February 13, 1998




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, 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 copy of the subject report.

Very truly yours,


/s/George Fondulis
George Fondulis
Assistant Controller






QH5-Q3.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    December 31, 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   December 31, 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 - December 31, 1997 (Unaudited) and
              March 31, 1997                                                 1

          Combined Statements of Operations (Unaudited) - For the Three and
              Nine Months Ended December 31, 1997 and 1996                   2

          Statement of Changes in Partners' Equity (Deficiency)
              (Unaudited) - For the Nine Months Ended December 31,
              1997                                                           3

          Combined Statements of Cash Flows (Unaudited) - For the Nine
              Months Ended December 31, 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                           12

PART II - OTHER INFORMATION

Items 1-6                                                                   14

SIGNATURE                                                                   15




 <PAGE>


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

 
                                                       
                             COMBINED BALANCE SHEETS
 <TABLE>
 <CAPTION>



                                                                   December 31,               March 31,
                                                                       1997                     1997
                                                                    (Unaudited)
                                                                     (Note 1)
Assets
 <S>                                                               <C>                    <C>    

Cash and cash equivalents                                          $      384,407         $      449,567
Mortgagee escrow deposits                                                   7,130                      -
Tenant security deposit escrow                                              2,886                      -
Investments in Local Limited Partnerships, net (Note 2)                27,185,132             30,531,768
Marketable securities, at fair value                                    2,876,887              2,840,127
Rental property at cost, net of
   accumulated depreciation (Note 3)                                      949,515                      -
Replacement reserve escrow                                                  2,345                      -
Other assets                                                               46,010                 50,033
                                                                   --------------         --------------
     Total Assets                                                  $   31,454,312         $   33,871,495
                                                                   ==============         ==============

Liabilities and Partners' Equity

Accounts payable to affiliates                                     $        9,245         $       88,227
Accounts payable and accrued expenses                                      67,853                 35,692
Mortgage note payable (Note 4)                                            710,691                      -
Tenant security deposits payable                                            2,886                      -
Deferred revenue                                                          158,724                174,357
                                                                   --------------         --------------
     Total Liabilities                                                    949,399                298,276
                                                                   --------------         --------------

Minority interest in Local Limited Partnership                            134,817                      -
                                                                   --------------         --------------

General, Initial and Investor Limited Partners' Equity                 30,383,417             33,615,539
Net unrealized losses on marketable securities                            (13,321)               (42,320)
                                                                   --------------         --------------
     Total Partners' Equity                                            30,370,096             33,573,219
                                                                   --------------         --------------
     Total Liabilities and Partners' Equity                        $   31,454,312         $   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)


                        COMBINED STATEMENTS OF OPERATIONS
                                   (Unaudited)
            For the Three and Nine Months Ended December 31, 1997 and 1996
 <TABLE>
 <CAPTION>

                                             Three Months Ended                          Nine Months Ended
                                      December 31,         December 31,           December 31,       December 31,
                                          1997                 1996                   1997               1996
                                      -------------        -------------          ------------      ---------
 <S>                                   <C>                  <C>                   <C>               <C>  

Revenue:
  Rental                               $     28,733         $          -          $     68,042      $          -
  Investment                                 45,856               21,135               136,992           117,969
  Other                                      19,076              (15,015)               22,847            (6,089)
                                       ------------         ------------          ------------      ------------
       Total Revenue                         93,665                6,120               227,881           111,880
                                       ------------         ------------          ------------      ------------


Expenses:
  General and administrative
   (includes reimbursements
   to an affiliate in the amounts
   of $92,550 and $80,029
   in 1997 and 1996, respectively)           52,038               42,468               170,677           171,832
  Asset management fees,
   related party                             59,177               57,286               177,531           171,858
  Rental operations, exclusive
    of depreciation                           4,728                    -                14,246                 -
  Property management fee, related
    party                                     1,731                    -                 4,122                 -
  Interest                                   20,453                    -                47,772                 -
  Depreciation                               10,589                    -                24,708                 -
  Amortization                                7,323                7,018                21,968            22,198
                                       ------------         ------------          ------------      ------------
       Total Expenses                       156,039              106,772               461,024           365,888
                                       ------------         ------------          ------------      ------------

Loss before equity in
  losses of Local Limited
  Partnerships                              (62,374)            (100,652)             (233,143)         (254,008)

Minority interest in losses of
  Local Limited Partnership                      86                    -                   221                 -

Equity in losses of Local
  Limited Partnerships                   (1,106,680)            (807,822)           (2,999,200)       (2,961,227)
                                       ------------         ------------          ------------      ------------

Net Loss                               $ (1,168,968)        $   (908,474)         $ (3,232,122)     $ (3,215,235)
                                       ============         ============          ============      ============

Net Loss allocated:
  To General Partners                  $    (11,689)        $     (9,084)         $    (32,321)     $    (32,152)
  To Limited Partners                    (1,157,279)            (899,390)           (3,199,801)       (3,183,083)
                                       ------------         ------------          ------------      ------------
                                       $ (1,168,968)        $   (908,474)         $ (3,232,122)     $ (3,215,235)
                                       ============         ============          ============      ============
Net Loss per Limited Partnership
Unit (68,929 Units)                    $    (16.80)         $    (13.05)          $    (46.43)      $     (46.18)
                                       ===========          ===========           ===========       ============
 </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)


              STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                                   (Unaudited)
                   For the Nine Months Ended December 31, 1997
 <TABLE>
 <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         -             -                   -           28,999             28,999

Net Loss                           (32,321)            -          (3,199,801)               -         (3,232,122)
                                ----------        ------        ------------        ---------      -------------

Balance at December 31, 1997    $ (288,272)       $5,000        $ 30,666,689        $ (13,321)     $  30,370,096
                                ==========        ======        ============        =========      =============
 </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)


                        COMBINED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
              For the Nine Months Ended December 31, 1997 and 1996

 <TABLE>
 <CAPTION>


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

 <S>                                                                         <C>                  <C>  

Net cash used for operating activities                                       $      (280,420)     $    (206,708)
                                                                             ---------------      -------------

Cash flows from investing activities:
  Purchases of marketable securities                                              (2,190,434)          (455,427)
  Proceeds from sales and maturities of marketable securities                      2,183,015            767,536
  Cash distributions received from Local
     Limited Partnerships                                                            208,309            152,335
  Replacement reserve deposits                                                          (196)                 -
  Cash received upon assumption of
     General Partner interest in a Combined Entity                                       937                  -
                                                                             ---------------      -------------
        Net cash provided by investing activities                                    201,631            464,444
                                                                             ---------------      -------------

Cash flows from financing activities:
  General Partner contribution                                                        16,045                  -
  Payment of mortgage principal                                                       (2,416)                 -
                                                                             ---------------      -------------
     Net cash provided by financing activities                                        13,629                  -
                                                                             ---------------      -------------

Net increase (decrease) in cash and cash equivalents                                 (65,160)           257,736

Cash and cash equivalents, beginning                                                 449,567            243,644
                                                                             ---------------      -------------

Cash and cash equivalents, ending                                            $       384,407      $     501,380
                                                                             ===============      =============

Supplemental disclosure:
Cash paid for interest                                                       $        47,772      $           -
                                                                             ===============      =============
 </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.  Certain  reclassifications  have been
made  to  prior  year   financial   statements   to  conform  to  current   year
classifications.

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  about  the  Local  Limited  Partnerships  that is  included  in the
accompanying combined financial statements is as of September 30, 1997 and 1996.

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  ("Wheeler  House"),  a Local  Limited  Partnership  in which the
Partnership has invested. Since the Local General Partner of Wheeler House is an
affiliate of the Partnership,  these combined  financial  statements include all
activity  of  Wheeler  House   beginning  on  March  1,  1997.  All  significant
intercompany balances and transactions have been eliminated.

Rental Property

Rental  property of Wheeler House 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 Wheeler House, 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 December 31, 1997:
 <TABLE>
 <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 $64,077)                                                                            (27,957,309)

Cumulative cash distributions received
   from Local Limited Partnerships                                                                  (939,472)
                                                                                                 ------------            

Investments in Local Limited Partnerships
   before adjustment                                                                              26,322,730

Excess of investment cost over the underlying net assets acquired:

    Acquisition fees and expenses                                                                  1,039,751

    Accumulated amortization of acquisition
      fees and expenses                                                                             (177,349)
                                                                                                 ------------

Investments in Local Limited Partnerships                                                      $  27,185,132
                                                                                               =============
 </TABLE>

The Partnership's share of the net losses of the Local Limited Partnership's for
the nine months ended December 31, 1997 is $3,061,134. For the nine months ended
December 31,  1997,  the  Partnership  has not  recognized  $61,934 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 Wheeler  House are recorded at
cost, the components of which are as follows at December 31, 1997:
 <TABLE>

 <S>                                                                     <C> 

Buildings and Improvements                                               $ 1,164,939
 Land                                                                         42,000
                                                                         -----------
                                                                           1,206,939
Less:  accumulated depreciation                                             (257,424)
                                                                         -----------
Total                                                                    $   949,515
                                                                         ===========
 </TABLE>


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

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

4.   Mortgage Note Payable

Long-term  debt for  Wheeler  House  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
balloon  payment due in year 2005.  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. The mortgage note
payable as of September 30, 1997 is $710,691.

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


                           Year ended December 31:

                           1997                           $       1,591
                           1998                                   5,240
                           1999                                   5,875
                           2000                                   6,587
                           2001                                   7,385
                           Thereafter                           684,013
                                                          -------------
                                                          $     710,691
                                                          ============= 
 </TABLE>


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

                                                      Balance Sheets
 <TABLE>
 <CAPTION>

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

Assets

Cash and cash equivalents                      $    384,007      $           400    $           -      $    384,407
Mortgagee escrow deposits                                 -                7,130                -             7,130
Tenant security deposit escrow                            -                2,886                -             2,886
Investments in Local
   Limited Partnerships, net                     27,280,371                    -          (95,239)       27,185,132
Marketable securities, at fair value              2,876,887                    -                -         2,876,887
Rental property at cost, net of
   accumulated depreciation                               -              949,515                -           949,515
Replacement reserve escrow                                -                2,345                -             2,345
Other assets                                         46,010                    -                -            46,010
                                               ------------      ---------------    -------------      ------------
     Total Assets                              $ 30,587,275      $       962,276    $     (95,239)     $ 31,454,312
                                               ============      ===============    =============      ============

Liabilities and Partners' Equity

Accounts payable to affiliates                 $      9,245      $             -    $           -      $      9,245
Accounts payable and accrued expenses                49,210               18,643                -            67,853
Mortgage note payable                                     -              710,691                -           710,691
Tenant security deposits payable                          -                2,886                -             2,886
Deferred revenue                                    158,724                    -                -           158,724
                                               ------------      ---------------    -------------      ------------
     Total Liabilities                              217,179              732,220                -           949,399
                                               ------------      ---------------    -------------      ------------

Minority interest in Local Limited
   Partnership                                            -                    -          134,817           134,817
                                               ------------      ---------------    -------------      ------------

General, Initial, and Investor
   Limited Partners' Equity                      30,383,417              230,056         (230,056)       30,383,417
Net unrealized losses on
   marketable securities                            (13,321)                   -                -           (13,321)
                                               ------------      ---------------    -------------      ------------
     Total Partners' Equity                      30,370,096              230,056         (230,056)       30,370,096
                                               ------------      ---------------    -------------      ------------
     Total Liabilities and Partners' Equity    $ 30,587,275      $       962,276    $     (95,239)     $ 31,454,312
                                               ============      ===============    =============      ============
 </TABLE>

(A) As of December 31, 1997. (B) As of September 30, 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>
 <CAPTION>

                                                 Statements of Operations
                                       For the Three Months Ended December 31, 1997

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

Revenue:
   Rental                                   $             -      $        28,733    $           -      $     28,733
   Investment                                        45,826                   30                -            45,856
   Other                                             18,987                   89                -            19,076
                                            ---------------      ---------------    -------------      ------------
     Total Revenue                                   64,813               28,852                -            93,665
                                            ---------------      ---------------    -------------      ------------

Expenses:
   General and administrative                        52,038                    -                -            52,038
   Asset management fees, related party              59,177                    -                -            59,177
   Rental operations, exclusive of depreciation           -                4,728                -             4,728
   Property management fee,
     related party                                        -                1,731                -             1,731
   Interest                                               -               20,453                -            20,453
   Depreciation                                           -               10,589                -            10,589
   Amortization                                       7,323                    -                -             7,323
                                            ---------------      ---------------    -------------      ------------
     Total Expenses                                 118,538               37,501                -           156,039
                                            ---------------      ---------------    -------------      ------------

Loss before equity in losses of Local
   Limited Partnerships                             (53,725)              (8,649)               -           (62,374)

Minority interest in losses of
   Local Limited Partnership                              -                    -               86                86

Equity in losses of Local Limited
   Partnerships                                  (1,115,243)                   -            8,563        (1,106,680)
                                            ---------------      ---------------    -------------      ------------

Net Loss                                    $    (1,168,968)     $        (8,649)   $       8,649      $ (1,168,968)
                                            ===============      ===============    =============      ============
 </TABLE>

(A) For the three months ended December 31, 1997. (B) For the three months ended
September 30, 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)

                                                 Statements of Operations
                                   For the Nine Months Ended December 31, 1997
 <TABLE>
 <CAPTION>

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

Revenue:
   Rental                                   $             -      $        68,042    $           -      $     68,042
   Investment                                       136,934                   58                -           136,992
   Other                                             22,240                  607                -            22,847
                                            ---------------      ---------------    -------------      ------------
     Total Revenue                                  159,174               68,707                -           227,881
                                            ---------------      ---------------    -------------      ------------

Expenses:
   General and administrative                       170,677                    -                -           170,677
   Asset management fees, related party             177,531                    -                -           177,531
   Rental operations, exclusive of depreciation           -               14,246                -            14,246
   Property management fee,
     related party                                        -                4,122                -             4,122
   Interest                                               -               47,772                -            47,772
   Depreciation                                           -               24,708                -            24,708
   Amortization                                      21,968                    -                -            21,968
                                            ---------------      ---------------    -------------      ------------
     Total Expenses                                 370,176               90,848                -           461,024
                                            ---------------      ---------------    -------------      ------------

Loss before equity in losses of Local
   Limited Partnerships                            (211,002)             (22,141)               -          (233,143)

Minority interest in losses of
   Local Limited Partnership                              -                    -              221               221

Equity in losses of Local Limited
   Partnerships                                  (3,021,120)                   -           21,920        (2,999,200)
                                            ---------------      ---------------    -------------      ------------

Net Loss                                    $    (3,232,122)     $       (22,141)   $      22,141      $ (3,232,122)
                                            ===============      ===============    =============      ============
 </TABLE>

(A) For the nine months ended  December  31,  1997.  (B) For the period March 1,
1997 through September 30, 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)


                                                 Statements of Cash Flows
 <TABLE>
 <CAPTION>

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

Net cash used for
   operating activities                      $  (266,450)         $    (13,970)     $          -       $   (280,420)
                                             -----------          ------------      ------------       ------------

Cash flows from investing activities:
   Purchases of marketable securities         (2,190,434)                    -                 -         (2,190,434)
   Proceeds from sales and maturities
     of marketable securities                  2,183,015                     -                 -          2,183,015
   Cash distributions received from
     Local Limited Partnerships                  208,309                     -                 -            208,309
   Replacement reserve deposits                        -                  (196)                -               (196)
   Cash received upon assumption
     of General Partner interest
     in a Combined Entity                              -                   937                 -                937
                                             -----------          ------------      ------------       ------------
   Net cash provided by
     investing activities                        200,890                   741                 -            201,631
                                             -----------          ------------      ------------       ------------

Cash flows from financing activities:
   General Partner contribution                        -                16,045                 -             16,045
   Payment of mortgage principal                       -                (2,416)                -             (2,416)
                                             -----------          ------------      ------------       ------------
   Net cash provided by financing activities                            13,629                 -             13,629
                                             -----------          ------------      ------------       ------------

Net increase (decrease) in cash
   and cash equivalents                          (65,560)                  400                 -            (65,160)

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

Cash and cash equivalents, ending            $   384,007          $        400      $          -       $    384,407
                                             ===========          ============      ============       ============
 </TABLE>

(A) For the nine months ended  December  31,  1997.  (B) For the period March 1,
1997 through September 30, 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 December 31, 1997, the Partnership,  including the combined entity,  had cash
and cash equivalents of $384,407,  compared with $449,567 at March 31, 1997. The
decrease  is  attributable  to net cash used for  operations  and  purchases  of
marketable securities, partially offset by proceeds from sales and maturities of
marketable  securities  and  cash  distributions  received  from  Local  Limited
Partnerships.

Approximately  $2,732,000  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 December 31, 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 nine months ended December 31, 1997.

Results of Operations

The  Partnership's  results of  operations  for the three and nine months  ended
December  31,  1997  resulted in a net loss of  $1,168,968  and  $3,232,122,  as
compared to a net loss of $908,474 and  $3,215,235 for the same periods in 1996.
The  increase in net loss is  primarily  attributable  to increases in equity in
losses  of  Local  Limited   Partnerships,   rental  operations,   interest  and
depreciation expenses.  These changes are offset by increases in rental revenue,
investment and other revenue.  The increase in equity in losses of Local Limited
Partnerships is attributable to an increase in operating expenses and a decrease
in rental  revenue due to changes in local  rental  markets.  The  increases  in
rental revenue,  rental  operations,  interest and  depreciation  are due to the
combination  of  Wheeler  House at March 1, 1997.  The  increase  in  investment
revenue is due to the increased  volume of marketable  securities  and favorable
market conditions. The increase in other revenue is due to a reclassification in
1996 of a prior year  distribution.  These results of operations are expected to
stabilize now that Wheeler House has combined.



<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,  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.

As previously  reported,  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  has  replaced  the Local  General  Partner as  management  agent of the
property with an  unaffiliated  management  agent.  The Local General  Partner's
bankruptcy  status has not affected the property.  Operations  remain stable and
occupancy is at 94%.

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 1997, a new site manager was hired to focus on marketing and collections
as well as improvements to the appearance of the property. Further, the Managing
General  Partner  and the Local  General  Partner are in  negotiations  with the
lender to obtain debt service relief through a loan  modification.  Occupancy is
currently 94%.

Westgate, located in North Dakota, has been performing satisfactorily.  However,
affiliates  of the  Managing  General  Partner  have been working with the Local
General  Partner  whom 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  recently  consummated  the  transfer  of  50% of the
Partnership's  capital  and profits in  Westgate  to an  affiliate  of 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.






<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, 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:  February 13, 1998            BOSTON FINANCIAL QUALIFIED HOUSING
                                     TAX CREDITS L.P. V

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



                                     /s/William E. Haynsworth
                                     William E. Haynsworth
                                     Managing Director, Vice President and
                                     Chief Operating Officer



 <PAGE>