August 14, 2007
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Boston Financial Tax Credit Fund VIII, A Limited Partnership
Report on Form 10-QSB for the Quarter Ended June 30, 2007
File Number 0-26522
Dear Sir/Madam:
Pursuant to the requirements of Section 15(d) of the Securities Exchange Act of
1934, filed herewith is a copy of subject report.
Very truly yours,
/s/Patricia Olsen-Goldberg
Patricia Olsen-Goldberg
Controller
TC8-Q1.DOC
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(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, 2007
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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
--------------------------------------------------------
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 .
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION Page No.
- ------------------------------ --------
Item 1. Financial Statements
Balance Sheet (Unaudited) - June 30, 2007 1
Statements of Operations (Unaudited) - For the Three
Months Ended June 30, 2007 and 2006 2
Statement of Changes in Partners' Equity (Unaudited) -
For the Three Months Ended June 30, 2007 3
Statements of Cash Flows (Unaudited) - For the Three
Months Ended June 30, 2007 and 2006 4
Notes to the Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
Item 3. Controls and Procedures
11
PART II - OTHER INFORMATION
Items 1-6 12
SIGNATURE 13
CERTIFICATIONS 14
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
BALANCE SHEET
June 30, 2007
(Unaudited)
Assets
Cash and cash equivalents $ 886,956
Investments in Local Limited Partnerships (Note 1) 7,156,752
---------------
Total Assets $ 8,043,708
===============
Liabilities and Partners' Equity
Due to affiliate $ 1,154,459
Accrued expenses 19,358
---------------
Total Liabilities 1,173,817
---------------
General, Initial and Investor Limited Partners' Equity 6,869,891
---------------
Total Liabilities and Partners' Equity $ 8,043,708
===============
The accompanying notes are an integral part of these financial statements.
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
For the Three Months Ended June 30, 2007 and 2006
(Unaudited)
2007 2006
---------------- ----------
Revenue:
Investment $ 935 $ 7,025
----------------- ----------------
Total Revenue 935 7,025
---------------- ----------------
Expense:
Asset management fees, related party 63,195 61,653
Provision for valuation allowance on advances to Local
Limited Partnerships - 136,323
General and administrative (includes reimbursements
to an affiliate in the amount of $20,878 and
$18,276 in 2007 and 2006, respectively) 43,200 87,968
Amortization 3,174 3,437
---------------- ----------------
Total Expenses 109,569 289,381
---------------- ----------------
Loss before equity in income (losses) of Local Limited Partnerships (108,634) (282,356)
Equity in income (losses) of Local Limited Partnerships (Note 1) 79,518 (116,682)
---------------- ----------------
Net Loss $ (29,116) $ (399,038)
================ ================
Net Loss allocated:
General Partners $ (290) $ (3,990)
Limited Partners (28,826) (395,048)
---------------- ----------------
$ (29,116) $ (399,038)
================ ================
Net Loss per Limited Partner Unit
(36,497 Units) $ (.80) $ (10.82)
================ ================
The accompanying notes are an integral part of these financial statements.
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' EQUITY
For the Three Months Ended June 30, 2007
(Unaudited)
Initial Investor
General Limited Limited
Partners Partner Partner Total
Balance at March 31, 2007 $ 68,990 $ 100 $ 6,829,917 $ 6,899,007
Net Loss (290) - (28,826) (29,116)
----------- ----------- -------------- - -------------
Balance at June 30, 2007 $ 68,700 $ 100 $ 6,801,091 $ 6,869,891
=========== =========== ============== ==============
The accompanying notes are an integral part of these financial statements.
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
For the Three Months Ended June 30, 2007 and 2006
(Unaudited)
2007 2006
------------- --------
Net cash used for operating activities $ (33,988) $ (20,396)
Net cash provided by (used for) investing activities 63,058 (75,896)
------------- -------------
Net increase (decrease) in cash and cash equivalents 29,070 (96,292)
Cash and cash equivalents, beginning 857,886 346,666
------------- -------------
Cash and cash equivalents, ending $ 886,956 $ 250,374
============= =============
The accompanying notes are an integral part of these financial statements.
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10-QSB and do not include all of the
information and note disclosures required by accounting principles generally
accepted in the United States of America. These statements should be read in
conjunction with the financial statements and notes thereto included with the
Fund's Form10-KSB for the year ended March 31, 2007. In the opinion of the
Managing General Partner, these financial statements include all adjustments,
consisting only of normal recurring adjustments, necessary to present fairly the
Fund'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.
The Managing General Partner of the Fund has elected to report results of the
Local Limited Partnerships in which the Fund has a limited partnership interest
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 March 31, 2007 and 2006.
Generally, profits, losses, tax credits and cash flows from operations are
allocated 99% to the Limited Partners and 1% to the General Partner. Net
proceeds from a sale or refinancing will be allocated 95% to the Limited
Partners and 5% to the General Partner, after certain priority payments. The
General Partners may have an obligation to fund deficits in their capital
accounts, subject to limits set forth in the Partnership Agreement. However, to
the extent that the General Partners' capital accounts are in a deficit
position, certain items of net income may be allocated to the General Partners
in accordance with the Partnership Agreement.
1. Investments in Local Limited Partnerships
The Fund has limited partnership interests in nine Local Limited Partnerships,
which were organized for the purpose of owning and operating multi-family
housing complexes, all of which are government assisted. The Fund's ownership
interest in the Local Limited Partnerships is 99%, with the exception of
Springwood, which is 79.20%, Hemlock Ridge, which is 77% and Pike Place and West
End Place, which are 90%. The Fund may have negotiated or may negotiate options
with the Local General Partners to purchase or sell the Fund's interests in the
Local Limited Partnerships at the end of the Compliance Period at nominal
prices. In the event that Local Limited Partnerships are sold to third parties,
or upon dissolution of the Local Limited Partnerships, proceeds will be
distributed according to the terms of each Local Limited Partnership agreement.
The following is a summary of investments in Local Limited Partnerships at June
30, 2007:
Capital contributions and advances paid to Local Limited Partnerships $ 26,647,252
Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
unrecognized losses of $728,825) (15,324,581)
Cumulative cash distributions received from Local Limited Partnerships (2,111,461)
---------------
Investments in Local Limited Partnerships before adjustments 9,211,210
Excess investment costs over the underlying assets acquired:
Acquisition fees and expenses 1,003,989
Cumulative amortization of acquisition fees and expenses (314,379)
---------------
Investments in Local Limited Partnerships before valuation allowance 9,900,820
Valuation allowance on investments in Local Limited Partnerships (2,744,068)
---------------
Investments in Local Limited Partnerships $ 7,156,752
===============
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS (continued)
(Unaudited)
1. Investments in Local Limited Partnerships (continued)
The Fund has recorded an impairment allowance for its investments in certain
Local Limited Partnerships in order to appropriately reflect the estimated net
realizable value of these investments.
The Fund's share of net income of the Local Limited Partnerships for the three
months ended June 30, 2007 is $675. For the three months ended June 30, 2007,
the Fund has not recognized $78,843 of equity in losses relating to four Local
Limited Partnerships where cumulative equity in losses and cumulative
distributions exceeded its total investment in the Local Limited Partnership.
2. Significant Subsidiaries
The following Local Limited Partnerships invested in by the Fund represent more
than 20% of the Fund's total assets or equity as of June 30, 2007 or 2006 or net
losses for the three months ended either June 30, 2007 or 2006. The following
financial information represents the performance of these Local Limited
Partnerships for the three months ended March 31, 2007 and 2006:
Beaverdam Creek Associates, a Limited Partnership 2007 2006
- ------------------------------------------------- --------------- --------
Revenue $ 268,647 $ 254,420
Net Income (Loss) $ 3,061 $ (1,310)
Oak Knoll Renaissance, Limited Partnership
Revenue $ 558,657 $ 497,993
Net Income (Loss) $ 141,827 $ (27,438)
Springwood Apartments, A Limited Partnership
Revenue $ 245,512 $ 235,207
Net Loss $ (38,578) $ (25,566)
Pike Place, A Limited Partnership
Revenue $ 164,164 $ 159,281
Net Loss $ (19,533) $ (27,221)
West End Place, A Limited Partnership
Revenue $ 143,321 $ 134,103
Net Loss $ (17,544) $ (28,402)
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
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 its 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.
Critical Accounting Policies
The Fund's accounting polices include those that relate to its recognition of
investments in Local Limited Partnerships using the equity method of accounting.
The Fund's policy is as follows:
The Local Limited Partnerships in which the Fund invests are Variable Interest
Entities ("VIE"s). The Fund is involved with the VIEs as a non-controlling
limited partner equity holder. Because the Fund is not the primary beneficiary
of these VIEs, it accounts for its investments in the Local Limited Partnerships
using the equity method of accounting. As a result of its involvement with the
VIEs, the Fund exposure to economic and financial statement losses is limited to
its investments in the VIEs ($7,156,752 at June 30, 2007). The Fund may be
subject to additional losses to the extent of any financial support that the
Fund voluntarily provides in the future. Under the equity method, the investment
is carried at cost, adjusted for the Fund's share of net income or loss and for
cash distributions from the Local Limited Partnerships; equity in income or loss
of the Local Limited Partnerships is included currently in the Fund's
operations. Under the equity method, a Local Limited Partnership investment will
not be carried below zero. To the extent that equity in losses are incurred when
the Fund's carrying value of the respective Local Limited Partnership has been
reduced to a zero balance, the losses will be suspended and offset against
future income. Income from Local Limited Partnerships, where cumulative equity
in losses plus cumulative distributions have exceeded the total investment in
Local Limited Partnerships, will not be recorded until all of the related
unrecorded losses have been offset. To the extent that a Local Limited
Partnership with a carrying value of zero distributes cash to the Fund, that
distribution is recorded as income on the books of the Fund and is included in
"other revenue" in the accompanying financial statements.
The Fund has implemented policies and practices for assessing
other-than-temporary declines in values of its investments in Local Limited
Partnerships. Periodically, the carrying values of the investments are compared
to their respective fair values. If an other-than-temporary decline in carrying
value exists, a provision to reduce the asset to fair value, as calculated based
primarily on remaining tax benefits, will be recorded in the Fund's financial
statements. Generally, the carrying values of most Local Limited Partnerships
will decline through losses and distributions in amounts sufficient to prevent
other-than-temporary impairments. However, the Fund may record impairment losses
in the future if the expiration of tax credits outpaces losses and distributions
from any of the Local Limited Partnerships.
Liquidity and Capital Resources
At June 30, 2007, the Fund had cash and cash equivalents of $886,956, as
compared to $857,886 at March 31, 2007. The increase is primarily attributable
to cash distributions received from Local Limited Partnerships, partially offset
by cash used for operating activities.
The General Partner initially designated 5% of the Gross Proceeds as Reserves,
as defined in the Partnership Agreement. The Reserves were established to be
used for working capital of the Fund and contingencies related to the ownership
of Local Limited Partnership interests. The General Partner may increase or
decrease such Reserves from time to time, as it deems appropriate. At June 30,
2007, $886,956 has been designated as Reserves.
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Liquidity and Capital Resources (continued)
To date, professional fees relating to various Property issues totaling
approximately $62,000 have been paid from Reserves. In the event a Local Limited
Partnership encounters operating difficulties requiring additional funds, the
Fund's management might deem it in its best interest to voluntarily provide such
funds in order to protect its investment. As of June 30, 2007, the Fund has
advanced approximately $1,208,000 to Local Limited Partnerships to fund
operating deficits.
The General Partner believes that the investment income earned on the Reserves,
along with cash distributions received from Local Limited Partnerships, to the
extent available, will be sufficient to fund the Fund's ongoing operations.
Reserves may be used to fund Fund operating deficits, if the General Partner
deems funding appropriate.
To date, the Fund has used approximately $332,000 of operating funds to
replenish Reserves. If Reserves are not adequate to cover the Fund's operations,
the Fund will seek other financing sources including, but not limited to, the
deferral of Asset Management Fees paid to an affiliate of the General Partner or
working with Local Limited Partnerships to increase cash distributions.
Since the Fund invests as a limited partner, the Fund has no contractual duty to
provide additional funds to Local Limited Partnerships beyond its specified
investment. Thus, as of June 30, 2007, the Fund had no contractual or other
obligation to any Local Limited Partnership which had not been paid or provided
for.
Cash Distributions
No cash distributions were made during the three months ended June 30, 2007.
Results of Operations
For the three months ended June 30, 2007, the Fund's operations resulted in a
net loss of $29,116, as compared to a net loss of $399,038 for the three months
ended June 30, 2006. The decrease in net loss is primarily attributable to a
decrease in equity in losses of Local Limited Partnerships, a decrease in
provision for valuation allowance on advances to Local Limited Partnerships and
a decrease in general and administrative expenses. The decrease in equity in
losses of Local Limited Partnerships is primarily due to an increase in
unrecognized losses by the Fund of Local Limited Partnerships with carrying
values of zero. The decrease in provision for valuation allowance on advances to
Local Limited Partnerships is the result of a decrease in advances made to Local
Limited Partnerships during the year ended March 31, 2007. General and
administrative expenses decreased due to decreased legal expenses associated
with litigation in which the Fund was previously involved.
Portfolio Update
The Fund is a Massachusetts limited partnership organized to invest in Local
Limited Partnerships which own and operate apartment complexes which are
eligible for low income housing tax credits that may be applied against the
federal income tax liability of an investor. The Fund's objectives are to:
(i) provide investors with annual tax credits which they may use to reduce
their federal income tax liability; (ii) provide limited cash distributions
from the operations of apartment complexes; and (iii) preserve and protect
the Fund's capital. Arch Street VIII Limited Partnership
("Arch Street L.P."), a Massachusetts limited partnership consisting of
Arch Street VIII, Inc., a Massachusetts corporation ("Arch Street, Inc.")
as the sole general partner and MMA as the sole limited partner, is the sole
General Partner of the Fund. Arch Street L.P. and Arch Street, Inc. are
affiliates of MMA. The fiscal year of the Fund ends on March 31.
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Portfolio Update (continued)
As of June 30, 2007, the Fund's investment portfolio consists of limited
partnership interests in nine Local Limited Partnerships, each of which owns and
operates a multi-family apartment complex and each of which has generated Tax
Credits. Since inception, the Fund has generated Tax Credits of approximately
$1,429 per Limited Partner Unit. The aggregate amount of Tax Credits generated
by the Fund was consistent with the objective specified in the Fund's
prospectus.
Properties that receive low income housing Tax Credits must remain in compliance
with rent restriction and set-aside requirements for at least 15 calendar years
from the date the property is placed in service (the "Compliance Period").
Failure to do so would result in the recapture of a portion of the property's
Tax Credits. Between 2008 and continuing through 2009, the Compliance Period of
the nine Properties in which the Fund has an interest will expire. It is
unlikely that the General Partner will be able to dispose of the Fund's Local
Limited Partnership interests concurrently with the expiration of each
Property's Compliance Period. The Fund shall dissolve and its affairs shall be
wound up upon the disposition of the final Local Limited Partnership interest
and other assets of the Fund. Investors will continue to be Limited Partners,
receiving K-1s and quarterly and annual reports, until the Fund is dissolved.
The General Partner has negotiated an agreement that will ultimately allow the
Fund to dispose of its interest in one Local Limited Partnership. The Fund has
not disposed of any Local Limited Partnership interests during the three months
ended June 30, 2007.
As previously reported, for the past several years the following three
litigation proceedings had been pending between certain investors and various
affiliates of the General Partners, including the Fund, concerning, among other
things, those investors' requests to inspect certain alleged "books and records"
of the Fund and the affiliates: Park G.P., Inc. ("Park") brought a lawsuit
against the Fund and various affiliates of the General Partner and their
purported general partners (collectively, the "Fund Parties") in state court in
Missouri (the "Missouri Lawsuit"); the Fund Parties brought a declaratory
judgment lawsuit against Everest Housing Investors 2, LLC and several other
Everest-related entities (collectively, the "Everest Entities") in Massachusetts
state court (the "Everest Massachusetts Lawsuit"); and Boston Financial
Qualified Housing Tax Credits L.P. IV ("Partnership IV") and its general
partners brought a lawsuit against Park and its affiliate Bond Purchase, L.L.C.
("Bond") in Massachusetts state court (the "Park and Bond Massachusetts
Lawsuit").
As of April 21, 2007, the Fund Parties and Partnership IV reached an agreement
with Park, Bond and the Everest Entities to resolve these lawsuits (the
"Settlement Agreement"). Under the terms of the Settlement Agreement, the claims
and counterclaims asserted in the Everest Massachusetts Lawsuit have been
dismissed with prejudice and the claims in the Missouri Lawsuit and the Park and
Bond Massachusetts Lawsuit have been dismissed without prejudice, all in
exchange for options, subject to various conditions, to purchase certain Local
Limited Partnership interests held by Partnership IV, Boston Financial Qualified
Housing Tax Credits L.P. III, Boston Financial Qualified Housing Tax Credits
L.P. V and Boston Financial Tax Credit Fund VII, A Limited Partnership at
specified prices.
Except as noted above, the Fund is not a party to any pending legal or
administrate proceeding, and to the best of its knowledge, no legal or
administrative proceeding is threatened or contemplated against it.
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Property Discussions
A majority of the Properties in which the Fund has an interest had stabilized
operations and operated above break-even at March 31, 2007. A few Properties
have generated cash flow deficits in prior periods that the Local General
Partners of those Properties funded through project expense loans, subordinated
loans or operating escrows. However, a few Properties have previously
experienced operating difficulties that could either: i) have an adverse impact
on the Fund's liquidity; ii) result in their foreclosure; or iii) result in the
General Partner deeming it appropriate for the Fund to dispose of its interest
in the Local Limited Partnership prior to the expiration of the Compliance
Period, in the event below breakeven operations recur. Also, the General
Partner, in the normal course of the Fund's business, may arrange for the future
disposition of its interest in certain Local Limited Partnerships. The following
Property discussions focus only on such Properties.
As previously reported, turnover at Green Wood Apartments, located in Gallatin,
Tennessee, as a result of few employment opportunities in the immediate area,
was the main cause for below breakeven operations at the Property. Rental
concessions, provided in an effort to alleviate the turnover issue, had proven
successful, at least in the short term, as rental revenue increased to a level
sufficient to result in above breakeven operations at June 30, 2006. Occupancy
averaged 92% throughout the six-month period ending June 30, 2006 while debt
service coverage and working capital were at acceptable levels as of June 30,
2006. As a result of a prior agreement, Green Wood Apartments was sold on
November 30, 2006. This sale resulted in net proceeds to the Fund of $528,320 or
$14.60 per Unit and resulted in 2006 taxable income of $459,116, or $12.68 per
Unit. For financial reporting purposes, $176,323 represented repayment of prior
advances made to the Local Limited Partnership and $351,997 represents gain on
sale. The Managing General Partner, in accordance with and as permitted by the
Partnership Agreement, retained the entire amount of net proceeds in Reserves.
The Fund no longer has an interest in this Local Limited Partnership.
As previously reported, in 2004 the Local General Partner of Beaverdam Creek
located in Mechanicsville, Virginia, requested approval for a refinancing on the
Property's first mortgage. As part of the agreement to provide the General
Partner's approval of the refinancing, a put agreement was entered into whereby
the Fund has the right to transfer its interest in the Local Limited Partnership
for a nominal price at any time after December 31, 2009, the end of the
Property's Compliance Period. As a result of the refinancing, which closed on
May 4, 2005, the Fund received Sale or Refinancing Proceeds, as defined in the
Local Limited Partnership Agreement, of $890,727. The General Partner, in
accordance with and as permitted by the Partnership Agreement, retained the
entire amount of net proceeds in Reserves.
As previously reported, low visibility and turnover at the resident manager
level had caused occupancy and debt service coverage at Meadow Wood of Pella,
located in Pella, Iowa, to fall below acceptable levels at December 31, 2006. As
of March 31, 2007, occupancy improved to 87%, while debt service coverage
remained slightly below acceptable levels for the three-month period ending
March 31, 2007. In addition, the property was in default of its first mortgage
loan agreement due to an inability to pay its entire real estate tax liability
due as of September 30, 2006. The Local General Partner has since funded the
real estate tax liability and the Property is no longer in default of its first
mortgage loan debt service covenant requirements.
The Managing General Partner anticipates that the Fund's interest in the Local
Limited Partnership that owns Spring Wood Apartments, located in Tallahassee,
Florida, will be terminated upon the sale of the Property in late 2007. Under
the current terms, this sale is expected to result in net proceeds to the Fund
of approximately $1,300,000, or $35.91 per Unit. This sale would result in 2007
taxable income projected to also be approximately $1,300,000, or $35.91 per
Unit.
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures.
As of the end of the period covered by this report, with the participation of
the Fund's management, the Fund's principal executive officer and principal
financial officer conducted an evaluation of the Fund's disclosure controls and
procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange
Act). Based on this evaluation, our PEO and PFO concluded that our disclosure
controls and procedures were effective as of June 30, 2007, to provide
reasonable assurance that information required to be disclosed in our reports
filed or submitted under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission's rules and forms.
(b) Changes in Internal Control over Financial Reporting.
There have been no significant changes in the Fund's internal control over
financial reporting identified in connection with the evaluation required by
paragraph (d) of Rule 13a-15 or Rule 15d-15 under the Exchange Act that occurred
during the Fund's last fiscal quarter that has materially affected, or is
reasonably likely to affect, the Fund's internal control over financial
reporting.
BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED PARTNERSHIP
PART II OTHER INFORMATION
Items 1-5 Not applicable
Item 6 Exhibits and reports on Form 8-K
(a) Exhibits
31.1 Certification of Principal Executive Officer and Principal Financial
Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002
32.1 Certification of Principal Executive Officer and Principal
Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act
of 2002
(b) Reports on Form 8-K - No reports on Form 8-K were filed during the quarter
ended June 30, 2007
BOSTON FINANCIAL TAX CREDIT FUND VIII, 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 14, 2007 BOSTON FINANCIAL TAX CREDIT FUND VIII, A LIMITED
PARTNERSHIP
By: Arch Street VIII Limited Partnership,
its General Partner
/s/Gary Mentesana
Gary Mentesana
President
Arch Street VIII Limited Partnership