August 13, 1997




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 June 30, 1997
      File No. 0-19706



Gentlemen:

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

Very truly yours,


/s/Veronica J. Curioso
Veronica J. Curioso
Assistant Controller






QH5-Q1.DOC


<PAGE>


                                  UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-Q

   Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act
                                of 1934

(Mark One)

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

For the quarterly period ended            June 30, 1997
                               ----------------------------

                                       OR

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

For the transition period from                    to

For Quarter Ended        June 30, 1997 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 - June 30, 1997 (Unaudited) and
              March 31, 1997                                              1

          Combined Statements of Operations (Unaudited) - For the Three
              Months Ended June 30, 1997 and 1996                         2

          Statement of Changes in Partners' Equity (Deficiency)
              (Unaudited) - For the Three Months Ended June 30,
              1997                                                        3

          Combined Statements of Cash Flows (Unaudited) - For the Three
              Months Ended June 30, 1997 and 1996                         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                                                                 12

SIGNATURE                                                                 13




<PAGE>

            BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                        (A Limited Partnership)
<TABLE>
                                                    
                          COMBINED BALANCE SHEETS
<CAPTION>

                                                                     June 30,                 March 31,
                                                                       1997                     1997
                                                                    (Unaudited)
Assets                                                               (Note 1)

<S>                                                                <C>                    <C>           
Cash and cash equivalents                                          $      756,660         $      449,567
Mortgagee escrow deposits                                                   4,766                      -
Tenant security deposit escrow                                              2,886                      -
Investments in Local Limited Partnerships (Note 2)                     29,249,060             30,531,768
Marketable securities, at fair value                                    2,644,840              2,840,127
Rental property at cost, net of
   accumulated depreciation (Note 3)                                      970,693                      -
Replacement reserve escrow                                                  2,242                      -
Other assets                                                               49,758                 50,033
                                                                   --------------         --------------
     Total Assets                                                  $   33,680,905         $   33,871,495
                                                                   ==============         ==============

Liabilities and Partners' Equity

Accounts payable to affiliates                                     $      143,149         $       88,227
Accounts payable and accrued expenses                                      55,034                 35,692
Mortgage notes payable (Note 4)                                           712,774                      -
Tenant security deposits payable                                            2,886                      -
Deferred revenue                                                          175,133                174,357
                                                                   --------------         --------------
     Total liabilities                                                  1,088,976                298,276
                                                                   --------------         --------------

Minority interest in Local Limited Partnership                            118,962                      -
                                                                   --------------         --------------

General, Initial and Investor Limited Partners' Equity                 32,498,387             33,615,539
Net unrealized losses on marketable securities                            (25,420)               (42,320)
                                                                   --------------         --------------
     Total Partners' Equity                                            32,472,967             33,573,219
                                                                   --------------         --------------
     Total Liabilities and Partners' Equity                        $   33,680,905         $   33,871,495
                                                                   ==============         ==============
</TABLE>

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



<PAGE>
            BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                        (A Limited Partnership)
<TABLE>


                        COMBINED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                For the Three Months Ended June 30, 1997 and 1996
<CAPTION>

                                                                         1997                          1996
                                                                   ---------------                ---------
                                                                       (Note 1)
Revenue:
<S>                                                                  <C>                          <C>         
     Rental                                                          $      9,801                 $          -
     Investment                                                            44,428                       48,394
     Other                                                                  1,943                        8,826
                                                                     ------------                 ------------
         Total Revenue                                                     56,172                       57,220
                                                                     ------------                 ------------

Expenses:
     General and administrative (includes
       reimbursements to an affiliate in the
       amounts of $40,069 and $32,885, respectively)                       68,165                       69,180
     Asset management fees, related party                                  59,177                       57,286
     Rental operations, exclusive of depreciation                           1,975                            -
     Property Management fee, related party                                   590                            -
     Interest                                                               6,837                            -
     Depreciation                                                           3,530                            -
     Amortization                                                           7,323                        7,629
                                                                     ------------                 ------------
         Total Expenses                                                   147,597                      134,095
                                                                     ------------                 ------------

Loss before equity in losses of
      Local Limited Partnerships                                          (91,425)                     (76,875)

Minority interest in losses of
     Local Limited Partnership                                                 31                            -

Equity in losses of Local Limited
     Partnerships                                                      (1,025,758)                  (1,031,441)
                                                                     ------------                 ------------

Net Loss                                                             $ (1,117,152)                $ (1,108,316)
                                                                     ============                 ============

Net Loss allocated:
     To General Partners                                             $    (11,172)                $    (11,083)
     To Limited Partners                                               (1,105,980)                  (1,097,233)
                                                                     ------------                 ------------
                                                                     $ (1,117,152)                $ (1,108,316)
                                                                     ============                 ============

Net Loss per Limited Partnership Unit
(68,929 Units)                                                       $    (16.05)                 $     (15.92)
                                                                     ===========                  ============
</TABLE>

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


<PAGE>
            BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                        (A Limited Partnership)
<TABLE>


               STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                                 (Unaudited)
                     For the Three Months Ended June 30, 1997

<CAPTION>

                                                  Initial         Investor             Net
                                  General         Limited          Limited         Unrealized
                                 Partners        Partners         Partners           Losses             Total

<S>                             <C>               <C>           <C>                 <C>              <C>        
Balance at March 31, 1997       $ (255,951)       $5,000        $ 33,866,490        $ (42,320)       $33,573,219

Net change in net unrealized
   losses on marketable
   securities available for sale         -             -                   -           16,900             16,900

Net Loss                           (11,172)            -          (1,105,980)               -         (1,117,152)
                                ----------        ------        ------------        ---------      -------------

Balance at June 30, 1997        $ (267,123)       $5,000        $ 32,760,510        $ (25,420)       $32,472,967
                                ==========        ======        ============        =========        ===========
</TABLE>

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


<PAGE>
            BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                        (A Limited Partnership)

<TABLE>

                            COMBINED STATEMENTS OF CASH FLOWS
                                       (Unaudited)
                    For the Three Months Ended June 30, 1997 and 1996
<CAPTION>



                                                                                  1997                  1996
                                                                              -----------           --------
                                                                                (Note 1)

<S>                                                                             <C>                 <C>        
Net cash used for operating activities                                          $ (35,895)          $  (81,865)
                                                                                ---------           ----------

Cash flows from investing activities:
  Purchases of marketable securities                                             (396,596)            (455,427)
  Proceeds from sales and maturities of marketable securities                     606,512              613,175
  Cash distributions received from Local
    Limited Partnerships                                                          132,468               30,259
                                                                                ---------           ----------
     Net cash provided by investing activities                                    342,384              188,007
                                                                                ---------           ----------

Cash flows from financing activities:
  Payment of mortgage principal                                                      (333)                   -
                                                                                ---------           ----------
     Net cash used for financing activities                                          (333)                   -
                                                                                ---------           ----------

Net increase in cash and cash equivalents                                         306,156              106,142

Cash and cash equivalents, beginning                                              450,504              243,644
                                                                                ---------           ----------

Cash and cash equivalents, ending                                               $ 756,660           $  349,786
                                                                                =========           ==========
</TABLE>
      The  accompanying  notes are an integral part of these  combined
               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, 1997. 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.

1.   Significant Accounting Policies

Basis of Presentation and Combination

On March 1, 1997, an affiliate of the  Partnership's  Managing  General Partner,
Boston  Financial  GP1-LLC,  became the Local General Partner of Burbank Limited
Partnership I ("Burbank"),  a Local Limited Partnership in which the Partnership
has invested.  Since the Local General Partner of Burbank is an affiliate of the
Partnership, these combined financial statements include all activity of Burbank
beginning  on  March  1,  1997.  All  significant   intercompany   balances  and
transactions have been eliminated.

Rental Property

Rental  property of Burbank is recorded at cost.  Depreciation is computed using
the straight-line method over the estimated useful lives of the assets.

Rental Income

Rental  income,  principally  from  short-term  leases on  apartment  units,  is
recognized as income under the operating method as the rentals become due.


2.   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 generally
acquired a 99% interest in the profits, losses, tax credits, and cash flows from
operations of each of the Local Limited Partnerships. Upon dissolution, proceeds
will be distributed according to each respective partnership agreement.


<PAGE>
            BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                        (A Limited Partnership)


      Notes to the Combined Financial Statements (continued)
                             (Unaudited)

2.   Investments in Local Limited Partnerships (continued)

The  following  is a  summary  of  Investments  in Local  Limited  Partnerships,
excluding Burbank, at June 30, 1997:
<TABLE>
<CAPTION>

<S>                                                                                            <C>
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 $20,617)                                                                            (25,983,867)

Cumulative cash distributions received
   from Local Limited Partnerships                                                                  (863,631)

Investments in Local Limited Partnerships
   before adjustment                                                                              28,372,013

Excess of investment cost over the underlying net assets acquired:

    Acquisition fees and expenses                                                                  1,039,751

    Accumulated amortization of acquisition
      fees and expenses                                                                             (162,704)

Investments in Local Limited Partnerships                                                      $  29,249,060
                                                                                               =============
</TABLE>

The Partnership's share of the net losses of the Local Limited Partnership's for
the three months ended June 30, 1997 is  $1,044,232.  For the three months ended
June 30, 1997, the  Partnership  has not recognized  $18,474 of equity in losses
relating to two Local Limited Partnerships where cumulative equity in losses and
cumulative  distributions  from Local  Limited  Partnerships  exceeded its total
investments in these Local Limited Partnerships.


3.   Rental Property

Real estate and personal property belonging to Burbank are recorded at cost, the
components of which are as follows at March 31, 1997:
<TABLE>
<CAPTION>


<S>                                                                      <C>        
Buildings and Improvements                                               $ 1,164,939
 Land                                                                         42,000
                                                                         -----------
                                                                           1,206,939
Less:  accumulated depreciation                                              236,246
                                                                         -----------
Total                                                                    $   970,693
                                                                         ===========
</TABLE>


<PAGE>
            BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                        (A Limited Partnership)


             Notes to the Combined Financial Statements (continued)
                             (Unaudited)

4.   Mortgage Notes Payable

Long-term  debt for Burbank  consists of a primary  mortgage  note for  $750,000
amortized over a 30 year payment schedule,  at a rate of 11.5%. Monthly payments
of principal  and interest  began in September,  1991 for $7,427,  with a ballon
payment due in year 2005.  The mortgage  note  payable as of March 31, 1997,  is
$712,774.

On February 26, 1994, the Mortgage  Holder reduced the interest rate to 8% for a
period of two years. The monthly payment was changed to $5,564 plus a tax escrow
for $2,000. The prior monthly payment amount and interest rate was reinstated at
February 26, 1996.

Approximate  principal  payments to be made on the mortgage note for each of the
next five years and thereafter are as follows:


                           Year ended December 31:

                           1997                           $       4,672
                           1998                                   5,240
                           1999                                   5,875
                           2000                                   6,587
                           2001                                   7,385
                           Thereafter                           683,015
                                                          -------------
                                                          $     712,774


It is not practical to estimate the fair value of this mortgage because programs
with similar characteristics are not currently available.



<PAGE>
            BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                        (A Limited Partnership)


              Notes to Combined Financial Statements (continued)
                              (Unaudited)

5.   Supplemental Combining Schedules
<TABLE>

                                 Balance Sheets
<CAPTION>

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

<S>                                            <C>               <C>                <C>                <C>         
Cash and cash equivalents                      $    756,647      $            13    $           -      $    756,660
Mortgagee escrow deposits                                 -                4,766                -             4,766
Tenant security deposit escrow                            -                2,886                -             2,886
Investments in Local
   Limited Partnerships, net                     29,363,159                    -         (114,099)       29,249,060
Marketable securities, at fair value              2,644,840                    -                -         2,644,840
Rental property at cost, net of
   accumulated depreciation                               -              970,693                -           970,693
Replacement reserve escrow                                -                2,242                -             2,242
Other assets                                         49,758                    -                -            49,758
                                               ------------      ---------------    -------------      ------------
     Total Assets                              $ 32,814,404      $       980,600    $    (114,099)     $ 33,680,905
                                               ============      ===============    =============      ============

Liabilities and Partners' Equity (Deficiency)

Accounts payable to affiliates                 $    127,104      $        16,045    $           -      $    143,149
Accounts payable and accrued expenses                39,200               15,834                -            55,034
Mortgage notes payable                                    -              712,774                -           712,774
Tenant security deposits payable                          -                2,886                -             2,886
Deferred revenue                                    175,133                    -                -           175,133
                                               ------------      ---------------    -------------      ------------
     Total Liabilities                              341,437              747,539                -         1,088,976
                                               ------------      ---------------    -------------      ------------

Minority interest in Local Limited
   Partnership                                            -                    -          118,962           118,962
                                               ------------      ---------------    -------------      ------------

General, Initial, and Investor
   Limited Partners' Equity                      32,498,387              233,061         (233,061)       32,498,387
Net unrealized losses on
   marketable securities                            (25,420)                   -                -           (25,420)
                                               ------------      ---------------    -------------      ------------
     Total Partners' Equity                      32,472,967              233,061         (233,061)       32,472,967
                                               ------------      ---------------    -------------      ------------
     Total Liabilities and Partners' Equity    $ 32,814,404      $       980,600    $   _(114,099)     $ 33,680,905
                                               ============      ===============    =============      ============
</TABLE>

(A) As of June 30, 1997. 
(B) As of March 31, 1997.


<PAGE>
            BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                        (A Limited Partnership)


             Notes to Combined Financial Statements (continued)
                            (Unaudited)

5.   Supplemental Combining Schedules (continued)
<TABLE>

                            Statements of Operations
<CAPTION>

                                           Boston Financial
                                           Qualified Housing         Wheeler
                                              Tax Credits             House
                                              L.P. V (A)           (Burbank) (B)          Eliminations       Combined (A)
Revenue:
<S>                                         <C>                  <C>                <C>                <C>         
   Rental                                   $             -      $         9,801    $           -      $      9,801
   Investment                                        44,428                    -                -            44,428
   Other                                              1,903                   40                -             1,943
                                            ---------------      ---------------    -------------      ------------
     Total Revenue                                   46,331                9,841                -            56,172
                                            ---------------      ---------------    -------------      ------------

Expenses:
   General and administrative                        68,165                    -                -            68,165
   Asset management fees, related party              59,177                    -                -            59,177
   Rental operations, exclusive of depreciation           -                1,975                -             1,975
   Property management fee,
     related party                                        -                  590                -               590
   Interest                                               -                6,837                -             6,837
   Depreciation                                           -                3,530                -             3,530
   Amortization                                       7,323                    -                -             7,323
                                            ---------------      ---------------    -------------      ------------
     Total Expenses                                 134,665               12,932                -           147,597
                                            ---------------      ---------------    -------------      ------------

Loss before equity in losses of Local
   Limited Partnerships                             (88,334)              (3,091)               -           (91,425)

Minority interest in losses of
   Local Limited Partnership                              -                    -               31                31

Equity in losses of Local Limited
   Partnerships                                  (1,028,818)                   -            3,060        (1,025,758)
                                            ---------------      ---------------    -------------      ------------

Net Loss                                    $    (1,117,152)     $        (3,091)   $       3,091      $ (1,117,152)
                                            ===============      ===============    =============      ============
</TABLE>

(A) For the three  months  ended June 30,  1997.  
(B) For the three months ended March 31, 1997.


<PAGE>
            BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                        (A Limited Partnership)


                 Notes to Combined Financial Statements (continued)
                               (Unaudited)

5.   Supplemental Combining Schedules (continued)
<TABLE>

                            Statements of Cash Flows
<CAPTION>

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

<S>                                          <C>                  <C>               <C>                <C>
Net cash used for
   operating activities                      $   (35,304)         $       (591)     $          -       $    (35,895)
                                             -----------          ------------      ------------       ------------

Cash flows from investing activities:
   Purchases of marketable securities           (396,596)                    -                 -           (396,596)
   Proceeds from sales and maturities
     of marketable securities                    606,512                     -                 -            606,512
   Cash distributions received from
     Local Limited Partnerships                  132,468                     -                 -            132,468
                                             -----------          ------------      ------------       ------------
Net cash provided by
     investing activities                        342,384                     -                 -            342,384
                                             -----------          ------------      ------------       ------------

Cash flows from financing activities:
   Payment of mortgage principal                       -                  (333)                -               (333)
                                             -----------          ------------      ------------       ------------
Net cash used for financing activities                 -                  (333)                -               (333)
                                             -----------          ------------      ------------       ------------

Net increase (decrease) in cash
   and cash equivalents                          307,080                  (924)                -            306,156

Cash and cash equivalents, beginning             449,567                   937                 -            450,504
                                             -----------          ------------      ------------       ------------

Cash and cash equivalents, ending            $   756,647          $         13      $          -       $    756,660
                                             ===========          ============      ============       ============
</TABLE>

(A) For the three  months  ended June 30,  1997.  
(B) For the three months ended March 31, 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

Liquidity and Capital Resources

At June 30, 1997, the Partnership,  including the combined entity,  had cash and
cash  equivalents  of $756,660,  compared with  $449,567 at March 31, 1997.  The
increase is  attributable  to proceeds  from sales and  maturities of marketable
securities  and cash  distributions  received from Local  Limited  Partnerships,
partially  offset by net cash used for  operations  and  purchases of marketable
securities.

Approximately  $2,735,000  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,  to the extent available, will be sufficient to
fund the Partnership's  ongoing operations and any contingencies that may arise.
Reserves may be used to fund  Partnership  operating  deficits,  if the Managing
General Partner deems 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 June 30, 1997 , 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 might deem it in its best interests
to provide such funds, voluntarily, in order to protect its investment.

Cash Distributions

No cash distributions were made during the three months ended June 30, 1997.

Results of Operations

The Partnership's results of operations for the three months ended June 30, 1997
resulted in a net loss of $1,117,152 as compared to a net loss of $1,108,316 for
the same period in 1996.  These  results  reflect the  Partnership's  stabilized
operations during these comparable periods.

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,  are existing  and  underwent  rehabilitation;
twenty-two  properties,  consisting of 1,762 units,  are new  construction.  All
properties have completed construction or rehabilitation and initial lease-up.

The Local  General  Partner  for  Wheeler  House in Nashua,  New  Hampshire  was
replaced by an affiliate of the  Managing  General  Partner with the approval of
the  lender  after the Local  General  Partner  filed for  protection  under the
provisions of the Chapter 7 bankruptcy  laws.  The Managing  General  Partner is
also seeking to replace the Local  General  Partner as  management  agent of the
property as well. The Local General Partner's bankruptcy status has not affected
the property. Operations remain stable at 100% occupancy.


<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 June 30, 1997.




<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:  August 13, 1997              BOSTON FINANCIAL QUALIFIED HOUSING
                                     TAX CREDITS L.P. V

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



                            /s/Vincent J. Costantini
                              Vincent J. Costantini
                                     Treasurer and Chief Financial Officer



<PAGE>