July 13, 2005




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, 2005
       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, 2005
                          ---------------------------------------------------

                                                         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, 2005


<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.
<TABLE>
<CAPTION>

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


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

Acquisition Reports                                                     Part I, Item 1

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

Prospectus - Sections Entitled:

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

     "Estimated Use of Proceeds"                                        Part III, Item 12

     "Management Compensation and Fees"                                 Part III, Item 12

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



</TABLE>

<PAGE>


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

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2005


                                TABLE OF CONTENTS
<TABLE>
<CAPTION>


                                                                            Page No.

PART I

     <S>          <C>                                                           <C>
     Item 1       Business                                                      K-3
     Item 2       Properties                                                    K-6
     Item 3       Legal Proceedings                                             K-12
     Item 4       Submission of Matters to a Vote of
                  Security Holders                                              K-13

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-18
     Item 8       Changes in and Disagreements with Accountants
                  on Accounting and Financial Disclosure                        K-18
     Item 8A      Controls and Procedures                                       K-18
     Item 8B      Other Information                                             K-18

PART III

     Item 9       Directors and Executive Officers
                  of the Registrant                                             K-18
     Item 10      Management Remuneration                                       K-19
     Item 11      Security Ownership of Certain Beneficial
                  Owners and Management                                         K-19
     Item 12      Certain Relationships and Related Transactions                K-20
     Item 13      Exhibits, Financial Statement Schedules and
                  Reports on Form 8-K                                           K-21
     Item 14.     Principal Accountant Fees and Services                        K-22


SIGNATURES                                                                      K-23
----------

CERTIFICATIONS                                                                  K-24
--------------

</TABLE>



<PAGE>


                                     PART I

Item 1.  Business

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

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

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

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





<PAGE>
<TABLE>
<CAPTION>


                                     TABLE A

                             SELECTED LOCAL LIMITED
                                PARTNERSHIP DATA


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

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


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

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

</TABLE>

<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, 2005, 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 made 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., and Ocean View Apartments, L.P., representing 1.71%,
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 MMA Financial, LLC., ("MMA") an affiliate of the General
Partner, for certain expenses and overhead costs. A complete discussion of the
management of the Partnership is set forth in Item 9 of this Report.



<PAGE>


Item 2.  Properties

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

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

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

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


<PAGE>
<TABLE>
<CAPTION>



                                              Capital Contributions
                                            Total                  Paid          Mortgage loans                        Occupancy
Local Limited Partnership      Number      Committed at           through          payable at          Type               At
Property Name                   Of          March 31,            March 31,       December 31,           of             March 31,
Property Location            Apt. Units       2005                 2005              2004            Subsidy*            2005
------------------------     ----------  --------------      ----------------- -----------------  -------------------  -----------

Strathern Park/Lorne Park, a
 California Limited Partnership (1)
Strathern Park/Lorne Park
<S>                              <C>        <C>                    <C>             <C>                    <C>                <C>
Los Angeles, CA                  241        $8,418,667             $8,418,667      $16,874,638            None               100%

Maiden Choice Limited
 Partnership
Park Caton
Catonsville, MD                  101         2,513,300              2,513,300        3,898,614            None                96%

Cedar Lane I, Ltd.
Cedar Lane I
London, KY                        36           288,587                288,587        1,045,552            None               100%

Silver Creek II, Ltd.
Silver Creek II
Berea, KY                         24           193,278                193,278          754,556            None               100%

Tompkins/Rosecliff, Ltd.
Rosecliff
Sanford, FL                      168         3,604,720              3,604,720        5,322,928            None                92%

Brookwood L.D.H.A.
Brookwood
Ypsilanti, MI                     81         2,373,295              2,373,295        2,895,725            None                94%

Water Oak Apartment, L.P.
Water Oak
Orange City, FL                   40           293,519                293,519        1,234,793            None               100%

</TABLE>


<PAGE>

<TABLE>
<CAPTION>

                                              Capital Contributions
                                            Total                  Paid          Mortgage loans                        Occupancy
Local Limited Partnership      Number      Committed at           through          payable at          Type               At
Property Name                   Of          March 31,            March 31,       December 31,           of             March 31,
Property Location            Apt. Units       2005                 2005              2004            Subsidy*            2005
------------------------     ----------  --------------      ----------------- -----------------  -------------------  -----------

Yester Oaks, L.P.
Yester Oaks
<S>                              <C>          <C>                    <C>             <C>                 <C>                 <C>
Lafayette, GA                    44           319,254                319,254         1.263,777           FmHA                91%

Ocean View Apartments, L.P.
Ocean View
Fernandina Beach, FL             42           334,177                334,177         1,343,459           None                95%

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

Archer Village, Ltd.
Archer Village
Archer, FL                       24           171,380                171,380           692,227           FmHA                88%

The Oaks of Dunlop Farms, L.P.
Oaks of Dunlop
Colonial Heights, VA            144         2,791,280              2,791,280         4.239,956           None               100%

Timothy House Limited
 Partnership
Timothy House
Towson, MD                      112         3,064,250              3,064,250         2,249,108           None                97%

Westover Station Associates, L.P.
Westover Station
Newport News, VA                108         1,972,947              1,972,947         3,313,108           None               100%


</TABLE>

<PAGE>
<TABLE>
<CAPTION>




                                              Capital Contributions
                                            Total                  Paid          Mortgage loans                        Occupancy
Local Limited Partnership      Number      Committed at           through          payable at          Type               At
Property Name                   Of          March 31,            March 31,       December 31,           of             March 31,
Property Location            Apt. Units       2005                 2005              2004            Subsidy*            2005
------------------------     ----------  --------------      ----------------- -----------------  -------------------  -----------

Christiansted Limited Dividend
 Housing Association
Carib III
<S>                             <C>           <C>                    <C>           <C>                    <C>                 <C>
St. Croix, VI                   24            322,260                322,260       1,454,226              FmHA                92%

St. Croix II Limited Partnership Carib II
St. Croix, VI                   20            347,680                347,680       1,378,782              FmHA               100%

Whispering Trace Apartments,
 A Limited Partnership
Whispering Trace
Woodstock, GA                   40          1,093,330              1,093,330       1,241,509              None                83%

Historic New Center Apartments
 Limited Partnership
New Center
Detroit, MI                    104          3,077,187              3,077,187       2,797,562            Section 8             29%

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

Cobblestone Place Townhomes,
 A Limited Partnership
Hillwood Pointe
Jacksonville, FL               100          2,356,133              2,356,133       2,638,970              None                93%

Kensington Place Townhomes,
 A Limited Partnership
Pinewood Pointe
Jacksonville, FL               136          3,153,173              3,153,173       3,573,091              None                99%
</TABLE>



<PAGE>
<TABLE>
<CAPTION>





                                              Capital Contributions
                                            Total                  Paid          Mortgage loans                        Occupancy
Local Limited Partnership      Number      Committed at           through          payable at          Type               At
Property Name                   Of          March 31,            March 31,       December 31,           of             March 31,
Property Location            Apt. Units       2005                 2005              2004            Subsidy*            2005
------------------------     ----------  --------------      ----------------- -----------------  -------------------  -----------

Westgate Apartments Limited
 Partnership
Westgate
<S>                             <C>           <C>                    <C>             <C>                  <C>                 <C>
Bismark, ND                     60            935,893                935,893         1,502,893            None                92%

Woodlake Hills Limited
 Partnership
Woodlake Hills
Pontiac, MI                    144          4,154,667              4,154,667         3,522,147            None                92%

Bixel House, a California
 Limited Partnership
Bixel House
Los Angeles, CA                 76            710,677                710,677           432,944          Section 8             87%

Harmony Apartments, a California
 Limited Partnership
Magnolia Villas
North Hollywood, CA             65          3,203,996              3,203,996         2,775,735            None                91%

Schumaker Place Associates, L.P.
Schumaker Place
Salisbury, MD                   96          2,910,453              2,910,453         2,769,300            None                97%

Circle Terrace Associates Limited
 Partnership
Circle Terrace
Lansdowne, MD                  303          5,811,237              5,811,237         6,709,206          Section 8            100%
                              ------       ------------           ------------     -------------
                              2,357       $ 55,397,698           $ 55,397,698     $  77,324,806
                             =======       ============           ============     =============
</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>
One Local Limited Partnership invested in by the Partnership represents more
than 20% of the Partnership's consolidated assets, equity or net losses. The
following financial information represents the Local Limited Partnership's
performance for the years ended December 31, 2004 and 2003:
<TABLE>
<CAPTION>

     Circle Terrace Associates Limited Partnership                       2004              2003
     ---------------------------------------------                   -------------    -------------
<S>                                                                  <C>              <C>
     Total Assets                                                    $  11,300,655    $  11,943,634
     Total Liabilities                                               $   7,739,537    $   8,103,726
     Revenue                                                         $   2,690,154    $   2,879,782
     Net Loss                                                        $    (278,790)   $    (222,120)


</TABLE>

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

On or about July 13, 2004, Park G.P., Inc. ("Park") commenced litigation against
Boston Financial Qualified Housing Tax Credits L.P. IV (the "Partnership") and
its purported general partners (collectively, "Defendants") in Clay County,
Missouri, claiming that Defendants breached the relevant partnership agreement
and their fiduciary duties owed to Park by, among other things, failing to
permit inspection of certain alleged "books and records" of the Partnership. On
or about October 7, 2004, Park sought leave of the court to amend its petition
to include claims for inspection of the alleged "books and records" against
Boston Financial Qualified Housing Limited Partnership, Boston Financial Tax
Credit Fund Plus, A Limited Partnership, Boston Financial Qualified Housing Tax
Credits L.P. II, Boston Financial Qualified Housing Tax Credits L.P. III, Boston
Financial Qualified Housing Tax Credits L.P. V, Boston Financial Tax Credit Fund
VII, A Limited Partnership, and their purported general partners (collectively,
the "New Defendants"). The court granted the amendment on November 15, 2004, and
all defendants subsequently moved to dismiss the amended complaint in its
entirety. That motion is currently pending (along with a concurrently filed
motion for entry of a blanket protective order), and oral argument on the motion
took place on February 16, 2005. On or about October 8, 2004, Park moved the
court for entry of a temporary restraining order compelling the Defendants and
the New Defendants to turn over the alleged "books and records" in conjunction
with a transaction Park was proposing entering into. On October 12, 2004, the
court denied Park's request.

After Park served a deposition notice duces tecum that requested the production
of confidential non-public documents, defendants filed a Motion for a Protective
Order on March 23, 2005. After a short hearing on April 21, 2005, the Court
"overruled" the Motion in a brief docket entry on May 16, 2005 without any
findings of fact, conclusions of law, or other explanation. On or about June 9,
2005, defendants petitioned the Missouri Court of Appeals for a writ ordering
the Circuit Court to set aside the prior order and grant defendant's request for
a protective order.

Defendants maintain that Park is not entitled to review the materials requested
and/or use the materials in secondary market transactions because, among other
things, (i) they are not "books and records" of the partnerships, (ii) Park does
not seek to review them for a proper purpose, and (iii) that selective
disclosure of the information to Park would give it an unfair informational
advantage in secondary market transactions, and may violate federal and/or state
securities laws. Defendants accordingly intend on defending against the claims
vigorously. We have not formed an opinion that an unfavorable outcome is either
probable or remote. In addition, our counsel refrains from expressing an opinion
as to the likely outcome of the case, or the range of any loss.
<page>
On August 24, 2004, Boston Financial Qualified Housing Limited Partnership,
Boston Financial Tax Credit Fund Plus, A Limited Partnership, Boston Financial
Qualified Housing Tax Credits L.P. II, Boston Financial Qualified Housing Tax
Credits L.P. III, Boston Financial Qualified Housing Tax Credits L.P. IV, Boston
Financial Qualified Housing Tax Credits L.P. V, Boston Financial Tax Credit Fund
VII, A Limited Partnership, and Boston Financial Tax Credit Fund VIII, A Limited
Partnership (collectively, the "Partnerships"), and their general partners
commenced litigation against Everest Housing Investors 2, LLC ("Everest 2") and
three other Everest-related entities (collectively , the "Everest Entities") in
Massachusetts state court, seeking a declaratory judgment that certain materials
the Everest Entities sought to inspect are not "books and records" of the
Partnerships, and that the Everest Entities are in any case not entitled to
inspect said information under applicable partnership agreements, partnership
law or otherwise. On October 7, 2004, the Everest Entities filed an answer and
counterclaim against the Partnerships and their purported general partners,
claiming that they breached applicable partnership agreements, partnership law
and their fiduciary duties to the Everest Entities by failing to make the
purported "books and records" available. On January 12, 2005, the Partnerships
served a motion to amend their complaint to, among other things, add a claim
based on Everest 2's breach of a November 24, 2003 letter agreement which
compelled Everest 2 to keep confidential certain information contemporaneously
disseminated by four of the Partnerships to Everest 2. Having received no
opposition within the specified time, the Partnerships filed the motion to amend
with the proposed first amended complaint on January 31, 2005. The Court has
granted this Motion.

Defendants maintain that the Everest Entities are not entitled to review the
materials requested and/or use the materials in secondary market transactions
because, among other things, (i) they are not "books and records" of the
Partnerships, (ii) Everest does not seek to review them for a proper purpose,
and (iii) that selective disclosure of the information to Everest would give it
an unfair informational advantage in secondary market transactions, and may
violate federal and/or state securities laws. We have not formed an opinion that
an unfavorable outcome is either probable or remote. In addition, our counsel
refrains from expressing an opinion as to the likely outcome of the case, or the
range of any loss.

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

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

None.

                                     PART II


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

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

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

As of March 31, 2005, there were 3,005 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, 2005 and 2004.

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

Executive Level Overview

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
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 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 and each of which has generated Tax Credits.
Since inception, the Partnership has generated Tax Credits, net of recapture, of
approximately $1,512 per Limited Partner Unit, with an immaterial amount of Tax
Credits expected to be generated from 2005 through 2008. The aggregate amount of
Tax Credits generated by the Partnership is consistent with the objective
specified in the Partnership's prospectus.
<page>
Properties that receive low income housing Tax Credits must remain in compliance
with rent restriction and set-aside requirements for at least 15 years from the
date the Property is completed (the "Compliance Period"). Failure to do so would
result in the recapture of a portion of the Property's Tax Credits. Between 2005
and continuing through 2008, the Compliance Period of the twenty-six Properties
in which the Partnership has an interest will expire. The Managing General
Partner has negotiated agreements that will ultimately allow the Partnership to
dispose of its interest in eight Local Limited Partnerships. It is unlikely that
the disposition of any of these Local Limited Partnership interests will
generate any material cash distributions to the Partnership.

The Managing General Partner will continue to closely monitor the operations of
the Properties during the Compliance Period and will formulate disposition
strategies with respect to the Partnership's remaining Local Limited Partnership
interests. It is unlikely that the Managing General Partner's efforts will
result in the Partnership disposing of all of its remaining Local Limited
Partnership interests concurrently with the expiration of each Property's
Compliance Period. The Partnership shall dissolve and its affairs shall be wound
up upon the disposition of the final Local Limited Partnership interest and
other assets of the Partnership. Investors will continue to be Limited Partners,
receiving K-1s and quarterly and annual reports, until the Partnership is
dissolved.

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 statements 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.

Critical Accounting Policies

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

The Partnership accounts for its investments in Local Limited Partnerships using
the equity method of accounting. 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 Local Limited
Partnerships, where cumulative equity in losses plus cumulative distributions
have exceeded the total investment in Local Limited Partnerships, will not be
recorded until all of the related unrecorded losses have been offset. To the
extent that a Local Limited Partnership, with a carrying value of zero
distributes cash to the Partnership, that distribution is recorded as income on
the books of the Partnership and is included in "Other Revenue" in the
accompanying financial statements.
<page>
The Partnership has implemented policies and practices for assessing potential
impairment of its investments in Local Limited Partnerships. The investments are
reviewed for impairment whenever events or changes in circumstances indicate
that the Partnership may not be able to recover its carrying value. If an other
than temporary impairment in carrying value exists, a provision to reduce the
asset to fair value will be recorded in the Partnership's financial statements.




Accounting Standard Update

In January 2003, the FASB issued Interpretation No. 46 ("Interpretation"),
"Consolidation of Variable Interest Entities", which provides new criteria for
determining whether or not consolidation accounting is required. The
Interpretation, which was modified in December 2003 in order to address certain
technical and implementation issues, requires the Partnership to consider
consolidation or provide additional disclosures of financial information for
Local Limited Partnerships meeting the definition of a Variable Interest Entity
("VIE"). The Partnership was required to apply the Interpretation to the Local
Limited Partnerships meeting the definition of a VIE as of March 31, 2005.

This Interpretation requires consolidation by the Partnership of the Local
Limited Partnerships' assets and liabilities and results of operations if the
Partnership determined that the Local Limited Partnerships were VIEs and that
the Partnership was the "Primary Beneficiary". Minority interests may be
recorded for the Local Limited Partnerships' ownership share attributable to
other investors. Where consolidation of Local Limited Partnerships is not
required, additional financial information disclosures of Local Limited
Partnerships may be required. The Partnership has assessed the Interpretation
and concluded that it is not the Primary Beneficiary of any of the Local Limited
Partnerships that meet the definition of a VIE. The Partnership is involved with
those VIEs as a non-controlling limited partner equity holder. The Partnership
is required to disclose its maximum exposure to economic and financial statement
losses as a result of its involvement with the VIEs. The Partnership's exposure
to economic and financial statement losses from the VIEs is limited to its
investment in the VIEs ($8,260,118 at March 31, 2005). The Partnership may be
subject to additional losses to the extent of any financial support that the
Partnership voluntarily provides in the future.

Liquidity and capital resources

At March 31, 2005, the Partnership had cash and cash equivalents of $2,422,481,
compared with $3,037,678 at March 31, 2004. The decrease is primarily
attributable to net cash used for operations and advances to one Local Limited
Partnership, partially offset by cash distributions received from Local Limited
Partnerships.

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, 2005, approximately $1,787,000 of cash and cash
equivalents has been designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $273,000 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, 2005, the Partnership has advanced approximately $570,000 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, 2005, the Partnership had
no contractual or other obligation to any Local Limited Partnership which had
not been paid or provided for.
<page>


Cash distributions

No cash distributions to Limited Partners were made during the two years ended
March 31, 2005. It is not expected that cash available for distribution, if any,
will be significant during the 2005 calendar year. Based on the results of 2004
Property 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

The Partnership's results of operations for the year ended March 31, 2005
resulted in a net loss of $2,272,387 as compared to a net loss of $1,681,771 for
the same period in 2004. The increase in net loss is primarily attributable to
an increase in provision for valuation of advances to Local Limited
Partnerships, an increase in equity in losses of Local Limited Partnerships and
an increase in general and administrative expenses. The increase in provision
for valuation of advances to Local Limited Partnerships is the result of an
increase in advances made to one Local Limited Partnership in the current year.
Equity in losses of Local Limited Partnerships increased between years due to an
increase in losses of Local Limited Partnerships actually recognized by the
Partnership. The increase in general and administrative expenses is primarily
due to increased charges from an affiliate of a General Partner for operational
and administrative expenses necessary for the operation of the Partnership.

Low-income housing tax credits

The 2004 and 2003 Tax Credits per Unit were $0.38 and $1.69, respectively. The
Tax Credit per Limited Partner stabilized at approximately $150.00 per Unit in
1993. The credits have decreased significantly as a number of Properties have
reached the end of the ten year credit period. However, because the Compliance
Periods extend significantly beyond the Tax Credit periods, the Partnership
intends to hold its interests in the Local Limited Partnerships for the
foreseeable future.

Property discussions

A majority of the Properties in which the Partnership has an interest have
stabilized operations and operate above break-even. A few Properties generate
cash flow deficits that the Local General Partners of those Properties fund
through project expense loans, subordinated loans or operating escrows. However,
some Properties have had persistent operating difficulties that could either: i)
have an adverse impact on the Partnership's liquidity; ii) result in their
foreclosure; or iii) result in the Managing General Partner deeming it
appropriate for the Partnership to dispose of its interest in the Local Limited
Partnership prior to the expiration of the Compliance Period. Also, the Managing
General Partner, in the normal course of the Partnership's business, may arrange
for the future disposition of its interest in certain Local Limited
Partnerships. The following Property discussions focus only on such Properties.

As previously reported, the Local General Partner of Westover Station, located
in Newport News, Virginia, reached an agreement with the Property's lender to
refinance the debt on the Property. As part of the refinancing, which closed on
February 1, 2002, the Partnership received Sale or Refinancing Proceeds, as
defined in the Local Limited Partnership Agreement, of approximately $668,000.
The Managing General Partner, in accordance with and as permitted by the
Partnership Agreement, retained the entire amount of net proceeds in Reserves.
The Managing General Partner, on behalf of the Partnership, also negotiated an
agreement with the Local General Partner that will allow the Partnership to
dispose of its interest in the Property after the end of its Compliance Period,
which is December 31, 2006.

As previously reported, New Center, located in Detroit, Michigan, has
experienced operating difficulties for several years. 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. Efforts to increase curb appeal and
increase qualified tenant traffic have not materially improved occupancy.
Advances from the Local General Partner and the Partnership have enabled the
Property to remain current on its mortgage obligations. The Managing General
Partner will continue to closely monitor the site manager's efforts to improve
Property operations. However, due to the Property's continuing struggles, the
Managing General Partner is concerned about its long-term viability. Due to
these concerns, the Managing General Partner believed it was in the best
interest of the Property to replace the Local General Partner. Accordingly, the
Managing General Partner worked with the Local General Partner to identify an
acceptable replacement. A replacement was identified and admitted to the local
partnership during the first quarter of 2005. The replacement Local General
Partner will contribute $300,000 toward capital improvements to the property as
well as provide to the Partnership a Put Option Agreement that allows for the
transfer of the Partnership's interest to the replacement Local General Partner
for a nominal amount any time after the Property's Compliance Period ends on
December 31, 2006. Partnership Reserves have been utilized to fund the
Property's debt service obligations.
<page>
As previously reported regarding Park Century (a/k/a Westgate), located in
Bismark, North Dakota, in order to protect the remaining Tax Credits generated
by the Property, the Managing General Partner consummated the transfer of 50% of
the Partnership's capital and profits in the Local Limited Partnership to an
affiliate of the Local General Partner in November 1997. The Managing General
Partner also had the right to transfer the Partnership's remaining interest to
the Local General Partner any time after one year from the initial transfer.
However, due to subsequent transfers by the Local General Partner of its
interest in the Property, the date on which the Managing General Partner had the
right to transfer the remaining interest did not occur until December 1, 2001.
The agreement allowed the Partnership to retain its full share of the Property's
Tax Credits until such time as the remaining interest is put to the new Local
General Partner. The Property generated its last Tax Credits during 2001. The
new Local General Partner also has the right to call the remaining interest
after the Property's Compliance Period expires on December 31, 2006.

As previously reported, in April 2000, due to poor operations, the site
management company for Carib II and Carib III, located in St. Croix, Virgin
Islands was replaced. However, operations continue to suffer. Despite high
occupancy, the Properties are experiencing operating deficits that are funded
from working capital or replacement reserves. In addition, despite several
recent capital improvements, the Properties are in need of additional capital
expenditures. In 2000, the replacement site management company stated its desire
to purchase the Local General Partner and Partnership interests in the
Properties and, effective January 1, 2001, assumed the Local General Partner
interest in the Properties. As part of this transaction, the Managing General
Partner negotiated a put agreement that ultimately transfers the Partnership's
interest in the Properties to the new Local General Partner after the expiration
of the Properties' Compliance Periods on December 31, 2006. The plan includes
provisions to minimize the risk of recapture.

As previously reported, a Property adjacent to Whispering Trace, located in
Woodstock, Georgia, began operations during 2001. Although the Property had
difficulties in completing initial lease-up due to a lack of qualified tenants,
its superior amenities and curb appeal provide a competitive advantage. Other
Tax Credit Properties as well as entry-level homes in the area have further
increased competition for tenants. In addition, local employers have had
layoffs, forcing some tenants to leave the area in search of employment. As a
result, occupancy at Whispering Trace has suffered, although in recent quarters
it has improved. The Property has incurred significant capital expenditures in
order to remain competitive in the marketplace. As a result, debt service
coverage is below appropriate levels. Advances from the Local General Partner
and Partnership Reserves have allowed the Property to remain current on its debt
obligations.

As previously reported, the Managing General Partner negotiated an agreement
with an unaffiliated entity to have the ability to transfer the Partnership's
interest to the unaffiliated entity or its designee with respect to Cedar Lane
I, located in London, Kentucky, and Silver Creek II, located in Berea, Kentucky.
These Properties share a common Local General Partner. The Managing General
Partner has the right to put its interest in either of the Properties at any
time in exchange for a Contingent Note that grants the Partnership 50% of all
future net cash receipts from such Local Limited Partnership interest. Should
the Partnership dispose of the Partnership interests in these Properties in any
other manner, the Partnership will be required to pay a termination fee of
$2,500 per Property to the unaffiliated entity.

Schumaker Place Apartments, located in Salisbury, Maryland, has experienced
operating difficulties in recent quarters. Despite strong occupancy levels,
increased maintenance, insurance and real estate tax expenses have resulted in
deficits that have been funded from working capital. The Local General Partner
refinanced the Property in July 2004, reducing the interest rate and debt
service payments on the Property's first mortgage. The reduced debt service
resulted in the achievement of breakeven operations during 2004. In connection
with the Partnership's approval of this refinancing, the Partnership and the
Local General Partner entered into a put agreement whereby the Partnership can
transfer its interest in the Local Partnership to the Local General Partner for
a nominal amount any time after the Property's Compliance Period ends on
December 31, 2007.
<page>
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, 2005 and 2004.

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

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

Item 7.  Financial Statements and Supplementary Data

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

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

None.

Item 8A.  Controls and Procedures

Based on the Partnership's evaluation within 120 days prior to filing this Form
10-KSB, the Partnership's director has concluded that the Partnership's
disclosure controls and procedures are effective to ensure that information
required to be disclosed in the reports that the Partnership files or submits
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission's rules and forms.

There have been no significant changes in the Partnership's internal controls or
in other factors that could significantly affect those controls subsequent to
the date of their evaluation.


Item 8B.  Other Information

No Reports on Form 8-K were filed during the fourth quarter of the year ended
March 31, 2005.



                                    PART III

Item 9.  Directors and Executive Officers of the Registrant

The Managing General Partner of the Partnership is Arch Street VIII, Inc., a
Massachusetts corporation (the "Managing General Partner"), an affiliate of MMA
Financial, LLC. 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                 Executive Vice President, Tax Credit Equity Group
Michael H. Gladstone         Principal, Member

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

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

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

Jenny Netzer, age 49, Executive Vice President, Tax Credit Equity Group - Ms.
Netzer is responsible for tax credit investment programs to institutional
clients. She joined MMA Financial, LLC as a result of the Boston Financial and
subsequent Lend Lease HCI acquisitions, starting with Boston Financial in 1987
and leading Boston Financials 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, as a
former member of Watertown Zoning Board of Appeals, as the Officer of Affordable
Housing Tax Credit Coalition and is 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).
<page>
Michael H. Gladstone, age 48, Principal, Member - Mr. Gladstone is responsible
for capital transactions work in the Asset Management group of MMA Financial,
LLC. He joined MMA Financial, LLC as a result of the Boston Financial and Lend
Lease HCI acquisitions, 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 has 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).

The Partnership is organized as a Limited Partnership solely for the purpose of
real estate investment and does not have any employees. Therefore the
Partnership has not adopted a Code of Ethics.

The Partnership is structured as a Limited Partnership that was formed
principally for real estate investment and is not a "listed" issuer as defined
by Rule 10A-3 of the Securities Exchange Act of 1934. Accordingly, neither an
audit committee nor a financial expert to serve on such a committee has been
established by the Partnership.

Item 10.  Management Remuneration

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

Item 11.  Security Ownership of Certain Beneficial Owners and Management

As of March 31, 2005, 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
                        Tax Credits LLC         8,024 Units            11.64%

       Partner          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 of 1934 consist of 100,000 Units, 68,929 of which had been sold to the
public as of March 31, 2005. The remaining Units were deregistered in
Post-Effective Amendment No. 6, dated January 21, 1992, and 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.
<page>
Except as described in the preceding paragraphs, neither Arch Street VIII, Inc.,
Arch Street L.P., MMA Financial, LLC nor any of their executive officers,
directors, partners or affiliates is the beneficial owner of any Units. None of
the foregoing persons possesses a right to acquire beneficial ownership of
Units.

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

Item 12.  Certain Relationships and Related Transactions

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

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

Information regarding the fees paid and expenses reimbursements made in the two
years ended March 31, 2005 is presented as follows:

Organizational fees and expenses

In accordance with the Partnership Agreement, the Partnership was required to
pay certain fees to and reimburse expenses of the General Partners and others in
connection with the organization of the Partnership and the offering of its
Limited Partnership Units. Selling commissions, fees and accountable expenses
related to the sale of the Units totaling $9,499,985 have been charged directly
to Limited Partners' equity. In connection therewith, $5,858,935 of selling
expenses and $3,641,050 of offering expenses incurred on behalf of the
Partnership have been paid to an affiliate of the General Partners. The
Partnership was required to pay a non-accountable expense allowance for
marketing expenses equal to a maximum of 1% of Gross Proceeds; this is included
in total offering expenses. The Partnership has capitalized an additional
$50,000 which was reimbursed to an affiliate of the General Partners. These
costs are fully amortized as of March 31, 2005. Total organizational and
offering expenses, exclusive of selling commissions, did not exceed 5.5% of
Gross Proceeds and organizational and offering expenses, inclusive of selling
commissions did not exceed 14.0% of the Gross Proceeds. No organizational fees,
expenses or selling expenses were paid during the two years ended March 31,
2005.

Acquisition fees and expenses

In accordance with the Partnership Agreement, the Partnership was required to
pay acquisition fees to and reimburse acquisition expenses of the Managing
General Partner or its affiliates for selecting, evaluating, structuring,
negotiating and closing the Partnership's investments in Local Limited
Partnerships. Acquisition fees totaled 7% of the Gross Proceeds. Acquisition
expenses, which include such expenses as legal fees and expenses, travel and
communications expenses, costs of appraisals, accounting fees and expenses, were
expected to total 1.5% of the Gross Proceeds. As of March 31, 2005, 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, 2005 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,
2005.

Asset management fees

In accordance with the Partnership Agreement, an affiliate of the Managing
General Partner is paid an Asset Management Fee for services in connection with
the administration of the affairs of the Partnership. The affiliate currently
receives the base amount of 0.275% (as adjusted by the CPI factor) of Gross
Proceeds annually as the Asset Management Fee. Asset Management Fees incurred in
each of the two years ended March 31, 2005 are as follows:
                                              2005           2004
                                           ----------     -------------

   Asset management fees                  $  276,083     $     269,993
<page>
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, 2005 are as follows:

                                               2005           2004

                                            ----------     -------------
   Salaries and benefits                     $  309,681     $     233,214

Cash distributions paid to the General Partners

In accordance with the Partnership  Agreement,  the General Partners of the
Partnership,  Arch Street VIII, Inc. and Arch Street L.P., receive 1% of cash
distributions  paid to partners.  No cash  distributions  were paid to the
General  Partners in the two years ended March 31, 2005.

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 MMA Financial, LLC and its affiliates for the two
years ended March 31, 2005 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)      Exhibits


31.1     Certification of Principal Executive Officer pursuant to section 302
         of the Sarbanes-Oxley Act of 2002
31.2     Certification of Principal Financial Officer pursuant to section 302
         of the Sarbanes-Oxley Act of 2002
32.1     Certification of Principal Executive Officer and Principal  Financial
         Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002


Item 14.  Principal Accountant Fees and Services

The Partnership paid or accrued fees for services rendered by the principal
accountant for the two years ended March 31, 2005 as follows:
                                          2005              2004
                                        ---------         --------

     Audit fees                         $  19,250         $ 21,540
     Tax fees                           $   1,950         $  1,850

No other fees were paid or accrued to the principal accountants during the two
years ended March 31, 2005.


<PAGE>









<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:    July 13, 2005
           ---------------------------------------               -------------
           Jenny Netzer
           Executive Vice President
           MMA Financial, LLC


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:    July 13, 2005
           ---------------------------------------               -------------
           Jenny Netzer
           Executive Vice President
           MMA Financial, LLC


     By:   /s/Michael H. Gladstone                       Date:   July 13, 2005
           -----------------------------                        -------------
           Michael H. Gladstone
           Principal
           MMA Financial, LLC






<
<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, 2005
                                                Index

<TABLE>
<CAPTION>


                                                                              Page No.

Report of Independent Registered Public Accounting Firm
<S>                                                                             <C>
    For the years ended March 31, 2005 and 2004                                 F-2

Financial Statements

    Balance Sheet - March 31, 2005                                              F-3

    Statements of Operations - For the years ended
       March 31, 2005 and 2004                                                  F-4

    Statements of Changes in Partners' Equity (Deficiency) -
       For the years ended March 31, 2005 and 2004                              F-5

    Statements of Cash Flows - For the years ended
       March 31, 2005 and 2004                                                  F-6

    Notes to the Financial Statements                                           F-7

</TABLE>

<PAGE>



   Report of Independent Registered Public Accounting Firm


To the Partners of
Boston Financial Qualified Housing Tax Credits Limited Partnership V


In our opinion, the financial statements listed in the accompanying index
present fairly, in all material respects, the financial position of Boston
Financial Qualified Housing Tax Credits Limited Partnership V ("the
Partnership") at March 31, 2005, and the results of its operations and its cash
flows for each of the two years in the period ended March 31, 2005 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. We conducted our audits of these statements in
accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards 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 provide a reasonable basis for our opinion.



/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
July 13, 2005








<PAGE>


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


                                  BALANCE SHEET
                                 March 31, 2005


<TABLE>
<CAPTION>


Assets

<S>                                                                                          <C>
Cash and cash equivalents                                                                    $   2,422,481
Restricted cash (Note 6)                                                                            59,623
Marketable securities, at fair value (Note 3)                                                       13,485
Investments in Local Limited Partnerships (Note 4)                                               8,260,118
Other assets                                                                                         1,446
                                                                                              -------------
    Total Assets                                                                              $  10,757,153
                                                                                              -------------
Liabilities and Partners' Equity

Due to affiliate (Note 5)                                                                    $      70,715
Accrued expenses                                                                                    28,700
Deferred revenue (Note 6)                                                                           59,623
   Total Liabilities                                                                               159,038

General, Initial and Investor Limited Partners' Equity                                          10,597,927
Net unrealized gains on marketable securities                                                          188
   Total Partners' Equity                                                                       10,598,115
                                                                                             -------------
   Total Liabilities and Partners' Equity                                                    $  10,757,153
                                                                                             -------------
</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, 2005 and 2004


<TABLE>
<CAPTION>

                                                                           2005                2004
Revenue:
<S>                                                                    <C>                <C>
   Investment                                                          $      39,898      $       34,699
   Other                                                                     145,783             139,470
                                                                        ------------      --------------
     Total Revenue                                                           185,681             174,169
                                                                        ------------      --------------
Expenses:
   Asset management fees, affiliate (Note 5)                                 276,083             269,993
   Provision for valuation of advances to
       Local Limited Partnerships, net of recovery (Note 4)                  293,814              54,952
   General and administrative
     (includes reimbursements to an affiliate
     of $309,681 and $233,214 in 2005 and 2004,
     respectively) (Note 5)                                                  499,826             356,684
   Amortization                                                               17,133              18,419
                                                                       -------------      --------------
     Total Expenses                                                        1,086,856             700,048
                                                                       -------------      --------------
Loss before equity in losses of Local Limited
   Partnerships                                                             (901,175)           (525,879)


Equity in losses of Local Limited
   Partnerships (Note 4)                                                   (1,371,212)          (1,155,892)
                                                                       --------------     ----------------
Net Loss                                                               $   (2,272,387)    $     (1,681,771)
                                                                       ==============     ================
Net Loss allocated:
   General Partners                                                    $     (22,724)     $      (16,818)
   Limited Partners                                                       (2,249,663)         (1,664,953)
                                                                       $  (2,272,387)     $   (1,681,771)
                                                                       =============      ==============
Net Loss per Limited Partner
   Unit (68,929 Units)                                                 $     (32.64)      $       (24.15)
                                                                       ============       ==============
 The accompanying notes are an integral part of these financial statements.
</TABLE>


<PAGE>


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

                    STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                       For the Years Ended March 31, 2005 and 2004


<TABLE>
<CAPTION>



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

<S>                                   <C>              <C>           <C>              <C>            <C>
Balance at March 31, 2003             $  (446,586)     $   5,000     $  14,993,671    $     3,055    $   14,555,140
                                      -----------       ---------    -------------    -----------    --------------
Comprehensive Loss:
   Change in net unrealized
     gains on marketable securities
     available for sale                         -              -                 -         (2,236)           (2,236)
   Net Loss                               (16,818)             -        (1,664,953)             -        (1,681,771)
Comprehensive Loss                        (16,818)             -        (1,664,953)        (2,236)       (1,684,007)
                                        ---------         -------       ----------      ----------      ------------
Balance at March 31, 2004                (463,404)         5,000        13,328,718            819        12,871,133

Comprehensive Loss:
   Change in net unrealized
     gains on marketable securities
     available for sale                         -              -                 -           (631)             (631)
   Net Loss                               (22,724)             -        (2,249,663)             -        (2,272,387)
Comprehensive Loss                        (22,724)             -        (2,249,663)          (631)       (2,273,018)
                                      -----------       --------      ------------      ----------      ------------
Balance at March 31, 2005             $  (486,128)     $   5,000     $  11,079,055    $       188    $   10,598,115
                                      -----------       --------        ----------      ----------      ------------
 The accompanying notes are an integral part of these financial statements.
</TABLE>

<PAGE>


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

                            STATEMENTS OF CASH FLOWS
                   For the Years Ended March 31, 2005 and 2004


<TABLE>
<CAPTION>


                                                                           2005                2004

Cash flows from operating activities:
<S>                                                                    <C>                <C>
   Net loss                                                            $  (2,272,387)     $    (1,681,771)
   Adjustments to reconcile net loss to net
     cash used for operating activities:
     Equity in losses of Local Limited Partnerships                        1,371,212            1,155,892
     Provision for valuation of advances to Local
       Limited Partnerships, net of recovery                                 293,814               54,952
     Amortization                                                             17,133               18,419
     Cash distributions included in net loss                                 (94,168)             (89,140)
     Other non-cash item                                                         (44)              16,477
     Increase (decrease) in cash arising from changes
       in operating assets and liabilities:
       Other assets                                                             (833)               8,036
       Due to affiliate                                                        2,261              (89,177)
       Accrued expenses                                                        3,612               (9,092)
       Deferred revenue                                                      (21,028)             (21,177)
                                                                        ------------      ---------------
Net cash used for operating activities                                      (700,428)            (636,581)
                                                                        -------------      --------------
Cash flows from investing activities:
   Release of restricted cash                                                 21,028               21,177
   Proceeds from maturities of marketable securities                          18,218              744,093
   Advances to Local Limited Partnerships                                   (293,814)             (59,952)
   Reimbursement of advances to Local Limited
     Partnerships                                                                  -                5,000
   Cash distributions received from Local Limited
     Partnerships                                                            339,799              308,103
                                                                        ------------      ---------------
Net cash provided by investing activities                                     85,231            1,018,421
                                                                        ------------      ---------------
Net increase (decrease) in cash and cash equivalents                        (615,197)             381,840

Cash and cash equivalents, beginning                                       3,037,678            2,655,838
                                                                        ------------      ---------------
Cash and cash equivalents, ending                                        $ 2,422,481      $     3,037,678
                                                                        ============      ===============
 The accompanying notes are an integral part of these financial statements.
</TABLE>

<PAGE>


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


                        NOTES TO THE FINANCIAL STATEMENTS


1.   Organization

Boston Financial Qualified Housing Tax Credits L.P. V ("the Partnership") was
formed on June 16, 1989 under the laws of the State of Massachusetts for the
primary purpose of investing, as a limited partner, in other limited
partnerships ("Local Limited Partnerships"), some of which own and operate
apartment complexes benefiting from some form of federal, state or local
assistance, and each of which qualifies for low-income housing tax credits. The
Partnership's objectives are to: (i) provide current tax benefits in the form of
tax credits which qualified investors may use to offset their federal income tax
liability; (ii) preserve and protect the Partnership's capital; (iii) provide
limited cash distributions which are not expected to constitute taxable income
during Partnership operations; and (iv) provide cash distributions from sale or
refinancing transactions. The General Partners of the Partnership are Arch
Street VIII, Inc., a Massachusetts corporation, which serves as the Managing
General Partner, and Arch Street V Limited Partnership, a Massachusetts Limited
Partnership whose general partner consists of Arch Street V, Inc., which also
serves as the Initial Limited Partner. Both of the General Partners are
affiliates of MMA Financial, LLC ("MMA"). 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, 2005, the Managing General Partner has designated approximately $1,787,000
of cash and cash equivalents as such Reserve.

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

2.   Significant Accounting Policies

Cash Equivalents

Cash equivalents represent short-term, highly liquid instruments with original
maturities of 90 days or less.

Concentration of Credit Risk

The Partnership invests its cash primarily in money market funds with commercial
banks. At times, cash balances at a limited number of banks and financial
institutions may exceed federally insured amounts. Management believes it
mitigates its credit risk by investing in major financial institutions.

Marketable Securities

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


<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

The Partnership accounts for its investments in Local Limited Partnerships using
the equity method of accounting. 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 Local Limited Partnerships, where
cumulative equity in losses plus cumulative distributions have exceeded the
total investment in Local Limited Partnerships, will not be recorded until all
of the related unrecorded losses have been offset. To the extent that a Local
Limited Partnership with a carrying value of zero distributes cash to the
Partnership, that distribution is recorded as income on the books of the
Partnership and is included in "Other Revenue" in the accompanying financial
statements.

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

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

The Partnership may provide advances to the Local Limited Partnerships to
finance operations or to make debt service payments. The Partnership assesses
the collectibility of any 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, 2004 and 2003 and for the years then ended.

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. The investments are
reviewed for impairment whenever events or changes in circumstances indicate
that the Partnership may not be able to recover its carrying value. If an other
than temporary impairment in carrying value exists, a provision to reduce the
asset to fair value will be recorded in the Partnership's financial statements.


<PAGE>


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


2. Significant Accounting Policies (continued)

Use of Estimates

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

Fair Value of Financial Instruments

Statements of Financial Accounting Standards No. 107 ("SFAS No. 107"),
Disclosures About Fair Value of Financial Instruments, requires disclosure for
the fair value of most on- and off-balance sheet financial instruments for which
it is practicable to estimate that value. The scope of SFAS No. 107 excludes
certain financial instruments, such as trade receivables and payables when the
carrying value approximates the fair value and investments accounted for under
the equity method, and all nonfinancial assets, such as real property. Unless
otherwise described, the fair values of the Partnership's assets and liabilities
which qualify as financial instruments under SFAS No. 107 approximate their
carrying amounts in the accompanying balance sheet.

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.

Newly Issued Accounting Standard

In January 2003, the FASB issued Interpretation No. 46 ("Interpretation"),
"Consolidation of Variable Interest Entities", which provides new criteria for
determining whether or not consolidation accounting is required. The
Interpretation, which was modified in December 2003 in order to address certain
technical and implementation issues, requires the Partnership to consider
consolidation or provide additional disclosures of financial information for
Local Limited Partnerships meeting the definition of a Variable Interest Entity
("VIE"). The Partnership was required to apply the Interpretation to the Local
Limited Partnerships meeting the definition of a VIE as of March 31, 2005.

This Interpretation requires consolidation by the Partnership of the Local
Limited Partnerships' assets and liabilities and results of operations if the
Partnership determined that the Local Limited Partnerships were VIEs and that
the Partnership was the "Primary Beneficiary". Minority interests may be
recorded for the Local Limited Partnerships' ownership share attributable to
other investors. Where consolidation of Local Limited Partnerships is not
required, additional financial information disclosures of Local Limited
Partnerships may be required. The Partnership has assessed the Interpretation
and concluded that it is not the Primary Beneficiary of any of the Local Limited
Partnerships that meet the definition of a VIE. The Partnership is involved with
those VIEs as a non-controlling limited partner equity holder. The Partnership
is required to disclose its maximum exposure to economic and financial statement
losses as a result of its involvement with the VIEs. The Partnership's exposure
to economic and financial statement losses from the VIEs is limited to its
investment in the VIEs ($8,260,118 at March 31, 2005). The Partnership may be
subject to additional losses to the extent of any financial support that the
Partnership voluntarily provides in the future.



<PAGE>


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

NOTES TO THE FINANCIAL STATEMENTS (continued)


3.       Marketable Securities

A summary of marketable securities is as follows:
<TABLE>
<CAPTION>
                                                                      Gross          Gross
                                                                  Unrealized      Unrealized       Fair
                                                     Cost             Gains         Losses         Value

<S>                                               <C>             <C>             <C>           <C>
Mortgage backed securities                        $     13,297    $       189     $        (1)  $     13,485

Marketable securities at March 31, 2005           $     13,297    $       189     $        (1)  $     13,485
</TABLE>

Actual maturities may differ from contractual maturities because some borrowers
have the right to call or prepay obligations. Proceeds from the maturities of
marketable securities were approximately $18,000 and $744,000 during the years
ended March 31, 2005 and 2004, respectively.

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, all of which are government-assisted. The
Partnership's ownership interest in each Local Limited Partnership is generally
99%, except for Strathern Park/Lorne Park, Huguenot Park and Westgate, where the
Partnership's ownership interests are 95%, 88.55% and 49.5%, respectively. The
Partnership may have negotiated or may negotiate options with the Local General
Partners to purchase or sell the Partnership's interests in the Local Limited
Partnerships at the end of the Compliance Period at nominal prices. In the event
that Local Limited Partnerships are sold to third parties or upon dissolution of
the Local Limited Partnerships, proceeds will be distributed according to the
terms of each Local Limited Partnership agreement.
<TABLE>
<CAPTION>

The following is a summary of investments in Local Limited Partnerships at March
31, 2005:

Capital contributions and advances paid to Local Limited Partnerships and
<S>                                                                                                <C>
   purchase price paid to withdrawing partners of Local Limited Partnerships                            $ 56,007,354

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $11,752,592)                                                                   (43,026,732)

Cumulative cash distributions received from Local Limited Partnerships                                    (4,041,106)
                                                                                                        ------------
Investments in Local Limited Partnerships before adjustments                                               8,939,516

Excess of investment cost over the underlying assets acquired:

    Acquisition fees and expenses                                                                          1,006,357

    Cumulative amortization of acquisition fees and expenses                                                (329,346)
                                                                                                        ------------
Investments in Local Limited Partnerships before impairment allowance                                      9,616,527

Impairment allowance on investments in Local Limited Partnerships                                         (1,356,409)
                                                                                                        ------------
Investments in Local Limited Partnerships                                                               $  8,260,118
                                                                                                        ============
</TABLE>

For the year ended March 31, 2005, the Partnership advanced $293,814 to one of
the Local Limited Partnerships, all of which was impaired. The Partnership has
also recorded an impairment allowance for its investments in certain Local
Limited Partnerships in order to appropriately reflect the estimated net
realizable value of these investments.


<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 combined financial information of the Local Limited Partnerships in
which the Partnership has invested as of December 31, 2004 and 2003 (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>

                                                                                      2004              2003
Assets:
<S>                                                                              <C>              <C>
   Investment property, net                                                      $   83,856,058   $   87,959,158
   Other assets                                                                       9,044,719        9,068,999
                                                                                 --------------   --------------
     Total Assets                                                                $   92,900,777   $   97,028,157
                                                                                 --------------   --------------
Liabilities and Partners' Equity (Deficiency):
   Mortgage notes payable                                                        $   77,324,806   $   78,673,422
   Other liabilities                                                                 16,638,981       15,326,514
                                                                                 --------------    -------------
     Total Liabilities                                                               93,963,787       93,999,936
                                                                                 --------------   --------------
Partnership's deficiency                                                             (4,081,973)        (262,133)
Other partners' equity                                                                3,018,963        3,290,354
                                                                                 --------------   --------------
     Total Partners' Equity (Deficiency)                                             (1,063,010)       3,028,221
                                                                                ---------------  --------------
     Total Liabilities and Partners' Equity (Deficiency)                         $   92,900,777   $   97,028,157
                                                                                ---------------   --------------
Summarized Income Statements - for the years
ended December 31,                                                                    2004               2003

Rental and other revenue                                                         $   16,914,102   $   17,068,985

Expenses:
   Operating                                                                         10,642,873       10,393,706
   Interest                                                                           5,128,519        5,478,199
   Depreciation and amortization                                                      4,672,016        4,668,930
                                                                                ---------------   --------------
     Total Expenses                                                                  20,443,408       20,540,835
                                                                                ---------------   --------------
Net Loss                                                                         $   (3,529,306)  $   (3,471,850)
                                                                                ----------------  --------------
Partnership's share of Net Loss                                                  $   (3,450,112)  $   (3,394,858)
                                                                                ---------------   --------------
Other partners' share of Net Loss                                                $      (79,194)  $      (82,308)
                                                                                ---------------   --------------
</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, 2005 and 2004, the Partnership has not recognized
$2,079,297 and $2,238,966, 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.
Previously unrecognized losses of $397 were included in losses recognized in the
year ended March 31, 2005.

The Partnership's deficiency as reflected by the Local Limited Partnerships of
$(4,081,973) differs from the Partnership's investments in Local Limited
Partnerships before adjustments of $8,939,516 primarily due to: i) cumulative
unrecognized losses as discussed above; ii) cash distributions made by Local
Limited Partnerships during the quarter ended March 31, 2005 are not reflected
in the December 31, 2004 balance sheets of the Local Limited Partnerships; iii)
syndication costs charged to equity by one of the Local Limited Partnership
which are not reflected in the Partnership's investments in Local Limited
Partnerships; iv) advances to Local Limited Partnerships which the Partnership
included in investments in Local Limited Partnerships and v) differences in the
accounting treatment of miscellaneous items.

5.   Transactions with Affiliates

An affiliate of the Managing General Partner receives the base amount of 0.275%
(annually adjusted by the CPI factor) of Gross Proceeds due as the annual Asset
Management Fee for administering the affairs of the Partnership. Asset
Management Fees for the years ended March 31, 2005 and 2004 are $276,083 and
$269,993, respectively. Included in due to affiliate at March 31, 2005 is
$70,715 of Asset Management Fees. During the years ended March 31, 2005 and
2004, $273,822 and $268,718, respectively, were paid out of available cash flow
for Asset Management Fees.

An affiliate of the Managing General Partner is reimbursed for the cost of the
Partnership's salaries and benefits expenses. Included in general and
administrative expenses for the years ended March 31, 2005 and 2004 are $309,681
and $233,214, respectively, that the Partnership incurred for these expenses. As
of March 31, 2005, all reimbursements to an affiliate of the Managing General
Partner for these expenses have been paid.

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 thereon, is available to pay the Partnership its annual
priority distribution. As of March 31, 2005, $209,000 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, 2005 and 2004 to the net loss reported on Form
1065, U.S. Partnership Return of Income for the years ended December 31, 2004
and 2003:
<TABLE>
<CAPTION>

                                                                                      2005              2004

<S>                                                                               <C>              <C>
Net Loss per financial statements                                                 $  (2,272,387)   $  (1,681,771)

Equity in losses of Local Limited Partnerships for financial reporting (tax)
   purposes in excess of equity in losses for tax (financial reporting) purposes        161,598          (69,364)

Equity in losses of Local Limited Partnerships not recognized for
   financial reporting purposes                                                      (2,078,900)      (2,238,966)

Adjustment to reflect March 31 fiscal year end to December 31
   taxable year end                                                                      15,797              561

Amortization for tax purposes in excess of amortization for financial
   reporting purposes                                                                   (19,322)         (18,036)

Provision for valuation of advances to Local Limited Partnerships, net of recovery
   not deductible for tax purposes                                                      293,814           54,952

Cash distributions included in net loss for financial reporting purposes                (60,963)         (88,177)
                                                                                ----------------   --------------
Net Loss per tax return                                                           $  (3,960,363)   $  (4,040,801)
                                                                                ================   ==============
The differences in the assets and liabilities of the Partnership for financial
reporting purposes and tax purposes as of March 31, 2005 and December 31, 2004,
respectively are as follows:
</TABLE>
<TABLE>
<CAPTION>

                                                            Financial
                                                            Reporting           Tax
                                                            Purposes         Purposes        Differences

<S>                                                       <C>              <C>               <C>
Investments in Local Limited Partnerships                 $   8,260,118    $  (5,263,855)    $  13,523,973
Other assets                                              $   2,497,035    $  12,475,338     $  (9,978,303)
Liabilities                                               $     159,038    $     111,191     $      47,847
</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 $14,600,000 greater than for financial reporting purposes,
including approximately $11,750,000 of losses the Partnership has not recognized
relating to certain Local Limited Partnerships whose cumulative equity in losses
exceeded their total investment; (ii) the cumulative amortization of acquisition
fees for tax purposes exceeds financial reporting purposes by approximately
$154,000; (iii) approximately $34,000 of cash distributions received from Local
Limited Partnerships during the quarter ended March 31, 2005 are not included in
the Partnership's investments in Local Limited Partnerships for tax purposes at
December 31, 2004; (iv) the Partnership has provided an impairment allowance of
approximately $1,356,000 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>