July 13, 2005



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


       Boston Financial Qualified Housing Limited Partnership
       Annual Report on Form 10-KSB for the Year Ended March 31, 2005
       File Number 0-16796


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






QH110K-K.DOC


<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-KSB
(Mark One)

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

For the fiscal year ended                            March 31, 2005
                           --------------------------------------------------

                                       OR

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

For the transition period from                      to
                                 ------------------   -----------------------

                      Commission file number         0-16796
                                                 ----------------

            Boston Financial Qualified Housing Limited Partnership
          (Exact name of registrant as specified in its charter)

                Delaware                             04-2947737
-------------------------------------           -------------------
    (State or other jurisdiction of      (I.R.S. Employer Identification No.)
    incorporation or organization)

   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:

                      UNITS OF LIMITED PARTNERSHIP INTEREST
                                (Title of Class)
                                     50,000

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.
                                         $50,000,000 as of March 31, 2005
                                         --------------------------------


<PAGE>




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


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

Post-Effective Amendments Nos. 1 through 3
 to the Form S-11 Registration Statement,
<S>                                                                             <C>
 File # 33-11910                                                                Part I, Item 1

Report on Form 8-K filed on July 7, 1988                                        Part I, Item 1

Report on Form 8-K filed on January 20, 1989                                    Part I, Item 1

Acquisition Reports                                                             Part I, Item 1

Prospectus - Sections Entitled:

     "Estimated Use of Proceeds"                                                Part III, Item 13

     "Management Compensation and Fees"                                         Part III, Item 13

     "Profits and Losses for Tax Purposes, Tax
      Credits and Cash Distributions"                                           Part III, Item 13


</TABLE>



<PAGE>





                 BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2005

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>


PART 1           Page No.

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

PART II

       Item 5     Market for the Registrant's Units
                  and Related Security Holder Matters                                   K-13
       Item 6     Management's Discussion and Analysis of Financial
                  Condition and Results of Operations                                   K-13
       Item 7     Financial Statements and Supplementary Data                           K-20
       Item 8     Changes in and Disagreements with Accountants
                  on Accounting and Financial Disclosure                                K-20
       Item 8A    Controls and Procedures                                               K-20
       Item 8B    Other Information                                                     K-21

PART III

       Item 9     Directors and Executive Officers
                  of the Registrant                                                     K-21
       Item 10    Management Remuneration                                               K-22
       Item 11    Security Ownership of Certain Beneficial
                  Owners and Management                                                 K-22
       Item 12    Certain Relationships and Related
                  Transactions                                                          K-22
       Item 13    Exhibits, Financial Statement Schedules and
                  Reports on Form 8-K                                                   K-23
       Item 14    Principal Accountant Fees and Services                                K-24


SIGNATURES                                                                              K-25
----------

CERTIFICATIONS                                                                          K-26
--------------

</TABLE>

<PAGE>


                                     PART I

Item 1.  Business

Boston Financial Qualified Housing Limited Partnership (the "Partnership") isa
limited partnership formed on January 22, 1987 under the Uniform Limited
Partnership Act of the State of Delaware. The Partnership's Partnership
Agreement ("Partnership Agreement") authorized the sale of up to 50,000 units
of Limited Partnership Interest ("Units") at $1,000 per Unit, adjusted for
certain discounts. The Partnership raised $49,963,740 ("Gross Proceeds"), net
of discounts of $36,260, through the sale of 50,000 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 April 29, 1988.

The Partnership 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 Partnership's
business taken as a whole.

The Partnership has invested as a limited partner in other limited partnerships
("Local Limited Partnerships") which own and operate residential apartment
complexes ("Properties"), all of which benefit from some form of federal,state
or local assistance programs and which qualify for the low-income housing tax
credits ("Tax Credits") that were added to the Internal Revenue Code(the "Code
by the Tax Reform Act of 1986. The investment objectives of the Partnership
include the following: (i) to provide current tax benefits in the form of Tax
Credits which qualified limited partners may use to offset their federal income
tax liability; (ii) to preserve and protect the Partnership's capital; (iii) to
provide limited cash distributions from property operations which are not
expected to constitute taxable income during the expected duration of the
Partnership's operations; and (iv) to provide cash distributions from sale or
refinancing transactions. There cannot be any assurance that the Partnership
will attain any or all of these investment objectives. A more detailed
discussion of these investment objectives, along with the risks in achieving
them, is contained in the section of the prospectus entitled "Investment
Objectives and Policies - Principal Investment Policies" which is herein
incorporated by this reference.

Table A on the following page lists the Properties originally acquired by the
Local Limited Partnerships in which the Partnership has invested. Item 6 of
this Report contains other significant information with respect to such Local
Limited Partnerships. As required by applicable rules, the terms of the
acquisition of each Local Limited Partnership interest have been described in
supplements to the Prospectus and collected in three post-effective amendments
to the Registration Statement and in two Form 8-K filings; such descriptions
are incorporated herein by this reference.


<PAGE>

<TABLE>
<CAPTION>

                                     TABLE A

                             SELECTED LOCAL LIMITED
                                PARTNERSHIP DATA


                                                                                      Date
                  Properties owned by                                               Interest
              Local Limited Partnerships                   Location                 Acquired
           ---------------------------------       ------------------------       --------------

              <S>                                    <C>                            <C>
              Barrington Manor                        Fargo, ND                     12/31/87
              Bingham (1)                             Bingham, ME                   12/30/87
              Birmingham Village (1)                  Randolph, ME                  12/30/87
              Bittersweet (1)                         Randolph, MA                  10/27/87
              Boulevard Commons (1)                   Chicago, IL                   07/14/88
              Brentwood Manor II (1)                  Nashua, NH                    01/20/89
              Cass House/Roxbury Hills                Boston, MA                    06/08/88
              Chestnut Lane (1)                       Newnan, GA                    08/01/88
              Coronado Courts (1)                     Douglas, AZ                   12/18/87
              Country Estates (1)                     Glennville, GA                03/01/88
              600 Dakota (1)                          Wahpeton, ND                  10/01/88
              Delmar (1)                              Gillette, WY                  10/01/88
              Duluth (1)                              Sioux Falls, SD               10/01/88
              Elmore Hotel (1)                        Great Falls, MT               12/22/87
              Graver Inn (1)                          Fargo, ND                     12/31/87
              Hazel-Winthrop                          Chicago, IL                   12/30/87
              Hughes (1)                              Mandan, ND                    12/31/87
              Lakeview Heights (1)                    Clearfield, UT                12/30/87
              Logan Plaza (1)                         New York, NY                  05/10/88
              New Medford Hotel                       Medford, OR                   12/22/87
              Heritage View (1)                       New Sweden, ME                12/30/87
              Park Terrace                            Dundalk, MD                   01/20/89
              Pebble Creek (1)                        Arlington, TX                 06/20/88
              Hillcrest III (1)                       Perryville, MO                03/31/89
              Pine Village (1)                        Pine Mountain, GA             03/01/88
              Rolling Green (1)                       Edmond, OK                    09/30/87
              Sierra Pointe (1)                       Las Vegas, NV                 09/01/87
              Sierra Vista (1)                        Aurora, CO                    09/30/87
              Talbot Village (1)                      Talbotton, GA                 03/01/88
              Terrace (1)                             Oklahoma City, OK             11/20/87
              Trenton (1)                             Salt Lake City, UT            12/30/87
              Verdean Gardens                         New Bedford, MA               05/31/88
              Willowpeg Village (1)                   Rincon, GA                    03/01/88
              Windsor Court (1)                       Aurora, CO                    12/30/87
</TABLE>

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

Although the Partnership's investments in Local Limited Partnerships are not
subject to seasonal fluctuations, the Partnership'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
Partnership or its General Partners. In accordance with the partnership
agreements under which such entities are organized ("Local Limited Partnership
Agreements"), the Partnership depends on the Local General Partners for the
management of each Local Limited Partnership. As of March 31, 2005, Cass House
and Verdean Gardens Limited Partnerships, representing 53.60%, of capital
contributions to Local Limited Partnerships have Cruz Development Corporation
as the Local General Partner. The Local General Partners of the remaining
Local Limited Partnerships are identified in the Acquisition Reports, which
are incorporated herein by reference.

The Properties owned by Local Limited Partnerships in which the Partnership 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
Partnership will depend on many outside factors, most of which are beyond the
control of the Partnership 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
Partnership, 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, or 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 would suppress the ability of the Local Limited Partnerships to generate
operating cash flow. Since all of the Properties benefit from some form of
government assistance, the Partnership 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 Partnership.

The Partnership is managed by Franklin Street 29, Inc., the Managing General
Partner of the Partnership. The other General Partner of the Partnership is
Franklin 29 Limited Partnership. The Partnership, which does not have any
employees, reimburses MMA Financial, LLC, LLC ("MMA"), an affiliate of the
General Partner, for certain expenses and overhead costs. A complete
discussion of the management of the Partnership is set forth in Item 9 of this
Report.

Item 2.  Properties

The Partnership owns limited partnership interests in six Local Limited
Partnerships which own and operate Properties, all of which benefit from some
form of federal, state or local assistance program and which qualify for the
Tax Credits added to the Code by the Tax Reform Act of 1986. The Partnership's
ownership interest in each Local Limited Partnership is 99%, except for
Barrington Manor where the Partnership's ownership interest 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; or iii) loans that have
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 Partnership.


<PAGE>





<TABLE>
<CAPTION>
                                                    Capital Contributions
Local Limited Partnership                       Total                 Paid            Mtge. Loans                     Occupancy at
Property Name               Number of         Committed at            Through          Payable at         Type of        March 31,
Property Location         Apts. Units         March 31, 2005       March 31, 2005     December 31, 2004   Subsidy *         2005
------------------      ----------------  --------------------     ---------------   ------------------   ----------- -------------

Barrington Manor
   Limited Partnership
Barrington Manor
<S>                        <C>          <C>                        <C>                <C>                  <C>               <C>
Fargo, ND                  18           $   175,200                $    175,200       $    502,245         Section 8         78%

Bingham Family Housing
   Associates (1) (A Limited
   Partnership)
Bingham
Bingham, ME

Birmingham Housing Associates (1)
   (A Limited Partnership)
Birmingham Village
Randolph, ME

MB Bittersweet Associates Limited
   Partnership (1)
Bittersweet
Randolph, MA

Boulevard Commons
   Limited Partnership (1)
Boulevard Commons
Chicago, IL

Michael J. Dobens
   Limited Partnership I (1)
Brentwood Manor II
Nashua, NH

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                                  Capital Contributions
Local Limited Partnership                      Total                 Paid            Mtge. Loans                     Occupancy at
Property Name               Number of       Committed at            Through          Payable at         Type of       March 31,
Property Location          Apts. Units      March 31, 2005        March 31, 2005     December 31, 2004   Subsidy *        2005
------------------        ---------------  ------------------   ---------------- --------------------------------- ---------------

Cass House Associates Limited
   Partnership
Cass House/Roxbury Hills
<S>                         <C>              <C>                   <C>               <C>                  <C>                <C>
Boston, MA                  111              2,141,090             2,141,090         13,832,623           None               87%

Chestnut Lane Limited
   Partnership (1)
Chestnut Lane
Newnan, GA

Coronado Courts Limited
   Partnership (1)
Coronado Courts
Douglas, AZ

Glennville Properties (1)
   (A Limited Partnership)
Country Estates
Glennville, GA

600 Dakota Properties (1)
   Limited Partnership
600 Dakota
Wahpeton, ND

Delmar Housing Associates (1)
   Limited Partnership
Delmar
Gillette, WY



</TABLE>
<page>
<TABLE>
<CAPTION>


                                          Capital Contributions
Local Limited Partnership                 Total                   Paid             Mtge. Loans                     Occupancy at
Property Name            Number of    Committed at               Through           Payable at          Type of        March 31,
Property Location       Apts. Units    March 31, 2005          March 31, 2005     December 31, 2004    Subsidy *         2005
------------------    --------------- -------------------     -----------------   ----------------   -------------   -------------

Duluth Limited Partnership (1)
Duluth
Sioux Falls, SD

Oregon Landmark-Three (1)
   Limited Partnership
Elmore Hotel
Great Falls, MT

Graves Inn (1)
   Limited Partnership
Graver Inn
Fargo, ND

Hazel-Winthrop Apartments (A
   Limited Partnership)
Hazel-Winthrop
<S>                           <C>           <C>                <C>                <C>                   <C>                 <C>
Chicago, IL                   30            350,400            350,400            2,020,772             Section 8            93%

Heritage Court
   Limited Partnership
Park Terrace
Dundalk, MD                   101         2,048,750           2,048,750            3,454,932               None              93%

Hughes Apartments
   Limited Partnership (1)
Hughes
Mandan, ND

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                              Capital Contributions
Local Limited Partnership                 Total               Paid                  Mtge. Loans                        Occupancy at
Property Name             Number of    Committed at            Through                Payable at         Type of        March 31,
Property Location       Apts. Units    March 31, 2005      March 31, 2005          December 31, 2004      Subsidy *       2005
------------------  -----------------  ------------------  ------------------   ---------------------------------------   --------

Lakeview Heights Apartments,
   Ltd. (1) (A Limited Partnership)
Lakeview Heights
Clearfield, UT

Logan Plaza Associates (1)
(A Limited Partnership)
Logan Plaza
New York, NY

New Medford Hotel Associates
   Limited Partnership
New Medford Hotel
<S>                    <C>                <C>                <C>                    <C>                   <C>                 <C>
Medford, OR            76                 1,365,100          1,365,100              2,906,176             Section 8           99%

New Sweden Housing Associates (1)
   (A Limited Partnership)
Heritage View
New Sweden, ME

2225 New York Avenue, Ltd.
   (A Limited Partnership)  (1)
Pebble Creek
Arlington, TX

Perryville Associates I, L.P. (1)
   (A Limited Partnership)
Hillcrest III
Perryville, MO

Pine Village Limited Partnership (1)
   (A Limited Partnership)
Pine Village
Pine Mountain, GA



</TABLE>

<page>

<TABLE>
<CAPTION>
                                              Capital Contributions
Local Limited Partnership                 Total               Paid                  Mtge. Loans                        Occupancy at
Property Name             Number of    Committed at            Through                Payable at         Type of        March 31,
Property Location       Apts. Units    March 31, 2005      March 31, 2005          December 31, 2004      Subsidy *       2005
------------------  -----------------  ------------------  ------------------   ---------------------------------------   --------

<S>                                <C>
Rolling Green Housing Associates,  (1)
   Ltd. (a Limited Partnership)
Rolling Green
Edmond, OK

Sierra Vista Housing Associates, (1)
   Ltd. (a Limited Partnership)
Sierra Pointe
Las Vegas, NV

Sundance Housing Associates, (1)
   Ltd. (A Limited Partnership)
Sierra Vista
Aurora, CO

Talbot Village Limited Partnership
   (A Limited Partnership) (1)
Talbot Village
Talbotton, GA

Terrace Housing Associates, (1)
   Ltd. (a Limited Partnership)
Terrace
Oklahoma City, OK

Trenton Apartments, Ltd. (1)
   (A Limited Partnership)
Trenton
Salt Lake City, UT

</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                              Capital Contributions
Local Limited Partnership                 Total               Paid                  Mtge. Loans                        Occupancy at
Property Name             Number of    Committed at            Through                Payable at         Type of        March 31,
Property Location       Apts. Units    March 31, 2005      March 31, 2005          December 31, 2004      Subsidy *       2005
------------------  -----------------  ------------------  ------------------   ---------------------------------------   --------

Verdean Gardens Associates Limited
   Partnership
Verdean Gardens
<S>                    <C>                <C>                <C>                     <C>                  <C>               <C>
New Bedford, MA        110                2,409,000          2,409,000               7,151,923            None              70%

Willowpeg Village Limited Partnership (1)
Willowpeg Village
Rincon, GA

Windsor Court Housing Associates, (1)
   Ltd. (a Limited Partnership)
Windsor Court
Aurora, CO
                       -------            ------------       ------------             -------------
                        446               $ 8,489,540        $  8,489,540             $  29,868,671
                       =======            ============       ============             =============

</TABLE>


      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 Partnership no longer has an interest in this Local Limited
Partnership.


<PAGE>

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


         Michael J. Dobens Limited Partnership I                2004                  2003
         ---------------------------------------            -------------         -------------
<S>                                                         <C>                   <C>
         Total Assets                                       $     690,263         $     706,981
         Total Liabilities                                  $     844,859         $     853,363
         Revenue                                            $     185,516         $     175,756
         Net Loss                                           $      (8,214)        $     (16,694)
</TABLE>

In addition, two Local Limited Partnerships which were disposed of by the
Partnership during the year ended March 31, 2004, Lakeview Heights Apartments,
Ltd. (A Limited Partnership) and Logan Plaza Associates (A Limited Partnership),
each represented more than 20% of the Partnership's consolidated assets, equity
or net loss for the year ended March 31, 2004.

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

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

Additional information required under this Item, as it pertains to the
Partnership, is contained in Items 1, 6 and 7 of this Report.

Item 3.  Legal Proceedings

On or about July 13, 2004, Park G.P., Inc. ("Park") commenced litigation against
Boston Financial Qualified Housing Tax Credits L.P. IV (the "Partnership") and
its purported general partners (collectively, "Defendants") in Clay County,
Missouri, claiming that Defendants breached the relevant partnership agreement
and their fiduciary duties owed to Park by, among other things, failing to
permit inspection of certain alleged "books and records" of the Partnership. On
or about October 7, 2004, Park sought leave of the court to amend its petition
to include claims for inspection of the alleged "books and records" against
Boston Financial Qualified Housing Limited Partnership, Boston Financial Tax
Credit Fund Plus, A Limited Partnership, Boston Financial Qualified Housing Tax
Credits L.P. II, Boston Financial Qualified Housing Tax Credits L.P. III, Boston
Financial Qualified Housing Tax Credits L.P. V, Boston Financial Tax Credit Fund
VII, A Limited Partnership, and their purported general partners (collectively,
the "New Defendants"). The court granted the amendment on November 15, 2004, and
all defendants subsequently moved to dismiss the amended complaint in its
entirety. That motion is currently pending (along with a concurrently filed
motion for entry of a blanket protective order), and oral argument on the motion
took place on February 16, 2005. On or about October 8, 2004, Park moved the
court for entry of a temporary restraining order compelling the Defendants and
the New Defendants to turn over the alleged "books and records" in conjunction
with a transaction Park was proposing entering into. On October 12, 2004, the
court denied Park's request.

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

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

On August 24, 2004, Boston Financial Qualified Housing Limited Partnership,
Boston Financial Tax Credit Fund Plus, A Limited Partnership, Boston Financial
Qualified Housing Tax Credits L.P. II, Boston Financial Qualified Housing Tax
Credits L.P. III, Boston Financial Qualified Housing Tax Credits L.P. IV, Boston
Financial Qualified Housing Tax Credits L.P. V, Boston Financial Tax Credit Fund
VII, A Limited Partnership, and Boston Financial Tax Credit Fund VIII, A Limited
Partnership (collectively, the "Partnerships"), and their general partners
commenced litigation against Everest Housing Investors 2, LLC ("Everest 2") and
three other Everest-related entities (collectively , the "Everest Entities") in
Massachusetts state court, seeking a declaratory judgment that certain materials
the Everest Entities sought to inspect are not "books and records" of the
Partnerships, and that the Everest Entities are in any case not entitled to
inspect said information under applicable partnership agreements, partnership
law or otherwise. On October 7, 2004, the Everest Entities filed an answer and
counterclaim against the Partnerships and their purported general partners,
claiming that they breached applicable partnership agreements, partnership law
and their fiduciary duties to the Everest Entities by failing to make the
purported "books and records" available. On January 12, 2005, the Partnerships
served a motion to amend their complaint to, among other things, add a claim
based on Everest 2's breach of a November 24, 2003 letter agreement which
compelled Everest 2 to keep confidential certain information contemporaneously
disseminated by four of the Partnerships to Everest 2. Having received no
opposition within the specified time, the Partnerships filed the motion to amend
with the proposed first amended complaint on January 31, 2005. The Court has
granted this Motion.
<page>
Defendants maintain that the Everest Entities are not entitled to review the
materials requested and/or use the materials in secondary market transactions
because, among other things, (i) they are not "books and records" of the
Partnerships, (ii) Everest does not seek to review them for a proper purpose,
and (iii) that selective disclosure of the information to Everest would give it
an unfair informational advantage in secondary market transactions, and may
violate federal and/or state securities laws. We have not formed an opinion that
an unfavorable outcome is either probable or remote. In addition, our counsel
refrains from expressing an opinion as to the likely outcome of the case, or the
range of any loss.

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

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

None.
                                     PART II

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

There is no public market for the Units, and it is not expected that a public
market will develop. If a Limited Partner desires to sell Units, the buyer of
those Units will be required to comply with the minimum purchase and retention
requirements and investor suitability standards imposed by applicable federal or
state securities laws and the minimum purchase and retention requirements
imposed by the Partnership. 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 Partnership.

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

As of March 31, 2005, there were 2,711 record holders of Units of the
Partnership.

Cash distributions, when made, are paid annually. Cash distributions of
$3,000,000 were made to the Limited Partners during the year ended March 31
2005. No cash distributions were paid during the year ended March 31, 2004.

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

Executive Level Overview

Boston Financial Qualified Housing Limited Partnership was formed on January 22,
1987 under the laws of the State of Delaware for the primary purpose of
investing, as a limited partner, in other limited partnerships, each of which
owns and operates apartment complexes benefiting from some form of federal,
state or local assistance program and each of which qualifies for low-income
housing tax credits. The Partnership's objectives are to: (i) provide current
tax benefits in the form of tax credits which qualified investors may use to
offset their federal income tax liability; (ii) preserve and protect the
Partnership's capital; (iii) provide limited cash distributions from property
operations which are not expected to constitute taxable income during
Partnership operations; and iv) provide cash distributions from sale or
refinancing transactions.

The Partnership's investment portfolio consists of limited partnership interests
in six Local Limited Partnerships, each of which owns and operates a
multi-family apartment complex and each of which has generated Tax Credits.
Since inception, the Partnership has generated Tax Credits of approximately
$1,633 per Limited Partner Unit. The aggregate amount of Tax Credits generated
by the Partnership is consistent with the objective specified in the
Partnership's prospectus.
<page>
Properties that receive low income housing Tax Credits must remain in compliance
with rent restriction and set-aside requirements for at least 15 years from the
date the property is completed. Failure to do so would result in recapture of a
portion of the Property's Tax Credits. Beginning in 2003 and continuing through
2005, the Compliance Period of the six Properties in which the Partnership has
an interest will expire. The Managing General Partner has negotiated agreements
that will ultimately allow the Partnership to dispose of its interest in one of
the remaining Local Limited Partnerships. It is unlikely that the disposition of
this Local Limited Partnership interest will generate any material cash
distributions to the Partnership. Three of the Properties in which the
Partnership had an investment were disposed of during the year ended March 31,
2005.

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

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

Critical Accounting Policies

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

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

The Partnership has implemented policies and practices for assessing potential
impairment of its investments in Local Limited Partnerships. The investments are
reviewed for impairment whenever events or changes in circumstances indicate
that the Partnership may not be able to recover its carrying value. If an other
than temporary impairment in carrying value exists, a provision to reduce the
asset to fair value will be recorded in the Partnership's financial statements.

<page>

Accounting Standard Update

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

This Interpretation requires consolidation by the Partnership of the Local
Limited Partnerships' assets and liabilities and results of operations if the
Partnership determined that the Local Limited Partnerships were VIEs and that
the Partnership was the "Primary Beneficiary". Minority interests may be
recorded for the Local Limited Partnerships' ownership share attributable to
other investors. Where consolidation of Local Limited Partnerships is not
required, additional financial information disclosures of Local Limited
Partnerships may be required. The Partnership has assessed the Interpretation
and concluded that it is not the Primary Beneficiary of any of the Local Limited
Partnerships that meet the definition of a VIE. The Partnership is involved with
those VIEs as a non-controlling limited partner equity holder. The Partnership
is required to disclose its maximum exposure to economic and financial statement
losses as a result of its involvement with the VIEs. The Partnership's exposure
to economic and financial statement losses from the VIEs is limited to its
investment in the VIEs ($0 at March 31, 2005). The Partnership may be subject
to additional losses to the extent of any financial support that the
Partnership voluntarily provides in the future.

Liquidity and capital resources

At March 31, 2005, the Partnership has cash and cash equivalents of $2,744,233,
as compared with $5,633,518 at March 31, 2004. The decrease is primarily
attributable to distributions made to the Limited Partners and is partially
offset by proceeds from the disposal of investments in Local Limited
Partnership.

The Managing General Partner initially designated 5% of the Gross Proceeds as
Reserves, as defined in the Partnership Agreement. The Reserves were established
to be used for working capital of the Partnership and contingencies related to
the ownership of Local Limited Partnership interests. The Managing General
Partner may increase or decrease such Reserves from time to time, as it deems
appropriate. At March 31, 2005, $2,744,233 of cash and cash equivalents has been
designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $960,000 have been paid from Reserves. In the event a Local
Limited Partnership encounters operating difficulties requiring additional
funds, the Partnership's management might deem it in its best interest to
voluntarily provide such funds in order to protect its investment. As of March
31, 2005, the Partnership has advanced approximately $1,499,000 to Local Limited
Partnerships to fund operating deficits.

The Managing General Partner believes that the investment income earned on the
Reserves, along with cash distributions received from Local Limited
Partnerships, to the extent available, will be sufficient to fund the
Partnership's ongoing operations. Reserves may be used to fund Partnership
operating deficits, if the Managing General Partner deems funding appropriate.
If Reserves are not adequate to cover the Partnership's operations, the
Partnership will seek other financing sources including, but not limited to, the
deferral of expenses paid to an affiliate of the Managing General Partner or
working with Local Limited Partnerships to increase cash distributions. To date,
the Partnership has used approximately $2,855,000 of operating funds and
proceeds from disposal of investments in Local Limited Partnerships to replenish
Reserves.

Since the Partnership invests as a limited partner, the Partnership has no
contractual duty to provide additional funds to Local Limited Partnerships
beyond its specified investment. Thus, as of March 31, 2005, the Partnership had
no contractual or other obligation to any Local Limited Partnership which had
not been paid or provided for.

<page>
Cash distributions

Cash distributions of $3,000,000 were made to the Limited Partners during the
year ended March 31, 2005.

Results of operations

The Partnership's results of operations for the year ended March 31, 2005
resulted in net income of $287,240, as compared to net income of $2,101,854 for
the same period in 2004. The decrease in net income is primarily due to a
decrease in gain on disposal of investments in Local Limited Partnerships,
partially offset by an increase in recovery of provision for valuation of
advances to Local Limited Partnerships, and decreases in general and
administrative expenses and equity in losses of Local Limited Partnerships. The
increase in recovery of provision for valuation of advances to Local Limited
Partnerships is primarily attributable to increased reimbursement of advances
from Local Limited Partnerships. The decrease in general and administrative
expenses is primarily due to decreased charges from an affiliate of the General
Partner for administrative expenses necessary for the operation of the
Partnership. The decrease in equity in losses of Local Limited Partnerships is
primarily due to the Partnership not recognizing losses relating to Local
Limited Partnerships where cumulative equity in losses and cumulative
distributions have exceeded its total investment.

Low-income housing tax credits

The 2004 and 2003 Low-Income Housing Tax Credits per Unit for individuals was
$.21. The Tax Credits per Limited Partner stabilized in 1991 at approximately
$148.00 per Unit for individuals and $158.00 per Unit for corporations. The
credits have decreased significantly as most Properties have reached the end of
the ten-year credit period.

Property discussions

Most of the Properties in which the Partnership has an interest have stabilized
operations and operate above break-even. A few Properties generate cash flow
deficits that the Local General Partners of those Properties fund through
project expense loans, subordinated loans or operating escrows. However, some
Properties have had persistent operating difficulties that could either: i) have
an adverse impact on the 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 prior to the expiration of the Compliance Period. Also, the Managing
General Partner, in the normal course of the Partnership's business, may arrange
for the future disposition of its interest in certain Local Limited
Partnerships. The following Property discussions focus only on such Properties.

As previously reported, the Managing General Partner negotiated an agreement
with an unaffiliated entity to have the ability to transfer its interest to the
unaffiliated entity or its designee with respect to the following Properties:
Birmingham Village, located in Randolph, Maine, Bingham, located in Bingham,
Maine and Heritage View, located in New Sweden, Maine. Although these Properties
do not share a common Local General Partner, they are all Rural Housing Section
515 ("FMHA") properties. The Managing General Partner had the right to put its
interest in any of these Properties at any time in exchange for a Contingent
Note that granted the Partnership 50% of all future net cash receipts from such
Local Limited Partnership interest. If the Partnership disposed of its interest
in the above-mentioned Properties in any other manner, the Partnership would be
required to pay a $2,500 termination fee per Property. Effective January 2,
2004, the Managing General Partner exercised these puts and the Partnership
received a total of $32,174 in return for its interest in the three Local
Limited Partnerships. The Partnership no longer has an interest in these three
Properties. The Managing General Partner, in accordance with and as permitted by
the Partnership Agreement, retained the entire amount of net proceeds in
Reserves. These three sales resulted in taxable income of $1,190,815, or
approximately $24 per Unit. The Partnership was required to pay $7,500 in fees
to the unaffiliated entity in connection with exercising these put agreements.

As previously reported, the Local General Partner of Barrington Manor, located
in Fargo, North Dakota, expressed to the Managing General Partner concerns over
the long-term financial health of the Property. In response to these concerns
and to reduce possible future risk, the Managing General Partner consummated the
transfer of 50% of the Partnership's capital and profits in the Local Limited
Partnership to an affiliate of the Local General Partner in November 1997. The
Managing General Partner had the right to transfer the Partnership's remaining
interest to the Local General Partner any time after one year from the initial
transfer. Due to subsequent transfers by the Local General Partner of its
interest in the Local Limited Partnership, the Managing General Partner had the
right to transfer the remaining Local Limited Partnership interest as of
December 1, 2001. The Property generated its final year of Tax Credits during
1998 and the Compliance Period ended in 2003. The Managing General Partner will
continue to monitor closely the operations of Barrington Manor.
<page>
As previously reported, the Managing General Partner reached agreement with the
Local General Partner of Chestnut Lane, located in Newnan, Georgia, Country
Estates, located in Glennville, Georgia, Pine Village, located in Pine Mountain,
Georgia, Talbot Village, located in Talbotton, Georgia, and Willopeg Village,
located in Rincon, Georgia, on a plan that would ultimately transfer ownership
of the Local Limited Partnerships to the Local General Partner. The plan
included provisions to minimize the risk of recapture. The Compliance Period for
these Properties expired on December 31, 2003. Effective January 2, 2004, the
Managing General Partner exercised these puts and the Partnership received a
total of $30,000 in return for its interest in the five Local Limited
Partnerships. The Partnership no longer has an interest in these five
Properties. The Managing General Partner, in accordance with and as permitted by
the Partnership Agreement, retained the entire amount of net proceeds in
Reserves. These five sales resulted in taxable income of $1,925,511, or
approximately $39 per Unit.

As previously reported, during the past few years, Boulevard Commons, located in
Chicago, Illinois, experienced operating deficits due to expenses associated
with high unit turnover, security issues and increasing maintenance and capital
needs. As a result of these issues, Boulevard Commons' mortgage went into
default. In October 1998, affiliates of the Managing General Partner replaced
the Local General Partners with a new unaffiliated non-profit general partner.
The interest of the original Local General Partners was converted to a special
limited partner interest with no right to participate in the management of the
Local Limited Partnership. Further, the Managing General Partner consummated the
transfer of 48.5% of the Partnership's capital and profits in the Local Limited
Partnership to the new Local General Partner on October 9, 1998. The Managing
General Partner had the right to transfer the Partnership's remaining interest
to the new Local General Partner any time after one year from October 9, 1998.
After obtaining final approval to transfer the Partnership's remaining interest
in the Local Limited Partnership from the United States Department of Housing
and Urban Development ("HUD "), on April 7, 2003, the Managing General Partner
transferred an additional 49.5% of its interest in the Local Limited
Partnership. The Partnership transferred its remaining 1% interest in the Local
Limited Partnership on June 11, 2004. As a result, the Partnership no longer has
an interest in this Property. The transfer of the Partnership's interest in this
Property resulted in taxable income of $6,658,267, or approximately $133 per
Unit.

As previously reported, the existing workout agreement between Pebble Creek,
located in Arlington, Texas, and HUD expired May 31, 1998. In December 1999, the
Local General Partner signed a Provisional Workout Agreement (PWA) with HUD. As
part of the PWA, the Partnership assumed the out-of-pocket costs of the workout
of approximately $700,000. During the third quarter of 2000, the Managing
General Partner secured HUD approval for a potential "Mark to Market"
restructuring. On March 18, 2002, a commitment letter for Mark-to-Market
restructuring was executed. As part of the restructuring commitment, HUD
approved the transfer of the Local General Partner and Limited Partner
interests. On March 26, 2002, the Local General Partner was replaced and the
Managing General Partner, on behalf of the Partnership, transferred 48.5% of the
Partnership's interest in the Local Limited Partnership to the replacement Local
General Partner. Concurrent with this transfer, the Property's name was changed
to Manhattan Park. On January 2, 2004, the Managing General Partner transferred
an additional 48.5% of the Partnership's interest to the Local General Partner.
The Partnership had the right to fully dispose of its interest in the Local
Limited Partnership as of March 27, 2004 and on January 3, 2005 the Partnership
transferred its remaining 2% interest. The transfer of the Partnership's
interest in this Property resulted in taxable income of approximately
$4,514,000, or $90 per Unit.

As previously reported, Cass House, located in Boston, Massachusetts, and
Verdean Gardens, located in New Bedford, Massachusetts, received a subsidy under
the State Housing Assistance Rental Program ("SHARP"), which was an important
part of their annual income. As originally conceived, the SHARP subsidy was
scheduled to decline over time to match increases in net operating income.
However, increases in net operating income failed to keep pace with the decline
in the SHARP subsidy. Many of the SHARP properties, including Cass House and
Verdean Gardens, structured workouts that included additional subsidies in the
form of Operating Deficit Loans ("ODLs"). Effective October 1, 1997, the
Massachusetts Housing Finance Agency ("MHFA"), which provided the SHARP
subsidies, withdrew funding of the ODLs from its portfolio of seventy-seven
subsidized properties. In addition, as of March 1, 2003, MHFA cancelled SHARP
payments for the rest of the State's fiscal year (June 30, 2003). The State did
not reinstate payments for FY 2004 (July 1, 2003 to June 30, 2004). Properties
unable to make full debt service payments were declared in default by MHFA. On
December 5, 2003, MHFA sent a demand letter to the Local General Partner
requiring the Local Limited Partnership to pay the full amount of the mortgage
within 35 days. The Local General Partner is currently attempting to negotiate a
resolution with MHFA. However, there is little risk to the Partnership since all
Tax Credits have been claimed and the Compliance Period ended on December 31,
2003.
<page>
As previously reported, the Managing General Partner joined a group of SHARP
property owners called the Responsible SHARP Owners, Inc. ("RSO") and is
negotiating with MHFA and the Local General Partners of Cass House, and Verdean
Gardens to find a solution to the problems that will result from the withdrawn
subsidies. On December 16, 1998, the Partnership joined with the RSO and about
twenty other SHARP property owners and filed suit against the MHFA (Mass. Sup.
Court Civil Action #98-4720). Among other things, the suit seeks to enforce the
MHFA's previous financial commitments to the SHARP properties. The lawsuit is
complex, so no predications can be made at this time as to the ultimate outcome.

As previously reported, although Coronado Courts, located in Douglas, Arizona,
maintained a high level of occupancy and operations remained strong,
HUD-approved rent increases had not kept pace with the increase in operating
expenses. Additionally, the local housing authority discontinued its policy of
paying 80% of the rent on vacant units. The Property generated its last year of
Tax Credits during 1997. During the second quarter of 2002, the Property's
outstanding mortgage indebtedness was refinanced. In conjunction with this
refinancing, the Managing General Partner negotiated an agreement that would
ultimately transfer ownership of the interest in the Local Limited Partnership
to an affiliate of the Local General Partner. The Partnership had the right to
put its interest to the designated entity anytime during the 24-month period
beginning January 1, 2003. The Managing General Partner exercised the put on
behalf of the Partnership in February 2003. The put price of the Partnership's
interest was $500,000, payable in the form of a non-interest bearing note, with
annual payments from available cash flow. The Partnership therefore no longer
has an interest in the Property. The Managing General Partner, in accordance
with and as permitted by the Partnership Agreement, retained the entire amount
of net proceeds in Reserves. This sale resulted in taxable income of
approximately $1,657,000, or $33 per Unit.

As previously reported, occupancy at Lakeview Heights, located in Clearfield,
Utah, declined due to the addition of several new affordable housing properties
in the area. The Property needed certain maintenance and repairs in order to
improve its appeal and maintain a competitive position in the market. The
Property's Tax Credits expired in 1997. Based upon the completion of the
Property's Compliance Period, as well as the existing status of the Property,
the Local General Partner decided to list the Property for sale. A buyer was
located and the Property was sold in November 2003 with the Partnership
receiving $1,026,196. The Partnership no longer has an interest in this
Property. The Managing General Partner, in accordance with and as permitted by
the Partnership Agreement, retained the entire amount of net proceeds in
Reserves. This sale resulted in taxable income of $1,833,143, or $37 per Unit.
An additional $72,996 in proceeds was received in 2004, which resulted in
taxable income of this amount, or approximately $1 per Unit in 2004.

As previously reported, Hillcrest III, located in Perryville, Missouri operated
at a deficit in 2002, despite strong occupancy. This was due to a decrease in
rental revenue and an increase in expenses. Since the Compliance Period ended in
2003 and in order to reduce possible future risk, the Managing General Partner
entered into a put agreement with the Local General Partner whereby the Managing
General Partner had the right to transfer the Partnership's interest to the
Local General Partner any time after January 1, 2004 for $5,000. Effective
January 2, 2004, the Managing General Partner exercised the put and the
Partnership received $5,000 for its interest in the Local Limited Partnership.
The Partnership no longer has an interest in this Property. The Managing General
Partner, in accordance with and as permitted by the Partnership Agreement,
retained the entire amount of net proceeds in Reserves. This sale resulted in
taxable income of $210,162, or approximately $4 per Unit.

As previously reported, Logan Plaza, located in New York, New York, was in need
of updating and repair in order to maintain its physical condition. Despite its
tired appearance, the Property offered amenities not present in other comparable
properties in the local rental market. The Property's Compliance Period ended in
2003, and the Managing General Partner began working with the Local General
Partner to identify possible disposition strategies with respect to its interest
in this Property. On January 2, 2004, upon expiration of the Compliance Period,
the Partnership received $1,095,250 for its interest and as a result no longer
has an interest in the Property. The Managing General Partner, in accordance
with and as permitted by the Partnership Agreement, retained the entire amount
of net proceeds in Reserves. This sale resulted in taxable income of $1,922,134,
or approximately $38 per Unit.
<page>
As previously reported, Trenton, located in Salt Lake City, Utah experienced
operating difficulties resulting in operating deficits during 2003. Since the
Compliance Period had ended and in order to reduce possible future risk, the
Managing General Partner commenced discussions with the Local General Partner in
2003 on a plan to allow the Partnership to dispose of its interest in the Local
Limited Partnership. In August 2003, the Property was sold and the Partnership
received $3,000. The Partnership no longer has an interest in the Property. The
Managing General Partner, in accordance with and as permitted by the Partnership
Agreement, retained the entire amount of net proceeds in Reserves. This sale
resulted in taxable income of $235,543, or approximately $5 per Unit.

As previously reported, operations at Hughes, located in Mandan, North Dakota,
historically struggled. During 1995, the Local General Partner did not make the
required debt service payments on the Property. At that time, the Managing
General Partner began negotiations with the mortgage holder to avoid foreclosure
and restructure the note. As part of the restructuring, Partnership Reserves
were used to fund debt service and perform deferred maintenance. In addition,
the Local General Partner was removed and an affiliate of the Managing General
Partner assumed the Local General Partner's interest. Since that time,
Partnership Reserves periodically funded the Property's operating deficits.
While exploring disposition strategies for the Partnership's interest in the
Property, the Managing General Partner became aware that an adjacent site caused
environmental contamination to the Property. The Property incurred additional
expenses to research the environmental contamination. Due to the Property's
operations, the contamination and its future liquidity, the value of the
Partnership's interest was diminished. On April 22, 2003, the Property was sold
and the entire amount of the sales proceeds was used as satisfaction for the
outstanding debt. The Partnership no longer has an interest in this Property.
The Partnership had recapture of approximately $1.34 per Unit during 2003. In
addition, the transfer resulted in taxable income of $652,938, or approximately
$13 per Unit.

As previously reported, Elmore Hotel, located in Great Falls, Montana,
historically had difficult operations. In addition, the opening of a new Tax
Credit property in the area during 1999 caused the Property's occupancy to
decline and rental rates to be reduced. The Property generated its last Tax
Credits during 1997 and its Compliance Period expired. As a result, the Managing
General Partner began discussions with the Local General Partner regarding
disposition of the Partnership's interest in this Property. During the three
months ended June 30, 2003, the Managing General Partner transferred the
Partnership's interest to the Local General Partner. As a result, the
Partnership no longer has an interest in the Local Limited Partnership. The
transfer resulted in taxable income of $1,493,503, or approximately $30 per
Unit.

Hazel-Winthrop Apartments, located in Chicago, Illinois has a Restricted Use
Agreement that prevents the Property to be sold as market-rate housing until
December 2008. In order for the Partnership to realize the market value of this
Property in 2005, the Managing General Partner and the Local General Partner
have agreed upon a methodology whereby the Partnership will realize in 2005 the
present value of the net proceeds of the estimated market value in 2009, or
$375,000, in return for the Partnership's limited partnership interest. The U.S.
Department of Housing and Urban Development will need to approve the transfer
before it can be consummated. It is anticipated that the transfer will be
consummated in 2005.

Through 1999, Brentwood Manor, consisting of 22 one-bedroom apartments located
in Nashua, New Hampshire, historically experienced weak financial results, due
primarily to the high interest rate on the Property's first mortgage and a lack
of rent increases. The original Local General Partner declared bankruptcy in
1997 and was replaced with an affiliate of the Managing General Partner shortly
thereafter. In 1999, the Property's mortgages matured. After an extension of the
debt and a workout with the lenders, new first and second mortgages were placed
on the Property. In connection with this workout, the Partnership loaned the
Property $182,946 from Partnership Reserves to pay off the original second
mortgage at a $50,000 discount, deposit $17,500 into the Property's replacement
reserve and deposit $103,500 into an operating reserve. Also in 1999, a new
management agent was hired. Due to the reduced debt, the lower interest rate and
better property management, operations had been stable since 1999. In June 2003,
the Managing General Partner received an unsolicited offer from the management
agent to purchase the property. In October 2003, an appraisal for the Property
was received and a higher sales price was negotiated. The Property's Compliance
Period ended on December 31, 2003. On March 15, 2005, a sale to the management
agent in the amount of $874,000 was consummated that resulted in net sales
proceeds of approximately $134,000 to the Partnership after loan repayments. The
Partnership no longer has an interest in the Property. The Managing General
Partner, in accordance with and as permitted by the Partnership Agreement,
retained the entire amount of net proceeds in Reserves. This sale resulted in
taxable income of approximately $386,000, or $5 per Unit.
<page>
Inflation and other economic factors

Inflation had no material impact on the operations or financial condition of
the Partnership for the years ended March 31, 2005 and 2004.

Since most of the Properties benefit from some form of government assistance,
the Partnership 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.

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

Item 7.  Financial Statements and Supplementary Data

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

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


None.

Item 8A.  Controls and Procedures

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

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


Item 8B.  Other Information

No reports on Form 8-K were filed during the fourth quarter of the year
ended March 31, 2005.



                                    PART III

Item 9.  Directors and Executive Officers of the Registrant

The Managing General Partner of the Partnership is Franklin Street 29, Inc., a
Massachusetts corporation (the "Managing General Partner"), an affiliate of MMA
Financial, LLC. The Managing General Partner was incorporated in January 1987.
The Investment Committee of the Managing General Partner approved all
investments. The names and positions of the principal officers and the directors
of the Managing General Partner are set forth below.

     Name                             Position

Jenny Netzer                 Executive Vice President, Tax Credit Equity Group
Michael H. Gladstone                Principal, Member

The other  General  Partner  of the  Partnership  is  Franklin  29 Limited
Partnership,  a  Massachusetts  limited partnership  ("Franklin  L.P.")  that
was  organized  in January  1987.  The General  Partner of  Franklin  L.P. is
Franklin Street 29, Inc.

The Managing General Partner provides day-to-day management of the Partnership.
Compensation is discussed in Item 10 of this report. Such day-to-day management
does not include the management of the Properties.
<page>
The business experience of each of the persons listed above is described below.
There is no family relationship between any of the persons listed in this
section.

Jenny Netzer, age 49, Executive Vice President, Tax Credit Equity Group - Ms.
Netzer is responsible for tax credit investment programs to institutional
clients. She joined MMA Financial, LLC as a result of the Boston Financial and
subsequent Lend Lease HCI acquisitions, starting with Boston Financial in 1987
and leading Boston Financial's new business initiatives and managing the firm's
Asset Management division. Prior to joining Boston Financial, Ms. Netzer served
as Deputy Budget Director for the Commonwealth of Massachusetts where she was
responsible for the Commonwealth's health care and public pension program's
budgets. Ms. Netzer also served as Assistant Controller at Yale University, as a
former member of Watertown Zoning Board of Appeals, as the Officer of Affordable
Housing Tax Credit Coalition and is a frequent speaker on affordable housing and
tax credit industry issues. Ms. Netzer is a graduate of Harvard University (BA)
and Harvard's Kennedy School of Government (MPP).

Michael H. Gladstone, age 48, Principal, Member - Mr. Gladstone is responsible
for capital transactions work in the Asset Management group of MMA Financial,
LLC. He joined MMA Financial, LLC as a result of the Boston Financial and Lend
Lease HCI acquisitions, starting with Boston Financial in 1985 as the firm's
General Counsel. Prior to joining Boston Financial, Mr. Gladstone was associated
with the law firm of Herrick & Smith and served on the advisory board of the
Housing and Development Reporter. Mr. Gladstone has lectured at Harvard
University on affordable housing matters and is a member of the National Realty
Committee, Cornell Real Estate Council, National Association of Real Estate
Investment Managers and Massachusetts Bar. Mr. Gladstone is a graduate of Emory
University (BA) and Cornell University (J.D. & MBA).

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

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

Item 10.  Management Remuneration

Neither the  directors  nor officers of Franklin  Street 29, Inc.,  nor the
partners of Franklin L.P. nor any other individual  with  significant
involvement  in the  business of the  Partnership  receives  any current or
proposed remuneration from the Partnership.

Item 11.  Security Ownership of Certain Beneficial Owners and Management

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

The equity securities registered by the Partnership under Section 12(g) of the
Act of 1934 consist of 50,000 Units, all of which have been sold to the public.
Holders of Units are permitted to vote on matters affecting the Partnership only
in certain unusual circumstances and do not generally have the right to vote on
the operation or management of the Partnership.

Franklin L.P. owns five (unregistered) Units not included in the 50,000 Units
sold to the public.

Except as described in the preceding paragraph, neither Franklin Street 29,
Inc., Franklin L.P., MMA Financial, LLC nor any of their executive officers,
directors, partners or affiliates is the beneficial owner of any Units. None of
the foregoing persons possesses a right to acquire beneficial ownership of
Units.

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

<page>

Item 12.  Certain Relationships and Related Transactions

The Partnership was required to pay certain fees to and reimburse certain
expenses of the Managing General Partner or its affiliates (including MMA
Financial, LLC) in connection with the organization of the Partnership and the
offering of Units. The Partnership is also required to pay certain fees to and
reimburse certain expenses of the Managing General Partner or its affiliates
(including MMA Financial, LLC) in connection with the administration of the
Partnership and its acquisition and disposition of investments in Local Limited
Partnerships. In addition, the General Partners are entitled to certain
Partnership 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 the Partnership is
still a limited partner at the time of such transaction. All such fees, expenses
and distributions paid in the two years ended March 31, 2005 are described below
and in the sections of the Prospectus entitled "Estimated Use of Proceeds,"
"Management Compensation and Fees," and "Profits and Losses for Tax Purposes,
Tax Credits and Cash Distributions." Such sections are incorporated herein by
reference.

The Partnership is permitted to enter into transactions involving affiliates of
the Managing General Partner, subject to certain limitations established in the
Partnership Agreement.

Information regarding the fees paid and expense reimbursements made in the two
years ended March 31, 2005 is presented as follows:

Organizational fees and expenses and selling expenses

In accordance with the Partnership Agreement, the Partnership was required to
pay certain fees to and reimburse expenses of the General Partners and others in
connection with the organization of the Partnership and the offering of its
Limited Partnership Units. Selling commissions, fees and accountable expenses
related to the sale of the Units totaling $6,164,983 have been charged directly
to Limited Partners' equity. In connection therewith, $3,963,740 of selling
expenses and $2,201,243 of offering expenses incurred on behalf of the
Partnership have been paid to an affiliate of the General Partner. The
Partnership has capitalized an additional $50,000 of organizational costs, which
were reimbursed to an affiliate of the General Partner. These costs have been
fully amortized. Total organization and offering expenses, exclusive of selling
commissions and underwriting advisory fees, did not exceed 5.5% of the Gross
Proceeds, and organizational and offering expenses, inclusive of selling
commissions and underwriting advisory fees, did not exceed 15.0% of the Gross
Proceeds. No organizational fees and expenses and selling expenses were paid
during the two years ended March 31, 2005.

Acquisition fees and expenses

In accordance with the Partnership Agreement, the Partnership was required to
pay acquisition fees to and reimburse acquisition expenses of the Managing
General Partner or its affiliates for selecting, evaluating, structuring,
negotiating and closing the Partnership's investments in Local Limited
Partnerships. Acquisition fees totaled 8% of the Gross Proceeds. Acquisition
expenses include such expenses as legal fees and expenses, travel and
communications expenses, costs of appraisals and accounting fees and expenses.
Acquisition fees totaling $4,000,000 for the closing of the Partnership's Local
Limited Partnership Investments have been paid to an affiliate of the Managing
General Partner. Acquisition expenses totaling $770,577 were incurred and have
been reimbursed to an affiliate of the Managing General Partner. No acquisition
fees or expenses were paid during the two years ended March 31, 2005.

Salaries and benefits expense reimbursements

An affiliate of the Managing General Partner is reimbursed for the cost of the
Partnership's salaries, benefits and expenses. The reimbursements are based upon
the size and complexity of the Partnership's operations. reimbursements paid or
payable in each of the two years ended March 31, 2005 are as follows:

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

 Salaries and benefits expense
 reimbursements                             $   104,183       $   267,764
<page>
Cash distributions paid to the General Partners

In accordance with the Partnership Agreement, the General Partners of the
Partnership Street 29, Franklin, Inc. and Franklin LP, may receive 1% of cash
distributions paid to partners. No cash distributions were paid to the General
Partners in each of the two years ended March 31, 2005.

Additional information concerning cash distributions and other fees paid or
payable to the Managing General Partner and its affiliates and the reimbursement
of expenses paid or payable to MMA Financial, LLC and its affiliates during each
of the two years ended March 31, 2005 is presented in Note 4 to the Financial
Statements.

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

(a) Documents filed as a part of this Report

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

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

(b)  Exhibits

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


Item 14.  Principal Accountant Fees and Services

The Partnership paid or accrued fees for services rendered by the principal
accountant for the two years end March 31, 2005 as follows:
                                              2005              2004
                                            ---------         --------

     Audit fees                            $  19,250         $ 21,624
     Tax fees                              $   1,950         $  1,850

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


<PAGE>


                                   SIGNATURES



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

     BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP

     By:   Franklin Street 29, Inc.
           its Managing General Partner



     By:   /s/Jenny Netzer                           Date:  July 13, 2005
           -------------------------------                  -------------
           Jenny Netzer
           Executive Vice President
           MMA Financial, LLC




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

     By:   /s/Jenny Netzer                       Date:    July 13, 2005
           -------------------------------                -------------
           Jenny Netzer
           Executive Vice President
           MMA Financial, LLC


     By:   /s/Michael H. Gladstone               Date:   July 13, 2005
           -------------------------------               -------------
           Michael H. Gladstone
           Principal
           MMA Financial, LLC





<PAGE>

<TABLE>
<CAPTION>

                                        BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP

                                                     ANNUAL REPORT ON FORM 10-KSB
                                                   FOR THE YEAR ENDED MARCH 31, 2005

                                                                 INDEX


                                                                           Page No.

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

Financial Statements

     Balance Sheet - March 31, 2005                                          F-3

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

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

     Statements of Cash Flows - For the years ended
       March 31, 2005 and 2004                                               F-6

     Notes to the Financial Statements                                       F-7

</TABLE>



<PAGE>



    Report of Independent Registered Public Accounting Firm



To the Partners of
Boston Financial Qualified Housing Limited Partnership


In our opinion, the financial statements listed in the accompanying index
present fairly, in all material respects, the financial position of Boston
Financial Qualified Housing Limited Partnership ("the Partnership") at March 31,
2005, and the results of its operations and its cash flows for each of the two
years in the period ended March 31, 2005 in conformity with accounting
principles generally accepted in the United States of America. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.



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



<PAGE>

<TABLE>
<CAPTION>

                                        BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP

                                                             BALANCE SHEET
                                                             March 31, 2005




Assets

<S>                                                                                          <C>
Cash and cash equivalents                                                                      $ 2,744,233
Investments in Local Limited Partnerships (Note 3)                                                       -
Other assets                                                                                           177
                                                                                               -----------
     Total Assets                                                                              $ 2,744,410
                                                                                               ===========
Liabilities and Partners' Equity

Accrued expenses                                                                               $    21,200
                                                                                               -----------
     Total Liabilities                                                                              21,200

General, Initial and Investor Limited Partners' Equity                                           2,723,210
                                                                                               -----------
     Total Liabilities and Partners' Equity                                                    $ 2,744,410
                                                                                               ===========

</TABLE>

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


<PAGE>
<TABLE>
<CAPTION>

                                  BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP

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



                                                                                 2005                 2004
Revenue:
<S>                                                                             <C>              <C>
   Investment                                                                   $ 49,805         $    37,750
   Other                                                                          15,268              85,413
                                                                                --------             -------
        Total Revenue                                                             65,073             123,163
                                                                                ========             =======
Expenses:
   Provision for valuation of investments in Local Limited
     Partnerships (Note 3)                                                             -              16,414
   General and administrative (includes reimbursements to
     an affiliate of $104,183 and $267,764 in 2005 and 2004,
     respectively) (Note 4)                                                      244,693             420,463
   Recovery of provision for valuation of advances to
     Local Limited Partnerships (Note 3)                                        (235,106)                  -
                                                                                --------             -------
       Total Expenses                                                              9,587             436,877
                                                                                ========             =======
Income (Loss) before equity in losses of Local Limited Partnerships and gain on
   disposal of investments in Local Limited
   Partnerships                                                                   55,486            (313,714)

Equity in losses of Local Limited Partnerships (Note 3)                                -            (101,759)

Gain on disposal of investments in Local Limited
   Partnerships  (Note 3)                                                        231,754           2,517,327
                                                                                --------         -----------
Net Income                                                                      $287,240         $ 2,101,854
                                                                                ========         ===========
Net Income allocated:
   General Partners                                                             $  2,872         $    21,019
   Limited Partners                                                              284,368           2,080,835
                                                                                --------         -----------
                                                                                $287,240         $  ,101,854
                                                                                ========         ===========
Net Income per Limited Partner Unit
   (50,000 Units)                                                               $   5.69         $     41.62
                                                                                ========         ===========
</TABLE>

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


<PAGE>
<TABLE>
<CAPTION>

                             BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
                                        STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)

                                       For the Years Ended March 31, 2005 and 2004




                                                            Initial         Investor
                                          General           Limited          Limited
                                         Partners           Partner         Partners             Total

<S>              <C>                    <C>               <C>            <C>                 <C>
Balance at March 31, 2003               $  (401,154)      $     4,648    $   3,730,622       $   3,334,116

Net Income                                   21,019                 -        2,080,835           2,101,854
                                        -------------     -----------    -------------       -------------
Balance at March 31, 2004                  (380,135)            4,648        5,811,457           5,435,970

Limited Partner distribution (Note 4)             -                 -      (3,000,000)         (3,000,000)

Net Income                                    2,872                 -          284,368             287,240
                                        ------------      -----------    -------------       -------------
Balance at March 31, 2005               $  (377,263)      $     4,648    $   3,095,825       $   2,723,210
                                        ============      ===========    =============       =============

</TABLE>

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

<PAGE>
<TABLE>
<CAPTION>


                                        BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP

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



                                                                                   2005              2004
Cash flows from operating activities:
<S>                                                                          <C>               <C>
   Net Income                                                                $     287,240     $   2,101,854
   Adjustments to reconcile net income to net
     cash used for operating activities:
     Equity in losses of Local Limited Partnerships                                      -           101,759
     Gain on disposal of investments in Local Limited
       Partnerships                                                               (231,754)        (2,517,327)
     Recovery of provision for valuation of advances to
       Local Limited Partnerships                                                 (235,106)                -
     Provision for valuation of investments in Local
        Limited Partnerships                                                             -            16,414
     Cash distributions included in net income                                      (5,000)           (71,972)
     Increase (decrease) in cash arising from changes
       in operating assets and liabilities:
       Accounts receivable                                                          37,174            (37,174)
       Other assets                                                                   (117)                2
       Due to affiliate                                                           (217,194)          (110,910)
       Accrued expenses                                                              3,612            (10,567)
                                                                                -----------         ---------
Net cash used for operating activities                                            (361,145)          (527,921)
                                                                                -----------         ---------
Cash flows from investing activities:
   Reimbursements of advances to Local Limited Partnerships                        235,106                 -
   Cash distributions received from Local
     Limited Partnerships                                                            5,000            71,972
   Proceeds received from disposal of investments in Local
     Limited Partnerships                                                          231,754         2,544,430
                                                                                ----------         ---------
Net cash provided by investing activities                                          471,860         2,616,402
                                                                                ----------         ---------
Cash flows from financing activities:
   Limited Partner distribution                                                 (3,000,000)                -
                                                                                -----------        ---------
Net cash used for financing activities                                          (3,000,000)                -
                                                                                -----------        ---------
Net increase (decrease) in cash and cash equivalents                            (2,889,285)        2,088,481

Cash and cash equivalents, beginning                                             5,633,518         3,545,037
                                                                                ----------         ---------
Cash and cash equivalents, ending                                               $2,744,233         $5,633,518
                                                                                ==========         =========
</TABLE>

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


<PAGE>

                  BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP

                         NOTES TO THE FINANCIAL STATEMENTS


1.   Organization

Boston Financial Qualified Housing Limited Partnership (the "Partnership") was
formed on January 22, 1987 under the laws of the State of Delaware for the
primary purpose of investing, as a limited partner, in other limited
partnerships ("Local Limited Partnerships"), each of which owns and operates
apartment complexes benefiting from some form of federal, state or local
assistance program and each of which qualifies for low-income housing tax
credits. The Partnership's objectives are to: (i) provide current tax benefits
in the form of tax credits which qualified investors may use to offset their
federal income tax liability; (ii) preserve and protect the Partnership's
capital; (iii) provide limited cash distributions from property operations which
are not expected to constitute taxable income during Partnership operations; and
iv) provide cash distributions from sale or refinancing transactions. The
General Partners of the Partnership are Franklin Street 29, Inc., which serves
as the Managing General Partner, and Franklin 29 Limited Partnership, which
serves as the Initial Limited Partner. Both of the General Partners are
affiliates of MMA Financial, LLC ("MMA"). The fiscal year of the Partnership
ends on March 31.

The Partnership's Partnership Agreement ("Partnership Agreement") authorized the
sale of up to 50,000 units of Limited Partnership Interest ("Units") at $1,000
per Unit, adjusted for certain discounts. The Partnership raised $49,963,740
("Gross Proceeds"), net of discounts of $36,260, through the sale of 50,000
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 April 29, 1988.

Under the terms of the Partnership Agreement, the Partnership originally
designated 5% of Gross Proceeds from the sale of Units as a reserve for working
capital of the Partnership 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. As of March 31,
2005, the Managing General Partner has designated $2,744,233 of cash and cash
equivalents as such Reserve.

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

2.   Significant Accounting Policies

Cash Equivalents

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

Concentration of Credit Risk

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

Investments in Local Limited Partnerships

The Partnership accounts for its investments in Local Limited Partnerships using
the equity method of accounting. Under the equity method, the investment is
carried at cost, adjusted for the Partnership's share of net income or loss and
for cash distributions from the Local Limited Partnerships; equity in income or
loss of the Local Limited Partnerships is included currently in the
Partnership's operations. Under the equity method, a Local Limited Partnership
investment will not be carried below zero. To the extent that equity in losses
are incurred when the

<PAGE>

          BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP

               NOTES TO THE FINANCIAL STATEMENTS (continued)


2. Significant Accounting Policies (continued)

Investments in Local Limited Partnerships (continued)

Partnership's carrying value of the respective Local Limited Partnership has
been reduced to a zero balance, the losses will be suspended and offset against
future income. Income from Local Limited Partnerships, where cumulative equity
in losses plus cumulative distributions have exceeded the total investment in
Local Limited Partnerships, will not be recorded until all of the related
unrecorded losses have been offset. To the extent that a Local Limited
Partnership with a carrying value of zero distributes cash to the Partnership,
that distribution is recorded as income on the books of the Partnership and is
included in "Other Revenue" in the accompanying financial statements.

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

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

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

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

The General Partners have decided to report results of the Local Limited
Partnerships on a 90 day lag basis because the Local Limited Partnerships report
their results on a calendar year basis. Accordingly, the financial information
of the Local Limited Partnerships that is included in the accompanying financial
statements is as of December 31, 2004 and 2003 and for the years then ended.

The Partnership, 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 Partnership may deem it in its best interest to voluntarily
provide funds in order to protect its investment.

The Partnership has implemented policies and practices for assessing potential
impairment of its investments in Local Limited Partnerships. The investments are
reviewed for impairment whenever events or changes in circumstances indicate
that the Partnership may not be able to recover its carrying value. If an other
than temporary impairment in carrying value exists, a provision to reduce the
asset to fair value will be recorded in the Partnership's financial statements.

Use of Estimates

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



<PAGE>

                   BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP

                               NOTES TO THE FINANCIAL STATEMENTS (continued)


2. Significant Accounting Policies (continued)

Fair Value of Financial Instruments

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

Income Taxes

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

Accounting Standard Update

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

This Interpretation requires consolidation by the Partnership of the Local
Limited Partnerships' assets and liabilities and results of operations if the
Partnership determined that the Local Limited Partnerships were VIEs and that
the Partnership was the "Primary Beneficiary". Minority interests may be
recorded for the Local Limited Partnerships' ownership share attributable to
other investors. Where consolidation of Local Limited Partnerships is not
required, additional financial information disclosures of Local Limited
Partnerships may be required. The Partnership has assessed the Interpretation
and concluded that it is not the Primary Beneficiary of any of the Local Limited
Partnerships that meet the definition of a VIE. The Partnership is involved with
those VIEs as a non-controlling limited partner equity holder. The Partnership
is required to disclose its maximum exposure to economic and financial statement
losses as a result of its involvement with the VIEs. The Partnership's exposure
to economic and financial statement losses from the VIEs is limited to its
investment in the VIEs ($0 at March 31, 2005). The Partnership may be subject
to additional losses to the extent of any financial support that the
Partnership voluntarily provides in the future.

3.   Investments in Local Limited Partnerships

The Partnership has limited partnership interests in six Local Limited
Partnerships which were organized for the purpose of owning and operating
multi-family housing complexes, all of which are government assisted. The
Partnership's ownership interest in each Local Limited Partnership is 99%,
expect are Barrington Manor where the Partnership's ownership interest is 49.5%.
The Partnership may have negotiated or may negotiate options with the Local
General Partners to purchase or sell the Partnership's interests in the Local
Limited Partnerships at the end of the Compliance Period at nominal prices. In
the event that Local Limited Partnerships are sold to a third parties, or upon
dissolution of the Local Limited Partnerships, proceeds will be distributed
according to the terms of each Local Limited Partnership agreement.


<PAGE>
                BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP

                      NOTES TO THE FINANCIAL STATEMENTS (continued)


3. Investments in Local Limited Partnerships (continued)

The following is a summary of investments in Local Limited Partnerships at March
31, 2005:
<TABLE>
<CAPTION>

Capital contributions and advances paid to Local Limited Partnerships
<S>                                                                                            <C>
   and purchase price paid to withdrawing partners of Local Limited Partnerships               $   8,854,059

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $34,670,085)                                                             (9,251,787)

Cumulative cash distributions received from Local Limited Partnerships                               (120,112)
                                                                                                -------------
Investments in Local Limited Partnerships before adjustments                                         (517,840)

Excess investment costs over the underlying assets acquired:

   Acquisition fees and expenses                                                                    1,130,879

   Cumulative amortization of acquisition fees and expenses                                          (202,121)
                                                                                                -------------
Investments in Local Limited Partnerships before impairment allowance                                 410,918

Impairment allowance on investments in Local Limited Partnerships                                    (410,918)
                                                                                               --------------
Investments in Local Limited Partnerships                                                      $            -
                                                                                                =============

</TABLE>

For the year ended March 31, 2005, $235,106 was reimbursed from Local Limited
Partnerships relating to advances made in previous years. The Partnership has
recorded an impairment allowance for its investments in certain Local Limited
Partnerships in order to appropriately reflect the estimated net realizable
value of these investments.

Summarized combined financial information of the Local Limited Partnerships in
which the Partnership has invested as of December 31, 2004 and 2003 (due to the
Partnership's policy of reporting the financial information of its Local Limited
Partnership interests on a 90 day lag basis) is as follows:
<TABLE>
<CAPTION>

Summarized Balance Sheets - as of December 31,
                                                                                   2004                  2003
Assets:
<S>                                                                          <C>                   <C>
   Investment property, net                                                  $     23,155,849      $    31,884,481
   Other assets                                                                     5,038,751            6,221,539
                                                                             ----------------      ---------------
     Total Assets                                                            $     28,194,600      $    38,106,020
                                                                             ================      ===============
Liabilities and Partners' Deficit:
   Mortgage notes payable                                                    $     42,723,895      $    53,227,120
   Other liabilities                                                               24,791,041           28,163,184
                                                                             ----------------      ---------------
     Total Liabilities                                                             67,514,936           81,390,304
                                                                             ================      ===============
Partnership's deficit                                                             (39,242,634)         (42,087,766)
Other partners' deficit                                                               (77,702)          (1,196,518)
                                                                             ----------------     ----------------
     Total Partners' Deficit                                                      (39,320,336)         (43,284,284)
                                                                             ----------------      ---------------
      Total Liabilities and Partners' Deficit                                 $     28,194,600     $    38,106,020
                                                                              ================     ===============
</TABLE>

<PAGE>

                      BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP

                            NOTES TO THE FINANCIAL STATEMENTS (continued)
<TABLE>
<CAPTION>


3. Investments in Local Limited Partnerships (continued)

Summarized Income Statements - for
the years ended December 31,
                                                                                   2004                  2003

<S>                                                                          <C>                   <C>
Rental and other revenue                                                     $      6,333,849      $     8,150,053
                                                                             ----------------      ---------------
Expenses:
   Operating                                                                        5,303,876            7,166,619
   Interest                                                                         2,509,663            4,113,152
   Depreciation and amortization                                                    1,287,673            1,781,634
                                                                             ----------------      ---------------
     Total Expenses                                                                 9,101,214           13,061,405
                                                                             ----------------      ---------------
Net Loss                                                                     $     (2,767,365)     $    (4,911,352)
                                                                             ================      ===============
Partnership's share of Net Loss (includes adjustments from prior years)      $     (3,471,129)     $    (4,862,237)
                                                                             =================     ===============
Other partners' share of Net Loss                                            $         (2,982)     $       (49,115)
                                                                             =================     ===============

</TABLE>

For the years ended March 31, 2005 and 2004, the Partnership has not recognized
$3,471,129 and $4,772,673, respectively, of equity in losses relating to certain
Local Limited Partnerships in which cumulative equity in losses and
distributions exceeded its total investment in these Local Limited Partnerships.
Previously unrecognized losses of $12,195 were included in losses recognized in
the year ended March 31, 2004.

The Partnership's deficit as reflected by the Local Limited Partnerships of
($39,242,634) differs from the Partnership's investments in Local Limited
Partnerships before adjustments of ($517,840) primarily due to cumulative
unrecognized losses as described above, advances to Local Limited Partnerships
which the Partnership included in investments in Local Limited Partnerships, two
Local Limited Partnerships whose interests were disposed of in the quarter ended
March 31, 2005 which are included in the summarized balance sheets of the Local
Limited Partnerships at December 31, 2004 and differences in the accounting
treatment of miscellaneous items.

The Partnership's interests in three of its investments in Local Limited
Partnerships were disposed of during the year ended March 31, 2005, resulting in
gains totaling $231,754.

For the year ended March 31, 2005, two of the Local Limited Partnership with a
carrying value of $0 were considered to have operating issues significant enough
to warrant audit reports that raised substantial doubt about the Local Limited
Partnerships' ability to continue as a going concern. However, the Partnership
believes Local General Partner obligations and adequate reserve levels will
likely mitigate substantial risk to the Partnership.

4.       Transactions with Affiliates

An affiliate of the Managing General Partner is reimbursed for the cost of the
Partnership's salaries and benefits expenses. Included in general and
administrative expenses for the years ended March 31, 2005 and 2004 is $104,183
and $267,764, respectively, that the Partnership has incurred for these
expenses. At March 31, 2005, $0 is payable to an affiliate of the Managing
General Partner for salaries and benefits.

The Partnership made a Limited Partner distribution from cash available for
distribution of $3,000,000 during the year ended March 31, 2005.


<PAGE>

                BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
                    NOTES TO THE FINANCIAL STATEMENTS (continued)


5.   Federal Income Taxes

The following schedule reconciles the reported financial statement net income
for the fiscal years ended March 31, 2005 and 2004 to the net income reported on
the Form 1065, U.S. Partnership Return of Income for the years ended December
31, 2004 and 2003:
<TABLE>
<CAPTION>

                                                                                        2005            2004

<S>                                                                                 <C>            <C>
Net Income per financial statements                                                 $      287,240  $   2,101,854

Equity in losses of Local Limited Partnerships for financial
   reporting purposes in excess of equity in losses for tax purposes                     3,219,446      9,695,136

Equity in losses of Local Limited Partnerships not recognized
   for financial reporting purposes                                                    (3,471,129)     (4,760,478)

Adjustment to reflect March 31 fiscal year end to
   December 31 taxable year end                                                           (66,759)       (28,859)

Amortization for tax purposes in excess of amortization
   for financial reporting purposes                                                      (555,401)       (555,525)

Recovery of provision for valuation of advances to Local Limited
   Partnerships not recognized for tax purposes                                           (235,106)             -

Bad debt expense recognized for tax purposes                                             (166,973)       (123,492)

Provision for valuation of investments in Local Limited Partnerships
   not deductible for tax purposes                                                               -         16,414

Gain on disposal of investments in Local Limited Partnership for financial
   reporting purposes in excess of gain for tax purposes                                        -        (840,956)

Gain or disposal of investments in Local Limited Partnerships for tax
   purposes in excess of gain for financial reporting purposes                         14,339,515               -

Cash distributions included in net income for financial reporting purposes                 (5,000)        (71,972)
                                                                                    -------------  --------------
Net Income per tax return                                                           $  13,345,833  $    5,432,122
                                                                                    =============  ==============
</TABLE>
The differences in the assets and liabilities of the Partnership for financial
reporting purposes and tax purposes as of March 31, 2005 and December 31, 2004,
respectively are as follows:
<TABLE>
<CAPTION>

                                                          Financial
                                                          Reporting              Tax
                                                          Purposes            Purposes          Differences

<S>                                                    <C>                 <C>                 <C>
Investments in Local Limited Partnerships              $            -      $  (37,803,435)     $  37,803,435
Other assets                                           $    2,744,410      $    9,084,761      $  (6,340,351)
Liabilities                                            $       21,200      $       21,900      $        (700)
</TABLE>

The differences in assets and liabilities of the Partnership for financial
reporting purposes are primarily attributable to the following: (i) the
cumulative equity in losses from Local Limited Partnerships for tax purposes is
approximately $4,416,000 greater than for financial reporting purposes. In
addition, for financial reporting purposes, the Partnership has not recognized
approximately $34,670,000 of equity in losses relating to Local Limited
Partnerships whose cumulative equity in losses exceeded its total investment;
(ii) the cumulative amortization of acquisition fees for tax purposes exceeds
financial reporting purposes by approximately $673,000; (iii) organizational and
offering costs of approximately $6,165,000 that have been capitalized for tax
purposes are charged to Limited Partners' equity for financial reporting
purposes; and (iv) the disposal of investments in two Local Limited Partnerships
during the quarter ended March 31, 2005 resulted in their removal from
investments in Local Limited Partnerships for financial reporting purposes and
the receipt of approximately $184,000 in cash proceeds.