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July 16, 2007



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

       Boston Financial Tax Credit Fund VIII, A Limited Partnership
       Annual Report on Form 10-KSB for the Year Ended March 31, 2007
       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/Patricia Olsen-Goldberg
Patricia Olsen-Goldberg
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, 2007

                                                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.

                        $36,497,000 as of March 31, 2007


<PAGE>


                                       K-5
DOCUMENTS  INCORPORATED  BY REFERENCE:  LIST THE FOLLOWING  DOCUMENTS IF
INCORPORATED BY REFERENCE AND THE PART OF THE FORM 10-KSB INTO WHICH THE
DOCUMENT IS INCORPORATED:  (1) ANY ANNUAL REPORT TO SECURITY HOLDERS: (2) ANY
PROXY OR INFORMATION STATEMENT: AND (3) ANY PROSPECTUS FILED PURSUANT TO RULE
424(b) OR (c) UNDER THE SECURITIES ACT OF 1933.
<TABLE>
<CAPTION>

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

<S>                                                                     <C>
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



</TABLE>




<PAGE>


          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2007


                                TABLE OF CONTENTS
<TABLE>
<CAPTION>


                                                                           Page No.

PART I

<S>                                                                          <C>
     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-8
     Item 6       Management's Discussion and Analysis of
                  Financial Condition and Results of Operations              K-9
     Item 7       Financial Statements and Supplementary Data                K-12
     Item 8       Changes in and Disagreements with Accountants
                  on Accounting and Financial Disclosure                     K-12
     Item 8A      Controls and Procedures                                    K-12
     Item 8B      Other Information                                          K-13

PART III

     Item 9       Directors and Executive Officers
                  of the Registrant                                          K-13
     Item 10      Management Remuneration                                    K-14
     Item 11      Security Ownership of Certain Beneficial
                  Owners and Management                                      K-14
     Item 12      Certain Relationships and Related Transactions             K-15
     Item 13      Exhibits, Financial Statement Schedules and
                  Reports on Form 8-K                                        K-16
     Item 14.     Principal Accountant Fees and Services                     K-16

SIGNATURES                                                                   K-17

CERTIFICATIONS                                                               K-18

<PAGE>
</TABLE>


                                     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") authorizes the sale of up to 200,000 units of Limited
Partnership Interest ("Unit") 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 originally invested as a limited partner in ten limited partnerships
("Local Limited Partnerships") which own and operate residential apartment
complexes ("Properties"), some of which were 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; such descriptions are incorporated herein by
this reference.


<PAGE>
<TABLE>
<CAPTION>


                                     TABLE A

                             SELECTED LOCAL LIMITED
                                PARTNERSHIP DATA


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

<S>                                             <C>                                          <C>
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                                      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

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

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

Each Local Limited Partnership has, as its general partners ("Local General
Partners"), one or more individuals or entities not affiliated with the Fund or
its General Partners. In accordance with the partnership agreements under which
such entities are organized ("Local Limited Partnership Agreements"), the Fund
depends on the Local General Partners for the management of each Local Limited
Partnership. As of March 31, 2007, the following Local Limited Partnerships have
a common Local General Partner or affiliated group of Local General Partners
accounting for the specific percentage of total capital contributions in Local
Limited Partnerships. Pike Place, A Limited Partnership and West End Place, A
Limited Partnership, representing 14.85%, have Lindsey Management Company as a
Local General Partner. The Local General Partners of the remaining Local Limited
Partnerships are identified in the Acquisition Reports which are herein
incorporated by reference.

The Properties owned by Local Limited Partnerships in which the Fund has
invested are, and will continue to be, subject to competition from existing and
future apartment complexes in the same areas. The success of the Fund depends 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 MMA
Financial, Inc. (MMA), 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 currently owns limited partnership interests in nine 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%.

Each of the Local Limited Partnerships has 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 Code, in order
to maintain eligibility for the Tax Credits 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, with the
exception of Live Oaks Plantation, 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 schedule on the following pages 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         2007              2007                 2006             Subsidy*          2007
------------------------  -------------- ---------------- ----------------      ------------------     -----------  --------------


Webster Court Apartments
   a Limited Partnership
Webster Court Apartments
<S>                            <C>        <C>                 <C>                      <C>                <C>              <C>
Kent, WA                       92         2,318,078           2,318,078                2,549,759          None             90%

Springwood Apartments
   a Limited Partnership (1)
Springwood Apartments
Tallahassee, FL               113         2,499,202           2,499,202                3,458,240          None             99%

Meadow Wood Associates
   of Pella, a Limited Partnership
Meadow Wood of Pella
Pella, IA                     30            893,808             893,808                  902,297         Section 8         87%

RMH Associates, a Limited
   Partnership (1)
Hemlock Ridge
Livingston Manor, NY          100          1,697,298           1,697,298                1,387,010        Section 8         95%

Pike Place, a Limited
   Partnership (1)
Pike Place
Fort Smith, AR                144          1,915,328           1,915,328                2,817,209          None            99%

</TABLE>

<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         2007              2007                 2006             Subsidy*          2007
------------------------  -------------- ---------------- ----------------      ------------------     -----------  --------------

West End Place, a Limited
   Partnership (1)
West End Place
<S>                          <C>           <C>               <C>                     <C>               <C>                   <C>
Springdale, AR               120           1,843,010         1,843,010               2,485,920         None                  98%

Oak Knoll Renaissance, a
   Limited Partnership
Oak Knoll Renaissance
Gary, IN                     256           4,922,412         4,922,412              4,195,555         Section 8              98%

Beaverdam Creek Associates,
   a Limited Partnership (2)
Beaverdam Creek
Mechanicsville, VA          120            3,629,140         3,629,140              4,176,765         None                   99%

Schickedanz Brothers Palm
   Beach Limited
Live Oaks Plantation
West Palm Beach, FL         218                 5,587,953    5,587,953              5,755,986         None                   91%
                          1,193               $25,306,229  $25,306,229            $27,728,741
</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>


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

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

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

Item 3.  Legal Proceedings

As previously reported, for the past several years the following three
litigation proceedings had been pending between certain investors and various
affiliates of the General Partners, including the Fund, concerning, among other
things, those investors' requests to inspect certain alleged "books and records"
of the Fund and the affiliates: Park G.P., Inc. ("Park") brought a lawsuit
against the Fund and various affiliates of the General Partner and their
purported general partners (collectively, the "Fund Parties") in state court in
Missouri (the "Missouri Lawsuit"); the Fund Parties brought a declaratory
judgment lawsuit against Everest Housing Investors 2, LLC and several other
Everest-related entities (collectively, the "Everest Entities") in Massachusetts
state court (the "Everest Massachusetts Lawsuit"); and Boston Financial
Qualified Housing Tax Credits L.P. IV ("Partnership IV") and its general
partners brought a lawsuit against Park and its affiliate Bond Purchase, L.L.C.
("Bond") in Massachusetts state court (the "Park and Bond Massachusetts
Lawsuit").

As of April 21, 2007, the Fund Parties and Partnership IV reached an agreement
with Park, Bond and the Everest Entities to resolve these lawsuits (the
"Settlement Agreement"). Under the terms of the Settlement Agreement, the claims
and counterclaims asserted in the Everest Massachusetts Lawsuit have been
dismissed with prejudice and the claims in the Missouri Lawsuit and the Park and
Bond Massachusetts Lawsuit have been dismissed without prejudice, all in
exchange for options, subject to various conditions, to purchase certain Local
Limited Partnership interests held by Partnership IV, Boston Financial Qualified
Housing Tax Credits L.P. III, Boston Financial Qualified Housing Tax Credits
L.P. V and Boston Financial Tax Credit Fund VII, A Limited Partnership at
specified prices.

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

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

None.
                                     PART II

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

There is no public market for the Units, and it is not expected that a public
market will develop. If a Limited Partner desires to sell Units, the buyer of
those Units will be required to comply with the minimum purchase and retention
requirements and investor suitability standards imposed by applicable federal or
state securities laws and the minimum purchase and retention requirements
imposed by the 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 March 31, 2007, there were 1,166 record holders of Units of the Fund.

Cash distributions, when made, are paid annually. For the years ended March 31,
2007 and 2006, 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 are including this statement for
purposes of complying with these safe harbor provisions. Although the Fund
believes the forward-looking statements are based on reasonable assumptions, the
Fund can give no assurance that their expectations will be attained. Actual
results and timing of certain events could differ materially from those
projected in or contemplated by the forward-looking statements due to a number
of factors, including, without limitation, general economic and real estate
conditions and interest rates.

Executive Level Overview

The Fund is a Massachusetts  limited  partnership  organized to invest in 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 MMA as the sole limited  partner,  is the sole General  Partner of
the Fund.  Arch Street L.P. and Arch Street,  Inc. are  affiliates  of MMA. The
fiscal year of the Fund ends on March 31.

As of March 31, 2007, the Fund's investment portfolio consists of limited
partnership interests in nine Local Limited Partnerships, each of which owns and
operates a multi-family apartment complex and each of which has generated Tax
Credits. Since inception, the Fund has generated Tax Credits of approximately
$1,429 per Limited Partner Unit. The aggregate amount of Tax Credits generated
by the Fund was consistent with the objective specified in the Fund's
prospectus.

Properties that receive low income housing Tax Credits must remain in compliance
with rent restriction and set-aside requirements for at least 15 calendar years
from the date the property is placed in service (the "Compliance Period").
Failure to do so would result in the recapture of a portion of the property's
Tax Credits. Between 2008 and continuing through 2009, the Compliance Period of
the nine Properties in which the Fund has an interest will expire. It is
unlikely that the General Partner will be able to dispose of the Fund's Local
Limited Partnership interests concurrently with the expiration of each
Property's Compliance Period. The Fund shall dissolve and its affairs shall be
wound up upon the disposition of the final Local Limited Partnership interest
and other assets of the Fund. Investors will continue to be Limited Partners,
receiving K-1s and quarterly and annual reports, until the Fund is dissolved.
The General Partner has negotiated an agreement that will ultimately allow the
Fund to dispose of its interest in one Local Limited Partnership. In addition,
the Fund disposed of one Local Limited Partnership interest during the twelve
months ended March 31, 2007.

Critical Accounting Policies

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

The Local Limited Partnerships in which the Fund invests are Variable Interest
Entities ("VIE"s). The Fund is involved with the VIEs as a non-controlling
limited partner equity holder. Because the Fund is not the primary beneficiary
of these VIEs, it accounts for its investments in the Local Limited Partnerships
using the equity method of accounting. As a result of its involvement with the
VIEs, the Fund's exposure to economic and financial statement losses is limited
to its investments in the VIEs ($7,143,466 at March 31, 2007). The Fund may be
subject to additional losses to the extent of any financial support that the
Fund voluntarily provides in the future. Under the equity method, the investment
is carried at cost, adjusted for the Fund's share of net income or loss and for
cash distributions from the Local Limited Partnerships; equity in income or loss
of the Local Limited Partnerships is included currently in the Fund's
operations. Under the equity method, a Local Limited Partnership investment will
not be carried below zero. To the extent that equity in losses are incurred when
the Fund's carrying value of the respective Local Limited Partnership has been
reduced to a zero balance, the losses will be suspended and offset against
future income. Income from Local Limited Partnerships, where cumulative equity
in losses plus cumulative distributions have exceeded the total investment in
Local Limited Partnerships, will not be recorded until all of the related
unrecorded losses have been offset. To the extent that a Local Limited
Partnership with a carrying value of zero distributes cash to the Fund, that
distribution is recorded as income on the books of the Fund and is included in
"other revenue" in the accompanying financial statements.

The Fund has implemented policies and practices for assessing
other-than-temporary declines in values of its investments in Local Limited
Partnerships. Periodically, the carrying values of the investments are compared
to their respective fair values. If an other-than-temporary decline in carrying
value exists, a provision to reduce the asset to fair value, as calculated based
primarily on remaining tax benefits, will be recorded in the Fund's financial
statements. During the year ended March 31, 2006, the Fund concluded that one of
the Local Limited Partnerships had experienced an other-than-temporary decline
in its carrying value and impairment losses were recorded for Meadow Wood
Associates of Pella, a Limited Partnership for approximately $12,000. Generally,
the carrying values of most Local Limited Partnerships will decline through
losses and distributions in amounts sufficient to prevent other-than-temporary
impairments. However, the Fund may record similar impairment losses in the
future if the expiration of tax credits outpaces losses and distributions from
any of the Local Limited Partnerships.

Liquidity and Capital Resources

At March 31, 2007, the Fund had cash and cash equivalents of $857,886, as
compared to $346,666 at March 31, 2006. The increase is attributable to proceeds
received from the sale of one of the Local Limited Partnerships, proceeds from
the maturity of investment securities and cash distributions received from Local
Limited Partnerships. These increases are partially offset by cash used for
operations.

The General Partner initially designated 5% of the Gross Proceeds as Reserves,
as defined in the Partnership Agreement. The Reserves were established to be
used for working capital of the Fund and contingencies related to the ownership
of Local Limited Partnership interests. The General Partner may increase or
decrease such Reserves from time to time, as it deems appropriate. At March 31,
2007, $857,886 has been designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $62,000 have been paid from Reserves. In the event a Local Limited
Partnership encounters operating difficulties requiring additional funds, the
Fund's management might deem it in its best interest to voluntarily provide such
funds in order to protect its investment. As of March 31, 2007, the Fund has
advanced approximately $1,208,000 to Local Limited Partnerships to fund
operating deficits.

The General Partner believes that the investment income earned on the Reserves,
along with cash distributions received from Local Limited Partnerships, to the
extent available, will be sufficient to fund the Fund's ongoing operations.
Reserves may be used to fund operating deficits, if the General Partner deems
funding appropriate. To date, the Fund has used approximately $303,000 of
Reserves to fund operations. If Reserves are not adequate to cover the Fund's
operations, the Fund will seek other financing sources including, but not
limited to, the deferral of Asset Management Fees paid to an affiliate of the
General Partner or working with Local Limited Partnerships to increase cash
distributions.

Since the Fund invests as a limited partner, the Fund has no contractual duty to
provide additional funds to Local Limited Partnerships beyond its specified
investment. Thus, as of March 31, 2007, the Fund had no contractual or other
obligation to any Local Limited Partnership which had not been paid or provided
for.

Cash Distributions

No cash distributions were made to Limited Partners during the two years ended
March 31, 2007. It is expected that cash available for distribution, if any,
will not be significant in fiscal year 2007. Based on results of 2006 Property
operations, the Local Limited Partnerships are not expected to distribute
significant amounts of cash to the Fund because such amounts will be needed to
fund Property operating costs. In addition, 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

For the year ended March 31, 2007, the Fund's operations resulted in a net
income of $223,092, as compared to a net loss of $1,181,642 for the year ended
March 31, 2006. The increase in net income is primarily attributable an increase
in equity in income of Local Limited Partnerships, a gain on sale of one of the
Fund's investment in Local Limited Partnerships, and a current year recovery of
provision for valuation allowance on advances to Local Limited Partnership
partially offset by an increase in general and administrative expenses. The gain
on sale of investment in Local Limited Partnerships is due to proceeds received
in the current fiscal year. Equity in income increased primarily due to an
increase in unrecognized losses by the Fund of Local Limited Partnerships with
carrying values of zero. The recovery of advances to Local Limited Partnerships
is due to the reimbursement of previously reserved for advances made to one of
the Local Limited Partnerships. The increase in general and administrative
expenses is due to increased legal expenses associated with litigation in which
the Fund is currently is involved.

Low-Income Housing Tax Credits

The 2006 and 2005 tax credits were $0 and $52 per Unit, respectively. The Tax
Credits per Limited Partner stabilized in 1997 at approximately $142 per Unit,
as Properties reached completion and became fully leased. Since the Tax Credits
had stabilized, the annual amount allocated to investors remained the same for
about the first seven years. In years eight through ten, the credits are
decreasing as Properties reach the end of the ten year credit period. However,
because the Compliance Periods extend significantly beyond the Tax Credit
periods, the Fund is expected to retain most of its interests in the Local
Limited Partnerships for the foreseeable future.

Property Discussions

A majority of the Properties in which the Fund has an interest had stabilized
operations and operated above break-even at December 31, 2006. A few Properties
have generated cash flow deficits in prior periods that the Local General
Partners of those Properties funded through project expense loans, subordinated
loans or operating escrows. However, a few Properties have previously
experienced operating difficulties that could either: i) have an adverse impact
on the Fund's liquidity; ii) result in their foreclosure; or iii) result in the
General Partner deeming it appropriate for the Fund to dispose of its interest
in the Local Limited Partnership prior to the expiration of the Compliance
Period, in the event below breakeven operations recur. Also, the General
Partner, in the normal course of the Fund's business, may arrange for the future
disposition of its interest in certain Local Limited Partnerships. The following
Property discussions focus only on such Properties.

As previously reported, turnover at Green Wood Apartments, located in Gallatin,
Tennessee, as a result of few employment opportunities in the immediate area,
was the main cause for below breakeven operations at the Property. Rental
concessions, provided in an effort to alleviate the turnover issue, had proven
successful, at least in the short term, as rental revenue increased to a level
sufficient to result in above breakeven operations at June 30, 2006. Occupancy
averaged 92% throughout the six-month period ending June 30, 2006 while debt
service coverage and working capital were at acceptable levels as of June 30,
2006. As a result of a prior agreement, Green Wood Apartments was sold on
November 30, 2006. This sale resulted in net proceeds to the Fund of $528,320 or
$14.60 per Unit and resulted in 2006 taxable income of $459,116, or $12.68 per
Unit. For financial reporting purposes, $176,323 represented repayment of prior
advances made to the Local Limited Partnership and $351,997 represents gain on
sale. The Managing General Partner, in accordance with and as permitted by the
Partnership Agreement, retained the entire amount of net proceeds in Reserves.
The Fund no longer has an interest in this Local Limited Partnership.

As previously reported, the Local General Partner of Live Oaks Plantation,
located in West Palm Beach, Florida, had indicated a desire to transfer its
interest in the Local Limited Partnership to a replacement Local General
Partner. Accordingly, the General Partner began working with the Local General
Partner to identify an acceptable replacement. Negotiations to replace the Local
General Partner were then delayed due to an audit by the Internal Revenue
Service ("IRS"). The audit focused on the tax treatment of certain items, such
as land improvements, impact fees, utility fees and developer fees. In April
2002, the Florida office of the IRS issued their report indicating an eligible
basis reduction of approximately $1,000,000, which would reduce the amount of
Tax Credits and losses generated by the Property. The Local General Partner
filed an appeal of the report to the Washington D.C. office of the IRS. The
appeal was successful, and during April 2004 a settlement was reached whereby
the eligible basis was reduced by approximately $93,000. Subsequent to reaching
a settlement with the IRS, negotiations to replace the Local General Partner
resumed. Effective June 28, 2004, an affiliate of the General Partner replaced
the Local General Partner. In June 2005, the Local General Partner interest was
transferred from the affiliate of the General Partner to a replacement Local
General Partner. While occupancy and working capital levels at the Property have
consistently remained adequate, the Property generated significant operating
deficits in 2001 and 2002. The Fund funded slightly more than $1,000,000 of
deficits from Fund Reserves. The General Partner anticipates that cash from
operations will continue to fund the monthly debt service. Occupancy was 92% as
of December 31, 2006 while debt service coverage and working capital remained
above appropriate levels during the twelve-month period ending December 31,
2006.

As previously reported, in 2004 the Local General Partner of Beaverdam Creek
located in Mechanicsville, Virginia, requested approval for a refinancing on the
Property's first mortgage. As part of the agreement to provide the General
Partner's approval of the refinancing, a put agreement was entered into whereby
the Fund has the right to transfer its interest in the Local Limited Partnership
for a nominal price at any time after December 31, 2009, the end of the
Property's Compliance Period. As a result of the refinancing, which closed on
May 4, 2005, the Fund received Sale or Refinancing Proceeds, as defined in the
Local Limited Partnership Agreement, of $890,727. The General Partner, in
accordance with and as permitted by the Partnership Agreement, retained the
entire amount of net proceeds in Reserves.

As previously reported, low visibility and turnover at the resident manager
level have caused occupancy and debt service coverage at Meadow Wood of Pella,
located in Pella, Iowa, to fall below acceptable levels at December 31, 2006. In
addition, the property was in default of its first mortgage loan agreement due
to an inability to pay its entire real estate tax liability due as of September
30, 2006. The Local General Partner has since funded the real estate tax
liability and the Property is no longer in default of its first mortgage loan
debt service covenant requirements.

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, 2007 and 2006.

Since most 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.

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

Item 7.  Financial Statements and Supplementary Data

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

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

None.

Item 8A.  Controls and Procedures

Based on their evaluation, required by the Securities Exchange Act Rules
13a-15(d) and 15d-15(d), the Fund's principal executive officer and
principal financial officer have concluded that the Fund's disclosure
controls and procedures (as defined in Securities Exchange Act Rules 13a-15(d)
and 15d-15(d)) were effective as of March 31, 2007 to ensure that information
required to be disclosed by the Fund in reports that it files or submits
under the Securities Exchange Act is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission rules and forms and were effective as of March 31, 2007 to ensure
that information required to be disclosed by the Fund issuer in the
reports that it files or submits under the Securities Exchange Act is
accumulated and communicated to the Fund's management, including its
principal executive and principal financial officers, or persons performing
similar functions, as appropriate to allow timely decisions regarding required
disclosure.

There were no other changes in the Partnership's internal control over financial
reporting identified in connection with the evaluation required by paragraph (d)
of the Securities and Exchange Act Rules 13a-15(d) or 15d-15(d) that occurred
during the quarter ended March 31,2007 that affected, or were reasonably likely
to affect, the Partnership's internal control over financial reporting.

Item 8B.  Other Information

No reports on Form 8-K were filed during the fourth quarter of the
year ended March 31, 2007.

                                    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 MMA.
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

Gary Mentesana                                   Executive Vice President
Michael H. Gladstone                             Principal, Member

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.

Gary Mentesana age 42, Executive Vice President, Head of the Affordable Housing
Group - Mr. Mentesana has been Executive Vice President of MuniMae (the
"Company") since July 2003. He is the head of the Company's Affordable Housing
Group and is responsible for both the affordable tax exempt and taxable lending
and equity businesses. Prior to his appointment as EVP, Mr. Mentesana served as
the Company's Chief Capital Officer as well as the Company's Chief Financial
Officer. Mr. Mentesana's tenure with the Company began with the Company's
predecessor, the SCA Tax-Exempt Fund Limited Partnership, in 1988. Prior to
joining the Company, Mr. Mentesana worked for Coopers and Lybrand and was a
Certified Public Accountant. Mr. Mentesana graduated from the University of
Rhode Island.

Michael H. Gladstone, age 50, Principal, Member - Mr. Gladstone is responsible
for capital transactions work in the Asset Management group of MMA. He joined
MMA as a result of the Boston Financial and Lend Lease HCI acquisitions,
starting with Boston Financial in 1985 as the firm's General Counsel. Prior to
joining Boston Financial, Mr. Gladstone was associated with the law firm of
Herrick & Smith and served on the advisory board of the Housing and Development
Reporter. Mr. Gladstone has lectured at Harvard University on affordable housing
matters and is a member of the National Realty Committee, Cornell Real Estate
Council, National Association of Real Estate Investment Managers and
Massachusetts Bar. Mr. Gladstone is a graduate of Emory University (BA) and
Cornell University (J.D. & MBA).

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

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






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, 2007, the following entities are the only entities known to the
Fund to be the beneficial owners of more than 5% of the Units outstanding:
<TABLE>
<CAPTION>

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

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

   Limited                       Oldham Institutional Tax Credits LLC         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
</TABLE>



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 of
1934 consist of 200,000 Units, 36,497 of which have been sold to the public.
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, MMA, nor any of their executive officers,
directors, partners or affiliates is the beneficial owner of any Units. None of
the foregoing persons possesses a right to acquire beneficial ownership of
Units.

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

Item 12.  Certain Relationships and Related Transactions

The Fund is required to pay certain fees to and reimburse certain expenses of
the General Partner or its affiliates (including MMA) 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 MMA) 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, 2007 and 2006 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 regarding the Fees paid and expense reimbursements made in the two
years ended March 31, 2007 is as follows:

Organizational Fees and Expenses and Selling Expenses

In accordance with the Partnership Agreement, the Fund was 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 was also 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, 2007.

Acquisition Fees and Expenses

In accordance with the Partnership Agreement, the Fund was 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 Fund's investments in Local Limited Partnerships. Acquisition fees totaled
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, 2007.

Asset Management Fees

In accordance with the Partnership Agreement, an affiliate of the General
Partner currently receives 0.50% (annually adjusted by the CPI factor) of Gross
Proceeds annually as an Asset Management Fee for administering the affairs of
the Fund. Asset Management Fees earned in each of the two years ended March 31,
2007 are as follows:

                                                2007                  2006

Asset management fees                       $ 250,184        $   238,505

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 each of
the two years ended March 31, 2007 are as follows:


                                                   2007             2006

Salaries and benefits expense reimbursements     $ 65,232        $ 64,572

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 paid to
partners. As of March 31, 2007, 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 MMA and its affiliates during each of the two years
ended March 31, 2007 is presented in Note 4 to the Financial Statements.

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

(a) Documents filed as a part of this Report

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

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

(b)      Exhibits

     31.1  Certification of Principal Executive Officer 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

Item 14.   Principal Accountant Fees and Services

The Fund paid or accrued fees for services rendered by the principal accountant
for the two years ended March 31, 2007 as follows:


                                     2007              2006

Audit fees                        $ 55,522         $ 64,401
Tax fees                          $  2,400         $  2,400

No other fees were paid or accrued to the principal accountants during the two
years ended March 31, 2007


<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/Gary Mentesana                  Date:       July 16, 2007
           Gary Mentesana
           President
           Arch Street VIII Limited Partnership

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 Fund and in the capacities and on the dates indicated:

      By:  /s/Gary Mentesana                 Date:       July 16, 2007
           Gary Mentesana
           President
           Arch Street VIII Limited Partnership


     By:   /s/Michael H. Gladstone           Date:       July 16, 2007
           Michael H. Gladstone
           Vice President
           Arch Street VIII Limited Partnership



<PAGE>

          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2007
                                      INDEX

<TABLE>
<CAPTION>

                                                                               Page No.

     Report of Independent Registered Public Accounting Firm
<S>                                                                              <C>
        for the years ended March 31, 2007 and 2006                              F-2

     Financial Statements

       Balance Sheet - March 31, 2007                                            F-3

       Statements of Operations - For the years ended
         March 31, 2007 and 2006                                                 F-4

       Statements of Changes in Partners' Equity (Deficiency) -
         For the years ended March 31, 2007 and 2006                             F-5

       Statements of Cash Flows - For the years ended
         March 31, 2007 and 2006                                                 F-6

       Notes to the Financial Statements                                         F-7

</TABLE>


<PAGE>



             Report of Independent Registered Public Accounting Firm


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


In our opinion, the financial statements listed in the accompanying index
present fairly, in all material respects, the financial position of Boston
Financial Tax Credit Fund VIII, A Limited Partnership ("the Partnership") at
March 31, 2007, and the results of its operations and its cash flows for each of
the two years in the period ended March 31, 2007 in conformity with accounting
principles generally accepted in the United States of America. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.


PricewaterhouseCoopers, LLP

Boston, Massachusetts
June 22, 2007


<PAGE>


     BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                                  BALANCE SHEET
                                 March 31, 2007


<TABLE>
<CAPTION>


         Assets

<S>                                                                                               <C>
Cash                                                                                              $       857,886
Investment in Local Limited Partnerships (Note 3)                                                       7,143,466
   Total Assets                                                                                   $     8,001,352

Liabilities and Partners' Equity

Due to affiliates (Note 4)                                                                        $     1,079,306
Accrued expenses                                                                                           23,039
   Total Liabilities                                                                                    1,102,345

General, Initial and Investor Limited Partners' Equity                                                  6,899,007
   Total Liabilities and Partners' Equity                                                         $     8,001,352

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

<PAGE>

     BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                            STATEMENTS OF OPERATIONS
                   For the Years Ended March 31, 2007 and 2006
<TABLE>
<CAPTION>


                                                                                 2007                     2006
        Revenue:
<S>                                                                        <C>                     <C>
   Investment                                                              $         16,247        $         33,523
     Total Revenue                                                                   16,247                  33,523

Expense:
   Asset management fees, affiliate (Note 4)                                        250,184                 238,505
   Provision for (recovery of) valuation allowance on
     advances to Local Limited Partnerships (Note 3)                                (40,000)                      -
   Provision for valuation allowance on investments in Local
     Limited Partnerships (Note 3)                                                        -                  11,633
   General and administrative (includes reimbursements
     to an affiliate in the amount of $65,232 and
     $64,572 in 2007 and 2006, respectively) (Note 4)                               212,404                 188,925
   Amortization                                                                      12,957                 20,938
     Total Expense                                                                  435,545                 460,001

Loss before equity in income (losses) of Local Limited Partnerships
   and gain on sale of investments in Local Limited Partnerships                   (419,298)               (426,478)

Equity in income (losses) of Local Limited Partnerships (Note 3)                    290,393                (755,164)

Gain on sale of investments in Local Limited Partnerships (Note 3)                  351,997                       -

Net Income (Loss)                                                          $        223,092        $     (1,181,642)

Net Income (Loss) allocated:
   General Partners                                                        $        318,577        $        (11,816)
   Limited Partners                                                                 (95,485)             (1,169,826)
                                                                           $        223,092        $     (1,181,642)
Net Loss per Limited Partner Unit
   (36,497 Units)                                                          $          (2.62)       $         (32.05)


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, 2007 and 2006

<TABLE>
<CAPTION>



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

<S>                                            <C>               <C>                <C>                <C>            <C>
Balance at March 31, 2005                      $    (237,771)    $          100     $    8,095,228     $       44     $  7,857,601

Comprehensive Loss:
  Change in net unrealized
       gains on investment securities
       available for sale                                  -                  -                  -          (1,123)         (1,123)
  Net Loss                                           (11,816)                 -         (1,169,826)              -      (1,181,642)
Comprehensive Loss                                   (11,816)                 -         (1,169,826)         (1,123)     (1,182,765)

Balance at March 31, 2006                           (249,587)               100          6,925,402          (1,079)       6,674,836

Comprehensive Income (Loss):
  Change in net unrealized
      losses on investment securities
       available for sale                                  -                  -                  -           1,079           1,079
  Net Income (Loss)                                  318,577                  -            (95,485)              -         223,092
Comprehensive Income (Loss)                          318,577                  -            (95,485)          1,079         224,171

Balance at March 31, 2007                      $      68,990     $          100     $    6,829,917     $         -     $ 6,899,007
</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, 2007 and 2006
<TABLE>
<CAPTION>


                                                                                 2007                     2006
Cash flows from operating activities:
<S>                                                                        <C>                     <C>
   Net Income (Loss)                                                       $        223,092        $     (1,181,642)
   Adjustments to reconcile net income (loss) to net
     cash used for operating activities:
     Equity in losses (income) of Local Limited Partnerships                       (290,393)                755,164
     Gain on sale of investments in Local Limited Partnerships                     (351,997)                      -
     Recovery of prior years' provision for valuation allowance on
       advances to Local Limited Partnerships                                       (40,000)                      -
     Provision for valuation allowance on investments in Local
       Limited Partnerships                                                               -                  11,633
     Amortization                                                                    12,957                  20,938
     Accretion                                                                            -                   1,616
     Other non-cash item                                                                  -                     (17)
     Increase (decrease) in cash arising from changes
       in operating assets and liabilities:
       Other assets                                                                   1,794                  (1,590)
       Due to affiliates                                                            324,337                (471,923)
       Accrued expenses                                                             (31,965)                 10,181
Net cash used for operating activities                                             (152,175)               (855,640)

Cash flows from investing activities:
   Purchase of investment securities                                                      -                (276,616)
   Proceeds from maturities of investment securities                                150,000                 130,945
   Advances to Local Limited Partnerships                                          (136,323)                      -
   Reimbursement of advances to Local Limited Partnerships                          176,323                       -
   Cash distributions received from Local
     Limited Partnerships                                                           121,398               1,015,591
   Proceeds received from sale of investments in Local
     Limited Partnerships                                                           351,997                       -
Net cash provided by investing activities                                           663,395                 869,920

Net increase in cash and cash equivalents                                           511,220                  14,280

Cash and cash equivalents, beginning                                                346,666                 332,386

Cash and cash equivalents, ending                                          $        857,886        $        346,666

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

</TABLE>



<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 MMA Financial,  Inc.  ("MMA") as the sole limited
partner,  is the sole General  Partner of the Fund.  Arch Street L.P. and Arch
Street,  Inc. are  affiliates of MMA. 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. 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.

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, 2007, the General Partner has
designated $857,886 as such Reserves.

Generally, profits, losses, tax credits and cash flows from operations are
allocated 99% to the Limited Partners and 1% to the General Partner. Net
proceeds from a sale or refinancing will be allocated 95% to the Limited
Partners and 5% to the General Partner, after certain priority payments. The
General Partners may have an obligation to fund deficits in their capital
accounts, subject to limits set forth in the Partnership Agreement. However, to
the extent that the General Partners' capital accounts are in a deficit
position, certain items of net income may be allocated to the General Partners
in accordance with the Partnership Agreement.

2.   Significant Accounting Policies

Cash Equivalents

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

Concentration of Credit Risk

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

Investment Securities

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


<PAGE>


          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2. Significant Accounting Policies (continued)

Investments in Local Limited Partnerships

The Local Limited Partnerships in which the Fund invests are Variable Interest
Entities ("VIE"s). The Fund is involved with the VIEs as a non-controlling
limited partner equity holder. Because the Fund is not the primary beneficiary
of these VIEs, it accounts for its investments in the Local Limited Partnerships
using the equity method of accounting. As a result of its involvement with the
VIEs, the Fund's exposure to economic and financial statement losses is limited
to its investments in the VIEs ($7,143,466 at March 31, 2007). The Fund may be
subject to additional losses to the extent of any financial support that the
Fund voluntarily provides in the future. Under the equity method, the investment
is carried at cost, adjusted for the Fund's share of net income or loss and for
cash distributions from the Local Limited Partnerships; equity in income or loss
of the Local Limited Partnerships is included currently in the Fund's
operations. Under the equity method, a Local Limited Partnership investment will
not be carried below zero. To the extent that equity in losses are incurred when
the Fund's carrying value of the respective Local Limited Partnership has been
reduced to a zero balance, the losses will be suspended and offset against
future income. Income from Local Limited Partnerships, where cumulative equity
in losses plus cumulative distributions have exceeded the total investment in
Local Limited Partnerships, will not be recorded until all of the related
unrecorded losses have been offset. To the extent that a Local Limited
Partnership with a carrying value of zero distributes cash to the Fund, that
distribution is recorded as income on the books of the Fund and is included in
"other revenue" in the accompanying financial statements.

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

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

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

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

The 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, 2006 and 2005 and for the years then
ended.

The Fund has implemented policies and practices for assessing
other-than-temporary declines in values of its investments in Local Limited
Partnerships. Periodically, the carrying values of the investments are compared
to their respective fair values. If an other-than-temporary decline in carrying
value exists, a provision to reduce the asset to fair value, as calculated based
primarily on remaining tax benefits, will be recorded in the Fund's financial
statements.


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


                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2. Significant Accounting Policies (continued)

Use of Estimates

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

Fair Value of Financial Instruments

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

Income Taxes

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

Effect of New Accounting Principle

In June 2006, the FASB issued Interpretation No. 48 "Accounting for Uncertainty
in Income Taxes" ("FIN 48"), which is effective for financial statements for
fiscal years beginning after December 15, 2006. FIN 48 provides guidance to all
enterprises, including pass-through entities, for how uncertain tax provisions
should be recognized, measured, presented and disclosed in the financial
statements. The General Partner will adopt FIN 48 as of April 1, 2007. The
General Partner is currently assessing the impact of FIN 48 but believes that
FIN 48 will not have a material impact on the financial position or operating
results of the Company.

3.   Investments in Local Limited Partnerships

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


<PAGE>

     BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                  NOTES TO THE FINANCIAL STATEMENTS (continued)



3. Investments in Local Limited Partnerships (continued)

The following is a summary of investments in Local Limited Partnerships at March
31, 2007:
<TABLE>
<CAPTION>

<S>                                                                                                 <C>
Capital contributions and advances paid to Local Limited Partnerships                               $    26,647,252

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $649,982)                                                                     (15,404,099)

Cumulative cash distributions received from Local Limited Partnerships                                   (2,048,403)

Investments in Local Limited Partnerships before adjustments                                              9,194,750

Excess investment costs over the underlying assets acquired:

   Acquisition fees and expenses                                                                          1,003,989

   Cumulative amortization of acquisition fees and expenses                                                (311,205)

Investments in Local Limited Partnerships before valuation allowance                                      9,887,534

Valuation allowance on investments in Local Limited Partnerships                                         (2,744,068)

Investments in Local Limited Partnerships                                                           $     7,143,466
</TABLE>

The Fund has recorded a valuation allowance for its investments in certain Local
Limited Partnerships in order to appropriately reflect the estimated net
realizable value of these investments. During the year ended March 31, 2007, the
Fund advanced $136,323 to one of the Local Limited Partnerships, all of which
are subsequently refunded when this Local Limited Partnership was sold. In
addition, $40,000 was also reimbursed from the Local Limited Partnership
relating to advances made in previous years.

Summarized combined financial information of the Local Limited Partnerships in
which the Fund has invested as of December 31, 2006 and 2005 (due to the Fund's
policy of reporting the financial information of its Local Limited Partnership
interests on a 90 day lag basis) is as follows:
<TABLE>
<CAPTION>

Summarized Balance Sheets - as of December 31,

                                                                                   2006                2005

Assets:
<S>                                                                          <C>                 <C>
   Investment property, net                                                  $     41,260,491    $     46,288,383
   Other assets                                                                     3,696,944           3,490,130
     Total Assets                                                            $     44,957,435    $     49,778,513

Liabilities and Partners' Equity:
   Mortgage notes payable                                                    $     27,728,741    $     33,255,554
   Other liabilities                                                               10,120,091          11,426,271
     Total Liabilities                                                             37,848,832          44,681,825

Fund's Equity                                                                       8,790,264           6,584,831
Other partners' deficiency                                                         (1,681,661)         (1,488,143)
     Total Partners' Equity                                                         7,108,603           5,096,688
     Total Liabilities and Partners' Equity                                  $     44,957,435    $     49,778,513

</TABLE>

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


                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3. Investments in Local Limited Partnerships (continued)

Summarized Statements of Operations - for the year
ended December 31,
<TABLE>
<CAPTION>

                                                                                   2006                2005

<S>                                                                          <C>                 <C>
Rental and other income                                                      $      9,080,569    $      9,466,412

Expenses:
   Operating                                                                        4,769,078           5,757,502
   Interest                                                                         2,381,169           2,871,932
   Depreciation and amortization                                                    1,984,553           2,217,862
     Total Expenses                                                                 9,134,800          10,847,296

Net Loss                                                                     $        (54,231)   $     (1,380,884)

Fund's share of net loss (includes adjustment from previous year)            $         (3,664)   $     (1,293,035)
Other partners' share of net loss                                            $        (50,567)   $        (73,218)
</TABLE>

The financial information of one Local Limited Partnership is not included in
the above summarized combined financial information due to the investment being
sold by the Fund in the year ended March 31, 2007. The Fund's estimated equity
in loss of this Local Limited Partnership is $124,017 for the year ended
December 31, 2006.

For the years ended March 31, 2007 and 2006, the Fund has not recognized
$418,074 and $537,871, respectively, of equity in losses relating to certain
Local Limited Partnerships in which cumulative equity in losses and
distributions exceeded its total investment in these Local Limited Partnerships.

The Fund's equity as reflected by the Local Limited Partnerships of $8,790,264
differs from the Fund's investments in Local Limited Partnerships before
adjustments of $9,194,750 primarily due to cumulative unrecognized losses as
described above and differences in the accounting treatment of miscellaneous
items.

The Fund's interest in one of its investments in Local Limited Partnerships was
sold during the year ended March 31, 2007 resulting in a gain of $351,997.

4.   Transactions with Affiliates

An affiliate of the General Partner receives a base amount of 0.50% (annually
adjusted by the CPI factor) of the Gross Proceeds as the annual Asset Management
Fee for administering the affairs of the Fund. Included in the Statements of
Operations are Asset Management Fees of $250,184 and $238,505 for the years
ended March 31, 2007 and 2006, respectively. As of March 31, 2007, $714,738 is
payable for Asset Management Fees. During the years ended March 31, 2007 and
2006, $0 and $775,000, respectively, were paid out of available cash flow for
Asset Management Fees.

An affiliate of the General Partner is reimbursed for the cost of the Fund's
salaries and benefits expenses. Included in general and administrative expenses
for the years ended March 31, 2007 and 2006 is $65,232 and $64,572, respectively
that the Fund incurred for these expenses. During the years ended March 31, 2007
and 2006, no salaries and benefits were paid to the affiliate of the General
Partner. As of March 31, 2007, $355,648 is payable to an affiliate of the
General Partner.

As of March 31, 2007, the Fund owes $8,920 to an affiliate of the General
Partner for amounts received by the Fund on behalf of the affiliate.

In December 2006, Fund cash was invested in below-market interest bearing
accounts as part of a banking arrangement which resulted in financial benefits
to affiliates of MMA Financial. MMA Financial subsequently determined that this
arrangement was inconsistent with the terms of the Partnership Agreement and
terminated the arrangement. MMA intends to pay the interest lost by the Fund
(approximately $19,000) to the Fund in July 2007.

<PAGE>

     BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


5.   Federal Income Taxes

The following schedule reconciles the reported financial statement net income
(loss) for the fiscal years ended March 31, 2007 and 2006 to the net loss
reported on the Form 1065, U.S. Partnership Return of Income for the years ended
December 31, 2006 and 2005:
<TABLE>
<CAPTION>

                                                                                    2007                  2006

<S>                                                                            <C>                  <C>
Net Income (Loss) per financial statements                                     $      223,092       $   (1,181,642)

Equity in losses of Local Limited Partnerships for tax purposes in
   excess of equity in losses for financial reporting purposes                       (564,087)            (126,160)

Equity in losses of Local Limited Partnerships not recognized
   for financial reporting purposes                                                  (418,074)            (537,871)

Adjustment to reflect March 31 fiscal year end to
   December 31 taxable year end                                                        (7,643)              23,694

Amortization for tax purposes in excess of amortization
   for financial reporting purposes                                                   (25,153)             (17,171)

Recovery of prior years' provision for valuation allowance on advances
   to Local Limited Partnerships, not reportable for tax purposes                     (40,000)                   -

Provision for valuation allowance on investments in Local
   Limited Partnerships, not deductible for tax purposes                                                    11,633

Gain on sale of investments in Local Limited Partnership for financial
   reporting purposes in excess of gain on sale for tax purposes                      (25,025)                   -

Net Loss per tax return                                                        $     (856,890)      $   (1,827,517)
</TABLE>

The differences in the assets and liabilities of the Fund for financial
reporting purposes and tax purposes as of March 31, 2007 and December 31, 2006,
respectively are as follows:
<TABLE>
<CAPTION>


                                    Financial
                                                                Reporting            Tax
                                                                Purposes          Purposes           Differences

<S>                                                         <C>                <C>                 <C>
Investments in Local Limited Partnerships                   $    7,143,466     $    6,472,729      $      670,737
Other assets                                                $      857,886     $    5,548,345      $   (4,690,459)
Liabilities                                                 $    1,102,345     $    1,007,724      $       94,621
</TABLE>

The differences in assets and liabilities of the Fund for financial reporting
and tax purposes are primarily attributable to: (i) the cumulative equity in
losses from Local Limited Partnerships for tax reporting purposes is
approximately $3,300,000 more than for financial reporting purposes, including
approximately $650,000 of losses the Fund has not recognized relating to four
Local Limited Partnerships whose cumulative equity in losses exceeded the total
investment; (ii) the cumulative amortization of acquisition fees for tax
purposes exceeds financial reporting purposes by approximately $107,000; (iii)
the Fund has provided an impairment allowance of approximately $2,744,000
against its investments in Local Limited Partnerships for financial reporting
purposes; and (iv) 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>
     BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP


                  NOTES TO THE FINANCIAL STATEMENTS (continued)


6.   Significant Subsidiaries

The following Local Limited Partnerships invested in by the Fund represent more
than 20% of the Fund's total assets or equity as of March 31, 2007 or 2006 or
net losses for the years ended either March 31, 2007 or 2006. The following
financial information represents the performance of these Local Limited
Partnerships for the years ended December 31, 2006 and 2005:
<TABLE>
<CAPTION>

Beaverdam Creek Associates, a Limited Partnership                                  2006                     2005

<S>                                                                           <C>                       <C>
Total Assets                                                                  $     5,592,630           $   5,705,378
Total Liabilities                                                             $     4,271,677           $   4,303,527
Revenue                                                                       $     1,074,589           $   1,017,681
Net Income (Loss)                                                             $        12,243           $      (5,240)

Oak Knoll Renaissance, Limited Partnership

Total Assets                                                                  $     7,972,260           $   8,021,938
Total Liabilities                                                             $     4,681,847           $   5,150,319
Revenue                                                                       $     2,234,626           $   1,991,970
Net Income (Loss)                                                             $       557,448           $    (109,750)

Pike Place, a Limited Partnership

Total Assets                                                                  $     3,643,457          $    3,803,668
Total Liabilities                                                             $     3,045,798          $    3,127,878
Revenue                                                                       $       656,655          $      637,122
Net Loss                                                                      $       (78,131)         $     (108,884)

Springwood Apartments, a Limited Partnership

Total Assets                                                                  $     3,835,755           $   4,104,285
Total Liabilities                                                             $     3,595,110           $   3,597,467
Revenue                                                                       $       982,046           $     940,829
Net Loss                                                                      $      (154,310)          $    (102,265)

West End Place, a Limited Partnership

Total Assets                                                                  $     3,044,571           $   3,232,514
Total Liabilities                                                             $     2,565,030           $   2,682,798
Revenue                                                                       $       573,284           $     536,412
Net Loss                                                                      $       (70,175)          $    (113,609)
</TABLE>