June    29  , 2001





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, 2001
         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,    2001
                                     -------------------------------------------


                                       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, 2001
                                         --------------------------------


<PAGE>




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

                                                    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


<PAGE>


           BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2001

                                TABLE OF CONTENTS


                                                                   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-14
       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-18
       Item 13      Exhibits and Reports on Form 8-K K-20

SIGNATURES                                                              K-21
----------


<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-five 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) to provide investors with annual tax credits which
they may use to reduce their federal income taxes; (ii) to provide limited cash
distributions from the operations of apartment complexes; (iii) to preserve and
protect the Fund's capital with the possibility of realizing a profit through
the sale or refinancing of apartment complexes; and (iv) to provide payments to
Class B Limited Partners from Treasury STRIPS. 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
                                   (Unaudited)

      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                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

*        The Fund's interest in profits and losses of each Local Limited
         Partnership arising from normal operations is 99%, except for an 82%,
         0.2%, 98.75% and 97.9% interest in Livingston Arms, Phoenix Housing,
         Metropolitan and New Garden Place. Profits and losses arising from sale
         or refinancing transactions will be allocated in accordance with the
         respective Local Limited Partnership Agreements.

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

As previously reported, due to construction and other problems at Villas de
Montellano in Morovis, Puerto Rico, the Managing General Partner abandoned its
interest in this Local Limited Partnership to the Local General Partner. Also,
as previously reported, the Managing General Partner elected to exercise its
rights under the Repurchase Agreement and requested from the Local General
Partner and the Guarantor the repayment of the capital contributions advanced by
the Fund and of certain expenses associated with this investment. However, the
Local General Partner and the Guarantor filed for bankruptcy in May and August
1994, respectively, and it is unlikely that they will meet all of their
obligations under the Repurchase Agreement. The Fund has engaged counsel to
vigorously pursue the Fund's claim in the Bankruptcy Court. The Fund wrote off
this investment in Fiscal 1996.

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, 2001, 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 14.12%, have Flournoy
Development Company and John Flournoy 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 5.03%,
have Gordon Blackwell and MBG Investment Inc. as Local General Partners; (iii)
Phoenix Housing, L.P., Dakota Square Manor Limited Partnership and Duluth
Limited Partnership II, representing 6.64%, have MetroPlains Acquisition
Corporation as Local General Partners; and (iv) Pilot House Associates L.P., and
Preston Place Associates, L.P., representing 17.74%, 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-five Local Limited
Partnerships, which own and operate Properties, some of which benefit from some
form of federal, state or local assistance programs and all of which qualify for
the Tax Credits added to the Code by the Tax Reform Act of 1986. The Fund's
ownership interest in each Local Limited Partnership is 99%, except for
Livingston Arms, Phoenix Housing, Metropolitan, New Garden Place and Findley
Place, where the Fund's ownership interests are 82%, 0.2%, 98.75%, 97.9% and
98%, respectively, and Primrose and Sycamore, where the Fund's ownership is
49.5%.

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

In addition, some of the Local Limited Partnerships have obtained one or a
combination of different types of loans such as: i) below market rate interest
loans; ii) loans provided by a redevelopment agency of the town or city in which
the property is located at favorable terms; and iii) loans 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>



                                                       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       2001              2001             2000            Subsidy*      2001
---------------------------------     ------------------------------------------------------------------- --------------------------

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

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

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

Pilot House Associates, L.P.
Pilot House
<S>                                      <C>        <C>               <C>              <C>                             <C>
Newport News, VA                         132        $2,479,707        $2,479,707       $3,227,798           None       100%

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



<PAGE>




                                                      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       2001              2001             2000            Subsidy*      2001
---------------------------------     ------------------------------------------------------------------- --------------------------

99 Livingston Associates, L.P.
Livingston Arms
Poughkeepsie, NY                          25         1,114,686         1,114,686          467,200           None       100%

Broadway Tower Limited
     Partnership
Broadway Tower
Revere, MA                                92         2,350,000         2,350,000        5,861,927         Section 8    100%

Phoenix Housing, L.P.
Phoenix Housing
Moorhead, MN                              40           457,809           457,809        2,554,330         Section 8     98%

Cottage Homesteads of Aspen
     Limited Partnership
Cottages of Aspen
Oakdale, MN                              114         1,027,333         1,027,333        4,590,000           None        98%

45th & Vincennes Limited
     Partnership
45th & Vincennes
Chicago, IL                               19           689,080           689,080          630,660         Section 8     84%

Long Creek Court Limited
     Partnership
Long Creek Court
Kittrell, NC                              14           120,476           120,476          549,493           FmHA        93%


<PAGE>



                                                        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       2001              2001             2000            Subsidy*      2001
---------------------------------     ------------------------------------------------------------------- --------------------------

Atkins Glen Limited Partnership
Atkins Glen
Stoneville, NC                            24           205,574           205,574          950,353           FmHA       100%

Tree Trail Apartments,
     A Limited Partnership
Tree Trail
Gainesville, FL                          108         2,060,143         2,060,143        2,609,772           None        95%

Meadow Wood Townhomes,
     A Limited Partnership
Meadow Wood
Smyrna, TN                                88         1,742,671         1,742,671        2,563,545           None        94%

Dakota Square Manor
     Limited Partnership
Primrose
Grand Forks, ND                           48           674,557           674,557        1,064,822           None       100%

Duluth Limited Partnership II
Sycamore
Sioux Falls, ND                           48           657,000           657,000        1,200,869           None        96%

Preston Place Associates, L.P.
Preston Place
Winchester, VA                           120         2,300,000         2,300,000        3,096,296           None        99%



<PAGE>




                                                        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       2001              2001             2000            Subsidy*      2001
---------------------------------     ------------------------------------------------------------------- --------------------------

Kings Grant Court
     Limited Partnership
Kings Grant Court
Statesville, NC                           36           708,530           708,530          876,218           None       100%

Chestnut Plains Limited
     Partnership
Chestnut Plains
Winston-Salem, NC                         24           319,810           319,810          577,901           None       100%

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

Bancroft Street Limited
     Partnership
Bancroft Court
Toledo, OH                                97           902,340           902,340                0         Section 8      N/A

Hudson Square Apartments
     Company (A Limited
     Partnership)
Hudson Square
Baton Rouge, LA                           82           554,670           554,670          710,097         Section 8    100%

Walker Woods Partners, II, L.P.
Walker Woods II
Dover, DE                                 19           591,429           591,429          853,911           None       100%


<PAGE>




                                                        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       2001              2001             2000            Subsidy*      2001
---------------------------------     ------------------------------------------------------------------- --------------------------

Vista Villa Limited Dividend
     Housing Association
     Limited Partnership
Vista Villa
Saginaw County, MI                       100         1,204,762         1,204,762        4,033,811           None        99%

Metropolitan Apartments
     Limited Partnership
Metropolitan
Chicago, IL                               69         2,139,159         2,139,159        2,002,047         Section 8     86%

Carolina Woods Associates II,
     Limited Partnership
Carolina Woods II
Greensboro, NC                            40           750,238           750,238          843,637           None        98%

Linden Square Limited Dividend
     Housing Association
     Limited Partnership
Linden Square
Genesee County, MI                       120         1,299,774         1,299,774        4,769,340           None        98%

New Garden Associates,
     Limited Partnership
New Garden Place
Gilmer, NC                                76         1,269,794         1,269,794          805,227           None       100%




<PAGE>




                                                        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       2001              2001             2000            Subsidy*      2001
---------------------------------     ------------------------------------------------------------------- --------------------------

Exodus/Lyndon/Windsor,
     Limited Partnership
Findley Place Apartments
Minneapolis, MN                           89           716,000           716,000        3,001,170           None       100%
                                      ------      ------------      ------------     ------------
                                       1,684      $ 26,940,323      $ 26,940,323     $ 50,444,692
                                      ======      ============      ============     ============
</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>



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 June 18, 2001, there were 1,972 record holders of Units of the Fund.

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



<PAGE>


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

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

Liquidity and capital resources

At March 31, 2001, the Fund had cash and cash equivalents of $255,701 as
compared with $216,088 at March 31, 2000. The increase is primarily attributable
to proceeds from sales and maturities of marketable securities and cash
distributions received from Local Limited Partnerships. These increases are
partially offset by purchases of marketable securities, cash used for operating
activities and investment in Local Limited Partnership.

Under the terms of the Partnership Agreement, the Fund initially 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 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. Funds totaling approximately $403,000 have been withdrawn from
Reserves to pay legal and other fees relating to various property issues. At
March 31, 2001, approximately $676,000 of cash, cash equivalents and marketable
securities have been designated as Reserves. Management 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 ongoing operations. Reserves may be used to fund operating
deficits, if the Managing General Partner deems funding appropriate. If Reserves
are not adequate to cover Fund operations, the Fund will seek other funding
sources including, but not limited to, the deferral of Asset Management Fees to
an affiliate of the General Partner or working with Local Limited Partnerships
to increase cash distributions.

In the event a Local Limited Partnership encounters operating difficulties
requiring additional funds, the Fund might deem it in its best interests to
provide such funds, voluntarily, in order to protect its investment. The Fund
has advanced approximately $224,000 to Local Limited Partnerships to fund
operating deficits.

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, at March 31, 2001, 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 during the years ended March 31, 2001 or 2000.
It is not expected that cash available for distribution, if any, will be
significant during the 2001 calendar year. Based on the results of 2000
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.



<PAGE>


Results of operations

2001 versus 2000

For the year ended March 31, 2001, the Fund's operations resulted in a net loss
of $1,875,548 as compared to a net loss of $1,760,848 for the same period in
2000. The increase in net loss is primarily attributable to an increase in
provision for valuation of investments in Local Limited Partnerships and an
increase in general and administrative expenses. The increase in provision for
valuation of investment in Local Limited Partnerships is due to additional
non-temporary declines in the recoverable amounts of two investments. The
increase in general and administrative expenses is primarily due to increased
charges from an affiliate of the General Partner for operational and
administrative expenses necessary for the operation of the Partnership. The
increased charges pertained to higher levels of staffing and salary levels at
the affiliate in addition to changes in the affiliate's allocation of
operational and administrative expenses to more accurately reflect the actual
cost of services provided to the Partnership.

Low-income housing tax credits

The 2000 Tax Credits per Unit were $139.64 and $104.13 for Class A Unit and
Class B Unit investors, respectively. The 1999 Tax Credits per Unit were $144.63
and $104.13 for Class A Unit and Class B Unit investors, respectively. The tax
credits stabilized in 1995, and are expected to continue to decrease as certain
properties reach the end of the ten year 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 25
Local Limited Partnerships, each of which own and operate a multi-family
apartment complex. A majority of the Properties 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
persistent operating difficulties that could either: i) have an adverse impact
on the Partnership's liquidity; ii) result in their foreclosure; or iii) result
in the Managing General Partner deeming it appropriate for the Partnership to
dispose of its interest in the Local Limited Partnership. Also, the Managing
General Partner may desire to dispose of interests in certain Local Limited
Partnerships in the normal course of the Fund's business. The following Property
discussions focus only on such Properties.

As previously reported, Bancroft Street Apartments, located in Toledo, Ohio, 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. The
foreclosure resulted in recapture of tax credits for investors of approximately
$18.70 per Unit. In addition, the foreclosure resulted in the allocation of
taxable income to the Fund as well as loss of future benefits associated with
this Property.

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. The Managing General Partner will
continue to closely monitor Property operations.

Metropolitan Apartments, located in Chicago, Illinois, continues to operate
below break-even primarily due to occupancy issues. Occupancy has suffered
primarily due to local market conditions, and as a result, the quality of tenant
willing to occupy the Property is generally low. It is possible that Fund
Reserves may be required to fund operating deficits. The Managing General
Partner visited the Property in October 2000 and found it in poor condition with
repairs needed. The Managing General Partner is working with the Local General
Partner to develop a plan that addresses the Property's issues.

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. Subsequently, 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 will have
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 tax credit period has expired, which is 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. The Fund will not receive a material amount of the
Property's future tax credits. However, the Fund received cash from the Local
Limited Partnership of approximately $16,000 in April 2001 and will receive
approximately $94,000 in April 2002 and $47,000 in April 2003. These amounts
represent the Fund's share of the Property's prospective tax credits that it
will not receive because of its diluted interest in the Local Limited
Partnership.

Findley Place Apartments, located in Minneapolis, Minnesota, experienced
operating deficits due to significant capital needs in recent years. As a result
of concerns regarding the long-term viability of the Property, 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 interests to the Local General Partner any time after one year
from the March 1, 2000 effective date. In addition, the Local General Partner
has the right to call the remaining interest after the tax credit period has
expired, which will occur in 2004. Currently, Property operations are improving
and the Managing General Partner believes that it will operate above break-even
in the future.

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.

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, 2001 and 2000.

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 the Tax Credits.

Certain of the 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,
management 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. Jenny
Netzer is a Principal of the Managing General Partner and had the primary
responsibility for evaluating, selecting and negotiating investments for the
Fund. 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, Legal
Lauren M. Guillette         Principal, Member, Legal

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

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

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

Jenny Netzer, age 45, 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 44, Principal,  Member, Legal - 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 36, Principal, Member, Legal - 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

No person is known to the Fund to be the beneficial owner of more than 5% of the
outstanding Units.

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.

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, 2001 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. In addition,
affiliates of the Managing General Partner are or were property management
agents for Pilot House, Preston Place and Linden Square.

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, 2001 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 offering 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 offering proceeds. There were no organization fees and offering
expenses paid in the two years ended March 31, 2001.

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, 2001.

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 $6,600 per Local Limited Partnership (as adjusted by the CPI
factor) annually as the Asset Management Fee. Asset Management Fees incurred in
each of the two years ended March 31, 2001 are as follows:

                                                   2001           2000
                                               -----------     -----------

       Asset Management Fees                   $   164,682     $   163,750

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, 2001 are as follows:

                                                2001           2000
                                            -----------     -----------

       Salaries and benefits
          expense reimbursements            $   265,985     $   104,994

Property Management Fees

Through December 31, 1999, affiliates of the Managing General Partner were
management agents for three Local Limited Partnerships. During the year ended
December 31, 2000, one of the Local Limited Partnerships changed management
agents to a non-affiliate of the Fund. Fees earned in each of the two years
ended December 31, 2000 are as follows:

                                               2000            1999
                                           -----------     -----------

        Property Management Fees           $    84,280     $   116,585


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, 2001.

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, 2001 is presented in Note 6 to the Financial Statements.

Item 13.  Exhibits 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)    Reports on Form 8-K:
       No Reports on Form 8-K were filed during the year ended March 31, 2001.


<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   29    , 2001
           ---------------------------------------           -------------------
           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   29    , 2001
           ---------------------------------------           -------------------
           Jenny Netzer
           Director


     By:   /s/Michael H. Gladstone                  Date:   June  29  , 2001
           -----------------------------                    ----------------
           Michael H. Gladstone
           Director


<PAGE>




          BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2001

                                      INDEX

                                                                  Page No.
                                                                  --------


Report of Independent Accountants                                   F-2
     For the years ended March 31, 2001 and 2000

Financial Statements:

     Balance Sheet - March 31, 2001                                 F-3

     Statements of Operations - For the years ended
       March 31, 2001 and 2000                                      F-4

     Statements of Changes in Partners' Equity (Deficiency) -
       For the years ended March 31, 2001 and 2000                  F-5

     Statements of Cash Flows - For the years ended
       March 31, 2001 and 2000                                      F-6

     Notes to the Financial Statements                              F-7




<PAGE>


                        Report of Independent Accountants



To the Partners of
Boston Financial Tax Credit 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 Credit Fund
Plus, A Limited Partnership (the "Fund") as of March 31, 2001, and the results
of its operations and its cash flows for each of the two years in the period
ended March 31, 2001 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 $11,316,463 at March 31, 2001, and the Fund's equity in earnings
(losses) of Local Limited Partnerships is stated at $(1,261,705) and
$(1,515,279) for the years ended March 31, 2001 and 2000, 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.



/s/PricewaterhouseCoopers LLP
June 27, 2001
Boston, Massachusetts



<PAGE>


                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)

                                  BALANCE SHEET
                                 March 31, 2001



Assets

Cash and cash equivalents                                       $     255,701
Marketable securities, at fair value (Note 3)                         769,026
Investments in Local Limited Partnerships, net (Note 4)            11,316,463
Other investments (Note 5)                                          1,807,095
Other assets                                                            9,873
                                                                -------------
     Total Assets                                               $  14,158,158
                                                                ==============

Liabilities and Partners' Equity

Accounts payable to affiliate (Note 6)                          $   1,336,819
Accrued expenses                                                       32,967
                                                                -------------
     Total Liabilities                                              1,369,786
                                                                -------------

General, Initial and Investor Limited Partners' Equity             12,775,648
Net unrealized gain on marketable securities                           12,724
                                                                -------------
     Total Partners' Equity                                        12,788,372
                                                                -------------

     Total Liabilities and Partners' Equity                     $  14,158,158
                                                                =============

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

                            STATEMENTS OF OPERATIONS
                   For the Years Ended March 31, 2001 and 2000

<TABLE>
<CAPTION>

                                                                               2001              2000
                                                                          ------------       -------------
Revenue:
<S>                                                                       <C>                <C>
   Investment                                                             $     71,257       $      72,855
   Accretion of Original Issue Discount (Note 5)                               134,588             124,882
   Other                                                                        44,321             115,960
                                                                          ------------       -------------
     Total Revenue                                                             250,166             313,697
                                                                          ------------       -------------

Expenses:
   Asset management fees, affiliate (Note 6)                                   164,682             163,750
   General and administrative (includes
    reimbursements to an affiliate in the amount
    of $265,985 and $104,994, respectively) (Note 6)                           363,972             216,657
   Provision for valuation of investments in Local
     Limited Partnerships                                                      315,944             150,000
   Amortization                                                                 19,411              28,859
                                                                          ------------       -------------
     Total Expenses                                                            864,009             559,266
                                                                          ------------       -------------

Loss before equity in losses of Local Limited
   Partnerships                                                               (613,843)           (245,569)

Equity in losses of Local Limited
   Partnerships (Note 4)                                                    (1,261,705)         (1,515,279)
                                                                          ------------       -------------

Net Loss                                                                  $ (1,875,548)      $  (1,760,848)
                                                                          ============       =============

Net Loss allocated:
   General Partners                                                       $    (20,101)      $     (18,857)
   Class A Limited Partners                                                 (1,862,673)         (1,747,393)
   Class B Limited Partners                                                      7,226               5,402
                                                                          ------------       -------------
                                                                          $ (1,875,548)      $  (1,760,848)
                                                                          ============       =============

Net Income (Loss) per Limited Partnership Unit:
   Class A Unit (34,643 Units)                                            $     (53.77)      $      (50.44)
                                                                          ============       =============
   Class B Unit (3,290 Units)                                             $       2.20       $        1.64
                                                                          ============       =============
</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, 2001 and 2000



<TABLE>
<CAPTION>

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

<S>                             <C>         <C>        <C>             <C>            <C>            <C>
Balance at March 31, 1999       $ (168,252) $   5,000  $   14,066,938  $ 2,508,358    $     4,665    $   16,416,709
                                ----------  ---------  --------------  -----------    -----------    --------------

Comprehensive Income (Loss):
   Change in net unrealized
     gains on marketable
     securities available for sale       -          -               -            -        (17,077)         (17,077)
   Net Income (Loss)               (18,857)         -      (1,747,393)       5,402              -        (1,760,848)
                                ----------  ---------  --------------  -----------    -----------    --------------
Comprehensive Income (Loss)        (18,857)         -      (1,747,393)       5,402        (17,077)       (1,777,925)
                                ----------  ---------  --------------  -----------    -----------    --------------

Balance at March 31, 2000         (187,109)     5,000      12,319,545    2,513,760        (12,412)       14,638,784
                                ----------  ---------  --------------  -----------    -----------    --------------

Comprehensive Income (Loss):
   Change in net unrealized
     losses on marketable
     securities available for sale       -          -               -            -         25,136            25,136
   Net Income (Loss)               (20,101)         -      (1,862,673)       7,226              -        (1,875,548)
                                ----------  ---------  --------------  -----------    -----------    --------------
Comprehensive Income (Loss)        (20,101)         -      (1,862,673)       7,226         25,136        (1,850,412)
                                ----------  ---------  --------------  -----------    -----------    --------------

Balance at March 31, 2001       $ (207,210) $   5,000  $   10,456,872  $ 2,520,986    $    12,724    $  (12,788,372)
                                ==========  =========  ==============  ===========    ===========    ==============
</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, 2001 and 2000

<TABLE>
<CAPTION>



                                                                                    2001              2000
                                                                                -------------    -------------

Cash flows from operating activities:
<S>                                                                             <C>              <C>
   Net Loss                                                                     $  (1,875,548)   $  (1,760,848)
   Adjustments to reconcile net loss to net cash
     provided by (used for) operating activities:
     Equity in losses of Local Limited Partnerships                                 1,261,705        1,515,279
     Provision for valuation of investments in
       Local Limited Partnerships                                                     315,944          150,000
     Accretion of Original Issue Discount                                            (134,588)        (124,882)
     Amortization                                                                      19,411           28,859
     Gain on sales and maturities of
       marketable securities, net                                                      (2,068)          (1,788)
     Cash distributions included in net loss                                           (3,577)               -
     Increase (decrease) in cash arising from
       changes in operating assets and liabilities:
       Other assets                                                                     4,850              534
       Accounts payable to affiliate                                                  (69,334)         194,937
       Accrued expenses                                                                 3,368            4,003
                                                                                -------------    -------------
Net cash provided by (used for) operating activities                                 (479,837)           6,094
                                                                                -------------    -------------

Cash flows from investing activities:
   Investment in Local Limited Partnership                                            (82,805)               -
   Advances to Local Limited Partnerships                                             (11,552)        (120,000)
   Reimbursement of advances to Local Limited Partnership                              10,000                -
   Purchases of marketable securities                                                (677,356)        (598,892)
   Proceeds from sales and maturities of
     marketable securities                                                          1,018,183          684,859
   Cash distributions received from Local
     Limited Partnerships                                                             262,980          156,893
                                                                                -------------    -------------
Net cash provided by investing activities                                             519,450          122,860
                                                                                -------------    -------------

Net increase in cash and cash equivalents                                              39,613        128,954

Cash and cash equivalents, beginning of year                                          216,088           87,134
                                                                                -------------    -------------

Cash and cash equivalents, end of year                                          $     255,701    $     216,088
                                                                                =============    =============
</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 current tax benefits which qualified
investors may use to offset their federal income tax liability; ii) provide
limited cash distributions from Local Limited Partnership operations; and iii)
preserve and protect the Fund's capital; (iv) provide cash distributions from
sale or refinancing transactions; and (v) provide payments to Class B Limited
Partners from Treasury STRIPS.

Arch Street VI, Inc., a Massachusetts corporation ("Arch Street,  Inc."), is the
Managing General Partner of the Fund. Arch Street VI Limited Partnership
("Arch Street L.P."), 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").  An affiliate of the General  Partners ("SLP  Affiliate") is a
special limited partner in each Local Limited  Partnership in which the Fund
invests, with the right to become a general partner under certain circumstances.
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. Boston Financial Securities,
Inc., an affiliate of the General Partners, received selling commissions and
underwriting advisory fees in the amount of 7.0% and 1.5%, respectively, of the
Class A Gross Proceeds and 5.04% and 1.08%, respectively, of the Class B Gross
Proceeds for Units sold by the entity as a soliciting dealer. 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.

The Partnership Agreement provides that all cash available for distribution will
be allocated 99% to the Limited Partners and 1% to the General Partners. Sale or
refinancing proceeds generally will be distributed first to the Limited Partners
in an amount equal to their adjusted capital contributions, second to the
General Partners in an amount equal to their capital contributions, third to the
General Partners (after payment of the 6% return as set forth in Section 4.2.3
of the Partnership Agreement and of any accrued but unpaid Subordinated
Disposition Fee) in such amount as is necessary to cause the General Partners to
have received 5% of all distributions to the Partners and lastly, 95% to the
Limited Partners and 5% to the General Partners.

Profits and losses for tax purposes arising from general operations and tax
credits generally will be allocated 99% to the Limited Partners and 1% to the
General Partners. However, as set forth in the Partnership Agreement, profits
and losses for tax purposes arising from a sale or refinancing generally will be
allocated among the Partners in such manner as is necessary to cause their
respective capital accounts to reflect the amount that would be distributable to
them in accordance with the priorities set forth in the preceding paragraph, if
all of the Fund's assets were sold for their federal adjusted basis and the Fund
were then liquidated.


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


1.   Organization (continued)
     -----------------------

All distributions of cash available for distribution or distributions of sale or
refinancing proceeds, and all allocations of profits and losses for tax purposes
from normal operations and from a sale or refinancing or of tax credits, which
are distributed or allocated to the General Partners, will be allocated 1% to
Arch Street, Inc. and 99% to Arch Street L.P.

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.

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 $403,000 have been withdrawn from
Reserves to pay legal and other fees relating to various property issues. At
March 31, 2001, the Managing General Partner has designated approximately
$676,000 of cash, cash equivalents and marketable securities as such Reserve.

2.   Significant Accounting Policies

Cash Equivalents

Cash equivalents consist of short-term highly liquid money market instruments
with original maturities of 90 days or less at acquisition and approximate fair
value.

Marketable Securities and Other Investments

Marketable securities consist primarily of U. S. Treasury instruments and
various assets backed investment vehicles. 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. 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 income or loss of the Local Limited
Partnership, additional investments in and cash distributions from the Local
Limited Partnerships. Equity in income or loss of the Local Limited Partnerships
is included in the Fund's operations. The Fund has no obligation to fund
liabilities of the Local Limited Partnership beyond its investment, therefore a
Local



<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)
----------------------------------------------------

Limited Partnership's investment will not be carried below zero. To the extent
that equity losses are incurred or distributions received when a Local Limited
Partnership's respective investment balance has been reduced to zero, the losses
will be suspended to be used against future income and distributions will be
included in income.

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 recognizes a decline in the carrying value of its investments in Local
Limited Partnerships when there is evidence of a non-temporary decline in the
recoverable amount of the investment. There is a possibility that the estimates
relating to reserves for non-temporary declines in carrying value of investments
in Local Limited Partnerships may be subject to material near term adjustments.

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 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, 2000 and 1999.

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 requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosures 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

Statement of Financial Accounting Standards No. 107 ("SFAS No. 107"),
Disclosures About Fair Value of Financial Instruments, requires disclosure of
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. The fair
values of the Fund's assets and liabilities, which qualify as financial
instruments under SFAS No. 107, approximate their carrying amounts in the
accompanying balance sheets.


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2.   Significant Accounting Policies (continued)
     ------------------------------------------

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
<TABLE>
<CAPTION>

A summary of marketable securities is as follows:
                                                              Gross             Gross
                                                           Unrealized       Unrealized          Fair
                                              Cost            Gains            Losses           Value
                                          -----------      -----------      ----------       -----------
Debt securities issued by
   the US Treasury and other
   US government corporation
<S>                                       <C>                <C>            <C>              <C>
   and agencies                           $   595,668        $   9,237      $        -       $   604,905

Mortgage backed securities                    160,634            3,555             (68)          164,121
                                          -----------        ---------      ----------       -----------

Marketable securities
   at March 31, 2001                      $   756,302        $  12,792      $      (68)      $   769,026
                                          ===========        =========      ==========       ===========
</TABLE>

The contractual maturities at March 31, 2001 are as follows:
                                                                        Fair
                                               Cost                    Value
                                            -----------             -----------

Due in less than one year                   $   198,867             $   202,281
Due in one year to five years                   396,801                 402,624
Mortgage backed securities                      160,634                 164,121
                                            -----------             -----------
                                            $   756,302             $   769,026
                                            ===========             ===========

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 $593,000 and
$263,000 during the years ended March 31, 2001 and 2000, respectively. Proceeds
from the maturities of marketable securities were approximately $425,000 and
$422,000 during the years ended March 31, 2001 and 2000, respectively. Included
in investment income are gross gains of $2,823 and $1,924 and gross losses of
$755 and $136 that were realized on these sales during the years ended March 31,
2001 and 2000, respectively.

4.   Investments in Local Limited Partnerships

The Fund uses the equity method to account for its limited partnership interests
in twenty-five Local Limited Partnerships which own and operate multi-family
housing complexes, most of which are government assisted. Upon dissolution of
the Local Limited Partnerships, proceeds will be distributed according to each
respective partnership agreement.


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


4.   Investments in Local Limited Partnerships (continued)
     ----------------------------------------------------
<TABLE>
<CAPTION>

The following is a summary of investments in Local Limited Partnerships at March
31, 2001:

Capital contributions and advances paid to Local Limited Partnerships
<S>                                                                                                <C>
   and purchase price paid to withdrawing partners of Local Limited Partnerships                   $  27,263,271

Cumulative equity in losses of Local Limited Partnerships (excluding
   cumulative unrecognized losses of $988,681)                                                       (13,596,427)

Cash distributions received from Local Limited Partnerships                                           (1,045,877)
                                                                                                   -------------

Investments in Local Limited Partnerships before adjustments                                          12,620,967

Excess of investment cost over the underlying net assets acquired:

   Acquisition fees and expenses                                                                       1,122,226

   Accumulated amortization of acquisition fees and expenses                                            (234,610)
                                                                                                   -------------

Investments in Local Limited Partnerships prior to reserve for
    valuation                                                                                         13,508,583

Reserve for valuation of investments in Local Limited Partnerships                                    (2,192,120)
                                                                                                   -------------

Investments in Local Limited Partnerships                                                          $  11,316,463
                                                                                                   =============
</TABLE>

The Fund has provided a reserve for valuation for its investments in Local
Limited Partnerships because there is evidence of non-temporary declines in the
recoverable amount of the investments.

Summarized financial information as of December 31, 2000 and 1999 (due to the
Fund's policy of reporting the financial information of its Local Limited
Partnership interests on a 90-day lag basis) of all Local Limited Partnerships
in which the Fund has invested as of that date is as follows:

Summarized Balance Sheets - as of December 31,
                                                    2000             1999
                                                ------------     -----------
Assets:
   Investment property, net                     $ 64,091,338     $ 66,735,658
   Other assets                                    5,506,953        5,541,902
                                                ------------     ------------
     Total Assets                               $ 69,598,291     $ 72,277,560
                                                ============     ============

Liabilities and Partners' Equity:
   Mortgage notes payable                       $ 50,444,692     $ 52,811,951
   Other debt                                      7,075,281        5,321,899
                                                ------------     ------------
     Total Liabilities                            57,519,973       58,133,850

Fund's Equity                                     10,355,959       12,720,698
Other Partners' Equity                             1,722,359        1,423,012
                                                ------------     ------------
     Total Liabilities and Partners' Equity     $ 69,598,291     $ 72,277,560
                                                ============     ============



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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


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

Summarized Income Statements -
for the years ended December 31,
                                                   2000             1999
                                               ------------     ------------

Rental and other income                        $ 10,467,514     $ 10,212,301
                                               ------------     ------------

Expenses:
   Operating                                      6,137,532        5,818,020
   Interest                                       3,384,975        3,464,002
   Depreciation and amortization                  2,756,212        2,748,464
                                               ------------     ------------
     Total Expenses                              12,278,719       12,030,486
                                               ------------     ------------

Net Loss                                       $ (1,811,205)    $ (1,818,185)
                                               ============     ============

Fund's share of Net Loss                       $ (1,772,878)    $ (1,782,829)
                                               ============     ============
Other partners' share of Net Loss              $    (38,327)    $    (35,356)
                                               ============     ============

For the years ended March 31, 2001 and 2000, the Fund has not recognized
$511,173 and $267,550, respectively, of equity in losses relating to Local
Limited Partnerships in which cumulative equity in losses have exceeded their
total investment.

The Fund's equity as reflected by the Local Limited Partnerships of $10,355,959
differs from the Fund's investments in Local Limited Partnerships before
adjustment of $12,620,967 primarily because of cumulative unrecognized losses of
$988,681 described above and 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, 2001 is composed of the following:

   Aggregate cost of Treasury STRIPS                              $   918,397
   Accumulated accretion of
     Original Issue Discount                                          888,698
                                                                  ------------
                                                                  $ 1,807,095

The fair value of these securities at March 31, 2001 is $2,248,054. 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 Affiliates

An affiliate of the Managing General Partner currently receives the base amount
of $6,600 per Local Limited Partnership (as adjusted by the CPI factor) annually
as the Asset Management Fee for administering the affairs of the Fund. Included
in the statements of operations for the years ended March 31, 2001 and 2000 is
$164,682 and $163,750, respectively, of fees earned by the affiliate. At March
31, 2001, the affiliate is due $1,024,247 for these fees.

An affiliate of the Managing General Partner is reimbursed for the actual cost
of the Fund's operating expenses. Included in general and administrative
expenses for the years ended March 31, 2001 and 2000 is $265,985 and $104,994,
respectively, that has been paid or is payable by the Fund as reimbursements for
salaries and benefits expenses. At March 31, 2001, $312,572 is payable to an
affiliate of the Managing General Partner.

<PAGE>

                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)

                 NOTES TO THE FINANCIAL STATEMENTS (continued)


6.   Transactions with Affiliates (continued)
     ---------------------------------------

Through December 31, 1999, affiliates of the Managing General Partner managed
three Properties in which the Fund has invested. During the year ended December
31, 2000, one of the Local Limited Partnerships changed management agents to a
non-affiliate of the Fund. Included in operating expenses in the summarized
income statements in Note 4 to the Financial Statements is $84,280 and $116,585
of fees earned by these affiliates for the years ended December 31, 2000 and
1999, respectively.

7.   Transfer of Interests in Local Limited Partnerships

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. The Fund plans to maintain
its legal interest in the Local Limited Partnership until the receipt of the
final tax return.

As previously reported, the Managing General Partner of Phoenix Housing
consummated a transfer and put option in 1997. At that time, the Fund
transferred 50% of its limited partnership interest to the Managing General
Partner and wrote down the remaining carrying value of its investment to zero.
Effective November 1, 2000, the Local Limited Partnership admitted an additional
investor limited partner through a partial transfer that resulted in the Fund
transferring all but 0.2% ownership interest in the Local Limited Partnership as
of March 31, 2001.

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 of Findley Place Apartments to the Local General Partner. The
Managing General Partner has the right to put the Fund's remaining interests to
the Local General Partner any time after one year from the March 1, 2000
effective date. In addition, the Local General Partner has the right to call the
remaining interest after the tax credit period has expired, which will occur in
2004.


<PAGE>


                      BOSTON FINANCIAL TAX CREDIT FUND PLUS
                             (A Limited Partnership)

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


8.   Federal Income Taxes

The following schedule reconciles the reported financial statement net loss for
the fiscal years ended March 31, 2001 and 2000 to the net loss reported on the
Form 1065, U. S. Partnership Return of Income for the years ended December 31,
2000 and 1999:
<TABLE>
<CAPTION>

                                                                                    2001                 2000
                                                                                --------------     -------------

<S>                                                                             <C>                <C>
Net Loss per financial statements                                               $   (1,875,548)    $  (1,760,848)

Adjustment for equity in losses of Local Limited
   Partnerships for tax purposes in excess of equity
   in losses for financial reporting purposes                                         (547,024)         (342,700)

Equity in losses of Local Limited Partnerships not
   recognized for financial reporting purposes                                        (511,173)         (267,550)

Adjustment to reflect March 31 fiscal year end
   to December 31 tax year end                                                           8,581            36,275

Provision for valuation of investments in Local Limited
   Partnerships not deductible for tax purposes                                        325,944           150,000

Amortization for tax purposes in excess of amortization
   for financial reporting purposes                                                    (21,397)          (11,949)

Related party expenses for financial reporting (tax)
   purposes in excess of related party expenses for tax
   (financial reporting) purposes                                                   (1,318,636)          163,332
                                                                                --------------     -------------

Net Loss per tax return                                                         $   (3,939,253)    $  (2,033,440)
                                                                                ==============     =============
</TABLE>

The differences in the assets and liabilities of the Fund for financial
reporting purposes and tax reporting purposes for the year ended March 31, 2001
are as follows:

<TABLE>
<CAPTION>

                                                            Financial             Tax
                                                             Reporting          Reporting
                                                             Purposes           Purposes             Differences
                                                           -------------     -------------        ----------------

<S>                                                        <C>               <C>                  <C>
Investments in Local Limited Partnerships                  $  11,316,463     $   8,299,056        $      3,017,407
                                                           ==============    =============        =================
Other assets                                               $   2,841,695     $   7,985,441        $     (5,143,746)
                                                           =============     =============        ================ =
Liabilities                                                $   1,369,786     $   1,236,731        $        133,055
                                                           =============     =============        =================
</TABLE>

The differences in the assets and liabilities of the Fund for financial
reporting purposes are primarily attributable to: i) the cumulative equity in
losses from Local Limited Partnerships for tax purposes is approximately
$4,893,000 greater than for financial reporting purposes including approximately
$989,000 of losses the Fund has not recognized for financial reporting purposes;
ii) organizational and offering costs of approximately $5,132,000 have been
capitalized for tax purposes but are charged to Limited Partners' equity for
financial reporting purposes.



<PAGE>