February 11, 1999


Securities and Exchange Commission
Filer Support, Edgar
Operation Center, Stop 0-7
6432 General Green Way
Alexandria, VA 22312


RE:   Boston Financial Qualified Housing Tax Credits L.P. V
      Report on Form 10-Q for Quarter Ended December 31, 1998
      File No. 0-19706



Gentlemen:

Pursuant to the requirements of Section 15(d) of the Securities Exchange Act of 
1934, filed herewith is a copy of subject report.

Very truly yours,


/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller






QH5-Q3.DOC


<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q



(Mark One)

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

For the quarterly period ended                December 31, 1998
                               ----------------------------------------------

                                       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
                                                   ------------------------

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>


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

                                TABLE OF CONTENTS




PART I - FINANCIAL INFORMATION                                          Page No.
------------------------------                                          --------

Item 1.   Financial Statements

          Combined Balance Sheets - December 31, 1998 
            (Unaudited) and March 31, 1998                                   1

          Combined Statements of Operations (Unaudited) - For the 
            Three and Nine Months Ended December 31, 1998 and 1997           2

          Combined Statement of Changes in Partners' Equity (Deficiency)
            (Unaudited) - For the Nine Months Ended December 31, 1998        3 

          Combined Statements of Cash Flows (Unaudited) - For 
            the Nine Months Ended December 31, 1998 and 1997                 4

          Notes to Combined Financial Statements (Unaudited)                 5

Item 2.   Management's Discussion and Analysis of Financial
            Condition and Results of Operations                              11

PART II - OTHER INFORMATION

Items 1-6                                                                    13

SIGNATURE                                                                    14




<PAGE>


              BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)
                                                    
          COMBINED BALANCE SHEETS - December 31, 1998 and March 31, 1998

<TABLE>
<CAPTION>
                                                              December 31,       March 31,
                                                                  1998             1998
                                                               (Unaudited)
Assets
<S>                                                         <C>              <C>
Cash and cash equivalents                                   $     536,706    $     239,932
Mortgagee escrow deposits                                           3,596              382
Tenant security deposit escrow                                      3,532            3,017
Investments in Local Limited Partnerships, net 
  of reserve for valuation of  $590,197 (Note 1)               21,668,955       24,775,767
Marketable securities, at fair value                            2,751,525        3,064,717
Rental property at cost, net of accumulated depreciation          775,205          778,924
Replacement reserve escrow                                          4,207            2,888
Accounts receivable                                                    14                -
Other assets                                                       38,286           40,041
                                                            -------------    -------------
     Total Assets                                           $  25,782,026    $  28,905,668
                                                            =============    =============

Liabilities and Partners' Equity
Accounts payable to affiliates                              $      69,912    $      79,210
Accounts payable and accrued expenses                              55,167           72,983
Mortgage note payable                                             707,165          707,659
Tenant security deposits payable                                    3,532            3,017
Deferred revenue                                                  145,125          139,461
                                                            -------------    -------------
     Total Liabilities                                            980,901        1,002,330
                                                            -------------    -------------

Minority interest in Local Limited Partnership                    140,295          140,554
                                                            -------------    -------------

General, Initial and Investor Limited Partners' Equity         24,638,843       27,777,237
Net unrealized losses on marketable securities                     21,987          (14,453)
                                                            -------------    -------------
     Total Partners' Equity                                    24,660,830       27,762,784
                                                            -------------    -------------
     Total Liabilities and Partners' Equity                 $  25,782,026    $  28,905,668
                                                            =============    =============


</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)
                      COMBINED STATEMENTS OF OPERATIONS
                                 (Unaudited)
           For the Three and Nine Months Ended December 31, 1998 and 1997

<TABLE>
<CAPTION>

                                         Three Months Ended                          Nine Months Ended
                                  December 31,          December 31,          December 31,       December 31,
                                     1998                  1997                  1998               1997
                                 -------------         -------------         -------------       ------------

Revenue:
   <S>                           <C>                  <C>                   <C>               <C>         
   Rental                        $     29,740         $     28,733          $     88,203      $     68,042
   Investment                          44,397               45,856               118,955           136,992
   Other                               14,572               19,076                88,120            22,847
                                 ------------         ------------          ------------      ------------
     Total Revenue                     88,709               93,665               295,278           227,881
                                 ------------         ------------          ------------      ------------

Expenses:
   General and administrative
     (includes reimbursements
     to an affiliate in the amounts
     of $78,611 and $92,550
     in 1998 and 1997, respectively)  236,498               52,038               343,564           170,677
   Asset management fees,
     related party                     60,556               59,177               181,668           177,531
   Rental operations, exclusive
     of depreciation                    8,484                4,728                28,501            14,246
   Property management fee, related
     party                                  -                1,731                     -             4,122
   Interest                            18,429               20,453                54,794            47,772
   Depreciation                        10,590               10,589                31,767            24,708
   Amortization                         5,487                7,323                17,896            21,968
                                 ------------         ------------          ------------      ------------
     Total Expenses                   340,044              156,039               658,190           461,024
                                 ------------         ------------          ------------      ------------

Loss before minority interest in  
  losses of Local Limited 
  Partnerships and equity in losses 
  of Local Limited Partnerships      (251,335)             (62,374)             (362,912)         (233,143)

Minority interest in losses of
  Local Limited Partnership                74                   86                   259               221
 
Equity in losses of Local
  Limited Partnerships             (1,278,629)          (1,106,680)           (2,775,741)       (2,999,200)
                                  ------------         ------------          ------------      ------------

Net Loss                         $ (1,529,890)        $ (1,168,968)         $ (3,138,394)     $ (3,232,122)
                                  ============         ============          ============      ============

Net Loss allocated:
  To General Partners            $    (15,299)        $    (11,689)         $    (31,384)     $    (32,321)
  To Limited Partners              (1,514,591)          (1,157,279)           (3,107,010)       (3,199,801)
                                  ------------         ------------          ------------      ------------
                                 $ (1,529,890)        $ (1,168,968)         $ (3,138,394)     $ (3,232,122)
                                  ============         ============          ============      ============
Net Loss per Limited Partnership
  Unit (68,929 Units)             $    (21.98)        $     (16.79)         $     (45.08)     $     (46.42)
                                  ============         ============          ============      ============

</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)
               COMBINED STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                                   (Unaudited)
                   For the Nine Months Ended December 31, 1998


<TABLE>
<CAPTION>

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

<S>                            <C>               <C>            <C>                <C>             <C>
Balance at March 31, 1998      $  (314,334)      $   5,000      $  28,086,571      $   (14,453)    $  27,762,784
                               -----------       ---------      -------------      -----------     -------------

Comprehensive Income (Loss):
   Net Loss                        (31,384)              -         (3,107,010)               -        (3,138,394)
   Change in net unrealized
   losses on marketable securities
   available for sale                    -               -                  -           36,440            36,440
                               -----------       ---------      -------------      -----------     -------------
Comprehensive Income (Loss)        (31,384)              -         (3,107,010)          36,440        (3,101,954)
                               -----------       ---------      -------------      -----------     -------------

Balance at
   December 31, 1998           $  (345,718)      $   5,000      $  24,979,561      $    21,987     $  24,660,830
                               ===========       =========      =============      ===========     =============

</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)
                          COMBINED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                  For the Nine Months Ended December 31, 1998 and 1997


<TABLE>
<CAPTION>

                                                             1998                1997
                                                       ---------------       -------------
<S>                                                    <C>                 <C>
Net cash used for operating activities                 $      (356,003)     $    (280,420)
                                                       ---------------      -------------

Cash flows from investing activities:
   Purchases of marketable securities                       (2,125,108)        (2,190,434)
   Proceeds from sales and maturities of 
   marketable securities                                     2,459,825          2,183,015
   Cash distributions received from Local
     Limited Partnerships                                      318,319            208,309
   Addition to rental properties                                  (765)                 -
   Replacement reserve deposits                                      -               (196)
   Cash received upon assumption of General 
   Partner interestin a Combined Entity                              -                937
                                                       ---------------      -------------
       Net cash provided by investing activities               652,271            201,631
                                                       ---------------      -------------

Cash flows from financing activities:
  General Partner Contribution                                       -             16,045
  Advance from affiliate                                         1,000                  -
  Payment of mortgage principal                                   (494)            (2,416)
                                                       ---------------      -------------
     Net cash provided by financing activities                     506             13,629
                                                       ---------------      -------------

Net increase (decrease) in cash and cash equivalents           296,774            (65,160)

Cash and cash equivalents, beginning                           239,932            449,567
                                                       ---------------      -------------

Cash and cash equivalents, ending                      $       536,706      $     384,407
                                                       ===============      =============

Supplemental disclosure:
Cash paid for interest                                 $        54,794      $      47,772
                                                       ===============      =============


</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 COMBINED FINANCIAL STATEMENTS
                                     (Unaudited)


The  unaudited  financial  statements  presented  herein  have been  prepared in
accordance  with the  instructions  to Form 10-Q and do not  include  all of the
information  and note  disclosures  required by  generally  accepted  accounting
principles.  These  statements  should be read in conjunction with the financial
statements and notes thereto included with the  Partnership's  10-K for the year
ended March 31, 1998. In the opinion of management,  these financial  statements
include  all  adjustments,  consisting  only of  normal  recurring  adjustments,
necessary to present fairly the Partnership's  financial position and results of
operations.  The results of operations  for the periods may not be indicative of
the  results  to be  expected  for the year.  Certain  amounts  in prior  year's
financial  statements  have been  reclassified  herein to conform to the current
year presentation.

The  General  Partners  have  elected  to report  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  included  in the  accompanying
combined financial statements is as of September 30, 1998 and 1997.

1.   Investments in Local Limited Partnerships

The Partnership has acquired interests in twenty-six Local Limited Partnerships,
excluding Burbank, which own and operate multi-family housing complexes, most of
which are  government-assisted.  The  Partnership,  as Investor Limited Partner,
pursuant to the various Local Limited Partnership Agreements, has acquired a 99%
interest in the profits,  losses,  tax credits and cash flows from operations of
each  of the  Local  Limited  Partnerships,  with  the  exception  of  Strathern
Park/Lorne Park Apartments and Huguenot Park, which interests are 95% and 88.6%,
respectively.  Upon dissolution,  proceeds will be distributed according to each
respective partnership agreement.

The  following  is a  summary  of  Investments  in Local  Limited  Partnerships,
excluding Burbank, at December 31, 1998:

Capital contributions paid to Local Limited
   Partnerships and purchase price paid to
   withdrawing partners of Local Limited
   Partnerships                                                  $   55,219,511

Cumulative equity in losses of Local Limited
   Partnerships (excluding cumulative unrecognized
   losses of $790,557)                                              (32,478,884)

Cumulative cash distributions received
   from Local Limited Partnerships                                   (1,291,375)
                                                                 --------------
Investments in Local Limited Partnerships
   before adjustment                                                 21,449,252

Excess of investment cost over the underlying net assets acquired:

     Acquisition fees and expenses                                    1,006,357

     Accumulated amortization of acquisition
       fees and expenses                                               (196,457)
                                                                 ---------------
Investments in Local Limited Partnerships                            22,259,152

Reserve for valuation of investment in
   Local Limited Partnership                                           (590,197)
                                                                 ---------------
                                                                 $   21,668,955
                                                                 ===============
<PAGE>

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

            NOTES TO THE COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)


1.   Investments in Local Limited Partnerships (continued)

The  Partnership's  share  of net  losses  of the  Local  Limited  Partnerships,
excluding  Burbank,  for the nine months ended  December 31, 1998 is $3,400,304.
For the nine months ended December 31, 1998, the  Partnership has not recognized
$656,990 of equity in losses relating to five Local Limited  Partnerships  where
cumulative  equity in losses and  cumulative  distributions  from Local  Limited
Partnerships exceeded its total investments in these Local Limited Partnerships.

2.   Effect of Recently Issued Accounting Standard

In June 1997,  the  Financial  Accounting  Standards  Board issued  Statement of
Financial  Accounting Standards No. 130, "Reporting  Comprehensive  Income." The
Statement,  which is effective  for fiscal years  beginning  after  December 15,
1997,  requires  that the  Partnership  display  an  amount  representing  total
comprehensive income for the period in its financial statements. The Partnership
adopted the new standard effective April 1, 1998.


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

                 NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)


3.   Supplemental Combining Schedules

                                                       Balance Sheets
<TABLE>
<CAPTION>

                                              Boston Financial
                                              Qualified Housing
                                                 Tax Credits             Burbank                          Combined
                                                 L.P. V (A)                (B)       Eliminations            (A)
Assets
<S>                                           <C>              <C>                <C>                <C>
Cash and cash equivalents                      $     535,740    $            966  $             -    $      536,706
Mortgagee escrow deposits                                  -               3,596                -             3,596
Tenant security deposit escrow                             -               3,532                -             3,532
Investments in Local
   Limited Partnerships, net                      21,599,556                   -           69,399        21,668,955
Marketable securities, at fair value               2,751,525                   -                -         2,751,525
Rental property at cost, net of
   accumulated depreciation                                -             747,922           27,283           775,205
Replacement reserve escrow                                 -               4,207                -             4,207
Accounts receivable                                    1,000                  14           (1,000)               14
Other assets                                          38,286                   -                -            38,286
                                               -------------    ----------------  ---------------    --------------
     Total Assets                              $  24,926,107    $        760,237  $        95,682    $   25,782,026
                                               =============    ================  ===============    ==============


Liabilities and Partners' Equity (Deficiency)
Accounts payable to affiliates                 $      69,912    $          1,000  $        (1,000)    $      69,912
Accounts payable and accrued expenses                 50,240               4,927                -            55,167
Mortgage note payable                                      -             707,165                -           707,165
Tenant security deposits payable                           -               3,532                -             3,532
Deferred revenue                                     145,125                   -                -           145,125
                                               -------------    ----------------  ---------------    --------------
     Total Liabilities                               265,277             716,624           (1,000)          980,901
                                               -------------    ----------------  ---------------    --------------

Minority interest in Local Limited
   Partnership                                             -                   -          140,295           140,295
                                               -------------    ----------------  ---------------    --------------

General, Initial and Investor
   Limited Partners' Equity                       24,638,843              43,613          (43,613)       24,638,843
Net unrealized gains on
   marketable securities                              21,987                   -                -            21,987
                                               -------------    ----------------  ---------------    --------------
     Total Partners' Equity                       24,660,830              43,613          (43,613)       24,660,830
                                               -------------    ----------------  ---------------    --------------
     Total Liabilities and Partners' Equity    $  24,926,107    $        760,237  $        95,682    $   25,782,026
                                               =============    ================  ===============    ==============

(A) As of December 31, 1998. 
(B) As of September 30, 1998.

</TABLE>

<PAGE>

             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                            (A Limited Partnership)    
               NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)

3.   Supplemental Combining Schedules (continued)

                            Statements of Operations
                  For the Three Months Ended December 31, 1998

<TABLE>
<CAPTION>

                                              Boston Financial
                                             Qualified Housing
                                                 Tax Credits         Burbank                            Combined
                                                 L.P. V (A)            (B)         Eliminations            (A)

Revenue:
   <S>                                        <C>               <C>               <C>              <C>                         
   Rental                                      $          -     $      29,740     $           -    $      29,740
   Investment                                         44,397                -                 -           44,397
   Other                                              14,121              451                 -           14,572
                                               -------------    -------------     -------------    -------------
     Total Revenue                                    58,518           30,191                 -           88,709
                                               -------------    -------------     -------------    -------------

Expenses:
   General and administrative                        236,498                -                 -          236,498
   Asset management fees, related party               60,556                -                 -           60,556
   Rental operations, exclusive
     of depreciation                                       -            8,484                 -            8,484
   Interest                                                -           18,429                 -           18,429
   Depreciation                                            -           10,590                 -           10,590
   Amortization                                        5,487                -                 -            5,487
                                               -------------    -------------     -------------    -------------
     Total Expenses                                  302,541           37,503                 -          340,044
                                               -------------    -------------     -------------    -------------

Loss before minority interest in losses of 
   Local Limited  Partnership and equity
   in losses of Local Limited Partnerships          (244,023)          (7,312)                -         (251,335)

Minority interest in losses of
   Local Limited Partnership                               -                -                74               74

Equity in losses of Local
   Limited Partnership                            (1,285,867)               -             7,238       (1,278,629)
                                               -------------    -------------     -------------    -------------

Net Loss                                       $  (1,529,890)   $      (7,312)    $       7,312    $  (1,529,890)
                                               =============    =============     =============    =============

</TABLE>

(A) For the three months ended December 31, 1998. 
(B) For the three months ended September 30, 1998.


<PAGE>

             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                           (A Limited Partnership)
             NOTES TO THE COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)

3.   Supplemental Combining Schedules (continued)

                            Statements of Operations
                   For the Nine Months Ended December 31, 1998

<TABLE>
<CAPTION>

                                              Boston Financial
                                             Qualified Housing
                                                 Tax Credits            Burbank                        Combined
                                                 L.P. V (A)               (B)      Eliminations           (A)

Revenue:
   <S>                                         <C>              <C>               <C>              <C>                  
   Rental                                      $           -    $      88,203     $           -    $      88,203
   Investment                                        118,955                -                 -          118,955
   Other                                              87,115            1,005                 -           88,120
                                               -------------    -------------     -------------    -------------
     Total Revenue                                   206,070           89,208                 -          295,278
                                               -------------    -------------     -------------    -------------

Expenses:
   General and administrative                        343,564                -                 -          343,564
   Asset management fees, related party              181,668                -                 -          181,668
Rental operations, exclusive
     of depreciation                                       -           28,501                 -           28,501
Interest                                                   -           54,794                 -           54,794
   Depreciation                                            -           31,767                 -           31,767
   Amortization                                       17,896                -                 -           17,896
                                               -------------    -------------     -------------    -------------
     Total Expenses                                  543,128          115,062                 -          658,190
                                               -------------    -------------     -------------    -------------

Loss before minority interest in losses of
   Local Limited Partnership and equity in
   losses of Local Limited Partnerships
                                                    (337,058)         (25,854)                -         (362,912)

Minority interest in losses of
   Local Limited Partnership                               -                -               259              259

Equity in losses of Local
   Limited Partnerships                           (2,801,336)               -            25,595       (2,775,741)
                                               -------------    -------------     -------------    -------------

Net Loss                                       $  (3,138,394)   $     (25,854)    $      25,854    $  (3,138,394)
                                               =============    =============     =============    =============

</TABLE>

(A) For the nine months ended December 31, 1998.  
(B) For the nine months ended September 30, 1998.


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

               NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)

3.   Supplemental Combining Schedules (continued)

                                                  Statements of Cash Flows
<TABLE>
<CAPTION>                                                      Boston Financial
                                                     
                                                        
                                               Boston Financial  
                                              Qualified Housing                   
                                                 Tax Credits         Burbank                             Combined
                                                 L.P. V (A)            (B)         Eliminations            (A)
<S>                                            <C>              <C>               <C>                <C> 
Net cash provided by (used for)
   operating activities                        $    (357,004)   $        1,001    $             -    $     (356,003)
                                               -------------    --------------    ---------------    --------------

Cash flows from investing activities:
   Purchases of marketable securities             (2,125,108)                -                  -        (2,125,108)
   Proceeds from sales and maturities
     of marketable securities                      2,459,825                 -                  -         2,459,825
   Additions to rental property                            -              (765)                 -              (765)
   Cash distributions received from
     Local Limited Partnerships                      318,319                 -                  -           318,319
                                               -------------    --------------    ---------------    --------------
Net cash provided by (used for )
   by investing activities                           653,036              (765)                -            652,271
                                               -------------    --------------    ---------------    --------------

Cash flows from financing activities:
   Payment of mortgage principal                           -              (494)                 -              (494)
   Advance from affiliate                                  -             1,000                  -             1,000
                                               -------------    --------------    ---------------    --------------
Net cash provided by financing activities                  -               506                  -               506
                                               -------------    --------------    ---------------    --------------

Net increase in cash and cash equivalents            296,032               742                  -           296,774

Cash and cash equivalents, beginning                 239,708               224                  -           239,932
                                               -------------    --------------    ---------------    --------------

Cash and cash equivalents, ending              $     535,740    $          966    $             -    $      536,706
                                               =============    ==============    ===============    ==============

</TABLE>

(A) For the nine months ended December 31, 1998.  
(B) For the nine months ended September 30, 1998.



<PAGE>

          BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                                (A Limited Partnership)
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Liquidity and Capital Resources

At December  31, 1998,  the  Partnership  (including  Burbank) had cash and cash
equivalents  of  $536,706,  as compared  with  $239,932 at March 31,  1998.  The
increase is primarily  attributable  to proceeds  from sales and  maturities  of
marketable  securities  in excess of purchases  of  marketable  securities.  The
increase is also  attributable  to  distributions  received  from Local  Limited
Partnerships and is partially offset by cash used in the Partnership's operating
activities.

Approximately  $2,553,000  of  marketable  securities  has  been  designated  as
Reserves by the Managing  General  Partner.  The Reserves were established to be
used for working  capital of the Partnership  and  contingencies  related to the
ownership of Local Limited Partnership  interests.  Management believes that the
investment income earned on the Reserves, along with cash distributions received
from Local Limited  Partnerships,  will be sufficient to fund the  Partnership's
ongoing operations and any contingencies that may arise. Reserves may be used to
fund Local  Limited  Partnership  operating  deficits  if the  Managing  General
Partner deems such funding appropriate.

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, at December 31, 1998, the Partnership had
no contractual or other  obligation to any Local Limited  Partnership  which had
not been paid or provided for.

In the  event a Local  Limited  Partnership  encounters  operating  difficulties
requiring  additional funds, the Partnership may deem it in its best interest to
provide such funds,  voluntarily,  in order to protect its  investment.  No such
event has occurred to date.

Cash Distributions

No cash distributions were made during the nine months ended December 31, 1998.

Results of Operations

The  Partnership's  results of  operations  for the three and nine months  ended
December  31,  1998  resulted  in  net  losses  of  $1,529,890  and  $3,138,394,
respectively,  as compared to net losses of $1,168,968  and  $3,232,122  for the
same  respective  periods  in  1997.  The  decrease  in net  loss  is  primarily
attributable  to a decrease in equity in losses of Local  Limited  Partnerships.
Equity in losses  of Local  Limited  Partnerships  decreased  due to losses  not
recognized by the Partnership for Local Limited  Partnerships  whose  cumulative
equity in losses and cumulative  distributions  exceeded its total investment in
those partnerships. In addition, rental income, rental operations,  interest and
depreciation  expenses increased due to a full nine months of operations in 1998
as compared to seven months of operations in 1997 for Burbank, since this entity
was combined as of March 1, 1997.


<PAGE>

            BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                                (A Limited Partnership)
            
                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Property Discussions

Limited  Partnership  interests have been acquired in twenty-seven Local Limited
Partnerships which are located in ten states and the Virgin Islands. Five of the
properties,   totaling  612  units,  were  existing  properties  that  underwent
rehabilitation  and twenty-two  properties,  consisting of 1,762 units, were new
construction.

Most of the twenty-seven Local Limited Partnerships have stabilized  operations.
The majority of these  stabilized  properties  are  operating at  break-even  or
generating positive operating cash flow.

Historic New Center in Detroit, Michigan is generating operating deficits due to
low occupancy and  collection  problems.  The Managing  General  Partner,  Local
General  Partner and  property  manager are working to improve  collections.  In
October 1998, a new site manager was hired to focus on marketing and collections
as well  as  improvements  to the  appearance  of the  property.  As  previously
reported,  the Managing  General Partner and the Local General Partner have been
in  negotiations  with the lender to obtain debt service  relief  through a loan
modification.  In April 1998, an agreement  was reached in order to  restructure
the mortgage with a reduction in debt service  accomplished  by a paydown of the
mortgage and an interest rate reduction.  This  restructuring  should enable the
property  to  cover  the  debt   service  and  provide   capital  for   physical
improvements.  Occupancy  continues to fluctuate due to volatility of the tenant
profile.  However,  occupancy  as of  September  30, 1998 was 91%.  The Managing
General Partner will continue to closely monitor property operations.

Westgate,  located in North Dakota, has been experiencing  declining  occupancy.
Occupancy as of September 30, 1998 was 78%.  Affiliates of the Managing  General
Partner  have been working  with the Local  General  Partner who has raised some
concerns over the long-term  financial  health of the property.  In an effort to
reduce  possible  future risk,  the Managing  General  Partner  consummated  the
transfer of 50% of the Partnership's interest in capital and profits in Westgate
to the Local  General  Partner.  The Managing  General  Partner has the right to
transfer the Partnership's  remaining  interest to the Local General Partner any
time after one year has elapsed.  The Partnership  will retain its full share of
tax  credits  until  such  time as the  remaining  interest  is put to the Local
General  Partner.  In addition,  the Local General Partner has the right to call
the remaining interest after the tax credit period has expired.

Impact of Year 2000

The Managing  General  Partner has assessed the  Partnership's  exposure to date
sensitive  computer  software  programs that may not be operative  subsequent to
1999 and has  executed a requisite  course of action to minimize  Year 2000 risk
and ensure that neither  significant  costs nor  disruption  of normal  business
operations are encountered.  However,  due to the inherent  uncertainty that all
systems of outside vendors or other  companies on which the  Partnership  and/or
Local Limited  Partnerships  rely will be  compliant,  the  Partnership  remains
susceptible to consequences of the Year 2000 issue.





<PAGE>

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


PART II       OTHER INFORMATION

Items 1-5     Not applicable

Item 6        Exhibits and reports on Form 8-K

                (a)  Exhibits - None

                (b)  Reports  on Form 8-K - No  reports  on Form 8-K were  filed
                     during the quarter ended December 31, 1998.




<PAGE>

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


Pursuant  to the  requirements  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.


DATED:  February 11,1999             BOSTON FINANCIAL QUALIFIED HOUSING
                                     TAX CREDITS L.P. V

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



                                     /s/Randolph G. Hawthorne
                                     -----------------------------------
                                     Randolph G. Hawthorne
                                     Managing Director, Vice President and
                                     Chief Operating Officer


<PAGE>