August 13, 1997
Securities and Exchange Commission
Filer Support, Edgar
Operation Center, Stop 0-7
6432 General Green Way
Alexandria, VA 22312
Re: Boston Financial Tax Credit Fund Plus, A Limited Partnership
Report on Form 10-Q for Quarter Ended June 30, 1997
File No. 0-22104
Gentlemen:
Pursuant to the requirements of Section 15(d) of the Securities Exchange Act of
1934, there is filed herewith one copy of subject report.
Very truly yours,
/s/Veronica J. Curioso
Veronica J. Curioso
Assistant Controller
QH2-10Q1.DOC
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act
of 1934
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1997
----------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
------------------- -------------------
For Quarter Ended June 30, 1997 Commission file number 0-22104
----------------- ----------------
Boston Financial Tax Credit Fund Plus, A Limited Partnership
(Exact name of registrant as specified in its charter)
Massachusetts 04-3105699
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
101 Arch Street, Boston, Massachusetts 02110-1106
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-3911
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 .
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION Page No.
--------
Item 1. Financial Statements
Combined Balance Sheets - June 30, 1997 (Unaudited)
and March 31, 1997 1
Combined Statements of Operations (Unaudited) -
For the Three Months Ended June 30, 1997 and 1996 2
Combined Statement of Changes in Partners' Equity (Deficiency)
(Unaudited) - For the Three Months Ended June 30, 1997 3
Combined Statements of Cash Flows (Unaudited) -
For the Three Months Ended June 30, 1997 and 1996 4
Notes to Combined Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
PART II - OTHER INFORMATION
Items 1-6 12
SIGNATURE 13
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
<TABLE>
<CAPTION>
COMBINED BALANCE SHEETS
June 30, March 31,
1997 1997
(Unaudited)
Assets
<S> <C> <C>
Cash and cash equivalents $ 555,478 $ 381,519
Restricted cash (Note 1) 150,727 -
Marketable securities, at fair value 1,099,038 998,695
Other investments (Note 2) 1,351,539 1,325,714
Accounts receivable 8,146 7,943
Mortgagee escrow deposits 17,916 13,345
Tenant security deposits 4,040 3,639
Investments in Local Limited Partnerships (Note 1) 19,051,236 19,511,417
Rental property at cost, net of accumulated depreciation 715,001 727,397
Other assets 19,676 19,505
-------------- -------------
Total Assets $ 22,972,797 $ 22,989,174
============== =============
Liabilities and Partners' Equity
Accounts payable to affiliates $ 910,965 $ 881,741
Accounts payable and accrued expenses 51,294 51,702
Accrued interest 1,743 1,743
Mortgage notes payable 739,994 739,994
Security deposits payable 4,065 3,639
-------------- -------------
Total Liabilities 1,708,061 1,678,819
-------------- -------------
Minority interest in Local Limited Partnership (822) (685)
-------------- -------------
Commitments (Note 3)
General, Initial and Investor Limited Partners' Equity 21,261,336 21,312,631
Net unrealized gain (loss) on marketable securities 4,222 (1,591)
-------------- -------------
Total Partners' Equity 21,265,558 21,311,040
-------------- -------------
Total Liabilities and Partners' Equity $ 22,972,797 $ 22,989,174
============== =============
</TABLE>
The accompanying notes are an integral part of these combined
financial statements.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
<TABLE>
<CAPTION>
COMBINED STATEMENTS OF OPERATIONS
For the Three Months Ended June 30, 1997 and 1996
(Unaudited)
1997 1996
------------- ---------
<S> <C> <C>
Revenue:
Rental $ 28,645 $ 22,398
Investment 21,251 15,362
Accretion of Original Issue Discount 25,825 23,901
Other 84,190 31,734
------------- -------------
Total Revenue 159,911 93,395
------------- -------------
Expenses:
Asset management fees, related party 42,662 44,359
General and administrative (includes reimbursements
to an affiliate in the amounts of $29,837 and
$26,028, respectively) 55,425 70,068
Rental operations, exclusive of depreciation 22,716 22,672
Property management fees, related party 2,756 1,799
Interest 7,055 3,220
Depreciation 12,396 10,562
Amortization 8,051 10,853
------------- -------------
Total Expenses 151,061 163,533
------------- -------------
Net Income (Loss) before minority interest and equity in losses
of Local Limited Partnerships 8,850 (70,138)
Equity in losses of Local Limited Partnerships (60,282) (614,623)
Minority interest in loss of Local Limited Partnership 137 149
------------- -------------
Net Loss $ (51,295) $ (684,612)
============= =============
Net Income (Loss) per Limited Partnership Unit:
Class A Unit (34,643 Units) $ (2.06) $ (18.95)
============= =============
Class B Unit (3,290 Units) $ 6.36 $ (6.38)
============= =============
</TABLE>
The accompanying notes are an integral part of these combined
financial statements.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
<TABLE>
<CAPTION>
COMBINED STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
For the Three Months Ended June 30, 1997
(Unaudited)
Investor Investor Net
Initial Limited Limited Unrealized
General Limited Partners, Partners, Gains
Partners Partner Class A Class B (Losses) Totals
<S> <C> <C> <C> <C> <C> <C>
Balance at March 31, 1997 $(117,026) $ 5,000 $ 18,813,649 $ 2,611,008 $ (1,591) $ 21,311,040
Net Income (Loss) (771) - (71,463) 20,939 - (51,295)
Net change in net unrealized losses
on marketable securities
available for sale - - - - 5,813 5,813
---------- -------- ------------ ----------- ----------- ------------
Balance at June 30, 1997 $ (117,797) $ 5,000 $ 18,742,186 $ 2,631,947 $ 4,222 $ 21,265,558
========== ======== ============ =========== =========== ============
</TABLE>
The accompanying notes are an integral part of these combined
financial statements.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
<TABLE>
<CAPTION>
COMBINED STATEMENTS OF CASH FLOWS
For the Three Months Ended June 30, 1997 and 1996
(Unaudited)
1997 1996
------------- ---------
<S> <C> <C>
Net cash provided by (used for) operating activities $ 15,678 $ (20,498)
------------- ------------
Cash flows from investing activities:
Investment in Local Limited Partnership (10,753) -
Return of investment in Local Limited Partnership 396,477 -
Purchases of marketable securities (497,577) -
Proceeds from sales and maturities of marketable securities 403,939 49,101
Restricted cash (150,727) -
Payment of acquisition fees and expenses - (11,790)
Cash distributions received from Local
Limited Partnerships 16,922 80,801
Purchase of rental property and equipment - (1,529)
------------- ------------
Net cash provided by investing activities 158,281 116,583
------------- ------------
Net increase in cash and cash equivalents 173,959 96,085
Cash and cash equivalents, beginning 381,519 489,191
------------- ------------
Cash and cash equivalents, ending $ 555,478 $ 585,276
============= ============
Supplemental disclosure of cash flow activity:
Cash paid for interest $ 7,055 $ 3,220
============= ============
</TABLE>
The accompanying notes are an integral part of these combined
financial statements.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
Notes to Combined Financial Statements
(Unaudited)
The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10-Q and do not include all of the
information and note disclosures required by generally accepted accounting
principles. These statements should be read in conjunction with the financial
statements and notes thereto included with the Partnership's 10-K for the year
ended March 31, 1997. In the opinion of management, these financial statements
include all adjustments, consisting only of normal recurring adjustments,
necessary to present fairly the Partnership's financial position and results of
operations. The results of operations for the periods may not be indicative of
the results to be expected for the year. Certain reclassifications have been
made to prior period financial statements to conform to current period
classifications.
1. Investments in Local Limited Partnerships
The Fund uses the equity method to account for its limited partner interests in
twenty-six Local Limited Partnerships, excluding the Combined Entity, which own
and operate multi-family housing complexes, most of which are government
assisted. The Fund, as Investor Limited Partner pursuant to the various Local
Limited Partnership Agreements, has generally acquired a 99% interest in the
profits, losses, tax credits and cash flows from operations of each of the Local
Limited Partnerships except for an 82%, 98.75% and 97.9% interest in Livingston
Arms, Metropolitan and New Garden Place, respectively. Upon dissolution,
proceeds will be distributed according to each respective partnership agreement.
The following is a summary of Investments in Local Limited Partnerships,
excluding the Combined Entity, at June 30, 1997:
<TABLE>
<CAPTION>
<S> <C>
Capital contributions paid to Local Limited Partnerships and purchase price paid
to withdrawing partners of Local Limited
Partnerships $ 27,807,154
Cumulative equity in losses of Local Limited Partnerships (excluding
cumulative unrecognized losses of $1,615,305) (9,438,230)
Cash distributions received from Local Limited Partnerships (348,206)
-------------
Investments in Local Limited Partnerships before adjustments 18,020,718
Excess of investment cost over the underlying net assets acquired:
Acquisition fees and expenses 1,168,545
Accumulated amortization of acquisition fees and expenses (138,027)
-------------
Investments in Local Limited Partnerships $ 19,051,236
</TABLE>
The Fund's share of the net losses of the Local Limited Partnerships, excluding
the Combined Entity, for the three months ended June 30, 1997 is $550,489. For
the three months ended June 30, 1997, the Fund has not recognized $501,004 of
equity in losses relating to a Local Limited Partnership in which cumulative
equity in losses and cumulative distributions have exceeded its total
investment.
On September 1, 1995, Village Oaks, a Texas Partnership, transferred its assets
and liabilities to Texas Properties Limited Partnership VI, a Massachusetts
Limited Partnership, also known as Leatherwood Terrace ("Leatherwood"), a
Partnership of which the managing general partner is affiliated with the Fund's
Managing General Partner. Leatherwood continues to be presented on a combined
basis with the Fund.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
Notes to Combined Financial Statements (continued)
(Unaudited)
1. Investments in Local Limited Partnerships (continued)
The Fund has restricted cash in an escrow account to be used for future capital
contributions related to its investment in one Local Limited Partnership.
Interest earned on this deposit is payable to the Local General Partner. At June
30, 1997, $1,362 is included in accounts payable to an affiliate.
2. Other Investments
Other investments consists of the aggregate cost of the Treasury STRIPS
purchased by the Fund for the benefit of the Class B Limited Partners. The
amortized cost and current fair value at June 30, 1997 is composed of the
following:
<TABLE>
<CAPTION>
<S> <C>
Aggregate cost of Treasury STRIPS $ 918,397
Accumulated accretion of
Original Issue Discount 433,142
$ 1,351,539
</TABLE>
Maturity dates for the STRIPS held at June 30, 1997 range from February 15,
2007 to May 15, 2010 with a final maturity value of $3,290,000.
3. Commitments
At June 30, 1997, the Fund has committed to make future capital contributions
and pay future purchase price installments on its investments in Local Limited
Partnerships. These future payments are contingent upon the achievement of
certain criteria as set forth in the Local Limited Partnership Agreements and
total approximately $785,800.
4. Liquidation of Interests in Local Limited Partnerships
As previously reported, the Managing General Partner has transferred all of the
assets of two of the Texas Partnerships (Tamaric and Northwest), subject to
their liabilities, to unaffiliated entities. The transfers were effective May
31, 1996. The Managing General Partner is finalizing the sale of the remaining
property, Leatherwood, which should occur by the end of the third quarter of
1997. For tax purposes, this event will result in both Section 1231 Gain and
Cancellation of Indebtedness income for the partners, which will be reported on
the 1997 Schedule K-1 (filed in 1998). In addition, the transfer of ownership
will result in a nominal amount of tax credit recapture because Leatherwood
represents less than 1% of the Fund's tax credits. For financial reporting
purposes, the carrying value of Leatherwood's real estate has been written down
to its estimated fair value.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
Notes to Combined Financial Statements (continued)
(Unaudited)
5. Supplemental Combining Schedules
<TABLE>
<CAPTION>
Balance Sheets
Boston Financial
Tax Credit Combined
Fund Plus (A) Entity (B) Eliminations Combined
Assets
<S> <C> <C> <C> <C>
Cash and cash equivalents $ 554,702 $ 776 $ - $ 555,478
Restricted cash 150,727 - - 150,727
Marketable securities, at fair value 1,099,038 - - 1,099,038
Other investments 1,351,539 - - 1,351,539
Accounts receivable 8,492 8,146 (8,492) 8,146
Mortgagee escrow deposits - 17,916 - 17,916
Tenant security deposits - 4,040 - 4,040
Investments in Local Limited
Partnerships 19,014,701 - 36,535 19,051,236
Rental property at cost, net - 715,001 - 715,001
Other assets 19,676 - - 19,676
-------------- ------------ ------------ -------------
Total Assets $ 22,198,875 $ 745,879 $ 28,043 $ 22,972,797
============== ============ ============ =============
Liabilities and Partners' Equity (Deficiency)
Accounts payable to affiliates $ 910,055 $ 9,402 $ (8,492) $ 910,965
Accounts payable and accrued
expenses 23,262 28,032 - 51,294
Accrued interest - 1,743 - 1,743
Mortgage notes payable - 739,994 - 739,994
Security deposits payable - 4,065 - 4,065
-------------- ------------ ------------ -------------
Total Liabilities 933,317 783,236 (8,492) 1,708,061
-------------- ------------ ------------ -------------
Minority interest in Local Limited
Partnership - - (822) (822)
-------------- ------------ ------------ -------------
General, Initial and Investor
Limited Partners' Equity (Deficiency) 21,261,336 (37,357) 37,357 21,261,336
Net unrealized gain on
marketable securities 4,222 - - 4,222
-------------- ------------ ------------ -------------
Total Partners' Equity (Deficiency) 21,265,558 (37,357) 37,357 21,265,558
-------------- ------------ ------------ -------------
Total Liabilities and
Partners' Equity (Deficiency) $ 22,198,875 $ 745,879 $ 28,043 $ 22,972,797
============== ============ ============ =============
</TABLE>
(A) As of June 30, 1997
(B) As of March 31, 1997
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
Notes to Combined Financial Statements (continued)
(Unaudited)
5. Supplemental Combining Schedules (continued)
<TABLE>
<CAPTION>
Statements of Operations
Boston Financial
Tax Credit Combined
Fund Plus (A) Entity (B) Eliminations Combined
<S> <C> <C> <C> <C>
Revenue:
Rental $ - $ 28,645 $ - $ 28,645
Investment 21,251 - - 21,251
Accretion of Original Issue Discount 25,825 - - 25,825
Other 81,581 2,609 - 84,190
------------ ----------- ------------ -------------
Total Revenue 128,657 31,254 - 159,911
------------ ----------- ------------ -------------
Expenses:
Asset management fees, related party 42,662 - - 42,662
General and administrative 55,425 - - 55,425
Rental operations, exclusive of
depreciation - 22,716 - 22,716
Property management fees,
related party - 2,756 - 2,756
Interest - 7,055 - 7,055
Depreciation - 12,396 12,396
Amortization 8,051 - - 8,051
------------ ----------- ------------ -------------
Total Expenses 106,138 44,923 - 151,061
------------ ----------- ------------ -------------
Net income (loss) before minority
interest and equity in losses of
Local Limited Partnerships 22,519 (13,669) - 8,850
Equity in losses of Local
Limited Partnerships (73,814) - 13,532 (60,282)
Minority interest in loss of
Local Limited Partnership - - 137 137
------------ ----------- ------------ -------------
Net Loss $ (51,295) $ (13,669) $ 13,669 $ (51,295)
============ =========== ============ =============
</TABLE>
(A) For the three months ended June 30, 1997.
(B) For the three months ended March 31, 1997.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
Notes to Combined Financial Statements (continued)
(Unaudited)
5. Supplemental Combining Schedules (continued)
<TABLE>
<CAPTION>
Statements of Cash Flows
Boston Financial
Tax Credit Combined
Fund Plus (A) Entity (B) Eliminations Combined
<S> <C> <C> <C> <C>
Net cash provided by
operating activities $ 15,234 $ 444 $ - $ 15,678
-------------- ------------ -------------- ----------------
Cash flows from investing activities:
Investment in Local Limited Partnership (10,753) - - (10,753)
Return of investment in
Local Limited Partnership 396,477 - - 396,477
Purchases of marketable securities (497,577) - - (497,577)
Proceeds from sales and maturities
of marketable securities 403,939 - - 403,939
Restricted cash (150,727) - - (150,727)
Cash distributions received from
Local Limited Partnerships 16,922 - - 16,922
-------------- ------------ -------------- ----------------
Net cash provided by investing
activities 158,281 - - 158,281
-------------- ------------ -------------- ----------------
Net increase in cash and
cash equivalents 173,515 444 - 173,959
Cash and cash equivalents, beginning 381,187 332 - 381,519
-------------- ------------ -------------- ----------------
Cash and cash equivalents, ending $ 554,702 $ 776 $ - $ 555,478
============== ============ ============== ================
</TABLE>
(A) For the three months ended June 30, 1997.
(B) For the three months ended March 31, 1997.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
At June 30, 1997, the Fund, including the Combined Entity, had cash and cash
equivalents of $555,478, compared with $381,519 at March 31, 1997. The increase
is attributable to a return of investment in a Local Limited Partnership, net of
restricted cash held in escrow and investments made in a Local Limited
Partnership, cash distributions received from Local Limited Partnerships and
cash provided by operating activities. These increases are offset by purchases
of marketable securities in excess of proceeds from sales and maturities of
marketable securities.
Under the terms of the Partnership Agreement, the Fund initially designated 4%
of the Adjusted Gross Proceeds (which generally means Gross Proceeds minus the
amounts committed to the acquisition of Treasury STRIPS) from the sale of Units
as a reserve for working capital of the Fund and contingencies related to the
ownership of Local Limited Partnership interests. The Managing General Partner
may increase or decrease such Reserves from time to time, as it deems
appropriate. Funds totaling approximately $292,000 have been withdrawn from the
Reserve Account to pay legal and other fees relating to various property issues.
This amount includes approximately $290,000 relating to the Texas Partnerships.
At June 30, 1997, approximately $986,000 of cash, cash equivalents and
marketable securities have been designated as Reserves. Management believes that
the investment income earned on the Reserves, along with cash distributions
received from Local Limited Partnerships, to the extent available, will be
sufficient to fund the Fund's ongoing operations. Reserves may be used to fund
operating deficits, if the Managing General Partner deems funding appropriate.
If Reserves are not adequate to cover Fund operations, the Fund will seek other
funding sources including, but not limited to, the deferral of Asset Management
Fees to an affiliate of the General Partner or working with Local Limited
Partnerships to increase cash distributions.
At June 30, 1997, the Fund has committed to make future capital contributions
and pay future purchase price installments on its investments in Local Limited
Partnerships. These future payments are contingent upon the achievement of
certain criteria as set forth in the Local Limited Partnership Agreements and
total approximately $785,800.
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, at June 30, 1997, the Fund had no contractual or other
obligation to any Local Limited Partnership which had not been paid or provided
for, except as noted above. In the event a Local Limited Partnership encounters
operating difficulties requiring additional funds, the Fund might deem it in its
best interest to provide such funds, voluntarily, in order to protect its
investment. In addition to the $290,000 noted above, the Fund has also advanced
approximately $38,000 to the Texas Partnerships to fund operating deficits.
Cash Distributions
No cash distributions were made during the three months ended June 30, 1997.
Results of Operations
The Fund's results of operations for the three months ended June 30, 1997
resulted in a net loss of $51,295 as compared to a net loss of $684,612 for the
same period in 1996. The decrease in net loss is primarily attributable to a
decrease in equity in losses of Local Limited Partnerships and an increase in
other revenue. The decrease in equity in losses of Local Limited Partnerships is
the result of an increase in unrecognized losses relating to a certain Local
Limited Partnership. During the three months ended June 30, 1997, losses
relating to prior years have been unrecognized for this Local Limited
Partnership. This change is due to a return of investment from this Local
Limited Partnership during the three months ended June 30, 1997. The increase in
other revenue is due to interest income received on an escrow which had been
held for the Local Limited Partnership described above.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Property Discussions
All of the properties owned by the Local Limited Partnerships in which the Fund
has invested have been completed and achieved initial lease-up. Operations at
most properties are stable and a majority of the properties are operating at
break-even or generating operating cash flow. However, a few properties are
experiencing significant issues. In most cases, the Local General Partners are
funding operating deficits through project expense loans, subordinated loans or
payments from operating escrows. In instances where the Local General Partners
have stopped funding deficits because their obligation to do so has expired or
otherwise, the Managing General Partner is working with the Local General
Partner to increase operating income, reduce expenses or refinance the debt in
order to improve property cash flow.
As previously reported, the Managing General Partner has transferred all of the
assets of two of the Texas Partnerships (Tamaric and Northwest), subject to
their liabilities, to unaffiliated entities. The transfers were effective May
31, 1996. The Managing General Partner is finalizing the sale of the remaining
property, Leatherwood, which should occur by the end of the third quarter of
1997. For tax purposes, this event will result in both Section 1231 Gain and
Cancellation of Indebtedness income for the partners, which will be reported on
the 1997 Schedule K-1 (filed in 1998). In addition, the transfer of ownership
will result in a nominal amount of tax credit recapture because Leatherwood
represents less than 1% of the Fund's tax credits. For financial reporting
purposes, the carrying value of Leatherwood's real estate has been written down
to its estimated fair value.
The Local General Partner of Capitol Park in Oklahoma City, Oklahoma has filed a
Chapter 7 liquidation plan for the property as a result of low occupancy,
deferred maintenance and security issues. Meanwhile, an affiliate of the
Managing General Partner continues to negotiate with the Local General Partner
and lender to identify and implement a dissolution plan to minimize the tax
impact on the Fund. It is likely that a plan will include capital funding from
the Fund's Reserves. Pending the outcome of these negotiations, it appears
unlikely that the Fund will be able to retain its interest in the property
through 1997. Such an event would trigger tax credit recapture, plus interest,
and the allocation of taxable income to the Fund. The Partnership's carrying
value of this investment is zero.
Operations at Broadway Tower, located in Revere, Massachusetts, have improved
resulting from stabilized occupancy, currently at 100%. Recently, the Local
General Partner successfully negotiated with the local housing authority for
Section 8 rent increases and has begun implementing plans to decrease expenses
associated with tenant turnover and maintenance contracts. Deficits are
currently being funded by the Local General Partner.
As previously reported, despite the 1994 debt restructure, Bancroft Street
Apartments, located in Toledo, Ohio, continues to experience operating deficits
primarily due to occupancy issues and deteriorating market conditions. The
management agent, which is currently funding the deficits, is addressing these
problems by enhancing tenant screening and marketing efforts, as well as
implementing on-site tenant social programs.
Despite initial construction issues in 1994, all apartments units of
Metropolitan Apartments in Chicago, Illnois were brought to code and inhabitable
status by fall of 1996. Strict leasing policies have been implemented and
occupancy as of June 30, 1997 has improved to 60%. Successful occupancy levels
at the property depend upon locating tenants which meet these strict leasing
policies. The Local General Partner has contributed in excess of $750,000 for
the construction rehabilitation and operating deficits which exceeds its
obligations. It is possible that Fund reserves may be required to fund operating
deficits if the Local General Partner is unwilling to fund future deficits. To
help mitigate some of these deficits, the Local and Managing General Partners
are working with the lender to substitute fixed rate debt for the variable rate
mortgage currently on the property.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
PART II OTHER INFORMATION
Items 1-5 Not applicable
Item 6 Exhibits and reports on Form 8-K
(a)Exhibits - None
(b)Reports on Form 8-K - No reports on Form 8-K were filed
during the quarter ended June 30, 1997.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
SIGNATURE
Pursuant to the requirements 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.
DATED: August 13, 1997 BOSTON FINANCIAL TAX CREDIT FUND PLUS,
A LIMITED PARTNERSHIP
By: Arch Street VI, Inc.,
its Managing General Partner
/s/Vincent J. Costantini
Vincent J. Costantini
Treasurer and Chief Financial Officer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> JUN-30-1997
<CASH> 555,478
<SECURITIES> 1,099,038
<RECEIVABLES> 8,146
<ALLOWANCES> 000
<INVENTORY> 000
<CURRENT-ASSETS> 000
<PP&E> 000
<DEPRECIATION> 000
<TOTAL-ASSETS> 22,972,797<F1>
<CURRENT-LIABILITIES> 000
<BONDS> 000
000
000
<COMMON> 000
<OTHER-SE> 21,265,558
<TOTAL-LIABILITY-AND-EQUITY> 22,972,797<F2>
<SALES> 000
<TOTAL-REVENUES> 159,911<F3>
<CGS> 000
<TOTAL-COSTS> 000
<OTHER-EXPENSES> 144,006<F4>
<LOSS-PROVISION> 000
<INTEREST-EXPENSE> 7,055
<INCOME-PRETAX> 000
<INCOME-TAX> 000
<INCOME-CONTINUING> 000
<DISCONTINUED> 000
<EXTRAORDINARY> 000
<CHANGES> 000
<NET-INCOME> (51,295)<F5>
<EPS-PRIMARY> (2.06)
<EPS-DILUTED> 000
<FN>
<F1>Included in total assets is Restricted cash of $150,727, Tenant security
deposits $4,040, Other assets $19,676, Mortgagee escrow deposits $17,916,
Investments in Local Limited Partnerships $19,051,236, Other
investments $1,351,539 and Rental Property $715,001.
<F2>Included in Total Liability and Equity is Accounts payable to affiliates
$910,965, Accounts payable and accrued expenses $51,294, Accrued interest
$1,743, Mortgage notes payable $739,994, Security deposits payable $4,065 and
Minority interest in Local Limited Partnerships $(822).
<F3>Total revenues includes Rental $28,645, Investment $21,251, Accretion of
Orginal Issue Discount $25,825 and Other $84,190.
<F4>Included in Other Expenses is Asset Management fees $42,662, General and
Administrative $55,425, Property Management fees $2,756, Rental operations,
exclusive of depreciation $22,716, Depreciation $12,396 and Amortization $8,051.
<F5>Net Loss reflects: Equity in losses of Local Limited Partnerships of
$60,282 and minority interest in loss of Local Limited Partnership $137.
</FN>
</TABLE>
