June  29, 2001




Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549

       Boston Financial Tax Credit Fund VIII, A Limited Partnership
       Form 10-KSB Annual Report for the Year Ended March 31, 2001
       File Number 0-26522

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


TC810K



<PAGE>



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

                                   FORM 10-KSB
(Mark One)

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

For the fiscal year ended                    March 31, 2001
                         -------------------------------------------------------

                                                         OR

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

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

                         Commission file number 0-26522

        Boston Financial Tax Credit Fund VIII, A Limited Partnership
        ------------------------------------------------------------
           (Exact name of registrant as specified in its charter)

                Massachusetts                           04-3205879
---------------------------------------     -----------------------------------
      (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)
                                     200,000
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 non affiliates of
the registrant.

                        $28,801,000 as of March 31, 2001


<PAGE>




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

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

Report on Form 8-K dated April 8, 1994                  Part I, Item 1

Report on Form 8-K dated June 14, 1994                  Part I, Item 1

Acquisition Reports                                     Part I, Item 1

Prospectus - Sections Entitled:

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

     "Investment Risks"                                 Part I, Item 1

     "Estimated Use of Proceeds"                        Part III, Item 12

     "Management Compensation and Fees"                 Part III, Item 12

     "Profits and Losses for Tax Purposes, Tax
        Credits and Cash Distributions"                 Part III, Item 12







<PAGE>


          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

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


                                TABLE OF CONTENTS


                                                                    Page No.

PART I

     Item 1       Business                                            K-3
     Item 2       Properties                                          K-5
     Item 3       Legal Proceedings                                   K-8
     Item 4       Submission of Matters to a Vote of
                  Security Holders                                    K-8

PART II

     Item 5       Market for the Registrant's Units and
                  Related Security Holder Matters                     K-9
     Item 6       Management's Discussion and Analysis of
                  Financial Condition and Results of Operations       K-9
     Item 7       Financial Statements and Supplementary Data         K-11
     Item 8       Changes in and Disagreements with Accountants
                  on Accounting and Financial Disclosure              K-11

PART III

     Item 9       Directors and Executive Officers
                  of the Registrant                                   K-11
     Item 10      Management Remuneration                             K-12
     Item 11      Security Ownership of Certain Beneficial
                  Owners and Management                               K-12
     Item 12      Certain Relationships and Related Transactions      K-13

     Item 13      Exhibits and Reports on Form 8-K                    K-15

SIGNATURES                                                            K-16
----------


<PAGE>


                                     PART I


Item 1.  Business

Boston Financial Tax Credit Fund VIII, A Limited Partnership (the "Fund") is a
Massachusetts limited partnership formed on August 25, 1993 under the laws of
the Commonwealth of Massachusetts. The Fund's partnership agreement
("Partnership Agreement") authorize the sale of up to 200,000 Units of limited
partnership interest at $1,000 per Unit in series. The first series offered
50,000 Units. On July 29, 1994, the Fund held its final investor closing. In
total, the Fund raised $36,497,000 ("Gross Proceeds") through the sale of 36,497
Units. Such amounts exclude a fractional unregistered Unit previously acquired
for $100 by the Initial Limited Partner. The offering of Units terminated on
March 29, 1995.

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

The Fund has invested as a limited partner in other limited partnerships ("Local
Limited Partnerships") which own and operate residential apartment complexes
("Properties"), some of which are expected to benefit from some form of federal,
state or local assistance programs and all of which qualify for low-income
housing tax credits ("Tax Credits") added to the Internal Revenue Code (the
"Code") by the Tax Reform Act of 1986. The investment objectives of the Fund
include the following: (i) to provide investors with annual tax credits which
they may use to reduce their federal income taxes; (ii) to provide limited cash
distributions from the operations of apartment complexes; and (iii) to preserve
and protect the Fund's capital. There cannot be any assurance that the Fund 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 sections of the Prospectus entitled "Investment Objectives and Policies -
Principal Investment Objectives" and "Investment Risks", which are herein
incorporated by this reference.

Table A on the following page lists the properties originally acquired by the
Local Limited Partnerships in which the Fund had 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 the Form 8-Ks and
a supplement to the Prospectus listed in Part IV of this Report on Form 10-KSB;
such descriptions are incorporated herein by this reference.


<PAGE>


                                     TABLE A

                             SELECTED LOCAL LIMITED
                                PARTNERSHIP DATA


 Property owned by Local                                       Date
  Limited Partnerships*                                       Interest
                                    Location                  Acquired
---------------------------    --------------------        ------------

Green Wood                    Gallatin, TN                   03/02/94

Webster Court                 Kent, WA                       05/13/94

Springwood                    Tallahassee, FL                12/15/94

Meadow Wood of Pella          Pella, IA                      06/03/94

Hemlock Ridge                 Livingston Manor, NY           04/29/94

Pike Place                    Fort Smith, AR                 01/31/94

West End Place                Springdale, AR                 01/12/94

Oak Knoll Renaissance         Gary, IN                       11/01/94

Beaverdam Creek               Mechanicsville, VA             11/16/94

Live Oaks Plantation          West Palm Beach, FL            06/28/94


*   The Fund's interest in profits and losses of each Local Limited Partnership
    arising from normal operations is 99%, except for Springwood which is
    79.20%, Hemlock Ridge which is 77%, and Pike Place and West End Place which
    are 90%. Profits and losses arising from sale or refinancing transactions
    are allocated in accordance with the respective Local Limited Partnership
    Agreements.

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

Each Local Limited Partnership has, as its general partners ("Local General
Partners"), one or more individuals or entities not affiliated with the Fund or
its General Partner. In accordance with the partnership agreements under which
such entities are organized ("Local Limited Partnership Agreements"), the Fund
depends on the Local General Partners for the management of each Local Limited
Partnership. As of March 31, 2001, the following Local Limited Partnerships have
a common Local General Partner or affiliated group of Local General Partners
accounting for the specified percentage of the total capital contributions in
Local Limited Partnerships: (i) Green Wood Apartments, A Limited Partnership and
Springwood Apartments, A Limited Partnership, representing 21.71%, have Flournoy
Development Company as Local General Partner; (ii) Pike Place, A Limited
Partnership and West End Place, A Limited Partnership, representing 12.90%, have
Lindsey Management Company as Local General Partner. The Local General Partners
of the remaining Local Limited Partnerships are identified in the Acquisition
Reports which are herein incorporated by reference.

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

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

Item 2.  Properties

The Fund owns limited partnership interests in ten Local Limited Partnerships
which own and operate Properties, some of which benefit from some form of
federal, state, or local assistance programs and all of which qualify for the
Tax Credits added to the Code by the Tax Reform Act of 1986. The Fund's
ownership interest in the Local Limited Partnerships is 99%, with the exception
of Springwood which is 79.20%, Hemlock Ridge which is 77%, and Pike Place and
West End Place which are 90%.

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

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


<PAGE>

<TABLE>
<CAPTION>




                                                Capital Contributions         Mtge. loans                        Occupancy
Local Limited Partnership       Number     Total Committed   Paid Through       payable at                           at
Property Name                       of        at March 31,      March 31,     December 31,       Type of          March 31,
Property Location              Apt. Units           2001           2001             2000         Subsidy*           2001
------------------------------------------------------------ ---------------  ----------------------------    ---------------


Green Wood Apartments,
   a Limited Partnership
Green Wood Apartments
<S>                             <C>          <C>               <C>              <C>                                   <C>
Gallatin, TN                    164          $3,825,916        $3,825,916       $5,073,477         None               91%

Webster Court Apartments
   a Limited Partnership
Webster Court Apartments
Kent, WA                         92           2,318,078         2,318,078        2,774,692         None               99%

Springwood Apartments
   a Limited Partnership (1)
Springwood Apartments
Tallahassee, FL                 113           2,499,202         2,499,202        3,810,592         None               98%

Meadow Wood Associates
   of Pella,
   a Limited Partnership
Meadow Wood of Pella
Pella, IA                        30             893,808           893,808        1,061,150      Section 8            100%


RMH Associates, a Limited
   Partnership (1)
Hemlock Ridge
Livingston Manor, NY            100           1,697,298         1,697,298        1,976,256      Section 8            100%


Pike Place, a Limited
   Partnership (1)
Pike Place
Fort Smith, AR                  144           1,915,328         1,915,328        3,226,911         None              97%


<PAGE>



                                                Capital Contributions          Mtge. Loans                         Occupancy
Local Limited Partnership       Number     Total Committed   Paid Through       payable at                            At
Property Name                       of        at March 31,      March 31,     December 31,         Type of         March 31,
Property Location              Apt. Units           2001           2001             2000           Subsidy*          2001
------------------------------------------------------------ ---------------  -----------------   -----------    ---------------

West End Place, a Limited
   Partnership (1)
West End Place
Springdale, AR                  120           1,843,010         1,843,010        2,847,443         None              98%

Oak Knoll Renaissance, a
   Limited Partnership
Oak Knoll Renaissance
Gary, IN                        256           4,922,412         4,922,412        5,127,242        Section 8          98%


Beaverdam Creek Associates,
   a Limited Partnership
   (2)
Beaverdam Creek
Mechanicsville, VA              120           3,629,140         3,629,140        3,264,520         None              100%

Schickedanz Brothers Palm
   Beach Limited
Live Oaks Plantation
West Palm Beach, FL             218           5,587,953         5,587,953        6,260,659         None               92%
                              -----        ------------      ------------     ------------
                              1,357         $29,132,145      $29,132,145      $35,422,942
                              =====         ===========      ===========      ===========
</TABLE>

(1)          Boston Financial Tax Credits Fund VIII has a 79.20% interest in
             Springwood Apartments, L.P., a 77% interest in RMH Associates,
             L.P., and a 90% interest in Pike Place,  L.P.  and West End Place,
             L.P.  The  mortgage  payable  balances represent 100% of the
             outstanding balances.

(2)          The amount paid includes funds advanced  under a promissory  note
             agreement with Boston  Financial Tax Credit Fund VIII, a
             Limited Partnership.

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



<PAGE>


Four Local Limited Partnerships invested in by the Fund each represent more than
10% of the total capital contributions to be made to Local Limited Partnerships
by the Fund. These Local Limited Partnerships are as follows: (i) Green Wood
Apartments Limited Partnership, with Flournoy Development Company as Local
General Partner; (ii) Oak Knoll Renaissance Limited Partnership, with Ronald M.
Gatton Redevelopment Services as Local General Partner; (iii) Beaverdam Creek
Associates Limited Partnership, with Castle Development Corporation as Local
General Partner; and (iv) Schickedanz Brothers Palm Beach Limited Partnership,
which owns Live Oaks Plantation and has Schickedanz Enterprise as its Local
General Partner.

Green Wood Apartments Limited Partnership, representing 13.13% of the Fund's
total investment in the Local Limited Partnerships, has obtained a $5,322,000
mortgage loan payable at 8.860% per annum with monthly payments of principal and
interest in the amount of $42,287 due through June 1, 2010.

Oak Knoll Renaissance Limited Partnership, representing 16.90% of the total
investment in the Local Limited Partnerships, has obtained a permanent mortgage
loan payable at 10.125% per annum, with monthly payments of principal and
interest in the amount of $52,205 due through June 1, 2018. The construction
loan of $5,676,337 with the City of Gary, Indiana, was repaid in 1996 when
permanent financing was obtained.

Beaverdam Creek Associates Limited Partnership, representing 12.46% of the
Fund's total investment in the Local Limited Partnerships, has obtained two
mortgage loans in the original principal amounts of $2,420,000 and $1,000,000
from the Virginia Housing and Development Authority ("VHDA"). The VHDA mortgage
notes bear interest at 10.62% and 5%, respectively, per annum. The mortgage
notes are unsecured and are secured by a deed of trust on the rental property.
The mortgage notes payable are due in monthly installments of principal and
interest of $22,354 and $5,368, respectively, to the year 2025.

Schickedanz Brothers Palm Beach Limited Partnership representing 19.18% of the
total investment in the Local Limited Partnerships, entered into two loan
agreements. The first is with Newport Mortgage Company, L.P., in the original
amount of $6,493,000. The loan bears interest at a rate of 8.94% per annum, with
monthly payments of principal and interest in the amount of $51,964 due through
July 7, 2026. As of December 31, 2000, $6,321,537 is outstanding on the
mortgage.

The second loan agreement is a Home loan with the Florida Housing Finance
Agency, with a principal amount not to exceed $1,531,000. Interest on the unpaid
principal balance shall be due at the Applicable Federal Rate ("AFR") for long
term obligations as of the commencement date of the loan. Interest shall be
payable at 3% per annum commencing on June 30, 1995. Deferred interest is
compounded annually and is due together with the principal balance on February
28, 2025. As of December 31, 2000, total funds in the amount of $1,416,000 have
been drawn on the loan.

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

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

Item 3.  Legal Proceedings

The Fund is not a party to any pending legal or administrative proceeding, and
to the best of its knowledge, no legal or administrative proceeding is
threatened or contemplated against it.

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

None.





                                     PART II

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

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

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

As of June 18, 2001, there were 1,209 record holders of Units of the Fund.

Cash distributions, when made, are paid annually. For the years ended March 31,
2001 and 2000, no cash distributions were made.

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

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

Liquidity and capital resources

At March 31, 2001, the Fund had cash and cash equivalents of $80,578 as compared
to $188,645 at March 31, 2000. This decrease is primarily attributable to
advances paid to Local Limited Partnerships to fund property operations and cash
used for fund operating activities. This decrease is partially offset by cash
distributions received from Local Limited Partnerships.

At March 31, 2001, approximately $953,000 of cash, cash equivalents and
marketable securities has been designated as Reserves. The Reserves are
established to be used for working capital of the Fund and contingencies related
to the ownership of Local Limited Partnership interests. Management believes
that the interest income earned on Reserves, along with cash distributions
received from Local Limited Partnerships, to the extent available, will be
sufficient to fund the Fund's ongoing operations. Reserves may be used to fund
operating deficits, if the General Partner deems funding appropriate.

Since the Fund invests as a limited partner, the Fund has no contractual duty to
provide additional funds to Local Limited Partnerships beyond its specified
investment. Thus, as of March 31, 2001, the Fund had no contractual or other
obligation to any Local Limited Partnership which had not been paid or provided
for.

In the event a Local Limited Partnership encounters operating difficulties
requiring additional funds, the Fund might deem it in its best interest to
voluntarily provide such funds in order to protect its investment. As of March
31, 2001, the Fund advanced approximately $178,000 to Local Limited Partnerships
to fund operating deficits.



Cash distributions

No cash distributions were made during the two years ended March 31, 2001. It is
expected that cash available for distribution, if any, will not be significant
in fiscal year 2002. As funds from temporary investments are paid to Local
Limited Partnerships, interest earnings on those funds decrease. In addition,
some of the properties benefit from some type of federal or state subsidy and,
as a consequence, are subject to restrictions on cash distributions.

Results of operations

2001 versus 2000

For the year ended March 31, 2001, the Fund's operations resulted in a net loss
of $2,070,359, as compared to $2,195,805 for the year ended March 31, 2000. The
decrease in net loss is primarily attributable to a decrease in equity in losses
of Local Limited Partnerships. The decrease to equity in losses of Local Limited
Partnerships for the year ended March 31, 2001, as compared to the same period
in 2000, is primarily attributable to an increase in rental and other income for
certain Local Limited Partnerships whose investment carrying value has been
reduced to zero. The decrease in the Fund's net loss in partially offset by an
increase in provision for valuation of investments in Local Limited
Partnerships.

Low-income housing tax credits

The 2000 and 1999 tax credits were $141.97 and $141.98 per Unit, respectively.
The Tax Credits per Limited Partnership Unit stabilized in 1997 at approximately
$142 per unit, as Properties reached completion and became fully leased. Since
the Tax Credits have stabilized, the annual amount allocated to investors is
expected to remain the same for about seven years. In years eight through ten,
the credits are expected to decrease as Properties reach the end of the ten year
credit period. However, because the compliance periods extend significantly
beyond the tax credit periods, the Partnership is expected to retain most of its
interests in the Local Limited Partnerships for the foreseeable future.

Property discussions

The Fund's investment portfolio consists of limited partnership interests in 10
Local Limited Partnerships, each of which own and operate a multi-family
apartment complex. A majority of the Properties have stabilized operations and
operate at a level above break-even. A few Properties generate cash flow
deficits that the Local General Partners of those Properties fund through
project expenses loans, subordinated loans or operating escrows. However, some
Properties have had persistent operating difficulties that could either: i) have
an adverse on the Fund's liquidity; ii) result in Property foreclosure, or iii)
result in the General Partner deeming it appropriate for the Fund to dispose of
its interest in the Local Limited Partnership. Also, the General Partner, in the
normal course of the Fund's business, may desire to dispose of certain Local
Limited Partnerships. The following Property discussions focus only on such
Properties.

Live Oaks Plantation, located in West Palm Beach, Florida, has historically
generated operating deficits due to difficulty in attracting and maintaining
quality tenants. In addition, the Property's curb appeal has diminished due to
the deferral of certain maintenance and repair projects. During October 2000,
the Local General Partner indicated a desire to transfer its interest in the
Local Limited Partnership to a replacement Local General Partner. The General
Partner believes that it would be in the best interests of the Property to
replace the Local General Partner. Accordingly, the General Partner has been
working with the Local General Partner to identify an acceptable replacement. In
conjunction with the potential transfer, the Local General Partner agreed to
replace his affiliated on-site management company, and in February 2001, a new
on-site management company began managing Property operations. The new
management company has taken steps to improve property operations. It is
possible that the Fund may advance a material amount of Reserves to the Local
Limited Partnership to fund capital improvements and deferred maintenance
expenses.

Further, Live Oaks Plantation is undergoing an audit by the Internal Revenue
Service ("IRS"). The audit focuses on the tax treatment of certain items, such
as land improvements, impact fees, utility fees and developer fees. It appears
to be the IRS's position that some, or all, of these costs should be allocated
to land rather than to building. Since land cannot be included in eligible basis
and is not depreciable, tax credits and losses may potentially be at risk. As a
result of the IRS audit, negotiations to replace the Local General Partner, as
discussed above have been delayed.

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

Inflation and other economic factors

Inflation had no material impact on the operations or financial condition of the
Fund for the years ended March 31, 2001, and 2000.

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

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

Item 7.  Financial Statements and Supplementary Data

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

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

None.

                                    PART III

Item 9.  Directors and Executive Officers of the Registrant

The General Partner of the Fund is Arch Street VIII Limited Partnership, a
Massachusetts limited partnership (the "General Partner"), an affiliate of Lend
Lease Estate Investment, Inc. ("Lend Lease"). The General Partner was formed in
August 1993. The Investment Committee of the General Partner approves all
investments. The names and positions of the principal officers and directors of
the General Partner are set forth below.

Name                      Position

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

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

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

Jenny Netzer, age 45, Principal, Head of Housing and Community Investment Group
- Ms. Netzer is responsible for tax credit investment programs to institutional
clients. She joined Lend Lease as a result of the Boston Financial acquisition,
starting with Boston Financial in 1987 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, was a former member of Watertown Zoning
Board of Appeals, the Officer of Affordable Housing Tax Credit Coalition and a
frequent speaker on affordable housing and tax credit industry issues. Ms.
Netzer is a graduate of Harvard University (BA) and Harvard's Kennedy School of
Government (MPP).

Michael H. Gladstone,  age 44,  Principal,  Member,  Legal - Mr. Gladstone is
responsible for legal work in the areas of affordable and conventional  housing
and investment products and services.  He joined Lend Lease as a result of the
Boston  Financial  acquisition, starting  with  Boston  Financial in 1985 as the
firm's General Counsel. Prior to joining Boston  Financial,  Mr.  Gladstone  was
associated  with the law firm of  Herrick & Smith and  served on the  advisory
board of the  Housing  and  Development  Reporter.  Mr. Gladstone lectured at
Harvard University on affordable housing matters and is a member of the National
Realty Committee,  Cornell Real Estate Council,  National  Association of Real
Estate Investment Managers and Massachusetts Bar. Mr. Gladstone is a graduate of
Emory University (BA) and Cornell University (J.D. & MBA).

Lauren M. Guillette, age 36, Principal, Member, Legal - Ms. Guillette is
responsible for legal work in the areas of affordable and conventional housing
and investment products and services. She joined Lend Lease as a result of the
Boston Financial acquisition, starting with Boston Financial in 1996 as the
firm's Assistant General Counsel. Prior to joining Boston Financial, Ms.
Guillette was associated with the law firm of Peabody & Brown where she
practiced real estate syndication and securities law. Ms. Guillette is a
graduate of McGill University (BA) and Suffolk University (J.D.).

Item 10.  Management Remuneration

Neither the partners of Arch Street VIII Limited Partnership nor any other
individual with significant involvement in the business of the Fund receives any
current or proposed remuneration from the Fund.

Item 11.  Security Ownership of Certain Beneficial Owners and Management

As of March 31, 2001, the following entities are the only entities known to the
Fund to be the beneficial owners of more than 5% of the Units outstanding:

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

Limited       Oldham Institutional Tax Credits LLC 2,476 Units        6.78%
Partner       101 Arch Street
              Boston, MA

Limited       Oldham Institutional Tax Credits     5,220 Units        14.30%
Partner       VI LLC
              101 Arch Street
              Boston, MA

Limited       Liberty Corporation                  2,079 Units        5.70%
Partner       PO Box 789
              Greenville, SC

Oldham Institutional Tax Credits LLC and Oldham Institutional Tax Credits VI LLC
are affiliates of Arch Street VIII Limited Partnership, the General Partner.

The equity securities registered by the Fund under Section 12(g) of the Act
consist of 200,000 Units, 36,497 of which have been sold to the public as of
March 31, 2001. Holders of Units are permitted to vote on matters affecting the
Fund only in certain unusual circumstances and do not generally have the right
to vote on the operation or management of the Fund.

Arch Street VIII, Inc. owns a fractional (unregistered) Unit not included in the
Units sold to the public.

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

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

Item 12.  Certain Relationships and Related Transactions

The Fund is required to pay certain fees to and reimburse certain expenses of
the General Partner or its affiliates (including Lend Lease) in connection with
the organization of the Fund and the offering of Units. The Fund is also
required to pay certain fees to and reimburse certain expenses of the General
Partner or its affiliates (including Lend Lease) in connection with the
administration of the Fund and its acquisition and disposition of investments in
Local Limited Partnerships. In addition, the General Partner is entitled to
certain Fund distributions under the terms of the Partnership Agreement. Also,
an affiliate of the General Partner will receive up to $10,000 from the sale or
refinancing proceeds of each Local Limited Partnership, if it is still a limited
partner at the time of such transaction. All such fees, expenses and
distributions paid in the years ended March 31, 2001 and 2000 are described
below and in the sections of the Prospectus entitled "Estimated Use of
Proceeds", "Management Compensation and Fees" and "Profits and Losses for Tax
Purposes, Tax Credits and Cash Distributions". Such sections are incorporated
herein by reference.

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

Information required under this Item is contained in Note 5 to the Financial
Statements presented as a separate section of this Report. The affiliates of the
Managing Partner which have received or will receive fee payments and expense
reimbursements from the Fund are as follows:

Organizational fees and expenses and selling expenses

In accordance with the Partnership Agreement, the Fund is required to pay
certain fees to and reimburse expenses of the General Partner and others in
connection with the organization of the Fund and the offering of its Limited
Partnership Units. Selling commissions, fees and accountable expenses related to
the sale of the Units totaling $4,664,369 have been charged directly to Limited
Partners' equity. In connection therewith, $2,828,918 of selling expenses and
$1,835,451 of offering expenses incurred on behalf of the Fund have been paid to
an affiliate of the General Partner. The Fund may be required to pay a
non-accountable expense allowance for marketing expense equal to a maximum of 1%
of Gross Proceeds. The Fund has capitalized an additional $50,000 which was
reimbursed to an affiliate of the General Partner. 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. There were no organizational fees and
expenses paid for the two years ended March 31, 2001.



Acquisition fees and expenses

In accordance with the Partnership Agreement, the Fund is required to pay
acquisition fees to and reimburse acquisition expenses of the General Partner or
its affiliates for selecting, evaluating, structuring, negotiating and closing
the Partnership's investments in Local Limited Partnerships. Acquisition fees
total 6% of the Gross Proceeds. Acquisition expenses, which include such
expenses as legal fees and expenses, travel and communications expenses, costs
of appraisals, accounting fees and expenses, were expected to total 1.5% of the
Gross Proceeds. Acquisition fees totaling $2,189,820 for the closing of the
Fund's Local Limited Partnership Investments were paid to an affiliate of the
General Partner. Acquisition expenses totaling $335,196 were reimbursed to an
affiliate of the General Partner. There were no acquisition fees and expenses
paid for the two years ended March 31, 2001.

Asset Management Fees

In accordance with the Partnership Agreement, an affiliate of the General
Partner receives a base amount of 0.5967% (as adjusted by the CPI factor) of
Gross Proceeds annually as an Asset Management Fee for administering the affairs
of the Fund. Asset Management Fees incurred in the years ended March 31, 2001
and 2000 are as follows:
                                                     2001             2000
                                                 ------------     -----------

Asset Management Fees                            $    206,741     $   210,716

Salaries and benefits expense reimbursement

An affiliate of the General Partner is reimbursed for the cost of certain
salaries and benefits expenses which are incurred by an affiliate of the General
Partner on behalf of the Fund. The reimbursements are based upon the size and
complexity of the Fund's operations. Reimbursements paid or payable in the years
ended March 31, 2001 and 2000 are as follows:
                                                      2001             2000
                                                  ------------     -----------

Salaries and benefits expense reimbursement       $     36,814     $    88,541




Property Management Fees

An affiliate of the General Partner currently manages Beaverdam Creek, a
property in which the Fund has invested. The Property Management Fee charged is
equal to 4% of cash receipts. Fees earned by this affiliate which have been
included in operating expenses in the summarized income statements in Note 4 to
the Financial Statements for the two years ended December 31, 2000 and 1999, are
as follows:

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

Property Management Fees                         $     42,156     $    40,126

Cash distributions paid to the General Partners

In accordance with the Partnership Agreement, the General Partner of the Fund,
Arch Street VIII Limited Partnership, receives 1% of cash distributions made to
partners. As of March 31, 2001, the Fund has not paid any cash distributions to
partners.

Additional information concerning cash distributions and other fees paid or
payable to the General Partner and its affiliates and the reimbursement of
expenses paid or payable to Lend Lease and its affiliates during each of the two
years ended March 31, 2001 is presented in Note 5 to the Financial Statements.

Item 13.  Exhibits and Reports on Form 8-K

(a)  Documents filed as a part of this Report

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

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

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


<PAGE>


                                   SIGNATURES



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

      BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

     By:   Arch Street VIII, Limited Partnership
            its General Partner

     By:   /s/Jenny Netzer                           Date:   June  29   , 2001
           ---------------------------------------           -------------------
           Jenny Netzer
           Principal, Head of Housing and
           Community Investment


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

     By:   /s/Jenny Netzer                         Date:    June   29    , 2001
           ---------------------------------------          -------------------
           Jenny Netzer
           Director


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

<PAGE>



          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

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

                                      INDEX


                                                                  Page No.


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

     Financial Statements

       Balance Sheet - March 31, 2001                               F-3

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

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

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

       Notes to the Financial Statements                            F-7





<PAGE>

                        Report of Independent Accountants



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


In our opinion, based upon our audits and the reports of other auditors, the
financial statements listed on the accompanying index present fairly, in all
material respects, the financial position of Boston Financial Tax Credit Fund
VIII, A Limited Partnership (the "Fund") as of March 31, 2001, and the results
of its operations and its cash flows for each of the two years in the period
ended March 31, 2001 in conformity with accounting principles generally accepted
in the United States of America. These financial statements are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. The Fund accounts for
its investment in Local Limited Partnerships, as discussed in Note 2 of the
notes to the financial statements, using the equity method of accounting. We did
not audit the financial statements of the Local Limited Partnerships,
investments in which the Fund's investment in Local Limited Partnerships is
stated at $19,295,444 at March 31, 2001, and the Fund's equity in earnings
(losses) of Local Limited Partnerships is stated at $(1,666,752) and (1,886,030)
for the years ended March 31, 2001 and 2000, respectively. The financial
statements of these Local Limited Partnerships were audited by other auditors
whose reports thereon have been furnished to us, and our opinion expressed
herein, insofar as it relates to amounts included for Local Limited
Partnerships, is based solely upon the reports of other auditors. We conducted
our audits of the Fund's financial statements in accordance with auditing
standards generally accepted in the United States of America which require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits and the reports of the other
auditors provide a reasonable basis for our opinion.



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


<PAGE>
            BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                                  BALANCE SHEET
                                 March 31, 2001


Assets

Cash and cash equivalents                                     $       80,578
Marketable securities, at fair value (Note 3)                      1,404,993
Investments in Local Limited Partnerships (Note 4)                19,295,444
Other assets                                                          18,209
                                                              --------------
     Total Assets                                             $   20,799,224
                                                              ==============

Liabilities and Partners' Equity

Accounts payable to affiliate (Note 5)                        $      499,676
Accrued expenses                                                      51,471
                                                              --------------
     Total Liabilities                                               551,147
                                                              --------------

General, Initial and Investor Limited Partners' Equity            20,225,372
Net unrealized gains on marketable securities                         22,705
                                                              --------------
     Total Partners' Equity                                       20,248,077
                                                              --------------
     Total Liabilities and Partners' Equity                   $   20,799,224
                                                              ===============

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

          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>

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

Revenue:
<S>                                                                          <C>             <C>
   Investment                                                                $      97,174   $      90,604
   Other                                                                             6,750           1,700
                                                                             -------------   -------------
       Total Revenue                                                               103,924          92,304
                                                                             -------------   -------------

Expenses:
   Asset management fees, related party (Note 5)                                   206,741         210,716
   General and administrative (includes
     reimbursements to an affiliate in the
     amounts of $36,814 and $88,541,
     respectively) (Note 5)                                                         92,935         161,421
   Provision for valuation of investments
     in Local Limited Partnerships                                                 177,911               -
   Amortization                                                                     29,944          29,942
                                                                             -------------   -------------
       Total Expenses                                                              507,531         402,079
                                                                             -------------   -------------

Loss before equity in losses of
   Local Limited Partnerships                                                     (403,607)       (309,775)

Equity in losses of Local Limited
   Partnerships (Note 4)                                                        (1,666,752)     (1,886,030)
                                                                             -------------   -------------

Net Loss                                                                     $  (2,070,359)  $  (2,195,805)
                                                                             =============   =============

Net Loss allocated to:
   General Partner                                                           $     (20,704)  $     (21,958)
   Limited Partners                                                             (2,049,655)     (2,173,847)
                                                                             -------------   -------------
                                                                             $  (2,070,359)  $  (2,195,805)
                                                                             =============   =============
Net Loss per Limited Partnership Unit
    (36,497 Units)                                                           $     (56.16)   $      (59.56)
                                                                             ============    =============
 The accompanying notes are an integral part of these financial statements.
</TABLE>

<PAGE>
          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

             STATEMENTS OF CHANGES IN PARTNERS' EQUITY (Deficiency)
                   For the Years Ended March 31, 2001 and 2000


<TABLE>
<CAPTION>

                                                                                      Net
                                                    Initial        Investor       Unrealized
                                      General       Limited         Limited          Gains
                                     Partner        Partner        Partners        (Losses)           Total
                                    -----------    ---------    -------------     -----------    -------------

<S>                                 <C>            <C>          <C>               <C>            <C>
Balance at March 31, 1999           $   (71,432)   $     100    $  24,562,868     $     1,053    $  24,492,589
                                    -----------    ---------    -------------     -----------    -------------

Comprehensive Loss:
   Change in net unrealized gains
     on marketable securities
     available for sale                    -               -                -         (23,382)         (23,382)
   Net Loss                             (21,958)           -       (2,173,847)              -       (2,195,805)
                                    -----------    ---------    -------------     -----------    -------------
Comprehensive Loss                      (21,958)           -       (2,173,847)        (23,382)      (2,219,187)
                                    -----------    ---------    -------------     -----------    -------------

Balance at March 31, 2000               (93,390)         100       22,389,021         (22,329)      22,273,402
                                    -----------    ---------    -------------     -----------    -------------

Comprehensive Income (Loss):
   Change in net unrealized losses
     on marketable securities
     available for sale                       -            -                -          45,034           45,034
   Net Loss                             (20,704)           -       (2,049,655)              -       (2,070,359)
                                    -----------    ---------    -------------     -----------    -------------
Comprehensive Income (Loss)             (20,704)           -       (2,049,655)         45,034       (2,025,325)
                                    -----------    ---------    -------------     -----------    -------------

Balance at March 31, 2001           $  (114,094)   $     100    $  20,339,366     $    22,705    $  20,248,077
                                    ===========    =========    =============     ===========    =============

</TABLE>

 The accompanying notes are an integral part of these financial statements.
<PAGE>
          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
                   For the Years Ended March 31, 2001 and 2000
<TABLE>
<CAPTION>


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

Cash flows from operating activities:
<S>                                                                          <C>             <C>
   Net Loss                                                                  $  (2,070,359)  $  (2,195,805)
   Adjustments to reconcile net loss to net
     cash used for operating activities:
     Equity in losses of Local Limited Partnerships                              1,666,752       1,886,030
     Provision for valuation of investments in Local
       Limited Partnerships                                                        177,911               -
     Amortization                                                                   29,944          29,942
     Gain on sales and maturities of
       marketable securities, net                                                   (2,142)           (923)
     Increase (decrease) in cash arising from
       changes in operating assets and liabilities:
       Other assets                                                                    256             390
       Accounts payable to affiliate                                                20,648         136,795
       Accrued expenses                                                             15,373         (18,248)
                                                                             -------------   -------------
Net cash used for operating activities                                            (161,617)       (161,819)
                                                                             -------------   -------------

Cash flows from investing activities:
   Purchases of marketable securities                                             (793,863)       (596,988)
   Proceeds from sales and maturities of
     marketable securities                                                         879,555         586,638
   Advances to Local Limited Partnerships                                         (177,911)              -
   Cash distributions received from Local
     Limited Partnerships                                                          145,769         180,784
                                                                             -------------   -------------
Net cash provided by investing activities                                           53,550         170,434
                                                                             -------------   -------------

Net increase (decrease) in cash and cash equivalents                              (108,067)          8,615

Cash and cash equivalents, beginning                                               188,645         180,030
                                                                             -------------   -------------

Cash and cash equivalents, ending                                            $      80,578   $     188,645
                                                                             =============   =============
</TABLE>

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


<PAGE>

          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                        NOTES TO THE FINANCIAL STATEMENTS


1.   Organization

Boston Financial Tax Credit Fund VIII, A Limited Partnership (the "Fund") is a
Massachusetts limited partnership organized to invest in other limited
partnerships ("Local Limited Partnerships") which own and operate apartment
complexes which are eligible for low income housing tax credits that may be
applied against the federal income tax liability of an investor. The Fund's
objectives are to: (i) provide investors with annual tax credits which they may
use to reduce their federal income tax liability; ii) provide limited cash
distributions from the operations of apartment complexes; and iii) preserve and
protect the Fund's capital.

Arch Street VIII Limited Partnership ("Arch Street L.P."), a Massachusetts
limited  partnership  consisting of Arch Street VIII, Inc., a  Massachusetts
corporation ("Arch Street,Inc.") as the sole general partner and Lend Lease Real
Estate  Investments, Inc. as the sole  limited  partner,  is the sole  General
Partner of the Fund. Arch Street L.P. and Arch Street,  Inc.  are affiliates of
Lend Lease Real Estate  Investments,  Inc. ("Lend Lease").  An affiliate of Arch
Street L.P. ("SLP Affiliate") is a special limited partner in each Local Limited
Partnership in which the Fund invests,with the right to become a general partner
under certain circumstances.  The fiscal year of the Fund ends on March 31.

The Partnership Agreement authorizes the sale of up to 200,000 Units of limited
partnership interest ("Units") at $1,000 per Unit in series. The first series
offered 50,000 Units. Boston Financial Securities, Inc., an affiliate of the
General Partner, has received selling commissions and underwriting advisory fees
in the amount of 6.5% and 1.25%, respectively, of Gross Proceeds for Units sold
by the entity as a soliciting dealer. On July 29, 1994, the Fund held its final
investor closing. In total, the Fund received $36,497,000 of capital
contributions from investors admitted as Limited Partners, for a total of 36,497
Units.

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

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

Under the terms of the Partnership Agreement, the Fund originally designated 5%
of the Gross Proceeds from the sale of Units as a reserve for working capital of
the Fund and contingencies related to ownership of Local Limited Partnership
interests. The General Partner may increase or decrease such amounts from time
to time, as it deems appropriate. At March 31, 2001, the General Partner has
designated approximately $953,000 of cash, cash equivalents and marketable
securities as such Reserve.

2.       Significant Accounting Policies

Cash Equivalents

Cash and cash equivalents consists of short-term money market instruments with
maturities of 90 days or less at acquisition and approximate fair value.


<PAGE>
          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


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

Marketable Securities

The Fund's investments in securities are classified as "Available for Sale"
securities and reported at fair value as reported by the brokerage firm at which
the securities are held. Realized gains and losses from the sales of securities
are based on the specific identification method. Unrealized gains and losses are
excluded from earnings and reported as a separate component of partners' equity.

Investments in Local Limited Partnerships

The Fund accounts for its investments in Local Limited Partnerships using the
equity method of accounting because the Fund does not have control of the major
operating and financial policies of the Local Limited Partnerships in which it
invests. Under the equity method, the investment is carried at cost, adjusted
for the Fund's share of income or loss of the Local Limited Partnerships,
additional investments in and cash distributions from the Local Limited
Partnerships. Equity in income or loss of the Local Limited Partnerships is
included in the Fund's operations. The Fund has no obligation to fund
liabilities of the Local Limited Partnerships beyond its investment, therefore a
Local Limited Partnership's investment will not be carried below zero. To the
extent that equity losses are incurred or distributions received when a Local
Limited Partnership's respective investment balance has been reduced to zero,
the losses will be suspended to be used against future income and distributions
received will be included in income.

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

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

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

The General 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
about the Local Limited Partnerships that is included in the accompanying
financial statements is as of December 31, 2000 and 1999.

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

Use of Estimates

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

      BOSTON FINANCIAL TAX CREDIT FUND VIII, A 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. 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 except as otherwise disclosed.

Income Taxes

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

3.   Marketable Securities
<TABLE>
<CAPTION>

A summary of marketable securities is as follows:
                                                              Gross                 Gross
                                                           Unrealized            Unrealized             Fair
                                           Cost               Gains                Losses               Value
                                        ------------       -----------           -----------       ------------
Debt securities issued by the
   US Treasury and other US
   government corporations
<S>                                     <C>                <C>                   <C>               <C>
   and agencies                         $  1,169,242       $    18,189           $      (135)      $  1,187,296

Mortgage backed securities                   213,046             4,651                     -            217,697
                                        ------------       -----------           -----------       -------------

Marketable securities
   at March 31, 2001                    $  1,382,288       $    22,840           $      (135)      $  1,404,993
                                        ============       ===========           ===========       =============
</TABLE>

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

Due in less than one year                    $     474,663   $   479,141
Due in one to five years                           694,579        708,155
Mortgage backed securities                         213,046        217,697
                                             -------------   ------------
                                             $   1,382,288   $  1,404,993
                                             =============   ============

Actual maturities may differ from contractual maturities because some borrowers
have the right to call or prepay obligations. Proceeds from the sales of
marketable securities were approximately $50,000 during the fiscal year ended
March 31, 2000. Proceeds from the maturities of marketable securities were
approximately $880,000 and $536,000 during the fiscal years ended March 31, 2001
and 2000, respectively. Included in investment income are gross gains of $2,419
and $923 which were realized on the sales during the fiscal years ended March
31, 2001 and 2000, respectively. Also included in investment income are gross
losses of $277, which were realized on the sales during the fiscal year ended
March 31, 2001.
<PAGE>
          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                 NOTES TO THE FINANCIAL STATEMENTS (continued)


4.   Investments in Local Limited Partnerships

The Fund uses the equity method to account for its limited partner interests in
ten Local Limited Partnerships which own and operate multi-family housing
complexes. Upon dissolution of the Local Limited Partnership, proceeds will be
distributed according to the partnership agreements.

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

Capital contributions and advances paid to Local
<S>                                                                                          <C>
   Limited Partnerships                                                                      $  29,442,770

Cumulative equity in losses of Local
   Limited Partnerships                                                                        (10,347,561)

Cumulative cash distributions received
   from Local Limited Partnerships                                                                (499,089)
                                                                                             -------------

Investments in Local Limited Partnerships
   before adjustments                                                                           18,596,120

Excess of investment costs over the underlying net assets acquired:

     Acquisition fees and expenses                                                               1,048,010

     Accumulated amortization of acquisition
       fees and expenses                                                                          (170,775)
                                                                                             -------------

Investments in Local Limited Partnerships prior to
   reserve for valuation                                                                        19,473,355

Reserve for valuation of investments in Local Limited
   Partnerships                                                                                   (177,911)
                                                                                             -------------

Investments in Local Limited Partnerships                                                    $  19,295,444
                                                                                             =============
</TABLE>

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



<PAGE>
          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


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

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

Summarized Balance Sheets - as of December 31,
                                                                                  2000             1999
                                                                             -------------     -------------
Assets:
<S>                                                                          <C>               <C>
   Investment property, net                                                  $  60,027,404     $  62,327,142
   Other assets                                                                  3,630,090         3,541,374
                                                                             -------------     -------------
     Total Assets                                                            $  63,657,494     $  65,868,516
                                                                             =============     =============

Liabilities and Partners' Equity:
   Mortgage notes payable                                                    $  35,422,942     $  37,331,867
   Other liabilities                                                             9,434,633         7,618,108
                                                                             -------------     -------------
     Total Liabilities                                                          44,857,575        44,949,975
                                                                             -------------     -------------
   Fund's Equity                                                                18,907,702        20,475,760
   Other Partners' Equity                                                         (107,783)          442,781
                                                                             -------------     -------------
     Total Equity                                                               18,799,919        20,918,541
                                                                             -------------     -------------
       Total Liabilities and Partners' Equity                                $  63,657,494     $  65,868,516
                                                                             =============     =============

Summarized Income Statements - for the year
ended December 31,

Rental and other income                                                      $   8,222,167     $   7,641,370
                                                                             -------------     -------------

Expenses:
   Operating                                                                     4,227,276         3,891,489
   Depreciation and amortization                                                 2,578,671         2,587,287
   Interest                                                                      3,219,430         3,227,127
                                                                             -------------     -------------
     Total Expenses                                                             10,025,377         9,705,903
                                                                             -------------     -------------

Net Loss                                                                     $  (1,803,210)    $  (2,064,533)
                                                                             =============     =============

Fund's share of Net Loss                                                     $  (1,666,752)    $  (1,886,030)
                                                                             =============     =============
Other partners' share of Net Loss                                            $    (136,458)    $    (178,503)
                                                                             =============     =============
</TABLE>

The Fund's equity as reflected by the Local Limited Partnerships of $18,907,702
differs from the Fund's investments in Local Limited Partnerships before
adjustments of $18,596,120 principally because of differences in the accounting
treatment of certain miscellaneous items.


<PAGE>
          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


5.   Transactions with Affiliates

An affiliate of the General Partner receives the base amount of 0.5967% (as
adjusted by the CPI factor) of Gross Proceeds annually as an Asset Management
Fee for administering the affairs of the Fund. Asset Management Fees of $206,741
and $210,716 for the years ended March 31, 2001 and 2000, respectively, have
been included in expenses. Included in accounts payable to affiliates at March
31, 2001 is $474,568 of Asset Management Fees due to an affiliate of the General
Partner.

An affiliate of the General Partner is reimbursed for the actual cost of the
Fund's operating expenses. Included in general and administrative expenses for
the years ended March 31, 2001 and 2000, is $36,814 and $88,541, respectively,
that the Fund has paid as reimbursement for salaries and benefits. As of March
31, 2000, $25,108 is payable to an affiliate of the General Partner for salaries
and benefits.

An affiliate of the Managing General Partner currently manages one property in
which the Fund has invested. The property management fee charged is equal to 4%
of cash receipts. Included in operating expenses in the summarized income
statements in Note 4 to the Financial Statements is $42,156 and $40,126 of fees
earned by this affiliate for the years ended December 31, 2000 and 1999,
respectively.

6.   Federal Income Taxes

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

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

<S>                                                                             <C>              <C>
Net Loss per financial statements                                               $  (2,070,359)   $  (2,195,805)

Adjustment for equity in losses of Local Limited
   Partnerships for tax purposes in excess of equity in
   losses for financial reporting purposes                                           (325,306)        (342,686)

Adjustment to reflect March 31 fiscal year end
   to December 31 tax year end                                                        (30,328)          11,181

Provision for valuation of investments in Local Limited
   Partnerships not deductible for tax purposes                                       177,911                -

Amortization for tax purposes in excess of amortization
   for financial reporting purposes                                                    (8,165)          (8,167)

Related party expenses deductible for tax purposes
   in current year                                                                   (391,776)         (16,045)
                                                                                -------------    -------------

Net Loss per tax return                                                         $  (2,648,023)   $  (2,551,522)
                                                                                =============    =============


</TABLE>

<PAGE>
          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


6.   Federal Income Taxes (continued)
     -------------------------------

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

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

<S>                                                <C>                     <C>                 <C>
Investments in Local Limited Partnerships          $  19,295,444           $  16,515,431       $   2,780,013
                                                   =============           =============       ==============
Other assets                                       $   1,503,780           $   6,441,807       $  (4,938,027)
                                                   =============           =============       ==============
Liabilities                                        $     551,147           $     516,164       $      34,983
                                                   =============           =============       ==============
</TABLE>

The differences in assets and liabilities of the Fund for financial reporting
purposes are primarily attributable to: (i) the cumulative equity in losses from
Local Limited Partnerships for tax reporting purposes is approximately
$2,647,000 greater than for financial reporting purposes; (ii) the cumulative
amortization of acquisition fees for tax purposes exceeds financial reporting
purposes by approximately $38,000; and (iii) organizational and offering costs
of approximately $4,664,000 that have been capitalized for tax purposes are
charged to Limited Partners' equity for financial reporting purposes.



<PAGE>