June 29, 2000




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

       Boston Financial Tax Credit Fund VIII, A Limited Partnership
       Form 10-KSB Annual Report for the Year Ended March 31, 2000
       File Number 0-26522

Dear Sir/Madam:


Pursuant to the  requirements  of Section 15(d) of the  Securities  Exchange Act
of 1934,  filed  herewith is one copy of subject report.

Very truly yours,



/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller


TC810K



<PAGE>



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

                                                           FORM 10-KSB
(Mark One)

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

For the fiscal year ended                    March 31, 2000
                         ----------------------------------

                                                         OR

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

For the transition period from              to

                                 Commission file number 0-26522

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

                   Massachusetts                        04-3205879
      (State or other jurisdiction of       (I.R.S. Employer Identification No.)
       incorporation or organization)

   101 Arch Street, Boston, Massachusetts                         02110-1106
  (Address of principal executive offices)                        (Zip Code)

Registrant's telephone number, including area code         (617) 439-3911
                                                    -----------------------

Securities registered pursuant to Section 12(b) of the Act:
                                                  Name of each exchange on
          Title of each class                          which registered
                 None                                     None

Securities registered pursuant to Section 12(g) of the Act:

                         UNITS OF LIMITED PARTNERSHIP INTEREST
                                   (Title of Class)
                                        200,000
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
                                                           Yes X No __

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation S-K (Subsection  229.405 of this chapter) is not contained herein,
and will not be contained,  to the best of registrant's knowledge, in definitive
proxy or information  statements  incorporated  by reference in Part III of this
Form 10-KSB or any amendment to this Form 10-KSB. [ X ]

State the aggregate  sales price of partnership  units held by non affiliates of
the registrant.

                                                $28,801,000 as of March 31, 2000


<PAGE>





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


<TABLE>
<CAPTION>


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


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

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

Acquisition Reports                                                     Part I, Item 1

Prospectus - Sections Entitled:

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

     "Investment Risks"                                                 Part I, Item 1

     "Estimated Use of Proceeds"                                        Part III, Item 13

     "Management Compensation and Fees"                                 Part III, Item 13

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





</TABLE>


<PAGE>


              BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                           ANNUAL REPORT ON FORM 10-KSB
                         FOR THE YEAR ENDED MARCH 31, 2000


                                   TABLE OF CONTENTS


                                                                        Page No.

PART I

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

PART II

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

PART III

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

PART IV

     Item 13      Exhibits and Reports on Form 8-K                         K-16

SIGNATURES                                                                 K-17


<PAGE>


                         PART I


Item 1.  Business

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

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

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

Table A on the following  page lists the properties  originally  acquired by the
Local Limited  Partnerships in which the Fund had invested as of March 31, 2000.
Item 6 of this Report  contains other  significant  information  with respect to
such Local  Limited  Partnerships.  The terms of the  acquisition  of each Local
Limited  Partnership  interest  have  been  described  in the  Form  8-Ks  and a
supplement  to the  Prospectus  listed in Part IV of this Report on Form 10-KSB;
such descriptions are incorporated herein by this reference.


<PAGE>

<TABLE>
<CAPTION>

                                                             TABLE A

                                                     SELECTED LOCAL LIMITED
                                                        PARTNERSHIP DATA


<S>                                             <C>                                         <C>
 Property owned by Local                                                                        Date
  Limited Partnerships*                                                                       Interest
                                                      Location                                Acquired
---------------------------                     --------------------                        ------------

Green Wood                                      Gallatin, TN                                03/02/94

Webster Court                                   Kent, WA                                    05/13/94

Springwood                                      Tallahassee, FL                             12/15/94

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

Hemlock Ridge                                   Livingston Manor, NY                        04/29/94

Pike Place                                      Fort Smith, AR                              01/31/94

West End Place                                  Springdale, AR                              01/12/94

Oak Knoll Renaissance                           Gary, IN                                    11/01/94

Beaverdam Creek                                 Mechanicsville, VA                          11/16/94

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


</TABLE>

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

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

Each Local Limited  Partnership  has, as its general  partners  ("Local  General
Partners"),  one or more individuals or entities not affiliated with the Fund or
its General Partner.  In accordance with the partnership  agreements under which
such entities are organized ("Local Limited Partnership  Agreements"),  the Fund
depends on the Local General  Partners for the  management of each Local Limited
Partnership. As of March 31, 2000, the following Local Limited Partnerships have
a common Local  General  Partner or affiliated  group of Local General  Partners
accounting for the specified  percentage of the total capital  contributions  in
Local Limited Partnerships: (i) Green Wood and Springwood,  representing 21.71%,
have Flournoy Development Company as Local General Partner;  (ii) Pike Place and
West End Place,  representing  12.90%,  have Lindsey Management Company as Local
General  Partner.  The Local  General  Partners of the  remaining  Local Limited
Partnerships  are  identified  in  the  Acquisition  Reports  which  are  herein
incorporated by reference.

<PAGE>

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

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

Item 2.  Properties

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

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

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

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


<PAGE>




<TABLE>
<CAPTION>

                                                 Capital Contributions             Mtge. loans                       Occupancy
Local Limited Partnership       Number    Total Committed      Paid Through        payable at                            at
Property Name                     of        at March 31,         March 31,         December 31,      Type of           March 31,
Property Location            Apt. Units       2000               2000                 1999            Subsidy*          2000
---------------------------  -----------   ----------------   --------------    ------------------    ------------    -----------


<S>                               <C>            <C>               <C>                <C>                   <C>              <C>
Green Wood Apartments,
   a Limited Partnership
Green Wood Apartments
Gallatin, TN                      164            $3,825,916        $3,825,916         $5,128,724            None             84%

Webster Court Apartments
   a Limited Partnership
Webster Court Apartments
Kent, WA                          92              2,318,078         2,318,078          2,806,338            None             94%

Springwood Apartments
   a Limited Partnership (1)
Springwood Apartments
Tallahassee, FL                   113             2,499,202         2,499,202          3,854,331            None             95%

Meadow Wood Associates
   of Pella, a Limited Partnership
Meadow Wood of Pella
Pella, IA                         30              893,808           893,808            1,085,325            Section 8        100%

RMH Associates, a Limited
   Partnership (1)
Hemlock Ridge
Livingston Manor, NY              100             1,697,298         1,697,298          2,038,274            Section 8        85%

Pike Place, a Limited
   Partnership (1)
Pike Place
Fort Smith, AR                    144             1,915,328         1,915,328          3,268,093            None             100%

</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         2000               2000               1999            Subsidy*         2000
-----------------------------  ------------    --------------   -------------     ---------------    ------------    ---------------

West End Place, a Limited
   Partnership (1)
West End Place
<S>                               <C>            <C>               <C>                <C>                                <C>
Springdale, AR                    120            1,843,010         1,843,010          2,883,783          None            100%

Oak Knoll Renaissance, a
   Limited Partnership
Oak Knoll Renaissance
Gary, IN                          256            4,922,412         4,922,412          5,228,904          Section 8        98%

Beaverdam Creek Associates,
   a Limited Partnership (2)
Beaverdam Creek
Mechanicsville, VA                120            3,629,140         3,629,140          3,300,558          None             97%

Schickedanz Brothers Palm
   Beach Limited
Live Oaks Plantation
West Palm Beach, FL               218            5,587,953         5,587,953          7,737,537          None             78%
                               ------        -------------      ------------       ------------
                                1,357          $29,132,145      $ 29,132,145        $37,331,867
                               ======          ===========      ============       ============

(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.

</TABLE>


<PAGE>


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

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

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

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

Schickedanz Brothers Palm Beach Limited Partnership,  representing 19.18% of the
total  investment  in the  Local  Limited  Partnerships,  entered  into two loan
agreements.  The first is with Newport Mortgage  Company,  L.P., in the original
amount of $6,493,000. The loan bears interest at a rate of 8.94% per annum, with
monthly  payments of principal and interest in the amount of $51,964 due through
July 7,  2026.  As of  December  31,  1999,  $6,321,537  is  outstanding  on the
mortgage.

The  second  loan  agreement  is a Home loan with the  Florida  Housing  Finance
Agency, with a principal amount not to exceed $1,531,000. Interest on the unpaid
principal  balance shall be due at the Applicable  Federal Rate ("AFR") for long
term  obligations  as of the  commencement  date of the loan.  Interest shall be
payable  at 3% per annum  commencing  on June 30,  1995.  Deferred  interest  is
compounded  annually and is due together with the principal  balance on February
28, 2025. As of December 31, 1999,  total funds in the amount of $1,416,000 have
been drawn on the loan.

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

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

Item 3.  Legal Proceedings

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

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

None.



<PAGE>

                                     PART II

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

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

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

As of June 15, 2000, there were 1,236 record holders of Units of the Fund.

Cash distributions, when made, are paid annually.  For the years ended March 31,
2000 and 1999, no cash distributions were made.

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

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

Liquidity and Capital Resources

At March  31,  2000,  the Fund had cash  and cash  equivalents  of  $188,645  as
compared to $180,030 at March 31, 1999.  This increase is  attributable  to cash
distributions  received from Local Limited  Partnerships.  This increase to cash
and cash equivalents is offset  partially by purchases of marketable  securities
in excess of proceeds from sales and  maturities of  marketable  securities  and
cash used for operating activities.

At March 31, 2000,  approximately  $1,117,028 of marketable  securities has been
designated  as Reserves.  The Reserves  are  established  to be used for working
capital of the Fund and contingencies  related to the ownership of Local Limited
Partnership  interests.  Management  believes that the interest income earned on
Reserves,   along  with  cash   distributions   received   from  Local   Limited
Partnerships,  to the extent  available,  will be  sufficient to fund the Fund's
ongoing  operations.  Reserves may be used to fund  operating  deficits,  if the
General Partner deems funding appropriate.

Since the Fund invests as a limited partner, the Fund has no contractual duty to
provide  additional  funds to Local  Limited  Partnerships  beyond its specified
investment.  Thus, as of March 31, 2000,  the Fund had no  contractual  or other
obligation to any Local Limited  Partnership which had not been paid or provided
for, except as disclosed above.

In the  event a Local  Limited  Partnership  encounters  operating  difficulties
requiring  additional  funds,  the Fund might deem it in its best  interests  to
voluntarily  provide  such funds,  in order to protect its  investment.  No such
event has occurred to date.



<PAGE>
Cash Distributions

No cash distributions were made during the two years ended March 31, 2000. It is
expected that cash available for  distribution,  if any, will not be significant
in fiscal  year 2000.  As funds  from  temporary  investments  are paid to Local
Limited  Partnerships,  interest earnings on those funds decrease.  In addition,
some of the  properties  benefit from some type of federal or state subsidy and,
as a consequence, are subject to restrictions on cash distributions.

Results of Operations

2000 versus 1999

For the year ended March 31, 2000, the Fund's operations  resulted in a net loss
of $2,195,805,  as compared to $2,027,965 for the year ended March 31, 1999. The
increase in net loss is primarily attributable to a increase in equity in losses
of Local Limited Partnerships. The increase to equity in losses of Local Limited
Partnerships for the year ended March 31, 2000 as compared to the same period in
1999,  is  primarily  attributable  to an increase in  operating  expenses and a
decrease in total income. The increase in operating expenses is partially offset
by a decrease in depreciation and amortization of Local Limited Partnerships.

Low-Income Housing Tax Credits

The 2000 and 1999 tax  credits  were  $141.98  per  Unit.  Tax  Credits  are not
available  for a  property  until the  property  is placed  in  service  and its
apartment  units are  occupied by qualified  tenants.  In the first year the Tax
Credit is claimed,  the allowable credit amount is determined using an averaging
convention to reflect the number of months that units  comprising  the qualified
basis were occupied by qualified tenants during the year. To the extent that the
full  amount  of the  annual  credit is not  allocated  in the  first  year,  an
additional credit in such amount is available in the 11th taxable year.

As of December 31, 1995,  all of the  properties  had been placed in service and
were generating Tax Credits. Some of the properties had less than a full year of
operations  in the period  ended  December  31,  1995.  They were subject to the
averaging convention mentioned above,  therefore the Fund did not receive a full
allocation  of Tax Credits with  respect to those  properties  in 1995.  The Tax
Credits per Limited  Partnership Unit have stabilized at approximately  $142 per
unit, as properties have reached completion and have become fully leased.  Since
the Tax Credits have  stabilized,  the annual  amount  allocated to investors is
expected to remain the same for about seven years.  In years eight  through ten,
the credits are expected to decrease as properties reach the end of the ten year
credit  period.  However,  because the compliance  periods extend  significantly
beyond the tax credit periods, the Partnership is expected to retain most of its
interests in the Local Limited Partnerships for the foreseeable future.

Property Discussions

Live  Oaks  Plantation,  located  in West  Palm  Beach,  Florida,  continues  to
experience  operating  deficits due  primarily to  occupancy  fluctuations.  The
fluctuations in occupancy have been caused by the majority of first-year  leases
expiring and management's decision not to renew all the leases because of tenant
collection  problems.  Further  compounding the problem is competition  from new
affordable housing complexes in the area and deferred  maintenance issues on the
property.  Accordingly,  the Managing General Partner  continues to work closely
with the Local General Partner to develop a strategy to stabilize operations and
monitor property management.

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

<PAGE>

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, 2000, and 1999.

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

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

Other Development

Lend Lease Real Estate  Investments,  Inc.("Lend  Lease"),  the U.S.  subsidiary
of Lend Lease  Corporation  and the leading U.S.  institutional  real estate
advisor, as ranked by assets under management, acquired The Boston Financial
Group Limited Partnership ("Boston Financial") on November 3, 1999.

Headquartered  in New York and  Atlanta,  Lend Lease  Corporation  has  regional
offices in 12 cities  nationwide.  The company ranks as the leading U.S. manager
of tax-exempt assets invested in real estate. Lend Lease is a subsidiary of Lend
Lease  Corporation,  an international  real estate and financial  services group
listed on the  Australian  Stock  Exchange.  Worldwide,  Lend Lease  Corporation
operates from more than 30 cities on five  continents:  North  America,  Europe,
Asia,  Australia and South America. In addition to real estate investments,  the
Lend  Lease  Group  operates  in the  areas  of  property  development,  project
management and construction, and capital services (infrastructure).

Item 7.  Financial Statements and Supplementary Data

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

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

None.

                                    PART III

Item 9.  Directors and Executive Officers of the Registrant

The  General  Partner of the Fund is Arch  Street VIII  Limited  Partnership,  a
Massachusetts limited partnership (the "General Partner"),  an affiliate of Lend
Lease Estate Investment,  Inc. ("Lend Lease"). The General Partner was formed in
August 1993. Randolph G. Hawthorne is the Chief Operating Officer of the General
Partner  and  has the  primary  responsibility  for  evaluating,  selecting  and
negotiating  investments  for the Fund. The Investment  Committee of the General
Partner  approves all  investments.  The names and  positions  of the  principal
officers and the directors of the General Partner are set forth below.

Name     Position

Jenny Netzer                           President, Managing Director
Michael H. Gladstone                   Vice President, Managing Director
Randolph G. Hawthorne                  Vice President, Managing Director
Paul F. Coughlan                       Vice President
William E. Haynsworth                  Vice President


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

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

Jenny Netzer,  age 44,  Principal,  Head of Housing and Community  Investing.  -
Responsible for tax credit investment programs to institutional clients.  Joined
Lend Lease through its 1999 acquisition of Boston Financial, started with Boston
Financial in 1987.  Previously,  led Boston Financial's new business initiatives
and managed firm's Asset Management division, responsible for performance of 750
properties and providing  service to 35,000  investors.  Prior to joining Boston
Financial,  served as Deputy Budget Director for Commonwealth of  Massachusetts,
responsible for Commonwealth's health care and public pension program's budgets,
served as Assistant Controller at Yale University and former member of Watertown
Zoning Board of Appeals Officer of Affordable  Housing Tax Credit  Coalition and
frequent  speaker on  affordable  housing  and tax credit  industry  issues,  BA
Harvard  University;  Master's  in Public  Policy  Harvard's  Kennedy  School of
Government.

Michael H. Gladstone,  age 43, Principal,  Legal - Responsible for legal work in
the areas of affordable and  conventional  housing and  investment  products and
services.  Joined Lend Lease through its 1999  acquisition of Boston  Financial,
started with Boston Financial in 1985;  served as firm's General Counsel.  Prior
to joining Boston Financial, associated with law firm of Herrick & Smith, served
on  advisory  board of Housing  and  Development  Reporter.  Lectured at Harvard
University on affordable housing matters, Member, The National Realty Committee,
Cornell Real Estate  Council,  National  Association  of Real Estate  Investment
Managers  and  Massachusetts  Bar,  BA  Emory  University;   JD  &  MBA  Cornell
University.

Randolph G.  Hawthorne,  age 50,  Principal,  Housing and Community  Investing -
Responsible for structuring and acquiring real estate  investments.  Joined Lend
Lease  through its 1999  acquisition  of Boston  Financial,  started with Boston
Financial in 1973.  Previously,  served as Boston  Financial's  Treasurer,  Past
Chairman of the Board of the National  Multi Housing  Council,  having served on
the board since 1989, Past President of the National Housing and  Rehabilitation
Association,  Member, Multifamily Council of the Urban Land Institute,  Frequent
speaker at industry conferences.  Serves on the Editorial Advisory Boards of the
Tax Credit  Advisor  and  Multi-Housing  News,  BS  Massachusetts  Institute  of
Technology; MBA Harvard Graduate School of Business, Board of Directors National
Housing Conference. Graduated MIT 1971, HBS 1973.

Paul  F.  Coughlan,  age  56,  Principal,  Housing  and  Community  Investing  -
Responsible  for marketing and sales of  institutional  tax credit  investments.
Joined Lend Lease through its 1999 acquisition of Boston Financial, started with
Boston  Financial  in 1975.  Previously,  served  as sales  manager  for  Boston
Financial's retail tax credit fund, AB Brown University.

William E.  Haynsworth,  age 60,  Principal,  Housing and Community  Investing -
Responsible for the  structuring of real estate  investments and the acquisition
of property interests.  Joined Lend Lease through its 1999 acquisition of Boston
Financial,   started  with  Boston  Financial  1977.  Prior  to  joining  Boston
Financial,  Acting Executive  Director and General Counsel of the  Massachusetts
Housing Finance Agency. Served as Director of Non-Residential Development of the
Boston  Redevelopment  Authority and Associate of Goodwin,  Proctor & Hoar, Past
President and current  Chairman of the Board of Directors of Affordable  Housing
Tax Credit Coalition, BA Dartmouth College; LLB and LLM Harvard Law School.

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.


<PAGE>

Item 11.  Security Ownership of Certain Beneficial Owners and Management

As of March 31, 2000, 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 Class                 Name and Address of                 Beneficially                   Percent of
                                 Beneficial Owner                      Owned                        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           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

</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
consist of 200,000 Units,  36,497 of which have been sold to the public at March
31, 2000.  Holders of Units are permitted to vote on matters  affecting the Fund
only in certain  unusual  circumstances  and do not generally  have the right to
vote on the operation or management of the Fund.

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

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

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

Item 12.  Certain Relationships and Related Transactions

The Fund is required to pay certain fees to and  reimburse  certain  expenses of
the General Partner or its affiliates  (including Lend Lease) in connection with
the  organization  of the  Fund  and the  offering  of  Units.  The Fund is also
required to pay certain fees to and  reimburse  certain  expenses of the General
Partner  or its  affiliates  (including  Lend  Lease)  in  connection  with  the
administration of the Fund and its acquisition and disposition of investments in
Local  Limited  Partnerships.  In addition,  the General  Partner is entitled to
certain Fund distributions under the terms of the Partnership  Agreement.  Also,
an affiliate of the General  Partner will receive up to $10,000 from the sale or
refinancing proceeds of each Local Limited Partnership, if it is still a limited
partner  at  the  time  of  such  transaction.   All  such  fees,  expenses  and
distributions  paid in the years  ended  March 31,  2000 and 1999 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.


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

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

Organizational fees and expenses and selling expenses

In  accordance  with the  Partnership  Agreement,  the Fund is  required  to pay
certain  fees to and  reimburse  expenses of the  General  Partner and others in
connection  with the  organization  of the Fund and the  offering of its Limited
Partnership Units. Selling commissions, fees and accountable expenses related to
the sale of the Units totaling  $4,664,369 have been charged directly to Limited
Partners'  equity. In connection  therewith,  $2,828,918 of selling expenses and
$1,835,451 of offering expenses incurred on behalf of the Fund have been paid to
an  affiliate  of  the  General  Partner.  The  Fund  may be  required  to pay a
non-accountable expense allowance for marketing expense equal to a maximum of 1%
of Gross  Proceeds.  The Fund has  capitalized  an additional  $50,000 which was
reimbursed  to an  affiliate  of the General  Partner.  Total  organization  and
offering  expenses  exclusive of selling  commissions and underwriting  advisory
fees did not exceed 5.5% of the Gross Proceeds and  organizational  and offering
expenses,  inclusive of selling commissions and underwriting  advisory fees, did
not exceed 15.0% of the Gross Proceeds.  There were no  organizational  fees and
expenses paid for the two years ended March 31, 2000.

Acquisition fees and expenses

In  accordance  with the  Partnership  Agreement,  the Fund is  required  to pay
acquisition fees to and reimburse acquisition expenses of the General Partner or
its affiliates for selecting, evaluating,  structuring,  negotiating and closing
the Partnership's  investments in Local Limited  Partnerships.  Acquisition fees
total  6% of the  Gross  Proceeds.  Acquisition  expenses,  which  include  such
expenses as legal fees and expenses,  travel and communications  expenses, costs
of appraisals,  accounting fees and expenses, were expected to total 1.5% of the
Gross  Proceeds.  Acquisition  fees totaling  $2,189,820  for the closing of the
Fund's Local Limited  Partnership  Investments  were paid to an affiliate of the
General Partner.  Acquisition  expenses  totaling $335,196 were reimbursed to an
affiliate of the General  Partner.  These were no acquisition  fees and expenses
paid for the two years ended March 31, 2000.

Asset Management Fees

In  accordance  with the  Partnership  Agreement,  an  affiliate  of the General
Partner  receives a base  amount of 0.577% (as  adjusted  by the CPI  factor) of
Gross Proceeds annually as an Asset Management Fee for administering the affairs
of the Fund.  Asset  Management  Fees incurred in the years ended March 31, 2000
and 1999 are as follows:

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

Asset Management Fees                                $ 210,716        $ 206,220

Salaries and benefits expense reimbursement

An  affiliate  of the  General  Partner  is  reimbursed  for the cost of certain
salaries and benefits expenses which are incurred by an affiliate of the General
Partner on behalf of the Fund.  The  reimbursements  are based upon the size and
complexity of the Fund's operations. Reimbursements paid or payable in the years
ended March 31, 2000, and 1999 are as follows:
                                                       2000         1999
                                                 ------------    ----------

Salaries and benefits expense reimbursement       $   88,541     $  77,890




<PAGE>

Property Management Fees

An affiliate of the Managing General Partner, currently manages Beaverdam Creek,
a property in which the Fund has invested.  The Property  Management Fee charged
is equal to 4% of cash receipts.  Fees earned by this affiliate  which have been
included in operating  expenses in the summarized income statements in Note 4 to
the Financial Statements for the two years ended December 31, 1999 and 1998, are
as follows:

                                                    1999             1998
                                                 ------------     -----------

Property Management Fees                         $  40,126        $  34,183

Cash distributions paid to the General Partners

In accordance with the Partnership  Agreement,  the General Partner of the Fund,
Arch Street VIII Limited Partnership,  receives 1% of cash distributions made to
partners.  As of March 31, 2000, the Fund has not paid any cash distributions to
partners.

Additional  information  concerning  cash  distributions  and other fees paid or
payable to the Managing General Partner and its affiliates and the reimbursement
of expenses paid or payable to Boston  Financial and its affiliates  during each
of the two years ended March 31, 2000 is  presented  in Note 5 to the  Financial
Statements.


<PAGE>





                         PART IV

Item 13.  Exhibits and Reports on Form 8-K

(a)(1) and (2) Documents filed as a part of this Report.

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

The reports of auditors of the Local Limited Partnerships relating to the audits
of the financial statements of such Local Limited Partnerships appear in Exhibit
28.1 of this Report.

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.

(a)(3)  See Exhibit Index contained herein.

(a)(3)(b)  Reports on Form 8-K:
           No reports on Form 8-K were filed for the year ended March 31, 2000.

(a)(3)(c)   Exhibits


Number and Description in Accordance
   with Item 601 of Regulation S-K

   27.  Financial Data Schedule

   28.  Additional Exhibits

        (a)   28.1  Reports of Other Independent Auditors

(a)(3)(d) None.


<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/ Randolph G. Hawthorne            Date:    June 29, 2000
           Randolph G. Hawthorne,                        -------------
           Managing Director and
           Chief Operating Officer

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



     By:   /s/ Randolph G. Hawthorne              Date:    June 29, 2000
           ------------------------------                  -------------
           Randolph G. Hawthorne,
           Managing Director and
           Chief Operating Officer




     By:   /s/Michael H. Gladstone                 Date:    June 29, 2000
           ------------------------------                   -------------
           Michael H. Gladstone,
        Managing Director, Vice President








<PAGE>

Item 8.  Financial Statements and Supplementary Data


          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2000

<TABLE>
<CAPTION>
                                                                          INDEX

<S>                                                                            <C>
                                                                               Page No.

     Report of Independent Accountants
        For the years ended March 31, 2000 and 1999                              F-2

     Financial Statements

       Balance Sheet - March 31, 2000                                            F-3

       Statements of Operations - Years Ended
         March 31, 2000 and 1999                                                 F-4

       Statements of Changes in Partners' Equity (Deficiency) -
         Years Ended March 31, 2000 and 1999                                     F-5

       Statements of Cash Flows - Years Ended
         March 31, 2000 and 1999                                                 F-6

       Notes to the Financial Statements                                         F-7


</TABLE>


<PAGE>


                        REPORT OF INDEPENDENT ACCOUNTANTS


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

In our  opinion,  based on our audits and the  reports  of other  auditors,  the
financial  statements  listed in the accompanying  index present fairly,  in all
material respects, the financial position Boston Financial Tax Credit Fund VIII,
A Limited  Partnership  (the  "Fund") at March 31,  2000 and the  results of its
operations and its cash flows for each of the two years in the period ended
March 31, 2000, in conformity with accounting  principles  generally accepted in
the United States. These  financial   statements  are  the   responsibility  of
the  Fund's management; our  responsibility  is to express  an  opinion on these
financial statements  based on our audits.  We did not audit the  financial
statements of certain local limited  partnerships for which $8,680,809 of
cumulative equity in losses are included in the balance  sheet as of March 31,
2000 and for which net losses of $1,886,030 and $1,745,890 are included in the
accompanying  financial statements for the years ended March 31,  2000 and 1999,
respectively.  Those statements were  audited by other  auditors  whose reports
thereon  have been furnished to us, and our opinion expressed herein,  insofar
as it relates to the amounts  included  for the Local  Limited  Partnerships,
is based solely on the reports  of the other  auditors.  We  conducted  our
audits of these  financial statements in accordance with auditing standard
generally accepted in the United States, which  require that we plan and perform
the audit to obtain  reasonable assurance   about  whether  the  financial
statements  are  free  of  material misstatement.  An audit includes examining,
on a test basis, evidence supporting the  amounts  and  disclosures  in  the
financial  statements,   assessing  the accounting  principles  used and
significant  estimates made by management, and evaluating the overall  financial
statement  presentation.  We believe that our audits and the  reports of other
auditors  provide a  reasonable  basis for the opinions expressed above.




/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
June 22, 2000
Boston, Massachusetts





<PAGE>

<TABLE>
<CAPTION>

          BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP

                                  BALANCE SHEET
                                 MARCH 31, 2000


Assets

<S>                                                                                       <C>
Cash and cash equivalents                                                                 $      188,645
Investments in Local Limited Partnerships (Note 4)                                            21,137,909
Marketable securities, at fair value (Note 3)                                                  1,443,509
Other assets                                                                                      18,465
                                                                                          --------------
     Total Assets                                                                         $   22,788,528
                                                                                          ==============

Liabilities and Partners' Equity

Accounts payable to affiliate (Note 5)                                                    $      479,028
Accrued expenses                                                                                  36,098
                                                                                          --------------
     Total Liabilities                                                                           515,126

General, Initial and Investor Limited Partners' Equity                                        22,295,731
Net unrealized losses on marketable securities                                                   (22,329)
     Total Partners' Equity                                                                   22,273,402
                                                                                          --------------
     Total Liabilities and Partners' Equity                                               $   22,788,528
                                                                                          ==============

</TABLE>

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

                            STATEMENTS OF OPERATIONS
                   For the Years Ended March 31, 2000 and 1999

<TABLE>
<CAPTION>

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

Revenue:
<S>                                                                          <C>             <C>
   Investment                                                                $      90,604   $      96,265
   Other                                                                             1,700           7,565
                                                                             -------------   -------------
       Total Revenue                                                                92,304         103,830
                                                                             -------------   -------------

Expenses:
   Asset management fees, related party (Note 5)                                   210,716         206,220
   General and administrative (includes
     reimbursements to an affiliate in the
     amounts of $88,541 and $77,890, respectively) (Note 5)                        161,421         140,575
   Amortization                                                                     29,942          39,110
                                                                             -------------   -------------
       Total Expenses                                                              402,079         385,905
                                                                             -------------   -------------

Loss before equity in losses of
   Local Limited Partnerships                                                     (309,775)       (282,075)

Equity in losses of Local Limited
   Partnerships (Note 4)                                                        (1,886,030)     (1,745,890)
                                                                             -------------   -------------

Net Loss                                                                     $  (2,195,805)  $  (2,027,965)
                                                                             =============   =============

Net Loss allocated to:
   General Partner                                                           $     (21,958)  $     (20,280)
   Limited Partners                                                             (2,173,847)     (2,007,685)
                                                                             -------------   -------------
                                                                             $  (2,195,805)  $  (2,027,965)
                                                                             =============   =============
Net Loss per Limited Partnership Unit
    (36,497 Units)                                                           $       (59.56) $      (55.01)
                                                                             ==============  =============
</TABLE>

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

             STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                   For the Years Ended March 31, 2000 and 1999

<TABLE>
<CAPTION>


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

<S>                                 <C>             <C>         <C>               <C>            <C>
Balance at March 31, 1998           $(51,152)       $    100    $  26,570,553     $       (99)   $  26,519,402
                                    --------        --------    -------------     -----------    -------------

Comprehensive Income (Loss):
   Change in net unrealized losses
     on marketable securities
     available for sale                    -               -                -           1,152            1,152
   Net Loss                          (20,280)              -       (2,007,685)              -       (2,027,965)
                                    --------       ---------    -------------     -----------    -------------
Comprehensive Income (Loss)          (20,280)              -       (2,007,685)          1,152       (2,026,813)
                                    --------       ---------    -------------     -----------    -------------

Balance at March 31, 1999            (71,432)            100       24,562,868           1,053       24,492,589
                                   ---------       ---------    -------------     -----------    -------------

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

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

</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, 2000 and 1999

<TABLE>
<CAPTION>

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

Cash flows from operating activities:
<S>                                                                         <C>               <C>
   Net Loss                                                                 $  (2,195,805)    $ (2,027,965)
   Adjustments to reconcile net loss to net
     cash used for operating activities:
     Equity in losses of Local Limited Partnerships                             1,886,030        1,745,890
     Amortization                                                                  29,942           39,110
     Gain on sales and maturities of
     marketable securities                                                           (923)          (3,424)
     Increase (decrease) in cash arising from
       changes in operating assets and liabilities:
       Other assets                                                                   390              420
       Accounts payable to affiliate                                              136,795           73,416
       Accrued expenses                                                           (18,248)          14,599
                                                                            -------------     ------------
Net cash used for operating activities                                           (161,819)        (157,954)
                                                                            -------------     ------------

Cash flows from investing activities:
   Purchases of marketable securities                                            (596,988)      (1,174,765)
   Proceeds from sales and maturities of
     marketable securities                                                        586,638        1,209,947
   Cash distributions received from Local
     Limited Partnerships                                                         180,784           88,836
                                                                            -------------     ------------
Net cash provided by investing activities                                         170,434          124,018
                                                                            -------------     ------------

Net increase (decrease) in cash and cash equivalents                                8,615          (33,936)

Cash and cash equivalents, beginning                                              180,030          213,966
                                                                            -------------     ------------

Cash and cash equivalents, ending                                           $     188,645     $    180,030
                                                                            =============     ============


</TABLE>

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


                        NOTES TO THE FINANCIAL STATEMENTS


1.   Organization

Boston  Financial Tax Credit Fund VIII, A Limited  Partnership (the "Fund") is a
Massachusetts   limited  partnership   organized  to  invest  in  other  limited
partnerships  ("Local  Limited  Partnerships")  which own and operate  apartment
complexes  which are  eligible for low income  housing tax credits  which may be
applied against the federal income tax liability of an investor.

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

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

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

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

Under the terms of the Partnership  Agreement,  the Fund initially 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, 2000,  the General  Partner has
designated approximately $1,117,028 of marketable securities as such Reserve.

2.   Significant Accounting Policies

Basis of Presentation

The Fund accounts for its  investments in Local Limited  Partnerships  using the
equity method of accounting  because the Fund does not have control of the major
operating and financial  policies of the Local Limited  Partnerships in which it
invests.  Under the equity method,  the investment is carried at cost,  adjusted
for the Fund's

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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2.   Significant Accounting Policies (continued)

Basis of Presentation (continued)

share  of  income  or  loss  of  the  Local  Limited  Partnerships,   additional
investments  in and cash  distributions  from the  Local  Limited  Partnerships.
Equity in income or loss of the Local  Limited  Partnerships  is included in the
Fund's  operations.  The Fund has no obligation to fund liabilities of the Local
Limited   Partnerships   beyond  its  investment,   therefore  a  Local  Limited
Partnership's  investment  will not be carried  below  zero.  To the extent that
equity  losses are  incurred  or  distributions  received  when a Local  Limited
Partnership's respective investment balance has been reduced to zero, the losses
will be suspended to be used against future income.

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.

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

The Fund, as a limited partner in the Local Limited Partnerships,  is subject to
risks inherent in the ownership of properties 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, 1999 and 1998.

Use of Estimates

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

Cash Equivalents

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

Marketable Securities

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

Deferred Fees

Costs incurred in connection  with the  organization  of the Fund,  amounting to
$50,000, have been deferred and are completely amortized as of March 31, 2000.


<PAGE>

        BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2.    Significant Accounting Policies (continued)

Fair Value of Financial Instruments

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

Income Taxes

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

3.   Marketable Securities

A summary of marketable securities is as follows:
<TABLE>
<CAPTION>
                                                              Gross                 Gross
                                                           Unrealized            Unrealized            Fair
                                           Cost               Gains                Losses               Value
Debt securities issued by the
   US Treasury and other US
   government corporations
<S>                                     <C>                <C>                   <C>               <C>
   and agencies                         $ 1,224,106        $        51           $   (15,961)      $ 1,208,196

Mortgage backed securities                  241,732                 -                 (6,419)          235,313
                                        -----------        -----------           -----------       -----------

Marketable securities
   at March 31, 2000                    $ 1,465,838        $        51           $   (22,380)      $ 1,443,509
                                        ===========        ===========           ===========       ===========
</TABLE>

The contractual maturities at March 31, 2000 are as follows:
<TABLE>
<CAPTION>
                                                                                       Fair
                                                                       Cost            Value

<S>                                                                <C>              <C>
Due in less than one year                                          $   524,599      $   521,857
Due in one to five years                                               699,507          686,339
Mortgage backed securities                                             241,732          235,313
                                                                   -----------      -----------
                                                                   $1,465,838$        1,443,509

</TABLE>

Actual maturities may differ from contractual  maturities because some borrowers
have the  right  to call or  prepay  obligations.  Proceeds  from  the  sales of
marketable  securities were approximately $50,000 and $176,000 during the fiscal
years ended March 31, 2000 and 1999, respectively.  Proceeds from the maturities
of marketable  securities were approximately  $536,000 and $1,034,000 during the
fiscal years ended March 31, 2000 and 1999, respectively. Included in investment
income are gross  gains of $923 and  $4,411  which  were  realized  on the sales
during  the fiscal  years  ended  March 31,  2000 and 1999,  respectively.  Also
included in  investment  income are gross losses of $987 which were  realized on
the sales during the fiscal year ended March 31, 1999.

<PAGE>
            BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
                  NOTES TO THE FINANCIAL STATEMENTS (continued)


4.   Investments in Local Limited Partnerships

The Fund uses the equity method to account for its limited partner  interests in
ten Local  Limited  Partnerships  which  own and  operate  multi-family  housing
complexes. The Fund, as Investor Limited Partner,  pursuant to the Local Limited
Partnership  Agreements,   which  contain  certain  operating  and  distribution
restrictions,  has acquired a 99% interest in the profits,  losses,  tax credits
and cash flows  from  operations  of the Local  Limited  Partnerships,  with the
exception of Springwood,  Hemlock Ridge, Pike Place and West End Place which are
79.20%,  77%, 90% and 90%,  respectively.  Another  partnership  sponsored by an
affiliate of the General Partner owns the remaining  19.80% Limited  Partnership
interest in Springwood. Upon dissolution, proceeds will be distributed according
to the partnership agreements.

The following is a summary of Investments in Local Limited Partnerships at March
31, 2000:
<TABLE>
<CAPTION>


Capital Contributions paid to Local
<S>                                                                                          <C>
   Limited Partnerships                                                                      $  29,264,859

Cumulative equity in losses of Local
   Limited Partnerships                                                                         (8,680,809)

Cumulative cash distributions received
   from Local Limited Partnerships                                                                (353,320)

Investments in Local Limited Partnerships                                                     ------------
   before adjustments                                                                           20,230,730

Excess of investment cost over the underlying net assets acquired:

     Acquisition fees and expenses                                                               1,048,010

     Accumulated amortization of acquisition
         fees and expenses                                                                        (140,831)
                                                                                             -------------
Investments in Local Limited Partnerships                                                    $  21,137,909
                                                                                             =============
</TABLE>


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


4.   Investments in Local Limited Partnerships (continued)

Summarized  financial  information  as of December 31, 1999 and 1998 (due to the
Fund's  policy of  reporting  the  financial  information  of its Local  Limited
Partnership  interests  on  a 90  day  lag  basis)  of  the  ten  Local  Limited
Partnerships  in  which  the  Fund was  invested  in as of the  that  date is as
follows:
<TABLE>
<CAPTION>

Summarized Balance Sheets - as of December 31,
                                                                                  1999             1998
                                                                             -------------     ------------
Assets:
<S>                                                                          <C>               <C>
   Investment property, net                                                  $  62,327,142     $  64,711,442
   Current assets                                                                1,066,150           880,542
   Other assets                                                                  2,475,224         2,478,753
                                                                             -------------     -------------
     Total Assets                                                            $  65,868,516     $  68,070,737
                                                                             =============     =============

Liabilities and Partners' Equity:
   Long-term debt                                                            $  36,812,575     $  37,318,536
   Current liabilities                                                           2,753,343         1,956,075
   Other liabilities                                                             5,384,057         5,517,363
                                                                             -------------     -------------
     Total Liabilities                                                          44,949,975        44,791,974

   Fund's Equity                                                                20,475,760        22,537,757
   Other Partners' Equity                                                          442,781           741,006
                                                                             -------------     -------------
     Total Liabilities and Partners' Equity                                  $  65,868,516     $  68,070,737
                                                                             =============     =============

Summarized Income Statements - for
the year ended December 31,

Rental and other income                                                      $   7,641,370     $   7,809,919
                                                                             -------------     -------------

Expenses:
   Operating                                                                     3,891,489         3,805,421
   Depreciation and amortization                                                 2,587,287         2,667,667
   Interest                                                                      3,227,127         3,260,386
                                                                             -------------     -------------
     Total Expenses                                                              9,705,903         9,733,474
                                                                             -------------     -------------

Net Loss                                                                     $  (2,064,533)    $  (1,923,555)
                                                                             =============     =============

Fund's share of Net Loss                                                     $  (1,886,030)    $  (1,745,890)
                                                                             =============     =============
Other partners' share of Net Loss                                            $    (178,503)    $    (177,665)
                                                                             =============     =============
</TABLE>

The Fund's equity as reflected by the Local Limited  Partnerships of $20,475,760
differs  from the  Fund's  Investments  in  Local  Limited  Partnerships  before
adjustments of $20,230,730  principally  because of differences in miscellaneous
items.


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


5.   Transactions with Affiliates

An  affiliate  of the  General  Partner  receives  the base amount of 0.577% (as
adjusted by the CPI factor) of Gross  Proceeds  annually as an Asset  Management
Fee for administering the affairs of the Fund. Asset Management Fees of $210,716
and  $206,220  for the years ended March 31, 2000 and 1999,  respectively,  have
been included in expenses.  Included in accounts  payable to affiliates at March
31, 2000 and 1999 is $447,827  and $327,111 of Asset  Management  Fees due to an
affiliate of the General Partner.

An affiliate  of the General  Partner is  reimbursed  for the actual cost of the
Fund's operating expenses.  Included in general and administrative  expenses for
the years ended March 31, 2000 and 1999,  is $88,541 and $77,890,  respectively,
that the Fund has paid as reimbursement  for salaries and benefits.  As of March
31, 2000 and 1999, $31,201 and $15,122, respectively, is payable to an affiliate
of the General Partner for salaries and benefits.

An affiliate of the Managing General Partner  currently  manages one property in
which the Fund has invested.  The property management fee charged is equal to 4%
of cash  receipts.  Included  in  operating  expenses in the  summarized  income
statements in Note 4 to the Financial  Statements is $40,126 and $34,183 of fees
earned  by this  affiliate  for the  years  ended  December  31,  1999 and 1998,
respectively.

6.   Federal Income Taxes

The following schedule  reconciles the reported financial statement loss for the
fiscal  years  ended  March 31,  2000 and 1999 to the loss  reported on the Form
1065,  U.S.  Partnership  Return of Income for the years ended December 31, 1999
and 1998:
<TABLE>
<CAPTION>

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

<S>                                                                             <C>              <C>
Net Loss per financial statements                                               $  (2,195,805)   $  (2,027,965)

   Adjustment for equity in losses of Local Limited
     Partnerships for tax purposes in excess of equity in
     losses for financial reporting purposes                                         (342,686)        (415,055)

   Adjustment to reflect March 31 fiscal year end
     to December 31 tax year end                                                       11,181          (21,788)

   Related party expenses not deductible for tax purposes                             391,776          407,821

   Related party expenses paid in current year but expensed
     for financial reporting purposes in prior year                                  (407,821)        (204,761)

   Amortization of acquisition fees and expenses for tax
     purposes in excess of amortization for financial reporting
     purposes                                                                          (8,167)          (8,166)
                                                                                -------------    -------------

Net Loss per tax return                                                         $  (2,551,522)   $  (2,269,914)
                                                                                =============    =============


</TABLE>
<PAGE>


           BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
                  NOTES TO THE FINANCIAL STATEMENTS (continued)


6.   Federal Income Taxes (continued)

The differences in the assets and  liabilities of the Fund for financial
reporting  purposes and tax reporting  purposes for the year ended March 31,
2000 are as follows:
<TABLE>
<CAPTION>

                                                      Financial                  Tax
                                                      Reporting               Reporting
                                                      Purposes                Purposes          Differences

<S>                                                <C>                     <C>                 <C>
Investments in Local Limited Partnerships          $  21,137,909           $  18,654,115       $   2,483,794
                                                   =============           =============       =============
Other assets                                       $   1,650,619           $   6,483,763       $  (4,833,144)
                                                   =============           =============       =============
Liabilities                                        $     515,126           $      48,781       $     466,345
                                                   =============           =============       =============

The  differences in assets and  liabilities of the Fund for financial  reporting
purposes are primarily attributable to: (i) the cumulative equity in losses from
Local  Limited   Partnerships  for  tax  reporting   purposes  is  approximately
$2,322,000 greater than for financial reporting purposes;  (ii) the amortization
of acquisition fees for tax return purposes exceeds financial reporting purposes
by  approximately   $29,000;   (iii)   organizational   and  offering  costs  of
approximately  $4,664,000 that have been capitalized for tax reporting  purposes
are charged to Limited Partners' equity for financial  reporting  purposes;  and
(iv)  related  party  expenses  which are  deductible  for  financial  reporting
purposes of  approximately  $447,000 but are not  deductible  for tax  reporting
purposes.

The differences in the assets and  liabilities of the Fund for financial
reporting  purposes and tax reporting  purposes for the year ended March 31,
1999 are as follows:

                                                      Financial                  Tax
                                                      Reporting               Reporting
                                                      Purposes                Purposes          Differences

Investments in Local Limited Partnerships          $  23,234,665           $  21,103,905       $   2,130,760
                                                   =============           =============       =============
Other assets                                       $   1,654,503           $   6,584,853       $  (4,930,350)
                                                   =============           =============       =============
Liabilities                                        $     396,579           $      48,139       $     348,440
                                                   =============           =============       =============
</TABLE>

The  differences in assets and  liabilities of the Fund for financial  reporting
purposes are primarily attributable to: (i) the cumulative equity in losses from
Local  Limited   Partnerships  for  tax  reporting   purposes  is  approximately
$1,979,000 greater than for financial reporting purposes;  (ii) the amortization
of acquisition fees for tax return purposes exceeds financial reporting purposes
by  approximately   $21,000;   (iii)   organizational   and  offering  costs  of
approximately  $4,664,000 that have been capitalized for tax reporting  purposes
are charged to Limited Partners' equity for financial  reporting  purposes;  and
(iv)  related  party  expenses  which are  deductible  for  financial  reporting
purposes of  approximately  $327,000 but are not  deductible  for tax  reporting
purposes.



<PAGE>