----

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

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

|                                         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) |

| Title of each class | Name of each exchange on which registered |
|---------------------|-------------------------------------------|
| None                | None                                      |

| UNITS OF LIMITED PARTNERSHIP INTEREST(Title of Class)  |
|-------------------------------------------------------------|

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|                                                                                                                       Page No. |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| Item 1  Business                                                                                                    K-4                                                                                             |   |
| Item 2  Properties                                                                                                  K-6                                                                                                       |   |
| 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-8                                                                                                                                                                                                                                                     |   |
| Item 7   Management's Discussion and Analysis of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|              Financial Condition and Results of Operations                                   K-8                                                                                                                                                                                                                                                                                                                                                                                             |   |
| Item 8  Financial Statements and Supplementary Data                                    K-13                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
| Item 9  Changes in and Disagreements with Accountants                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|              on Accounting and Financial Disclosure                                              K-13                                                                                                                                                                                                                                                                                                                                 |   |
| Item 9A Controls and Procedures                                                                       K-13                                                                                                                                                                                                                                                                |   |
| Item 9B Other Information                                                                                    K-14                                                                                                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| PART III                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| Item 10  Directors and Executive Officers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|                of the Registrant                                                                                       K-14                                                                                         |   |
| Item 11  Management Remuneration                                                                    K-14                                                                                                                                                                                                                                                                            |   |
| Item 12  Security Ownership of Certain Beneficial                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|               Owners and Management                                                                        K-15                                                                                                                                                                                     |   |
| Item 13  Certain Relationships and Related Transactions                                 K-15                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
| Item 14  Principal Accountant Fees and Services                                               K-17                                                                                                                                                                                                                                                                                                                                                                                           |   |
| Item 15  Exhibits, Financial Statement Schedules, and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|               Director Independence                                                                              K-17                                                                                                                                                 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| SIGNATURES                                                                                                          K-18                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| CERTIFICATIONS                                                                                                   K-19                                                                                                              |   |

----

----

| Property owned by Local Limited Partnerships |   | Location             |   |  Date Acquired Interest |
|----------------------------------------------|--------|----------------------|--------|------------------------------|
| Green Wood Apartments (1)                    |   | Gallatin, TN         |   | 03/02/94                     |
| Webster Court Apartments                     |   | Kent, WA             |   | 05/13/94                     |
| Springwood Apartments                        |   | Tallahassee, FL      |   | 12/15/94                     |
| Meadow Wood of Pella                         |   | Pella, IA            |   | 06/03/94                     |
| Hemlock Ridge                                |   | Livingston Manor, NY |   | 04/29/94                     |
| Pike Place (1)                               |   | Fort Smith, AR       |   | 01/31/94                     |
| West End Place (1)                           |   | Springdale, AR       |   | 01/12/94                     |
| Oak Knoll Renaissance                        |   | Gary, IN             |   | 11/01/94                     |
| Beaverdam Creek (1)                          |   | Mechanicsville, VA   |   | 11/16/94                     |
| Live Oaks Plantation                         |   | West Palm Beach, FL  |   | 06/28/94                     |

----

----

|                                        |   |       | Capital Contributions |   |           |   |       |
|---------------------------------------------|--------|------------|-----------------------|--------|----------------|--------|------------|
| Local Limited Partnership                   |   |       |                  |   | Total          |   |       | Paid |   |   | Mtge. Loans |   |   |   | Occupancy at |   |
| Property Name                               |   | Number of  |                  |   | Committed at   |   |       | Through |   |   | Payable at |   | Type of |   | March 31, |   |
| Property Location                           |   | Apt. Units |                  |   | March 31, 2010 |   |       | March 31, 2010 |   |   | December 31, 2009 |   | Subsidy * |   | 2010 |   |
|                                        |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |
| Webster Court Apartments                    |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |
|    a Limited Partnership     |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |
| Webster Court Apartments                    |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |
| Kent, WA                                    |   |       | 92                    |   |           |   | 2,318,078  |   |   |   | 2,318,078 |   |   |   | 2,412,402 |   |                        None |   |   | 92 | % |
|                                        |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Springwood Apartments                       |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    a Limited Partnership (1) |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Springwood Apartments                       |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tallahassee, FL                             |   |       | 113                   |   |           |   | 2,499,202  |   |   |   | 2,499,202 |   |   |   | 3,205,985 |   |                         None |   |   | 76 | % |
|                                        |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Meadow Wood Associates of Pella             |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    a Limited Partnership     |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Meadow Wood of Pella                        |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pella, IA                                   |   |       | 30                    |   |           |   | 893,808    |   |   |   | 893,808 |   |   |   | 832,022 |   |                          Section 8 |   |   | 77 | % |
|                                        |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| RMH Associates                              |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    a Limited Partnership (1) |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Hemlock Ridge                               |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Livingston Manor, NY                        |   |       | 100                   |   |           |   | 1,697,298  |   |   |   | 1,697,298 |   |   |   | 967,816 |   |                          Section 8 |   |   | 93 | % |
|                                        |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oak Knoll Renaissance                       |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    a Limited Partnership     |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oak Knoll Renaissance                       |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gary, IN                                    |   |       | 256                   |   |           |   | 4,922,412  |   |   |   | 4,922,412 |   |   |   | 3,435,768 |   |                           Section 8 |   |   | 99 | % |
|                                        |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Schickedanz Brothers Palm                   |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beach Limited                               |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Live Oaks Plantation                        |   |       |                  |   |           |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| West Palm Beach, FL                         |   |       | 218                   |   |           |   | 5,587,953  |   |   |   | 5,587,953 |   |   |   | 6,798,577 |   |                           None |   |   | 90 | % |
|                                        |   |       | 809                   |   |           | $      | 17,918,751 |   |   | $ | 17,918,751 |   |   | $ | 17,652,570 |   |   |   |   |   |   |

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

|   | *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. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|     |                                 | Amount       |             |
|----------|--------------------------------------|--------------|------------------|
| Title of | Name and Address of                  | Beneficially |             |
| Class    | Beneficial Owner                     | Owned        | Percent of 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                       |         |             |
|     |                                 |         |             |
| Limited  | Everest Housing Investors 2, LLC     | 2,458 Units  | 6.73%            |
| Partner  | 155 North Lake Avenue                |         |             |
|     | Suite 1000                           |         |             |
|     | Pasadena, CA  91101        |         |             |
|     |                                 |         |             |

----

|                  |   | 2010   |    |   | 2009   |   |
|-----------------------|--------|--------|---------|--------|--------|--------|
|                  |   |   |    |   |   |   |
| Asset management fees |   | $      | 265,186 |   |   | $      | 263,210 |   |

|                                         |   | 2010   |    |   | 2009   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                         |   |   |    |   |   |   |
| Salaries and benefits expense reimbursements |   | $      | 113,844 |   |   | $      | 87,007 |   |

----

|       |   | 2010   |   |   | 2009   |   |
|------------|--------|--------|--------|--------|--------|--------|
|       |   |   |   |   |   |   |
| Audit fees |   | $      | 62,631 |   |   | $      | 64,784 |   |
| Tax fees   |   | $      | 2,500  |   |   | $      | 2,500 |   |

| 31.1 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the  Sarbanes-Oxley Act of 2002. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.2 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.            |
| 32.1 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.            |
| 32.2 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002             |

----

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|                                                   |   | 2010   |      |   | 2009   |   |
|--------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                   |   |   |      |   |   |   |
| Assets                                                 |   |   |      |   |   |   |
|                                                   |   |   |      |   |   |   |
| Cash and cash equivalents                              |   | $      | 372,567   |   |   | $      | 109,829 |   |
| Investments in Local Limited Partnerships (Note 4)     |   |   | 2,322,351 |   |   |   | 4,235,556 |   |
| Other assets                                           |   |   |  233 |   |   |   |  - |   |
| Total Assets                                           |   | $      | 2,695,151 |   |   | $      | 4,345,385 |   |
|                                                   |   |   |      |   |   |   |   |   |
| Liabilities and Partners' Equity                       |   |   |      |   |   |   |   |   |
|                                                   |   |   |      |   |   |   |   |   |
| Due to affiliate (Note 5)                              |   | $      | 568,505   |   |   | $      | 692,470 |   |
| Accrued expenses                                       |   |   | 56,036    |   |   |   | 49,958 |   |
| Total Liabilities                                      |   |   | 624,541   |   |   |   | 742,428 |   |
|                                                   |   |   |      |   |   |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |   | 2,070,610 |   |   |   | 3,602,957 |   |
| Total Liabilities and Partners' Equity                 |   | $      | 2,695,151 |   |   | $      | 4,345,385 |   |
|                                                   |   |   |      |   |   |   |   |   |

----

|                                                                                                    |   | 2010   |           |   | 2009   |   |
|---------------------------------------------------------------------------------------------------------|--------|--------|----------------|--------|--------|--------|
| Revenue:                                                                                                |   |   |           |   |   |   |
| Investment                                                                                              |   | $      | 3,341          |   |   | $      | 3,017 |   |
| Cash distribution income                                                                                |   |   | -              |   |   |   | 17,650 |   |
| Total Revenue                                                                                           |   |   | 3,341          |   |   |   | 20,667 |   |
|                                                                                                    |   |   |           |   |   |   |   |   |
| Expense:                                                                                                |   |   |           |   |   |   |   |   |
| Asset management fees, affiliate (Note 5)                                                               |   |   | 265,186        |   |   |   | 263,210 |   |
|     Provision for valuation allowance on advances to Local                          |   |   |           |   |   |   |   |   |
|       Limited Partnerships (Note 4)                                       |   |   | 209,146        |   |   |   | - |   |
|     Impairment on investments in Local                                              |   |   |           |   |   |   |   |   |
|    Limited Partnerships (Note 4)                                                         |   |   | 1,014,000      |   |   |   | 1,372,000 |   |
| General and administrative (includes reimbursements                                                     |   |   |           |   |   |   |   |   |
| to an affiliate in the amount of $113,844 and                                                           |   |   |           |   |   |   |   |   |
| $87,007 in 2010 and 2009, respectively) (Note 5)                                                        |   |   | 214,713        |   |   |   | 194,139 |   |
| Amortization                                                                                            |   |   | 2,392          |   |   |   | 6,552 |   |
| Total Expense                                                                                           |   |   | 1,705,437      |   |   |   | 1,835,901 |   |
|                                                                                                    |   |   |           |   |   |   |   |   |
| Loss before equity in income (losses) of Local Limited Partnerships                                     |   |   |           |   |   |   |   |   |
|        and loss on sale of investments of Local Limited Partnerships |   |   | (1,702,096     | )      |   |   | (1,815,234 | ) |
|                                                                                                    |   |   |           |   |   |   |   |   |
| Equity in income (losses) of Local Limited Partnerships (Note 4)                                        |   |   | 319,380        |   |   |   | (180,198 | ) |
|                                                                                                    |   |   |           |   |   |   |   |   |
| Loss on sale of investments in Local Limited Partnerships (Note 4)                                      |   |   |  (149,631 | )      |   |   |  - |   |
|                                                                                                    |   |   |           |   |   |   |   |   |
| Net Loss                                                                                                |   | $      | (1,532,347     | )      |   | $      | (1,995,432 | ) |
|                                                                                                    |   |   |           |   |   |   |   |   |
| Net Loss allocated:                                                                                     |   |   |           |   |   |   |   |   |
| General Partners                                                                                        |   | $      | (15,323        | )      |   | $      | (19,954 | ) |
| Limited Partners                                                                                        |   |   | (1,517,024     | )      |   |   | (1,975,478 | ) |
|                                                                                                    |   | $      | (1,532,347     | )      |   | $      | (1,995,432 | ) |
| Net Loss per Limited Partner Unit                                                                       |   |   |           |   |   |   |   |   |
| (36,497 Units)                                                                                          |   | $      | (41.57         | )      |   | $      | (54.13 | ) |
|                                                                                                    |   |   |           |   |   |   |   |   |
|                                                                                                    |   |   |           |   |   |   |   |   |
|                                                                                                    |   |   |           |   |   |   |   |   |
|                                                                                                    |   |   |           |   |   |   |   |   |

----

|                      |   |     |    |   |     |   |   |     |   |   |       |   |
|---------------------------|--------|----------|---------|--------|----------|--------|--------|----------|--------|--------|------------|--------|
|                      |   |     |    |   | Initial  |   |   | Investor |   |   |       |   |
|                      |   | General  |    |   | Limited  |   |   | Limited  |   |   |       |   |
|                      |   | Partners |    |   | Partners |   |   | Partners |   |   | Total      |   |
|                      |   |     |    |   |     |   |   |     |   |   |       |   |
| Balance at March 31, 2008 |   | $        | 55,984  |   |     | $      | 100    |     |   | $      | 5,542,305  |   |   | $ | 5,598,389 |   |
|                      |   |     |    |   |     |   |   |     |   |   |       |   |   |   |   |   |
| Net Loss                  |   |     | (19,954 | )      |     |   | -      |     |   |   | (1,975,478 | )      |   |   | (1,995,432 | ) |
|                      |   |     |    |   |     |   |   |     |   |   |       |   |   |   |   |   |
| Balance at March 31, 2009 |   |     | 36,030  |   |     |   | 100    |     |   |   | 3,566,827  |   |   |   | 3,602,957 |   |
|                      |   |     |    |   |     |   |   |     |   |   |       |   |   |   |   |   |
| Net Loss                  |   |     | (15,323 | )      |     |   | -      |     |   |   | (1,517,024 | )      |   |   | (1,532,347 | ) |
|                      |   |     |    |   |     |   |   |     |   |   |       |   |   |   |   |   |
| Balance at March 31, 2010 |   | $        | 20,707  |   |     | $      | 100    |     |   | $      | 2,049,803  |   |   | $ | 2,070,610 |   |

----

|                                                                                                            |   | 2010   |       |   | 2009   |   |
|-----------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Cash flows from operating activities:                                                                           |   |   |       |   |   |   |
| Net Loss                                                                                                        |   | $      | (1,532,347 | )      |   | $      | (1,995,432 | ) |
| Adjustments to reconcile net loss to net                                                                        |   |   |       |   |   |   |   |   |
| cash used for operating activities:                                                                             |   |   |       |   |   |   |   |   |
| Equity in (income) losses of Local Limited Partnerships                                                         |   |   | (319,380   | )      |   |   | 180,198 |   |
|          Loss on sale of investments in Local Limited Partnerships |   |   | 149,631    |   |   |   | - |   |
|          Provision for valuation allowance on advances to          |   |   |       |   |   |   |   |   |
|              Local Limited Partnerships        |   |   | 209,146    |   |   |   | - |   |
|          Impairment on investments in Local                        |   |   |       |   |   |   |   |   |
|    Limited Partnerships                                                                          |   |   | 1,014,000  |   |   |   | 1,372,000 |   |
| Amortization                                                                                                    |   |   | 2,392      |   |   |   | 6,552 |   |
|          Cash distributions included in net loss                   |   |   | -          |   |   |   | (17,650 | ) |
| Increase (decrease) in cash arising from changes                                                                |   |   |       |   |   |   |   |   |
| in operating assets and liabilities:                                                                            |   |   |       |   |   |   |   |   |
|              Other assets                      |   |   | (233       | )      |   |   | - |   |
| Due to affiliate                                                                                                |   |   | (123,965   | )      |   |   | (67,337 | ) |
| Accrued expenses                                                                                                |   |   | 6,078      |   |   |   | 3,424 |   |
| Net cash used for operating activities                                                                          |   |   | (594,678   | )      |   |   | (518,245 | ) |
|                                                                                                            |   |   |       |   |   |   |   |   |
| Cash flows from investing activities:                                                                           |   |   |       |   |   |   |   |   |
|       Advances to Local Limited Partnerships                                      |   |   | (209,146   | )      |   |   | - |   |
| Cash distributions received from Local                                                                          |   |   |       |   |   |   |   |   |
| Limited Partnerships                                                                                            |   |   | 164,505    |   |   |   | 158,698 |   |
|       Proceeds received from sale of investments in                               |   |   |       |   |   |   |   |   |
|          Local Limited partnerships                                |   |   | 902,057    |   |   |   | - |   |
| Net cash provided by investing activities                                                                       |   |   | 857,416    |   |   |   | 158,698 |   |
|                                                                                                            |   |   |       |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                            |   |   | 262,738    |   |   |   | (359,547 | ) |
|                                                                                                            |   |   |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                                            |   |   | 109,829    |   |   |   | 469,376 |   |
|                                                                                                            |   |   |       |   |   |   |   |   |
| Cash and cash equivalents, ending                                                                               |   | $      | 372,567    |   |   | $      | 109,829 |   |
|                                                                                                            |   |   |       |   |   |   |   |   |
|                                                                                                            |   |   |       |   |   |   |   |   |
|                                                                                                            |   |   |       |   |   |   |   |   |
|                                                                                                            |   |   |       |   |   |   |   |   |
|                                                                                                            |   |   |       |   |   |   |   |   |
|                                                                                                            |   |   |       |   |   |   |   |   |
|                                                                                                            |   |   |       |   |   |   |   |   |
|                                                                                                            |   |   |       |   |   |   |   |   |

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|                                                                                                                                               |   | 2010   |        |   | 2009   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
|                                                                                                                                               |   |   |        |   |   |   |
| Capital contributions and advances paid to Local Limited Partnerships                                                                              |   | $      | 19,336,206  |   |   | $      | 26,647,252 |   |
|                                                                                                                                               |   |   |        |   |   |   |   |   |
| Cumulative equity in losses of Local Limited Partnerships (excluding   cumulative unrecognized losses of $3,787,055 and $2,625,408) |   |   | (11,767,212 | )      |   |   | (15,517,498 | ) |
|                                                                                                                                               |   |   |        |   |   |   |   |   |
| Cumulative cash distributions received from Local Limited Partnerships                                                                             |   |   | (837,342    | )      |   |   | (2,335,491 | ) |
|                                                                                                                                               |   |   |        |   |   |   |   |   |
| Investments in Local Limited Partnerships before adjustments                                                                                       |   |   | 6,731,652   |   |   |   | 8,794,263 |   |
|                                                                                                                                               |   |   |        |   |   |   |   |   |
| Excess investment costs over the underlying assets acquired:                                                                                       |   |   |        |   |   |   |   |   |
|                                                                                                                                               |   |   |        |   |   |   |   |   |
| Acquisition fees and expenses                                                                                                                      |   |   | 662,167     |   |   |   | 1,003,989 |   |
|                                                                                                                                               |   |   |        |   |   |   |   |   |
| Cumulative amortization of acquisition fees and expenses                                                                                           |   |   | (198,254    | )      |   |   | (329,628 | ) |
|                                                                                                                                               |   |   |        |   |   |   |   |   |
| Investments in Local Limited Partnerships before valuation allowance                                                                               |   |   | 7,195,565   |   |   |   | 9,468,624 |   |
|                                                                                                                                               |   |   |        |   |   |   |   |   |
| Valuation allowance on investments in Local Limited Partnerships                                                                                   |   |   | (4,873,214  | )      |   |   | (5,233,068 | ) |
|                                                                                                                                               |   |   |        |   |   |   |   |   |
| Investments in Local Limited Partnerships                                                                                                          |   | $      | 2,322,351   |   |   | $      | 4,235,556 |   |
|                                                                                                                                               |   |   |        |   |   |   |   |   |

|                                   |   | 2009   |       |   | 2008   |   |
|----------------------------------------|--------|--------|------------|--------|--------|--------|
| Assets:                                |   |   |       |   |   |   |
| Investment property, net               |   | $      | 26,467,367 |   |   | $      | 37,726,084 |   |
| Other assets                           |   |   | 2,549,468  |   |   |   | 3,742,006 |   |
| Total Assets                           |   | $      | 29,016,835 |   |   | $      | 41,468,090 |   |
|                                   |   |   |       |   |   |   |   |   |
| Liabilities and Partners' Equity:      |   |   |       |   |   |   |   |   |
| Mortgage notes payable                 |   | $      | 17,652,570 |   |   | $      | 25,883,791 |   |
| Other liabilities                      |   |   | 10,036,796 |   |   |   | 11,318,344 |   |
| Total Liabilities                      |   |   | 27,689,366 |   |   |   | 37,202,135 |   |
|                                   |   |   |       |   |   |   |   |   |
| Fund's Equity                          |   |   | 2,738,305  |   |   |   | 6,434,351 |   |
| Other partners' deficiency             |   |   | (1,410,836 | )      |   |   | (2,168,396 | ) |
| Total Partners' Equity                 |   |   | 1,327,469  |   |   |   | 4,265,955 |   |
| Total Liabilities and Partners' Equity |   | $      | 29,016,835 |   |   | $      | 41,468,090 |   |

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|                                                              |   | 2009   |       |   | 2008   |   |
|-------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                              |   |   |       |   |   |   |
| Rental and other income                                           |   | $      | 7,964,287  |   |   | $      | 8,563,911 |   |
|                                                              |   |   |       |   |   |   |   |   |
| Expenses:                                                         |   |   |       |   |   |   |   |   |
| Operating                                                         |   |   | 5,171,726  |   |   |   | 5,705,541 |   |
| Interest                                                          |   |   | 1,949,476  |   |   |   | 2,119,849 |   |
| Depreciation and amortization                                     |   |   | 1,939,228  |   |   |   | 2,007,274 |   |
| Total Expenses                                                    |   |   | 9,060,430  |   |   |   | 9,832,664 |   |
|                                                              |   |   |       |   |   |   |   |   |
| Net Loss                                                          |   | $      | (1,096,143 | )      |   | $      | (1,268,753 | ) |
|                                                              |   |   |       |   |   |   |   |   |
| Fund’s share of net loss (2008 includes $2 from prior year) |   | $      | (974,450   | )      |   | $      | (1,165,291 | ) |
| Other partners' share of net loss                                 |   | $      | (121,693   | )      |   | $      | (103,464 | ) |

----

|                                                                                                                                                               |   | 2010   |       |   | 2009   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|                                                                                                                                                               |   |   |       |   |   |   |
| Net Loss per financial statements                                                                                                                                  |   | $      | (1,532,347 | )      |   | $      | (1,995,432 | ) |
|                                                                                                                                                               |   |   |       |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships for financial reporting   (tax) purposes in excess of equity in losses for tax (financial reporting) |   |   |       |   |   |   |   |   |
|    purposes                                                                                                                                         |   |   | 24,497     |   |   |   | (303,966 | ) |
|                                                                                                                                                               |   |   |       |   |   |   |   |   |
| Equity in losses of Local Limited Partnerships not recognized                                                                                                      |   |   |       |   |   |   |   |   |
| for financial reporting purposes                                                                                                                                   |   |   | (1,293,830 | )      |   |   | (985,093 | ) |
|                                                                                                                                                               |   |   |       |   |   |   |   |   |
| Adjustment to reflect March 31 fiscal year end to                                                                                                                  |   |   |       |   |   |   |   |   |
| December 31 taxable year end                                                                                                                                       |   |   | 6,059      |   |   |   | (325 | ) |
|                                                                                                                                                               |   |   |       |   |   |   |   |   |
| Amortization for tax purposes in excess of amortization                                                                                                            |   |   |       |   |   |   |   |   |
| for financial reporting purposes                                                                                                                                   |   |   | (30,491    | )      |   |   | (29,957 | ) |
|                                                                                                                                                               |   |   |       |   |   |   |   |   |
| Provision for valuation allowance on advances to Local                                                                                                             |   |   |       |   |   |   |   |   |
|     Limited Partnerships not deductible for tax purposes                                                                                       |   |   | 209,146    |   |   |   | - |   |
|                                                                                                                                                               |   |   |       |   |   |   |   |   |
| Impairment on investments in Local                                                                                                                                 |   |   |       |   |   |   |   |   |
| Limited Partnerships not deductible for tax purposes                                                                                                               |   |   | 1,014,000  |   |   |   | 1,372,000 |   |
|                                                                                                                                                               |   |   |       |   |   |   |   |   |
| Loss on sale of investments in Local Limited Partnerships for tax                                                                                                  |   |   |       |   |   |   |   |   |
|    purposes in excess of loss recognized for financial reporting purposes                                                                           |   |   | (79,895    | )      |   |   | - |   |
|                                                                                                                                                               |   |   |       |   |   |   |   |   |
| Cash distributions included in net loss for financial reporting purposes                                                                                           |   |   | -          |   |   |   | (17,650 | ) |
|                                                                                                                                                               |   |   |       |   |   |   |   |   |
| Net Loss per tax return                                                                                                                                            |   | $      | (1,682,861 | )      |   | $      | (1,960,423 | ) |

|                                      |   | Financial |      |   |     |   |      |        |   |
|-------------------------------------------|--------|-----------|-----------|--------|----------|--------|-----------|-------------|--------|
|                                      |   | Reporting |      |   | Tax      |   |      |        |   |
|                                      |   | Purposes  |      |   | Purposes |   |      | Differences |   |
|                                      |   |      |      |   |     |   |      |        |   |
| Investments in Local Limited Partnerships |   | $         | 2,322,351 |   |     | $      | 1,504,415 |        |   | $ | 1,115,936 |   |
| Other assets                              |   | $         | 372,800   |   |     | $      | 5,338,747 |        |   | $ | (4,965,947 | ) |
| Liabilities                               |   | $         | 624,541   |   |     | $      | 797,570   |        |   | $ | (173,029 | ) |

----

|                                      |   | Financial |      |   |     |   |      |        |   |
|-------------------------------------------|--------|-----------|-----------|--------|----------|--------|-----------|-------------|--------|
|                                      |   | Reporting |      |   | Tax      |   |      |        |   |
|                                      |   | Purposes  |      |   | Purposes |   |      | Differences |   |
|                                      |   |      |      |   |     |   |      |        |   |
| Investments in Local Limited Partnerships |   | $         | 4,235,556 |   |     | $      | 3,591,843 |        |   | $ | 643,713 |   |
| Other assets                              |   | $         | 109,829   |   |     | $      | 4,765,379 |        |   | $ | (4,655,550 | ) |
| Liabilities                               |   | $         | 742,428   |   |     | $      | 628,769   |        |   | $ | 113,659 |   |

----

|  Beaverdam Creek Associates, a Limited Partnership |   | 2009   |      |   | 2008   |   |
|---------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Total Assets                                            |   |   | N/A       |   |   | $      | 5,225,185 |   |
| Total Liabilities                                       |   |   | N/A       |   |   | $      | 4,139,080 |   |
| Revenue                                                 |   | $      | 1,072,241 |   |   | $      | 1,109,874 |   |
| Net Income (Loss)                                       |   | $      | (13,507   | )      |   | $      | 36,062 |   |
|                                                    |   |   |      |   |   |   |   |   |
| Oak Knoll Renaissance, Limited Partnership              |   |   |      |   |   |   |   |   |
| Total Assets                                            |   | $      | 7,275,435 |   |   | $      | 7,547,782 |   |
| Total Liabilities                                       |   | $      | 3,845,116 |   |   | $      | 4,277,446 |   |
| Revenue                                                 |   | $      | 2,074,423 |   |   | $      | 2,029,546 |   |
| Net Income                                              |   | $      | 362,046   |   |   | $      | 15,561 |   |
|                                                    |   |   |      |   |   |   |   |   |
| Pike Place, A Limited Partnership                       |   |   |      |   |   |   |   |   |
| Total Assets                                            |   |   | N/A       |   |   | $      | 3,233,349 |   |
| Total Liabilities                                       |   |   | N/A       |   |   | $      | 2,881,876 |   |
| Revenue                                                 |   | $      | 511,399   |   |   | $      | 657,330 |   |
| Net Loss                                                |   | $      | (88,391   | )      |   | $      | (141,773 | ) |
|                                                    |   |   |      |   |   |   |   |   |
|                                                    |   |   |      |   |   |   |   |   |

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