership with a carrying value of zero distributes cash to the Fund,
that distribution is recorded as income on the books of the Fund and is included
in "other revenue" in the accompanying financial statements.

The Fund has implemented policies and practices for assessing
other-than-temporary declines in values of its investments in Local Limited
Partnerships. Periodically, the carrying values of the investments are compared
to their respective fair values. If an other-than-temporary decline in carrying
value exists, a provision to reduce the asset to fair value, as calculated based
primarily on remaining tax benefits, will be recorded in the Fund's financial
statements. Generally, the carrying values of most Local Limited Partnerships
will decline through losses and distributions in amounts sufficient to prevent
other-than-temporary impairments. However, the Fund may record similar
impairment losses in the future if the expiration of tax credits outpaces losses
and distributions from any of the Local Limited Partnerships.

Liquidity and Capital Resources

At March 31, 2007, the Fund had cash and cash equivalents of $1,132,010, as
compared to $115,889 at March 31, 2006. The increase is primarily attributable
to cash received from the sale of investments in a Local Limited Partnership as
well as cash distributions received from Local Limited Partnerships and proceeds
from maturities of investment securities, partially offset by cash used for
operations.

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, 2007, $788,364 has been
designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $455,000 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, 2007, the
Fund has advanced approximately $237,000 to Local Limited Partnerships to fund
operating deficits.

The Managing General Partner believes that the investment income earned on the
Reserves, along with cash distributions received from Local Limited
Partnerships, to the extent available, will be sufficient to fund the Fund's on
going operations. Reserves may be used to fund Fund operating deficits, if the
Managing General Partner deems funding appropriate. To date, the Fund has not
used any of Reserves to fund operations. If Reserves are not adequate to cover
the Fund's operations, the Fund will seek other financing sources including, but
not limited to, the deferral of Asset Management Fees paid to an affiliate of
the Managing General Partner or working with Local Limited Partnerships to
increase cash distributions.
<PAGE>
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, 2007, 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, 2007. The Fund is currently working on disposing of its interest in
certain Local Limited Partnerships during the next twelve months. These
dispositions may result in cash available for distribution, but due to the
uncertainty of the sales, no guarantees can be made as to the extent of their
outcome on distributions to Limited Partners. In the event that distributions
are received from Local Limited Partnerships, the Managing General Partner has
decided that such amounts will be used to increase Reserves. No assurance can be
given as to the amounts of future distributions from the Local Limited
Partnerships since many of the Properties benefit from some type of federal or
state subsidy and, as a consequence, are subject to restrictions on cash
distributions.

Results of Operations

For the year ended March 31, 2007, the Fund's operations resulted in a net
income of $2,233,324 as compared to a net loss of $663,895 for the same period
in 2006. The increase in net income is primarily attributable to a decrease in
provision for valuation allowance on investments in Local Limited Partnerships,
a decrease in equity in losses of Local Limited Partnerships and an increase in
gain on sale, partially offset by an increase in general and administrative
expense. Provision for valuation allowance on investment increased due to the
Fund recording less valuation allowance on investment in certain Local Limited
Partnerships. The decrease in equity in losses of Local Limited Partnerships is
primarily due to an increase in unrecognized losses by the Fund of Local Limited
Partnerships with carrying values of zero. The increase in gain on sale is due
to the Fund receiving sales proceeds in excess of the book value of two disposed
properties. The increase in general and administrative expenses is due to an
increase in legal expenses partially offset by a decrease in charges due to an
affiliate of the managing General Partner for operational and administrative
expense necessary for operations of the fund and decreased expenses associated
with auditing the Fund's financial statements.

Low-Income Housing Tax Credits

The 2006 Tax Credits per Unit were $0 for Class A Unit and Class B Unit
investors. The 2005 Tax Credits per Unit were $0.23 and $0.17 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 had stabilized
operations and operated above breakeven at December 31, 2006. A few Properties
generated cash flow deficits that the Local General Partners of those Properties
funded through project expense loans, subordinated loans or operating escrows.
However, some Properties have had persistent operating difficulties that could
either: i) have an adverse impact on the Fund's liquidity; ii) result in their
foreclosure; or iii) result in the Managing General Partner deeming it
appropriate for the Fund to dispose of its interest in the Local Limited
Partnership prior to the expiration of the Compliance Period. Also, the Managing
General Partner, in the normal course of the Fund's business, may arrange for
the future disposition of its interest in certain Local Limited Partnerships.
The following Property discussions focus only on such Properties.

As previously reported, Carolina Woods II, located in Greensboro, North
Carolina, was under agreement to be sold during the first half of 2006. On March
22, 2006, Carolina Woods II was sold, effecting the Fund's disposition of its
interest in this Local Limited Partnership. As expected, the Property's sales
price was insufficient to produce any net proceeds to the Fund. This sale
resulted in a 2006 taxable loss of $80,228 or $2.12 per Unit. The Fund no longer
has an interest in this Local Limited Partnership.
<PAGE>
As previously reported, due to concerns over the long-term financial health of
Primrose, Phoenix Housing and Sycamore, located in Grand Forks, North Dakota,
Moorhead, Minnesota and Sioux Falls, South Dakota, respectively, the Managing
General Partner developed a plan that will ultimately result in the transfer of
the Fund's interest in each Local Limited Partnership. All three Local Limited
Partnerships have the same Local General Partner. In 1997, in an effort to
reduce possible future risk, the Managing General Partner consummated the
transfer of 50% of the Fund's interest in capital and profits in the three Local
Limited Partnerships to an affiliate of the Local General Partner. Effective
June 17, 1999, the Local General Partner transferred both its general partner
interest and 48.5% of its interest in capital and profits in the three Local
Limited Partnerships to a non-affiliated, non-profit general partner. Effective
August 31, 2000, the former Local General Partner withdrew its remaining
interest in each of the Local Limited Partnerships. The Managing General Partner
has the right to transfer the Fund's remaining interests.

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

As previously reported, the Managing General Partner and Local General Partner
of Meadow Wood, located in Smyrna, Tennessee had reached an agreement that would
result in the early 2007 sale of this Property. On January 23, 2007, the
Property was sold, resulting in net proceeds to the Fund of $1,174,546, or
$30.96 per Unit. This sale will result in 2007 taxable income projected to be
approximately $1,000,000, or $26 per Unit. The Fund no longer has an interest in
this Local Limited Partnership.

As previously reported, although occupancy has stabilized at 45th and Vincennes,
located in Chicago, Illinois, debt service coverage and working capital
remaining was well below appropriate levels as of December 31, 2006. A site
visit by a representative of the Managing General Partner in October 2006 found
the Property in need of significant improvement. Although advances from the
Local General Partner have enabled the Property to remain current on its loan
obligations, the Managing General Partner believes that the Local General
Partner and its affiliated management company are not adequately performing
their responsibilities with respect to the Property. The Managing General
Partner has expressed these concerns to the Local General Partner and will
continue to closely monitor the Property's operations. A representative of the
Managing General Partner will visit the property in mid-2007 to re-assess the
management agent and physical condition. The Managing General Partner and Local
General Partner have begun to explore an exit strategy that will allow for the
Fund's disposition of its interest in this Local Limited Partnership subsequent
to the end of the Property's Compliance Period on December 31, 2007. An
independent market analysis has confirmed that the property's market value is
lower than its existing senior and subordinated debt.

As previously reported, as a result of concerns regarding the then-existing
operating deficits and capital requirements of Findley Place, located in
Minneapolis, Minnesota, in 1999 the Managing General Partner developed a plan
that will ultimately result in the transfer of the Fund's interest in the Local
Limited Partnership. On March 1, 2000, the Managing General Partner consummated
the transfer of 1% of the Fund's interest in losses, 48.5% of its interest in
profits and 30% of its capital account to the Local General Partner. The
Managing General Partner has the right to put the Fund's remaining interest to
the Local General Partner any time after March 1, 2001. In addition, the Local
General Partner has the right to call the remaining interest after the
Compliance Period has expired, which will occur on December 31, 2008. The
Property operated at above break even for the twelve-month period ending
December 31, 2006.
<PAGE>
As previously reported, New Garden Place, located in Gilmer, North Carolina, has
enjoyed strong operations for many years. In early 2004, the Local General
Partner requested and the Fund provided its approval to a refinancing of the
Property's first mortgage. The new first mortgage, which closed in April 2004,
had a lower interest rate and lower annual debt service payments than the
original mortgage, thereby increasing the Property's cash flow. In connection
with the Fund's approval of this refinancing, the Fund and the Local General
Partner entered into a put agreement whereby the Fund can transfer its interest
in the Local Limited Partnership to the Local General Partner for a nominal
amount any time after the Property's Compliance Period ends on December 31,
2008.

As previously reported, Metropolitan Apartments, located in Chicago, Illinois,
continues to incur operating deficits. Although occupancy displayed signs of
improvement, 87% at December 31, 2006, remains below acceptable level. High
maintenance and repair expense, combined with a reduction in Federal Section 8
rental subsidy income resulted in the Property's below breakeven status at
December 31, 2006. The deficit was funded by advances from the Management Agent,
an affiliate of the Local General Partner. The Local General Partner, having
exceeded their working capital obligation, will no longer continue to fund
deficits. The Managing General Partner is negotiating an agreement with the
Local General Partners to jointly fund operating deficits in 2007, possibly
requiring advances of approximately $100,000 from the Fund's reserves. The
Property remains current on its debt service obligations.

As previously reported, the Managing General Partner and Local General Partner
of Tree Trail, located in Gainesville, Florida, are currently exploring an exit
strategy that would allow for a 2007 disposal of the Fund's interest in the
Local Limited Partnership. Net sales proceeds and taxable income are unknown at
this time.

The Managing General Partner anticipates that the Partnership's interest in the
Local Limited Partnership that owns Walker Woods II, located in Dover, Delaware,
will be terminated upon the sale of the Property in early 2008. Under the
current terms, this sale is expected to result in net proceeds to the
Partnership of approximately $83,000, or $2.19 per Unit. This sale would result
in taxable income projected to be approximately $190,000, or $5.01 per Unit.

The Managing General Partner and Local General Partner of Pilot House, located
in Newport News, Virginia, are exploring an exit strategy that may result in the
2008 disposal of the Partnership's interest in the Local Limited Partnership.
Net sales proceeds, if any, and taxable income resulting from the eventual sale
of the property are inestimable at this time.

On March 21, 2007, the Managing General Partner exercised the Fund's put option
and transferred its interest in the Local Limited Partnership that owned
Broadway Tower, located in Revere, Massachusetts, for $50,000 or $1.32 per Unit.
Proceeds related to this sale were received on April 18, 2007. The sale of this
Local Limited Partnership will result in 2007 taxable income projected to be
approximately $1,000,000, or $26.36 per Unit. The Fund retained an economic
interest in the transferred Property in the form of a contingent note equal to
10% of Related Party Payments, as defined in the contingent note agreement. The
Fund no longer has an interest in this Local Limited Partnership.

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, 2007 and 2006.

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

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





<PAGE>
Item 7.  Financial Statements and Supplementary Data

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

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

None.

Item 8A.  Controls and Procedures

Based on their evaluation, required by the Securities Exchange Act Rules
13a-15(d) and 15d-15(d), the Partnership's principal executive officer and
principal financial officer have concluded that the Partnership's disclosure
controls and procedures (as defined in Securities Exchange Act Rules 13a-15(d)
and 15d-15(d)) were effective as of March 31, 2007 to ensure that information
required to be disclosed by the Partnership in reports that it files or submits
under the Securities Exchange Act is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission rules and forms and were effective as of March 31, 2007 to ensure
that information required to be disclosed by the Partnership issuer in the
reports that it files or submits under the Securities Exchange Act is
accumulated and communicated to the Partnership's management, including its
principal executive and principal financial officers, or persons performing
similar functions, as appropriate to allow timely decisions regarding required
disclosure.

There were no other changes in the Partnership's internal control over financial
reporting identified in connection with the evaluation required by paragraph (d)
of the Securities and Exchange Act Rules 13a-15(d) or 15d-15(d) that occurred
during the quarter ended March 31,2007 that affected, or were reasonably likely
to affect, the Partnership's internal control over financial reporting.

Item 8B. Other Information

No reports on Form 8-K were filed during the fourth quarter of the year ended
March 31, 2007.

                                    PART III

Item 9.  Directors and Executive Officers of the Registrant

The Managing General Partner of the Fund is Arch Street VIII, Inc., a
Massachusetts  corporation (the "Managing General  Partner"),  an affiliate of
MMA. The Managing  General Partner was  incorporated in December,  1990. The
Investment  Committee of the Managing General Partner  approved  all
investments.  The names and  positions of the  principal  officers and the
directors of the Managing General Partner are set forth below.

     Name                                                      Position

Gary Mentesana                                        Executive Vice President
Michael H. Gladstone                                      Principal, Member

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

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

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

Gary A. Mentesana, age 42, Executive Vice President, Head of the Affordable
Housing Group - Mr. Mentesana has been Executive Vice President of MuniMae (the
"Company") since July 2003. He is the head of the Company's Affordable Housing
Group and is responsible for both the affordable tax exempt and taxable lending
and equity businesses. Prior to his appointment as EVP, Mr. Mentesana served as
the Company's Chief Capital Officer as well as the Company's Chief Financial
Officer. Mr. Mentesana's tenure with the Company began with the Company's
predecessor, the SCA Tax-Exempt Fund Limited Partnership, in 1988. Prior to
joining the Company, Mr. Mentesana worked for Coopers and Lybrand and was a
Certified Public Accountant. Mr. Mentesana graduated from the University of
Rhode Island.
<PAGE>
Michael H. Gladstone, age 50, Principal, Member - Mr. Gladstone is responsible
for capital transactions work in the Asset Management group of MMA. He joined
MMA as a result of the Boston Financial and Lend Lease HCI acquisitions,
starting with Boston Financial in 1985 as the firm's General Counsel. Prior to
joining Boston Financial, Mr. Gladstone was associated with the law firm of
Herrick & Smith and served on the advisory board of the Housing and Development
Reporter. Mr. Gladstone has lectured at Harvard University on affordable housing
matters and is a member of the National Realty Committee, Cornell Real Estate
Council, National Association of Real Estate Investment Managers and
Massachusetts Bar. Mr. Gladstone is a graduate of Emory University (BA) and
Cornell University.

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

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

Item 10.  Management Remuneration

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

Item 11.  Security Ownership of Certain Beneficial Owners and Management

As of March 31, 2007, 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     2,146.5 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 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.
<PAGE>
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, 2007 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, 2007 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, 2007.

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, 2007.

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, 2007 are as follows:

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

Asset management fees                $      171,881        $        173,806



<PAGE>
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, 2007 are as follows:

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

Salaries and benefits expense reimbursements    $  137,789     $    146,027

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, 2007.

Additional information concerning cash distributions and other fees paid or
payable to the Managing General Partner and its affiliates and the reimbursement
of expenses paid or payable to MMA and its affiliates for the two years ended
March 31, 2007 is presented in Note 6 to the Financial Statements.

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

(a) Documents filed as a part of this Report

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

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

(b)      Exhibits

31.1     Certification of Principal Executive Officer and Principal Financial
         Officer pursuant to section 302 of the Sarbanes-Oxley
              Act of 2002
32.1   Certification of Principal Executive Officer and Principal Financial
       Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002

Item 14.   Principal Accountant Fees and Services

The Partnership paid or accrued fees for services rendered by the principal
accountant for the two years ended March 31, 2007 as follows:

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

Audit fees                         $       63,610        $       75,219
Tax fees                           $        2,400        $        2,400

No other fees were paid or accrued to the principal accountants during the two
years ended March 31, 2007.

<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/Gary Mentesana                      Date:    July 16, 2007
           --------------------------------------         ------------------
           Gary Mentesana
           President
           Arch Street VIII, Inc.


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

     By:   /s/Gary Mentesana                       Date:    July 16, 2007
           --------------------------------------          ------------------
           Gary Mentesana
           President
           Arch Street VIII, Inc.



     By:   /s/Michael H. Gladstone                   Date:   July 16, 2007
           -----------------------------                     -----------------
           Michael H. Gladstone
           Vice President
           Arch Street VIII, Inc.



<PAGE>



<PAGE>






                BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2007

                                      INDEX

                                                                Page No.


Report of Independent Registered Public Accounting Firm           F-2
     for the years ended March 31, 2007 and 2006

Financial Statements:

     Balance Sheet - March 31, 2007                               F-3

     Statements of Operations - For the years ended
       March 31, 2007 and 2006                                    F-4

     Statements of Changes in Partners' Equity  -
       For the years ended March 31, 2007 and 2006                F-5

     Statements of Cash Flows - For the years ended
       March 31, 2007 and 2006                                    F-6

     Notes to the Financial Statements                            F-7






<PAGE>








             Report of Independent Registered Public Accounting Firm


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


In our opinion, the financial statements listed in the accompanying index
present fairly, in all material respects, the financial position of Boston
Financial Tax Credit Fund Plus, A Limited Partnership ("the Partnership") at
March 31, 2007, and the results of its operations and its cash flows for each of
the two years in the period ended March 31, 2007 in conformity with accounting
principles generally accepted in the United States of America. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.


PricewaterhouseCoopers, LLP

Boston, Massachusetts
June 22, 2007







<PAGE>


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





                                  BALANCE SHEET
                                 March 31, 2007


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

Assets

Cash and cash equivalents                                                                         $     1,132,010
Restricted cash (Note 4)                                                                                  187,000
Investment in Local Limited Partnerships (Note 3)                                                       5,978,708
Other investments (Note 4)                                                                              2,687,289
Accounts receivable (Note 3)                                                                               50,000
                                                                                                  ---------------
   Total Assets                                                                                   $    10,035,007
                                                                                                  ===============

Liabilities and Partners' Equity

Due to affiliate (Note 5)                                                                         $       215,084
Accrued expenses                                                                                           35,065
                                                                                                  ---------------
   Total Liabilities                                                                                      250,149
                                                                                                  ---------------

General, Initial and Investor Limited Partners' Equity                                                  9,784,858
                                                                                                  ---------------
   Total Liabilities and Partners' Equity                                                         $    10,035,007
                                                                                                  ===============
</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, 2007 and 2006


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

                                                                                    2007                    2006
                                                                                 ----------------         ----------
 Revenue:
   Investment                                                                   $     6,593         $        14,700
   Accretion of Original Issue Discount (Note 4)                                    211,900                 198,929
   Other                                                                             14,533                  54,703
                                                                                ----------------    ---------------
     Total Revenue                                                                  233,026                 268,332
                                                                                ----------------    ---------------

Expense:
   Asset management fees, affiliate (Note 5)                                        171,881                 173,806
   Provision for valuation allowance on investments in Local
     Limited Partnerships (Note 3)                                                        -                 394,517
   Provision for (recovery of) valuation of advances to
     Local Limited Partnerships (Note 3)                                            (40,170)                      -
   General and administrative (includes reimbursements
     to an affiliate in the amount of $137,789 and
     $146,027 in 2007 and 2006, respectively)                                       344,014                 330,839
   Amortization                                                                       8,654                   9,626
                                                                                  ---------           -------------
     Total Expense                                                                  484,379                 908,788
                                                                                ----------------      -------------

Loss before equity in income (losses) of Local Limited Partnerships and gain on
   sale of investments in Local Limited
   Partnerships                                                                    (251,353)               (640,456)

Equity in income (losses) of Local Limited Partnerships (Note 3)                  1,310,589                 (23,439)

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

Net Income (Loss)                                                                 $2,233,324         $     (663,895)
                                                                                ================      ==============

Net Income (Loss) allocated:
   General Partners                                                              $  365,853           $      (8,628)
   Class A Limited Partners                                                       1,747,953                (799,527)
   Class B Limited Partners                                                         119,518                  144,260
                                                                                ----------------         -----------
                                                                                 $2,233,324           $    (663,895)
                                                                                 ================        ===========
Net Income (Loss) per Limited Partner Unit
   Class A Unit (34,643 Units)                                                   $   50.46             $     (23.08)
                                                                                   ================     ============
   Class B Unit (3,290 Units)                                                    $   36.33             $       43.85
                                                                                   ================      ===========
</TABLE>

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

<PAGE>

                     BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)
                    STATEMENTS OF CHANGES IN PARTNERS' EQUITY
                   For the Years Ended March 31, 2007 and 2006




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

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

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

Comprehensive Income (Loss):
  Change in net unrealized
     losses on investment
     securities available for sale                -              -              -               -       (1,278)        (1,278)
  Net Income (Loss)                          (8,628)             -       (799,527)        144,260           -        (663,895)
                                       ------------   ------------   ------------    ------------       -------     ----------
Comprehensive Income (Loss)                  (8,628)             -       (799,527)        144,260       (1,278)       (665,173)
                                       ------------   ------------   ------------    ------------    ------------   ----------

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

Comprehensive Income:
  Change in net unrealized
     losses on investment
     securities available for sale                -              -              -               -         1,296          1,296
  Net Income                                365,853              -      1,747,953         119,518            -       2,233,324
                                       ------------   ------------   ------------    ------------      ----------  -----------
Comprehensive Income                        365,853                     1,747,953         119,518        1,296       2,234,620
                                       ------------   ------------   ------------    ------------    ------------ ------------

Balance at March 31, 2007              $     97,849   $      5,000   $  6,571,405    $  3,110,604   $          -   $9,784,858
                                       ============   ============   ============    ============    ===========  ===========
</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, 2007 and 2006



<TABLE>
<CAPTION>

<S>                                                                              <C>                     <C>

                                                                                 2007                   2006
                                                                           ----------------         ----------
Cash flows from operating activities:
   Net Income (Loss)                                                       $      2,233,324         $     (663,895)
   Adjustments to reconcile net income to net
     cash used for operating activities:
   Equity in income (losses) of Local Limited Partnerships                       (1,310,589)                 23,439
   Gain on sale of investments in Local Limited
     Partnerships                                                                (1,174,088)                      -
   Recovery of prior year provision for valuation allowance on
     advances to Local Limited Partnerships                                         (40,170)                      -
   Provision for valuation allowance on investments in Local
     Limited Partnerships                                                                 -                 394,517
   Accretion of Original Issue Discount                                            (211,900)              (198,929)
   Amortization                                                                       8,654                   9,626
   Accretion                                                                         (1,057)                    391
   Cash distributions included in net income or loss                                 (3,258)               (34,758)
   Gain on sales of investment securities                                             1,159                       -
   Other non-cash item                                                                   10                      22
   Increase (decrease) in cash arising from changes
     in operating assets and liabilities:
     Accounts receivable                                                             10,000                (10,000)
     Other assets                                                                     1,267                   (886)
     Due to affiliate                                                                80,854                  90,105
     Accrued expenses                                                                 7,112                   7,553
                                                                           ----------------         ---------------
Net cash used for operating activities                                             (398,682)              (382,815)
                                                                           ----------------         ---------------

Cash flows from investing activities:
   Purchases of investment securities                                                     -               (199,334)
   Proceeds from maturity of T-Strips                                               187,000                       -
   Investment in restricted cash                                                   (187,000)                      -
   Proceeds from sales and maturities of investments securities                      99,080                 100,518
   Reimbursement of advances to Local Limited Partnerships                           40,170                       -
   Cash distributions received from Local
     Limited Partnerships                                                           117,120                 226,308
   Proceeds received from sale of investments in Local
     Limited Partnerships                                                         1,158,433                       -
                                                                           ----------------        ----------------
Net cash provided by investing activities                                         1,414,803                 127,492
                                                                           ----------------        ----------------

Net increase (decrease) in cash and cash equivalents                              1,016,121               (255,323)

Cash and cash equivalents, beginning of year                                        115,889                 371,212
                                                                           ----------------         ---------------

Cash and cash equivalents, end of year                                     $      1,132,010         $       115,889
                                                                           ================         ===============

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

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


                        NOTES TO THE FINANCIAL STATEMENTS


1.   Organization

Boston Financial Tax Credit Fund Plus, A Limited Partnership (the "Fund") is a
Massachusetts limited partnership organized to invest in other limited
partnerships ("Local Limited Partnerships") which own and operate apartment
complexes which are eligible for low income housing tax credits that may be
applied against the federal income tax liability of an investor. The Fund also
invests in, for the benefit of the Class B Limited Partners, United States
Treasury obligations from which the interest coupons have been stripped or in
such interest coupons themselves (collectively "Treasury STRIPS"). The Fund used
approximately 28% of the Class B Limited Partners' capital contributions to
purchase Treasury STRIPS with maturities of 13 to 18 years, with a total
redemption amount equal to the Class B Limited Partners' capital contributions.
The Fund's objectives are to: (i) provide annual tax benefits in the form of tax
credits which Limited Partners may use to offset their Federal income tax
liability; (ii) preserve and protect the Fund's capital committed to Local
Limited Partnerships; (iii) provide cash distributions from operations of Local
Limited Partnerships; (iv) provide cash distributions from Sale or Refinancing
transactions with the possibility of long term capital appreciation; and (v)
provide cash distributions derived from investment in Treasury STRIPS to Class B
Limited Partners after a period of approximately thirteen to eighteen years
equal to their Capital Contributions. Arch Street VIII, Inc., a Massachusetts
corporation is the Managing General Partner of the Fund. Arch Street VI Limited
Partnership, a Massachusetts limited partnership whose general partner consists
of Arch Street, Inc., is also a General Partner. Both of the General Partners
are affiliates of MMA Financial, Inc. ("MMA"). The fiscal year of the Fund ends
on March 31.

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

The Partnership Agreement authorized the sale of up to 100,000 Units of limited
partnership interests ("Units") at $1,000 per Unit. On January 11, 1994, the
Fund held its final investor closing. In total, the Fund received $34,642,300 of
capital contributions, net of discounts, from investors admitted as Class A
Limited Partners for 34,643 Units and $3,290,000 of capital contributions, net
of discounts, from investors admitted as Class B Limited Partners for 3,290
Units.

Under the terms of the Partnership Agreement, the Fund originally designated 4%
of the Adjusted Gross Proceeds (which generally means Gross Proceeds minus the
amounts committed to the acquisition of Treasury STRIPS) from the sale of Units
as a reserve for working capital of the Fund and contingencies related to
ownership of Local Limited Partnership interests. The Managing General Partner
may increase or decrease such amounts from time to time, as it deems
appropriate. At March 31, 2007, the Managing General Partner has designated
approximately $788,000 as such Reserves.

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

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


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






                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2.   Significant Accounting Policies

Cash Equivalents

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

Concentration of Credit Risk

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

Other Investments

The Fund accounts for its investments in Treasury STRIPS, which are included in
other investments in the balance sheet, using the effective interest method of
accretion for the original issue discount. The Fund has the ability and it is
its intention to hold the Treasury STRIPS until maturity. Therefore, they are
classified as "Held to Maturity" and are carried at cost plus the adjustments
for the discount using the effective interest method.

Investments in Local Limited Partnerships

The Local Limited Partnerships in which the Fund invests are Variable Interest
Entities ("VIE"s). The Fund is involved with the VIEs as a non-controlling
limited partner equity holder. Because the Fund is not the primary beneficiary
of these VIEs, it accounts for its investments in the Local Limited Partnerships
using the equity method of accounting. As a result of its involvement with the
VIEs, the Fund's exposure to economic and financial statement losses is limited
to its investments in the VIEs ($5,978,708 at March 31, 2007). The Fund may be
subject to additional losses to the extent of any financial support that the
Fund voluntarily provides in the future. Under the equity method, the investment
is carried at cost, adjusted for the Partnership's share of net income or loss
and for cash distributions from the Local Limited Partnerships; equity in income
or loss of the Local Limited Partnerships is included currently in the
Partnership's operations. Under the equity method, a Local Limited Partnership
investment will not be carried below zero. To the extent that equity in losses
are incurred when the Partnership's carrying value of the respective Local
Limited Partnership has been reduced to a zero balance, the losses will be
suspended and offset against future income. Income from Local Limited
Partnerships, where cumulative equity in losses plus cumulative distributions
have exceeded the total investment in Local Limited Partnerships, will not be
recorded until all of the related unrecorded losses have been offset. To the
extent that a Local Limited Partnership with a carrying value of zero
distributes cash to the Fund, that distribution is recorded as income on the
books of the Fund and is included in "other revenue" in the accompanying
financial statements.

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

Excess investment costs over the underlying net assets acquired have arisen from
acquisition fees paid and expenses reimbursed to an affiliate of the Fund. These
fees and expenses are included in investments in Local Limited Partnerships and
are being amortized on a straight-line basis over 35 years or until a Local
Limited Partnership's respective investment balance has been reduced to zero.

The Fund may provide advances to the Local Limited Partnerships to finance
operations or to make debt service payments. The Fund assesses the
collectibility of any advances at the time the advance is made and records a
reserve if collectibility is not reasonably assured.

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


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

                      NOTES TO THE FINANCIAL STATEMENTS (continued)


2. Significant Accounting Policies (continued)

Investments in Local Limited Partnerships (continued)
----------------------------------------------------

The Managing General Partner has elected to report results of the Local Limited
Partnerships on a 90-day lag basis because the Local Limited Partnerships report
their results on a calendar year basis. Accordingly, the financial information
of the Local Limited Partnerships that is included in the accompanying financial
statements is as of December 31, 2006 and 2005 and for the years then ended.

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

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

Use of Estimates

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

Fair Value of Financial Instruments

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

Income Taxes

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

Effect of New Accounting Principle

In June 2006, the FASB issued Interpretation No. 48 "Accounting for Uncertainty
in Income Taxes" ("FIN 48"), which is effective for financial statements for
fiscal years beginning after December 15, 2006. FIN 48 provides guidance to all
enterprises, including pass-through entities, for how uncertain tax provisions
should be recognized, measured, presented and disclosed in the financial
statements. The General Partner will adopt FIN 48 as of April 1, 2007. The
General Partner is currently assessing the impact of FIN 48 but believes that
FIN 48 will not have a material impact on the financial position or operating
results of the Company.


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3.   Investments in Local Limited Partnerships

The Fund currently owns limited partnership interests in nineteen Local Limited
Partnerships which were organized for the purpose of owning and operating
multi-family housing complexes, all of which are government-assisted. The Fund's
ownership interest in each Local Limited Partnership is 99%, except for
Livingston Arms, Metropolitan, New Garden Place and Findley Place, where the
Fund's ownership interests are 82%, 98.75%, 97.9% and 98%, respectively, and
Primrose and Sycamore, where the Fund's ownership is 49.5%. The Fund may have
negotiated or may negotiate options with the local general partners to purchase
or sell the Fund's interests in the Local Limited Partnership at the end of the
Compliance Period at nominal prices. In the event that Properties are sold to a
third party, or upon dissolution of the Local Limited Partnerships, proceeds
will be distributed according to the terms of each Local Limited Partnership
agreement.
<TABLE>
<CAPTION>
<S>                                                                                               <C>

The following is a summary of investments in Local Limited Partnerships at March
31, 2007:

Capital contributions and advances paid to Local Limited Partnerships and
purchase
   price paid to withdrawing partners of Local Limited Partnerships                                 $    20,684,613

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $3,210,640)                                                                   (9,028,675)

Cumulative cash distributions received from Local Limited Partnerships                                  (3,548,032)
                                                                                                    ---------------

Investments in Local Limited Partnerships before adjustments                                              8,107,906

Excess investment costs over the underlying assets acquired:

   Acquisition fees and expenses                                                                            717,628

   Cumulative amortization of acquisition fees and expenses                                               (221,396)
                                                                                                    ---------------

Investments in Local Limited Partnerships before valuation allowance                                      8,604,138

Valuation allowance on investments in Local Limited Partnerships                                        (2,625,430)
                                                                                                    ---------------

Investments in Local Limited Partnerships                                                           $     5,978,708
                                                                                                    ===============
</TABLE>

For the year ended March 31, 2007, $40,170 was reimbursed from the Local Limited
Partnership relating to advances made in previous years.

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


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3. Investments in Local Limited Partnerships (continued)

Summarized combined financial information of the Local Limited Partnerships in
which the Fund has invested as of December 31, 2006 and 2005 (due to the Fund's
policy of reporting the financial information of its Local Limited Partnership
interests on a 90 day lag basis) is as follows:

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

                                                                                   2006                   2005
                                                                             ----------------          ----------
Assets:
   Investment property, net                                                  $     49,074,593    $     49,750,790
   Other assets                                                                     6,263,610           7,042,017
                                                                             ----------------    ----------------
     Total Assets                                                            $     55,338,203    $     56,792,807
                                                                             ================    ================

Liabilities and Partners' Equity:
   Mortgage notes payable                                                    $     45,494,800    $     46,863,083
   Other liabilities                                                                7,286,269           6,508,731
                                                                             ----------------    ----------------
     Total Liabilities                                                             52,781,069          53,371,814
                                                                             ----------------    ----------------

Fund's Equity                                                                       2,372,971           2,987,281
Other partners' Equity                                                                184,163             433,712
                                                                             ----------------    ----------------
   Total Partners' Equity                                                           2,557,134           3,420,993
                                                                             ----------------    ----------------
   Total Liabilities and Partners' Equity                                    $     55,338,203    $     56,792,807
                                                                             ================    ================

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

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

Rental and other income                                                      $     11,410,056    $     11,714,103

Expenses:
   Operating                                                                        6,924,228           7,516,627
   Interest                                                                         2,482,296           2,756,488
   Depreciation and amortization                                                    2,622,991           2,734,263
                                                                             ----------------    ----------------
     Total Expenses                                                                12,029,515          13,007,378
                                                                             ----------------    ----------------

Net Loss                                                                     $       (619,459)   $    (1,293,275)
                                                                             ================    ================

Fund's share of net loss (includes adjustments from prior years)             $        427,145    $    (1,250,779)
                                                                             ================    ================
Other partners' share of net loss                                            $       (976,658)   $       (42,496)
                                                                             ================    ================
</TABLE>

For the years ended March 31, 2007 and 2006, the Fund has not recognized
$1,009,188 and $1,323,082, respectively, of equity in losses relating to certain
Local Limited Partnerships in which cumulative equity in losses and
distributions exceeded its total investment in these Local Limited Partnerships.
Previously unrecognized losses of $125,744 and $95,742 were included in losses
recognized in the years ended March 31, 2007 and 2006, respectively.

The Fund's equity as reflected by the Local Limited Partnerships of $2,372,971
differs from the Fund's investments in Local Limited Partnerships before
adjustments of $8,107,906 primarily due to cumulative unrecognized losses as
described above, two Local Limited Partnerships whose interests were liquidated
in the quarter ended March 31, 2007 included in the summarized balance sheets of
the Local Limted Partnerships, advances to Local Limited Partnerships which the
Fund included in investments in Local Limited Partnerships and differences in
the accounting treatment of miscellaneous items.
<PAGE>
                      BOSTON FINANCIAL TAX CREDIT FUND PLUS,
                             (A Limited Partnership)
                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3. Investments in Local Limited Partnerships (continued)

During the year ended March 31, 2007, the Fund sold its investments in two Local
Limited Partnerships, resulting in gains totaling $1,174,088. As of March 31,
2007, $50,000 is receivable related to the sale of one of these Local Limited
Partnerships.

4.   Other Investments

Other investments consists of the aggregate cost of the Treasury STRIPS
purchased by the Fund for the benefit of the Class B Limited Partners. The
amortized cost at March 31, 2007 is composed of the following:

   Aggregate cost of Treasury STRIPS                 $       858,197
   Accumulated accretion of
     Original Issue Discount                               1,829,092
                                                     ---------------
                                                     $     2,687,289

The fair value of these securities at March 31, 2007 is $3,038,152. As of March
31, 2007, one Treasury Strip matured yielding proceeds of $187,000. These
proceeds are included in restricted cash as of March 31, 2007. The next maturity
date for the STRIPS is August 15, 2007 and the final maturity will take place on
May 15, 2010. The total maturity value is $3,290,000.

5.   Transactions with Affiliate

An affiliate of the Managing General Partner receives the base amount of $5,500
(annually adjusted by the CPI factor) per Local Limited Partnership as the
annual Asset Management Fee for administering the affairs of the Fund. Included
in the Statements of Operations are Asset Management Fees of $171,881 and
$173,806 for the years ended March 31, 2007 and 2006, respectively. Included in
due to affiliates at March 31, 2007 is $215,084 of Asset Management Fees. During
the years ended March 31, 2007 and 2006, $0 and $174,728, 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, 2007 and 2006 is $137,789 and $146,027,
respectively, that the Fund has incurred for these expenses. During the year
ended March 31, 2007 and 2006, salaries and benefits of $228,816 and $55,000,
respectively, were paid to the affiliate of the Managing General Partner as of
March 31, 2007, all of reimbursements to an affiliate of the Managing General
Partner were paid.

In December 2006, Fund cash was invested in below-market interest bearing
accounts as part of a banking arrangement which resulted in financial benefits
to affiliates of MMA Financial. MMA Financial subsequently determined that this
arrangement was inconsistent with the terms of the Partnership Agreement and
terminated the arrangement. MMA intends to pay the interest lost by the Fund
(approximately $20,000) to the Fund in July 2007.


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


6.   Federal Income Taxes

The following schedules reconcile the reported financial statement net income
(loss) for the fiscal years ended March 31, 2007 and 2006 to the net loss
reported on the Form 1065, U. S. Partnership Return of Income for the years
ended December 31, 2006 and 2005:
<TABLE>
<CAPTION>
<S>                                                                                <C>                       <C>

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

Net income (loss) per financial statements                                     $    2,233,324         $    (663,895)

Equity in (income) losses of Local Limited Partnerships for financial reporting
   (tax) purposes in excess of equity in losses for tax
(financial
   reporting) purposes                                                             (1,272,004)               635,105

Equity in losses of Local Limited Partnerships not recognized
   for financial reporting purposes                                                  (883,444)           (1,227,340)

Adjustment to reflect March 31 fiscal year end to
   December 31 taxable year end                                                       (41,065)                 9,292

Amortization for tax purposes in excess of amortization
   for financial reporting purposes                                                   (42,198)              (34,509)

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

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

Gain on sale of investments in Local Limited Partnership for tax (financial
   reporting) purposes in excess of gain for financial (tax)
   reporting purposes                                                              (1,174,085)               144,125

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

Net Loss per tax return                                                        $   (1,216,384)        $    (777,463)
                                                                               ==============          =============
</TABLE>

The differences in the assets and liabilities of the Fund for financial
reporting purposes and tax purposes as of March 31, 2007 and December 31, 2006,
respectively are as follows:
<TABLE>
<CAPTION>
<S>                                                           <C>                <C>               <C>

                                                               Financial
                                                               Reporting             Tax
                                                               Purposes           Purposes           Differences

Investments in Local Limited Partnerships                   $    5,978,708     $     (269,705)     $    6,248,413
                                                            ==============     ==============      ==============
Other assets                                                $    4,056,299     $    7,967,130      $  (3,910,831)
                                                            ==============     ==============      ==============
Liabilities                                                 $      250,149     $      199,881      $       50,268
                                                            ==============     ==============      ==============
</TABLE>



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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


6. Federal Income Taxes (continued)

The differences in the assets and liabilities of the Fund for financial
reporting and tax purposes are primarily attributable to: (i) the cumulative
equity in losses from Local Limited Partnerships for tax purposes is
approximately $9,481,000 greater than for financial reporting purposes including
approximately $3,211,000 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 $2,625,000 against its investments in Local Limited Partnerships
for financial reporting purposes; (iii) organizational and offering costs of
approximately $5,132,000 that have been capitalized for tax purposes are charged
to Limited Partners' equity for financial reporting purposes; and (iv) the
disposal of investment in two Local Limited Partnerships during the quarter
ended March 31, 2007 resulted in its removal from investments in Local Limited
Partnerships for financial reporting purposes.

7.   Significant Subsidiaries

The following Local Limited Partnerships invested in by the Fund represent more
than 20% of the Fund's total assets or equity as of March 31, 2007 or 2006 or
net losses for the years ended either March 31, 2007 or 2006. The following
financial information represents the performance of these Local Limited
Partnerships for the years ended December 31, 2006 and 2005:
<TABLE>
<CAPTION>
<S>                                                                               <C>                          <C>

Pilot House Associates Limited Partnership                                         2006                        2005
------------------------------------------                                    ---------------                --------

Total Assets                                                                  $     5,359,734           $   4,714,403
Total Liabilities                                                             $     4,691,908           $   4,044,311
Revenue                                                                       $     1,060,847           $   1,036,164
Net Income                                                                    $        90,097           $     219,986

Preston Place Associates Limited Partnership

Total Assets                                                                  $          N/A            $   4,190,464
Total Liabilities                                                             $          N/A            $   4,049,010
Revenue                                                                       $          N/A            $     954,883
Net Income (Loss)                                                             $          N/A            $   (211,972)



</TABLE>

<PAGE>