February 12, 2004



Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549


Re:    Boston Financial Qualified Housing Tax Credits L.P. V
       Report on Form 10-QSB for the Quarter Ended December 31, 2003
       File Number 0-19706


Dear Sir/Madam:

Pursuant to the requirements of Section 15(d) of the Securities Exchange Act of
1934, filed herewith one 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-QSB


(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, 2003
                                ------------------------------

                                       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




<TABLE>
<CAPTION>
<S>                                                                                   <C>
PART I - FINANCIAL INFORMATION                                                        Page No.
------------------------------                                                        --------

Item 1.   Financial Statements

          Balance Sheet (Unaudited) - December 31, 2003                                    1

          Statements of Operations (Unaudited) - For the Three and Nine
              Months Ended December 31, 2003 and 2002                                      2

          Statement of Changes in Partners' Equity (Deficiency)
              (Unaudited) - For the Nine Months Ended December 31,
              2003                                                                         3

          Statements of Cash Flows (Unaudited) - For the Nine
              Months Ended December 31, 2003 and 2002                                      4

          Notes to the Financial Statements (Unaudited)                                    5

Item 2.   Management's Discussion and Analysis of Financial
              Condition and Results of Operations                                          7

Item 3.     Controls and Procedures                                                       12

PART II - OTHER INFORMATION

Items 1-6                                                                                 13

SIGNATURE                                                                                 14

</TABLE>




<PAGE>


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

                                  BALANCE SHEET
                                December 31, 2003
                                   (Unaudited)




Assets

<TABLE>
<CAPTION>
<S>                                                                                          <C>
Cash and cash equivalents                                                                    $   2,895,889
Restricted cash                                                                                     80,477
Marketable securities, at fair value                                                               239,310
Investments in Local Limited Partnerships (Note 1)                                              10,311,849
Other assets                                                                                         5,121
                                                                                             -------------
   Total Assets                                                                              $  13,532,646
                                                                                             =============

Liabilities and Partners' Equity

Accrued expenses                                                                             $      52,686
Deferred revenue                                                                                    80,477
                                                                                             -------------
   Total Liabilities                                                                               133,163
                                                                                             -------------

General, Initial and Investor Limited Partners' Equity                                          13,397,573
Net unrealized gains on marketable securities                                                        1,910
                                                                                             -------------
   Total Partners' Equity                                                                       13,399,483
                                                                                             -------------
   Total Liabilities and Partners' Equity                                                    $  13,532,646
                                                                                             =============

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

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


                            STATEMENTS OF OPERATIONS
         For the Three and Nine Months Ended December 31, 2003 and 2002
                                   (Unaudited)


<TABLE>
<CAPTION>
<S>                                   <C>                   <C>                   <C>              <C>
                                             Three Months Ended                          Nine Months Ended
                                      December 31,          December 31,          December 31,       December 31,
                                          2003                  2002                  2003               2002
                                      -------------         -------------         -------------    ---------------

Revenue:
  Investment                          $      12,038         $      24,251         $      26,987    $        80,102
  Recovery of advances to Local
   Limited Partnerships                       5,000                     -                     -                  -
  Other                                      (6,233)               39,790               132,273            141,740
                                      -------------         -------------         -------------    ---------------
       Total Revenue                         10,805                64,041               159,260            221,842
                                      -------------         -------------         -------------    ---------------

Expenses:
   Asset management fees, affiliate          67,179                65,605               201,537            196,815
   Provision for valuation of advances
     to Local Limited Partnerships,
      net of recovery                             -                     -                54,952             21,360
   General and administrative
     (includes reimbursements
     to an affiliate in the amounts
     of $152,590 and $207,313
     in 2003 and 2002, respectively)         78,422                58,126               245,392            310,202
   Amortization                               4,833                 4,334                14,499             15,506
                                      -------------         -------------         -------------    ---------------
       Total Expenses                       150,434               128,065               516,380            543,883
                                      -------------         -------------         -------------    ---------------

Loss before equity in losses of
  Local Limited Partnerships               (139,629)              (64,024)             (357,120)          (322,041)

Equity in losses of Local
   Limited Partnerships (Note 1)           (200,975)             (187,828)             (797,392)        (1,002,498)
                                      -------------         -------------         -------------    ---------------

Net Loss                              $    (340,604)        $    (251,852)        $  (1,154,512)   $    (1,324,539)
                                      =============         =============         =============    ===============
Net Loss allocated:
   General Partners                   $      (3,406)        $      (2,518)        $     (11,545)   $       (13,245)
   Limited Partners                        (337,198)             (249,334)           (1,142,967)        (1,311,294)
                                      -------------         -------------         -------------    ---------------
                                      $    (340,604)        $    (251,852)        $  (1,154,512)   $    (1,324,539)
                                      =============         =============         =============    ===============
Net Loss per Limited Partner
Unit (68,929 Units)                   $      (4.89)         $       (3.61)        $     (16.58)    $        (19.02)
                                      =============         =============         =============    ===============
</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)

              STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                   For the Nine Months Ended December 31, 2003
                                   (Unaudited)


<TABLE>
<CAPTION>
<S>                                 <C>              <C>          <C>              <C>             <C>
                                                       Initial       Investor           Net
                                      General          Limited       Limited       Unrealized
                                     Partners          Partner       Partners         Gains            Total
                                    -----------      ---------    --------------   -------------   -------------

Balance at March 31, 2003           $  (446,586)     $   5,000    $   14,993,671    $     3,055    $  14,555,140
                                    -----------      ---------    --------------    -----------    -------------

Comprehensive Loss:
   Change in net unrealized gains
     on marketable securities
     available for sale                       -              -                 -        (1,145)           (1,145)
   Net Loss                             (11,545)             -        (1,142,967)             -       (1,154,512)
                                    -----------      ---------    --------------    -----------    -------------
Comprehensive Loss                      (11,545)             -        (1,142,967)       (1,145)       (1,155,657)
                                    -----------      ---------    --------------    ----------     -------------

Balance at December 31, 2003        $  (458,131)     $   5,000    $   13,850,704    $     1,910    $  13,399,483
                                    ===========      =========    ==============    ===========    =============

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

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


                            STATEMENTS OF CASH FLOWS
              For the Nine Months Ended December 31, 2003 and 2002
                                   (Unaudited)



<TABLE>
<CAPTION>
<S>                                                                               <C>                  <C>
                                                                                  2003                 2002
                                                                             -------------         ------------

Net cash used for operating activities                                       $    (494,666)        $   (475,568)

Net cash provided by investing activities                                          734,717            1,755,448
                                                                             -------------         ------------

Net increase in cash and cash equivalents                                          240,051            1,279,880

Cash and cash equivalents, beginning                                             2,655,838            1,123,750
                                                                             -------------         ------------

Cash and cash equivalents, ending                                            $   2,895,889         $  2,403,630
                                                                             =============         ============

</TABLE>


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

<PAGE>

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


                        Notes to the Financial Statements
                                   (Unaudited)


The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10-QSB and do not include all of the
information and note disclosures required by accounting principles generally
accepted in the United States of America. These statements should be read in
conjunction with the financial statements and notes thereto included with the
Partnership's Form 10-KSB for the year ended March 31, 2003. In the opinion of
the Managing General Partner, 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.

The Managing General Partner of the Partnerships has elected to report results
of the Local Limited Partnerships in which the Partnership has a limited
partnership interest 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 financial statements is as of September 30, 2003 and 2002.

1.   Investments in Local Limited Partnerships

The Partnership has limited partnership interests in twenty-six Local Limited
Partnerships which were organized for the purpose of owning and operating
multi-family housing complexes, most of which are government-assisted. Upon
dissolution of the Local Limited Partnerships, proceeds will be distributed
according to the respective Local Limited Partnership agreements.

The following is a summary of investments in Local Limited Partnerships at
December 31, 2003:

Capital contributions and advances paid to Local Limited Partnerships and
<TABLE>
<CAPTION>
<S>                                                                                              <C>
     purchase price paid to withdrawing partners of Local Limited Partnerships                   $    55,713,540

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
     unrecognized losses of $8,764,189)                                                              (41,392,152)

Cumulative cash distributions received from Local Limited Partnerships                                (3,645,008)
                                                                                                 ---------------

Investments in Local Limited Partnerships before adjustments                                          10,676,380

Excess of investment cost over the underlying net assets acquired:

     Acquisition fees and expenses                                                                     1,006,357

     Cumulative amortization of acquisition fees and expenses                                           (308,293)
                                                                                                 ----------------

Investments in Local Limited Partnerships before reserve for valuation                                11,374,444

Reserve for valuation of investments in Local Limited Partnerships                                    (1,062,595)
                                                                                                 ---------------

Investments in Local Limited Partnerships                                                        $    10,311,849
                                                                                                 ===============

</TABLE>

For the nine months ended December 31, 2003, the Partnership advanced, net of
repayments, $54,952 to two of the Local Limited Partnerships, all of which was
reserved. The Partnership has recorded a reserve for valuation for its
investments in certain Local Limited Partnerships in order to appropriately
reflect the estimated net realizable value of these investments.


<PAGE>

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


                  Notes to the Financial Statements (continued)
                                   (Unaudited)


1. Investments in Local Limited Partnerships (continued)

The Partnership's share of the net losses of the Local Limited Partnerships for
the nine months ended December 31, 2003 is $2,221,986. For the nine months ended
December 31, 2003, the Partnership has not recognized $1,424,594 of equity in
losses relating to Local Limited Partnerships where cumulative equity in losses
and distributions exceeded its total investment in these Local Limited
Partnerships.


<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


Certain matters discussed herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. The
Partnership intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements and is including this statement
for purposes of complying with these safe harbor provisions. Although the
Partnership believes the forward-looking statements are based on reasonable
assumptions, the Partnership can give no assurance that its expectations will be
attained. Actual results and timing of certain events could differ materially
from those projected in or contemplated by the forward-looking statements due to
a number of factors, including, without limitation, general economic and real
estate conditions and interest rates.

Accounting Policies

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

The Partnership accounts for its investments in Local Limited Partnerships using
the equity method of accounting because the Partnership does not have control
over the major operating and financial policies of the Local Limited
Partnerships in which it invests.

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

The Partnership has implemented policies and practices for assessing potential
impairment of its investments in Local Limited Partnerships. Real estate experts
analyze the investments to determine if impairment indicators exist. If so, the
carrying value is compared to the undiscounted future cash flows expected to be
derived from the asset. If a significant impairment in carrying value exits, a
provision to write down the asset to fair value will be recorded in the
Partnership's financial statements.

Liquidity and Capital Resources

At December 31, 2003, the Partnership had cash and cash equivalents of
$2,895,889, compared with $2,655,838 at March 31, 2003. The increase is
primarily 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.

The Managing General Partner initially designated 4% of the Gross Proceeds as
Reserves as defined in the Partnership Agreement. The Reserves were established
to be used for working capital of the Partnership and contingencies related to
the ownership of Local Limited Partnership interests. The Managing General
Partner may increase or decrease such Reserves from time to time, as it deems
appropriate. At December 31, 2003, approximately $2,133,000 of cash, cash
equivalents and marketable securities has been designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $220,000 have been paid from Reserves. To date, Reserve funds in
the amount of approximately $128,000 also have been used to make additional
capital contributions to one Local Limited Partnership. In the event a Local
Limited Partnership encounters

<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 (continued)


Liquidity and Capital Resources (continued)

operating difficulties requiring additional funds, the Partnership's management
might deem it in its best interest to voluntarily provide such funds in order to
protect its investment. As of December 31, 2003, the Partnership has advanced
approximately $276,000 to Local Limited Partnerships to fund operating deficits.

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

Since the Partnership invests as a limited partner, the Partnership has no
contractual duty to provide additional funds to Local Limited Partnerships
beyond its specified investment. Thus, at December 31, 2003, the Partnership had
no contractual or other obligation to any Local Limited Partnership which had
not been paid or provided for.

Cash distributions

No cash distributions were made during the nine months ended December 31, 2003.

Results of Operations

Three Month Period

The Partnership's results of operations for the three months ended December 31,
2003 resulted in a net loss of $340,604, as compared to a net loss of $251,852
for the same period in 2002. The increase in net loss is primarily attributable
to a decrease in other revenue, as well as an increase in general and
administrative expenses. The decrease in other revenue relates to fewer
distributions from Local Limited Partnerships with carrying values of zero. The
increase in general and administrative expense is primarily due to increased
charges due to an affiliate of a General Partner for operational and
administrative expenses necessary for the operation of the Partnership and a
change in estimate of these amounts related to the year ended March 31, 2004
which were expensed in the three months ended December 31, 2003.

Nine Month Period

The Partnership's results of operations for the nine months ended December 31,
2003 resulted in a net loss of $1,154,512, as compared to a net loss of
$1,324,539 for the same period in 2002. The decrease in net loss is primarily
attributable to a decrease in equity in losses of Local Limited Partnerships as
well a decrease in general and administrative expenses. These effects were
partially offset by a decrease in investment income and an increase in provision
for valuation of advances to Local Limited Partnerships. Equity in losses of
Local Limited Partnerships decreased due to an increase in rental income at some
Properties and an increase in unrecognized losses by the Partnership of Local
Limited Partnerships with carrying values of zero. The decrease in general and
administrative expense is primarily due to increased charges due to an affiliate
of a General Partner for operational and administrative expenses necessary for
the operation of the Partnership and a change in estimate of these amounts
related to the year ended March 31, 2002 which were expensed in the nine months
ended December 31, 2002. The decrease in investment income is due to a decrease
in the average balance of funds held for investment and losses realized by the
Partnership on sales and maturities. The increase in provision for valuation of
advances to Local Limited Partnerships is the result of a reserve for advances
made to one Local Limited Partnership.


<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 (continued)


Portfolio Update

The Partnership's investment portfolio consists of limited partnership interests
in twenty-six Local Limited Partnerships, each of which owns and operates a
multi-family apartment complex and each of which has generated Tax Credits.
Since inception, the Partnership has generated Tax Credits, net of recapture, of
approximately $1,508 per Limited Partner Unit, with an immaterial amount of Tax
Credits expected to be generated during 2003. The aggregate amount of Tax
Credits generated by the Partnership is consistent with the objective specified
in the Partnership's prospectus.

Properties that receive low income housing Tax Credits must remain in compliance
with rent restriction and set-aside requirements for at least 15 years from the
date the Property is completed (the "Compliance Period"). Failure to do so would
result in the recapture of a portion of the Property's Tax Credits. Between 2005
and continuing through 2008, the Compliance Period of the twenty-six Properties
in which the Partnership has an interest will expire. The Managing General
Partner has negotiated agreements that will ultimately allow the Partnership to
dispose of its interest in six Local Limited Partnerships. It is unlikely that
the disposition of any of these Local Limited Partnership interests will
generate any material cash distributions to the Partnership.

The Managing General Partner will continue to closely monitor the operations of
the Properties during the Compliance Period and will formulate disposition
strategies with respect to the Partnership's remaining Local Limited Partnership
interests. It is unlikely that the Managing General Partner's efforts will
result in the Partnership disposing of all of its remaining Local Limited
Partnership interests concurrently with the expiration of each Property's
Compliance Period. The Partnership shall dissolve and its affairs shall be wound
up upon the disposition of the final Local Limited Partnership interest and
other assets of the Partnership. Investors will continue to be Limited Partners,
receiving K-1s and quarterly and annual reports, until the Partnership is
dissolved.

Property Discussions

A majority of the Properties in which the Partnership has an interest have
stabilized operations and operate above break-even. A few Properties generate
cash flow deficits that the Local General Partners of those Properties fund
through project expense loans, subordinated loans or operating escrows. However,
some Properties have had persistent operating difficulties that could either: i)
have an adverse impact on the Partnership's liquidity; ii) result in their
foreclosure; or iii) result in the Managing General Partner deeming it
appropriate for the Partnership to dispose of its interest in the Local Limited
Partnership prior to the expiration of the Compliance Period. Also, the Managing
General Partner, in the normal course of the Partnership's business, may arrange
for the future disposition of its interest in certain Local Limited
Partnerships. The following Property discussions focus only on such Properties.

As previously reported, the Local General Partner of Westover Station, located
in Newport News, Virginia, reached an agreement with the Property's lender to
refinance the debt on the Property. As part of the refinancing, which closed on
February 1, 2002, the Partnership received Sale or Refinancing Proceeds, as
defined in the Local Limited Partnership Agreement, of approximately $668,000.
The Managing General Partner, on behalf of the Partnership, also negotiated an
agreement with the Local General Partner that will allow the Partnership to
dispose of its interest in the Property after the end of its Compliance Period,
which is December 2006.

As previously reported, New Center, located in Detroit, Michigan, has
experienced operating difficulties for several years. The Property suffers from
poor location and security issues. Vandalism has caused an increase in
maintenance and repair expenses and has negatively affected the Property's
occupancy levels and tenant profile.


<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 (continued)


Property Discussions (continued)

Efforts to increase curb appeal and increase qualified tenant traffic have not
materially improved occupancy. Advances from the Local General Partner and the
Partnership have enabled the Property to remain current on its mortgage
obligations. The Managing General Partner will continue to closely monitor the
site manager's efforts to improve Property operations; however, due to the
Property's continuing struggles, the Managing General Partner is concerned about
its long-term viability. Due to these concerns, the Managing General Partner
believes it is in the best interest of the Property to replace the Local General
Partner. Accordingly, the Managing General Partner has been working with the
Local General Partner to identify an acceptable replacement. A replacement has
been found and has executed the necessary documents to become the replacement
Local General Partner. However, the replacement Local General Partner is
awaiting the receipt of funds from the Detroit Housing Commission, which it
expects to obtain by the end of February 2004 to contribute into the local
Limited Partnership prior to effecting the transfer.

As previously reported regarding Westgate, located in Bismark, North Dakota, in
order to protect the remaining Tax Credits generated by the Property, the
Managing General Partner consummated the transfer of 50% of the Partnership's
capital and profits in the Local Limited Partnership to an affiliate of the
Local General Partner in November 1997. The Managing General Partner also had
the right to transfer the Partnership's remaining interest to the Local General
Partner any time after one year from the initial transfer. However, due to
subsequent transfers by the Local General Partner of its interest in the
Property, the date on which the Managing General Partner had the right to
transfer the remaining interest did not occur until December 1, 2001. The
agreement allowed the Partnership to retain its full share of the Property's Tax
Credits until such time as the remaining interest is put to the new Local
General Partner. The Property generated its last Tax Credits during 2001.
Furthermore, the new Local General Partner has the right to call the remaining
interest after the Compliance Period has expired.

As previously reported, in April 2000, a replacement site management company was
brought in to manage operations at Carib II and Carib III, located in St. Croix,
Virgin Islands. The replacement site management company stated its desire to
purchase the General and Limited Partner interests in the Properties and,
effective January 1, 2001, assumed the Local General Partner interest in the
Properties. Furthermore, the Managing General Partner negotiated a plan that
ultimately transfers the Partnership's interest in the Properties to the new
Local General Partner. The plan includes provisions to minimize the risk of
recapture.

As previously reported, a property adjacent to Whispering Trace, located in
Woodstock, Georgia, began operations during 2001. Although the property had
difficulties in completing initial lease-up due to a lack of qualified tenants,
its superior amenities and curb appeal provide a competitive advantage over
Whispering Trace. Other Tax Credit properties as well as entry-level homes in
the area further increase competition for tenants. In addition, local employers
have had layoffs, forcing some tenants to leave the area in search of
employment. As a result, occupancy at Whispering Trace has declined. The
Property has incurred significant capital expenditures in order to remain
competitive in the marketplace. As a result, debt service coverage and working
capital are below appropriate levels. It may become necessary for the Managing
General Partner to use some of the Partnership's Reserves to fund operating
deficits. However, to date, advances from the Local General Partner have allowed
the Property to remain current on its debt obligations.

As previously reported, the Managing General Partner negotiated an agreement
with an unaffiliated entity to have the ability to transfer the Partnership's
interest to an unaffiliated entity or its designee with respect to Cedar Lane I,
located in London, Kentucky, and Silver Creek II, located in Berea, Kentucky.
These Properties share a common Local General Partner. The Managing General
Partner has the right to put its interest in either of the Properties at any
time in exchange for a Contingent Note that grants the Partnership 50% of all
future net cash receipts from such Local Limited Partnership interest.



<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 (continued)


Other Development

During the period ended December 31, 2003, Lend Lease Real Estate Investments,
Inc. sold its interest in, and association with, the General Partner and its
affiliated business unit, Housing and Community Investing ("HCI"), to Municipal
Mortgage and Equity, LLC ("Muni Mae"). Muni Mae is in the business of
originating, servicing and investing in multi-family housing. HCI will be
combined with Muni Mae's Midland subsidiary to operate under the name MMA
Financial.


<PAGE>

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


                             CONTROLS AND PROCEDURES



Controls and Procedures

Based on the Partnership's evaluation as of the end of the period covered by
this report, the Partnership's director has concluded that the Partnership's
disclosure controls and procedures are effective to ensure that information
required to be disclosed in the reports that the Partnership files or submits
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission's rules and forms.

There have been no significant changes in the Partnership's internal controls or
in other factors that could significantly affect those controls subsequent to
the date of their evaluation.


<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

                        31.1   Certification of Jenny Netzer pursuant to
                               section 302 of the Sarbanes-Oxley Act of 2002

                        32.1   Certification of Jenny Netzer pursuant to
                               section 906 of the Sarbanes-Oxley Act of 2002

              (b) Reports on Form 8-K - No reports on Form 8-K were filed
                  during the quarter ended December 31, 2003



<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 12, 2004         BOSTON FINANCIAL QUALIFIED HOUSING
                                  TAX CREDITS L.P. V

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




                                  /s/Jenny Netzer
                                  Jenny Netzer
                                  Executive Vice President
                                  MMA Financial, LLC