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May 4, 2009, Boston, MA – Boston Capital announced the closing of Boston Capital Tax Credit
Fund XXXI, a nationally diversified portfolio of 30 affordable apartment properties in 12 states
with total equity invested of $120 million. With this closing, Boston Capital has invested $640
million in equity since January 2008.

"At a challenging time for the U.S. economy and the credit markets, we are very pleased to
close a fund consisting of high quality assets and strong investor interest in these assets," said
Jack Manning, president and CEO of Boston Capital. "The appetite for these investments is
reflective of the high standards inherent in our investment offerings. We will continue to
provide our developer partners and our investors the best finance and investment programs in
the business."

Fund XXXI includes 12 developments for seniors and 18 properties focused on families. The
properties acquired by Corporate Fund XXXI will add an additional 2,109 apartment units to
Boston Capital’s holdings, which currently total over 170,000 apartments.

For the balance of 2009, Boston Capital expects to launch and close two multi-investor national
funds totaling $200 - $250 million by calendar year end. Boston Capital will also continue to
close business with its proprietary fund relationships, which will account for a significantly
larger portion of its business this year than in previous years.

About Boston Capital:

Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm
specializing in tax advantaged investments for multifamily housing and equity investment in
market rate apartment communities. As of January 2009, Boston Capital’s holdings included
more than 2,700 multifamily apartment properties in 49 states and the District of Columbia,
constituting more than 170,000 apartments with a development cost in excess of $12 billion.
Boston Capital is the second largest owner/investor of apartment properties in the US.

For more information contact:

David Gasson
Vice President
Director of Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8896