June 29, 2002




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, 2002
       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, 2002
                          -----------------------------------------------------

                                                         OR

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

For the transition period from                 to
                               ----------------  ---------------------------

                         Commission file number 0-19706

              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, 2002


<PAGE>



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.

                                                     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
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




<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, 2002


                                TABLE OF CONTENTS


                                                                      Page No.

PART I

     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-13
     Item 6       Management's Discussion and Analysis of
                  Financial Condition and Results of Operations           K-13
     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-17
     Item 10      Management Remuneration                                 K-18
     Item 11      Security Ownership of Certain Beneficial
                  Owners and Management                                   K-18
     Item 12      Certain Relationships and Related Transactions          K-18
     Item 13      Exhibits, Financial Statement Schedules and
                  Reports on Form 8-K                                     K-20

SIGNATURES                                                                K-21
----------




<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 A

                             SELECTED LOCAL LIMITED
                                PARTNERSHIP DATA


<TABLE>
<CAPTION>
<S>                                               <C>                                         <C>
     Limited Partnerships *                                Location                             Acquired
---------------------------------                   -----------------------                   --------------

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>

*    The Partnership's interest in profits and losses of each Local Limited
     Partnership arising from normal operations is 99%, except for a 95%
     interest in Strathern Park/Lorne Park Apartments and an 88.55% interest in
     Huguenot Park. Profits and losses arising from sale or refinancing
     transactions are allocated in accordance with the respective Local Limited
     Partnership Agreements. In addition, during 1998, there was an amendment to
     the New Center Local Limited Partnership Agreement which allocated the
     losses prior to depreciation of the Local Limited Partnership 100% to the
     Local General Partner, up to their additional capital contribution. All
     other additional losses are allocated 1% to the Local General Partner and
     99% to the Partnership.

(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>


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, 2002,  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 and Huguenot Park, where the
Partnership's ownership interests are 95% and 88.55%, 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>
<S>                                 <C>             <C>               <C>           <C>                <C>             <C>

                                                        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          2002           2002              2001           Subsidy*         2002
----------------------------------    ----------- --------------------------------- ----------------  -------------  -------------

Strathern Park/Lorne Park, a
 California Limited Partnership (1)
Strathern Park/Lorne Park
Los Angeles, CA                           241      $8,418,667        $8,418,667      $17,190,879         None          100%

Maiden Choice Limited
 Partnership
Park Caton
Catonsville, MD                           101       2,513,300         2,513,300        3,967,434         None           95%

Cedar Lane I, Ltd.
Cedar Lane I
London, KY                                 36         288,587           288,587        1,081,097         None          100%

Silver Creek II, Ltd.
Silver Creek II
Berea, KY                                  24         193,278           193,278          762,429         None          100%

Tompkins/Rosecliff, Ltd.
Rosecliff
Sanford, FL                               168       3,604,720         3,604,720        5,461,098         None           80%

Brookwood L.D.H.A.
Brookwood
Ypsilanti, MI                              81       2,373,295         2,373,295        2,944,469         None           98%

Water Oak Apartment, L.P.
Water Oak
Orange City, FL                            40         293,519           293,519        1,246,649         None          100%



<PAGE>



                                                        Capital Contions
                                                         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          2002           2002              2001           Subsidy*        2002
----------------------------------    ----------- --------------------------------- ----------------  -------------  -------------

Yester Oaks, L.P.
Yester Oaks
Lafayette, GA                              44         319,254           319,254        1,276,275         FmHA           98%

Ocean View Apartments, L.P.
Ocean View
Fernandina Beach, FL                       42         334,177           334,177        1,356,436         None          100%

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

Archer Village, Ltd.
Archer Village
Archer, FL                                 24         171,380           171,380          702,606         FmHA           79%

The Oaks of Dunlop Farms, L.P.
Oaks of Dunlop
Colonial Heights, VA                      144       2,791,280         2,791,280        4,367,803         None           99%

Timothy House Limited
 Partnership
Timothy House
Towson, MD                                112       3,064,250         3,064,250        2,388,773         None           97%

Westover Station Associates, L.P.
Westover Station
Newport News, VA                          108       1,972,947         1,972,947        2,635,055         None           98%



<PAGE>



                                                        Capital Contions
                                                         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          2002           2002              2001           Subsidy*        2002
----------------------------------    ----------- --------------------------------- ----------------  -------------  -------------

Christiansted Limited Dividend
 Housing Association
Carib III
St. Croix, VI                              24         322,260           322,260        1,470,047         FmHA           96%

St. Croix II Limited Partnership
Carib II
St. Croix, VI                              20         347,680           347,680        1,392,008         FmHA          100%

Whispering Trace Apartments,
 A Limited Partnership
Whispering Trace
Woodstock, GA                              40       1,093,330         1,093,330        1,318,029         None           88%

Historic New Center Apartments
 Limited Partnership
New Center
Detroit, MI                               104       3,077,187         3,077,187        2,872,018       Section 8        75%

Huguenot Park Associates, L.P.
Huguenot Park
New Paltz, NY                              24         982,358           982,358        1,400,000         None           96%

Cobblestone Place Townhomes,
 A Limited Partnership
Hillwood Pointe
Jacksonville, FL                          100       2,356,133         2,356,133        2,801,624         None           95%

Kensington Place Townhomes,
 A Limited Partnership
Pinewood Pointe
Jacksonville, FL                          136       3,153,173         3,153,173        3,793,319         None           94%



<PAGE>



                                                        Capital Contions
                                                        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          2002           2002              2001           Subsidy*        2002
----------------------------------    ----------- --------------------------------- ----------------  -------------  -------------

Westgate Apartments Limited
 Partnership
Westgate
Bismark, ND                                60         935,893           935,893        1,539,887         None           95%

Woodlake Hills Limited
 Partnership
Woodlake Hills
Pontiac, MI                               144       4,154,667         4,154,667        3,688,431         None           92%

Bixel House, a California
 Limited Partnership
Bixel House
Los Angeles, CA                            76         710,677           710,677          911,837       Section 8        99%

Harmony Apartments, a California
 Limited Partnership
Magnolia Villas
North Hollywood, CA                        65       3,203,996         3,203,996        2,957,958         None          100%

Schumaker Place Associates, L.P.
Schumaker Place
Salisbury, MD                              96       2,910,453         2,910,453        2,858,393         None          100%

Circle Terrace Associates Limited
 Partnership
Circle Terrace
Lansdowne, MD                             303       5,811,237         5,811,237        6,023,929       Section 8        99%
                                      -------    ------------      ------------     ------------
                                        2,357    $ 55,397,698      $ 55,397,698     $ 78,408,483
                                      =======    ============      ============     ============

</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 each represent
more than 10% of the total capital contributions made to Local Limited
Partnerships by the Partnership. The first is Strathern Park/Lorne Park, a
California Limited Partnership. Strathern Park/Lorne Park, representing 15.20%
of the total capital contributions to Local Limited Partnerships, is a 241-unit
apartment complex located in Los Angeles, California.

Strathern Park/Lorne Park is financed by a combination of private and public
sources, including a first mortgage at 9.41% interest and 30 year term with
California Community Reinvestment Corporation, a consortium of private lenders.
Secondary financing has a term of 40 years and an interest rate of 7% and is
provided by the Community Redevelopment Agency of the City of Los Angeles and
U.S. Housing and Urban Development Action Grant, with payments made from the
residual receipts of the project. Additional financing has been provided by the
Community Redevelopment Agency of the City of Los Angeles over a 40 year term at
5% per annum. Payments on this loan are also to be made from residual receipts
of the project.

The other Local Limited Partnership which represents more than 10% of the total
capital contributions made to Local Limited Partnerships is Circle Terrace
Associates Limited Partnership. Circle Terrace, representing 10.49% of the total
capital contributions to Local Limited Partnerships, is a substantially
renovated 303-unit apartment complex located in Lansdowne, Maryland with 23
garden-style buildings and a newly-constructed community building.

All of the units at Circle Terrace benefit from the Section 8 Loan Management
Set Aside Program. A first mortgage is FHA insured and bears interest at 7%,
less a monthly subsidy. The mortgage is due in February 2017. The Property is
also obligated under a second mortgage with Sun Trust of Richmond, Virginia,
Inc. This note is due in December 2011 and has an 8% annual interest rate.
Additionally a third mortgage note is held by the Department of Housing and
Community Development of the State of Maryland. The note bears interest at 4.5%
and is due in July 2023.

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. However, Tompkins/Rosecliff, Ltd. which owns a property in Sanford,
Florida, had been involved in certain litigation with an entity formerly
affiliated with this Partnership and its previous Local General Partner. A
settlement agreement was agreed upon in July 1999 totaling $200,000, of which
the Partnership's share was $100,000. In the opinion of the Managing General
Partner, this was an appropriate settlement, which it believes will eliminate
the risk of foreclosure and recapture posed by this litigation.

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

None.



<PAGE>


                                     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 April 4, 2002, there were 3,242 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, 2002 and 2001.

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.

Accounting Polices

The Partnership's accounting polices 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.





Liquidity and capital resources

At March 31, 2002, the Partnership had cash and cash equivalents of $1,123,750,
compared with $573,599 at March 31, 2001. 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, 2002, approximately $2,236,000 of cash, cash
equivalents and marketable securities has been designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $194,000 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, 2002, the Partnership has advanced approximately $200,000 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, 2002, 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, 2002. It is not expected that cash available for distribution, if any,
will be significant during the 2002 calendar year. Based on the results of 2001
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

2002 versus 2001

The Partnership's results of operations for the year ended March 31, 2002
resulted in a net loss of $2,396,295 as compared to a net loss of $2,334,459 for
the same period in 2001. The increase in net loss is primarily attributable to a
decrease in other revenue, partially offset by decreases in equity in losses of
Local Limited Partnerships and general and administrative expenses. The decrease
in other revenue is attributable to the timing of distributions from Local
Limited Partnerships, as well as a refund of legal costs in 2001 related to one
Local Limited Partnership. Equity in losses of Local Limited Partnerships
decreased primarily due to continued unrecognized losses for Local Limited
Partnerships whose carrying values have been reduced to zero. The decrease in
general and administrative expenses is primarily due to decreased charges from
an affiliate of the General Partner for operational and administrative expenses
necessary for the operation of the Partnership.
<page>


Low-income housing tax credits

The 2001 and 2000 Tax Credits per Unit were $113.91 and $150.08, respectively.
The Tax Credit per Limited Partnership Unit stabilized at approximately $150.00
per Unit in 1993. The credits have begun to decrease significantly as several
Properties are reaching the end of the ten year credit period. However, because
the Tax Credit 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 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 expenses loans, subordinated loans or operating escrows. However, some
Properties have 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 Property. Also, the Managing
General Partner, in the normal course of the Partnership's business, may desire
to dispose of certain Local Limited Partnerships. The following Property
discussions focus only on such Properties.

Operations at Historic 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. A new site
management company began operating the Property on January 1, 2001 but
subsequently resigned, as they believed they were not suited to manage the
Property. An affiliate of the Local General Partner began managing the Property
in May 2001 and has worked to increase curb appeal and implement new marketing
programs to increase qualified tenant traffic. Unfortunately, despite these
efforts, occupancy remains depressed. 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.

As previously reported regarding Westgate, located in Bismarck, 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 Partnership
will retain its full share of the Property's tax credits, which expired in 2001,
until such time as the remaining interest is put to the new Local General
Partner. Further, the new Local General Partner has the right to call the
remaining interest after the tax credit period has expired.

Carib Villas II and Carib Villas III, located in St. Croix, Virgin Islands, have
been unable to maintain stabilized occupancy. The Properties have both family
and elderly units, and while the family units have a waiting list, the elderly
units have proven difficult to lease. Also, due to the Properties' proximity to
the ocean, weather conditions erode their physical condition quickly, and
therefore, maintenance issues are a concern. In April 2000, a replacement site
management company was brought in to manage the Properties' operations. 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. Currently, the
Managing General Partner is negotiating a plan that will ultimately transfer the
Partnership's interests in the Properties. The plan includes provisions to
minimize the risk of recapture.
<page>

Although Schumaker Place, located in Salisbury, Maryland, continues to maintain
high occupancy, the property operated at break-even for the reporting period.
The deficit was primarily due to an increase in real estate taxes. Under a 1991
agreement with the City of Salisbury, Maryland, the Property was allowed to
defer 90% of its annual real estate taxes in 1991 with the amount of the
deferral decreasing by 10% each year thereafter. In 2001, the Property was
responsible for 100% of the current year taxes plus 10% of the deferred amount.
The Managing General Partner will closely monitor the Property's operations.

A newly constructed property adjacent to Whispering Trace, located in Woodstock,
Georgia, began operations during 2001. Although the new property has 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. As a result, occupancy at Whispering Trace has declined,
and the Property has incurred significant capital expenditures in order to
maintain competitive in the market place.

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.

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, 2002 and 2001.

Since some 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 of the Properties in which the Partnership invests 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.


<PAGE>



                                    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  ("Arch Street,  Inc.") (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.

     Name                           Position

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

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 46, 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 45,  Principal,  Member,  Legal - 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 37, Principal, Member, Legal - 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.).


<page>

Item 10.  Management Remuneration

Neither the directors nor officers of Arch Street,  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, 2002, 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:
                                                  Amount
 Title of      Name and Address                Beneficially        Percent of
  Class       of Beneficial Owner                 Owned              Class
---------      -------------------            --------------      -----------

Limited         Oldham Institutional
Partner         Tax Credits LLC                  8,024 Units          11.64%
                101 Arch Street
                Boston, MA

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, 2002. 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, 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 expense reimbursements made in the two
years ended March 31, 2002 is presented as follows:

<page>

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, 2002. Total organization and offering
expenses, exclusive of selling commissions, did not exceed 5.5% of the 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,
2002.

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 offering 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 offering proceeds. As of
March 31, 2002, 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, 2002 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, 2002.

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 0.383% (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, 2002 are as follows:

                                                   2002           2001
                                               ----------     -------------

   Asset Management Fees                       $  259,321     $     253,088

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, 2002 are as follows:

                                                        2002           2001
                                                    ----------     -------------

   Salaries and benefits expense reimbursements     $  194,654     $    271,057



<page>



Cash distributions paid to the General Partners

In  accordance  with the  Partnership  Agreement,  the General  Partners of the
Partnership,  Arch Street,  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, 2002.

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, 2002 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.

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)  Reports on Form 8-K:
          No reports on Form 8-K were filed during the year ended March 31,
2002.





<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 29, 2002
           ---------------------------------------              ---------------
           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 29, 2002
           ------------------------------                      --------------
           Jenny Netzer
           Director


     By:   /s/Michael H. Gladstone                     Date:   June 29, 2002
           -----------------------------                       --------------
           Michael H. Gladstone
           Director



<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, 2002, and the results of
its operations and its cash flows for each of the two years in the period ended
March 31, 2002 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
$13,915,739 at March 31, 2002, and the Partnership's equity in earnings (losses)
of Local Limited Partnerships is stated at $(2,033,839) and $(2,223,252) for the
years ended March 31, 2002 and 2001, 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.




/s/PricewaterhouseCoopers LLP
June 21, 2002
Boston, Massachusetts


<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, 2002
                                      Index



                                                                        Page No.

Report of Independent Accountants
    For the years ended March 31, 2002 and 2001                            F-2

Financial Statements

    Balance Sheet - March 31, 2002                                         F-3

    Statements of Operations - For the years ended
       March 31, 2002 and 2001                                             F-4

    Statements of Changes in Partners' Equity (Deficiency) -
       For the years ended March 31, 2002 and 2001                         F-5

    Statements of Cash Flows - For the years ended
       March 31, 2002 and 2001                                             F-6

    Notes to the Financial Statements                                      F-7






<PAGE>


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

                                  BALANCE SHEET
                                 March 31, 2002



<TABLE>
<CAPTION>
<S>                                                                                         <C>
Assets

Cash and cash equivalents                                                                    $   1,123,750
Marketable securities, at fair value (Note 3)                                                    1,860,034
Investments in Local Limited Partnerships, net (Note 4)                                         13,915,739
Restricted cash (Note 6)                                                                           121,700
Other assets                                                                                        25,518
                                                                                             -------------
   Total Assets                                                                              $  17,046,741
                                                                                             =============

Liabilities and Partners' Equity

Accounts payable to affiliate (Note 5)                                                       $     154,146
Accrued expenses                                                                                    33,357
Deferred revenue (Note 6)                                                                          121,700
                                                                                             -------------
   Total Liabilities                                                                               309,203
                                                                                             -------------

General, Initial and Investor Limited Partners' Equity                                          16,712,388
Net unrealized gains on marketable securities                                                       25,150
   Total Partners' Equity                                                                       16,737,538
                                                                                             -------------
   Total Liabilities and Partners' Equity                                                    $  17,046,741
                                                                                             =============

</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, 2002 and 2001


<TABLE>
<CAPTION>
<S>                                                                   <C>                <C>
                                                                           2002                2001
Revenue:
   Investment                                                          $     151,160      $      173,776
   Other                                                                      82,431             397,372
                                                                       -------------      --------------
     Total Revenue                                                           233,591             571,148
                                                                       -------------      --------------

Expenses:
   General and administrative
     (includes reimbursements to an affiliate
     in the amounts of $194,654 and $271,057
     in 2002 and 2001, respectively) (Note 5)                                313,220             380,670
   Asset management fees, affiliate (Note 5)                                 259,321             253,088
   Provision for valuation of advances to
       Local Limited Partnerships                                                  -              25,000
   Amortization                                                               23,506              23,597
                                                                       --------------     --------------
     Total Expenses                                                          596,047             682,355
                                                                       --------------     --------------

Loss before equity in losses of Local Limited
   Partnerships                                                             (362,456)           (111,207)


Equity in losses of Local Limited
   Partnerships (Note 4)                                                  (2,033,839)         (2,223,252)
                                                                       --------------     --------------

Net Loss                                                               $  (2,396,295)     $   (2,334,459)
                                                                       ==============     ==============

Net Loss allocated:
   General Partners                                                    $     (23,963)     $      (23,345)
   Limited Partners                                                       (2,372,332)         (2,311,114)
                                                                       --------------     --------------
                                                                       $  (2,396,295)     $   (2,334,459)
                                                                       =============      ==============

Net Loss per Limited Partner
   Unit (68,929 Units)                                                 $      (34.42)     $       (33.53)
                                                                       =============      ==============
</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,
                                  2002 and 2001


<TABLE>
<CAPTION>
<S>                                  <C>              <C>           <C>              <C>            <C>
                                                                                           Net
                                                         Initial       Investor        Unrealized
                                       General           Limited        Limited           Gains
                                       Partners          Partner        Partners         (Losses)          Total

Balance at March 31, 2000             $  (377,675)     $   5,000     $  21,815,817    $   (36,145)   $   21,406,997
                                      ------------     ---------     -------------    ------------   --------------

Comprehensive Income (Loss):
   Change in net unrealized
     losses on marketable securities
     available for sale                         -              -                 -         76,647            76,647
   Net Loss                               (23,345)             -        (2,311,114)             -        (2,334,459)
                                      ------------     ---------     -------------      ----------    --------------
Comprehensive Income (Loss)               (23,345)             -        (2,311,114)        76,647        (2,257,812)
                                      ------------     ---------     -------------      ----------    --------------

Balance at March 31, 2001                (401,020)         5,000        19,504,703         40,502        19,149,185
                                      ------------     ---------     -------------      ----------    --------------
   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
                                      ============     ==========    ==============   ============   ===============
</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 CASH FLOWS
                   For the Years Ended March 31, 2002 and 2001



<TABLE>
<CAPTION>
<S>                                                                   <C>                <C>
                                                                           2002                2001

Cash flows from operating activities:
   Net loss                                                            $  (2,396,295)     $   (2,334,459)
   Adjustments to reconcile net loss to net
     cash used for operating activities:
     Equity in losses of Local Limited Partnerships                        2,033,839           2,223,252
     Provision for valuation of advances to Local
       Limited Partnerships                                                        -              25,000
     Amortization                                                             23,506              23,597
     Gains on sales of marketable securities, net                             (2,498)             (3,423)
     Cash distributions included in net loss                                  (6,726)           (158,105)
     Increase (decrease) in cash arising from changes
       in operating assets and liabilities:
       Restricted cash                                                        17,595              (8,097)
       Other assets                                                           10,199              (6,643)
       Accounts payable to affiliate                                         (35,362)             26,189
       Accrued expenses                                                      (36,437)             68,324
       Deferred revenue                                                      (17,595)              8,097
                                                                       --------------      --------------
Net cash used for operating activities                                      (409,774)           (136,268)
                                                                       --------------      --------------
Cash flows from investing activities:
   Purchases of marketable securities                                       (621,733)         (1,577,046)
   Proceeds from sales and maturities of
     marketable securities                                                 1,230,186           1,508,043
   Cash distributions received from Local Limited
     Partnerships                                                            351,472             411,716
   Advances to Local Limited Partnerships                                          -             (25,000)
                                                                       --------------      --------------
Net cash provided by investing activities                                    959,925             317,713
                                                                       --------------      --------------

Net increase in cash and cash equivalents                                    550,151             181,445

Cash and cash equivalents, beginning                                         573,599             392,154
                                                                       --------------     ---------------

Cash and cash equivalents, ending                                      $   1,123,750      $      573,599
                                                                       ==============     ===============
</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 V, 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, 2002, the Managing General Partner has designated approximately $2,236,000
of cash, cash equivalents and marketable securities as such Reserves.

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.

2.   Significant Accounting Policies

Cash Equivalents

Cash equivalents consist of short-term money market instruments with original
maturities of ninety days or less at acquisition and approximate fair value.

Marketable Securities

Marketable securities consist primarily of U.S. Treasury instruments and various
asset-backed investments vehicles. 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. 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 income or loss of the Local Limited Partnerships,
additional investments in and cash distributions from the Local Limited
Partnerships. Equity in income or loss of the Local Limited Partnerships is
included in the Partnership's operations. The Partnership has no obligation to
fund liabilities of the Local Limited Partnerships beyond its investment,
therefore a Local Limited Partnership's investment will not be carried below
zero. To the extent that equity losses are incurred or distributions received
when a Local Limited Partnership's respective investment balance has been
reduced to zero, the losses will be suspended to be used against future income
and distributions received will be included in income.

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, 2001 and 2000.

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.

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.


<PAGE>

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

                  Notes to the Financial Statements (continued)


2.   Significant Accounting Policies (continued)

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>
<S>                                              <C>             <C>            <C>            <C>
                                                                     Gross           Gross
                                                                  Unrealized      Unrealized       Fair
                                                     Cost            Gains          Losses         Value
Debt securities issued by the US
   Treasury and other US
   government corporations and agencies           $  1,296,959    $    24,893    $          -   $  1,321,852

Mortgage backed securities                             215,214          5,500               -        220,714

Other debt securities                                  322,711              -          (5,243)       317,468
                                                  ------------    -----------    -------------  ------------
Marketable securities at March 31, 2002           $  1,834,884    $    30,393    $     (5,243)  $  1,860,034
                                                  ============    ===========    =============  ============
</TABLE>

A summary of marketable securities is as follows:


The contractual maturities at March 31, 2002 are as follows:

                                                            Fair
                                        Cost                Value

Due in less than one year            $   898,067         $   912,055
Due in one year to five years            721,603             727,265
Mortgage backed securities               215,214             220,714
                                     $ 1,834,884         $ 1,860,034


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 and $508,000 during the years
ended March 31, 2002 and 2001, respectively. Proceeds from the maturities of
marketable securities were approximately $999,000 and $1,000,000 during the
years ended March 31, 2002 and 2001, respectively. Included in investment income
are gross gains of $2,572 and $3,704 and gross losses of $74 and $281 that were
realized on the sales during the years ended March 31, 2002 and 2001,
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, 2002:
<TABLE>
<CAPTION>
<S>                                                                                               <C>
Capital contributions and advances paid to Local Limited Partnerships and
   purchase price paid to withdrawing partners of Local Limited Partnerships                       $     55,637,228

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $5,351,628)                                                                   (39,267,489)

Cumulative cash distributions received from Local Limited Partnerships                                   (2,357,511)
                                                                                                   -----------------
Investments in Local Limited Partnerships before adjustment                                              14,012,228

Excess of investment cost over the underlying net assets acquired:

    Acquisition fees and expenses                                                                         1,006,357

    Cumulative amortization of acquisition fees and expenses                                               (273,119)
                                                                                                   -----------------
Investments in Local Limited Partnerships before reserve for valuation                                   14,745,466

Reserve for valuation of investments in Local Limited Partnerships                                         (829,727)
                                                                                                   -----------------
Investments in Local Limited Partnerships                                                          $     13,915,739
                                                                                                   =================
</TABLE>

The Partnership has recorded a reserve for valuation for its investments in
Local Limited Partnerships because there is evidence of a non-temporary decline
in the recoverable amount of one of the Local Limited Partnerships.



<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, 2001 and 2000 (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>
<S>                                                                             <C>              <C>
                                                                                      2001              2000
Assets:
   Investment property, net                                                      $   96,144,786   $  100,286,185
   Other assets                                                                       9,288,552        9,227,655
                                                                                 --------------   --------------
     Total Assets                                                                $  105,433,338   $  109,513,840
                                                                                 ==============   ==============
Liabilities and Partners' Equity:
   Mortgage notes payable                                                        $   78,408,483   $   76,143,579
   Other liabilities                                                                 15,020,132       17,215,472
                                                                                 --------------   --------------
     Total Liabilities                                                               93,428,615       93,359,051
                                                                                 --------------   --------------

Partnership's Equity                                                                  7,801,133       11,671,895
Other partners' Equity                                                                4,203,590        4,482,894
                                                                                 --------------   --------------
   Total Partners' Equity                                                            12,004,723       16,154,789
                                                                                 --------------   --------------
     Total Liabilities and Partners' Equity                                      $  105,433,338   $  109,513,840
                                                                                 ==============   ==============




Summarized Income Statements - for the years
ended December 31,                                                                    2001               2000

Rental and other income:                                                         $   15,671,113   $   15,104,014
                                                                                 --------------   --------------
Expenses:
   Operating                                                                          9,064,160        8,503,818
   Interest                                                                           5,447,963        5,493,565
   Depreciation and amortization                                                      4,734,638        4,759,086
                                                                                 --------------   --------------
     Total Expenses                                                                  19,246,761       18,756,469
                                                                                 --------------   --------------

Net Loss                                                                         $   (3,575,648)  $   (3,652,455)
                                                                                 ==============   ==============
Partnership's share of Net Loss (include adjustments from prior years)           $   (3,401,970)  $   (3,475,275)
                                                                                 ==============   ==============
Other partners' share of Net Loss                                                $     (137,040)  $     (150,459)
                                                                                 ==============   ==============
</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, 2002 and 2001, the Partnership has not recognized
$1,368,131 and $1,252,023, 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's equity as reflected by the Local Limited Partnerships of
$7,801,133 differs from the Partnership's investments in Local Limited
Partnerships before adjustment of $14,012,228 principally because: a)
unrecognized losses as discussed above; b) distributions made by Local Limited
Partnerships during the quarter ended March 31, 2002 are not reflected in the
December 31, 2001 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 $240,000 in
investments in Local Limited Partnerships.

5.   Transactions with Affiliates

An affiliate of the Managing General Partner currently receives the base amount
of 0.383% (as adjusted by the CPI factor) of Gross Proceeds annually as the
Asset Management Fee for administering the affairs of the Partnership. Asset
Management Fees for the years ended March 31, 2002 and 2001 are $259,321 and
$253,088, respectively. Included in accounts payable to affiliate at March 31,
2002 is $65,605 of Asset Management Fees due to an affiliate of the Managing
General Partner.

An affiliate of the Managing General Partner is reimbursed for the actual cost
of the Partnership's operating expenses. Included in general and administrative
expenses for the years ended March 31, 2002 and 2001 are $194,654 and $271,057,
respectively, that the Partnership has paid or is payable as reimbursement for
salaries and benefits expenses. The amount payable for salaries and benefits at
March 31, 2002 is $88,541.

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, 2002, $143,000 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, 2002 and 2001 to the net loss reported on Form
1065, U.S. Partnership Return of Income for the years ended December 31, 2001
and 2000:
<TABLE>
<CAPTION>
<S>                                                                              <C>              <C>
                                                                                      2002              2001

Net Loss per financial statements                                                 $  (2,396,295)   $  (2,334,459)

Adjustment for equity in losses of Local Limited
   Partnerships for financial reporting (tax) purposes in
   excess of equity in losses for tax (financial reporting) purposes                    172,755         (547,215)

Equity in losses of Local Limited Partnerships not recognized for
   financial reporting purposes                                                      (1,368,131)      (1,252,023)

Adjustment to reflect March 31 fiscal year end to December 31
   tax year end                                                                         167,693          (55,452)

Provision for valuation of advances to Local Limited Partnerships
   not deductible for tax purposes                                                            -           25,000

Loss on write-off of investments in Local Limited Partnerships
   recognized for tax purposes                                                                -          (24,256)

Amortization for tax purposes in excess of amortization for financial
   reporting purposes                                                                   (12,949)         (12,858)

Cash distributions included in net loss for financial reporting purposes               (127,895)         (41,105)
                                                                                   -------------    -------------
Net Loss per tax return                                                            $ (3,564,822)    $ (4,242,368)
                                                                                   =============    =============
</TABLE>

The differences in the assets and liabilities of the Partnership for financial
reporting purposes and tax reporting purposes for the year ended March 31, 2002
are as follows:
<TABLE>
<CAPTION>
<S>                                                       <C>             <C>              <C>
                                                             Financial           Tax
                                                             Reporting        Reporting
                                                             Purposes         Purposes       Differences

Investments in Local Limited Partnerships                 $  13,915,739    $   6,285,277    $  7,630,462
Other assets                                              $   3,131,002    $  12,822,151    $ (9,691,149)
Liabilities                                               $     309,203    $     269,242    $     39,961
</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 $8,368,000 greater than for financial reporting purposes,
including approximately $5,352,000 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
$101,000; (iii) approximately $76,000 of cash distributions received from Local
Limited Partnerships during the quarter ended March 31, 2002 are not included in
the Partnership's investments in Local Limited Partnerships for tax purposes at
December 31, 2001; (iv) the Partnership has provided a reserve for valuation of
approximately $830,000 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.



<PAGE>