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July 16, 2007




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, 2007
       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/Patricia Olsen-Goldberg
Patricia Olsen-Goldberg
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, 2007
                          ----------------------------------------------- ----

                                                         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, 2007


<PAGE>



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

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


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

Acquisition Reports                                          Part I, Item 1

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

Prospectus - Sections Entitled:

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

     "Estimated Use of Proceeds"                             Part III, Item 12

     "Management Compensation and Fees"                      Part III, Item 12

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




<PAGE>


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

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2007


                                TABLE OF CONTENTS


                                                                     Page No.

PART I

     Item 1       Business                                                K-3
     Item 2       Properties                                              K-6
     Item 3       Legal Proceedings                                       K-10
     Item 4       Submission of Matters to a Vote of
                  Security Holders                                        K-10

PART II

     Item 5       Market for the Registrant's Units and
                  Related Security Holder Matters                         K-10
     Item 6       Management's Discussion and Analysis of
                  Financial Condition and Results of Operations           K-11
     Item 7       Financial Statements and Supplementary Data             K-17
     Item 8       Changes in and Disagreements with Accountants
                  on Accounting and Financial Disclosure                  K-17
     Item 8A      Controls and Procedures                                 K-17
     Item 8B      Other Information                                       K-17

PART III

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

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

CERTIFICATIONS
--------------




<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 originally invested as a limited partner in twenty-eight 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 A

                             SELECTED LOCAL LIMITED
                                PARTNERSHIP DATA
<TABLE>
<CAPTION>


                                                                                                      Date
                              Properties owned by                                                   Interest
                         Local Limited Partnerships                Location                         Acquired

<S>                                                         <C>                                     <C>
Strathern Park/Lorne Park (1) (2)                           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 (2)                                        Woodstock, GA                           05/01/91
New Center (2)                                              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 (2)                                                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
</TABLE>

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

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


<PAGE>


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

Each Local Limited Partnership has, as its general partners ("Local General
Partners"), one or more individuals or entities not affiliated with the
Partnership or its General Partners. In accordance with the partnership
agreements under which such entities are organized ("Local Limited Partnership
Agreements"), the Partnership depends on the Local General Partners for the
management of each Local Limited Partnership. As of March 31, 2007, 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:
Timothy House Limited Partnership and Maiden Choice Limited Partnership,
representing 18.35%, have Shelter Development Corp. as Local General Partner,
and St. Croix II Limited Partnership and Christiansted Limited Dividend Housing
Association, representing 2.20%, 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 currently owns limited partnership interests in twelve 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 Huguenot Park where the Partnership's ownership interest is
88.55%.

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>
<S> <C>                         <C>            <C>              <C>                 <C>                  <C>           <C>

                                              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, 2007    March 31, 2007     December 31, 2006    Subsidy *         2007
 --------------------------------------------------------- ------------------------------------------------------------------- ----

Maiden Choice Limited
  Partnership
Park Caton
Catonsville, MD                     101            2,513,300          2,513,300        3,840,077         None               92%

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

The Oaks of Dunlop Farms, L.P.
Oaks of Dunlop
Colonial Heights, VA                 144           2,791,280          2,791,280         4,136,568        None               100%

Timothy House Limited
  Partnership
Timothy House
Towson, MD                           112            3,064,250         3,064,250        1,763,378         None               100%

Westover Station Associates, L.P.
Westover Station
Newport News, VA                     108            1,972,947         1,972,947        3,234,639         None               100%

Christiansted Limited Dividend
  Housing Association
Carib III                             24             322,260          322,260          1,441,291         FmHA               96%
St. Croix, VI

St. Croix II Limited Partnership
Carib II
St. Croix, VI                         20             347,680          347,680          1,367,833         FmHA              100%



</TABLE>

<PAGE>




<TABLE>
<CAPTION>

                                                                                  Capital Contributions
<S><C>                           <C>             <C>                <C>               <C>               <C>           <C>
   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, 2007    March 31, 2007     December 31, 2006    Subsidy *         2007
 --------------------------------------------------------- ------------------------------------------------------------------- ----


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

Kensington Place Townhomes,
  A Limited Partnership
Pinewood Pointe
Jacksonville, FL                      136        3,153,173          3,153,173     3,390,806                None               90%

Woodlake Hills Limited
  Partnership
Woodlake Hills
Pontiac, MI                          144         4,154,667          4,154,667     3,380,246                None               83%


Schumaker Place Associates, L.P.
Schumaker Place
Salisbury, MD                         96         2,910,453          2,910,453     2,663,323                None              100%

Circle Terrace Associates Limited
  Partnership
Circle Terrace
Lansdowne, MD                        303         5,811,234          5,811,236     5,755,198              Section 8            100%
                                    ------       --------------   ------------- ---------------
                                    1,293        $30,396,897      $ 30,396,899  $ 35,269,084
                                   ======        ==============  ============================
</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.





<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

As previously reported, for the past several years the following three
litigation proceedings had been pending between certain investors and various
affiliates of the General Partners, including the Partnership, concerning, among
other things, those investors' requests to inspect certain alleged "books and
records" of the Partnership and the affiliates: Park G.P., Inc. ("Park") brought
a lawsuit against the Partnership and various affiliates of the General Partner
and their purported general partners (collectively, the "Fund Parties") in state
court in Missouri (the "Missouri Lawsuit"); the Fund Parties brought a
declaratory judgment lawsuit against Everest Housing Investors 2, LLC and
several other Everest-related entities (collectively, the "Everest Entities") in
Massachusetts state court (the "Everest Massachusetts Lawsuit"); and Boston
Financial Qualified Housing Tax Credits L.P. IV ("Partnership IV") and its
general partners brought a lawsuit against Park and its affiliate Bond Purchase,
L.L.C. ("Bond") in Massachusetts state court (the "Park and Bond Massachusetts
Lawsuit").

As of April 21, 2007, the Fund Parties and Partnership IV reached an agreement
with Park, Bond and the Everest Entities to resolve these lawsuits (the
"Settlement Agreement"). Under the terms of the Settlement Agreement, the claims
and counterclaims asserted in the Everest Massachusetts Lawsuit have been
dismissed with prejudice and the claims in the Missouri Lawsuit and the Park and
Bond Massachusetts Lawsuit have been dismissed without prejudice, all in
exchange for options, subject to various conditions, to purchase certain Local
Limited Partnership interests held by Partnership IV, Boston Financial Qualified
Housing Tax Credits L.P. III, Boston Financial Qualified Housing Tax Credits
L.P. V and Boston Financial Tax Credit Fund VII, A Limited Partnership at
specified prices.

With respect to the Partnership, the Settlement Agreement provides options,
subject to various conditions, to purchase the Partnership's interest in Circle
Terrace Associates, L.P., located in Lansdowne, MD, for a price of $4,250,000.

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, 2007, there were 2,868 record holders of Units of the
Partnership.

Cash distributions, when made, are paid annually. No cash distributions were
paid for the year ended March 31, 2006. During the year ended March 31, 2007 a
cash distribution of $5,407,098 was paid.
<PAGE>
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, 2007, the Partnership's investment portfolio consisted of
limited partnership interests in twelve 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 $1,514 per Limited Partner Unit,
with an immaterial amount of Tax Credits expected to be generated through 2008.
The aggregate amount of Tax Credits generated by the Partnership is consistent
with the objectives specified in the Partnership's prospectus. As of result of
the June 15, 2007 sale of one property, Pinewood Pointe, located in
Jacksonville, Florida, the Partnership's investment portfolio currently consists
of limited partnership interest in eleven Local Limited Partnerships.

In December 2006, the Partnership distributed $5,353,027, or $77.66 per Unit to
Limited Partners. The source of this distribution is from Sale or Refinancing
Proceeds of previously reported dispositions of the Partnership's interest in
fourteen Local Limited Partnerships and the refinancing of debt on one Property.

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. The compliance
period for all but one of the twelve Properties in which the Partnership has an
interest, have expired. The compliance period for the remaining Property expires
on December 31, 2007. The Managing General Partner has negotiated agreements
that will ultimately allow the Partnership to dispose of its interest in four
Local Limited Partnerships. Four of the Local Limited Partnerships in which the
Partnership had an interest were disposed of during the twelve months ended
March 31, 2007.

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.
<PAGE>


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 ($5,168,462
at March 31, 2007). 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, the investment is carried at cost, adjusted for
the Partnership's share of net income or loss and for cash distributions from
the Local Limited Partnerships; equity in income or loss of the Local Limited
Partnerships is included currently in the Partnership's operations. Under the
equity method, a Local Limited Partnership investment will not be carried below
zero. To the extent that equity in losses are incurred when the Partnership's
carrying value of the respective Local Limited Partnership has been reduced to a
zero balance, the losses will be suspended and offset against future income.
Income from Local Limited Partnerships, where cumulative equity in losses plus
cumulative distributions have exceeded the total investment in Local Limited
Partnerships, will not be recorded until all of the related unrecorded losses
have been offset. To the extent that a Local Limited Partnership with a carrying
value of zero distributes cash to the Partnership, that distribution is recorded
as income on the books of the Partnership and is included in "other revenue" in
the accompanying financial statements.

The 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, 2007, the Partnership had cash and cash equivalents of $2,679,427
compared with $3,567,799 at March 31, 2006. The decrease is primarily
attributable to the payment of a cash distribution and net cash used for
operations, partially offset by proceeds from the sale of investments in Local
Limited Partnerships, cash distributions received from Local Limited
Partnerships, and proceeds from maturities of investment securities. Cash used
for operations includes $302,062 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, 2007, approximately $1,833,000 has been designated as
Reserves.

To date, professional fees relating to various Property issues totaling
approximately $303,000 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, 2007, the Partnership has advanced approximately $494,000 to Local Limited
Partnerships to fund operating deficits.
<PAGE>
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, 2007, the Partnership had
no contractual or other obligation to any Local Limited Partnership which had
not been paid or provided for.

Cash Distributions

A cash distribution of $5,407,098 was made to General and Limited Partners
during the year ended March 31, 2007. 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 2006 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, 2007
resulted in net income of $1,168,682 as compared to net income of $1,460,690 for
the same period in 2006. The decrease in net income is primarily attributable to
a decrease in gain on sale of investments in Local Limited Partnerships,
partially offset by a decrease in provision for valuation allowance on
investments in Local Limited Partnerships, a decrease in equity in losses in
Local Limited Partnerships, an increase in investment revenue, a decrease in
provision for valuation allowance on advances to Local Limited Partnerships, and
a decrease in general and administrative expenses. The decrease in gain on sale
of investments in Local Limited Partnerships is the result of the sale of
several more Local Limited Partnerships during the fiscal year ended March 31,
2006 than in the fiscal year ended March 31, 2007. The decrease in provision for
valuation on investments in Local Limited Partnerships is the result of the
Partnership recording a valuation allowance for its investments in certain Local
Limited Partnerships during the year ended March 31, 2006. Equity in losses
decreased primarily due to the sale of four Local Limited Partnerships during
the year ended March 31, 2007. The increase in investment revenue is primarily
attributable to an increase in invested balances arising from the Partnership's
sale of properties. The decrease in provision for valuation allowance on
advances to Local Limited Partnerships is the result of an increase in
reimbursements of prior year advances made to Local Limited Partnerships during
the year ended March 31, 2007. 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 partially offset by increased legal and investor
reporting expenses.

Low-Income Housing Tax Credits

The 2006 and 2005 Tax Credits per Unit were $0.38. The Tax Credit per Limited
Partner stabilized in 1993. The credits have ended as all Properties have
reached the end of the ten year credit period.
<PAGE>
Property Discussions

Ten of the twelve Properties in which the Partnership has an interest have
stabilized operations and operated at above breakeven as of December 31, 2006.
Two 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, a property adjacent to Whispering Trace, located in
Woodstock, Georgia, began operations during 2001. That property's superior
amenities and curb appeal provided a competitive advantage. Other Tax Credit
properties as well as entry-level homes in the area further increased
competition for tenants. In addition, local employers implemented work force
reductions, forcing some tenants to leave the area in search of employment. As a
result, occupancy at the Property initially suffered, although occupancy had
reached 93% as of March 31, 2006. The Property had incurred significant capital
expenditures in order to remain competitive in the marketplace. As a result,
debt service coverage remained below an appropriate level as of December 31,
2005. Advances from the Local General Partner and Partnership Reserves allowed
the Property to remain current on its debt obligations. As a result of a prior
agreement, the Property was sold on June 23, 2006. This sale resulted in net
proceeds to the Partnership of $334,262, or $4.85 per Unit, and resulted in 2006
taxable income of $202,268, or $2.93 per Unit. The Partnership may receive an
immaterial amount of additional proceeds upon a final accounting of this
transaction. The Managing General Partner, in accordance with and as permitted
by the Partnership Agreement, initially retained the entire amount of net
proceeds in Reserves. In December 2006, the Managing General Partner distributed
a significant portion of the net proceeds to the Limited Partners. The
Partnership no longer has an interest in this Local Limited Partnership.

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, initially retained the entire amount of
net proceeds from the sale in Reserves. In December 2006, the Managing General
Partner distributed a significant portion of the net proceeds to Limited
Partners. These transfers resulted in 2006 taxable income of $231,247 and
$202,280 for Cedar Lane I and Silver Creek II, respectively, or a combined $6.29
per Unit. The Partnership no longer has an interest in these two Local Limited
Partnerships.

As previously reported, 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, initially retaining a contingent receivable in
the amount of $100,000. The Partnership subsequently received $100,000 in July
2006. The Managing General Partner, in accordance with and as permitted by the
Partnership Agreement, initially retained the entire amount of net proceeds from
the sale in Reserves. In December 2006, the Managing General Partner distributed
a significant portion of the net proceeds to the Limited Partners. This transfer
resulted in a 2006 taxable loss of $633,289, or $9.19 per Unit. The Partnership
no longer has an interest in this Local Limited Partnership.

As previously reported, 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 2005 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, initially retained the entire
amount of net proceeds from the sale in Reserves. In December 2006, the Managing
General Partner distributed a significant portion of the net proceeds to the
Limited Partners. 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.
<PAGE>
As previously reported, 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. This sale resulted in 2006 taxable income of $2,792,661, or $40.52 per
Unit. The Managing General Partner, in accordance with and as permitted by the
Partnership Agreement, initially retained the entire amount of net proceeds from
the sale in Reserves. In December 2006, the Managing General Partner distributed
a significant portion of the net proceeds to the Limited Partners. The
Compliance Period for this Property expired on December 31, 2005. The
Partnership no longer has an interest in this Local Limited Partnership.

As previously reported, 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, initially retained the entire
amount of net proceeds from the sale in Reserves. In December 2006, the Managing
General Partner distributed a significant portion of the net proceeds to the
Limited Partners. These transfers resulted in 2006 taxable income of $211,641,
$302,844, $236,037 and $323,934 for Archer Village, Ocean View, Water Oak and
Yester Oaks, respectively, or a combined $15.59 per Unit. The Partnership no
longer has an interest in these Local Limited Partnerships.

As previously reported, 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, initially retained the entire amount of net proceeds from the sale in
Reserves. In December 2006, the Managing General Partner distributed a
significant portion of the net proceeds to the Limited Partners. 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.

As previously reported, New Center, located in Detroit, Michigan, had
experienced operating difficulties for several years. The Property suffered from
poor location and security issues. Vandalism caused an increase in maintenance
and repair expenses and negatively affected the Property's occupancy levels and
tenant profile. Occupancy was 24% at December 31, 2006. Efforts to increase curb
appeal and increase qualified tenant traffic had only slightly improved
occupancy. Advances from the former Local General Partner and the Partnership
enabled the Property to remain current on its mortgage obligations. Due to the
Property's continuing struggles, the Managing General Partner was concerned
about its long-term viability and 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, 2006, the
replacement Local General Partner has contributed in excess of $448,000 toward
capital improvements and had 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. Effective February 1, 2007, the Managing General Partner disposed of
the Partnership's interest in New Center. This disposition will result in 2007
taxable income projected to be approximately $1,500,000, or $22 per Unit. The
Partnership did not receive any proceeds from this transaction. The Partnership
no longer has an interest in this Local Limited Partnership.

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. 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 was put to the replacement
Local General Partner. The Property generated its last Tax Credits during 2001.
The replacement Local General Partner also had the right to call the remaining
interest after the Property's Compliance Period expires on December 31, 2006.
Effective February 5, 2007, the Managing General Partner disposed of the
Partnership's interest in Westgate. This disposition will result in a 2007
taxable loss projected to be approximately $56,000, or $0.81 per Unit. The
Partnership did not receive any proceeds from this transaction. The Partnership
no longer has an interest in this Local Limited Partnership.
<PAGE>
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, Carib II and
Carib III operated at above breakeven for the twelve month period ending
December 31, 2006. 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 Managing General
Partner will exercise the Partnership's put options and dispose of its interest
in these two Local Limited Partnership in 2007. The plan includes provisions to
minimize the risk of recapture.

As previously reported, Schumaker Place, located in Salisbury, Maryland,
continues to operate at above breakeven 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. 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.

As previously reported, the Managing General Partner assigned its interest in
the Local Limited Partnership that owns and operates Strathern Park, located in
Los Angeles, California, to the Local General Partner, in exchange for net sales
proceeds of $1,600,000 or $23.21 per Unit. This disposition is projected to
result in 2006 taxable income of approximately $10,800,000 or $157 per Unit. The
Partnership no longer has an interest in this Local Limited Partnership.

As previously reported, the Managing General Partner anticipates that the
Partnership's interest in the Local Limited Partnership that owns Timothy House,
located in Towson, Maryland, will be terminated upon the sale of the Property in
2007. Under the current terms, this sale is expected to result in net proceeds
to the Partnership of approximately $1,500,000 or $22 per Unit. This sale would
result in 2007 taxable income projected to be approximately $230,000, or $3 per
Unit.

As previously reported, the Managing General Partner and Local General Partner
of Pinewood Pointe, located in Jacksonville, Florida, reached an agreement that
could result in the 2007 sale of this Property. On June 15, 2007, the property
was sold, resulting in net proceeds to the Partnership of $4,162,299, or $60.39
per Unit. This sale will result in 2007 taxable income projected to be
approximately $4,100,000, or $59.48 per Unit. The Managing General Partner, in
accordance with and as permitted by the Partnership Agreement, will initially
retain the entire amount of net proceeds from the sale in Reserves. The
Partnership no longer has an interest in this Local Limited Partnership.

As previously reported, in December 2006, the Local General Partner of Oaks of
Dunlop, located in Colonial Heights, Virginia agreed to the purchase of the
Partnership's interest in this Local Limited Partnership. Under the present
terms of the agreement, the Managing General Partner estimates that the
Partnership will receive approximately $2,400,000 or $35 per Unit. This sale,
originally expected to occur in early 2007, is now estimated to close in June,
2007 and result in 2007 taxable income projected to be approximately $2,400,000,
or $35 per Unit.

As previously reported, the Managing General Partner anticipates that the
Partnership's interest in the Local Limited Partnership that owns Park Caton,
located in Catonsville, Maryland, will be terminated upon the sale of the
Property in 2007. Under the current terms, this sale is expected to result in
net proceeds to the Partnership of approximately $1,800,000, or $26 per Unit.
This sale would result in 2007 taxable income projected to be approximately
$2,600,000, or $38 per Unit.
<PAGE>
In February 2007, the Managing General Partner received notification from the
Local General Partner of Westover Station, located in Newport News, Virginia, of
its intent to exercise their right of first refusal to purchase the
Partnership's interest in the Local Limited Partnership. This transaction
occured on June 30, 2007 and resulted in net proceeds to the Partnership of
approximately $320,000, or $4 per unit. As previously reported, as part of the
2002 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, initially
retained the entire amount of net proceeds in Reserves. In December 2006, the
Managing General Partner distributed a significant portion of the net proceeds
to the Limited Partners. The Managing General Partner, on behalf of the
Partnership, also negotiated an agreement with the Local General Partner that
allowed the Partnership to dispose of its interest in the Property after the end
of its Compliance Period, which is December 31, 2006.

In connection with the Settlement Agreement described in the "Legal Proceedings"
section above, the Partnership has granted an option, subject to various
conditions, to sell its interest in Circle Terrace Associates, L.P., located in
Lansdowne, MD for a price of $4,250,000.

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, 2007 and 2006.

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 their evaluation, required by the Securities Exchange Act Rules
13a-15(d) and 15d-15(d), the Partnership's principal executive officer and
principal financial officer have concluded that the Partnership's disclosure
controls and procedures (as defined in Securities Exchange Act Rules 13a-15(d)
and 15d-15(d)) were effective as of March 31, 2007 to ensure that information
required to be disclosed by the Partnership in reports that it files or submits
under the Securities Exchange Act is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission rules and forms and were effective as of March 31, 2007 to ensure
that information required to be disclosed by the Partnership issuer in the
reports that it files or submits under the Securities Exchange Act is
accumulated and communicated to the Partnership's management, including its
principal executive and principal financial officers, or persons performing
similar functions, as appropriate to allow timely decisions regarding required
disclosure.

There were no other changes in the Partnership's internal control over financial
reporting identified in connection with the evaluation required by paragraph (d)
of the Securities and Exchange Act Rules 13a-15(d) or 15d-15(d) that occurred
during the quarter ended March 31,2007 that affected, or were reasonably likely
to affect, the Partnership's internal control over financial reporting.

Item 8B.  Other Information

The  following reports on Form 8-K were filed during the fourth quarter of the
     year ended March 31, 2007: Form 8-K dated February 27, 2007
<PAGE>
                                    PART III

Item 9.  Directors and Executive Officers of the Registrant

The Managing General Partner of the Partnership  is Arch Street VIII,  Inc.,
a  Massachusetts corporation  (the  "Managing  GeneralPartner"), 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

Gary Mentesana                                   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.

Gary A. Mentesana, age 42, Executive Vice President, Head of the Affordable
Housing Group - Mr. Mentesana has been Executive Vice President of MuniMae (the
"Company") since July 2003. He is the head of the Company's Affordable Housing
Group and is responsible for both the affordable tax exempt and taxable lending
and equity businesses. Prior to his appointment as EVP, Mr. Mentesana served as
the Company's Chief Capital Officer as well as the Company's Chief Financial
Officer. Mr. Mentesana's tenure with the Company began with the Company's
predecessor, the SCA Tax-Exempt Fund Limited Partnership, in 1988. Prior to
joining the Company, Mr. Mentesana worked for Coopers and Lybrand and is a
Certified Public Accountant. Mr. Mentesana graduated from the University of
Rhode Island.

Michael H. Gladstone, age 50, 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, 2007, the following is the only entity known to the Partnership
to be the beneficial owner of more than 5% of the total number of Units
outstanding:
<PAGE>




                                                                      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

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, 2007. 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, 2007 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, 2007. 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,
2007.
<PAGE>
Acquisition Fees and Expenses

In accordance with the Partnership Agreement, the Partnership was required to
pay acquisition fees to and reimburse acquisition expenses of the Managing
General Partner or its affiliates for selecting, evaluating, structuring,
negotiating and closing the Partnership's investments in Local Limited
Partnerships. Acquisition fees totaled 7% of the Gross Proceeds. Acquisition
expenses, which include such expenses as legal fees and expenses, travel and
communications expenses, costs of appraisals, accounting fees and expenses, were
expected to total 1.5% of the Gross Proceeds. As of March 31, 2007, 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, 2007 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,
2007.

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, 2007 are as follows:

                                                   2007                  2006
                                              --------------        ----------

Asset management fees                         $ 296,027        $      293,566

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, 2007 are as follows:

                                                  2007                  2006
                                              --------------        ----------

Salaries and benefits expense reimbursements $      122,433        $   167,100

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.

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, 2007 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.
<PAGE>
(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, 2007 as follows:

                                                  2007                  2006
                                            --------------        ----------

Audit fees                              $       79,690           $    67,828
Tax fees                                $        2,400           $     2,400

No other fees were paid or accrued to the principal accountants during the two
years ended March 31, 2007.


<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/ Gary Mentesana                        Date:    July 16, 2007
           --------------------------------------             ----------------
           Gary Mentesana
           President
           Arch Street VIII, 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/Gary Mentesana                        Date:    July 16, 2007
           -------------------------------------             -----------------
           Gary Mentesana
           President
           Arch Street VIII, Inc.



     By:   /s/Michael H. Gladstone                  Date:     July 16, 2007
           -----------------------------                       ---------------
           Michael H. Gladstone
           Vice President
           Arch Street VIII, Inc.






<PAGE>



<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, 2007
                                      Index



                                                                     Page No.

Report of Independent Registered Public Accounting Firm
    for the years ended March 31, 2007 and 2006                         F-2

Financial Statements

    Balance Sheet - March 31, 2007                                      F-3

    Statements of Operations - For the years ended
       March 31, 2007 and 2006                                          F-4

    Statements of Changes in Partners' Equity (Deficiency) -
       For the years ended March 31, 2007 and 2006                      F-5

    Statements of Cash Flows - For the years ended
       March 31, 2007 and 2006                                          F-6

    Notes to the Financial Statements                                   F-7


<PAGE>



                      Report of Independent Registered Public Accounting Firm


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


In our opinion, the financial statements listed in the accompanying index
present fairly, in all material respects, the financial position of Boston
Financial Qualified Housing Tax Credits Limited Partnership V ("the
Partnership") at March 31, 2007, and the results of its operations and its cash
flows for each of the two years in the period ended March 31, 2007 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 22, 2007







<PAGE>


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




                                  BALANCE SHEET
                                 March 31, 2007


<TABLE>
<CAPTION>


<S>                                                                                             <C>
Assets

Cash                                                                                              $     2,679,427
Restricted cash (Note 6)                                                                                   18,921
Investment securities, at fair value (Note 3)                                                             249,765
Investments in Local Limited Partnerships (Note 4)                                                      5,168,462
Other assets                                                                                                3,166
                                                                                                  ---------------
   Total Assets                                                                                   $     8,119,741
                                                                                                  ===============

Liabilities and Partners' Equity

Due to affiliate (Note 5)                                                                                  75,386
Accrued expenses                                                                                           55,357
Deferred revenue (Note 6)                                                                                  18,921
Deposit on sale                                                                                           150,000
                                                                                                  ---------------
   Total Liabilities                                                                                      299,664
                                                                                                  ---------------

General, Initial and Investor Limited Partners' Equity                                                  7,820,201
Net unrealized losses on investment securities                                                               (124)
                                                                                                  ---------------
   Total Partners' Equity                                                                               7,820,077
                                                                                                  ---------------
   Total Liabilities and Partners' Equity                                                         $     8,119,741
                                                                                                  ===============
</TABLE>



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

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


                            STATEMENTS OF OPERATIONS
                   For the Years Ended March 31, 2007 and 2006


<TABLE>
<CAPTION>


                                                                                 2007                     2006
                                                                           ----------------         ----------
<S>                                                                        <C>                      <C>
   Revenue:
   Investment                                                              $        253,029         $       113,761
   Other                                                                            274,423                 265,369
                                                                           ----------------         ---------------
     Total Revenue                                                                  527,452                 379,130
                                                                           ----------------         ---------------

Expense:
   Asset management fees, affiliate (Note 5)                                        296,027                 293,566
   Provision for (recovery of) valuation allowance on advances to
     Local Limited Partnerships  (Note 4)                                          (106,457)                 25,144
   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 $122,433 and
     $167,100 in 2007 and 2006, respectively) (Note 5)                              290,868                 391,209
   Amortization                                                                      8,323                   16,424
                                                                                   --------                 -------
     Total Expense                                                                  488,761               1,449,593
                                                                           ----------------         ---------------

Income (Loss) before equity in losses of Local Limited Partnerships
   and gain on sale of investments in Local Limited Partnerships                     38,691              (1,070,463)

Equity in losses of Local Limited Partnerships (Note 4)                            (714,072)               (961,320)

Gain on sale of investments in Local Limited Partnerships (Note 4)                1,844,063               3,492,473
                                                                           ----------------         ---------------

Net Income                                                                 $      1,168,682         $     1,460,690
                                                                           ================         ===============

Net Income allocated:
   General Partners                                                        $         11,687         $       606,621
   Limited Partners                                                               1,156,995                 854,069
                                                                           ----------------         ---------------
                                                                           $      1,168,682         $     1,460,690
                                                                           ================         ===============
Net Income per Limited Partner Unit
   (68,929 Units)                                                          $          16.79         $         12.39
                                                                           ================         ===============
</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, 2007 and 2006



<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, 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
                                               -------------     --------------     --------------     ------------  --------------

Cash distribution                                  (54,071)                 -         5,353,027)                -      (5,407,098)
                                               -------------     --------------     --------------     ----------    --------------

Comprehensive Income:
   Change in net unrealized
         losses on investment securities
     available for sale                                  -                  -                  -          9,214              9,214
  Net Income                                        11,687                  -         1,156,995               -          1,168,682
                                               -------------     --------------     --------------     ------------ --------------
Comprehensive Income                                11,687                  -         1,156,995           9,214          1,177,896
                                               -------------     --------------     --------------     ------------  --------------

Balance at March 31, 2007                      $    78,109     $        5,000     $   7,737,092     $      (124)    $    7,820,077
                                               =============     ==============     ==============     ============= ==============
</TABLE>

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

<PAGE>

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

                                    STATEMENTS OF CASH FLOWS
                           For the Years Ended March 31, 2007 and 2006



<TABLE>
<CAPTION>

                                                                                 2007                     2006
                                                                           ----------------         ----------
Cash flows from operating activities:
<S>                                                                        <C>                      <C>
   Net Income                                                              $      1,168,682         $     1,460,690
   Adjustments to reconcile net income to net
     cash used for operating activities:
     Equity in losses of Local Limited Partnerships                                 714,072                 961,320
     Gain on sale of investments in Local Limited Partnerships                   (1,844,063)             (3,492,473)
     Provision for valuation allowance on advances to Local
       Limited Partnerships, net of recovery                                       (106,457)                 25,144
     Provision for valuation allowance on investments in Local
       Limited Partnerships                                                               -                 723,250
     Amortization                                                                     8,323                  16,424
     Accretion                                                                       (7,186)                (12,628)
     Cash distributions included in net income                                     (210,060)               (211,660)
     Other non-cash item                                                                  -                     (29)
     Increase (decrease) in cash arising from changes
       in operating assets and liabilities:
       Other assets                                                                   7,791                  (9,511)
       Due to affiliate                                                              (6,035)                 10,706
       Accrued expenses                                                              (3,398)                 30,055
       Deferred revenue                                                             (20,469)                (20,233)
                                                                           ----------------         ---------------
Net cash used for operating activities                                             (298,800)               (518,945)
                                                                           ----------------         ---------------

Cash flows from investing activities:
   Release of restricted cash                                                        20,469                  20,233
   Purchases of  investment securities                                                    -              (1,930,074)
   Proceeds from maturities of investment securities                              1,203,007                 510,318
   Advances to Local Limited Partnerships                                           (30,729)                (59,058)
   Reimbursement of advances to Local Limited
     Partnerships                                                                   137,186                  33,914
   Cash distributions received from Local Limited
     Partnerships                                                                   419,567                 505,181
   Proceeds received from sale of investments in Local
     Limited Partnerships                                                         2,918,026               3,657,712
   Deposit on sale                                                                  150,000                       -
   Accounts receivable from sale of investments in
     Local Limited Partnerships                                                           -              (1,073,963)
                                                                           ----------------        ----------------
Net cash provided by investing activities                                         4,817,526               1,664,263
                                                                           ----------------        ----------------

Cash flows from financing activities:
   Cash distribution                                                             (5,407,098)                      -
                                                                           ----------------         ---------------
Net cash used for financing activities                                           (5,407,098)                      -
                                                                           ----------------         ---------------

Net increase in cash and cash equivalents                                           888,372               1,145,318

Cash and cash equivalents, beginning                                              3,567,799               2,422,481
                                                                           ----------------         ---------------

Cash and cash equivalents, ending                                          $      2,679,427         $     3,567,799
                                                                           ================         ===============
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, 2007, the Managing General Partners has designated approximately $1,833,000
as such Reserves.

Generally, profits, losses, tax credits and cash flows from operations are
allocated 99% to the Limited Partners and 1% to the General Partners. Net
proceeds from a sale or refinancing will be allocated 95% to the Limited
Partners and 5% to the General Partners after certain priority payments. 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 ($5,168,462
at March 31, 2007). 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, the investment is carried at cost, adjusted for
the Partnership's share of net income or loss and for cash distributions from
the Local Limited Partnerships; equity in income or loss of the Local Limited
Partnerships is included currently in the Partnership's operations. Under the
equity method, a Local Limited Partnership investment will not be carried below
zero. To the extent that equity in losses are incurred when the Partnership's
carrying value of the respective Local Limited Partnership has been reduced to a
zero balance, the losses will be suspended and offset against future income.
Income from Local Limited Partnerships, where cumulative equity in losses plus
cumulative distributions have exceeded the total investment in Local Limited
Partnerships, will not be recorded until all of the related unrecorded losses
have been offset. To the extent that a Local Limited Partnership with a carrying
value of zero distributes cash to the Partnership, that distribution is recorded
as income on the books of the Partnership and is included in "other revenue" in
the accompanying financial statements.

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

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

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

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

The 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, 2006 and 2005 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.

Effect of New Accounting Principle

In June 2006, the FASB issued Interpretation No. 48 "Accounting for Uncertainty
in Income Taxes" ("FIN 48"), which is effective for financial statements for
fiscal years beginning after December 15, 2006. FIN 48 provides guidance to all
enterprises, including pass-through entities, for how uncertain tax provisions
should be recognized, measured, presented and disclosed in the financial
statements. The General Partner will adopt FIN 48 as of April 1, 2007. The
General Partner is currently assessing the impact of FIN 48 but believes that
FIN 48 will not have a material impact on the financial position or operating
results of the Partnership.

3.       Investment Securities

A summary of investment securities is as follows:
<TABLE>
<CAPTION>

                                                                       Gross              Gross
                                                                    Unrealized         Unrealized             Fair
                                                      Cost             Gains             Losses               Value

<S>                                             <C>               <C>               <C>                  <C>
Debt securities issued by the US
Treasury and other US
Government Agencies                             $      249,889    $            -     $         (124)     $    249,765
                                                --------------    --------------     --------------      ------------

Investment securities
   at March 31, 2007                            $      249,889    $            -     $         (124)     $    249,765
                                                ==============    ==============     ==============      ============
</TABLE>



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


                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3. Investment Securities (continued)

The contractual maturities at March 31, 2007 are as follows:


                                                              Fair
                                      Cost                    Value

Due in less than one year    $       249,889           $     249,765
                              ---------------           -------------
                            $        249,889           $     249,765
                              ===============           =============

Proceeds from the maturities of investment securities were approximately
$1,203,000 and $510,000 during the years ended March 31, 2007 and 2006,
respectively.

4.   Investments in Local Limited Partnerships

The Partnership currently owns limited partnership interests in twelve 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 Huguenot Park where the Partnership's ownership
interests are 88.55%. 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, 2007:
<TABLE>
<CAPTION>

<S>                                                                                                <C>
Capital contributions and advances paid to Local Limited Partnerships and
purchase
   price paid to withdrawing partners of Local Limited Partnerships                                 $    30,396,899

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $1,564,893)                                                                   (22,121,171)

Cumulative cash distributions received from Local Limited Partnerships                                   (3,106,284)
                                                                                                    ---------------

Investments in Local Limited Partnerships before adjustments                                              5,169,444

Excess investment costs over the underlying assets acquired:

   Acquisition fees and expenses                                                                            576,891

   Cumulative amortization of acquisition fees and expenses                                                (227,873)
                                                                                                    ---------------

Investments in Local Limited Partnerships before valuation allowance                                      5,518,462

Valuation allowance on investments in Local Limited Partnerships                                           (350,000)
                                                                                                    ---------------

Investments in Local Limited Partnerships                                                           $     5,168,462
                                                                                                    ===============
</TABLE>
>

For the year ended March 31, 2007, the Partnership advanced $30,729 to one of
the Local Limited Partnerships, all of which was reimbursed. In addition,
$106,457 was also reimbursed from the Local Limited Partnership relating to
advances made in previous years. 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.


<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, 2006 and 2005 (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>

                                                                                   2006                2005
                                                                             ----------------    ----------
Assets:
<S>                                                                          <C>                 <C>
   Investment property, net                                                  $     45,718,663    $     76,962,110
   Other assets                                                                     6,201,206           9,802,262
                                                                             ----------------    ----------------
     Total Assets                                                            $     51,919,869    $     86,764,372
                                                                             ================    ================

Liabilities and Partners' Equity (Deficiency):
   Mortgage notes payable                                                    $     39,474,089    $     69,143,702
   Other liabilities                                                                7,691,899          22,726,910
                                                                             ----------------    ----------------
     Total Liabilities                                                             47,165,988          91,870,612
                                                                             ----------------    ----------------

Partnership's equity (deficiency)                                                     968,530          (7,681,884)
Other partners' equity                                                              3,785,351           2,575,644
                                                                             ----------------    ----------------
   Total Partners' Equity (Deficiency)                                              4,753,881          (5,106,240)
                                                                             ----------------    ----------------
   Total Liabilities and Partners' Equity (Deficiency)                       $     51,919,869    $     86,764,372
                                                                             ================    ================

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

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

Rental and other income                                                      $     13,667,249    $     18,032,333
                                                                             ----------------    ----------------

Expenses:
   Operating                                                                        9,026,351         11,396,565
   Interest                                                                         3,861,522          5,120,858
   Depreciation and amortization                                                    3,456,609          4,677,628
                                                                             ----------------    ---------------
     Total Expenses                                                                16,344,482         21,195,051
                                                                             ----------------    ---------------

Net Loss                                                                     $     (2,677,233)   $    (3,162,718)
                                                                             ================    ===============

Partnership's share of Net Loss                                              $     (2,355,784)   $    (3,071,945)
                                                                             ================    ===============
Other partners' share of Net Loss                                            $       (321,449)   $       (92,777)
                                                                             ================    ===============
</TABLE>

For the years ended March 31, 2007 and 2006, the Partnership has not recognized
$1,649,478 and $2,110,625, 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 $7,766 were included in losses recognized in
the year ended March 31, 2007.

The Partnership's equity as reflected by the Local Limited Partnerships of
$968,530 differs from the Partnership's investments in Local Limited
Partnerships before adjustments of $5,169,444 primarily due to: (i) cumulative
unrecognized losses as discussed above; (ii) syndication costs charged to equity
by one of the Local Limited Partnerships which are not reflected in the
Partnership's investments in Local Limited Partnerships; (iii) Local Limited
Partnerships whose interests were sold in the quarter ended March 31, 2007 being
included in the summarized balance sheet of the Local Limited Partnerships at
December 31, 2006; and (iv) differences in the accounting treatment of
miscellaneous items.



<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)

The Partnership's interest in four of its investments in Local Limited
Partnerships were sold during the year ended March 31, 2007, resulting in gains
totaling $1,844,063.

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, 2007 and 2006 were $296,027 and
$293,566, respectively. Included in due to affiliate at March 31, 2007 is
$75,386 of Asset Management Fees. During the years ended March 31, 2007 and
2006, $302,062 and $282,860, 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, 2007 and 2006 are $122,433
and $167,100, respectively that the Partnership incurred and paid for these
expenses. As of March 31, 2007, all reimbursements to the affiliate of the
Managing General Partner for these expenses have been paid.

In December 2006, Partnership cash was invested in below-market interest bearing
accounts as part of a banking arrangement which resulted in financial benefits
to affiliates of MMA Financial. MMA Financial subsequently determined that this
arrangement was inconsistent with the terms of the Partnership Agreement and
terminated the arrangement. MMA intends to pay the interest lost by the
Partnership (approximately $63,000) to the Partnership in July 2007.


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, 2007, $253,000 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
for the fiscal years ended March 31, 2007 and 2006 to the net income (loss)
reported on Form 1065, U.S. Partnership Return of Income for the years ended
December 31, 2006 and 2005:
<TABLE>
<CAPTION>

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

<S>                                                                        <C>                   <C>
Net income per financial statements                                        $    1,168,682        $   1,460,690

Equity in losses of Local Limited Partnerships for financial reporting
   purposes in excess of equity in losses for tax purposes                        868,035            1,992,473

Equity in losses of Local Limited Partnerships not recognized
   for financial reporting purposes                                            (1,641,712)          (2,110,625)

Adjustment to reflect March 31 fiscal year end to
   December 31 taxable year end                                                    21,226              (62,700)

Amortization for tax purposes in excess of amortization for financial
   reporting purposes                                                            (168,583)             (19,741)

Provision for valuation of advances to Local Limited Partnerships,
   net of recovery not deductible for tax purposes                                      -               25,144

Recovery of prior years' provision for valuation of advances to
   Local Limited Partnerships not deductible for tax purposes                    (106,457)                   -

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 tax (financial
   reporting) purposes in excess of gain on sale
   for financial reporting (tax) purposes                                      12,719,370           (3,492,473)

Cash distributions included in net income for financial
   reporting purposes                                                            (210,060)            (211,660)
                                                                           --------------        -------------

Net Income (Loss) per tax return                                           $   12,650,501        $  (1,695,642)
                                                                           ==============        =============
</TABLE>

The differences in the assets and liabilities of the Partnership for financial
reporting purposes and tax purposes as of March 31, 2007 and December 31, 2006,
respectively, are as follows:
<TABLE>
<CAPTION>

                                                                Financial
                                                                Reporting            Tax
                                                                Purposes          Purposes           Differences

<S>                                                         <C>                <C>                 <C>
Investments in Local Limited Partnerships                   $    5,168,462     $       99,098      $    5,069,364
                                                            ==============     ==============      ==============
Other assets                                                $    2,951,279     $   12,597,461      $   (9,646,182)
                                                            ==============     ==============      ==============
Liabilities                                                 $      299,664     $       48,506      $      251,158
                                                            ==============     ==============      ==============

</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 $9,858,000 greater than for financial reporting purposes,
including approximately $1,565,000 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
$122,000; (iii) the Partnership has provided a valuation allowance of
approximately $350,000 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 two Local Limited Partnerships during the quarter ended March
31, 2007 resulted in the removal from investments in Local Limited Partnerships
of approximately $4,075,000 for financial reporting purposes.

8.   Significant Subsidiaries

The following Local Limited Partnership invested in by the Partnership
represents more than 20% of the Partnership's total assets or equity as of March
31, 2007 or 2006, or net losses for the years ended either March 31, 2007 or
2006. The following financial information represents the performance of this
Local Limited Partnership for the years ended December 31, 2006 and 2005:

Circle Terrace Associates Limited Partnership      2006                 2005
--------------------------------------------- -----------          ---------
Total Assets                               $   10,195,847       $   10,713,281
Total Liabilities                          $    6,891,739       $    7,251,489
Revenue                                    $    2,806,786       $    2,810,655
Net Loss                                  $     (157,684)      $      (99,326)


9.   Subsequent Event

On June 15, 2007 the Partnership sold its interest in Pinewood Pointe resulting
in net proceeds to the Partnership of $4,162,299.  On June 30, 2007 the
Partnership sold its interest in Westover Station resulting in net proceeds to
the Partnership of approximately $320,000.




<PAGE>