June 27, 2003





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, 2003
         File Number 0-22104


Dear Sir/Madam:

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


Very truly yours,




/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller



TCP10K-K



<PAGE>


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

                                   FORM 10-KSB

(Mark One)

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

For the fiscal year ended March 31, 2003
                         --------------------
                               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, 2003
                      --------------------------------


<PAGE>




                                       K-1
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, 2003

                                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-13
       Item 4       Submission of Matters to a Vote of
                    Security Holders                                            K-13

PART II

       Item 5       Market for the Registrant's Units and
                    Related Security Holder Matters                             K-13
       Item 6       Management's Discussion and Analysis of
                    Financial Condition and Results of Operations               K-13
       Item 7       Financial Statements and Supplementary Data                 K-17
       Item 8       Changes in and Disagreements with Accountants
                   on Accounting and Financial Disclosure K-17

PART III

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


CONTROLS AND PROCEDURES                                                         K-21
-----------------------

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

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


<PAGE>


                                     PART I

Item 1.  Business

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

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

The Fund has invested as a limited partner in twenty-four other limited
partnerships ("Local Limited Partnerships") which own and operate residential
apartment complexes ("Properties"), some of which benefit from some form of
federal, state or local assistance programs, and all of which qualify for
low-income housing tax credits ("Tax Credits") 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 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. 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>
      Properties owned by                                                               Date 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                                  Revere, MA                           06/02/92
     45th & Vincennes                                Chicago, IL                          06/26/92
     Phoenix Housing                                 Moorhead, MN                         07/06/92
     Cottages of Aspen                               Oakdale, MN                          07/02/92
     Long Creek Court                                Kittrell, NC                         07/01/92
     Atkins Glen                                     Stoneville, NC                       07/01/92
     Tree Trail                                      Gainesville, FL                      10/30/92
     Meadow Wood                                     Smyrna, TN                           10/30/92
     Primrose                                        Grand Forks, ND                      12/09/92
     Sycamore                                        Sioux Falls, ND                      12/17/92
     Preston Place                                   Winchester, VA                       12/21/92
     Kings Grant Court                               Statesville, NC                      12/23/92
     Chestnut Plains                                 Winston-Salem, NC                    12/24/92
     Bancroft Court(1)                               Toledo, OH                           12/31/92
     Capitol Park(1)                                 Oklahoma City, OK                    02/10/93
     Hudson Square                                   Baton Rouge, LA                      03/08/93
     Walker Woods II                                 Dover, DE                            06/11/93
     Vista Villa                                     Saginaw County, MI                   08/04/93
     Metropolitan                                    Chicago, IL                          08/19/93
     Carolina Woods II                               Greensboro, NC                       10/11/93
     Linden Square                                   Genesee County, MI                   10/29/93
     New Garden Place                                Gilmer, NC                           06/24/94
     Findley Place                                   Minneapolis, MN                      07/15/94
</TABLE>

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

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

Each Local Limited Partnership has as its general partners ("Local General
Partners") one or more individuals or entities not affiliated with the Fund or
its General Partners. In accordance with the partnership agreements under which
such entities are organized ("Local Limited Partnership Agreements"), the Fund
depends on the Local General Partners for the management of each Local Limited
Partnership. As of March 31, 2003, 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 to Local
Limited Partnerships: (i) Tree Trail Apartments, A Limited Partnership and
Meadow Wood Townhomes, A Limited Partnership, representing 14.60%,

<page>

have Flournoy Development Company as Local General Partners; (ii) Long Creek
Court Limited Partnership, Atkins Glen Limited Partnership, Kings Grant Court
Limited Partnership and Chestnut Plains Limited Partnership, representing 5.20%,
have Regency Investment Assoc. Inc., as Local General Partners; (iii) Phoenix
Housing, L.P., Dakota Square Manor Limited Partnership and Duluth Limited
Partnership II, representing 6.87%, have MetroPlains Acquisition Corporation as
Local General Partners; and (iv) Pilot House Associates L.P., and Preston Place
Associates, L.P., representing 18.36%, have Castle Development Corporation as
Local General Partner. The Local General Partners of the remaining Local Limited
Partnerships are identified in the Acquisition Reports, which are herein
incorporated by reference.

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

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

Item 2.  Properties

The Fund owns limited partnership interests in twenty-four Local Limited
Partnerships, which own and operate Properties, some of which benefit from some
form of federal, state or local assistance programs and all of which qualify for
the Tax Credits added to the Code by the Tax Reform Act of 1986. The Fund's
ownership interest in each Local Limited Partnership is 99%, except for
Livingston Arms, Phoenix Housing, Metropolitan, New Garden Place and Findley
Place, where the Fund's ownership interests are 82%, 0.2%, 98.75%, 97.9% and
98%, respectively, and Primrose and Sycamore, where the Fund's ownership is
49.5%.

Each of the Local Limited Partnerships has received an allocation of Tax Credits
from its relevant state tax credit agency. In general, the Tax Credit runs for
ten years from the date the Property is placed in service. The required holding
period (the "Compliance Period") of the Properties is fifteen years. During
these fifteen years, the Properties must satisfy rent restrictions, tenant
income limitations and other requirements, as promulgated by the Internal
Revenue Service, in order to maintain eligibility for the Tax Credit at all
times during the Compliance Period. Once a Local Limited Partnership has become
eligible for the Tax Credits, it may lose such eligibility and suffer an event
of recapture if its Property fails to remain in compliance with the
requirements. To date, none of the Local Limited Partnerships have suffered an
event of recapture of Tax Credits.

<page>

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 with repayment terms
that are based on a percentage of cash flow.

The schedule on the following pages provide 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      Number         Total committed    Paid through   Mtge. loans payable                 Occupancy
Property Name                  of             at March 31,       March 31,      at December 31,      Type of        at March 31,
Property Location              Apt. Units     2003               2003           2002                 Subsidy*       2003
----------------------------   -----------    ----------------   -------------  -------------------  ----------     ---------------

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

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

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

Pilot House Associates, L.P.
Pilot House
Newport News, VA                 132              $2,479,708         $2,479,708  $3,169,531                 None             100%

Jardines Limited Dividend
     Partnership, S.E., L.P.
Jardines de Juncos
Juncos, PR                       60               604,781               604,781   2,589,699                 FmHA             100%

</TABLE>


<PAGE>


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


                                                        Capital Contributions
Local Limited Partnership            Number        Total committed     Paid through  Mtge. Loans payable              Occupancy
Property Name                        of            at March 31,        March 31,     at December 31,       Type of    at March 31,
Property Location                    Apt. Units    2003                2003          2002                  Subsidy*   2003
---------------------------------    ----------    ----------------    ------------- -------------------   --------   --------------

99 Livingston Associates, L.P.
Livingston Arms
Poughkeepsie, NY                          25       1,114,686               1,114,686      417,537             None             100%

Broadway Tower Limited
     Partnership
Broadway Tower
Revere, MA                                92      2,350,000               2,350,000       5,527,695          Section 8           98%

Phoenix Housing, L.P.
Phoenix Housing
Moorhead, MN                              40       457,810                 457,810         2,192,130         Section 8          100%

Cottage Homesteads of Aspen
     Limited Partnership
Cottages of Aspen
Oakdale, MN                              114       1,027,333               1,027,333       4,455,000         None              94%

45th & Vincennes Limited
     Partnership
45th & Vincennes
Chicago, IL                               19       689,080                 689,080         603,702           Section 8           74%

Long Creek Court Limited
     Partnership
Long Creek Court
Kittrell, NC                              14       120,476                 120,476          545,324            FmHA             100%

</TABLE>

<PAGE>


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

                                                          Capital Contributions
Local Limited Partnership                Number     Total committed   Paid through   Mtge. loans payable               Occupancy
Property Name                              of       at March 31,      March 31,      at December 31,       Type of     at March 31,
Property Location                      Apt. Units   2003               2003          2002                  Subsidy*    2003
---------------------------------     -----------   -----------------  ------------  --------------------  ---------   ------------

Atkins Glen Limited Partnership
Atkins Glen
Stoneville, NC                         24              205,574          205,574          943,512               FmHA              92%

Tree Trail Apartments,
     A Limited Partnership
Tree Trail
Gainesville, FL                       108             2,060,143          2,060,143        2,552,305            None              96%

Meadow Wood Townhomes,
     A Limited Partnership
Meadow Wood
Smyrna, TN                             88             1,742,671          1,742,671        2,478,012            None              97%

Dakota Square Manor
     Limited Partnership
Primrose
Grand Forks, ND                       48              674,557            674,557          1,038,236           None              100%

Duluth Limited Partnership II
Sycamore
Sioux Falls, ND                       48              657,000            657,000          1,230,911            None              94%

Preston Place Associates, L.P.
Preston Place
Winchester, VA                         120            2,300,000          2,300,000        2,999,884            None              98%

</TABLE>


<PAGE>



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

                                                           Capital Contributions
Local Limited Partnership                Number      Total committed     Paid through   Mtge. loans payable            Occupancy
Property Name                              of         at March 31,       March 31,     at December 31,     Type of     at March 31,
Property Location                      Apt. Units       2003              2003         2002                Subsidy*     2003
---------------------------------     -----------    -----------------   ------------- ---------------    ---------- -------------

Kings Grant Court
     Limited Partnership
Kings Grant Court
Statesville, NC                           36           708,530             708,530         852,765          None              94%

Chestnut Plains Limited
     Partnership
Chestnut Plains
Winston-Salem, NC                         24           319,810             319,810          558,186          None              79%

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

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

Hudson Square Apartments
     Company (A Limited
     Partnership)
Hudson Square
Baton Rouge, LA                           82            554,670             554,670       562,166          Section 8          100%

Walker Woods Partners, II, L.P.
Walker Woods II
Dover, DE                                 19             591,429          591,429          851,705             None              95%
</TABLE>


<PAGE>



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

                                                                  Capital Contributions
Local Limited Partnership                Number     Total committed    Paid through   Mtge. loans payable                Occupancy
Property Name                              of       at March 31,       March 31,      at December 31,    Type of       at March 31,
Property Location                      Apt. Units   2003               2003           2002               Subsidy*           2003
---------------------------------     -----------  ----------------   ----------    ---------          ------------    ------------

Vista Villa Limited Dividend
     Housing Association
     Limited Partnership
Vista Villa
Saginaw County, MI                       100         1,204,762         1,204,762    3,735,708             None              95%

Metropolitan Apartments
     Limited Partnership
Metropolitan
Chicago, IL                               69          2,139,159        2,139,159    1,929,843          Section 8           97%

Carolina Woods Associates II,
     Limited Partnership
Carolina Woods II
Greensboro, NC                            40         750,238            750,238     787,584               None              90%

Linden Square Limited Dividend
     Housing Association
     Limited Partnership
Linden Square
Genesee County, MI                       120          1,299,774        1,299,774    4,416,880             None              99%

New Garden Associates,
     Limited Partnership
New Garden Place
Gilmer, NC                                76          1,269,794        1,269,794   2,207,848             None              95%



</TABLE>

<PAGE>



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

                                                   Capital Contributions
Local Limited Partnership      Number        Total committed   Paid through     Mtge. loans payable                 Occupancy
Property Name                  of            at March 31,      March 31,        at December 31,       Type of       at March 31,
Property Location              Apt. Units    2003              2003             2002                  Subsidy*      2003
--------------------------     ----------    ---------------   --------------   -------------------   --------      ----------------

Exodus/Lyndon/Windsor,
     Limited Partnership
Findley Place
Minneapolis, MN                 89            716,000            716,000          4,430,000            None             100%
                              ------        ------------       ------------     ------------
                             1,587          $ 26,037,985       $ 26,037,985     $ 51,076,163
                            ======          ============       ============     ============
</TABLE>

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

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

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




<PAGE>


None of the Local Limited Partnerships invested in by the Fund represent more
than 10% of the total capital contributions made to Local Limited Partnerships
by the Fund.

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

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

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

None.

                                     PART II

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

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

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

As of March 31, 2003, there were 1,942 record holders of Units of the Fund.

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

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

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

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:

<page>

The Fund accounts for its investments in Local Limited Partnerships using the
equity method of accounting because the Fund does not have control over the
major operating and financial policies of the Local Limited Partnerships in
which it invests. Under the equity method, the investment is carried at cost,
adjusted for the Fund's share of net income or loss and for cash distributions
from the Local Limited Partnerships; equity in income or loss of the Local
Limited Partnerships is included currently in the Fund's operations. Under the
equity method, a Local Limited Partnership investment will not be carried below
zero. To the extent that equity in losses are incurred when the Fund's carrying
value of the respective Local Limited Partnership has been reduced to a zero
balance, the losses will be suspended and offset against future income. Income
from Fund investments where cumulative equity in losses plus cumulative
distributions have exceeded the total investment in Local Limited Partnerships
will not be recorded until all of the related unrecorded losses have been
offset. To the extent that a Local Limited Partnership with a carrying value of
zero distributes cash to the Fund, that distribution is recorded as income on
the books of the Fund and is included in "Other Revenue" in the accompanying
financial statements.

The Fund has implemented policies and practices for assessing potential
impairment of its investments in Local Limited Partnerships. Real estate experts
analyze the investments to determine if impairment indicators exist. If so, the
carrying value is compared to the undiscounted future cash flows expected to be
derived from the asset. If a significant impairment in carrying value exists, a
provision to write down the asset to fair value will be recorded in the Fund's
financial statements.

Newly Issued Accounting Standards

In January 2003, the FASB issued Interpretation No. 46 (FIN 46), "Consolidation
of Variable Interest Entities" an interpretation of ARB No. 51, which addresses
consolidation by business enterprises of variable interest entities ("VIEs").
VIEs are generally defined as entities that either: (1) do not have sufficient
equity investment at risk to permit the entity to finance its activities without
additional subordinated financial support, or (2) the equity investors lack an
essential characteristic of a controlling financial interest.

FIN 46 requires disclosure of VIEs in financial statements issued after January
31, 2003, if it is reasonably possible that as of the transition date: (1) the
Fund will be the primary beneficiary of an existing VIE that will require
consolidation or, (2) the Fund will hold a significant variable interest in, or
have significant involvement with, an existing VIE. Pursuant to the transitional
requirements of FIN 46, the guidance is effective as of the quarter beginning
July 1, 2003. Any VIEs created after January 31, 2003, are immediately subject
to the consolidation guidance in FIN 46.

The Managing General Partner is still assessing the impacts of this
interpretation. However, if a determination is made that the Local Limited
Partnerships met the definition of a VIE, it is reasonably possible that the
Fund will be considered the primary beneficiary of the Local Limited
Partnerships and therefore would need to consolidate these entities beginning on
July 1, 2003. The assets and liabilities of these entities at December 31, 2002
were approximately $67,092,000 and $56,882,000, respectively. While the Fund's
exposure to loss is limited to its equity investment in the local limited
partnerships, in the event that such entities are required to be consolidated by
the Fund effective July 1, 2003, it is likely that cumulative unrecognized
losses would need to be recorded by the Fund as of July 1, 2003. Cumulative
unrecognized losses from these entities were approximately $1,911,000 at
December 31, 2002.

Effective April 1, 2002, the Partnership adopted Statement of Financial
Accounting Standards ("SFAS") No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets", which established standards for the way that
public business enterprises report information about long-lived assets that are
either being held for sale or have already been disposed of by sale or other
means. Adoption of SFAS No. 144 did not have a significant effect on the Fund's
financial statements.

Liquidity and capital resources

At March 31, 2003, the Fund had cash and cash equivalents of $173,210, as
compared to $139,448 at March 31, 2002. The increase is primarily attributable
to cash distributions received from Local Limited Partnerships and sales and
maturities of marketable securities. The increase is partially offset by cash
used for operating activities and purchases of marketable securities.

<page>

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, 2003, on a cash basis,
$385,059 of cash, cash equivalents and marketable securities has been designated
as Reserves. As of March 31, 2003, net claims against these Reserves total
approximately $356,000 making Reserves available after claims approximately
$29,000.

To date, professional fees relating to various Property issues totaling
approximately $437,000 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, 2003, the
Partnership has advanced approximately $231,000 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 operating deficits, if the
Managing General Partner deems funding appropriate. To date, the Fund has used
approximately $427,000 of Reserves to fund operations. If Reserves are not
adequate to cover the Fund's operations, the Fund will seek other financing
sources including, but not limited to, the deferral of Asset Management Fees
paid to an affiliate of the Managing General Partner or working with Local
Limited Partnerships to increase cash distributions.

Since the Fund invests as a limited partner, the Fund has no contractual duty to
provide additional funds to Local Limited Partnerships beyond its specified
investment. Thus, as of March 31, 2003, 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 were made to Limited Partners during the two years ended
March 31, 2003 and 2002. It is not expected that cash available for
distribution, if any, will be significant during the 2003 calendar year. Based
on the results of 2002 operations, the Local Limited Partnerships are not
expected to distribute significant amounts of cash to the Fund because such
amounts will be needed to fund Property operating costs. In addition, 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

2003 versus 2002

For the year ended March 31, 2003, the Fund's operations resulted in a net loss
of $1,217,012 as compared to a net loss of $1,409,001 for the same period in
2002. The decrease in net loss is primarily attributable to a decrease in
provision for valuation of investments in Local Limited Partnerships between the
two periods which is the result of the Fund recognizing other than temporary
declines in the carrying value of its investment in several Local Limited
Partnerships. In addition, the Fund experienced an increase in recovery of
provision for valuation of advances to Local Limited Partnerships. These effects
are partially offset by an increase in general and administrative expense, which
is primarily due to increased charges due to an affiliate of a General Partner
for operational and administrative expenses necessary for the operation of the
Fund and a change in the estimate of these amounts related to the year ended
March 31, 2002, which are being expensed in the year ended March 31, 2003.

Low-income housing tax credits

The 2002 Tax Credits per Unit were $107.40 and $77.32 for Class A Unit and Class
B Unit investors, respectively. The 2001 Tax Credits per Unit were $134.64 and
$96.94 for Class A Unit and Class B Unit investors, respectively.

<PAGE>


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

The Fund's investment portfolio consists of limited partnership interests in
twenty-four Local Limited Partnerships, each of which owns and operates a
multi-family apartment complex. A majority of the Properties in which the Fund
has an interest have stabilized operations and operate above break-even. A few
Properties generate cash flow deficits that the Local General Partners of those
Properties fund through project expense loans, subordinated loans or operating
escrows. However, some Properties have had persistent operating difficulties
that could either: i) have an adverse impact on the Fund's liquidity; ii) result
in their foreclosure; or iii) result in the Managing General Partner deeming it
appropriate for the Fund to dispose of its interest in the Local Limited
Partnership. Also, the Managing General Partner, in the normal course of the
Fund's business, may desire to dispose of its interest in certain Local Limited
Partnerships. The following Property discussions focus only on such Properties.

Although the neighborhood in which 45th & Vincennes (Chicago, Illinois) is
located has improved in the last few years, potential tenants are reluctant to
occupy the Property due to its location. As a result, maintaining occupancy, and
therefore revenues, continues to be an issue. A site visit by the Managing
General Partner found the Property in need of some minor improvements but in
overall fair condition. However, 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.

Due to concerns over the long-term financial health of Primrose, Phoenix Housing
and Sycamore, located in Grand Forks, North Dakota, Moorhead, Minnesota and
Sioux Falls, South Dakota, respectively, the Managing General Partner developed
a plan that will ultimately result in the transfer of the Fund's interest in
each Local Limited Partnership. All three Local Limited Partnerships have the
same Local General Partner. In 1997, in an effort to reduce possible future
risk, the Managing General Partner consummated the transfer of 50% of the Fund's
interest in capital and profits in the three Local Limited Partnerships to an
affiliate of the Local General Partner.

Effective June 17, 1999, the Local General Partner transferred both its general
partner interest and 48.5% of its interest in capital and profits in the three
Local Limited Partnerships to a non-affiliated, non-profit general partner.
Effective August 31, 2000, the former Local General Partner withdrew its
remaining interest in each of the Local Limited Partnerships. The Managing
General Partner had the right to transfer the Fund's remaining interests after
September 1, 2001.

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 after the Compliance Period has expired, which will occur
later in 2003.

With regard to Phoenix Housing, the Fund approved the admission of an additional
limited partner to the Local Limited Partnership effective November 1, 2000. As
a result, the Fund's interest in the Local Limited Partnership was diluted to an
immaterial amount. The Fund received a pro-rata share of the Property's Tax
Credits during 2000. Because of its diluted interest in the Local Limited
Partnership, the Fund will not receive a material amount of the Property's Tax
Credits subsequent to November 1, 2000. Instead, the Fund will receive cash from
the Local Limited Partnership in the approximate amount of the Property's Tax
Credits that it would have received had its interest in the Property not been
diluted.

As a result of concerns regarding the then existing operating deficits and
capital requirements of Findley Place, located in Minneapolis, Minnesota, the
Managing General Partner developed a plan that will ultimately result in the
transfer of the Fund's interest in the Local Limited Partnership. On March 1,
2000, the Managing General Partner consummated the transfer of 1% of the Fund's
interest in losses, 48.5% of its interest in profits and 30% of its capital
account to the Local General Partner. The Managing General Partner has the right
to put the Fund's remaining interest to the Local General Partner any time after
one year from the March 1, 2000 effective date.


<page>

In addition, the Local General
Partner has the right to call the remaining interest after the Compliance Period
has expired, which will occur in 2004. Currently, the Property is experiencing
stabilized operations.

Other Transactions

On May 15, 2003, MuniMae Midland announced its intention to acquire Lend Lease's
Housing and Community Investing (HCI) business. The newly formed organization,
MMA Financial, will combine HCI with MuniMae Midland, a provider of debt and
equity financing solutions for the affordable housing market. The transaction
remains subject to final due diligence, legal agreements and regulatory
approvals with no guarantee that the acquisition will be completed. The two
companies are targeting to complete the transaction by July 1, 2003.

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, 2003 and 2002.

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

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

Item 7.  Financial Statements and Supplementary Data

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

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

None.
                                    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 Lend
Lease. The Managing General Partner was incorporated in December, 1990. The
Investment Committee of the Managing General Partner approved all investments.
The names and positions of the principal officers and the directors of the
Managing General Partner are set forth below.

     Name                                  Position

Jenny Netzer                Principal, Head of Housing and Community Investment
Michael H. Gladstone        Principal, Member
Lauren M. Guillette         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.

<page>

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

Jenny Netzer, age 47, Principal, Head of Housing and Community Investment Group
- Ms. Netzer is responsible for tax credit investment programs to institutional
clients. She joined Lend Lease as a result of the Boston Financial acquisition,
starting with Boston Financial in 1987 leading Boston Financial's new business
initiatives and managing the firm's Asset Management division. Prior to joining
Boston Financial, Ms. Netzer served as Deputy Budget Director for the
Commonwealth of Massachusetts where she was responsible for the Commonwealth's
health care and public pension program's budgets. Ms. Netzer also served as
Assistant Controller at Yale University, was a former member of Watertown Zoning
Board of Appeals, the Officer of Affordable Housing Tax Credit Coalition and a
frequent speaker on affordable housing and tax credit industry issues. Ms.
Netzer is a graduate of Harvard University (BA) and Harvard's Kennedy School of
Government (MPP).

Michael H. Gladstone, age 46, Principal, Member - Mr. Gladstone is responsible
for legal work in the areas of affordable and conventional housing and
investment products and services. He joined Lend Lease as a result of the Boston
Financial acquisition, 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 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 (J.D. & MBA).

Lauren M. Guillette, age 38, Principal, Member - Ms. Guillette is responsible
for legal work in the areas of affordable and conventional housing and
investment products and services. She joined Lend Lease as a result of the
Boston Financial acquisition, starting with Boston Financial in 1996 as the
firm's Assistant General Counsel. Prior to joining Boston Financial, Ms.
Guillette was associated with the law firm of Peabody & Brown where she
practiced real estate syndication and securities law. Ms. Guillette is a
graduate of McGill University (BA) and Suffolk University (J.D.).

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, 2003, 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     2,346.5 Units          6%
Partner       155 North Lake Avenue
              Suite 1000
              Pasadena, CA  91101

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

<page>

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

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

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

Item 12.  Certain Relationships and Related Transactions

The Fund was required to pay certain fees to and reimburse certain expenses of
the Managing General Partner or its affiliates in connection with the
organization of the Fund and the offering of Units. The Fund is also required to
pay certain fees to and reimburse certain expenses of the Managing General
Partner or its affiliates in connection with the administration of the Fund and
its acquisition and disposition of investments in Local Limited Partnerships. In
addition, the General Partners are entitled to certain Fund distributions under
the terms of the Partnership Agreement. Also, an affiliate of the General
Partners will receive up to $10,000 from the sale or refinancing proceeds of
each Local Limited Partnership, if it is still a limited partner at the time of
such transaction. All such fees, expenses and distributions paid in the two
years ending March 31, 2003 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, 2003 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, 2003.

Acquisition fees and expenses

In accordance with the Partnership Agreement, the Fund is 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 have been paid to an affiliate of the
Managing General Partner. Acquisition expenses totaling $825,516 were incurred
and have been reimbursed to an affiliate of the Managing General Partner. There
were no acquisition fees or expenses paid in the two years ended March 31, 2003.

<page>

Asset management fees

In accordance with the Partnership Agreement, an affiliate of the Managing
General Partner is paid an annual fee for services in connection with the
administration of the affairs of the Fund. The affiliate currently receives the
base amount of $5,500 (annually adjusted by the CPI factor) per Local Limited
Partnership as the annual Asset Management Fee. Asset Management Fees incurred
in each of the two years ended March 31, 2003 are as follows:

<TABLE>
<CAPTION>
<S>                                                                       <C>             <C>
                                                                          2003            2002
                                                                       -----------    -----------

       Asset management fees                                           $   168,608    $   171,272
</TABLE>

Salaries and benefits expense reimbursements

An affiliate of the Managing General Partner is reimbursed for the cost of the
Fund's salaries and benefits expenses. The reimbursements are based upon the
size and complexity of the Fund's operations. Reimbursements paid or payable in
each of the two years ended March 31, 2003 are as follows:

<TABLE>
<CAPTION>
<S>                                                                       <C>             <C>
                                                                          2003            2002
                                                                       -----------    -----------

       Salaries and benefits expense reimbursements                    $   276,321    $   180,236
</TABLE>

Cash distributions paid to the General Partners

In accordance with the Partnership Agreement, the General Partners of the Fund,
Arch Street VIII, Inc. and Arch Street VI L.P., receive 1% of cash distributions
paid to partners. No cash distributions were paid to the General Partners in the
two years ended March 31, 2003.

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 Lend Lease and its affiliates for the two years
ended March 31, 2003 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

     99.1 Certification of Jenny Netzer pursuant to section 906 of the
Sarbanes-Oxley Act of 2002.

(c) Reports on Form 8-K

     No Reports on Form 8-K were filed during the year ended March 31, 2003.


<PAGE>


                             CONTROLS AND PROCEDURES


Controls and Procedures

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

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


<PAGE>


                                   SIGNATURES



Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.

     BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

     By:   Arch Street VIII, Inc.
           its Managing General Partner



     By:   /s/Jenny Netzer                               Date:    June 27, 2003
           ---------------------------------------               -------------
           Jenny Netzer
           Principal, Head of Housing and
           Community Investment



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

     By:   /s/Jenny Netzer                               Date:    June 27, 2003
           ---------------------------------------               -------------
           Jenny Netzer
           Director


     By:   /s/Michael H. Gladstone                        Date:   June 27, 2003
           -----------------------------                          -------------
           Michael H. Gladstone
           Director


<PAGE>


I, Jenny Netzer, certify that:

1.   I have reviewed this annual report on Form 10-KSB of Boston Financial Tax
     Credit Fund Plus:

2.   Based on my knowledge, this annual report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this annual report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this annual report, fairly present in all material
     respects the financial condition, results of operations and cash flows of
     the registrant as of, and for, the periods presented in this annual report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a.   designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this annual report is being
     prepared;

b.   evaluated the effectiveness of the registrant's disclosure controls and
     procedures as of a date within 120 days prior to the filing date of this
     annual report (the "Evaluation Date"); and

c.   presented in this annual report our conclusions about the effectiveness of
     the disclosure controls and procedures based on our evaluation as of the
     Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalents functions):

a.   all significant deficiencies in the design or operation of internal
     controls which could adversely affect registrant's ability to record,
     process, summarize and report financial data and have identified for the
     registrant's auditors any material weaknesses in internal controls; and

b.   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and

6.   The registrant's other certifying officers and I have indicated in this
     annual report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date:   June 27, 2003             /s/Jenny Netzer
                                  -------------------------------------------
                                  Jenny Netzer
                                  Principal, Head of Housing and
                                  Community Investment





<PAGE>


                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
                    AS ADOPTED PURSUANT TO SECTION 906 OF THE
                           SARBANES-OXLEY ACT OF 2002



In connection with the Annual Report of Boston Financial Tax Credit Fund Plus
(the "Fund") on Form 10-KSB for the year ending March 31, 2003 as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), the
undersigned, the Principal, hereby certifies pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.   the Report fully complies with the requirements of Section 13(a) or 15(d)
     of the Securities Exchange Act of 1934; and

2.   the information contained in the Report fairly presents, in all material
     respects, the financial condition and results of operations of the Fund.



                                  /s/Jenny Netzer
                                  Jenny Netzer
                                  Principal, Head of Housing and
                                  Community Investment

                                  Date:  June 30, 2003



<PAGE>


          BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2003


                                     INDEX


<TABLE>
<CAPTION>
<S>                                                                            <C>
                                                                               Page No.


Report of Independent Accountants                                                F-2
     For the years ended March 31, 2003 and 2002

Financial Statements:

     Balance Sheet - March 31, 2003                                              F-3

     Statements of Operations - For the years ended
       March 31, 2003 and 2002                                                   F-4

     Statements of Changes in Partners' Equity (Deficiency) -
       For the years ended March 31, 2003 and 2002                               F-5

     Statements of Cash Flows - For the years ended
       March 31, 2003 and 2002                                                   F-6

     Notes to the Financial Statements                                           F-7



</TABLE>

<PAGE>


                        Report of Independent Accountants


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


In our opinion, based upon our audits and the reports of other auditors, the
financial statements listed in the accompanying index present fairly, in all
material respects, the financial position of Boston Financial Tax Credits Fund
Plus, A Limited Partnership (the "Fund") as of March 31, 2003, and the results
of its operations and its cash flows for each of the two years in the period
ended March 31, 2003 in conformity with accounting principles generally accepted
in the United States of America. These financial statements are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. The Fund accounts for
its investment in Local Limited Partnerships, as discussed in Note 2 of the
notes to the financial statements, using the equity method of accounting. We did
not audit the financial statements of the Local Limited Partnerships,
investments in which the Fund's investment in Local Limited Partnerships is
stated at $8,017,868 at March 31, 2003, and the Fund's equity in earnings
(losses) of Local Limited Partnerships is stated at $(726,958) and $(690,583)
for the years ended March 31, 2003 and 2002, respectively. The financial
statements of these Local Limited Partnerships were audited by other auditors
whose reports thereon have been furnished to us, and our opinion expressed
herein, insofar as it relates to amounts included for Local Limited
Partnerships, is based solely upon the reports of other auditors. We conducted
our audits of the Fund's financial statements in accordance with auditing
standards generally accepted in the United States of America which 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 and the reports of the other
auditors provide a reasonable basis for our opinion.

As described in Note 9, the Partnership adopted the provisions of Statement of
Financial Accounting Standards No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets" as of April 1, 2002.


/s/PricewaterhouseCoopers LLP
June 24, 2003
Boston, Massachusetts




<PAGE>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)

                                 BALANCE SHEET
                                 March 31, 2003



Assets

<TABLE>
<CAPTION>
<S>                                                                                              <C>
Cash and cash equivalents                                                                        $     173,210
Marketable securities, at fair value (Note 3)                                                          211,849
Investments in Local Limited Partnerships (Note 4)                                                   8,017,868
Other investments (Note 5)                                                                           2,109,664
Other assets                                                                                             2,533
                                                                                                 -------------
     Total Assets                                                                                $  10,515,124
                                                                                                 =============

Liabilities and Partners' Equity

Due to affiliate (Note 6)                                                                        $     327,874
Accrued expenses                                                                                        31,105
                                                                                                 -------------
     Total Liabilities                                                                                 358,979
                                                                                                 -------------

General, Initial and Investor Limited Partners' Equity                                              10,149,635
Net unrealized gains on marketable securities                                                            6,510
                                                                                                 -------------
     Total Partners' Equity                                                                         10,156,145
                                                                                                 -------------
     Total Liabilities and Partners' Equity                                                      $  10,515,124
                                                                                                 =============
                 The accompanying notes are an integral part of
                          these financial statements.

</TABLE>

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

                            STATEMENTS OF OPERATIONS
                   For the Years Ended March 31, 2003 and 2002



<TABLE>
<CAPTION>
<S>                                                                            <C>               <C>
                                                                               2003              2002
                                                                          ------------       -------------
Revenue:
   Investment                                                             $     23,176       $      41,360
   Accretion of Original Issue Discount (Note 5)                               157,141             145,428
   Recovery of provision for valuation of advances
     to Local Limited Partnerships (Note 4)                                     49,732               9,776
   Other                                                                        71,091              47,816
                                                                          ------------       -------------
     Total Revenue                                                             301,140             244,380
                                                                          ------------       -------------

Expenses:
   Asset management fees, affiliate (Note 6)                                   168,608             171,272
   General and administrative (includes
    reimbursements to an affiliate in the amount
    of $276,321 and $180,236 in 2003 and 2002,
    respectively) (Note 6)                                                     386,282             265,390
   Provision for valuation of investments in Local
     Limited Partnerships (Note 4)                                             217,438             475,000
   Provision for valuation of advances to Local
     Limited Partnerships (Note 4)                                                   -              31,725
   Amortization                                                                 18,866              19,411
                                                                          ------------       -------------
     Total Expenses                                                            791,194             962,798
                                                                          ------------       -------------

Loss before equity in losses of Local Limited
   Partnerships                                                               (490,054)           (718,418)

Equity in losses of Local Limited Partnerships (Note 4)                       (726,958)           (690,583)
                                                                          ------------       -------------

Net Loss                                                                  $ (1,217,012)      $  (1,409,001)
                                                                          ============       =============
Net Loss allocated:
   General Partners                                                       $    (13,742)      $     (15,544)
   Class A Limited Partners                                                 (1,273,345)         (1,440,396)
   Class B Limited Partners                                                     70,075              46,939
                                                                          ------------       -------------
                                                                          $ (1,217,012)      $  (1,409,001)
                                                                          ============       =============

Net Income (Loss) per Limited Partner Unit:
   Class A Unit (34,643 Units)                                            $     (36.76)      $      (41.58)
                                                                          ============       =============
   Class B Unit (3,290 Units)                                             $      21.30       $       14.27
                                                                          ============       =============
</TABLE>

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

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

             STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                   For the Years Ended March 31, 2003 and 2002




<TABLE>
<CAPTION>
<S>                                <C>         <C>          <C>           <C>                <C>          <C>
                                                            Investor      Investor
                                               Initial       Limited       Limited           Net
                                   General     Limited      Partners,     Partners,      Unrealized
                                   Partners    Partner       Class A       Class B         Gains          Totals
                                -------------  -------      ---------     ----------      -------     ---------------

Balance at March 31, 2001       $  (207,210) $   5,000    $ 10,456,872   $  2,520,986   $    12,724  $   12,788,372
                                -----------  ---------    ------------   ------------   -----------  --------------
Comprehensive Income (Loss):
   Change in net unrealized
     gains on marketable
     securities available for sale        -          -              -              -        (1,957)         (1,957)
   Net Income (Loss)                (15,544)         -      (1,440,396)        46,939             -      (1,409,001)
                                -----------  ---------    ------------   ------------   -----------  --------------
Comprehensive Income (Loss)         (15,544)         -      (1,440,396)        46,939        (1,957)     (1,410,958)
                                -----------  ---------    ------------   ------------   -----------  --------------

Balance at March 31, 2002          (222,754)     5,000       9,016,476      2,567,925        10,767      11,377,414
                                -----------  ---------    ------------   ------------   -----------  --------------
Comprehensive Income (Loss):
   Change in net unrealized
     gains on marketable
     securities available for sale        -          -              -               -       (4,257)         (4,257)
   Net Income (Loss)                (13,742)         -      (1,273,345)        70,075             -      (1,217,012)
                                -----------  ---------    ------------   ------------   -----------  --------------
Comprehensive Income (Loss)         (13,742)         -      (1,273,345)        70,075        (4,257)     (1,221,269)
                                -----------  ---------    ------------   ------------   -----------  --------------

Balance at March 31, 2003       $  (236,496) $   5,000    $  7,743,131   $  2,638,000   $     6,510  $   10,156,145
                                ===========  =========    ============   ============   ===========  ===============
</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, 2003 and 2002


<TABLE>
<CAPTION>
<S>                                                                                 <C>               <C>
                                                                                    2003              2002
                                                                                -------------    -------------

Cash flows from operating activities:
   Net Loss                                                                     $  (1,217,012)   $  (1,409,001)
   Adjustments to reconcile net loss to net cash
     used for operating activities:
     Equity in losses of Local Limited Partnerships                                   726,958          690,583
     Provision for valuation of investments in
       Local Limited Partnerships                                                     217,438          475,000
     Provision for valuation of advances to Local Limited
       Partnerships                                                                         -           31,725
     Recovery of provision for valuation of advances to
       Local Limited Partnerships                                                     (49,732)          (9,776)
     Accretion of Original Issue Discount                                            (157,141)        (145,428)
     Amortization                                                                      18,866           19,411
     Net gains on sales of marketable securities                                       (3,134)          (1,975)
     Cash distributions included in net loss                                          (62,323)          (3,258)
     Increase (decrease) in cash arising from
       changes in operating assets and liabilities:
       Other assets                                                                     4,922            2,418
       Due to affiliate                                                              (925,881)         (83,064)
Accrued expenses                                                                        1,181           (3,043)
                                                                                -------------    -------------
Net cash used for operating activities                                             (1,445,858)        (436,408)
                                                                                -------------    -------------

Cash flows from investing activities:
   Purchases of marketable securities                                                (400,086)               -
   Proceeds from sales and maturities of
     marketable securities                                                            687,858          268,300
   Advances to Local Limited Partnerships                                                   -          (42,525)
   Reimbursement of advances to Local Limited Partnerships                             60,532           25,526
   Cash distributions received from Local
     Limited Partnerships                                                           1,131,316           68,854
                                                                                -------------    -------------
Net cash provided by investing activities                                           1,479,620          320,155
                                                                                -------------    -------------

Net increase (decrease) in cash and cash equivalents                                   33,762         (116,253)

Cash and cash equivalents, beginning of year                                          139,448          255,701
                                                                                -------------    -------------

Cash and cash equivalents, end of year                                          $     173,210    $     139,448
                                                                                =============    =============
</TABLE>


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


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


                        NOTES TO THE FINANCIAL STATEMENTS


1.   Organization

Boston Financial Tax Credit Fund Plus, A Limited Partnership (the "Fund") is a
Massachusetts limited partnership organized to invest in other limited
partnerships ("Local Limited Partnerships") which own and operate apartment
complexes which are eligible for low income housing tax credits that may be
applied against the federal income tax liability of an investor. The Fund also
invests in, for the benefit of the Class B Limited Partners, United States
Treasury obligations from which the interest coupons have been stripped or in
such interest coupons themselves (collectively "Treasury STRIPS"). The Fund used
approximately 28% of the Class B Limited Partners' capital contributions to
purchase Treasury STRIPS with maturities of 13 to 18 years, with a total
redemption amount equal to the Class B Limited Partners' capital contributions.
The Fund's objectives are to: (i) provide annual tax benefits in the form of tax
credits which Limited Partners may use to offset their Federal income tax
liability; (ii) preserve and protect the Partnership's capital committed to
Local Limited Partnerships; (iii) provide cash distributions from operations of
Local Limited Partnerships; (iv) provide cash distributions from Sale or
Refinancing transactions with the possibility of long term capital appreciation;
and (v) provide cash distributions derived from investment in Treasury STRIPS to
Class B Limited Partners after a period of approximately thirteen to eighteen
years equal to their Capital Contributions. Arch Street VIII, Inc., a
Massachusetts corporation is the Managing General Partner of the Fund. Arch
Street VI Limited Partnership, a Massachusetts limited partnership whose general
partner consists of Arch Street, Inc., is also a General Partner. Both of the
General Partners are affiliates of Lend Lease Real Estate Investments, Inc.
("Lend Lease"). 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. Funds totaling approximately $437,000 have been withdrawn from
Reserves to pay legal and other fees relating to various property issues. At
March 31, 2003, the Managing General Partner has designated $385,059 of cash,
cash equivalents and marketable securities as such Reserves.

Generally, profits, losses, tax credits and cash flow from operations are
allocated 99% to the Limited Partners and 1% to the General Partners. Net
proceeds from a sale or refinancing will be allocated 95% to the Limited
Partners and 5% to the General Partners, after certain priority payments. The
General Partner has an obligation to fund deficits in its capital account,
subject to limits set forth in the Partnership Agreement.

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


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2.   Significant Accounting Policies

Cash Equivalents

Cash equivalents represent short-term, highly liquid instruments with original
maturities of 90 days or less. At times, cash and cash equivalents exceed
federally insurable limits. The Fund mitigates this risk by investing in major
financial institutions.

Marketable Securities and Other Investments

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

Investments in Local Limited Partnerships

The Fund accounts for its investments in Local Limited Partnerships using the
equity method of accounting because the Fund does not have control over the
major operating and financial policies of the Local Limited Partnerships in
which it invests. Under the equity method, the investment is carried at cost,
adjusted for the Fund's share of net income or loss and for cash distributions
from the Local Limited Partnerships; equity in income or loss of the Local
Limited Partnerships is included currently in the Fund's operations. Under the
equity method, a Local Limited Partnership investment will not be carried below
zero. To the extent that equity in losses are incurred when the Fund's carrying
value of the respective Local Limited Partnership has been reduced to a zero
balance, the losses will be suspended and offset against future income. Income
from Fund investments where cumulative equity in losses plus cumulative
distributions have exceeded the total investment in Local Limited Partnerships
will not be recorded until all of the related unrecorded losses have been
offset. To the extent that a Local Limited Partnership with a carrying value of
zero distributes cash to the Fund, that distribution is recorded as income on
the books of the Fund and is included in "Other Revenue" in the accompanying
financial statements.

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

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

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

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

The 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, 2002 and 2001.


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

The Fund has implemented policies and practices for assessing potential
impairment of its investments in Local Limited Partnerships. Real estate experts
analyze the investments to determine if impairment indicators exist. If so, the
carrying value is compared to the undiscounted future cash flows expected to be
derived from the asset. If a significant impairment in carrying value exists, a
provision to write down the asset to fair value will be recorded in the Fund's
financial statements.

Use of Estimates

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

Fair Value of Financial Instruments

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

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.

3.   Marketable Securities

A summary of marketable securities is as follows:
<TABLE>
<CAPTION>
<S>                                                 <C>          <C>            <C>             <C>
                                                                 Gross          Gross
                                                              Unrealized    Unrealized          Fair
                                                    Cost         Gains         Losses          Value
Debt securities issued by the US
   Treasury and other US government
   corporations and agencies                   $   199,183    $     6,380   $         -      $   205,563

Mortgage backed securities                           6,156            130             -            6,286
                                               -----------    -----------   -----------      -----------

Marketable securities
   at March 31, 2003                           $   205,339    $     6,510   $         -      $   211,849
                                               ===========    ===========   ===========      ===========
</TABLE>


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3. Marketable Securities (continued)

The contractual maturities at March 31, 2003 are as follows:
<TABLE>
<CAPTION>
<S>                                                                            <C>              <C>
                                                                                                Fair
                                                                               Cost             Value

Due in less than one year                                                  $   199,183       $   205,563
Mortgage backed securities                                                       6,156             6,286
                                                                           -----------       -----------
                                                                           $   205,339       $   211,849
                                                                           ===========       ===========
</TABLE>

Actual maturities for asset backed securities may differ from contractual
maturities because some borrowers have the right to call or prepay obligations.
Proceeds from sales of marketable securities were approximately $168,000 during
the year ended March 31, 2002. Proceeds from the maturities of marketable
securities were approximately $688,000 and $100,000 during the years ended March
31, 2003 and 2002, respectively. Included in investment income are gross gains
of $3,303 and $2,080 and gross losses of $169 and $105 that were realized on the
sales during the years ended March 31, 2003 and 2002, respectively.

4.   Investments in Local Limited Partnerships

The Fund has limited partnership interests in twenty-four Local Limited
Partnerships which were organized for the purpose of owning and operating
multi-family housing complexes, all of which are government-assisted. Upon
dissolution of the Local Limited Partnerships, proceeds will be distributed
according to the respective Local Limited Partnership agreements.

The following is a summary of investments in Local Limited Partnerships at March
31, 2003:

Capital contributions and advances paid to Local Limited Partnerships
<TABLE>
<CAPTION>
<S>                                                                                                <C>
   and purchase price paid to withdrawing partners of Local Limited Partnerships                   $  26,315,622

Cumulative equity in losses of Local Limited Partnerships (excluding
   cumulative unrecognized losses of $1,911,001)                                                     (14,528,116)

Cumulative cash distributions received from Local Limited Partnerships                                (2,246,047)
                                                                                                   -------------

Investments in Local Limited Partnerships before adjustments                                           9,541,459

Excess investment cost over the underlying assets acquired:

   Acquisition fees and expenses                                                                       1,097,216

   Cumulative amortization of acquisition fees and expenses                                             (267,693)
                                                                                                   -------------

Investments in Local Limited Partnerships before reserve for valuation                                10,370,982

Reserve for valuation of investments in Local Limited Partnerships                                    (2,353,114)
                                                                                                   -------------

Investments in Local Limited Partnerships                                                          $   8,017,868
                                                                                                   =============

</TABLE>

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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


4. Investments in Local Limited Partnerships (continued)

For the year ended March 31, 2003, $49,732 was reimbursed from two of the Local
Limited Partnerships relating to advances made and reserved for in previous
years. In addition, $10,800 was reimbursed from one Local Limited Partnership
related to a prior year advance which had not been previously reserved. The Fund
has recorded a reserve for valuation for its investments in certain Local
Limited Partnerships in order to appropriately reflect the estimated net
realizable value of these investments.

Summarized financial information of the Local Limited Partnerships in which the
Fund has invested as of December 31, 2002 and 2001 (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 Sheets - as of December 31,
<TABLE>
<CAPTION>
<S>                                                                                 <C>                 <C>
                                                                                    2002                2001
                                                                                -------------      -------------
Assets:
   Investment property, net                                                     $  60,864,159      $  63,275,111
   Other assets                                                                     6,227,549          5,453,873
                                                                                -------------      -------------
     Total Assets                                                               $  67,091,708      $  68,728,984
                                                                                =============      =============

Liabilities and Partners' Equity:
   Mortgage notes payable                                                       $  51,076,163      $  52,247,901
   Other debt                                                                       5,805,642          5,621,822
                                                                                -------------      -------------
     Total Liabilities                                                             56,881,805         57,869,723
                                                                                -------------      -------------

Fund's Equity                                                                       7,705,931          9,170,935
Other partners' equity                                                              2,503,972          1,688,326
                                                                                -------------      -------------
     Total Partners' Equity                                                        10,209,903         10,859,261
                                                                                -------------      -------------
       Total Liabilities and Partners' Equity                                   $  67,091,708      $  68,728,984
                                                                                =============      =============

Summarized Income Statements - for the years ended December 31,
                                                                                    2002                2001
                                                                                -------------      -------------

Rental and other revenue                                                        $  11,290,796      $  10,878,454
                                                                                -------------      -------------

Expenses:
   Operating                                                                        6,429,585          5,994,040
   Interest                                                                         3,190,901          3,270,283
   Depreciation and amortization                                                    2,974,490          2,783,015
                                                                                -------------      -------------
     Total Expenses                                                                12,594,976         12,047,338
                                                                                -------------      -------------

Net Loss                                                                        $  (1,304,180)     $  (1,168,884)
                                                                                =============      =============
Fund's share of Net Loss (2001 includes adjustment from prior year)             $  (1,255,996)     $  (1,018,285)
                                                                                =============      =============
Other partners' share of Net Loss                                               $     (48,184)     $     (41,048)
                                                                                =============      =============
</TABLE>

For the years ended March 31, 2003 and 2002, the Fund has not recognized
$534,930 and $437,243, 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.
The Fund recognized $5,892 and $109,541 of previously unrecognized losses in the
years ended March 31, 2003 and 2002, respectively.


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


4. Investments in Local Limited Partnerships (continued)

The Fund's equity as reflected by the Local Limited Partnerships of $7,705,931
differs from the Fund's investments in Local Limited Partnerships before
adjustments of $9,541,459 primarily because of: i) cumulative unrecognized
losses as described above; ii) cash distributions made by Local Limited
Partnerships during the quarter ended March 31, 2003 are not reflected in the
December 31, 2002 balance sheets of the Local Limited Partnerships; iii) the
Fund has included advances of approximately $278,000 in investments in Local
Limited Partnerships which are included in liabilities in the balance sheet of
the Local Limited Partnership and; iv) differences in the accounting treatment
of miscellaneous items.

5.   Other Investments

Other investments consists of the aggregate cost of the Treasury STRIPS
purchased by the Fund for the benefit of the Class B Limited Partners. The
amortized cost at March 31, 2003 is composed of the following:

<TABLE>
<CAPTION>
<S>                                                                                          <C>
   Aggregate cost of Treasury STRIPS                                                         $   918,397
   Accumulated accretion of
     Original Issue Discount                                                                   1,191,267
                                                                                             ------------
                                                                                             $ 2,109,664
</TABLE>

The fair value of these securities at March 31, 2003 is $2,747,823. Maturity
dates for the STRIPS range from February 15, 2007 to May 15, 2010 with a final
maturity value of $3,290,000.

6.   Transactions with Affiliate

An affiliate of the Managing General Partner receives the base amount of $5,500
(annually adjusted by the CPI factor) per Local Limited Partnership as the
annual Asset Management Fee for administering the affairs of the Fund. Included
in the Statements of Operations are Asset Management Fees of $168,608 and
$171,272 for the years ended March 31, 2003 and 2002, respectively. At March 31,
2003, $244,122 is payable to an affiliate of the Managing General Partner for
Asset Management Fees. During the years ended March 31, 2003 and 2002,
$1,020,000 and $100,000, respectively, were paid out of available cash flow to
an affiliate of the Managing General Partner 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, 2003 and 2002 is $276,321 and $180,236,
respectively, that the Fund has incurred for these expenses. As of March 31,
2003, $83,752 is payable to an affiliate of the Managing General Partner for
salaries and benefits.

7.   Transfer of Interest in Local Limited Partnership

As previously reported, Bancroft Street Apartments had significant operating
deficits due to occupancy issues and deteriorating market conditions. The
Managing General Partner and Local General Partner negotiated with the lender to
restructure the mortgage loan. However, the lender ultimately determined to hold
a foreclosure on the property on October 10, 2000. During the year ended March
31, 2002, the Fund transferred its interest in Bancroft Street Apartments. The
transfer had no financial statement impact since the carrying value of the
investment was at zero.



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


                  NOTES TO THE FINANCIAL STATEMENTS (continued)


8.   Federal Income Taxes

The following schedules reconcile the reported financial statement net loss for
the fiscal years ended March 31, 2003 and 2002 to the net loss reported on the
Form 1065, U. S. Partnership Return of Income for the years ended December 31,
2002 and 2001:
<TABLE>
<CAPTION>
<S>                                                                                 <C>                  <C>
                                                                                    2003                 2002
                                                                                --------------     -------------

Net Loss per financial statements                                               $   (1,217,012)    $  (1,409,001)

Equity in losses of Local Limited Partnerships for tax purposes
   in excess of equity in losses for financial reporting purposes                     (107,494)         (230,948)

Equity in losses of Local Limited Partnerships not
   recognized for financial reporting purposes                                        (529,038)         (327,702)

Adjustment to reflect March 31 fiscal year end
   to December 31 tax year end                                                           2,998           (35,930)

Provision for valuation of investments in Local Limited
   Partnerships not deductible for tax purposes                                        217,438           475,000

Provision for valuation of advances to Local Limited
   Partnerships for financial reporting purposes                                             -            31,725

Recovery of provision for valuation of advances to Local
   Limited Partnerships for financial reporting purposes                               (49,732)           (9,776)

Bad debt expense recognized for tax purposes                                                 -            (1,776)

Loss on write-off of investments in Local Limited Partnerships
   recognized for tax purposes                                                               -           (17,779)

Other income recognized for tax purposes                                                     -            15,750

Amortization for tax purposes in excess of amortization
   for financial reporting purposes                                                    (21,033)          (20,488)

Cash distributions included in net loss for financial reporting purposes                (3,258)           (6,835)
                                                                                --------------     -------------

Net Loss per tax return                                                         $   (1,707,131)    $  (1,537,760)
                                                                                ==============     =============
</TABLE>



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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


8. Federal Income Taxes (continued)

The differences in the assets and liabilities of the Fund for financial
reporting purposes and tax purposes as of March 31, 2003 and December 31, 2002,
respectively are as follows:
<TABLE>
<CAPTION>
<S>                                                         <C>                   <C>                <C>
                                                            Financial
                                                             Reporting            Tax
                                                             Purposes           Purposes             Differences
                                                           -------------     -------------        ----------------

Investments in Local Limited Partnerships                  $   8,017,868     $   5,406,381        $      2,611,487
                                                           =============     =============        =================
Other assets                                               $   2,497,256     $   7,944,102        $     (5,446,846)
                                                           =============     =============        =================
Liabilities                                                $     358,979     $   1,547,608        $     (1,188,629)
                                                           =============     =============        =================
</TABLE>

The differences in the assets and liabilities of the Fund for financial
reporting and tax purposes are primarily attributable to: i) the cumulative
equity in losses from Local Limited Partnerships for tax purposes is
approximately $5,672,000 greater than for financial reporting purposes including
approximately $1,911,000 of losses the Fund has not recognized related to
certain Local Limited Partnerships whose cumulative equity in losses exceeded
their total investments; ii) the Fund has provided a reserve for valuation of
approximately $2,353,000 against its investment 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) due to
affiliate for financial reporting purposes at March 31, 2003 is net of
$1,020,000 which was paid by the Fund during the three months ended March 31,
2003.

9.   Newly Issued Accounting Standards

In January 2003, the FASB issued Interpretation No. 46 (FIN 46), "Consolidation
of Variable Interest Entities" an interpretation of ARB No. 51, which addresses
consolidation by business enterprises of variable interest entities ("VIEs").
VIEs are generally defined as entities that either: (1) do not have sufficient
equity investment at risk to permit the entity to finance its activities without
additional subordinated financial support, or (2) the equity investors lack an
essential characteristic of a controlling financial interest.

FIN 46 requires disclosure of VIEs in financial statements issued after January
31, 2003, if it is reasonably possible that as of the transition date: (1) the
Fund will be the primary beneficiary of an existing VIE that will require
consolidation or, (2) the Fund will hold a significant variable interest in, or
have significant involvement with, an existing VIE. Pursuant to the transitional
requirements of FIN 46, the guidance is effective as of the quarter beginning
July 1, 2003. Any VIEs created after January 31, 2003, are immediately subject
to the consolidation guidance in FIN 46.

The Managing General Partner is still assessing the impacts of this
interpretation. However, if a determination is made that the Local Limited
Partnerships met the definition of a VIE, it is reasonably possible that the
Fund will be considered the primary beneficiary of the Local Limited
Partnerships and therefore would need to consolidate these entities beginning on
July 1, 2003. The assets and liabilities of these entities at December 31, 2002
were approximately $67,092,000 and $56,882,000, respectively. While the Fund's
exposure to loss is limited to its equity investment in the Local Limited
Partnerships, in the event that such entities are required to be consolidated by
the Fund effective July 1, 2003, it is likely that cumulative unrecognized
losses would need to be recorded by the Fund as of July 1, 2003. Cumulative
unrecognized losses from these entities were approximately $1,911,000 at
December 31, 2002.

Effective April 1, 2002, the Partnership adopted Statement of Financial
Accounting Standards ("SFAS") No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets", which established standards for the way that
public business enterprises report information about long-lived assets that are
either being held for sale or have already been disposed of by sale or other
means. Adoption of SFAS No. 144 did not have a significant effect on the Fund's
financial statements.