June 27, 2003




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

       Boston Financial Qualified Housing Tax Credits L.P. V
       Annual Report on Form 10-KSB for the Year Ended March 31, 2003
       File Number 0-19706


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



QH510K-K


<PAGE>


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

                                   FORM 10-KSB

(Mark One)

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

For the fiscal year ended                              March 31, 2003
                          ---------------------------------------------------

                                                         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 0-19706

                   Boston  Financial Qualified Housing Tax Credits L.P. V
------------------------------------------------------------------------------
                    (Exact name of registrant as specified in its charter)

                      Massachusetts                         04-3054464
------------------------------------------------    -------------------------
             (State or other jurisdiction of              (I.R.S. Employer
              incorporation or organization)              Identification No.)

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

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

Securities registered pursuant to Section 12(b) of the Act:
                                                      Name of each exchange on
          Title of each class                            which registered
          -------------------                     ---------------------------

                None                                         None

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

                      UNITS OF LIMITED PARTNERSHIP INTEREST
                                (Title of Class)
                                     100,000

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                    Yes X No

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

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

                        $60,904,650 as of March 31, 2003


<PAGE>


                                      K-20
DOCUMENTS  INCORPORATED  BY REFERENCE:  LIST THE FOLLOWING  DOCUMENTS IF
INCORPORATED BY REFERENCE AND THE PART OF THE FORM 10-KSB INTO WHICH THE
DOCUMENT IS INCORPORATED:  (1) ANY ANNUAL REPORT TO SECURITY  HOLDERS:
(2) ANY PROXY OR INFORMATION  STATEMENT:  AND (3) ANY PROSPECTUS FILED PURSUANT
TO RULE 424(b) OR (c) UNDER THE SECURITIES ACT OF 1933.
<TABLE>
<CAPTION>


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


Post-effective amendments No. 1 - 5 to the
<S>                                                                     <C>
Form S-11 Registration Statement, File # 33-29935                       Part I, Item 1

Acquisition Reports                                                     Part I, Item 1

Post-effective amendment No. 6 to the Registration
Statement on Form S-11, File # 33-29935                                 Part III, Item 11

Prospectus - Sections Entitled:

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

     "Estimated Use of Proceeds"                                        Part III, Item 12

     "Management Compensation and Fees"                                 Part III, Item 12

     "Profits and Losses for Tax Purposes, Tax
      Credits and Cash Distributions"                                   Part III, Item 12



</TABLE>

<PAGE>


              BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2003


                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                            Page No.

PART I

     <S>          <C>                                                           <C>
     Item 1       Business                                                      K-3
     Item 2       Properties                                                    K-6
     Item 3       Legal Proceedings                                             K-12
     Item 4       Submission of Matters to a Vote of
                  Security Holders                                              K-12

PART II

     Item 5       Market for the Registrant's Units and
                  Related Security Holder Matters                               K-12
     Item 6       Management's Discussion and Analysis of
                  Financial Condition and Results of Operations                 K-12
     Item 7       Financial Statements and Supplementary Data                   K-16
     Item 8       Changes in and Disagreements with Accountants
                  on Accounting and Financial Disclosure                        K-16

PART III

     Item 9       Directors and Executive Officers
                  of the Registrant                                             K-16
     Item 10      Management Remuneration                                       K-17
     Item 11      Security Ownership of Certain Beneficial
                  Owners and Management                                         K-17
     Item 12      Certain Relationships and Related Transactions                K-18
     Item 13      Exhibits, Financial Statement Schedules and
                  Reports on Form 8-K                                           K-19

CONTROLS AND PROCEDURES                                                         K-21
-----------------------

SIGNATURES                                                                      K-22
----------

CERTIFICATIONS                                                                  K-23
--------------


</TABLE>


<PAGE>


                                     PART I

Item 1.  Business

Boston Financial Qualified Housing Tax Credits L.P. V (the "Partnership") is a
Massachusetts limited partnership formed on June 16, 1989 under the laws of the
State of Massachusetts. The Partnership's partnership agreement ("Partnership
Agreement") authorized the sale of up to 100,000 units of Limited Partnership
Interest ("Units") at $1,000 per Unit, adjusted for certain discounts. The
Partnership raised $68,928,650 ("Gross Proceeds"), net of discounts of $350,
through the sale of 68,929 Units. Such amounts exclude five unregistered Units
previously acquired for $5,000 by the Initial Limited Partner, which is also one
of the General Partners. The offering of Units terminated on August 31, 1991. No
further sale of Units is expected.

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

The Partnership has invested as a limited partner in other limited partnerships
("Local Limited Partnerships") which own and operate residential apartment
complexes ("Properties") some of which benefit from some form of federal, state
or local assistance programs and all of which qualify for the low-income housing
tax credits ("Tax Credits") added to the Internal Revenue Code (the "Code") by
the Tax Reform Act of 1986. The investment objectives of the Partnership include
the following: (i) to provide current tax benefits in the form of Tax Credits
which qualified limited partners may use to offset their federal income tax
liability; (ii) to preserve and protect the Partnership's capital; (iii) to
provide limited cash distributions from Property operations which are not
expected to constitute taxable income during the expected duration of the
Partnership's operations; and (iv) to provide cash distributions from sale or
refinancing transactions. There cannot be any assurance that the Partnership
will attain any or all of these investment objectives. A more detailed
discussion of these investment objectives, along with the risks in achieving
them, is contained in the section of the prospectus entitled "Investment
Objectives and Policies - Principal Investment Policies" which is herein
incorporated by this reference.

Table A on the following page lists the Properties originally acquired by the
Local Limited Partnerships in which the Partnership has invested. Item 6 of this
Report contains other significant information with respect to the Local Limited
Partnerships. As required by applicable rules, the terms of the acquisition of
each Local Limited Partnership interest have been described in supplements to
the Prospectus and collected in the post-effective amendments to the
Registration Statement (collectively, the "Acquisition Reports"); such
descriptions are incorporated herein by this reference.





<PAGE>

<TABLE>
<CAPTION>

                                     TABLE A

                             SELECTED LOCAL LIMITED
                                PARTNERSHIP DATA


                                                                                                  Date
   Properties Owned by Local                                                                    Interest
      Limited Partnerships                                 Location                             Acquired
---------------------------------                   -----------------------                   --------------

<S>                                               <C>                                         <C>
Strathern Park/Lorne Park (1)                     Los Angeles, CA                             07/05/90
Park Caton                                        Catonsville, MD                             08/17/90
Cedar Lane I                                      London, KY                                  09/10/90
Silver Creek II                                   Berea, KY                                   08/15/90
Rosecliff                                         Sanford, FL                                 09/18/90
Brookwood                                         Ypsilanti, MI                               10/01/90
Oaks of Dunlop                                    Colonial Heights, VA                        01/01/91
Water Oak                                         Orange City, FL                             01/01/91
Yester Oaks                                       Lafayette, GA                               01/01/91
Ocean View                                        Fernandina Beach, FL                        01/01/91
Wheeler House (2)                                 Nashua, NH                                  01/01/91
Archer Village                                    Archer, FL                                  01/01/91
Timothy House                                     Towson, MD                                  03/05/91
Westover Station                                  Newport News, VA                            03/30/91
Carib III                                         St. Croix, VI                               03/21/91
Carib II                                          St. Croix, VI                               03/01/91
Whispering Trace                                  Woodstock, GA                               05/01/91
New Center                                        Detroit, MI                                 06/27/91
Huguenot Park                                     New Paltz, NY                               06/26/91
Hillwood Pointe                                   Jacksonville, FL                            07/19/91
Pinewood Pointe                                   Jacksonville, FL                            07/31/91
Westgate                                          Bismark, ND                                 07/25/91
Woodlake Hills                                    Pontiac, MI                                 08/01/91
Bixel House                                       Los Angeles, CA                             07/31/91
Magnolia Villas                                   North Hollywood, CA                         07/31/91
Schumaker Place                                   Salisbury, MD                               09/20/91
Circle Terrace                                    Lansdowne, MD                               12/06/91

</TABLE>

(1)  On January 1, 1994, Lorne Park merged into Strathern Park in a business
     combination accounted for as a pooling of interests. Lorne Park's total
     assets, liabilities and partners' equity were combined with Strathern Park
     at their existing book value, and neither partnership recognized a gain or
     loss on the merger.

(2) The Partnership no longer has an interest in the Local Limited Partnership
    which owns this Property.


<PAGE>


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

Each Local Limited Partnership has, as its general partners ("Local General
Partners"), one or more individuals or entities not affiliated with the
Partnership or its General Partners. In accordance with the partnership
agreements under which such entities are organized ("Local Limited Partnership
Agreements"), the Partnership depends on the Local General Partners for the
management of each Local Limited Partnership. As of March 31, 2003, the
following Local Limited Partnerships have a common Local General Partner or
affiliated group of Local General Partners accounting for the specified
percentage of the capital contributions to Local Limited Partnerships: (i)
Timothy House Limited Partnership and Maiden Choice Limited Partnership,
representing 10.07%, have Shelter Development Corp. as Local General Partner;
(ii) Cobblestone Place Townhomes, A Limited Partnership, Kensington Place
Townhomes, A Limited Partnership and Whispering Trace Apartments, A Limited
Partnership, representing 11.92%, have Flournoy Development Co. as Local General
Partner; (iii) Silver Creek II, Ltd. and Cedar Lane I, Ltd., representing 0.87%,
have Robinson A. Williams as Local General Partner; (iv) Water Oak Apartment,
L.P., Yester Oaks, L.P., Archer Village, Ltd. and Ocean View Apartments, L.P.,
representing 2.02%, have Seals & Associates, Inc. & E. Lamar Seals as Local
General Partners; (v) Bixel House, A California Limited Partnership and Harmony
Apartments, A California Limited Partnership, representing 7.07%, have Julian
Weinstock Construction Co., Inc. as Local General Partner; and (vi) St. Croix II
Limited Partnership and Christiansted Limited Dividend Housing Association,
representing 1.21%, have Rialto Properties, Inc. as Local General Partner. The
Local General Partners of the remaining Local Limited Partnerships are
identified in the Acquisition Reports, which are incorporated herein by this
reference.

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

The Partnership is managed by Arch Street VIII, Inc., the Managing General
Partner of the Partnership. The other General Partner of the Partnership is Arch
Street V Limited Partnership. The Partnership, which does not have any
employees, reimburses Lend Lease Real Estate Investments, Inc., ("Lend Lease"),
an affiliate of the General Partner, for certain expenses and overhead costs. A
complete discussion of the management of the Partnership is set forth in Item 9
of this Report.



<PAGE>


Item 2.  Properties

The Partnership owns limited partnership interests in twenty-six Local Limited
Partnerships which own and operate Properties, some of which benefit from some
form of federal, state or local assistance programs and all of which qualify for
the Tax Credits added to the Code by the Tax Reform Act of 1986. The
Partnership's ownership interest in each Local Limited Partnership is generally
99%, except for Strathern Park/Lorne Park, Huguenot Park and Westgate, where the
Partnership's ownership interests are 95%, 88.55% and 49.5%, respectively.

Each of the Local Limited Partnerships has received an allocation of Tax Credits
from its relevant state tax credit agency. In general, the Tax Credit runs for
ten years from the date the Property is placed in service. The required holding
period (the "Compliance Period") of the Properties is fifteen years. During
these fifteen years, the Properties must satisfy rent restrictions, tenant
income limitations and other requirements, as promulgated by the Internal
Revenue Service, in order to maintain eligibility for the Tax Credit at all
times during the Compliance Period. Once a Local Limited Partnership has become
eligible for the Tax Credits, it may lose such eligibility and suffer an event
of recapture if its Property fails to remain in compliance with the
requirements.

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

The schedule on the following pages provide certain key information on the Local
Limited Partnership interests acquired by the Partnership.


<PAGE>
<TABLE>
<CAPTION>



                                                   Capital Contributions
                                                  Total          Paid         Mortgage loans                             Occupancy
Local Limited Partnership            Number     Committed at    through          payable at               Type               At
Property Name                          Of         March 31,     March 31,       December 31,               of             March 31,
Property Location                  Apt. Units      2003           2003             2002                Subsidy*            2003
----------------------------------------------------------------------------------------------------- ------------ ----------------

Strathern Park/Lorne Park, a
 California Limited Partnership (1)
Strathern Park/Lorne Park
<S>                                  <C>         <C>             <C>              <C>                      <C>                <C>
Los Angeles, CA                      241         $8,418,667      $8,418,667       $17,094,856              None               100%

Maiden Choice Limited
 Partnership
Park Caton
Catonsville, MD                      101          2,513,300       2,513,300         3,947,807              None                99%

Cedar Lane I, Ltd.
Cedar Lane I
London, KY                            36            288,587         288,587         1,070,294              None               100%

Silver Creek II, Ltd.
Silver Creek II
Berea, KY                             24            193,278         193,278           760,036              None               100%

Tompkins/Rosecliff, Ltd.
Rosecliff
Sanford, FL                          168          3,604,720       3,604,720         5,419,346              None                83%

Brookwood L.D.H.A.
Brookwood
Ypsilanti, MI                         81          2,373,295       2,373,295         2,914,493              None                84%

Water Oak Apartment, L.P.
Water Oak
Orange City, FL                       40            293,519         293,519         1,243,029              None               100%


</TABLE>

<PAGE>

<TABLE>
<CAPTION>


                                        Capital Contributions
                                               Total            Paid            Mortgage loans                         Occupancy
Local Limited Partnership          Number    Committed at      through            payable at              Type             at
Property Name                       Of         March 31,      March 31,           December 31,             of          March 31,
Property Location               Apt. Units      2003            2003                2002                Subsidy*          2003
-----------------------------------------  ---------------- -----------------   -------------    ----------------  ---------------

Yester Oaks, L.P.
Yester Oaks
<S>                                 <C>         <C>             <C>                <C>                    <C>                 <C>
Lafayette, GA                       44          319,254         319,254            1,272,665              FmHA                91%

Ocean View Apartments, L.P.
Ocean View
Fernandina Beach, FL                42          334,177         334,177            1,352,492              None                93%

Burbank Limited Partnership I (2)
Wheeler House
Nashua, NH

Archer Village, Ltd.
Archer Village
Archer, FL                          24          171,380         171,380              700,224              FmHA                88%
The Oaks of Dunlop Farms, L.P.
Oaks of Dunlop
Colonial Heights, VA               144        2,791,280       2,791,280            4,328,455              None                99%

Timothy House Limited
 Partnership
Timothy House
Towson, MD                         112        3,064,250       3,064,250            2,353,310              None                97%

Westover Station Associates, L.P.
Westover Station
Newport News, VA                   108        1,972,947       1,972,947            3,380,853              None                98%


</TABLE>

<PAGE>

<TABLE>
<CAPTION>


                                                Capital Contributions
                                                    Total           Paid       Mortgage loans                       Occupancy
Local Limited Partnership                Number  Committed at      through      payable at            Type               at
Property Name                             of        March 31,     March 31,    December 31,            of             March 31,
Property Location                     Apt. Units    2003           2003            2002             Subsidy*            2003
------------------------------------------------ ------------ ---------------------------------     -------------    --------------

Christiansted Limited Dividend
 Housing Association
Carib III
<S>                                       <C>       <C>           <C>              <C>                    <C>                <C>
St. Croix, VI                             24        322,260       322,260          1,465,201              FmHA                96%

St. Croix II Limited Partnership Carib II
St. Croix, VI                             20        347,680       347,680          1,387,978              FmHA               100%

Whispering Trace Apartments,
 A Limited Partnership
Whispering Trace
Woodstock, GA                             40      1,093,330     1,093,330          1,294,711              None                75%

Historic New Center Apartments
 Limited Partnership
New Center
Detroit, MI                              104      3,077,187     3,077,187          2,848,415            Section 8             88%

Huguenot Park Associates, L.P.
Huguenot Park
New Paltz, NY                             24        982,358       982,358          1,400,000              None               100%

Cobblestone Place Townhomes,
 A Limited Partnership
Hillwood Pointe
Jacksonville, FL                         100      2,356,133     2,356,133          2,752,058              None                97%

Kensington Place Townhomes,
 A Limited Partnership
Pinewood Pointe
Jacksonville, FL                         136      3,153,173     3,153,173          3,726,209              None                91%


</TABLE>

<PAGE>
<TABLE>
<CAPTION>



                                              Capital Contributions
                                           Total            Paid            Mortgage loans                             Occupancy
Local Limited Partnership        Number    Committed at     through          payable at               Type               At
Property Name                     of         March 31,      March 31,         December 31,               of             March 31,
Property Location              Apt. Units      2003           2003               2002                Subsidy*            2003
------------------------------------------ ------------------------------  --------------------     -------------    --------------

Westgate Apartments Limited
 Partnership
Westgate
<S>                               <C>        <C>               <C>                  <C>                    <C>                 <C>
Bismark, ND                       60         935,893           935,893              1,528,460              None                75%

Woodlake Hills Limited
 Partnership
Woodlake Hills
Pontiac, MI                      144       4,154,667         4,154,667              3,638,458              None                92%

Bixel House, a California
 Limited Partnership
Bixel House
Los Angeles, CA                   76         710,677           710,677                763,273            Section 8             99%

Harmony Apartments, a California
 Limited Partnership
Magnolia Villas
North Hollywood, CA               65       3,203,996         3,203,996              2,903,538              None                94%

Schumaker Place Associates, L.P.
Schumaker Place
Salisbury, MD                     96       2,910,453         2,910,453              2,835,973              None                94%

Circle Terrace Associates Limited
 Partnership
Circle Terrace
Lansdowne, MD                     303       5,811,237         5,811,237              5,761,273            Section 8             98%
                              -------    ------------      ------------          -------------
                                2,357    $ 55,397,698      $ 55,397,698          $  78,143,407
                              =======     ============      ============          =============


</TABLE>

<PAGE>



*                 FmHA This subsidy, which is authorized under Section 515 of
                  the Housing Act of 1949, can be one or a combination of
                  different types of financing. For instance, FmHA may provide:
                  1) direct below-market-rate mortgage loans for rural rental
                  housing; 2) mortgage interest subsidies which effectively
                  lower the interest rate of the loan to 1%; 3) a rental
                  assistance subsidy to tenants which allows them to pay no more
                  than 30% of their monthly income as rent with the balance paid
                  by the federal government; or 4) a combination of any of the
                  above.

   Section        8 This subsidy, which is authorized under Section 8 of Title
                  II of the Housing and Community Development Act of 1974,
                  allows qualified low-income tenants to pay 30% of their
                  monthly income as rent with the balance paid by the federal
                  government.

                  (1) On January 1, 1994, Lorne Park merged into Strathern Park
                      in a business combination accounted for as a pooling of
                      interests. Lorne Park's total assets, liabilities and
                      partners' equity were combined with Strathern Park at
                      their existing book value, and neither partnership
                      recognized a gain or loss on the merger.

(2) The Partnership no longer has an interest in this Local Limited Partnership.



<PAGE>


Two Local Limited Partnerships invested in by the Partnership, Strathern
Park/Lorne Park, a California Limited Partnership, and Circle Terrace Associates
Limited Partnership, represent more than 10% of the total capital contributions
made to Local Limited Partnerships by the Partnership.

The Partnership does not guarantee any of the mortgages or other debt of the
Local Limited Partnerships.

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

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

Item 3.  Legal Proceedings

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

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

None.

                                     PART II


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

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

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

As of March 31, 2003, there were 3,243 record holders of Units of the
Partnership.

Cash distributions, when made, are paid annually. No cash distributions were
paid for the years ended March 31, 2003 and 2002.

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

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


<PAGE>

Accounting Policies

The Partnership's accounting policies include those that relate to its
recognition of investments in Local Limited Partnerships using the equity method
of accounting. The Partnership's policy is as follows:

The Partnership accounts for its investments in Local Limited Partnerships using
the equity method of accounting because the Partnership 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
Partnership'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 Partnership'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 Partnership'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 Partnership 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 Partnership, that distribution is recorded
as income on the books of the Partnership and is included in "Other Revenue" in
the accompanying financial statements.

The Partnership 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 exits, a
provision to write down the asset to fair value will be recorded in the
Partnership's financial statements.

Newly Issued Accounting Standards

In January 2003, the FASB issued Interpretation No. 46 (FIN 46), "Consolidation
of Variable Interest Entities" an interpretation of ARB No. 51, which addresses
consolidation by business enterprises of variable interest entities ("VIEs").
VIEs are generally defined as entities that either: (1) do not have sufficient
equity investment at risk to permit the entity to finance its activities without
additional subordinated financial support, or (2) the equity investors lack an
essential characteristic of a controlling financial interest.

FIN 46 requires disclosure of VIEs in financial statements issued after January
31, 2003, if it is reasonably possible that as of the transition date: (1) the
Partnership will be the primary beneficiary of an existing VIE that will require
consolidation or, (2) the Partnership will hold a significant variable interest
in, or have significant involvement with, an existing VIE. Pursuant to the
transitional requirements of FIN 46, the guidance is effective as of the quarter
beginning July 1, 2003. Any VIEs created after January 31, 2003, are immediately
subject to the consolidation guidance in FIN 46.

The Managing General Partner is still assessing the impacts of this
interpretation. However, if a determination is made that the Local Limited
Partnerships met the definition of a VIE, it is reasonably possible that the
Partnership will be considered the primary beneficiary of the Local Limited
Partnerships and therefore would need to consolidate these entities beginning on
July 1, 2003. The assets and liabilities of these entities at March 31, 2003
were approximately $101,060,000 and $93,959,000, respectively. While the
Partnership's exposure to loss is limited to its equity investment in the local
limited partnerships, in the event that such entities are required to be
consolidated by the Partnership effective July 1, 2003, it is likely that
cumulative unrecognized losses would need to be recorded by the Partnership as
of July 1, 2003. Cumulative unrecognized losses from these entities were
approximately $7,251,000 at March 31, 2003.

Effective April 1, 2002, the Partnership adopted Statement of Financial
Accounting Standards ("SFAS") No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets", which established standards for the way that
public business enterprises report information about long-lived assets that are
either being held for sale or have already been disposed of by sale or other
means. Adoption of SFAS No. 144 did not have a significant effect on the
Partnership's financial statements.
<PAGE>
Liquidity and capital resources

At March 31, 2003, the Partnership had cash and cash equivalents of $2,655,838,
compared with $1,123,750 at March 31, 2002. The increase is attributable to
proceeds from sales and maturities of marketable securities and cash
distributions received from Local Limited Partnerships, partially offset by
purchases of marketable securities and net cash used for operations.

The Managing General Partner initially designated 4% of the Gross Proceeds as
Reserves as defined in the Partnership Agreement. The Reserves were established
to be used for working capital of the Partnership 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 March 31, 2003, approximately $2,198,000 of cash, cash
equivalents and marketable securities has been designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $210,000 have been paid from Reserves. To date, Reserve funds in
the amount of approximately $128,000 also have been used to make additional
capital contributions to one Local Limited Partnership. In the event a Local
Limited Partnership encounters operating difficulties requiring additional
funds, the Partnership's management might deem it in its best interest to
voluntarily provide such funds in order to protect its investment. As of March
31, 2003, the Partnership has advanced approximately $221,000 to Local Limited
Partnerships to fund operating deficits.

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
Partnership's ongoing operations. Reserves may be used to fund Partnership
operating deficits, if the Managing General Partner deems funding appropriate.
If Reserves are not adequate to cover the Partnership's operations, the
Partnership 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 Partnership invests as a limited partner, the Partnership has no
contractual duty to provide additional funds to Local Limited Partnerships
beyond its specified investment. Thus, as of March 31, 2003, the Partnership had
no contractual or other obligation to any Local Limited Partnership which had
not been paid or provided for.

Cash distributions

No cash distributions to Limited Partners were made during the two years ended
March 31, 2003. It is not expected that cash available for distribution, if any,
will be significant during the 2003 calendar year. Based on the results of 2002
operations, the Local Limited Partnerships are not expected to distribute
significant amounts of cash to the Partnership because such amounts will be
needed to fund Property operating costs. In addition, many of the Properties
benefit from some type of federal or state subsidy and, as a consequence, are
subject to restrictions on cash distributions.

Results of operations

2003 versus 2002

The Partnership's results of operations for the year ended March 31, 2003
resulted in a net loss of $2,160,303 as compared to a net loss of $2,396,295 for
the same period in 2002. The decrease in net loss is primarily attributable to
decreases in equity in losses of Local Limited Partnerships, partially offset by
an increase in provision for valuation of investments in Local Limited
Partnerships, and an increase in general and administrative expenses. Equity in
losses of Local Limited Partnerships decreased primarily due to an increase in
unrecognized losses for Local Limited Partnerships whose carrying values have
been reduced to zero. The increase in provision for valuation is a result of the
Partnership recognized non-temporary declines in the carrying value of its
investment in certain Local Limited Partnerships. The increase in general and
administrative expense is due to increased charges due to an affiliate of the
General Partner for operational and administrative expenses necessary for the
operation of the Partnership and a change in the estimate of these amounts
related to the year ended March 31, 2002, which are being expensed in the year
ended March 31, 2003.
<PAGE>
Low-income housing tax credits

The 2002 and 2001 Tax Credits per Unit were $28.45 and $113.91, respectively.
The Tax Credit per Limited Partner stabilized at approximately $150.00 per Unit
in 1993. The credits have decreased significantly as a number of Properties have
reached the end of the ten year credit period. However, because the Compliance
Periods extend significantly beyond the Tax Credit periods, the Partnership
intends to hold its interests in the Local Limited Partnerships for the
foreseeable future.

Property discussions

The Partnership's investment portfolio consists of limited partnership interests
in twenty-six Local Limited Partnerships, each of which owns and operates a
multi-family apartment complex. A majority of the Properties in which the
Partnership has an interest 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 had persistent
operating difficulties that could either: i) have an adverse impact on the
Partnership's liquidity; ii) result in their foreclosure; or iii) result in the
Managing General Partner deeming it appropriate for the Partnership to dispose
of its interest in the Local Limited Partnership. Also, the Managing General
Partner, in the normal course of the Partnership's business, may desire to
dispose of its interest in certain Local Limited Partnerships. The following
Property discussions focus only on such Properties.

The Local General Partner of Westover Station, located in Newport News,
Virginia, reached an agreement with the Property's lender to refinance the debt
on the Property. As part of the refinancing, which closed on November 1, 2002,
the Partnership received Sale or Refinancing Proceeds, as defined in the Local
Limited Partnership Agreement, of approximately $668,000. The Managing General
Partner retained the entire amount of the proceeds in the Partnership's
Reserves, as permitted by and in accordance with, the Local Limited Partnership
Agreement. The Managing General Partner, on behalf of the Partnership, also
negotiated an agreement with the Local General Partner that will allow the
Partnership to dispose of its interest in the Property after the end of its
Compliance Period, which is December 2006.

Operations at New Center, located in Detroit, Michigan, continue to struggle.
The Property suffers from poor location and security issues. Vandalism has
caused an increase in maintenance and repair expenses and has negatively
affected the Property's occupancy levels and tenant profile. The Property has
had several changes in site management in the past 12-24 months and is currently
managed by an affiliate of the Local General Partner. Efforts to increase curb
appeal and increase qualified tenant traffic have not materially improved
occupancy. Advances from the Local General Partner and the Partnership have
enabled the Property to remain current on its mortgage obligations. The Managing
General Partner will continue to closely monitor the site manager's efforts to
improve Property operations; however, due to the Property's continuing
struggles, the Managing General Partner is concerned about its long-term
viability. Due to these concerns, the Managing General Partner believes it is in
the best interest of the Property to replace the Local General Partner.
Accordingly, the Managing General Partner has been working with the Local
General Partner to identify an acceptable replacement.

As previously reported regarding Westgate, located in Bismark, North Dakota, in
order to protect the remaining Tax Credits generated by the Property, the
Managing General Partner consummated the transfer of 50% of the Partnership's
capital and profits in the Local Limited Partnership to an affiliate of the
Local General Partner in November 1997. The Managing General Partner also had
the right to transfer the Partnership's remaining interest to the Local General
Partner any time after one year from the initial transfer. However, due to
subsequent transfers by the Local General Partner of its interest in the
Property, the date when the Managing General Partner had the right to transfer
the remaining interest did not occur until September 1, 2001. The agreement
allowed the Partnership to retain its full share of the Property's Tax Credits
until such time as the remaining interest is put to the new Local General
Partner. The Property generated its last amount of Tax Credits during 2001.
Furthermore, the new Local General Partner has the right to call the remaining
interest after the Compliance Period has expired.
<PAGE>
In April 2000, a replacement site management company was brought in to manage
operations at Carib II and Carib III, located in St. Croix, Virgin Islands. The
replacement site management company stated its desire to purchase the General
and Limited Partner interests in the Properties and, effective January 1, 2001,
assumed the Local General Partner interest in the Properties. Furthermore, the
Managing General Partner negotiated a plan that ultimately transfers the
Partnership's interest in the Properties to the new Local General Partner. The
plan includes provisions to minimize the risk of recapture. The new Local
General Partner has greatly improved operations at the Properties.

A newly constructed property adjacent to Whispering Trace, located in Woodstock,
Georgia, began operations during 2001. Although the new property had
difficulties in completing initial lease-up due to a lack of qualified tenants,
its superior amenities and curb appeal allow it to have a competitive advantage
over Whispering Trace. Another Tax Credit property in close proximity to the
Property is currently under construction and will further increase competition
for tenants. In addition, local employers have had layoffs, forcing some tenants
to leave the area in search of employment. As a result, occupancy at Whispering
Trace has declined. The Property has incurred significant capital expenditures
in order to remain competitive in the market place, and it may become necessary
for the Managing General Partner to use some of the Partnership's Reserves to
fund operating deficits.

Other Transactions

On May 15, 2003, MuniMae Midland announced its intention to acquire Lend Lease's
Housing and Community Investing (HCI) business. The newly formed organization,
MMA Financial, will combine HCI with MuniMae Midland, a provider of debt and
equity financing solutions for the affordable housing market. The transaction
remains subject to final due diligence, legal agreements and regulatory
approvals with no guarantee that the acquisition will be completed. The two
companies are targeting to complete the transaction by July 1, 2003.

Inflation and other economic factors

Inflation had no material impact on the operations or financial condition of the
Partnership for the years ended March 31, 2003 and 2002.

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

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

Item 7.  Financial Statements and Supplementary Data

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

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

None.

                                    PART III

Item 9.  Directors and Executive Officers of the Registrant

The Managing General Partner of the Partnership is Arch Street VIII, Inc., a
Massachusetts corporation (the "Managing General Partner"), an affiliate of Lend
Lease. The Managing General Partner was incorporated in June 1989. The
Investment Committee of the Managing General Partner approved all investments.
The names and positions of the principal officers and the directors of the
Managing General Partner are set forth below.

<PAGE>
     Name                                           Position

Jenny Netzer                Principal, Head of Housing and Community Investment
Michael H. Gladstone        Principal, Member
Lauren M. Guillette         Principal, Member

The other General Partner of the Partnership is Arch Street V Limited
Partnership,  a Massachusetts  limited partnership ("Arch Street L.P.")
that was organized in June 1989.  Arch Street, Inc. is the managing general
partner of Arch Street L.P.

The Managing General Partner provides day-to-day management of the Partnership.
Compensation is discussed in Item 10 of this report. Such day-to-day management
does not include the management of the Properties.

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

Jenny Netzer, age 47, Principal, Head of Housing and Community Investment Group
- Ms. Netzer is responsible for tax credit investment programs to institutional
clients. She joined Lend Lease as a result of the Boston Financial acquisition,
starting with Boston Financial in 1987 and leading Boston Financial's new
business initiatives and managing the firm's Asset Management division. Prior to
joining Boston Financial, Ms. Netzer served as Deputy Budget Director for the
Commonwealth of Massachusetts where she was responsible for the Commonwealth's
health care and public pension program's budgets. Ms. Netzer also served as
Assistant Controller at Yale University, was a former member of Watertown Zoning
Board of Appeals, the Officer of Affordable Housing Tax Credit Coalition and a
frequent speaker on affordable housing and tax credit industry issues. Ms.
Netzer is a graduate of Harvard University (BA) and Harvard's Kennedy School of
Government (MPP).

Michael H. Gladstone, age 46, Principal, Member - Mr. Gladstone is responsible
for legal work in the areas of affordable and conventional housing and
investment products and services. He joined Lend Lease as a result of the Boston
Financial acquisition, starting with Boston Financial in 1985 as the firm's
General Counsel. Prior to joining Boston Financial, Mr. Gladstone was associated
with the law firm of Herrick & Smith and served on the advisory board of the
Housing and Development Reporter. Mr. Gladstone lectured at Harvard University
on affordable housing matters and is a member of the National Realty Committee,
Cornell Real Estate Council, National Association of Real Estate Investment
Managers and Massachusetts Bar. Mr. Gladstone is a graduate of Emory University
(BA) and Cornell University (J.D. & MBA).

Lauren M. Guillette, age 38, Principal, Member - Ms. Guillette is responsible
for legal work in the areas of affordable and conventional housing and
investment products and services. She joined Lend Lease as a result of the
Boston Financial acquisition, starting with Boston Financial in 1996 as the
firm's Assistant General Counsel. Prior to joining Boston Financial, Ms.
Guillette was associated with the law firm of Peabody & Brown where she
practiced real estate syndication and securities law. Ms. Guillette is a
graduate of McGill University (BA) and Suffolk University (J.D.).

Item 10.  Management Remuneration

Neither the directors nor officers of Arch Street VIII, Inc., the partners of
Arch Street L.P. nor any other individual with significant involvement in the
business of the Partnership receives any current or proposed remuneration from
the Partnership.

Item 11.  Security Ownership of Certain Beneficial Owners and Management

As of March 31, 2003, the following is the only entity known to the Partnership
to be the beneficial owner of more than 5% of the total number of Units
outstanding:
<PAGE>
<TABLE>
<CAPTION>
                                                                        Amount
           Title of      Name and Address                             Beneficially     Percent of
             Class       of Beneficial Owner                            Owned             Class
          ---------      -------------------                       --------------      -----------

<S>                       <C>                                        <C>                 <C>
       Limited            Oldham Institutional Tax Credits LLC       8,024 Units         11.64%
       Partner            101 Arch Street
                           Boston, MA
</TABLE>

Oldham Institutional Tax Credits LLC is an affiliate of Arch Street VIII, Inc.,
the Managing General Partner.

The equity securities registered by the Partnership under Section 12(g) of the
Act consist of 100,000 Units, 68,929 of which had been sold to the public as of
March 31, 2003. The remaining Units were deregistered in Post-Effective
Amendment No. 6, dated January 21, 1992, herein incorporated by this reference.
Holders of Units are permitted to vote on matters affecting the Partnership only
in certain unusual circumstances and do not generally have the right to vote on
the operation or management of the Partnership.

Arch Street L.P. owns five (unregistered) Units not included in the 68,929 Units
sold to the public. Additionally, five registered Units were sold to an employee
of an affiliate of the Managing General Partner of the Registrant. Such Units
were sold at a discount of 7% of the Unit price for a total discount of $350 and
a total purchase price of $4,650.

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

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

Item 12.  Certain Relationships and Related Transactions

The Partnership paid certain fees to and reimbursed certain expenses of the
Managing General Partner or its affiliates in connection with the organization
of the Partnership and the offering of Units. The Partnership was also required
to pay certain fees to and reimburse certain expenses of the Managing General
Partner or its affiliates in connection with the administration of the
Partnership and its acquisition and disposition of investments in Local Limited
Partnerships. In addition, the General Partners are entitled to certain
Partnership distributions under the terms of the Partnership Agreement. Also, an
affiliate of the General Partners will receive up to $10,000 from the sale or
refinancing proceeds of each Local Limited Partnership if it is still a limited
partner at the time of such a transaction. All such fees, expenses and
distributions are more fully described in the sections of the Prospectus
entitled "Estimated Use of Proceeds", "Management Compensation and Fees" and
"Profits and Losses for Tax Purposes, Tax Credits and Cash Distributions". Such
sections are incorporated herein by reference.

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

Information regarding the fees paid and expenses reimbursements made in the two
years ended March 31, 2003 is presented as follows:

Organizational fees and expenses

In accordance with the Partnership Agreement, the Partnership was required to
pay certain fees to and reimburse expenses of the General Partners and others in
connection with the organization of the Partnership and the offering of its
Limited Partnership Units. Selling commissions, fees and accountable expenses
related to the sale of the Units totaling $9,499,985 have been charged directly
to Limited Partners' equity. In connection therewith, $5,858,935 of selling
expenses and $3,641,050 of offering expenses incurred on behalf of the
Partnership have been paid to an affiliate of the General Partners. The
Partnership was required to pay a non-accountable expense allowance for
marketing expenses equal to a maximum of 1% of Gross Proceeds; this is included
in total offering expenses. The Partnership has capitalized an additional
$50,000 which was reimbursed to an affiliate of the General Partners. These
costs are fully amortized as of March 31, 2003. Total organizational and
offering expenses, exclusive of selling commissions, did not exceed 5.5% of
Gross Proceeds and organizational and offering expenses, inclusive of selling
commissions did not exceed 14.0% of the Gross Proceeds. No organizational fees
and expenses and selling expenses were paid during the two years ended March 31,
2003.
<PAGE>
Acquisition fees and expenses

In accordance with the Partnership Agreement, the Partnership was required to
pay acquisition fees to and reimburse acquisition expenses of the Managing
General Partner or its affiliates for selecting, evaluating, structuring,
negotiating and closing the Partnership's investments in Local Limited
Partnerships. Acquisition fees totaled 7% of the Gross Proceeds. Acquisition
expenses, which include such expenses as legal fees and expenses, travel and
communications expenses, costs of appraisals, accounting fees and expenses, were
expected to total 1.5% of the Gross Proceeds. As of March 31, 2003, acquisition
fees totaling $4,825,005 for the closing of the Partnership's Local Limited
Partnership Investments have been paid to an affiliate of the Managing General
Partner. Acquisition expenses totaling $899,430 at March 31, 2003 were incurred
and have been reimbursed to an affiliate of the Managing General Partner. No
acquisition fees or expenses were paid during the two years ended March 31,
2003.

Asset management fees

In accordance with the Partnership Agreement, an affiliate of the Managing
General Partner is paid an Asset management fee for services in connection with
the administration of the affairs of the Partnership. The affiliate currently
receives the base amount of 0.275% (as adjusted by the CPI factor) of Gross
Proceeds annually as the Asset Management Fee. Asset Management Fees incurred in
each of the two years ended March 31, 2003 are as follows:
                                                2003           2002
                                              ----------     -------------

   Asset management fees                     $  263,994     $     259,321

Salaries and benefits expense reimbursements

An affiliate of the Managing General Partner is reimbursed for the cost of the
Partnership's salaries and benefits expenses. The reimbursements are based upon
the size and complexity of the Partnership's operations. Reimbursements paid or
payable in each of the two years ended March 31, 2003 are as follows:

                                                 2003           2002
                                              ----------     -------------

   Salaries and benefits                     $  298,426     $     194,654
Cash distributions paid to the General Partners

In accordance with the Partnership  Agreement,  the General Partners of the
Partnership,  Arch Street VIII, Inc. and Arch Street L.P., receive 1% of cash
distributions  paid to partners.  No cash  distributions  were paid to the
General  Partners in the two years ended March 31, 2003.

Additional information concerning cash distributions and other fees paid or
payable to the Managing General Partner and its affiliates and the reimbursement
of expenses paid or payable to Lend Lease and its affiliates for the two years
ended March 31, 2003 is presented in Note 5 to the Financial Statements.

Item 13.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a) Documents filed as a part of this Report

In response to this portion of Item 13, the financial statements and the
auditors' report relating thereto are submitted as a separate section of this
Report. See Index to the Financial Statements on page F-1 hereof.
<PAGE>
All other financial statement schedules and exhibits for which provision is made
in the applicable accounting regulations of the Securities and Exchange
Commission are not required under related instructions or are inapplicable and
therefore have been omitted.

(b)      Exhibits

     99.1 Certification of Jenny Netzer pursuant to section 906 of the
Sarbanes-Oxley Act of 2002.

(c) Reports on form 8-K

     No Reports on Form 8-K were filed during the year ended March 31, 2003.


<PAGE>





                             CONTROLS AND PROCEDURES



Controls and Procedures

Based on the Partnership's evaluation within 120 days prior to filing this Form
10-KSB, the Partnership's director has concluded that the Partnership's
disclosure controls and procedures are effective to ensure that information
required to be disclosed in the reports that the Partnership 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 Partnership's internal controls or
in other factors that could significantly affect those controls subsequent to
the date of their evaluation.


<PAGE>


                                   SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.

     BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

     By:   Arch Street VIII, Inc.
           its Managing General Partner



     By:   /s/Jenny Netzer                             Date:    June 27, 2003
           ---------------------------------------               -------------
           Jenny Netzer
           Principal, Head of Housing and
           Community Investment


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

     By:   /s/Jenny Netzer                             Date:    June 27, 2003
           ---------------------------------------             -------------
           Jenny Netzer
           Director


     By:   /s/Michael H. Gladstone                     Date:   June 27, 2003
           -----------------------------                       -------------
           Michael H. Gladstone
           Director







<PAGE>


I, Jenny Netzer, certify that:

1.   I have reviewed this annual report on Form 10-KSB of Boston Financial
     Qualified Housing Tax Credits, L.P. V:

2.   Based on my knowledge, this annual 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 annual report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this annual 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 annual 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 annual report is being
     prepared;

b.   evaluated the effectiveness of the registrant's disclosure controls and
     procedures as of a date within 120 days prior to the filing date of this
     annual report (the "Evaluation Date"); and

c.   presented in this annual 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
     annual 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:  June 27, 2003                       /s/Jenny Netzer
                                       ------------------------------------
                                          Jenny Netzer
                                          Principal, Head of Housing and
                                          Community Investment

<PAGE>





                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 Annual Report of Boston Financial Qualified Housing Tax
Credits, L.P. V (the "Partnership") on Form 10-KSB for the year ending March 31,
2003 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
     Partnership.



                                  /s/Jenny Netzer
                                  Jenny Netzer
                                  Principal, Head of Housing and
                                  Community Investment

                                  Date:  June 27, 2003
<PAGE>
              BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                          Annual Report on Form 10-KSB
                        For The Year Ended March 31, 2003
                                      Index



<TABLE>
<CAPTION>
                                                                              Page No.

Report of Independent Accountants
<S>                                                                             <C>
    For the years ended March 31, 2003 and 2002                                 F-2

Financial Statements

    Balance Sheet - March 31, 2003                                              F-3

    Statements of Operations - For the years ended
       March 31, 2003 and 2002                                                  F-4

    Statements of Changes in Partners' Equity (Deficiency) -
       For the years ended March 31, 2003 and 2002                              F-5

    Statements of Cash Flows - For the years ended
       March 31, 2003 and 2002                                                  F-6

    Notes to the Financial Statements                                           F-7





</TABLE>
<PAGE>


                        Report of Independent Accountants


To the Partners of
Boston Financial Qualified Housing Tax Credits L.P. V


In our opinion, based upon our audits and the reports of other auditors, the
financial statements listed in the accompanying index present fairly, in all
material respects, the financial position of Boston Financial Qualified Housing
Tax Credits L.P. V (the "Partnership") as of March 31, 2003, and the results of
its operations and its cash flows for each of the two years in the period ended
March 31, 2003 in conformity with accounting principles generally accepted in
the United States of America. These financial statements are the responsibility
of the Partnership's management; our responsibility is to express an opinion on
these financial statements based on our audits. The Partnership accounts for its
investment in Local Limited Partnerships, as discussed in Note 2 of the notes to
the financial statements, using the equity method of accounting. We did not
audit the financial statements of the Local Limited Partnerships, investments in
which the Partnership's investment in Local Limited Partnerships is stated at
$11,287,368 at March 31, 2003, and the Partnership's equity in earnings (losses)
of Local Limited Partnerships is stated at $(1,512,259) and $(2,033,839) for the
years ended March 31, 2003 and 2002, respectively. The financial statements of
these Local Limited Partnerships were audited by other auditors whose reports
thereon have been furnished to us, and our opinion expressed herein, insofar as
it relates to amounts included for Local Limited Partnerships, is based solely
upon the reports of other auditors. We conducted our audits of the Partnership's
financial statements in accordance with auditing standards generally accepted in
the United States of America which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits and the reports of the other auditors provide a reasonable basis for our
opinion.

As described in Note 8, the Partnership adopted the provisions of Statement of
Financial Accounting Standards No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets" as of April 1, 2002.


/s/PricewaterhouseCoopers LLP
June 24, 2003
Boston, Massachusetts


<PAGE>


              BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                                 BALANCE SHEET
                                 March 31, 2003


<TABLE>
<CAPTION>


Assets

<S>                                                                                          <C>
Cash and cash equivalents                                                                    $   2,655,838
Marketable securities, at fair value (Note 3)                                                      795,096
Investments in Local Limited Partnerships (Note 4)                                              11,287,368
Restricted cash (Note 6)                                                                           101,828
Other assets                                                                                         8,649
                                                                                             -------------
   Total Assets                                                                              $  14,848,779
                                                                                             =============

Liabilities and Partners' Equity

Due to affiliate (Note 5)                                                                    $     157,631
Accrued expenses                                                                                    34,180
Deferred revenue (Note 6)                                                                          101,828
                                                                                             -------------
   Total Liabilities                                                                               293,639
                                                                                             -------------

General, Initial and Investor Limited Partners' Equity                                          14,552,085
Net unrealized gains on marketable securities                                                        3,055
                                                                                             -------------
   Total Partners' Equity                                                                       14,555,140
                                                                                             -------------
   Total Liabilities and Partners' Equity                                                    $  14,848,779
                                                                                             =============


</TABLE>

 The accompanying notes are an integral part of these financial statements
<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                            STATEMENTS OF OPERATIONS
                   For the Years Ended March 31, 2003 and 2002


<TABLE>
<CAPTION>

                                                                           2003                2002
                                                                       -------------      --------------
Revenue:
<S>                                                                    <C>                <C>
   Investment                                                          $      98,661      $      151,160
   Other                                                                     148,441              82,431
                                                                       -------------      --------------
     Total Revenue                                                           247,102             233,591
                                                                       -------------      --------------

Expenses:
   General and administrative
     (includes reimbursements to an affiliate
     of $298,426 and $194,654
     in 2003 and 2002, respectively) (Note 5)                                432,561             313,220
   Asset management fees, affiliate (Note 5)                                 263,994             259,321
   Provision for valuation of investments in
     Local Limited Partnerships (Note 4)                                     156,556                   -
   Provision for valuation of advances to
       Local Limited Partnerships (Note 4)                                    21,360                   -
   Amortization                                                               20,675              23,506
                                                                       -------------      --------------
     Total Expenses                                                          895,146             596,047
                                                                       -------------      --------------

Loss before equity in losses of Local Limited
   Partnerships                                                             (648,044)           (362,456)

Equity in losses of Local Limited
   Partnerships (Note 4)                                                  (1,512,259)         (2,033,839)
                                                                       -------------      --------------

Net Loss                                                               $  (2,160,303)     $   (2,396,295)
                                                                       =============      ==============

Net Loss allocated:
   General Partners                                                    $     (21,603)     $      (23,963)
   Limited Partners                                                       (2,138,700)         (2,372,332)
                                                                       -------------      --------------
                                                                       $  (2,160,303)     $   (2,396,295)
                                                                       =============      ==============

Net Loss per Limited Partner
   Unit (68,929 Units)                                                 $      (31.03)     $       (34.42)
                                                                       =============      ==============
</TABLE>


 The accompanying notes are an integral part of these financial statements
<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


             STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                   For the Years Ended March 31, 2003 and 2002



<TABLE>
<CAPTION>


                                                         Initial       Investor            Net
                                       General           Limited        Limited        Unrealized
                                       Partners          Partner        Partners         Gains             Total
                                      -----------      --------------   -----------     ---------       ---------------

<S>                                   <C>               <C>          <C>                <C>           <C>
Balance at March 31, 2001                (401,020)         5,000        19,504,703         40,502        19,149,185
                                      -----------      ---------     -------------    -----------    --------------

Comprehensive Loss:
   Change in net unrealized
     gains on marketable securities
     available for sale                         -              -                 -        (15,352)          (15,352)
   Net Loss                               (23,963)             -        (2,372,332)             -        (2,396,295)
                                      -----------      ---------     -------------    -----------    --------------
Comprehensive Loss                        (23,963)             -        (2,372,332)       (15,352)       (2,411,647)
                                      -----------      ---------     -------------    -----------    --------------

Balance at March 31, 2002                (424,983)         5,000        17,132,371         25,150        16,737,538
                                      -----------      ---------     -------------    -----------    --------------

Comprehensive Loss:
   Change in net unrealized
     gains on marketable securities
     available for sale                         -              -                 -        (22,095)          (22,095)
   Net Loss                               (21,603)             -        (2,138,700)             -        (2,160,303)
                                      -----------      ---------     -------------    -----------    --------------
Comprehensive Loss                        (21,603)             -        (2,138,700)       (22,095)       (2,182,398)
                                      -----------      ---------     -------------    -----------    --------------

Balance at March 31, 2003             $  (446,586)     $   5,000     $  14,993,671    $     3,055    $   14,555,140
                                      ===========      =========     =============    ===========    ==============

 The accompanying notes are an integral part of these financial statements
</TABLE>

<PAGE>


              BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                                STATEMENTS OF CASH FLOWS
                   For the Years Ended March 31, 2003 and 2002

<TABLE>
<CAPTION>



                                                                           2003                2002
                                                                       -------------      --------------

Cash flows from operating activities:
<S>                                                                    <C>                <C>
   Net loss                                                            $  (2,160,303)     $   (2,396,295)
   Adjustments to reconcile net loss to net
     cash used for operating activities:
     Equity in losses of Local Limited Partnerships                        1,512,259           2,033,839
     Provision for valuation of investments in
       Local Limited Partnerships                                            156,556                   -
     Provision for valuation of advances to Local
       Limited Partnerships                                                   21,360                   -
     Amortization                                                             20,675              23,506
     Net gains on sales of marketable securities                              (3,037)             (2,498)
     Cash distributions included in net loss                                 (96,812)             (6,726)
     Increase (decrease) in cash arising from changes
       in operating assets and liabilities:
       Restricted cash                                                        19,872              17,595
       Other assets                                                           16,869              10,199
       Due to affiliate                                                        3,485             (35,362)
       Accrued expenses                                                          823             (36,437)
       Deferred revenue                                                      (19,872)            (17,595)
                                                                       -------------      --------------
Net cash used for operating activities                                      (528,125)           (409,774)
                                                                       -------------      --------------

Cash flows from investing activities:
   Purchases of marketable securities                                     (1,070,000)           (621,733)
   Proceeds from sales and maturities of
     marketable securities                                                 2,115,880           1,230,186
   Cash distributions received from Local Limited
     Partnerships                                                          1,035,693             351,472
   Advances to Local Limited Partnerships                                    (21,360)                  -
                                                                       -------------      --------------
Net cash provided by investing activities                                  2,060,213             959,925
                                                                       -------------      --------------

Net increase in cash and cash equivalents                                  1,532,088             550,151

Cash and cash equivalents, beginning                                       1,123,750             573,599
                                                                       -------------      --------------

Cash and cash equivalents, ending                                      $   2,655,838      $    1,123,750
                                                                       =============      ==============
</TABLE>

 The accompanying notes are an integral part of these financial statements
<PAGE>

             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                       Notes to the Financial Statements


1.   Organization

Boston Financial Qualified Housing Tax Credits L.P. V ("the Partnership") was
formed on June 16, 1989 under the laws of the State of Massachusetts for the
primary purpose of investing, as a limited partner, in other limited
partnerships ("Local Limited Partnerships"), some of which own and operate
apartment complexes benefiting from some form of federal, state or local
assistance, and each of which qualifies for low-income housing tax credits. The
Partnership's objectives are to: (i) provide current tax benefits in the form of
tax credits which qualified investors may use to offset their federal income tax
liability; (ii) preserve and protect the Partnership's capital; (iii) provide
limited cash distributions which are not expected to constitute taxable income
during Partnership operations; and (iv) provide cash distributions from sale or
refinancing transactions. The General Partners of the Partnership are Arch
Street VIII, Inc., a Massachusetts corporation, which serves as the Managing
General Partner, and Arch Street V Limited Partnership, a Massachusetts Limited
Partnership whose general partner consists of Arch Street V, Inc., which also
serves as the Initial Limited Partner. Both of the General Partners are
affiliates of Lend Lease Real Estate Investments, Inc. ("Lend Lease"). The
fiscal year of the Partnership ends on March 31.

The Partnership's partnership agreement (the "Partnership Agreement") authorized
the sale of up to 100,000 units of Limited Partnership Interest ("Units") at
$1,000 per Unit, adjusted for certain discounts. The Partnership raised
$68,928,650 ("Gross Proceeds"), net of discounts, through the sale of 68,929
Units. The offering of Units terminated on August 31, 1991.

Under the terms of the Partnership Agreement, the Partnership originally
designated 4% of the Gross Proceeds from the sale of Units as a reserve for
working capital of the Partnership and contingencies related to ownership of
Local Limited Partnership Interests. The Managing General Partner may increase
or decrease such amounts from time to time, as it deems appropriate. At March
31, 2003, the Managing General Partner has designated approximately $2,198,000
of cash and cash equivalents as such Reserve.

Generally, profits, losses, tax credits and cash flows from operations are
allocated 99% to the Limited Partners and 1% to the General Partners. Net
proceeds from a sale or refinancing will be allocated 95% to the Limited
Partners and 5% to the General Partners after certain priority payments. The
General Partner has an obligation to fund deficits in its capital account,
subject to limits set forth in the Partnership Agreement.

2.   Significant Accounting Policies

Cash Equivalents

Cash equivalents represent short-term, highly liquid instruments with original
maturities of 90 days or less. At times, cash and cash equivalents exceed
federally insurable limits. The Partnership mitigates this risk by investing in
major financial institutions.

Marketable Securities

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

Investments in Local Limited Partnerships

The Partnership accounts for its investments in Local Limited Partnerships using
the equity method of accounting because the Partnership 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

<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                  Notes to the Financial Statements (continued)


2. Significant Accounting Policies (continued)

Investments in Local Limited Partnerships (continued)

Partnership'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 Partnership '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 Partnership'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 Partnership 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 Partnership, that distribution is recorded
as income on the books of the Partnership and is included in "Other Revenue" in
the accompanying financial statements.

The Tax Credits generated by Local Limited Partnerships are not reflected on the
books of the Partnership as such credits are allocated to partners for use in
offsetting their Federal income tax liability.

Excess investment costs over the underlying net assets acquired have arisen from
acquisition fees paid and expenses reimbursed to an affiliate of the
Partnership. These fees and expenses are included in the Partnership's
investments in Local Limited Partnerships and are being amortized on a
straight-line basis over 35 years until a Local Limited Partnership's respective
investment balance has been reduced to zero.

The Partnership provides advances to the Local Limited Partnerships to finance
operations or to make debt service payments. The Partnership assesses the
collectibility of these advances at the time the advance is made and records a
reserve if collectibility is not reasonably assured.

The Partnership does not guarantee any of the mortgages or other debt of the
Local Limited Partnerships.

The General Partners have decided to report the results of the Local Limited
Partnerships on a 90-day lag basis because the Local Limited Partnerships report
their results on a calendar year basis. Accordingly, the financial information
of the Local Limited Partnerships that is included in the accompanying financial
statements is as of December 31, 2002 and 2001.

The Partnership, as a limited partner in the Local Limited Partnerships, is
subject to risks inherent in the ownership of property which are beyond its
control, such as fluctuations in occupancy rates and operating expenses,
variations in rental schedules, proper maintenance and continued eligibility for
tax credits. If the cost of operating a Property exceeds the rental income
earned thereon, the Partnership may deem it in its best interest to voluntarily
provide funds in order to protect its investment.

The Partnership 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
Partnership's financial statements.


<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                  Notes to the Financial Statements (continued)


2. Significant Accounting Policies (continued)

Use of Estimates

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

Income Taxes

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

3.       Marketable Securities

A summary of marketable securities is as follows:
<TABLE>
<CAPTION>
                                                                     Gross           Gross
                                                                  Unrealized      Unrealized       Fair
                                                     Cost             Gains         Losses         Value
                                                  ------------    -----------    ------------   ------------
Debt securities issued by the US
   Treasury and other US
<S>                                         <C>             <C>            <C>            <C>
   government corporations and agencies     $    398,892    $    12,910    $          -   $    411,802

Mortgage backed securities                        70,437          2,473               -         72,910

Other debt securities                             322,712         -             (12,328)       310,384
                                                  -------     ----------      -----------     ----------

Marketable securities at March 31, 2003      $    792,041    $    15,383    $    (12,328)  $    795,096
                                             ============    ===========    ============   =============

</TABLE>

The contractual maturities at March 31, 2003 are as follows:
                                                                        Fair
                                                   Cost                Value

Due in less than one year                      $   721,604         $   722,186
Mortgage backed securities                          70,437              72,910
                                              -----------         ------------
                                               $   792,041         $   795,096
                                               ===========         ============

Actual maturities may differ from contractual maturities because some borrowers
have the right to call or prepay obligations. Proceeds from the sales of
marketable securities were approximately $231,000 during the year ended March
31, 2002. Proceeds from the maturities of marketable securities were
approximately $2,116,000 and $999,000 during the years ended March 31, 2003 and
2002, respectively. Included in investment income are gross gains of $4,121 and
$2,572 and gross losses of $1,084 and $74 that were realized on the sales during
the years ended March 31, 2003 and 2002, respectively.


<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                  Notes to the Financial Statements (continued)


4.   Investments in Local Limited Partnerships

The Partnership has limited partnership interests in twenty-six 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 March
31, 2003:
<TABLE>
<CAPTION>

Capital contributions and advances paid to Local Limited Partnerships and
<S>                                                                                                <C>
   purchase price paid to withdrawing partners of Local Limited Partnerships                       $     55,658,588

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $7,251,418)                                                                   (40,682,936)

Cumulative cash distributions received from Local Limited Partnerships                                   (3,393,204)
                                                                                                   ----------------

Investments in Local Limited Partnerships before adjustments                                             11,582,448

Excess of investment cost over the underlying net assets acquired:

    Acquisition fees and expenses                                                                         1,006,357

    Cumulative amortization of acquisition fees and expenses                                               (293,794)
                                                                                                   ----------------

Investments in Local Limited Partnerships before reserve for valuation                                   12,295,011

Reserve for valuation of investments in Local Limited Partnerships                                       (1,007,643)
                                                                                                   ----------------

Investments in Local Limited Partnerships                                                          $     11,287,368
                                                                                                   ================
</TABLE>

For the year end March 31, 2003, the Partnership advanced $21,360 to one of the
Local Limited Partnerships, all of which was reserved. The Partnership has
recorded a reserve for valuation for its investments in certain Local Limited
Partnerships in order to appropriately reflect the estimated net realizable
value of these investments.


<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                  Notes to the Financial Statements (continued)


4.       Investments in Local Limited Partnerships (continued)

Summarized financial information of the Local Limited Partnerships in which the
Partnership has invested as of December 31, 2002 and 2001 (due to the
Partnership's policy of reporting the financial information of its Local Limited
Partnership interests on a 90 day lag basis) is as follows:

Summarized Balance Sheets - as of December 31,
<TABLE>
<CAPTION>

                                                                                      2002              2001
                                                                                 --------------   --------------
Assets:
<S>                                                                              <C>              <C>
   Investment property, net                                                      $   92,106,048   $   96,144,786
   Other assets                                                                       8,954,189        9,288,552
                                                                                 --------------   --------------
     Total Assets                                                                $  101,060,237   $  105,433,338
                                                                                 ==============   ==============
Liabilities and Partners' Equity:
   Mortgage notes payable                                                        $   78,143,407   $   78,408,483
   Other liabilities                                                                 15,815,318       15,020,132
                                                                                 --------------   --------------
     Total Liabilities                                                               93,958,725       93,428,615
                                                                                 --------------   --------------
Partnership's Equity                                                                  3,487,277        7,801,133
Other partners' Equity                                                                3,614,235        4,203,590
                                                                                 --------------   --------------
   Total Partners' Equity                                                             7,101,512       12,004,723
                                                                                 --------------   --------------
     Total Liabilities and Partners' Equity                                      $  101,060,237   $  105,433,338
                                                                                 ==============   ==============

Summarized Income Statements - for the years
ended December 31,                                                                    2002               2001
------------------                                                               --------------   --------------

Rental and other income                                                          $   16,434,355   $   15,671,113
                                                                                 --------------   --------------

Expenses:
   Operating                                                                          9,664,757        9,064,160
   Interest                                                                           5,476,495        5,447,963
   Depreciation and amortization                                                      4,767,077        4,734,638
                                                                                 --------------   --------------
     Total Expenses                                                                  19,908,329       19,246,761
                                                                                 --------------   --------------

Net Loss                                                                         $   (3,473,974)  $   (3,575,648)
                                                                                 ==============   ==============

Partnership's share of Net Loss (2001 includes adjustments from prior years)     $   (3,315,237)  $   (3,401,970)
                                                                                 ==============   ==============
Other partners' share of Net Loss                                                $     (158,737)  $     (137,040)
                                                                                 ==============   ==============

</TABLE>

<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                  Notes to the Financial Statements (continued)


4. Investments in Local Limited Partnerships (continued)

For the years ended March 31, 2003 and 2002, the Partnership has not recognized
$1,843,396 and $1,368,131, respectively, of equity in losses relating to certain
Local Limited Partnerships in which cumulative equity in losses and
distributions exceeded its total investment in these Local Limited Partnerships.
The Partnership recognized $40,418 of previously unrecognized losses in the year
ended March 31, 2003.

The Partnership's equity as reflected by the Local Limited Partnerships of
$3,487,277 differs from the Partnership's investments in Local Limited
Partnerships before adjustments of $11,582,448 principally because: a)
cumulative unrecognized losses as discussed above; b) distributions made by
Local Limited Partnerships during the quarter ended March 31, 2003 are not
reflected in the December 31, 2002 balance sheets of the Local Limited
Partnerships; c) syndication costs charged to equity by a Local Limited
Partnership are not reflected in the Partnership's investment in the Local
Limited Partnership; and d) the Partnership has included advances of
approximately $261,000 in investments in Local Limited Partnerships.

5.   Transactions with Affiliates

An affiliate of the Managing General Partner receives the base amount of 0.275%
(annually adjusted by the CPI factor) of Gross Proceeds due as the annual Asset
Management Fee for administering the affairs of the Partnership. Asset
Management Fees for the years ended March 31, 2003 and 2002 are $263,994 and
$259,321, respectively. Included in due to affiliate at March 31, 2003 is
$67,179 of Asset Management Fees due to an affiliate of the Managing General
Partner. During the years ended March 31, 2003 and 2002, $262,420 and $258,288,
respectively, were paid out of available cash flow to an affiliate of the
Managing General Partner for Asset Management Fees.

An affiliate of the Managing General Partner is reimbursed for the cost of the
Partnership's salaries and benefits expenses. Included in general and
administrative expenses for the years ended March 31, 2003 and 2002 are $298,426
and $194,654, respectively, that the Partnership has incurred these expenses. As
of March 31, 2003, $90,452 is payable to an affiliate of the Managing General
Partner for these expenses.

6.   Deferred Revenue

Under the terms of a Local Limited Partnership agreement, the Partnership was
required to fund a Supplemental Reserve in the amount of $196,000. The original
purpose of the contribution was to fund the development expenses of the Local
Limited Partnership. In lieu of transferring the Supplemental Reserve to the
Local Limited Partnership, the Partnership designated $196,000 as restricted
cash for this purpose. Since the funds were not needed, the Local Limited
Partnership agreement allows that the established Supplemental Reserve, along
with the interest earned, are available to pay the Partnership its annual
priority distribution. As of March 31, 2003, $165,000 has been released to the
Partnership. The remaining balance, along with the accrued interest thereon, has
also been accounted for as deferred revenue, as it represents the future annual
priority distributions to be released to the Partnership from this Supplemental
Reserve.



<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                  Notes to the Financial Statements (continued)



7.   Federal Income Taxes

The following schedule reconciles the reported financial statement net loss for
the fiscal years ended March 31, 2003 and 2002 to the net loss reported on Form
1065, U.S. Partnership Return of Income for the years ended December 31, 2002
and 2001:
<TABLE>
<CAPTION>

                                                                                      2003              2002
                                                                                  -------------    -------------

<S>                                                                               <C>              <C>
Net Loss per financial statements                                                 $  (2,160,303)   $  (2,396,295)

Equity in losses of Local Limited Partnerships for financial reporting
   purposes in excess of equity in losses for tax purposes                               68,334          172,755

Equity in losses of Local Limited Partnerships not recognized for
   financial reporting purposes                                                      (1,802,978)      (1,368,131)

Adjustment to reflect March 31 fiscal year end to December 31
   tax year end                                                                          93,856          167,693

Provision for valuation of investments in Local Limited Partnerships
   not deductible for tax purposes                                                      156,556                -

Provision for valuation of advances to Local Limited Partnerships
   not deductible for tax purposes                                                       21,360                -

Amortization for tax purposes in excess of amortization for financial
   reporting purposes                                                                   (15,780)         (12,949)

Cash distributions included in net loss for financial reporting purposes                (97,775)        (127,895)
                                                                                  -------------    -------------

Net Loss per tax return                                                           $  (3,736,730)   $  (3,564,822)
                                                                                  =============    =============
</TABLE>

The differences in the assets and liabilities of the Partnership for financial
reporting purposes and tax purposes as of March 31, 2003 and December 31, 2002,
respectively are as follows:
<TABLE>
<CAPTION>

                                                             Financial
                                                             Reporting         Tax
                                                             Purposes         Purposes        Differences

<S>                                                       <C>              <C>               <C>
Investments in Local Limited Partnerships                 $  11,287,368    $   2,040,244     $   9,247,124
                                                          =============    =============     =============
Other assets                                              $   3,561,411    $  13,251,990     $  (9,690,579)
                                                          =============    =============     ============= =
Liabilities                                               $     293,639    $     190,778     $     102,861
                                                          =============    =============     ==============
</TABLE>

<PAGE>


              BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)


                  Notes to the Financial Statements (continued)


7. Federal Income Taxes (continued)

The differences in assets and liabilities of the Partnership for financial
reporting and tax purposes are primarily attributable to: (i) the cumulative
equity in losses of Local Limited Partnerships for tax reporting purposes is
approximately $10,200,000 greater than for financial reporting purposes,
including approximately $7,251,000 of losses the Partnership has not recognized
relating to Local Limited Partnerships whose cumulative equity in losses
exceeded its total investment; (ii) the cumulative amortization of acquisition
fees for tax purposes exceeds financial reporting purposes by approximately
$117,000; (iii) approximately $109,000 of cash distributions received from Local
Limited Partnerships during the quarter ended March 31, 2003 are not included in
the Partnership's investments in Local Limited Partnerships for tax purposes at
December 31, 2002; (iv) the Partnership has provided a reserve for valuation of
approximately $1,008,000 against its investments in Local Limited Partnerships
for financial reporting purposes; and (v) organizational and offering costs of
approximately $9,500,000 that have been capitalized for tax purposes are charged
to Limited Partners' equity for financial reporting purposes.

8.   Newly Issued Accounting Standards

In January 2003, the FASB issued Interpretation No. 46 (FIN 46), "Consolidation
of Variable Interest Entities" an interpretation of ARB No. 51, which addresses
consolidation by business enterprises of variable interest entities ("VIEs").
VIEs are generally defined as entities that either: (1) do not have sufficient
equity investment at risk to permit the entity to finance its activities without
additional subordinated financial support, or (2) the equity investors lack an
essential characteristic of a controlling financial interest.

FIN 46 requires disclosure of VIEs in financial statements issued after January
31, 2003, if it is reasonably possible that as of the transition date: (1) the
Partnership will be the primary beneficiary of an existing VIE that will require
consolidation or, (2) the Partnership will hold a significant variable interest
in, or have significant involvement with, an existing VIE. Pursuant to the
transitional requirements of FIN 46, the guidance is effective as of the quarter
beginning July 1, 2003. Any VIEs created after January 31, 2003, are immediately
subject to the consolidation guidance in FIN 46.

The Managing General Partner is still assessing the impacts of this
interpretation, however, it is reasonably possible that the Partnership will be
considered the primary beneficiary of the Local Limited Partnerships and
therefore would need to consolidate these entities beginning on July 1, 2003.
The assets and liabilities of these entities at March 31, 2003 were
approximately $101,060,000 and $93,959,000, respectively. While the
Partnership's exposure to loss is limited to its equity investment in the local
limited partnerships, in the event that such entities are required to be
consolidated by the Partnership effective July 1, 2003, it is likely that
cumulative unrecognized losses would need to be recorded by the Partnership as
of July 1, 2003. Cumulative unrecognized losses from these entities were
approximately $7,251,000 at March 31, 2003.

Effective April 1, 2002, the Partnership adopted Statement of Financial
Accounting Standards ("SFAS") No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets", which established standards for the way that
public business enterprises report information about long-lived assets that are
either being held for sale or have already been disposed of by sale or other
means. Adoption of SFAS No. 144 did not have a significant effect on the
Partnership's financial statements.




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