----

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

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

|                                                                                                                                                         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 Identification No.)                                                                                                                                                                                                                                          |
|        incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                     |

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

| Title of each class | Name of each exchange on which registered |
|---------------------|-------------------------------------------|
| None                | None                                      |

| UNITS OF LIMITED PARTNERSHIP INTEREST(Title of Class)      |
|-------------------------------------------------------------------------------------|

----

----

----

----

|                              |                 | Date     |
|-----------------------------------|----------------------|----------|
| Properties owned by               |                 | Interest |
| Local Limited Partnerships        | Location             | Acquired |
|                              |                 |     |
| Strathern Park/Lorne Park (1) (2) | Los Angeles, CA      | 07/05/90 |
| Park Caton (2)                    | 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 (2)                     | Ypsilanti, MI        | 10/01/90 |
| Oaks of Dunlop (2)                | 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 (2)                 | Towson, MD           | 03/05/91 |
| Westover Station (2)              | Newport News, VA     | 03/30/91 |
| Carib III (2)                     | St. Croix, VI        | 03/21/91 |
| Carib II (2)                      | St. Croix, VI        | 03/01/91 |
| Whispering Trace (2)              | Woodstock, GA        | 05/01/91 |
| New Center (2)                    | Detroit, MI          | 06/27/91 |
| Huguenot Park (2)                 | New Paltz, NY        | 06/26/91 |
| Hillwood Pointe (2)               | Jacksonville, FL     | 07/19/91 |
| Pinewood Pointe (2)               | Jacksonville, FL     | 07/31/91 |
| Westgate (2)                      | Bismark, ND          | 07/25/91 |
| Woodlake Hills (2)                | 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 (2)               | Salisbury, MD        | 09/20/91 |
| Circle Terrace                    | Lansdowne, MD        | 12/06/91 |

----

----

----

|                              | 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, 2010 | March 31, 2010 | December 31, 2009 | Subsidy* | 2010 |
|                              |                  |           |   |   |   |   |
|                              |                  |           |   |   |   |   |
| Circle Terrace Associates Limited |                  |           |   |   |   |   |
| Partnership                       |                  |           |   |   |   |   |
| Circle Terrace                    |                  |           |   |   |   |   |
| Lansdowne, MD                     | 303                   | $5,811,236     | $5,811,236 | $4,038,774 | Section 8 | 98% |
|                              |                  |           |   |   |   |   |

| 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. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

| Name                                             Position |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                       |
| Kenneth J. Cutillo                          Chief Executive Officer                                                                                      |

----

|                                                                                                                                                           |                                 | Amount                                                                                                                                                                   |                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Title of                                                                                                                                                       | Name and Address of                  | Beneficially                                                                                                                                                             |                                                                                                                                                                |
| Class                                                                                                                                                          | Beneficial Owner                     | Owned                                                                                                                                                                    | Percent of Class                                                                                                                                                    |
|                                                                                                                                                           |                                 |                                                                                                                                                                     |                                                                                                                                                                |
|                           Limited | Oldham Institutional Tax Credits LLC |                            8,024 Units |                            11.64% |
|                          Partner       | 101 Arch Street                      |                                                                                                                                                                     |                                                                                                                                                                |
|                                                                                                                                                           | Boston, MA                           |                                                                                                                                                                     |                                                                                                                                                                |

----

|                  |   | 2010   |    |   | 2009   |   |
|-----------------------|--------|--------|---------|--------|--------|--------|
|                  |   |   |    |   |   |   |
| Asset management fees |   | $      | 316,340 |   |   | $      | 313,983 |   |

|                                         |   | 2010   |   |   | 2009   |   |
|----------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                         |   |   |   |   |   |   |
| Salaries and benefits expense reimbursements |   | $      | 15,755 |   |   | $      | 25,056 |   |

----

|       |   | 2010   |   |   | 2009   |   |
|------------|--------|--------|--------|--------|--------|--------|
|       |   |   |   |   |   |   |
| Audit fees |   | $      | 55,127 |   |   | $      | 64,786 |   |
| Tax fees   |   | $      | 2,500  |   |   | $      | 2,500 |   |

|  31.2   |   Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of |
|------------------------|---------------------------------------------------------------------------------------------------------------------|

| 32.2   |    Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of |
|------------------|---------------------------------------------------------------------------------------------------------------------------|

----

|         By:   /s/Kenneth J. Cutillo                                                                          Date:    June 29, 2010 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      Kenneth J. Cutillo                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                      President                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                      Arch Street VIII, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                      (Chief Executive Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                |

|         By:    :/s/Kenneth J. Cutillo                                             |  Date: June 29,2010     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|
|                        Kenneth J. Cutillo                                                                                                                                                                                                                   |                                                  |
|                        President                                                                                                                                                                                                                            |                                                  |
|                       Arch Street VIII, Inc.                                                                                                                                                                                                                     |                                                  |
|                       (Chief Financial Officer)                                                                                                                                                                                                                  |                                                  |

|         By:   /s/Kenneth J. Cutillo                                                                         Date:   June 29, 2010 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      Kenneth J. Cutillo                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                      President                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                      Arch Street VIII, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                      (Chief Accounting Officer)                                                                                                                                                                                                                                                                                                                                                                                                                                  |

----

|                                                                                                                                Page No. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Report of Independent Registered Public Accounting Firm                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| for the years ended March 31, 2010 and 2009                                                     F-2                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Balance Sheets - March 31, 2010 and 2009                                                          F-3                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Statements of Operations - For the years ended                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| March 31, 2010 and 2009                                                                                        F-4                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Statements of Changes in Partners' Equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| For the years ended March 31, 2010 and 2009                                                    F-5                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Statements of Cash Flows - For the years ended                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| March 31, 2010 and 2009                                                                                        F-6                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Notes to the Financial Statements                                                                        F-7                                                                                                                                                                                                                                                                                                               |

----

----

|                                                   |   | 2010   |      |   | 2009   |   |
|--------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Assets                                                 |   |   |      |   |   |   |
|                                                   |   |   |      |   |   |   |
| Cash and cash equivalents                              |   | $      | 1,697,686 |   |   | $      | 2,097,247 |   |
| Restricted cash (Note 6)                               |   |   | -         |   |   |   | 19,639 |   |
| Investment in Local Limited Partnership (Note 4)       |   |   | 1,177,104 |   |   |   | 1,223,551 |   |
| Other Assets                                           |   |   | 38        |   |   |   | - |   |
| Total Assets                                           |   | $      | 2,874,828 |   |   | $      | 3,340,437 |   |
|                                                   |   |   |      |   |   |   |   |   |
| Liabilities and Partners' Equity                       |   |   |      |   |   |   |   |   |
|                                                   |   |   |      |   |   |   |   |   |
| Due to affiliate (Note 5)                              |   | $      | 80,675    |   |   | $      | 92,361 |   |
| Accrued expenses                                       |   |   | 48,785    |   |   |   | 53,672 |   |
| Deferred revenue (Note 6)                              |   |   | -         |   |   |   | 19,639 |   |
| Total Liabilities                                      |   |   | 129,460   |   |   |   | 165,672 |   |
|                                                   |   |   |      |   |   |   |   |   |
| General, Initial and Investor Limited Partners' Equity |   |   | 2,745,368 |   |   |   | 3,174,765 |   |
| Total Liabilities and Partners' Equity                 |   | $      | 2,874,828 |   |   | $      | 3,340,437 |   |
|                                                   |   |   |      |   |   |   |   |   |

----

|                                                                                 |   | 2010   |     |   | 2009   |   |
|--------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Revenue:                                                                             |   |   |     |   |   |   |
| Investment                                                                           |   | $      | 22,578   |   |   | $      | 37,977 |   |
|     Recovery of provision for valuation allowance on advances to |   |   |     |   |   |   |   |   |
|        Local Limited Partnerships                 |   |   | -        |   |   |   | 160,000 |   |
| Cash distribution income                                                             |   |   | 32,697   |   |   |   | 153,491 |   |
| Total Revenue                                                                        |   |   | 55,275   |   |   |   | 351,468 |   |
|                                                                                 |   |   |     |   |   |   |   |   |
| Expense:                                                                             |   |   |     |   |   |   |   |   |
| Asset management fees, affiliate (Note 5)                                            |   |   | 316,340  |   |   |   | 313,983 |   |
|    Impairment on investment in Local Limited                          |   |   |     |   |   |   |   |   |
|    Partnership (Note 4)                                               |   |   | -        |   |   |   | 2,364,000 |   |
| General and administrative (includes reimbursements                                  |   |   |     |   |   |   |   |   |
| to an affiliate in the amount of $15,755 and                                         |   |   |     |   |   |   |   |   |
| $25,056 in 2010 and 2009, respectively) (Note 5)                                     |   |   | 121,885  |   |   |   | 127,123 |   |
| Amortization                                                                         |   |   | 5,103    |   |   |   | 5,361 |   |
| Total Expense                                                                        |   |   | 443,328  |   |   |   | 2,810,467 |   |
|                                                                                 |   |   |     |   |   |   |   |   |
| Loss before equity in income (loss) of Local Limited Partnerships                    |   |   |     |   |   |   |   |   |
| and loss on sale of investments in Local Limited                                     |   |   |     |   |   |   |   |   |
| Partnerships                                                                         |   |   | (388,053 | )      |   |   | (2,458,999 | ) |
|                                                                                 |   |   |     |   |   |   |   |   |
| Equity in income (loss) of Local Limited Partnerships (Note 4)                       |   |   | (41,344  | )      |   |   | 267,571 |   |
|                                                                                 |   |   |     |   |   |   |   |   |
| Loss on sale of investments in Local Limited                                         |   |   |     |   |   |   |   |   |
|       Partnerships (Note 4)                            |   |   | -        |   |   |   | (67,947 | ) |
|                                                                                 |   |   |     |   |   |   |   |   |
| Net Loss                                                                             |   | $      | (429,397 | )      |   | $      | (2,259,375 | ) |
|                                                                                 |   |   |     |   |   |   |   |   |
| Net Loss allocated:                                                                  |   |   |     |   |   |   |   |   |
| General Partners                                                                     |   | $      | (4,294   | )      |   | $      | (22,594 | ) |
| Limited Partners                                                                     |   |   | (425,103 | )      |   |   | (2,236,781 | ) |
|                                                                                 |   | $      | (429,397 | )      |   | $      | (2,259,375 | ) |
| Net Loss per Limited Partner Unit                                                    |   |   |     |   |   |   |   |   |
| (68,929 Units)                                                                       |   | $      | (6.17    | )      |   | $      | (32.45 | ) |

----

|                      |   |     |    |   | Initial |   |   | Investor |   |   |       |   |
|---------------------------|--------|----------|---------|--------|---------|--------|--------|----------|--------|--------|------------|--------|
|                      |   | General  |    |   | Limited |   |   | Limited  |   |   |       |   |
|                      |   | Partners |    |   | Partner |   |   | Partners |   |   | Total      |   |
|                      |   |     |    |   |    |   |   |     |   |   |       |   |
| Balance at March 31, 2008 |   | $        | 54,248  |   |    | $      | 5,000  |     |   | $      | 5,374,892  |   |   | $ | 5,434,140 |   |
|                      |   |     |    |   |    |   |   |     |   |   |       |   |   |   |   |   |
| Net Loss                  |   |     | (22,594 | )      |    |   | -      |     |   |   | (2,236,781 | )      |   |   | (2,259,375 | ) |
|                      |   |     |    |   |    |   |   |     |   |   |       |   |   |   |   |   |
| Balance at March 31, 2009 |   |     | 31,654  |   |    |   | 5,000  |     |   |   | 3,138,111  |   |   |   | 3,174,765 |   |
|                      |   |     |    |   |    |   |   |     |   |   |       |   |   |   |   |   |
| Net Loss                  |   |     | (4,294  | )      |    |   | -      |     |   |   | (425,103   | )      |   |   | (429,397 | ) |
|                      |   |     |    |   |    |   |   |     |   |   |       |   |   |   |   |   |
| Balance at March 31, 2010 |   | $        | 27,360  |   |    | $      | 5,000  |     |   | $      | 2,713,008  |   |   | $ | 2,745,368 |   |

----

|                                                                           |   | 2010   |      |   | 2009   |   |
|--------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Cash flows from operating activities:                                          |   |   |      |   |   |   |
| Net Loss                                                                       |   | $      | (429,397  | )      |   | $      | (2,259,375 | ) |
| Adjustments to reconcile net loss to net                                       |   |   |      |   |   |   |   |   |
| cash used for operating activities:                                            |   |   |      |   |   |   |   |   |
|    Equity in loss (income) of Local Limited Partnerships        |   |   | 41,344    |   |   |   | (267,571 | ) |
| Loss on sale of investments in Local                                           |   |   |      |   |   |   |   |   |
|    Limited Partnerships                                         |   |   | -         |   |   |   | 67,947 |   |
| Recovery of provision for valuation allowance on advances to                   |   |   |      |   |   |   |   |   |
|         Local Limited Partnerships     |   |   | -         |   |   |   | (160,000 | ) |
|      Impairment on investment in Local                |   |   |      |   |   |   |   |   |
|         Limited Partnership            |   |   | -         |   |   |   | 2,364,000 |   |
|     Amortization                                           |   |   | 5,103     |   |   |   | 5,361 |   |
|      Increase (decrease) in cash arising from changes |   |   |      |   |   |   |   |   |
|        in operating assets and liabilities: |   |   |      |   |   |   |   |   |
|          Other assets             |   |   | (38       | )      |   |   | - |   |
|          Due to affiliate         |   |   | (11,686   | )      |   |   | (79,143 | ) |
|          Accrued expenses         |   |   | (4,887    | )      |   |   | 3,763 |   |
| Net cash used for operating activities                                         |   |   | (399,561  | )      |   |   | (325,018 | ) |
|                                                                           |   |   |      |   |   |   |   |   |
| Cash flows from investing activities:                                          |   |   |      |   |   |   |   |   |
| Reimbursement of advances to Local Limited                                     |   |   |      |   |   |   |   |   |
|          Partnerships             |   |   | -         |   |   |   | 160,000 |   |
| Proceeds received from sale of investments in Local                            |   |   |      |   |   |   |   |   |
| Limited Partnerships                                                           |   |   | -         |   |   |   | 77,000 |   |
| Net cash provided by investing activities                                      |   |   | -         |   |   |   | 237,000 |   |
|                                                                           |   |   |      |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                      |   |   | (399,561  | )      |   |   | (88,018 | ) |
|                                                                           |   |   |      |   |   |   |   |   |
| Cash and cash equivalents, beginning                                           |   |   | 2,097,247 |   |   |   | 2,185,265 |   |
|                                                                           |   |   |      |   |   |   |   |   |
| Cash and cash equivalents, ending                                              |   | $      | 1,697,686 |   |   | $      | 2,097,247 |   |
|                                                                           |   |   |      |   |   |   |   |   |

----

----

----

----

----

|                                                                  |   | 2010   |       |   | 2009   |   |
|-----------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Capital contributions paid to Local Limited Partnership and purchase  |   |   |       |   |   |   |
| price paid to withdrawing partners of Local Limited Partnership       |   | $      | 5,811,236  |   |   | $      | 5,811,236 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Cumulative equity in losses of Local Limited Partnership              |   |   | (2,339,712 | )      |   |   | (2,298,368 | ) |
|                                                                  |   |   |       |   |   |   |   |   |
| Cumulative cash distributions received from Local Limited Partnership |   |   | (19,610    | )      |   |   | (19,610 | ) |
|                                                                  |   |   |       |   |   |   |   |   |
| Investment in Local Limited Partnership before adjustments            |   |   | 3,451,914  |   |   |   | 3,493,258 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Excess investment costs over the underlying assets acquired:          |   |   |       |   |   |   |   |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Acquisition fees and expenses                                         |   |   | 178,600    |   |   |   | 178,600 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Cumulative amortization of acquisition fees and expenses              |   |   | (89,410    | )      |   |   | (84,307 | ) |
|                                                                  |   |   |       |   |   |   |   |   |
| Investment in Local Limited Partnership before valuation allowance    |   |   | 3,541,104  |   |   |   | 3,587,551 |   |
|                                                                  |   |   |       |   |   |   |   |   |
| Valuation allowance on investment in Local Limited Partnership        |   |   | (2,364,000 | )      |   |   | (2,364,000 | ) |
|                                                                  |   |   |       |   |   |   |   |   |
| Investment in Local Limited Partnership                               |   | $      | 1,177,104  |   |   | $      | 1,223,551 |   |

|                                   |   | 2009   |      |   | 2008   |   |
|----------------------------------------|--------|--------|-----------|--------|--------|--------|
| Assets:                                |   |   |      |   |   |   |
| Investment property, net               |   | $      | 7,003,115 |   |   | $      | 7,587,083 |   |
| Other assets                           |   |   | 1,415,464 |   |   |   | 1,451,273 |   |
| Total Assets                           |   | $      | 8,418,579 |   |   | $      | 9,038,356 |   |
|                                   |   |   |      |   |   |   |   |   |
| Liabilities and Partners' Equity:      |   |   |      |   |   |   |   |   |
| Mortgage notes payable                 |   | $      | 4,038,774 |   |   | $      | 4,652,457 |   |
| Other liabilities                      |   |   | 1,124,975 |   |   |   | 1,089,307 |   |
| Total Liabilities                      |   |   | 5,163,749 |   |   |   | 5,741,764 |   |
|                                   |   |   |      |   |   |   |   |   |
| Partnership's equity                   |   |   | 3,255,914 |   |   |   | 3,297,258 |   |
| Other partners' deficiency             |   |   | (1,084    | )      |   |   | (666 | ) |
| Total Partners' Equity                 |   |   | 3,254,830 |   |   |   | 3,296,592 |   |
| Total Liabilities and Partners' Equity |   | $      | 8,418,579 |   |   | $      | 9,038,356 |   |

----

|                                                 |   | 2009   |      |   | 2008   |   |
|------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                 |   |   |      |   |   |   |
| Rental and other income                              |   | $      | 2,934,896 |   |   | $      | 4,165,907 |   |
|                                                 |   |   |      |   |   |   |   |   |
| Expenses:                                            |   |   |      |   |   |   |   |   |
| Operating                                            |   |   | 2,282,750 |   |   |   | 4,318,993 |   |
| Interest                                             |   |   | 95,936    |   |   |   | 475,240 |   |
| Depreciation and amortization                        |   |   | 597,972   |   |   |   | 957,242 |   |
| Total Expenses                                       |   |   | 2,976,658 |   |   |   | 5,751,475 |   |
|                                                 |   |   |      |   |   |   |   |   |
| Net Loss                                             |   | $      | (41,762   | )      |   | $      | (1,585,568 | ) |
|                                                 |   |   |      |   |   |   |   |   |
| Partnership's share of Net Loss                      |   |   |      |   |   |   |   |   |
|   (2008 includes $207,685 from prior year) |   | $      | (41,344   | )      |   | $      | 409,460 |   |
| Other partners' share of Net Loss                    |   | $      | (418      | )      |   | $      | (1,787,343 | ) |

----

|                                                                          |   | 2009   |     |   | 2008   |   |
|-------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                          |   |   |     |   |   |   |
| Net Loss per financial statements                                             |   | $      | (429,397 | )      |   | $      | (2,259,375 | ) |
|                                                                          |   |   |     |   |   |   |   |   |
| Equity in income (loss) of Local Limited Partnerships for tax                 |   |   |     |   |   |   |   |   |
|    purposes in excess of equity in income (loss) for financial |   |   |     |   |   |   |   |   |
| reporting purposes                                                            |   |   | (9,902   | )      |   |   | 474,000 |   |
|                                                                          |   |   |     |   |   |   |   |   |
| Recognition of previously unrecognized equity in losses of Local              |   |   |     |   |   |   |   |   |
| Limited Partnerships for financial reporting purposes, net                    |   |   |     |   |   |   |   |   |
| of current year unrecognized losses                                           |   |   | -        |   |   |   | 141,889 |   |
|                                                                          |   |   |     |   |   |   |   |   |
| Adjustment to reflect March 31 fiscal year end to December 31                 |   |   |     |   |   |   |   |   |
| taxable year end                                                              |   |   | 7,739    |   |   |   | (18,442 | ) |
|                                                                          |   |   |     |   |   |   |   |   |
| Amortization for tax purposes in excess of amortization for financial         |   |   |     |   |   |   |   |   |
| reporting purposes                                                            |   |   | (1,392   | )      |   |   | (1,134 | ) |
|                                                                          |   |   |     |   |   |   |   |   |
| Recovery of prior year’s provision for valuation allowance on           |   |   |     |   |   |   |   |   |
| advances to Local Limited Partnerships not reportable for tax                 |   |   |     |   |   |   |   |   |
| purposes                                                                      |   |   | -        |   |   |   | (160,000 | ) |
|                                                                          |   |   |     |   |   |   |   |   |
| Impairment on investment in Local Limited                                     |   |   |     |   |   |   |   |   |
| Partnership not deductible for tax purposes                                   |   |   | -        |   |   |   | 2,364,000 |   |
|                                                                          |   |   |     |   |   |   |   |   |
| Gain on sale of investments in Local Limited Partnerships for tax             |   |   |     |   |   |   |   |   |
| purposes in excess of loss on sale for financial reporting purposes           |   |   | -        |   |   |   | (418,089 | ) |
|                                                                          |   |   |     |   |   |   |   |   |
| Other                                                                         |   |   | -        |   |   |   | (75,000 | ) |
|                                                                          |   |   |     |   |   |   |   |   |
| Net Income (Loss) per tax return                                              |   | $      | (432,952 | )      |   | $      | 47,849 |   |

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|                                    |   | Financial |      |   |     |   |       |        |   |
|-----------------------------------------|--------|-----------|-----------|--------|----------|--------|------------|-------------|--------|
|                                    |   | Reporting |      |   | Tax      |   |       |        |   |
|                                    |   | Purposes  |      |   | Purposes |   |       | Differences |   |
|                                    |   |      |      |   |     |   |       |        |   |
| Investment in Local Limited Partnership |   | $         | 1,177,104 |   |     | $      | 1,792,375  |        |   | $ | (615,271 | ) |
| Other assets                            |   | $         | 1,697,724 |   |     | $      | 11,532,371 |        |   | $ | (9,834,647 | ) |
| Liabilities                             |   | $         | 129,460   |   |     | $      | 122,546    |        |   | $ | 6,914 |   |

|                                    |   | Financial |      |   |     |   |       |        |   |
|-----------------------------------------|--------|-----------|-----------|--------|----------|--------|------------|-------------|--------|
|                                    |   | Reporting |      |   | Tax      |   |       |        |   |
|                                    |   | Purposes  |      |   | Purposes |   |       | Differences |   |
|                                    |   |      |      |   |     |   |       |        |   |
| Investment in Local Limited Partnership |   | $         | 1,223,551 |   |     | $      | 1,850,116  |        |   | $ | (626,565 | ) |
| Other assets                            |   | $         | 2,116,886 |   |     | $      | 11,935,427 |        |   | $ | (9,818,541 | ) |
| Liabilities                             |   | $         | 165,672   |   |     | $      | 150,391    |        |   | $ | 15,281 |   |

| Circle Terrace Associates Limited Partnership |   | 2009 |      |   | 2008   |   |
|-----------------------------------------------|--------|------|-----------|--------|--------|--------|
| Total Assets                                  |   | $    | 8,418,579 |   |   | $      | 9,038,356 |   |
| Total Liabilities                             |   | $    | 5,163,749 |   |   | $      | 5,741,764 |   |
| Revenue                                       |   | $    | 2,934,896 |   |   | $      | 2,828,096 |   |
| Net Income (Loss)                             |   | $    | (41,762   | )      |   | $      | 57,089 |   |

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