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, 2008
                          ------------------------------------------------

                                                         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:

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

Securities registered pursuant to Section 12(g) of the Act:

                        UNITS OF LIMITED PARTNERSHIP INTEREST
                              (Title of Class)


Check whether the issuer is not required to file reports pursuant to Section 13
or 15(d) of the Exchange Act.  ____

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 .



<PAGE>



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 .

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                                   Yes  No X .

State issuer's revenues for its most recent fiscal year:  $375,385.

State the aggregate sales price of partnership units held by nonaffiliates of
the registrant:  $60,904,650 as of March 31, 2008.
<TABLE>
<CAPTION>
<S>                                                            <C>

                                                         Part of Report on Form 10-KSB into which the
Documents incorporated by reference                             Document 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

</TABLE>




<PAGE>


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

                          ANNUAL REPORT ON FORM 10-KSB
                        FOR THE YEAR ENDED MARCH 31, 2008


                                TABLE OF CONTENTS

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

                                                                            Page No.

PART I

     Item 1       Business                                                      K-4
     Item 2       Properties                                                    K-7
     Item 3       Legal Proceedings                                             K-9
     Item 4       Submission of Matters to a Vote of
                  Security Holders                                              K-9

PART II

     Item 5       Market for the Registrant's Units and
                  Related Security Holder Matters                               K-9
     Item 6       Management's Discussion and Analysis of
                  Financial Condition and Results of Operations                 K-9
     Item 7       Financial Statements and Supplementary Data                   K-15
     Item 8       Changes in and Disagreements with Accountants
                  on Accounting and Financial Disclosure                        K-15
     Item 8A      Controls and Procedures                                       K-15
     Item 8B      Other Information                                             K-16

PART III

     Item 9       Directors and Executive Officers
                  of the Registrant                                             K-16
     Item 10      Management Remuneration                                       K-17
     Item 11      Security Ownership of Certain Beneficial
                  Owners and Management                                         K-17
     Item 12      Certain Relationships and Related Transactions                K-18
     Item 13      Exhibits, Financial Statement Schedules and
                  Reports on Form 8-K                                           K-19
     Item 14.     Principal Accountant Fees and Services                        K-19

SIGNATURES                                                                      K-20
----------

CERTIFICATIONS                                                                  K-21
--------------
</TABLE>




<PAGE>


                                     PART I

Item 1.  Business

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

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

The Partnership 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>
<S>                                                            <C>                                    <C>

                                                                                                      Date
                              Properties owned by                                                   Interest
                         Local Limited Partnerships                Location                         Acquired

Strathern Park/Lorne Park (1) (2)                           Los Angeles, CA                         07/05/90
Park Caton (2)                                              Catonsville, MD                         08/17/90
Cedar Lane I (2)                                            London, KY                              09/10/90
Silver Creek II (2)                                         Berea, KY                               08/15/90
Rosecliff (2)                                               Sanford, FL                             09/18/90
Brookwood (2)                                               Ypsilanti, MI                           10/01/90
Oaks of Dunlop (2)                                          Colonial Heights, VA                    01/01/91
Water Oak (2)                                               Orange City, FL                         01/01/91
Yester Oaks (2)                                             Lafayette, GA                           01/01/91
Ocean View (2)                                              Fernandina Beach, FL                    01/01/91
Wheeler House (2)                                           Nashua, NH                              01/01/91
Archer Village (2)                                          Archer, FL                              01/01/91
Timothy House (2)                                           Towson, MD                              03/05/91
Westover Station (2)                                        Newport News, VA                        03/30/91
Carib III (2)                                               St. Croix, VI                           03/21/91
Carib II (2)                                                St. Croix, VI                           03/01/91
Whispering Trace (2)                                        Woodstock, GA                           05/01/91
New Center (2)                                              Detroit, MI                             06/27/91
Huguenot Park                                               New Paltz, NY                           06/26/91
Hillwood Pointe (2)                                         Jacksonville, FL                        07/19/91
Pinewood Pointe (2)                                         Jacksonville, FL                        07/31/91
Westgate (2)                                                Bismark, ND                             07/25/91
Woodlake Hills                                              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, 2008, no Local
Limited Partnerships have a common Local General Partner or affiliated group of
Local General Partners. The Local General Partners of the 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 effect 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 four 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>





<PAGE>

<TABLE>
<CAPTION>
<S>                                <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, 2008   March 31, 2008   December 31, 2007       Subsidy *        2008
 ---------------------------------------------  -----------    --------------     ---------------   ------------------ -----------


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

Woodlake Hills Limited
  Partnership
Woodlake Hills
Pontiac, MI                          144             4,154,667        4,154,667        3,312,255          None              89%


Schumaker Place Associates, L.P.
Schumaker Place
Salisbury, MD                         96             2,910,453        2,910,453         2,606,021         None              95%

Circle Terrace Associates Limited
  Partnership
Circle Terrace
Lansdowne, MD                         303            5,811,236        5,811,236         5,223,316         Section 8         99%
                                    ------         --------------  -------------     ---------------
                                      567         $   13,858,714   $ 13,858,714     $  12,541,592
                                   ======         ==============   =============    ===============
</TABLE>


      Section8 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

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

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


None.

                                     PART II

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

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

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

As of March 31, 2008, there were 2,870 record holders of Units of the
Partnership.

Cash distributions, when made, are paid annually. During the year ended March
31, 2007 a cash distribution of $5,407,098 was paid. During the year ended March
31, 2008, a cash distribution of $10,850,000 was paid.

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 use of
words like "anticipate," "estimate," "intend," "project", "plan," "expect,"
"believe," "could," and similar expressions are intended to identify such
forward looking statements. The Partnership intends such forward-looking
statements to be covered by the safe harbor provisions for forward-looking
statements and is 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 and current expectations, the
Partnership can give no assurance that its 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.

<PAGE>
As of March 31, 2008, the Partnership's investment portfolio consisted of
limited partnership interests in four 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 a result of
the April 18, 2008 sale of one property, Schumaker Place, located in Salisbury,
Maryland, the Partnership's investment portfolio currently consists of limited
partner interest in three Local Limited Partnerships.

In September 2007, the Partnership distributed $10,741,500 or $155.83 per unit
to Limited Partners. The source of this distribution was primarily from sale
proceeds of previously reported dispositions of the Partnership's interest in
four 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 eleven 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
Periods of the four remaining Properties in which the Partnership has an
interest all expired on or before December 31, 2007. The Managing General
Partner has negotiated agreements that will ultimately allow the Partnership to
dispose of its interest in two Local Limited Partnerships. Eight of the Local
Limited Partnerships in which the Partnership had an interest were disposed of
during the twelve months ended March 31, 2008.

The Managing General Partner will continue to closely monitor the operations of
the Properties and will formulate disposition strategies with respect to the
Partnership's remaining Local Limited Partnership interests. The Partnership
shall dissolve and its affairs shall be wound up upon the disposition of the
final Local Limited Partnership interest and other assets of the Partnership.
Investors will continue to be Limited Partners, receiving K-1s and quarterly and
annual reports, until the Partnership is dissolved.

Critical Accounting Policies

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

The Local Limited Partnerships in which the Partnership invests are Variable
Interest Entities ("VIE"s). The Partnership is involved with the VIEs as a
non-controlling limited partner equity holder. Because the Partnership is not
the primary beneficiary of these VIEs, it accounts for its investments in the
Local Limited Partnerships using the equity method of accounting. As a result of
its involvement with the VIEs, the Partnership's exposure to economic and
financial statement losses is limited to its investments in the VIEs ($3,470,287
at March 31, 2008). 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. A liability
is recorded for delayed equity capital contributions to Local Limited
Partnerships. Under the equity method, a Local Limited Partnership investment
will not be carried below zero. To the extent that equity in losses are incurred
when the Partnership's carrying value of the respective Local Limited
Partnership has been reduced to a zero balance, the losses will be suspended and
offset against future income. Income from Local Limited Partnerships, where
cumulative equity in losses plus cumulative distributions have exceeded the
total investment in Local Limited Partnerships, will not be recorded until all
of the related unrecorded losses have been offset. To the extent that a Local
Limited Partnership with a carrying value of zero distributes cash to the
Partnership, that distribution is recorded as income on the books of the
Partnership and is included in "other revenue" in the accompanying financial
statements.

<PAGE>
The Partnership has implemented policies and practices for assessing
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.  The tax benefits for each Local Limited Partnership
consist of future tax losses, tax credits and residual receipts at disposition.
Included in the residual receipts calculation is current net operating income
capitalized at the regional rate specific to each Local Limited Partnership.
During the year ended March 31, 2008, 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: Huguenot Park
Associates, L.P. for $104,000 and Schumaker Place Associations, L.P. for
$300,000. 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, 2008, the Partnership had cash and cash equivalents of $2,185,265
compared with $2,679,427 at March 31, 2007. 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 $301,544 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, 2008, approximately $2,185,000 has been designated as
Reserves.

To date, professional fees relating to various Property issues totaling
approximately $304,000 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, 2008, the Partnership has advanced approximately $689,000 to Local Limited
Partnerships to fund operating deficits.

The Managing General Partner believes that the investment income earned on the
Reserves, along with cash distributions received from Local Limited
Partnerships, to the extent available, will be sufficient to fund the
Partnership's ongoing operations. Reserves may be used to fund Partnership
operating deficits, if the Managing General Partner deems funding appropriate.
If Reserves are not adequate to cover the Partnership's operations, the
Partnership will seek other financing sources including, but not limited to, the
deferral of Asset Management Fees paid to an affiliate of the Managing General
Partner or working with Local Limited Partnerships to increase cash
distributions.

Since the Partnership invests as a limited partner, the Partnership has no
contractual duty to provide additional funds to Local Limited Partnerships
beyond its specified investment. Thus, as of March 31, 2008, the Partnership had
no contractual or other obligation to any Local Limited Partnership which had
not been paid or provided for.

Cash Distributions

Cash distributions of $10,850,000 and $5,407,098 were made during the years
ended March 31, 2008 and 2007, respectively. 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. Based on the results of
2007 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.

<PAGE>
Results of Operations

The Partnership's results of operations for the year ended March 31, 2008
resulted in net income of $8,463,939 as compared to net income of $1,168,682 for
the same period in 2007. The increase in net income is primarily attributable to
an increase in equity in income in Local Limited Partnerships and an increase in
gain on sale of investments in Local Limited Partnerships, partially offset by
an increase in impairment on investments in Local Limited Partnerships, an
increase in provision for valuation allowance on advances to Local Limited
Partnerships, and a decrease in other income. The increase in equity in income
is primarily due to capital gains recorded by the Local Limited Partnerships
associated with the sale of their investments during the year ended December 31,
2007 that are included in the Partnership's share of equity in income for the
year ended March 31, 2008. The increase in gain on sale of investments in Local
Limited Partnerships is the result of the sale of eight Local Limited
Partnerships during the fiscal year ended March 31, 2008. The increase in
impairment 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, 2008. The increase in
provision for valuation allowance on advances to Local Limited Partnerships is
due to advances made to Local Limited Partnerships during the year ended
March 31, 2008 compared with reimbursements of advances made to Local Limited
Partnerships during the year ended March 31, 2007. Other income decreased
primarily due to a decrease in distributions received from Local Limited
Partnerships with carrying values of zero.

Low-Income Housing Tax Credits

The 2007 and 2006 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.

Property Discussions

Two Properties in which the Partnership had an interest as of December 31, 2007
have stabilized operations and operated at above breakeven. 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. 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, Pinewood Pointe, located in Jacksonville, Florida, was
sold on June 15, 2007, resulting in net proceeds to the Partnership of
$4,162,299, or $60.39 per Unit. This sale resulted in 2007 taxable income of
$4,128,027, or $59.89 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, and subsequently distributed
the proceeds, as noted in the Cash Distributions section above, in September
2007. The Partnership no longer has an interest in this Local Limited
Partnership.

As previously reported, 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. On June
30, 2007, the Local General Partner exercised their right to purchase the
Property. This transaction resulted in net sales proceeds to the Partnership of
$329,374, or $4.78 per Unit. This sale resulted in 2007 taxable income of
$1,178,311, or $17.09 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, and subsequently distributed
the proceeds, as noted in the Cash Distributions section above, in September
2007. The Partnership no longer has an interest in this Local Limited
Partnership.

<PAGE>
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. On August 9, 2007, the
Partnership sold its Local Limited Partnership interest for $2,400,000, or
$34.82 per Unit. This sale resulted in 2007 taxable income of $2,251,652, or
$32.67 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, and subsequently distributed the
proceeds, as noted in the Cash Distributions section above, in September 2007.
The Partnership no longer has an interest in this Local Limited Partnership.

As previously reported, the Managing General Partner anticipated that the
Partnership's interest in the Local Limited Partnership that owns Timothy House,
located in Towson, Maryland, would be terminated upon the sale of the Property
in 2007. The Property was sold on September 1, 2007, effectively terminating the
Partnership's interest in the Local Limited Partnership. This sale resulted in
net proceeds to the Partnership of $1,849,083, or $26.83 per Unit. This sale
resulted in 2007 taxable income of $791,519, or $11.48 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, and subsequently distributed the proceeds, as noted in the Cash
Distributions section above, in September 2007. The Partnership no longer has an
interest in this Local Limited Partnership.

As previously reported, the Managing General Partner anticipated a 2007
disposition of the Partnership's interest in the Local Limited Partnership that
owns Park Caton, located in Catonsville, Maryland. On December 21, 2007, the
property was sold, resulting in net sales proceeds to the Partnership of
$1,818,305, or $26.38 per Unit. The Managing General Partner initially expected
the Partnership to receive a nominal amount of additional proceeds, but due to
the Partnership's obligation to pay Maryland State Income taxes resulting from
this transaction, the Partnership will not receive additional proceeds. This
sale resulted in 2007 taxable income of $2,893,026, or $41.97 per Unit. The
Managing General Partner, in accordance with and as permitted by the Partnership
Agreement, has initially retained 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 April 2000, due to poor operations, the site
management company for Carib II and Carib III, located in St. Croix, U. S.
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 were 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 nine month period ending
September 30, 2007. 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 allow for the transfer of 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. As a result of this
agreement, and the United States Department of Agriculture/Rural Development
Services ("RD") approval allowing for the sale of the Property, the
Partnership's interest in these two Local Limited Partnerships was transferred
in December 2007. As expected, this transaction did not result in any net
proceeds to the Partnership. These dispositions resulted in 2007 taxable income
of $806,275, or $11.70 per Unit. The Partnership no longer has an interest in
these two Local Limited Partnerships.

As previously reported, the Managing General Partner estimated an early 2008
disposition of the Partnership's interest in the Local Limited Partnership that
owns and operates Brookwood, located in Ypsilanti, Michigan. On December 31,
2007, the Partnership's interest in this Local Limited Partnership was
effectively terminated. The Partnership did not receive any proceeds from this
transaction, as the outstanding debt on the Property exceeded the realizable
value of the Property. This disposition resulted in 2007 taxable income of
$806,781, or $11.70 per Unit. The Partnership no longer has an interest in this
Local Limited Partnership.

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 $75,000, or $1.09 per Unit, any time after the Property's
Compliance Period, which expired on December 31, 2007.
 On April 18, 2008, the Managing General Partner exercised the Partnership's
option to transfer its interest in Schumaker, for $75,000, or $1.90 per Unit.
This disposition is projected to result in 2008 taxable income of approximately
$160,000, or $2.32 per Unit. The Managing General Partner, in accordance with
and as permitted by the Partnership Agreement, will retain the entire amount of
proceeds in Reserves.

<PAGE>
As previously reported, with respect to the Partnership, a Settlement Agreement
providing an option, 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, was not exercised. The Managing General Partner is
exploring an alternative exit strategy for this Local Limited Partnership
interest.

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, 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
resulted in 2006 taxable income of $1,486,496, or $21.57 per Unit. The
Partnership no longer has an interest in this Local Limited Partnership.

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 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 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 September 2006, in
exchange for net sales proceeds of $1,600,000 or $23.21 per Unit. This
disposition resulted in 2006 taxable income of $9,108,717, or $132.50 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, and subsequently distributed the proceeds, as noted in the
Portfolio Updates section above, in September 2007. The Partnership no longer
has an interest in this Local Limited Partnership.

<PAGE>
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. An increase in maintenance and repair expenses,
caused by vandalism, 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 had 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 resulted in 2007
taxable income of $1,138,524, or $16.52 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 Bismarck, North Dakota, in
order to protect the remaining Tax Credits generated by the Property, the
Managing General Partner consummated the transfer of 50% of the Partnership's
capital and profits in the Local Limited Partnership to an affiliate of the
Local General Partner in November 1997. The Managing General Partner also had
the right to transfer the Partnership's remaining interest to the Local General
Partner any time after one year from the initial transfer. 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 expired on December 31, 2006.
Effective February 5, 2007, the Managing General Partner disposed of the
Partnership's interest in Westgate. This disposition resulted in a 2007 taxable
loss of $284,758, or $4.13 per Unit. The Partnership did not receive any
proceeds from this transaction. The Partnership no longer has an interest in
this Local Limited Partnership.

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, 2008 and 2007.

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

Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of the design and operation of
our disclosure controls and procedures, as defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange
Act, to ensure that information required to be disclosed by us in the reports
filed or submitted by us under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the Securities
Exchange Commission's rules and forms, including to ensure that information
required to be disclosed by us in the reports filed or submitted by us under the
Exchange Act is accumulated and communicated to management to allow timely
decisions regarding required disclosure. Based on that evaluation, management
has concluded that as of March 31, 2008, our disclosure controls and procedures
were effective.

<PAGE>
Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal
control over financial reporting, as such term is defined in Exchange Act Rules
13a-15(f) and 15d-15(f). Our management conducted an assessment of the
effectiveness of our internal control over financial reporting. This assessment
was based upon the criteria for effective internal control over financial
reporting established in Internal Control -- Integrated Framework, issued by the
Committee of Sponsoring Organizations of the Treadway Commission.

The Partnership's internal control over financial reporting involves a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. Internal control over
financial reporting includes the controls themselves, as well as monitoring of
the controls and internal auditing practices and actions to correct deficiencies
identified. Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements.

Management assessed the effectiveness of the Partnership's internal control over
financial reporting as of March 31, 2008. Based on this assessment, management
concluded that, as of March 31, 2008, the Partnership's internal control over
financial reporting was effective.

Item 8B.  Other Information

     None.
                                    PART III


Item 9.  Directors and Executive Officers of the Registrant

The Managing  General  Partner of the  Partnership  is Arch Street VIII,  Inc.,
a  Massachusetts  corporation  (the  "Managing  General Partner"),  an affiliate
of MMA. The Managing General Partner was  incorporated in June 1989. The
Investment  Committee of the Managing General  Partner  approved all
investments.  The names and  positions  of the  principal  officers  and the
directors of the Managing General Partner are set forth below.

     Name                                           Position

Greg Judge                                       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.

Greg Judge, age 43, Executive Vice President, Head of the Affordable Housing
Group of MMA Financial since February 2008. As head of the Company's Affordable
Housing Group, Mr. Judge is responsible for both the affordable tax exempt and
taxable lending and equity businesses. Prior to his appointment as EVP, Mr.
Judge was responsible for tax credit equity investments and underwriting of
equity and debt investments for the Affordable Housing Group. Mr. Judge joined
MMA as a result of the Boston Financial and Lend Lease HCI acquisitions,
starting with Boston Financial in 1989 as an asset manager. Mr. Judge is a
frequent speaker on affordable housing and tax credit industry issues. Mr. Judge
is a graduate of Colorado College (BA) and Boston University (MBA).

<PAGE>
Michael H. Gladstone, age 51, Senior Vice President. Mr. Gladstone is
responsible for capital transactions work in the Asset Management group of MMA
Financial. 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 and
Cornell University on affordable housing matters and is a member of the Cornell
Real Estate Council and the 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, 2008, the following is the only entity known to the Partnership
to be the beneficial owner of more than 5% of the total number of Units
outstanding:
<TABLE>
<CAPTION>
<S>                     <C>                                   <C>                 <C>

                                                               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
</TABLE>

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

The equity securities registered by the Partnership under Section 12(g) of the
Act of 1934 consist of 100,000 Units, 68,929 of which had been sold to the
public as of March 31, 2008. 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.

<PAGE>
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, 2008 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, 2008. 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,
2008.

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, 2008, 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, 2008 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,
2008.

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, 2008 are as follows:
<TABLE>
<CAPTION>
<S>                                                                               <C>                      <C>

                                                                                      2008                     2007
                                                                             -   -------------             ----------

Asset management fees                                                             $  304,634                 $ 296,027

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, 2008 are as follows:

                                                                                      2008                      2007
                                                                                 --------------              ----------

Salaries and benefits expense reimbursements                                      $ 100,243                   $ 122,433
</TABLE>

<PAGE>
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. The Partnership paid $108,500 and $54,071 to the
General Partners. In the years ended March 31, 2008 and March 31, 2007,
respectively.

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, 2008 is presented in Note 5 to the Financial Statements.

Item 13.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a) Documents filed as a part of this Report

In response to this portion of Item 13, the financial statements and the
auditors' report relating thereto are submitted as a separate section of this
Report. See Index to the Financial Statements on page F-1 hereof.

All other financial statement schedules and exhibits for which provision is made
in the applicable accounting regulations of the Securities and Exchange
Commission are not required under related instructions or are inapplicable and
therefore have been omitted.

(b)      Exhibits

31.1     Certification of Principal Executive Officer and Principal Financial
         Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2     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.
32.2     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
accountants for the two years ended March 31, 2008 as follows:
<TABLE>
<CAPTION>
<S>                                                                                   <C>                 <C>

                                                                                       2008               2007
                                                                                   -------------       ---------

Audit fees                                                                         $ 73,276             $ 79,690
Tax fees                                                                           $  2,400             $  2,400

No other fees were paid or accrued to the principal accountants during the two
years ended March 31, 2008.
</TABLE>


<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/ Greg Judge                                 Date: June 30, 2008
           ----------------------------------                 -------------
           Greg Judge
           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/Greg Judge                                   Date: June 30, 2008
           ---------------------------------                     ------------
           Greg Judge
           President
           Arch Street VIII, Inc.



     By:   /s/Michael H. Gladstone                         Date: June 30, 2008
           -----------------------------                         ------------
           Michael H. Gladstone
           Vice President
           Arch Street VIII, Inc.






<PAGE>



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


                          Annual Report on Form 10-KSB
                        For The Year Ended March 31, 2008
                                      Index


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

                                                                              Page No.

Report of Independent Registered Public Accounting Firm
    for the year ended March 31, 2008                                           F-2

Report of Independent Registered Public Accounting Firm
    for the year ended March 31, 2007                                           F-3

Financial Statements

    Balance Sheet - March 31, 2008                                              F-4

    Statements of Operations - For the years ended
       March 31, 2008 and 2007                                                  F-5

    Statements of Changes in Partners' Equity
       For the years ended March 31, 2008 and 2007                              F-6

    Statements of Cash Flows - For the years ended
       March 31, 2008 and 2007                                                  F-7

    Notes to the Financial Statements                                           F-8
</TABLE>


<PAGE>






  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Partners of
Boston Financial Qualified Housing Tax Credits L.P. V

We have audited the accompanying balance sheet of Boston Financial Qualified
Housing Tax Credits L.P. V as of March 31, 2008 and the related statements of
operations, changes in partners' equity and cash flows for the year then ended.
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 audit. We did not audit the financial statements of one
operating limited partnership as of and for the year ended March 31, 2008 in
which the Partnership owns a limited partnership interest. The investment in
such partnership is stated at $74,761 at March 31, 2008 and the Partnership's
equity in loss in this operating limited partnership is stated at $36,618 for
the year then ended. The financial statements of this operating limited
partnership was audited by another auditor whose report has been furnished to
us, and our opinion, insofar as it relates to information relating to this
operating limited partnership, is based solely on the report of the other
auditor.

         We conducted our audit 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. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

         In our opinion, based on our audit and the report of the other auditor,
the financial statements referred to above present fairly, in all material
respects, the financial position of Boston Financial Qualified Housing Tax
Credits L.P. V as of March 31, 2008, and the results of its operations and its
cash flows for the year then ended, in conformity with accounting principles
generally accepted in the United States of America.


/s/ Reznick Group, P.C.

Vienna, Virginia
June 30, 2008


<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 the year 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 audit. We
conducted our audit 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 audit provides a
reasonable basis for our opinion.


/s/ PricewaterhouseCoopers, LLP


Boston, Massachusetts
June 22, 2007

<PAGE>



                      BAGELL, JOSEPHS, LEVINE & COMPANY, L.L.C.
                          Certified Public Accountants
                              406 Lippincott Drive
                                     Suite J
                            Marlton, New Jersey 08053
                       (856) 346-2828 Fax (856) 396-0022


                           Independent Auditors Report

To the Partners
Schumaker Place Associates, L.P. Wilmington, DE

We have audited the accompanying balance sheets of Schumaker Place Associates,
L.P. as of December 31, 2007 and 2006 and the related statements of profit and
loss, partners' equity, and cash flows for the years then ended. 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 in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform our audits- 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 principals used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Schumaker Place Associates,
L.P., as of December 31, 2007 and 2006, and the results of its operations and
its cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental information
on pages 13 through 15 is presented for purposes of additional analysis and is
not a required part of the basic financial statements of Schumaker Place
Associates, L.P. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated, in all material respects, in relation to the basic financial
statements taken as a whole.



BAGELL, JOSEPHS, LEVINE & COMPANY, LLC
Certified Public Accountants Marlton, New Jersey

February 6, 2008

<PAGE>

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




                                  BALANCE SHEET
                                 March 31, 2008


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


         Assets

Cash and cash equivalents                                                                         $     2,185,265
Restricted cash (Note 5)                                                                                   19,435
Investments in Local Limited Partnerships (Note 3)                                                      3,470,288
                                                                                                  ---------------
   Total Assets                                                                                   $     5,674,988
                                                                                                  ===============

Liabilities and Partners' Equity

Due to affiliate (Note 4)                                                                                 171,504
Accrued expenses                                                                                           49,909
Deferred revenue (Note 5)                                                                                  19,435
                                                                                                  ---------------
   Total Liabilities                                                                                      240,848


General, Initial and Investor Limited Partners' Equity                                                  5,434,140
                                                                                                  ---------------
   Total Liabilities and Partners' Equity                                                         $     5,674,988
                                                                                                  ===============
</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, 2008 and 2007


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

                                                                                 2008                       2007
                                                                           ----------------            -------------
        Revenue:
   Investment                                                              $        178,491        $        253,029
   Other                                                                            196,894                 274,423
                                                                           ----------------        ----------------
     Total Revenue                                                                  375,385                 527,452
                                                                           ----------------        ----------------

Expense:
   Asset management fees, affiliate (Note 4)                                        304,634                 296,027
   Provision for (recovery of) valuation allowance on advances in
     Local Limited Partnerships (Note 3)                                            200,000                (106,457)
   Impairment on investments in Local
     Limited Partnerships (Note 3)                                                  404,000                       -
   General and administrative (includes reimbursements
     to an affiliate in the amount of $100,243 and
     $122,433 in 2008 and 2007, respectively) (Note 4)                              267,699                 290,868
   Amortization                                                                       7,496                   8,323
                                                                                   --------                -------
     Total Expense                                                                1,183,829                 488,761
                                                                           ----------------        ----------------

Income (Loss) before equity in income (losses) of Local Limited
Partnerships and gain on sale of investments in Local Limited Partnerships        (808,444)                  38,691

Equity in income (losses) of Local Limited Partnerships (Note 3)                  6,430,232                (714,072)

Gain on sale of investments in Local Limited Partnerships (Note 3)                2,842,151               1,844,063
                                                                           ----------------        ----------------

Net Income                                                                 $      8,463,939        $      1,168,682
                                                                           ================        ================

Net Income allocated:
   General Partners                                                        $         84,639        $         11,687
   Limited Partners                                                               8,379,300               1,156,995
                                                                           ----------------        ----------------
                                                                           $      8,463,939        $      1,168,682
                                                                           ================        ================
Net Income per Limited Partner Unit
   (68,929 Units)                                                          $         121.56        $          16.79
                                                                           ================        ================


</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
                   For the Years Ended March 31, 2008 and 2007



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

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

Balance at March 31, 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
                                               -------------     --------------     --------------    -------------    -------------

Cash distribution                                 (108,500)                -          (10,741,500)               -      (10,850,000)
                                               -------------     --------------    --------------      ------------    -------------

Comprehensive Income:
   Change in net unrealized
         losses on investment securities
     available for sale                                   -                -                   -                124             124
  Net Income                                         84,639                -           8,379,300                  -       8,463,939
                                               -------------     --------------     --------------     -------------   -------------
Comprehensive Income                                 84,639                -           8,379,300                124       8,464,063
                                               -------------     --------------     --------------     -------------  --------------

Balance at March 31, 2008                      $     54,248     $      5,000     $     5,374,892     $           -     $  5,434,140
                                               =============     ==============     ==============    =============  ==============
</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, 2008 and 2007



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

                                                                                 2008                     2007
                                                                           ----------------            ----------
Cash flows from operating activities:
   Net Income                                                              $      8,463,939        $      1,168,682
   Adjustments to reconcile net income to net
     cash used for operating activities:
     Equity in losses (income) of Local Limited Partnerships                     (6,430,232)                714,072
     Gain on sale of investments in Local Limited Partnerships                   (2,842,151)             (1,844,063)
     Provision for (recovery of) valuation allowance on advances to
       Local Limited Partnerships                                                   200,000                (106,457)
     Impairment on investments in Local
       Limited Partnerships                                                         404,000                       -
     Amortization                                                                     7,496                   8,323
     Accretion                                                                         (111)                 (7,186)
     Cash distributions included in net income                                      (86,828)               (210,060)
     Increase (decrease) in cash arising from changes
       in operating assets and liabilities:
       Other assets                                                                   3,166                   7,791
       Due to affiliate                                                              96,118                  (6,035)
       Accrued expenses                                                              (5,448)                 (3,398)
       Deferred revenue                                                                 514                 (20,469)
                                                                           ----------------          ----------------
Net cash used for operating activities                                             (189,537)               (298,800)
                                                                           ----------------          ----------------

Cash flows from investing activities:
   Release of (deposit to) restricted cash                                             (514)                 20,469
   Proceeds from maturities of investment securities                                250,000               1,203,007
   Advances to Local Limited Partnerships                                          (200,000)                (30,729)
   Reimbursement of advances to Local Limited
     Partnerships                                                                         -                 137,186
   Cash distributions received from Local Limited
     Partnerships                                                                    86,828                 419,567
   Proceeds received from sale of investments in Local
     Limited Partnerships                                                        10,409,061               2,918,026
   Deposit on sale                                                                        -                 150,000
                                                                           ----------------         ----------------
Net cash provided by investing activities                                        10,545,375               4,817,526
                                                                           ----------------        - ---------------

Cash flows from financing activities:
   Cash distribution                                                            (10,850,000)             (5,407,098)
                                                                           ----------------        - ---------------
Net cash used for financing activities                                          (10,850,000)             (5,407,098)
                                                                           ----------------         ----------------

Net decrease in cash and cash equivalents                                          (494,162)               (888,372)

Cash and cash equivalents, beginning                                              2,679,427               3,567,799
                                                                           ----------------         ----------------

Cash and cash equivalents, ending                                          $      2,185,265        $      2,679,427
                                                                           ================         ================
</TABLE>


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

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

                        NOTES TO THE FINANCIAL STATEMENTS


1.   Organization

Boston Financial Qualified Housing Tax Credits L.P. V (the "Partnership") was
formed on June 16, 1989 under the laws of the State of Massachusetts for the
primary purpose of investing, as a limited partner, in other limited
partnerships ("Local Limited Partnerships"), some of which own and operate
apartment complexes benefiting from some form of federal, state or local
assistance, and each of which qualifies for low-income housing tax credits. The
Partnership's objectives are to: (i) provide current tax benefits in the form of
tax credits which qualified investors may use to offset their federal income tax
liability; (ii) preserve and protect the Partnership's capital; (iii) provide
limited cash distributions which are not expected to constitute taxable income
during Partnership operations; and (iv) provide cash distributions from sale or
refinancing transactions. The General Partners of the Partnership are Arch
Street 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, 2008, the Managing General Partner has designated approximately $2,185,000
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 ($3,470,288
at March 31, 2008). 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. A liability
is recorded for delayed equity capital contributions to Local Limited
Partnerships. 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, 2007 and 2006 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.

In June 2006, the Financial Accounting Standards Board (`FASB") issued
Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48), an
interpretation of FASB Statement No. 109. FIN 48 provides guidance for how
uncertain tax positions should be recognized, measured, presented and disclosed
in the financial statements. FIN 48 requires the evaluation of tax positions
taken or expected to be taken in the course of preparing the Partnership's tax
returns to determine whether the tax positions are more-likely-than-not of being
sustained upon examination by the applicable tax authority, based on the
technical merits of the tax position, and then recognizing the tax benefit that
is more-likely-than-not to be realized. Tax positions not deemed to meet the
more-likely-than-not threshold would be recorded as a tax expense in the current
reporting period. As required, the Partnership adopted FIN 48 effective April 1,
2007 and concluded that the effect is not material to its financial statements.
Accordingly, no cumulative effect adjustment related to the adoption of FIN 48
was recorded.

Effect of New Accounting Principles

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements"
("SFAS No. 157"), which provides enhanced guidance for using fair value to
measure assets and liabilities. SFAS No. 157 establishes a common definition of
fair value, provides a framework for measuring fair value under U.S. generally
accepted accounting principles and expands disclosure requirements about fair
value measurements. SFAS No. 157 is effective for financial statements issued in
fiscal years beginning after November 15, 2007, and interim periods within those
fiscal years. In February 2008, the FASB issued FASB Staff Position ("FSP")
157-2, "Effective Date of FASB Statement No. 157", which delays the effective
date of SFAS No. 157 for all nonfinancial assets and liabilities except those
that are recognized or disclosed at fair value in the financial statements on at
least an annual basis until November 15, 2008. The Partnership will adopt SFAS
No. 157 effective April 1, 2008. The adoption of this standard is not expected
to have a material impact on the Partnership's financial position, operations or
cash flow.

In February 2007, the FASB issued SFAS No. 159, "The Fair Value Option for
Financial Assets and Financial Liabilities" ("SFAS No. 159"), which permits
entities to choose to measure many financial assets and financial liabilities at
fair value. Unrealized gains and losses on items for which the fair value option
has been elected are reported in earnings. SFAS No. 159 is effective for fiscal
years beginning after November 15, 2007, and interim periods within those fiscal
years. The Partnership will adopt SFAS No. 159 effective April 1, 2008. The
adoption of this standard is not expected to have a material impact on the
Partnership's financial position, operations or cash flow.


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3.   Investments in Local Limited Partnerships

The Partnership currently owns limited partnership interests in four 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
interest is 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.
<TABLE>
<CAPTION>
<S>                                                                                                  <C>

The following is a summary of investments in Local Limited Partnerships at March
31, 2008:

Capital contributions and advances paid to Local Limited Partnerships and
purchase
   price paid to withdrawing partners of Local Limited Partnerships                                 $    14,058,713

Cumulative equity in losses of Local Limited Partnerships                                                (9,985,736)

Cumulative cash distributions received from Local Limited Partnerships                                     (172,525)
                                                                                                    ---------------

Investments in Local Limited Partnerships before adjustments                                              3,900,452

Excess investment costs over the underlying assets acquired:

   Acquisition fees and expenses                                                                            308,970

   Cumulative amortization of acquisition fees and expenses                                                (135,134)
                                                                                                    ---------------

Investments in Local Limited Partnerships before valuation allowance                                      4,074,288

Valuation allowance on investments in Local Limited Partnerships                                           (604,000)
                                                                                                    ---------------

Investments in Local Limited Partnerships                                                           $     3,470,288
                                                                                                    ===============
</TABLE>

For the year ended March 31, 2008, the Partnership advanced $200,000 to one of
the Local Limited Partnerships, all of which was reserved. 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)


3. 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, 2007 and 2006 (due to the
Partnership's policy of reporting the financial information of its Local Limited
Partnership interests on a 90 day lag basis) is as follows:

Summarized Balance Sheets - as of December 31,
<TABLE>
<CAPTION>
<S>                                                                                <C>                <C>

                                                                                   2007                2006
                                                                             ----------------    ---------------
Assets:
   Investment property, net                                                  $     17,481,195    $     45,718,663
   Other assets                                                                     2,189,272           6,201,206
                                                                             ----------------    ----------------
     Total Assets                                                            $     19,670,467    $     51,919,869
                                                                             ================    ================

Liabilities and Partners' Equity:
   Mortgage notes payable                                                    $     12,541,592    $     39,474,089
   Other liabilities                                                                2,903,752           7,691,899
                                                                             ----------------    ----------------
     Total Liabilities                                                             15,445,344          47,165,988
                                                                             ----------------    ----------------

Partnership's equity                                                                3,375,645             968,530
Other partners' equity                                                                849,478           3,785,351
                                                                             ----------------    ----------------
   Total Partners' Equity                                                           4,225,123           4,753,881
                                                                             ----------------    ----------------
   Total Liabilities and Partners' Equity                                    $     19,670,467    $     51,919,869
                                                                             ================    ================

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

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

Rental and other income                                                      $     17,040,855    $     13,667,249
                                                                             ----------------    ----------------

Expenses:
   Operating                                                                        6,892,857           9,026,351
   Interest                                                                         1,869,703           3,861,522
   Depreciation and amortization                                                    1,961,145           3,456,609
                                                                             ----------------    ----------------
     Total Expenses                                                                10,723,705          16,344,482
                                                                             ----------------    ----------------

Net Income (Loss)                                                            $      6,317,150    $     (2,677,233)
                                                                             ================    ================

Partnership's share of Net Income (Loss)                                     $      6,782,201    $     (2,355,784)
                                                                             ================    ================
Other partners' share of Net Income (Loss)                                   $       (465,051)   $       (321,449)
                                                                             ================    ================
</TABLE>

The financial information of two Local Limited Partnerships is not included in
the above summarized combined financial information due to the investments being
sold by the Partnership during the year ended December 31, 2007.

For the years ended March 31, 2008 and 2007, the Partnership has not recognized
$297,881 and $1,649,478, 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 $649,850 were included in losses recognized in
the year ended March 31, 2008.


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

                  NOTES TO THE FINANCIAL STATEMENTS (continued)


3. Investments in Local Limited Partnerships (continued)

The Partnership's equity as reflected by the Local Limited Partnerships of
$3,375,645 differs from the Partnership's investments in Local Limited
Partnerships before adjustments of $3,900,452 primarily due to: (i) cumulative
unrecognized losses as discussed above; (ii) advances to Local Limited
Partnerships that the Partnership included in investments in Local Limited
Partnerships; and (iii) differences in the accounting treatment of miscellaneous
items.

The Partnership's interest in eight of its investments in Local Limited
Partnerships were sold during the year ended March 31, 2008, resulting in sale
proceeds of $10,409,061 and gains totaling $2,842,151.

4.   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, 2008 and 2007 were $304,634 and
$296,027, respectively. During the years ended March 31, 2008 and 2007, $301,544
and $302,062, respectively, were paid out of available cash flow for Asset
Management Fees. Included in due to affiliate at March 31, 2008 is $78,476 of
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, 2008 and 2007 are $100,243
and $122,433, respectively, that the Partnership incurred for these expenses.
During the years ended March 31, 2008 and 2007, $66,858 and $122,433,
respectively, were paid for these expenses. As of March 31, 2008, $33,385 of
these reimbursements remains unpaid.

An affiliate of the General Partner is reimbursed for the actual cost of the
Partnership's operating expenses. As of March 31, 2008, $59,643 is reimbursable
to the affiliate.

5.   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, 2008, $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)


6.   Federal Income Taxes

The following schedule reconciles the reported financial statement net income
for the fiscal years ended March 31, 2008 and 2007 to the net income reported on
Form 1065, U.S. Partnership Return of Income for the years ended December 31,
2007 and 2006:
<TABLE>
<CAPTION>
<S>                                                                              <C>                  <C>

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

Net Income per financial statements                                        $    8,463,939      $    1,168,682

Equity in income of Local Limited Partnerships for tax purposes
   in excess of equity in losses for financial reporting purposes               1,903,431             868,035

Recognition of previously unrecognized equity in losses of Local
   Limited Partnerships for financial reporting purposes, net
   of current year unrecognized losses                                            351,969                   -

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

Adjustment to reflect March 31 fiscal year end to December 31
   taxable year end                                                               (55,666)             21,226

Amortization for tax purposes in excess of amortization for financial
   reporting purposes                                                             (10,816)           (168,583)

Provision for valuation allowance on advances to Local Limited
   Partnerships not deductible for tax purposes                                   200,000                   -

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

Impairment on investments in Local Limited
   Partnerships not deductible for tax purposes                                   404,000                   -

Gain on sale of investments in Local Limited Partnerships for tax
   purposes in excess of gain on sale for financial reporting purposes            619,221          12,719,370

Cash distributions included in net income for financial
   reporting purposes                                                             (86,828)           (210,060)
                                                                            --------------      --------------

Net Income per tax return                                                  $   11,789,250      $   12,650,501
                                                                            ==============      ==============
</TABLE>




<PAGE>

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

                    NOTES TO THE FINANCIAL STATEMENTS (continued)


6. Federal Income Taxes (continued)

The differences in the assets and liabilities of the Partnership for financial
reporting purposes and tax purposes as of March 31, 2008 and December 31, 2007,
respectively, are as follows:
<TABLE>
<CAPTION>
<S>                                                             <C>                 <C>             <C>

                                                                Financial
                                                                Reporting            Tax
                                                                Purposes          Purposes           Differences

Investments in Local Limited Partnerships                   $    3,470,288     $    1,696,187      $    1,774,101
                                                            ==============     ==============      ==============
Other assets                                                $    2,204,700     $   12,307,404      $  (10,102,704)
                                                            ==============     ==============      ==============
Liabilities                                                 $      240,848     $      416,288      $     (175,440)
                                                            ==============     ==============      ==============
</TABLE>

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 $1,308,011 greater than for financial reporting purposes,
including approximately $142,000 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
$48,000; (iii) the Partnership has provided a valuation allowance of
approximately $604,000 against its investments in Local Limited Partnerships for
financial reporting purposes; and (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.

7.   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, 2008 or 2007, or net losses for the years ended either March 31, 2008 or
2007. The following financial information represents the performance of these
Local Limited Partnerships for the years ended December 31, 2007 and 2006:
<TABLE>
<CAPTION>
<S>                                                                                     <C>                   <C>

Circle Terrace Associates Limited Partnership                                            2007                 2006
---------------------------------------------                                     --------------       --------------
Total Assets                                                                      $    9,391,317     $     10,195,847
Total Liabilities                                                                 $    6,361,597     $      6,891,739
Revenue                                                                           $    2,721,926     $      2,806,786
Net Loss                                                                          $     (274,388)    $       (157,684)

Maiden Choice Limited Partnership
Total Assets                                                                                 N/A     $      3,887,199
Total Liabilities                                                                            N/A     $      4,693,023
Revenue                                                                           $    3,606,708     $        784,941
Net Income (Loss)                                                                 $    2,859,383     $        (59,458)

Kensington Place Townhomes
Total Assets                                                                                 N/A     $      4,410,024
Total Liabilities                                                                            N/A     $      3,704,671
Revenue                                                                           $    5,522,358     $      1,199,454
Net Income (Loss)                                                                 $    4,868,518     $       (137,160)
</TABLE>

8.   Subsequent Event

On April 18, 2008 The Partnership Sold Its Interest In Schumaker Place Resulting
In Net Proceeds To The Partnership Of $75,000.