June  28, 2006




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, 2006
       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, 2006
                          -----------------------------------------------------

                                       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, 2006


<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


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

Acquisition Reports                                                     Part I, Item 1

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

Prospectus - Sections Entitled:

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

     "Estimated Use of Proceeds"                                        Part III, Item 12

     "Management Compensation and Fees"                                 Part III, Item 12

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


</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, 2006


                                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-19
     Item 8       Changes in and Disagreements with Accountants
                  on Accounting and Financial Disclosure                        K-19
     Item 8A      Controls and Procedures                                       K-19
     Item 8B      Other Information                                             K-19

PART III

     Item 9       Directors and Executive Officers
                  of the Registrant                                             K-19
     Item 10      Management Remuneration                                       K-20
     Item 11      Security Ownership of Certain Beneficial
                  Owners and Management                                         K-20
     Item 12      Certain Relationships and Related Transactions                K-21
     Item 13      Exhibits, Financial Statement Schedules and
                  Reports on Form 8-K                                           K-22
     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                                                   Interest
                         Local 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 (2)                                            London, KY                              09/10/90
Silver Creek II (2)                                         Berea, KY                               08/15/90
Rosecliff (2)                                               Sanford, FL                             09/18/90
Brookwood                                                   Ypsilanti, MI                           10/01/90
Oaks of Dunlop                                              Colonial Heights, VA                    01/01/91
Water Oak (2)                                               Orange City, FL                         01/01/91
Yester Oaks (2)                                             Lafayette, GA                           01/01/91
Ocean View (2)                                              Fernandina Beach, FL                    01/01/91
Wheeler House (2)                                           Nashua, NH                              01/01/91
Archer Village (2)                                          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 (2)                                         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 (2)                                             Los Angeles, CA                         07/31/91
Magnolia Villas (2)                                         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, 2006, 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 12.70%, have Shelter Development Corp. as Local General Partner;
(ii) Kensington Place Townhomes, A Limited Partnership and Whispering Trace
Apartments, A Limited Partnership, representing 9.67%, have Flournoy Development
Co. as Local General Partner; and (iii) St. Croix II Limited Partnership and
Christiansted Limited Dividend Housing Association, representing 1.53%, 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, Inc. ("MMA"), an affiliate of the General
Partners, 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 sixteen 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 Credits run 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 Code, in order
to maintain eligibility for the Tax Credits 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
Local Limited Partnership                 Total          Paid               Mtge. Loans                            Occupancy at
Property Name              Number of    Committed at    Through             Payable at           Type of             March 31,
Property Location          Apts Units  March 31, 2006  March 31, 2006       December 31, 2005   Subsidy *              2006
 ---------------------   ------------ --------------   ----------------     ------------------  --------------     -----------

Strathern Park/Lorne Park, a
  California Limited Partnership (1)
Strathern Park/Lorne Park
<S>                        <C>          <C>              <C>                   <C>                                      <C>
Los Angeles, CA            241          $    8,418,667   $   8,418,667         $    16,747,089       None               100%

Maiden Choice Limited
  Partnership
Park Caton
Catonsville, MD            101               2,513,300       2,513,300               1,870,574       None               96%

Cedar Lane I, Ltd. (2)
Cedar Lane I
London, KY

Silver Creek II, Ltd. (2)
Silver Creek II
Berea, KY

Tompkins/Rosecliff, Ltd. (2)
Rosecliff
Sanford, FL

Brookwood L.D.H.A.
Brookwood
Ypsilanti, MI               81                2,373,295       2,373,295               2,895,725       None               83%

Water Oak Apartment, L.P. (2)
Water Oak
Orange City, FL

</TABLE>


<PAGE>


<TABLE>
<CAPTION>

                                             Capital Contributions
Local Limited Partnership                 Total          Paid               Mtge. Loans                            Occupancy at
Property Name              Number of    Committed at    Through             Payable at           Type of             March 31,
Property Location          Apts Units  March 31, 2006  March 31, 2006       December 31, 2005   Subsidy *              2006
 ---------------------   ------------ --------------   ----------------     ------------------  --------------     -----------

Yester Oaks, L.P. (2)
Yester Oaks
Lafayette, GA

Ocean View Apartments, L.P. (2)
Ocean View
Fernandina Beach, FL

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

Archer Village, Ltd (2)
Archer Village
Archer, FL

The Oaks of Dunlop Farms, L.P.
Oaks of Dunlop
<S>                       <C>               <C>             <C>                     <C>                                 <C>
Colonial Heights, VA      144               2,791,280       2,791,280               4,190,270        None               100%

Timothy House Limited
  Partnership
Timothy House
Towson, MD                112               3,064,250       3,064,250               2,153,836        None               97%

Westover Station Associates, L.P.
Westover Station
Newport News, VA          108               1,972,947       1,972,947               3,275,314        None               100%




</TABLE>

<PAGE>





<TABLE>
<CAPTION>

                                             Capital Contributions
Local Limited Partnership                 Total          Paid               Mtge. Loans                            Occupancy at
Property Name              Number of    Committed at    Through             Payable at           Type of             March 31,
Property Location          Apts Units  March 31, 2006  March 31, 2006       December 31, 2005   Subsidy *              2006
 ---------------------   ------------ --------------   ----------------     ------------------  --------------     -----------

Christiansted Limited Dividend
  Housing Association
<S>                        <C>               <C>          <C>                   <C>                                   <C>
Carib III                  24                322,260      322,260               1,448,024          FmHA               100%
St. Croix, VI

St. Croix II Limited Partnership
Carib II
St. Croix, VI              20                347,680      347,680               1,373,546          FmHA              100%

Whispering Trace Apartments,
  A Limited Partnership
Whispering Trace
Woodstock, GA              40              1,093,330    1,093,330               1,211,220          None               93%

Historic New Center Apartments
  Limited Partnership
New Center
Detroit, MI               104              3,077,187    3,077,187               2,762,581    Section 8               18%

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 (2)
Hillwood Pointe
Jacksonville, FL

Kensington Place Townhomes,
  A Limited Partnership
Pinewood Pointe
Jacksonville, FL          136              3,153,173    3,153,173               3,485,919        None                98%

</TABLE>

<PAGE>



<TABLE>
<CAPTION>

                                             Capital Contributions
Local Limited Partnership                 Total          Paid               Mtge. Loans                            Occupancy at
Property Name              Number of    Committed at    Through             Payable at           Type of             March 31,
Property Location          Apts Units  March 31, 2006  March 31, 2006       December 31, 2005   Subsidy *              2006
 ---------------------   ------------ --------------   ----------------     ------------------  --------------     -----------

Westgate Apartments Limited
  Partnership
<S>                      <C>               <C>            <C>                   <C>                                    <C>
Westgate                 60                935,893        935,893               1,487,820           None               97%
Bismark, ND

Woodlake Hills Limited
  Partnership
Woodlake Hills
Pontiac, MI             144              4,154,667      4,154,667               3,454,727           None                94%

Bixel House, a California
  Limited Partnership (2)
Bixel House
Los Angeles, CA

Harmony Apartments, a California
  Limited Partnership (2)
Magnolia Villas
North Hollywood, CA

Schumaker Place Associates, L.P.
Schumaker Place
Salisbury, MD            96              2,910,453      2,910,453               2,717,699           None               100%

Circle Terrace Associates Limited
  Partnership
Circle Terrace
Lansdowne, MD           303              5,811,234      5,811,234               6,249,436      Section 8                98%
                       ------         --------------  -------------         ---------------
                       1,738         $   43,921,974  $  43,921,974         $    56,723,780
                       =====         ==============  =============         ===============


</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>



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 ("QH IV") and its
purported general partners (collectively, the "Defendants") in Clay County,
Missouri, claiming that the Defendants breached QH IV's partnership agreement
and their fiduciary duties owed to Park by, among other things, failing to
permit inspection of certain alleged "books and records" of QH IV. 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 the
Partnership, Boston Financial Qualified Housing Limited Partnership, Boston
Financial Qualified Housing Tax Credits L.P. II, Boston Financial Qualified
Housing Tax Credits L.P. III, Boston Financial Tax Credit Fund Plus, A Limited
Partnership, Boston Financial Tax Credit Fund VII, A Limited Partnership, and
their purported general partners (collectively, the "New Defendants"). 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 for a
temporary restraining order, and on November 15, 2004 it granted the request to
amend the Petition.

In October 2005, Park again sought leave of the court in the Missouri action to
amend its Petition, claiming that the Defendants were in violation of the
Partnership Agreement by disposing of interests in Local Limited Partnerships
following expiration of the Compliance Period(s) without first obtaining Limited
Partner consent. On or about October 11, 2005, Park moved the court for a
temporary restraining order prohibiting the Defendants from entering into any
agreement to sell, transfer, or otherwise convey any interest in Local Limited
Partnerships. On October 14, 2005, the court denied Park's request for a
temporary restraining order. In December 2005, the court granted Park's request
to amend its Petition to include the alleged claim regarding disposition of
Local Limited Partnership interests. The New Defendants have filed a motion to
dismiss the second amended complaint. That motion is pending. If the motion to
dismiss is denied, a trial is scheduled for this matter on October 16, 2006,
although it is possible that a portion of the case may be heard and resolved at
an earlier date.

The Defendants and the New 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) 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. The Defendants and New Defendants
accordingly intend on defending against the claims vigorously. The court has
scheduled an evidentiary hearing for May 31, 2006 with respect to Park's "books
and records" claims against the Defendants and the New Defendants. The
Defendants and New Defendants have not formed an opinion that an unfavorable
outcome is either probable or remote, and their counsel refrains from expressing
an opinion as to the likely outcome of the case or the range of any loss.

On August 24, 2004, the Partnership, Boston Financial Qualified Housing 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 Tax Credit Fund Plus, A Limited
Partnership, 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 several 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 moved 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. The Court granted this Motion. Discovery in the matter is ongoing.

The Partnerships 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) the Everest Entities do not seek to review them for a
proper purpose; and (iii) selective disclosure of the information to the Everest
Entities would give them an unfair informational advantage in secondary market
transactions and may violate federal and/or state securities laws. The
Partnerships have not formed an opinion that an unfavorable outcome is either
probable or remote, and their 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
administrate 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, 2006, there were 2,912 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, 2006 and 2005.

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

Certain matters discussed herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. The
Partnership intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking 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.

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 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. The fiscal year of the Partnership ends on March 31.

As of March 31, 2006, the Partnership's investment portfolio consisted of
limited partnership interests in sixteen 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 2006
through 2008. The aggregate amount of Tax Credits generated by the Partnership
is consistent with the objectives specified in the Partnership's prospectus.

Properties that receive low income housing Tax Credits must remain in compliance
with rent restriction and set-aside requirements for at least 15 calendar years
from the date the property is placed in service. Failure to do so would result
in the recapture of a portion of the property's Tax Credits. Between 2006 and
continuing through 2008, the Compliance Periods of the sixteen 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 six Local Limited Partnerships. It is unlikely that the
disposition of any of these six Local Limited Partnership interests will
generate any material cash distributions to the Partnership. During the year
ended March 31, 2006, the Partnership's interests in ten Local Limited
Partnerships were sold.

The Managing General Partner will continue to closely monitor the operations of
the Properties during the Compliance Periods 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.

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 Local Limited Partnerships in which the Partnership invests are Variable
Interest Entities ("VIE"s). The Partnership is involved with the VIEs as a
non-controlling limited partner equity holder. Because the Partnership is not
the primary beneficiary of these VIEs, it accounts for its investments in the
Local Limited Partnerships using the equity method of accounting. As a result of
its involvement with the VIEs, the Partnership's exposure to economic and
financial statement losses is limited to its investments in the VIEs ($6,100,364
at March 31, 2006). The Partnership may be subject to additional losses to the
extent of any financial support that the Partnership voluntarily provides in the
future. 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 Partnership has implemented policies and practices for assessing
other-than-temporary declines in values of its investments in Local Limited
Partnerships. Periodically, the carrying values of the investments are compared
to their respective fair values. If an other-than-temporary decline in carrying
value exists, a provision to reduce the asset to fair value, as calculated based
primarily on remaining tax benefits, will be recorded in the Partnership's
financial statements. During the year ended March 31, 2006, the Partnership
concluded that two of the Local Limited Partnerships had experienced
other-than-temporary declines in their carrying value and impairment losses were
recorded: Bixel House, A California Limited Partnership for approximately
$373,000 and Timothy House Limited Partnership for approximately $350,000.
Generally, the carrying values of most Local Limited Partnerships will decline
through losses and distributions in amounts sufficient to prevent
other-than-temporary impairments. However, the Partnership may record similar
impairment losses in the future if the expiration of tax credits outpaces losses
and distributions from any of the Local Limited Partnerships.


Liquidity and Capital Resources


At March 31, 2006, the Partnership had cash and cash equivalents of $3,567,799,
compared with $2,422,481 at March 31, 2005. The increase is primarily
attributable to proceeds from the sale of investments in Local Limited
Partnerships, cash distributions received from Local Limited Partnerships and
proceeds from maturities of investment securities, partially offset by purchases
of investment securities and net cash used for operations. Cash used for
operations includes $282,860 paid to the Managing General Partner for accrued
asset management fees.


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, 2006, approximately $1,758,000 of cash and cash
equivalents has been designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $276,000 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, 2006, the Partnership has advanced approximately $595,000 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, 2006, the Partnership had
no contractual or other obligation to any Local Limited Partnership which had
not been paid or provided for.

Cash Distributions

No cash distributions to Limited Partners were made during the two years ended
March 31, 2006. The Partnership is currently working on disposing of its
interest in certain Local Limited Partnerships during the next twelve months.
These dispositions may result in cash available for distribution, but due to the
uncertainty of the sales, no guarantees can be made as to the extent of their
outcome on distributions to Limited Partners. Based on the results of 2005
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, 2006
resulted in net income of $1,460,690 as compared to a net loss of $2,272,387 for
the same period in 2005. The increase in net income is primarily attributable to
an increase in gain on sale of investments in Local Limited Partnerships, a
decrease in equity in losses in Local Limited Partnerships, a decrease in
provision for valuation allowance on advances to Local Limited Partnerships, an
increase in other income, and a decrease in general and administrative expenses.
These effects were partially offset by an increase in provision for valuation
allowance on investments in Local Limited Partnerships. The increase in gain on
sale of investments in Local Limited Partnerships is the result of the sale of
several Local Limited Partnerships during the fiscal year ended March 31, 2006.
The decrease in provision for valuation of advances to Local Limited
Partnerships is the result of a decrease in advances made to Local Limited
Partnerships during the year ended March 31, 2006. The increase in other revenue
is due to an increase in distributions from Local Limited Partnerships with
carrying values of zero. General and administrative costs decreased primarily
due to a decrease in charges due to an affiliate of the Managing General Partner
for operational and administrative expenses necessary for the operations of the
Partnership offset by increased expenses associated with auditing the
Partnership's financial statements. Provision for valuation allowance on
investments in Local Limited Partnerships increased due to the Partnership
recording a valuation allowance for its investments in certain Local Limited
Partnerships.

Low-Income Housing Tax Credits

The 2005 and 2004 Tax Credits per Unit were $0.38 and $0.38, respectively. The
Tax Credit per Limited Partner stabilized in 1993. The credits have decreased
significantly as a number of Properties have reached the end of the ten year
credit period.

Property Discussions

A majority of the Properties in which the Partnership has an interest have
stabilized operations and operate above breakeven. 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. Occupancy was 18% at March 31, 2006.
Efforts to increase curb appeal and increase qualified tenant traffic have not
materially improved occupancy. Advances from the former 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 Limited Partnership during the first
quarter of 2005. As of December 31, 2005, the replacement Local General Partner
has contributed in excess of $300,000 toward capital improvements and has an
obligation to fund an unlimited amount of future capital improvement needs.
Effective February 2005, a put option agreement was in place on the Local
Limited Partnership that would allow 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. Although
Partnership Reserves have been utilized in the past to fund the Property's debt
service obligations, no such advances were made during the year ended March 31,
2006.

As previously reported regarding Westgate, located in Bismark, North Dakota, in
order to protect the remaining Tax Credits generated by the Property, the
Managing General Partner consummated the transfer of 50% of the Partnership's
capital and profits in the Local Limited Partnership to an affiliate of the
Local General Partner in November 1997. The Managing General Partner also had
the right to transfer the Partnership's remaining interest to the Local General
Partner any time after one year from the initial transfer. However, due to
subsequent transfers by the Local General Partner of its interest in the Local
Limited Partnership, 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 continued to suffer. Despite high
occupancy, the Properties experienced operating deficits that were funded from
working capital or replacement reserves. In addition, despite several capital
improvements, the Properties are still in need of additional capital
expenditures. However, due to consistently high occupancy levels, the Properties
operated at above breakeven for the year ended December 31, 2005. In 2000, the
replacement site management company stated its desire to purchase the Local
General Partner and Partnership interests in the Local Limited Partnerships and,
effective January 1, 2001, assumed the Local General Partner interest in the
Local Limited Partnerships. As part of this transaction, the Managing General
Partner negotiated a put agreement that ultimately would transfer the
Partnership's interest in the Local Limited Partnerships 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. That property's 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 the Property initially suffered, although occupancy reached 93% as of March
31, 2006. The Property has incurred significant capital expenditures in order to
remain competitive in the marketplace. As a result, debt service coverage
remains below appropriate levels as of December 31, 2005. Advances from the
Local General Partner and Partnership Reserves have allowed the Property to
remain current on its debt obligations. The Managing General Partner and Local
General Partner have reached an agreement that may result in a 2006 sale of this
Property. Under the current terms, a sale would result in net proceeds to the
Partnership of approximately $250,000, or $4 per Unit, and taxable income of
approximately $230,000, or $3 per Unit.

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 had the right to put its interest in either of the Local Limited
Partnerships at any time in exchange for a Contingent Note that granted the
Partnership 50% of all future net cash receipts from such Local Limited
Partnership interest. Effective January 1, 2006, the Partnership put its
interest in both Properties to an unaffiliated entity for approximately $2,100
each in lieu of the Partnership carrying a remaining interest in the form of a
Contingent Note. The Managing General Partner, in accordance with and as
permitted by the Partnership Agreement, retained the entire amount of net
proceeds from the sale in Reserves. These transfers are currently projected to
result in 2006 taxable income of approximately $223,000 and $196,000 for Cedar
Lane I and Silver Creek II, respectively, or a combined $6 per Unit.

As previously reported, Schumaker Place, located in Salisbury, Maryland,
experienced operating difficulties in 2004 and through the three months ended
March 31, 2005. Since then, as a result of strong occupancy levels and the
effect of reduced interest expense resulting from the Local General Partner's
refinancing of the Property in July 2004, the Property has operated at above
breakeven 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 Limited Partnership to
the Local General Partner for a nominal amount any time after the Property's
Compliance Period ends on December 31, 2007.
Bixel House, located in Los Angeles, California, had experienced weak occupancy
and operations for a number of quarters, and the Property had suffered from
deferred maintenance for a number of years. In an effort to reduce the
Partnership's risk and develop an exit strategy, a put option agreement was
entered into between the Managing General Partner and an unaffiliated entity.
The Partnership transferred its interest in this Local Limited Partnership in
June 2005, but retains a contingent receivable in the amount of $100,000. This
transfer, without accounting for the contingent interest, will result in a 2006
taxable loss currently projected to be approximately $740,000, or $11 per Unit.
The Partnership no longer has an interest in this Local Limited Partnership.

Hillwood Pointe, located in Jacksonville, Florida, was sold in October 2005,
with the Partnership receiving net proceeds of $1,707,382, or approximately $25
per Unit. The sale resulted in taxable income of $1,707,458, or $24.77 per Unit.
The Managing General Partner, in accordance with and as permitted by the
Partnership Agreement, retained the entire amount of net proceeds from the sale
in Reserves. The Managing General Partner had posted a Recapture Bond as this
Property's Compliance Period expired on December 31, 2005. The Partnership no
longer has an interest in this Local Limited Partnership.

Rosecliff, located in Sanford, Florida, was sold on March 15, 2006, resulting in
net proceeds to the Partnership of $899,193, or $13 per Unit. The Managing
General Partner, in accordance with and as permitted by the Partnership
Agreement, retained the entire amount of net proceeds from the sale in Reserves.
This Property operated at above breakeven for the twelve months ended December
31, 2005 and achieved an occupancy level of 96% at December 31, 2005. The
Compliance Period for this Property expired on December 31, 2005. The
Partnership no longer has an interest in this Local Limited Partnership.

Effective January 1, 2006, the Partnership put its interest to an unaffiliated
party in Archer Village, located in Archer, Florida, Ocean View, located in
Fernandina Beach, Florida, Water Oak, located in Orange City, Florida and Yester
Oaks, located in Lafayette, Georgia, for approximately $2,100 each. The Managing
General Partner determined that these four Properties had no residual value in
excess of the Properties' debt and putting the Partnership's interests in the
Local Limited Partnerships was in the best interest of the Partnership. The
Managing General Partner, in accordance with and as permitted by the Partnership
Agreement, retained the entire amount of net proceeds from the sale in Reserves.
These transfers are expected to result in 2006 taxable income projected to be
approximately $211,000, $303,000, $251,000 and $331,000 for Archer Village,
Ocean View, Water Oak and Yester Oaks, respectively, or a combined $16 per Unit.
The Partnership no longer has an interest in these Local Limited Partnerships.

Although an agreement has not yet been reached, the Managing General Partner is
currently working with the Local General Partner of Oaks of Dunlop, located in
Colonial Heights, Virginia, on the sale of the Partnership's interest.

The Partnership's interest in the Local Limited Partnership that owned Magnolia
Villas, located in North Hollywood, California, was disposed of on March 21,
2006, upon the sale of this Property. The Partnership received net proceeds of
$938,637, or $13.62 per Unit. The Managing General Partner, in accordance with
and as permitted by the Partnership Agreement, retained the entire amount of net
proceeds from the sale in Reserves. This sale will result in 2006 taxable income
projected to be approximately $1,500,000, or $22 per Unit. The Partnership no
longer has an interest in this Local Limited Partnership.

The Managing General Partner and Local General Partner have begun to explore an
exit strategy that would allow for the Partnership's sale of its interest in the
Local Limited Partnership that owns and operates Strathern Park, located in Los
Angeles, California.

The Managing General Partner and Local General Partner of Pinewood Pointe,
located in Jacksonville, Florida have reached an agreement that could result in
the 2006 sale of this Property. However, rising property insurance rates in the
Florida region may hamper the actual sale of this property.

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, 2006 and 2005.

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 Principal Executive Officer 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, 2006.


                                    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. 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
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 VIII,  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 50, Executive Vice President - Ms. Netzer joined MMA
as a result of the Boston Financial and subsequent Lend Lease HCI acquisitions,
starting with Boston Financial in 1987 and leading Boston Financial's new
business initiatives and managing the firm's Asset Management division. Prior to
joining Boston Financial, Ms. Netzer served as Deputy Budget Director for the
Commonwealth of Massachusetts where she was responsible for the Commonwealth's
health care and public pension program's budgets. Ms. Netzer also served as
Assistant Controller at Yale University, 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).

Michael H. Gladstone, age 49, Principal, Member - Mr. Gladstone is responsible
for capital transactions work in the Asset Management group of MMA. He joined
MMA 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, 2006, 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:
<TABLE>
<CAPTION>

                                                                                  Amount
      Title of                          Name and Address of                    Beneficially
        Class                            Beneficial Owner                          Owned           Percent of Class

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

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

The equity securities registered by the Partnership under Section 12(g) of the
Act of 1934 consist of 100,000 Units, 68,929 of which had been sold to the
public as of March 31, 2006. 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.

Except as described in the preceding paragraphs, neither Arch Street VIII, Inc.,
Arch Street L.P., MMA, 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, 2006 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, 2006. 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,
2006.

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, 2006, 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, 2006 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,
2006.





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, 2006 are as follows:

                                             2006                  2005
                                        --------------        ----------

Asset management fees                   $    293,566        $     276,083

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, 2006 are as follows:

                                              2006                  2005
                                            ----------        ----------
Salaries and benefits expense reimbursements  $ 167,100        $   309,681

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, 2006.

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 and its affiliates for the two years ended
March 31, 2006 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 and 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, 2006 as follows:

                                      2006                  2005
                                  --------------        ----------
Audit fees                        $       67,828           $    19,250
Tax fees                          $        2,400           $     1,950

No other fees were paid or accrued to the principal accountants during the two
years ended March 31, 2006.


<PAGE>



                                   SIGNATURES


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

     BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

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


     By:   /s/Jenny Netzer                              Date:    June 28, 2006
           ---------------------------------------               ------------
           Jenny Netzer
           Executive Vice President
           MMA Financial, Inc.


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

     By:   /s/Jenny Netzer                              Date:    June 28, 2006
           ---------------------------------------               -------------
           Jenny Netzer
           Executive Vice President
           MMA Financial, Inc.


     By:   /s/Michael H. Gladstone                       Date:   June 28, 2006
           -----------------------------                         ------------
           Michael H. Gladstone
           Principal
           MMA Financial, Inc.








<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, 2006
                                      Index

<TABLE>
<CAPTION>


                                                                              Page No.

Report of Independent Registered Public Accounting Firm
<S>                                                                             <C>
    for the years ended March 31, 2006 and 2005                                 F-2

Financial Statements

    Balance Sheet - March 31, 2006                                              F-3

    Statements of Operations - For the years ended
       March 31, 2006 and 2005                                                  F-4

    Statements of Changes in Partners' Equity (Deficiency) -
       For the years ended March 31, 2006 and 2005                              F-5

    Statements of Cash Flows - For the years ended
       March 31, 2006 and 2005                                                  F-6

    Notes to the Financial Statements                                           F-7

</TABLE>

<PAGE>



                        Report of Independent Accountants



To the Partners of
Boston Financial Qualified Housing Tax Credits 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, 2006, and the results of its operations and its cash
flows for each of the two years in the period ended March 31, 2006 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.


PricewaterhouseCoopers LLP
Boston, Massachusetts
June 28, 2006


<PAGE>


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


                                  BALANCE SHEET
                                 March 31, 2006

<TABLE>
<CAPTION>



         Assets

<S>                                                                                               <C>
Cash and cash equivalents                                                                         $     3,567,799
Restricted cash (Note 6)                                                                                   39,390
Investment securities, at fair value (Note 3)                                                           1,436,372
Investments in Local Limited Partnerships (Note 4)                                                      6,100,364
Accounts receivable (Note 4)                                                                            1,073,963
Other assets                                                                                               10,957
                                                                                                  ---------------
   Total Assets                                                                                   $    12,228,845
                                                                                                  ===============

Liabilities and Partners' Equity

Due to affiliate (Note 5)                                                                         $        81,421
Accrued expenses                                                                                           58,755
Deferred revenue (Note 6)                                                                                  39,390
                                                                                                  ---------------
   Total Liabilities                                                                                      179,566
                                                                                                  ---------------

General, Initial and Investor Limited Partners' Equity                                                 12,058,617
Net unrealized losses on investment securities                                                             (9,338)
                                                                                                  ---------------
   Total Partners' Equity                                                                              12,049,279
                                                                                                  ---------------
   Total Liabilities and Partners' Equity                                                         $    12,228,845
                                                                                                  ===============



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 OPERATIONS
                   For the Years Ended March 31, 2006 and 2005


<TABLE>
<CAPTION>

                                                                                 2006                     2005
                                                                           ----------------         ----------
        Revenue:
<S>                                                                        <C>                      <C>
   Investment                                                              $        113,761         $        39,898
   Other                                                                            265,369                 145,783
                                                                           ----------------         ---------------
     Total Revenue                                                                  379,130                 185,681
                                                                           ----------------         ---------------

Expense:
   Asset management fees, affiliate (Note 5)                                        293,566                 276,083
   Provision for valuation allowance on advances to Local
     Limited Partnerships (Note 4)                                                   25,144                 293,814
   Provision for valuation allowance on investments in Local
     Limited Partnerships (Note 4)                                                  723,250                       -
   General and administrative (includes reimbursements
     to an affiliate in the amount of $167,100 and
     $309,681 in 2006 and 2005, respectively) (Note 5)                              391,209                 499,826
   Amortization                                                                      16,424                  17,133
                                                                           ----------------         ---------------
     Total Expense                                                                1,449,593               1,086,856
                                                                           ----------------         ---------------

Loss before equity in losses of Local Limited Partnerships                       (1,070,463)               (901,175)

Equity in losses of Local Limited Partnerships (Note 4)                            (961,320)             (1,371,212)

Gain on sale of investments in Local Limited Partnerships (Note 4)                3,492,473                       -
                                                                           ----------------         ---------------

Net Income (Loss)                                                          $      1,460,690         $    (2,272,387)
                                                                           ================         ===============

Net Income (Loss) allocated:

   General Partners                                                        $        606,621         $       (22,724)
   Limited Partners                                                                 854,069              (2,249,663)
                                                                           ----------------         ---------------

                                                                           $      1,460,690         $    (2,272,387)
                                                                           ================         ===============
Net Income (Loss) per Limited Partner Unit

   (68,929 Units)                                                          $          12.39         $       (32.64)
                                                                           ================         ==============


</TABLE>

The accompanying notes are an integral part of these financial statements.


<PAGE>


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

             STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                   For the Years Ended March 31, 2006 and 2005
<TABLE>
<CAPTION>




                                                                                                             Net
                                                                     Initial           Investor         Unrealized
                                                  General            Limited            Limited             Gains
                                                 Partners            Partner           Partners           (Losses)          Total

<S>                                            <C>               <C>                <C>                <C>             <C>
Balance at March 31, 2004                      $    (463,404)    $        5,000     $   13,328,718     $         819   $ 12,871,133
                                               -------------     --------------     --------------     -------------   ------------

Comprehensive Loss:
  Change in net unrealized
       gains on investment 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
                                               -------------     --------------     --------------     -------------   ------------

Comprehensive Income (Loss):
  Change in net unrealized
       gains on investment securities

       available for sale                                  -                  -                  -            (9,526)       (9,526)
  Net Income                                         606,621                  -            854,069                 -      1,460,690
                                               -------------     --------------     --------------     -------------  -------------
Comprehensive Income (Loss)                          606,621                  -            854,069            (9,526)     1,451,164
                                               -------------     --------------     --------------     -------------   ------------

Balance at March 31, 2006                      $     120,493     $        5,000     $   11,933,124     $      (9,338)  $ 12,049,279
                                               =============     ==============     ==============     =============   ============


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, 2006 and 2005



<TABLE>
<CAPTION>

                                                                                 2006                     2005
                                                                           ----------------         ----------
Cash flows from operating activities:
<S>                                                                        <C>                      <C>
   Net Income (Loss)                                                       $      1,460,690         $    (2,272,387)
   Adjustments to reconcile net income (loss) to net
     cash used for operating activities:
   Equity in losses of Local Limited Partnerships                                   961,320               1,371,212
    Gain on sale of investments in Local Limited Partnerships                    (3,492,473)                      -
   Provision for valuation allowance on advances to Local
     Limited Partnerships, net of recovery                                           25,144                 293,814
   Provision for valuation allowance on investments in Local
     Limited Partnerships                                                           723,250                       -
   Amortization                                                                      16,424                  17,133
   Accretion                                                                        (12,628)                      -
   Cash distributions included in net income (loss)                                (211,660)                (94,168)
   Other non-cash item                                                                  (29)                    (44)
   Increase (decrease) in cash arising from changes
     in operating assets and liabilities:
     Other assets                                                                    (9,511)                   (833)
     Due to affiliate                                                                10,706                   2,261
     Accrued expenses                                                                30,055                   3,612
     Deferred revenue                                                               (20,233)                (21,028)
                                                                           ----------------         ---------------
Net cash used for operating activities                                             (518,945)               (700,428)
                                                                           ----------------         ---------------

Cash flows from investing activities:
   Release of restricted cash                                                        20,233                  21,028
   Purchases of  investment securities                                           (1,930,074)                      -
   Proceeds from maturities of investment securities                                510,318                  18,218
   Advances to Local Limited Partnerships                                           (59,058)               (293,814)
   Reimbursement of advances to Local Limited
     Partnerships                                                                    33,914                       -
   Cash distributions received from Local Limited
     Partnerships                                                                   505,181                 339,799
   Proceeds received from sale of investments in Local
     Limited Partnerships                                                         3,657,712                       -
   Accounts receivable from sale of investments in

     Local Limited Partnerships                                                  (1,073,963)                      -
                                                                           ----------------        ----------------
Net cash provided by investing activities                                         1,664,263                  85,231
                                                                           ----------------        ----------------


Net increase (decrease) in cash and cash equivalents                              1,145,318                (615,197)

Cash and cash equivalents, beginning                                              2,422,481               3,037,678
                                                                           ----------------         ---------------

Cash and cash equivalents, ending                                          $      3,567,799         $     2,422,481
                                                                           ================         ===============
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, Inc. ("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, 2006, the Managing General Partners have designated approximately $1,758,000
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 Partners may have an obligation to fund deficits in their capital
accounts, subject to limits set forth in the Partnership Agreement. However, to
the extent that the General Partners' capital accounts are in a deficit
position, certain items of net income may be allocated to the General Partners
in accordance with 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.

Investment Securities

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


<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 Local Limited Partnerships in which the Partnership invests are Variable
Interest Entities ("VIE"s). The Partnership is involved with the VIEs as a
non-controlling limited partner equity holder. Because the Partnership is not
the primary beneficiary of these VIEs, it accounts for its investments in the
Local Limited Partnerships using the equity method of accounting. As a result of
its involvement with the VIEs, the Partnership's exposure to economic and
financial statement losses is limited to its investments in the VIEs ($6,100,364
at March 31, 2006). The Partnership may be subject to additional losses to the
extent of any financial support that the Partnership voluntarily provides in the
future. 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 Managing General Partner has 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, 2005 and 2004 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
other-than-temporary declines in values of its investments in Local Limited
Partnerships. Periodically, the carrying values of the investments are compared
to their respective fair values. If an other-than-temporary decline in carrying
value exists, a provision to reduce the asset to fair value, as calculated based
primarily on remaining tax benefits, 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.

3.       Investment Securities
<TABLE>
<CAPTION>

A summary of investment securities is as follows:

                                                                       Gross              Gross
                                                                    Unrealized         Unrealized             Fair
                                                      Cost             Gains             Losses               Value

Debt securities issued by the US
Treasury and other US
<S>                                             <C>               <C>                <C>                 <C>
Government Agency                               $    1,442,703    $            -     $       (9,362)     $  1,433,341

Mortgage backed securities                               3,007                24                  -             3,031
                                                --------------    --------------     --------------      ------------

Investment securities
   at March 31, 2006                            $    1,445,710    $           24     $       (9,362)     $  1,436,372
                                                ==============    ==============     ==============      ============

The contractual maturities at March 31, 2006 are as follows:

                                                                                                        Fair
                                                                                Cost                    Value

Due in less than one year                                                 $       848,120           $     843,656
Due in one to five years                                                          594,583                 589,685
Mortgage backed securities                                                          3,007                   3,031
                                                                          ---------------           -------------
                                                                          $     1,445,710           $   1,436,372
                                                                          ===============           =============


</TABLE>

<PAGE>


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


                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3. Investment Securities (continued)


Actual maturities may differ from contractual maturities because some borrowers
have the right to call or prepay obligations. Proceeds from the maturities of
investment securities were approximately $510,000 and $18,000 during the years
ended March 31, 2006 and 2005, respectively.

4.   Investments in Local Limited Partnerships

The Partnership has limited partnership interests in sixteen 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.

The following is a summary of investments in Local Limited Partnerships at March
31, 2006:
<TABLE>
<CAPTION>

Capital contributions and advances paid to Local Limited Partnerships and
purchase
<S>                                                                                                 <C>
   price paid to withdrawing partners of Local Limited Partnerships                                 $    44,556,776

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $11,676,253)                                                                  (33,672,492)

Cumulative cash distributions received from Local Limited Partnerships                                   (3,595,722)
                                                                                                    ---------------

Investments in Local Limited Partnerships before adjustments                                              7,288,562

Excess investment costs over the underlying assets acquired:

   Acquisition fees and expenses                                                                            820,449

   Cumulative amortization of acquisition fees and expenses                                                (277,094)
                                                                                                    ---------------

Investments in Local Limited Partnerships before valuation allowance                                      7,831,917

Valuation allowance on investments in Local Limited Partnerships                                         (1,731,553)
                                                                                                    ---------------

Investments in Local Limited Partnerships                                                           $     6,100,364
                                                                                                    ===============
</TABLE>


For the year ended March 31, 2006, the Partnership advanced $59,058 to two of
the Local Limited Partnerships, $25,144 of which was reserved and $33,915 of
which was reimbursed. The Partnership has also recorded a valuation allowance
for its investments in certain Local Limited Partnerships in order to
appropriately reflect the estimated net realizable value of these investments.
During the year ended March 31, 2006, the Partnership concluded that two of the
Local Limited Partnerships had experienced other-than-temporary declines in
their carrying value and impairment losses were recorded: Bixel House, A
California Limited Partnership for approximately $373,000 and Timothy House
Limited Partnership for approximately $350,000.



<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, 2005 and 2004 (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>

                                                                                   2005                2004
                                                                             ----------------    ----------
Assets:
<S>                                                                          <C>                 <C>
   Investment property, net                                                  $     76,962,110    $     83,856,058
   Other assets                                                                     9,802,262           9,044,719
                                                                             ----------------    ----------------
     Total Assets                                                            $     86,764,372    $     92,900,777
                                                                             ================    ================

Liabilities and Partners' Deficiency:
   Mortgage notes payable                                                    $     69,143,702    $     77,324,806
   Other liabilities                                                               22,726,910          16,638,981
                                                                             ----------------    ----------------
     Total Liabilities                                                             91,870,612          93,963,787
                                                                             ----------------    ----------------

Partnership's deficiency                                                           (7,681,884)         (4,081,973)
Other partners' equity                                                              2,575,644           3,018,963
                                                                             ----------------    ----------------
   Total Partners' Deficiency                                                      (5,106,240)         (1,063,010)
                                                                             ----------------    ----------------
   Total Liabilities and Partners' Deficiency                                $     86,764,372    $     92,900,777
                                                                             ================    ================

Summarized Statements of Operations - for the years
ended December 31,

                                                                                   2005                2004
                                                                             ----------------    ----------

Rental and other income                                                      $     18,032,333    $     16,914,102
                                                                             ----------------    ----------------

Expenses:
   Operating                                                                       11,396,565         10,642,873
   Interest                                                                         5,120,858          5,128,519
   Depreciation and amortization                                                    4,677,628          4,672,016
                                                                             ----------------    ---------------
     Total Expenses                                                                21,195,051         20,443,408
                                                                             ----------------    ---------------

Net Loss                                                                     $     (3,162,718)   $    (3,529,306)
                                                                             ================    ===============

Partnership's share of Net Loss (includes prior year adjustment)             $     (3,071,945)   $    (3,450,112)
                                                                             ================    ===============
Other partners' share of Net Loss                                            $        (92,777)   $       (79,194)
                                                                             ================    ===============
</TABLE>

For the years ended March 31, 2006 and 2005, the Partnership has not recognized
$2,110,625 and $2,079,297, 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
$(7,681,884) differs from the Partnership's investments in Local Limited
Partnerships before adjustments of $7,288,562 primarily due to: (i) cumulative
unrecognized losses as discussed above; (ii) cash distributions made by Local
Limited Partnerships during the quarter ended March 31, 2006 are not reflected
in the December 31, 2005 balance sheets of the Local Limited Partnerships; (iii)
syndication costs charged to equity by one of the Local Limited Partnerships
which are



<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)

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; (v) Local Limited Partnerships whose
interest were sold in the quarter ended March 31, 2006 being included in the
summarized balance sheet of the Local Limited Partnerships at December 31, 2005;
and (vi) differences in the accounting treatment of miscellaneous items.

The Partnership's interest in ten of its investments in Local Limited
Partnerships were sold during the year ended March 31, 2006, resulting in gains
totaling $3,492,473. The $1,073,963 receivable related to the sale of two of
these Local Limited Partnerships was collected subsequent to year end.


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, 2006 and 2005 were $293,566 and
$276,083, respectively. Included in due to affiliate at March 31, 2006 is
$81,421 of Asset Management Fees. During the years ended March 31, 2006 and
2005, $282,860 and $273,822, 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, 2006 and 2005 are $167,100
and $309,681, respectively, that the Partnership incurred and paid for these
expenses. As of March 31, 2006, all reimbursements to the 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, 2006, $231,000 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 income
(loss) for the fiscal years ended March 31, 2006 and 2005 to the net loss
reported on Form 1065, U.S. Partnership Return of Income for the years ended
December 31, 2005 and 2004:
<TABLE>
<CAPTION>

                                                                                2006                 2005
                                                                           --------------        --------

<S>                                                                        <C>                   <C>
Net income (loss) per financial statements                                 $    1,460,690        $  (2,272,387)

Equity in losses of Local Limited Partnerships for financial reporting
   purposes in excess of equity in losses for tax purposes                      1,992,473              161,598

Equity in losses of Local Limited Partnerships not recognized
   for financial reporting purposes                                            (2,110,625)          (2,078,900)

Adjustment to reflect March 31 fiscal year end to
   December 31 taxable year end                                                   (62,700)              15,797

Amortization for tax purposes in excess of amortization for financial
   reporting purposes                                                             (19,741)             (19,322)

Provision for valuation allowance on advances to Local Limited
     Partnerships, net of recovery, not deductible for tax purposes                25,144              293,814

Provision for valuation allowance on investments in Local Limited
     Partnerships not deductible for tax purposes                                 723,250                    -

Gain on sale of investments in Local Limited Partnerships for
   financial reporting purposes                                                (3,492,473)                   -


Cash distributions included in net income (loss) for financial

   reporting purposes                                                            (211,660)             (60,963)
                                                                           --------------        -------------

Net Loss per tax return                                                    $   (1,695,642)       $  (3,960,363)
                                                                           ==============        =============
</TABLE>


The differences in the assets and liabilities of the Partnership for financial
reporting purposes and tax purposes as of March 31, 2006 and December 31, 2005,
respectively, are as follows:
<TABLE>
<CAPTION>

                                                               Financial
                                                                Reporting            Tax
                                                                Purposes          Purposes           Differences

<S>                                                         <C>                <C>                 <C>
Investments in Local Limited Partnerships                   $    6,100,364     $   (8,246,139)     $   14,346,503
                                                            ==============     ==============      ==============
Other assets                                                $    6,128,481     $   13,781,824      $   (7,653,343)
                                                            ==============     ==============      ==============
Liabilities                                                 $      179,566     $      131,035      $       48,531
                                                            ==============     ==============      ==============

</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 $24,739,000 greater than for financial reporting purposes,
including approximately $11,676,000 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
$225,000; (iii) the Partnership has provided a valuation allowance of
approximately $1,056,000 against its investments in Local Limited Partnerships
for financial reporting purposes; (iv) 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; and (v) the sale
of investments in nine Local Limited Partnerships during the quarter ended March
31, 2006 resulted in the removal from investments in Local Limited Partnerships
of approximately $9,267,000 for financial reporting purposes.


8.   Significant Subsidiaries

The following Local Limited Partnerships invested in by the Partnership
represent more than 20% of the Partnership's total assets or equity as of March
31, 2006 or 2005 or net losses for the years ended either March 31, 2006 or
2005. The following financial information represents the performance of these
Local Limited Partnerships for the years ended December 31, 2005 and 2004:
<TABLE>
<CAPTION>

<S>                                                                              <c>                    <C>
Cobblestone Place Townhomes, A Limited Partnership (1)
Total Assets                                                                                 N/A        $   3,357,925
Total Liabilities                                                                            N/A        $   2,729,990
Revenue                                                                           $      808,820        $     808,820
Net Loss                                                                          $      (91,334)       $     (91,334)

Tompkins/Rosecliff, Ltd. (1)
Total Assets                                                                      $    5,252,359        $   5,099,262
Total Liabilities                                                                 $    6,915,058        $   6,472,590
Revenue                                                                           $    1,530,453        $   1,027,884
Net Loss                                                                          $     (213,139)       $    (315,780)

Harmony Apartments, A California Limited Partnership (1)
Total Assets                                                                      $    3,905,380        $   4,101,446
Total Liabilities                                                                 $    3,340,285        $   3,334,262
Revenue                                                                           $      645,978        $     618,339
Net Loss                                                                          $     (148,020)       $    (146,267)

Circle terrace Associates Limited Partnership
Total Assets                                                                      $   10,713,281       $   11,300,655
Total Liabilities                                                                 $    7,251,489       $    7,739,537
Revenue                                                                           $    2,810,655       $    2,690,154
Net Loss                                                                          $      (99,326)      $     (278,790)

Timothy House Limited Partnership
Total Assets                                                                      $    4,625,498       $    4,808,825
Total Liabilities                                                                 $    2,273,778       $    2,394,300
Revenue                                                                           $      831,744       $      789,300
Net Loss                                                                          $      (62,805)      $      (74,587)


(1) The Partnership no longer has an interest in this Local Limited Partnership.
</TABLE>