10QSB 1 tcpq203.txt TCP Q2 2003 November 14, 2002 Securities and Exchange Commission 450 Fifth Street, NW Washington, DC 20549 Boston Financial Tax Credit Fund Plus, A Limited Partnership Report on Form 10-QSB for the Quarter Ended September 30, 2002 File Number 0-22104 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 TCP-Q2.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 September 30, 2002 ------------------------------------------------- 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 0-22104 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 . BOSTON FINANCIAL APARTMENTS ASSOCIATES, L.P. (A Limited Partnership) TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION Page No. ------------------------------ -------- Item 1. Financial Statements Balance Sheet (Unaudited) - September 30, 2002 1 Statements of Operations (Unaudited) - For the Three and Six Months Ended September 30, 2002 and 2001 2 Statement of Changes in Partners' Equity (Deficiency) (Unaudited) - For the Six Months Ended September 30, 2002 3 Statements of Cash Flows (Unaudited) - For the Six Months Ended September 30, 2002 and 2001 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. Control and Procedures 11 PART II - OTHER INFORMATION Items 1-6 12 SIGNATURE 13 CERTIFICATIONS 14
BOSTON FINANCIAL TAX CREDIT FUND PLUS, (A Limited Partnership) BALANCE SHEET September 30, 2002 (Unaudited)
Assets Cash and cash equivalents $ 117,933 Marketable securities, at fair value 656,218 Investments in Local Limited Partnerships, net (Note 1) 9,532,928 Other investments (Note 2) 2,029,786 Other assets 3,340 ------------- Total Assets $ 12,340,205 ============== Liabilities and Partners' Equity Accounts payable to affiliates $ 1,461,761 Accrued expenses 19,513 -------------- Total Liabilities 1,481,274 -------------- General, Initial and Investor Limited Partners' Equity 10,848,648 Net unrealized gains on marketable securities 10,283 -------------- Total Partners' Equity 10,858,931 -------------- Total Liabilities and Partners' Equity $ 12,340,205 ==============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL TAX CREDIT FUND PLUS, (A Limited Partnership) STATEMENTS OF OPERATIONS For the Three and Six Months Ended September 30, 2002 and 2001 (Unaudited)
Three Months Ended Six Months Ended September 30, September 30, September 30, September 30, 2002 2001 2002 2001 ------------- ------------- ------------ -------------- Revenue: Investment $ 5,662 $ 10,675 $ 14,135 $ 24,095 Accretion of Original Issue Discount (Note 2) 39,215 36,292 77,262 71,503 Recovery of provision for valuation of advances to Local Limited Partnership - - 14,295 - Other 1,675 3,056 7,921 10,629 ------------ ------------- ------------ ------------- Total Revenue 46,552 50,023 113,613 106,227 ------------ ------------- ------------ ------------- Expenses: Asset management fees, affiliate 42,044 46,045 84,088 86,974 General and administrative (includes reimbursements to an affiliate in the in the amounts of $173,918 and $104,390 in 2002 and 2001, respectively) 106,412 63,557 223,322 149,311 Provision for valuation of advances to Local Limited Partnerships - - - 6,948 Amortization 4,853 4,852 9,705 9,705 ------------ ------------- ------------ ------------- Total Expenses 153,309 114,454 317,115 252,938 ------------ ------------- ------------ ------------- Loss before equity in losses of Local Limited Partnerships (106,757) (64,431) (203,502) (146,711) Equity in losses of Local Limited Partnerships (Note 1) (153,417) (183,160) (314,497) (346,580) ------------ ------------- ------------ ------------- Net Loss $ (260,174) $ (247,591) $ (517,999) $ (493,291) ============ ============= ============ ============= Net Loss allocated: General Partners $ (2,994) $ (2,839) $ (5,953) $ (5,648) Class A Limited Partners (277,425) (263,058) (551,592) (523,361) Class B Limited Partners 20,245 18,306 39,546 35,718 ------------ ------------- ------------ ------------- $ (260,174) $ (247,591) $ (517,999) $ (493,291) ============ ============= ============ ============= Net Income (Loss) per Limited Partner Unit: Class A Unit (34,643 Units) $ (8.01) $ (7.60) $ (15.92) $ (15.11) ============ ============= ============ ============= Class B Unit (3,290 Units) $ 6.15 $ 5.57 $ 12.02 $ 10.86 ============ ============= ============ =============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL TAX CREDIT FUND PLUS, (A Limited Partnership) STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY) For the Six Months Ended September 30, 2002 (Unaudited)
Investor Investor Initial Limited Limited Net General Limited Partners, Partners, Unrealized Partners Partner Class A Class B Gains Totals ----------- ------- ---------- --------- --------- ------------- Balance at March 31, 2002 $ (222,754) $ 5,000 $ 9,016,476 $ 2,567,925 $ 10,767 $ 11,377,414 ----------- -------- ------------- ------------ ----------- ------------- Comprehensive Income (Loss): Change in net unrealized gains on marketable securities available for sale - - - - (484) (484) Net Income (Loss) (5,953) - (551,592) 39,546 - (517,999) ----------- ------- ------------- ------------ ----------- ------------- Comprehensive Income (Loss) (5,953) - (551,592) 39,546 (484) (518,483) ----------- ------- ------------- ------------ ----------- ------------- Balance at September 30, 2002 $ (228,707) $ 5,000 $ 8,464,884 $ 2,607,471 $ 10,283 $ 10,858,931 =========== ======= ============= ============= =========== =============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL TAX CREDIT FUND PLUS, (A Limited Partnership) STATEMENTS OF CASH FLOWS For the Six Months Ended September 30, 2002 and 2001 (Unaudited)
2002 2001 ------------- ------------- Net cash used for operating activities $ (89,817) $ (334,989) Net cash provided by investing activities 68,302 190,978 ------------- ------------- Net decrease in cash and cash equivalents (21,515) (144,011) Cash and cash equivalents, beginning 139,448 255,701 ------------- ------------- Cash and cash equivalents, ending $ 117,933 $ 111,690 ============= =============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL TAX CREDIT FUND PLUS, (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 Form 10-KSB for the year ended March 31, 2002. In the opinion of management, 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 June 30, 2002 and 2001. 1. Investments in Local Limited Partnerships The Fund has acquired limited partnership interests in twenty-four Local Limited Partnerships which were organized for the purpose of owning and operating multi-family housing complexes, most of which are government-assisted. Upon dissolution of the Local Limited Partnerships, proceeds will be distributed according to the respective Local Limited Partnership agreements. The following is a summary of investments in Local Limited Partnerships at September 30, 2002:
Capital contributions and advances paid to Local Limited Partnerships and purchase price paid to withdrawing partners of Local Limited Partnerships $ 26,351,060 Cumulative equity in losses of Local Limited Partnerships (excluding cumulative unrecognized losses of $1,468,306) (14,174,720) Cumulative cash distributions received from Local Limited Partnerships (1,310,983) ------------- Investments in Local Limited Partnerships before adjustments 10,865,357 Excess investment costs over the underlying net assets acquired: Acquisition fees and expenses 1,097,216 Cumulative amortization of acquisition fees and expenses (258,532) ------------- Investments in Local Limited Partnerships before reserve for valuation 11,704,041 Reserve for valuation of investments in Local Limited Partnerships (2,171,113) ------------- Investments in Local Limited Partnerships $ 9,532,928 =============
For the six months ended September 30, 2002, $25,095 was reimbursed from two Local Limited Partnerships relating to advances made in previous years. The Fund provided a reserve for valuation for its investments in Local Limited Partnerships because there is evidence of a non-temporary decline in the recoverable amounts of five of the Local Limited Partnerships. BOSTON FINANCIAL TAX CREDIT FUND PLUS, (A Limited Partnership) NOTES TO THE FINANCIAL STATEMENTS (continued) (Unaudited) 1. Investments in Local Limited Partnerships (continued) ---------------------------------------------------- The Fund's share of the net losses of the Local Limited Partnerships for the six months ended September 30, 2002 is $459,905. For the six months ended September 30, 2002, the Fund has not recognized $153,747 of equity in losses relating to certain Local Limited Partnerships in which cumulative equity in losses have exceeded its total investment. The Fund recognized $5,081 of previously unrecognized losses in the six months ended September 30, 2002. 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 at September 30, 2002 is composed of the following: Aggregate cost of Treasury STRIPS $ 918,397 Accumulated accretion of Original Issue Discount 1,111,389 ------------- $ 2,029,786 The fair value of these securities at September 30, 2002 is $2,696,945. Maturity dates for the STRIPS range from February 15, 2007 to May 15, 2010 with a final maturity value of $3,290,000. BOSTON FINANCIAL TAX CREDIT FUND PLUS, (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. Accounting Polices 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 Fund accounts for its investments in Local Limited Partnerships using the equity method of accounting because the Fund does not have control over 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 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 Fund investments 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. Liquidity and Capital Resources At September 30, 2002, the Fund had cash and cash equivalents of $117,933, as compared to $111,690 at September 30, 2001. The increase is primarily attributable to cash distributions received from Local Limited Partnerships and sales and maturities of marketable securities. The Managing General Partner initially designated 4% of the Adjusted Gross Proceeds (which generally means Gross Proceeds minus the amounts committed to the acquisition of Treasury STRIPS) 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 Managing General Partner may increase or decrease such Reserves from time to time, as it deems appropriate. At September 30, 2002, on a cash basis, approximately $774,000 of cash, cash equivalents and marketable securities has been designated as Reserves. As of September 30, 2002, net claims against these Reserves total approximately $1,478,000 making Reserves available after claims $1,997,000. To date, professional fees relating to various Property issues totaling approximately $421,000 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 September 30, 2002, the Partnership has advanced approximately $231,000 to Local Limited Partnerships to fund operating deficits. BOSTON FINANCIAL TAX CREDIT FUND PLUS, (A Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) Liquidity and Capital Resources (continued) ------------------------------------------ The Managing 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 on-going operations. Reserves may be used to fund operating deficits, if the Managing General Partner deems funding appropriate. To date, the Fund has used approximately $54,000 of Reserves to fund operations. If Reserves are not adequate to cover the Fund's operations, the Fund will seek other financing sources including, but not limited to, the deferral of Asset Management Fees paid to an affiliate of the Managing 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 September 30, 2002, 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 six months ended September 30, 2002. Results of Operations Three Month Period For the three months ended September 30, 2002 the Fund's results of operations resulted in a net loss of $260,174, as compared to a net loss of $247,591 for the same period in 2001. The increase in net loss is primarily attributable to an increase in general and administrative expenses partially offset by a decrease in equity in losses of Local Limited Partnerships. The increase in general and administrative expense is primarily due to charges from an affiliate of the General Partner for operational and administrative expenses necessary for the operation of the Fund related to the year ended March 31, 2002 which were expensed in the three months ended September 30, 2002. The decrease in equity in losses of Local Limited Partnerships is due to higher operating expenses at one Local Limited Partnership. Six Months Period For the six months ended September 30, 2002, the Fund's operations resulted in a net loss of $517,999, as compared to a net loss of $493,291 for the same period in 2001. The increase in net loss is primarily attributable to an increase in general and administrative expenses partially offset by a decrease in equity in losses of Local Limited Partnerships. The increase in general and administrative expense is primarily due to charges from an affiliate of a General Partner for operational and administrative expenses necessary for the operation of the Fund related to the year ended March 31, 2002 which are being expensed in the six months ended September 30, 2002. The decrease in equity in losses of Local Limited Partnerships is due to higher operating expenses at one Local Limited Partnership. Property Discussions The Fund's investment portfolio consists of limited partnership interests in twenty-four Local Limited Partnerships, each of which owns and operates a multi-family apartment complex. A majority of the Properties have stabilized operations and operate above break-even. A few Properties generate cash flow deficits that the Local General Partners of those Properties fund through project expense loans, subordinated loans or operating escrows. However, some Properties have persistent 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 Managing General Partner deeming it appropriate for the Fund to dispose of its interest in the Local Limited Partnership. Also, the Managing General Partner may desire to dispose of interests in certain Local Limited Partnerships in the normal course of the Fund's business. The following Property discussions focus only on such Properties. BOSTON FINANCIAL TAX CREDIT FUND PLUS, (A Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) Property Discussions (continued) -------------------------------- Although the neighborhood in which 45th & Vincennes (Chicago, Illinois) is located has improved in the last few years, potential tenants are reluctant to occupy the Property due to its location. As a result, maintaining occupancy, and therefore revenues, continue to be an issue. A recent site visit by the Managing General Partner found the property in need of some minor improvements but in overall fair condition. The Managing General Partner will continue to closely monitor the Property's operations. Occupancy at Metropolitan Apartments, located in Chicago, Illinois, has steadily improved during recent months. However, the Property's occupancy and operations have historically suffered due to local market conditions and, in general, low quality tenants. The Property is also in need of certain maintenance and repair in order to maintain a stabilized occupancy level. The Managing General Partner continues to work with the Local General Partner to develop a plan that addresses the Property's issues. It is possible that Fund Reserves may be required to fund any future operating deficits. Due to concerns over the long-term financial health of Primrose, Phoenix Housing and Sycamore, located in Grand Forks, North Dakota, Moorhead, Minnesota and Sioux Falls, South Dakota, respectively, the Managing General Partner developed a plan that will ultimately result in the transfer of the Fund's interest in each Local Limited Partnership. All three Local Limited Partnerships have the same Local General Partner. In 1997, in an effort to reduce possible future risk, the Managing General Partner consummated the transfer of 50% of the Fund's interest in capital and profits in the three Local Limited Partnerships to an affiliate of the Local General Partner. Effective June 17, 1999, the Local General Partner transferred both its general partner interest and 48.5% of its interest in capital and profits in the three Local Limited Partnerships to a non-affiliated, non-profit general partner. Effective August 31, 2000, the former Local General Partner withdrew its remaining interest in each of the Local Limited Partnerships. The Managing General Partner had the right to transfer the Fund's remaining interests after September 1, 2001. With regard to Sycamore and Primrose, the Fund will retain its full share of tax credits until such time as the remaining interest is put to the Local General Partner. In addition, the Local General Partner has the right to call the remaining interest after the tax credit period has expired, which will occur in 2003. With regard to Phoenix Housing, the Fund approved the admission of an additional limited partner to the Local Limited Partnership effective November 1, 2000. As a result, the Fund's interest in the Local Limited Partnership was diluted to an immaterial amount. The Fund received a pro-rata share of the Property's tax credits during 2000. Because of its diluted interest in the Local Limited Partnership, the Fund will not receive a material amount of the Property's tax credits subsequent to November 1, 2000. Instead, the Fund will receive cash from the Local Limited Partnership in the approximate amount of in the Property's tax credits that it would have received had its interest in the Property not been diluted. Findley Place Apartments, located in Minneapolis, Minnesota, experienced operating deficits in recent years due to significant capital needs. As a result of concerns regarding the long-term viability of the Property, the Managing General Partner developed a plan that will ultimately result in the transfer of the Fund's interest in the Local Limited Partnership. On March 1, 2000, the Managing General Partner consummated the transfer of 1% of the Fund's interest in losses, 48.5% of its interest in profits and 30% of its capital account to the Local General Partner. The Managing General Partner has the right to put the Fund's remaining interests to the Local General Partner any time after one year from the March 1, 2000 effective date. In addition, the Local General Partner has the right to call the remaining interest after the tax credit period has expired, which will occur in 2004. Currently, the Property is expending significant amounts to capital improvement projects and its operations are improving. BOSTON FINANCIAL TAX CREDIT FUND PLUS, (A Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) Property Discussions (continued) -------------------------------- The Fund has implemented policies and practices for assessing potential impairment of its investments in Local Limited Partnerships. Real estate experts analyze the investments 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 a significant impairment in carrying value exists, a provision to write down the asset to fair value will be recorded in the Fund's financial statements. BOSTON FINANCIAL TAX CREDIT FUND PLUS, (A Limited Partnership) CONTROLS AND PROCEDURES Controls and Procedures Based on the Fund's evaluation within 90 days prior to filing this Form 10-QSB, the Fund's director has concluded that the Fund's disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that the Fund files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. There have been no significant changes in the Fund's internal controls or in other factors that could significantly affect those controls subsequent to the date of their evaluation. 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 99.1 Certification of Jenny Netzer 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 September 30, 2002. 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: November 14, 2002 BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP By: Arch Street VI, Inc., its Managing General Partner /s/Jenny Netzer ------------------------------------- Jenny Netzer Principal, Head of Housing and Community Investment BOSTON FINANCIAL TAX CREDIT FUND PLUS, (A Limited Partnership) I, Jenny Netzer, certify that: 1. I have reviewed this quarterly report on Form 10-QSB of Boston Financial Tax Credit Fund Plus: 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a. designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b. evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c. presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalents functions): a. all significant deficiencies in the design or operation of internal controls which could adversely affect registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: November 14, 2002 /s/Jenny Netzer ----------------------------------- Jenny Netzer Principal, Head of Housing and Community Investment BOSTON FINANCIAL TAX CREDIT FUND PLUS, (A Limited Partnership) CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Boston Financial Tax Credit Fund Plus ("the Fund") on Form 10-QSB for the period ending September 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, the Principal, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: 1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. /s/Jenny Netzer Jenny Netzer Principal, Head of Housing and Community Investment Date: November 14, 2002