August 14, 2000



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-Q for Quarter Ended June 30, 2000
       File Number 0-19706


Dear Sir/Madam:

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/Stephen Guilmette
Stephen Guilmette
Assistant Controller






QH5-Q1.DOC


<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q


(Mark One)

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

For the quarterly period ended                     June 30, 2000
                                       ------------------------------------

                                       OR

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

For the transition period from                       to

                         Commission file number 0-19706

               Boston  Financial Qualified Housing Tax Credits L.P. V
               (Exact name of registrant as specified in its charter)


                      Massachusetts                         04-3054464

             (State or other jurisdiction of             (I.R.S. Employer
              incorporation or organization)            Identification No.)


               101 Arch Street, Boston, MA                 02110-1106

         (Address of principal executive offices)          (Zip Code)


Registrant's telephone number, including area code          (617) 439-3911
                                                   -----------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
                                   Yes X No .


<PAGE>


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

                                TABLE OF CONTENTS




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

Item 1.   Financial Statements

          Balance Sheets - June 30, 2000 (Unaudited) and
              March 31, 2000                                           1

          Statements of Operations (Unaudited) - For the Three
              Months Ended June 30, 2000 and 1999                      2

          Statement of Changes in Partners' Equity (Deficiency)
              (Unaudited) - For the Three Months Ended June 30,
              2000                                                     3

          Statements of Cash Flows (Unaudited) - For the Three
              Months Ended June 30, 2000 and 1999                      4

          Notes to the Financial Statements (Unaudited)                5

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

PART II - OTHER INFORMATION

Items 1-6                                                              9

SIGNATURE                                                             10




<PAGE>


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

                                 BALANCE SHEETS
                        June 30, 2000 and March 31, 2000

<TABLE>
<CAPTION>



                                                                                   June 30,         March 31,
                                                                                     2000             2000
                                                                                  (Unaudited)
Assets

<S>                                                                             <C>              <C>
Cash and cash equivalents                                                       $     254,222    $     523,352
Investments in Local Limited Partnerships, net (Note 1)                            18,313,406       18,818,290
Marketable securities, at fair value                                                2,652,537        2,332,268
Other assets                                                                           38,229           29,074
                                                                                -------------    -------------
   Total Assets                                                                 $  21,258,394    $  21,702,984
                                                                                =============    =============

Liabilities and Partners' Equity

Accounts payable to affiliates                                                  $      97,257    $     121,184
Accounts payable and accrued expenses                                                  43,580           43,605
Deferred revenue                                                                      133,193          131,198
                                                                                -------------    -------------
   Total Liabilities                                                                  274,030          295,987
                                                                                -------------    -------------

General, Initial and Investor Limited Partners' Equity                             21,015,827       21,443,142
Net unrealized losses on marketable securities                                        (31,463)         (36,145)
                                                                                -------------    -------------
   Total Partners' Equity                                                          20,984,364       21,406,997
                                                                                -------------    -------------
   Total Liabilities and Partners' Equity                                       $  21,258,394    $  21,702,984
                                                                                =============    =============

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 Months Ended June 30, 2000 and 1999
                                (Unaudited)

<TABLE>
<CAPTION>
                                                                                                       1999
                                                                                     2000            Restated
                                                                                -------------      -------------
Revenue:
<S>                                                                             <C>                <C>
   Investment                                                                   $      42,487      $      40,737
   Other                                                                              116,129             19,609
                                                                                -------------      -------------
     Total Revenue                                                                    158,616             60,346
                                                                                -------------      -------------

Expenses:
   General and administrative (includes
       reimbursements to an affiliate in the
       amounts of $38,914 and $28,655, respectively)                                   67,259             67,349
   Asset management fees, related party                                                62,841             61,501
   Amortization                                                                         5,899              5,965
                                                                                -------------      -------------
     Total Expenses                                                                   135,999            134,815
                                                                                -------------      -------------

Income (loss) before equity in losses of
   Local Limited Partnerships                                                          22,617            (74,469)

Equity in losses of Local Limited
   Partnerships (Note 1)                                                             (449,932)          (653,758)
                                                                                -------------      -------------

Net Loss                                                                        $    (427,315)     $    (728,227)
                                                                                =============      =============

Net Loss allocated:
   To General Partners                                                          $      (4,273)     $      (7,282)
   To Limited Partners                                                               (423,042)          (720,945)
                                                                                -------------      -------------
                                                                                $    (427,315)     $    (728,227)
                                                                                =============      =============
Net Loss per Limited Partnership Unit
   (68,929 Units)                                                               $       (6.14)     $      (10.46)
                                                                                =============      ==============

</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 Three Months Ended June 30, 2000
                                   (Unaudited)

<TABLE>
<CAPTION>



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

<S>                                 <C>              <C>          <C>               <C>            <C>
Balance at March 31, 2000           $  (377,675)     $   5,000    $   21,815,817    $   (36,145)   $  21,406,997
                                    -----------      ---------    --------------    -----------    -------------

Comprehensive Income (Loss):
   Change in net unrealized
     losses on marketable securities
     available for sale                       -              -                 -          4,682            4,682
   Net Loss                              (4,273)             -          (423,042)             -         (427,315)
                                    -----------      ---------    --------------    -----------    -------------
Comprehensive Income (Loss)              (4,273)             -          (423,042)         4,682         (422,633)
                                    -----------      ---------    --------------    -----------    -------------

Balance at June 30, 2000            $  (381,948)     $   5,000    $   21,392,775    $  (31,463)    $  20,984,364
                                    ===========      =========    ==============    ==========     =============
</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 Three Months Ended June 30, 2000 and 1999
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                     1999

                                                                                   2000            (Restated)
                                                                                ---------           --------

<S>                                                                             <C>                 <C>
Net cash used for operating activities                                          $ (34,009)          $  (30,766)
                                                                                ---------           ----------

Cash flows from investing activities:
   Purchases of marketable securities                                            (578,907)            (569,165)
   Proceeds from sales and maturities of marketable securities                    264,523              475,253
   Cash distributions received from Local
     Limited Partnerships                                                          79,263              163,792
   Advance to Local Limited Partnership                                                 -             (180,000)
                                                                                ---------           ----------
Net cash used for investing activities                                           (235,121)            (110,120)
                                                                                ---------           ----------

Net decrease in cash and cash equivalents                                        (269,130)            (140,886)

Cash and cash equivalents, beginning                                              523,352              449,931
                                                                                ---------           ----------

Cash and cash equivalents, ending                                               $ 254,222           $  309,045
                                                                                =========           ==========

</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-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  Form 10-K for the
year ended  March 31,  2000.  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.

The  General  Partners  have  elected  to report  results  of the Local  Limited
Partnerships  on a 90 day lag  basis,  because  the Local  Limited  Partnerships
report  their  results on a calendar  year  basis.  Accordingly,  the  financial
information  of the Local  Limited  Partnerships  included  in the  accompanying
financial statements is as of March 31, 2000 and 1999.

1.   Investments in Local Limited Partnerships

The  Partnership  uses the equity  method to  account  for its  limited  partner
interest in twenty-six Local Limited  Partnerships.  Each of these Local Limited
Partnerships owns and operates multi-family housing complexes, most of which are
government-assisted.  The  Partnership,  as Investor Limited Partner pursuant to
the various Local Limited Partnership Agreements which contain certain operating
and  distribution  restrictions,  has  generally  acquired a 99% interest in the
profits, losses, tax credits and cash flows from operations of each of the Local
Limited   Partnerships,   with  the  exception  of  Strathern   Park/Lorne  Park
Apartments,  Westgate  and  Huguenot  Park,  which are 95%,  49.5%  and  88.55%,
respectively.  Upon dissolution,  proceeds will be distributed according to each
respective partnership agreement.

 The following is a summary of Investments in Local Limited Partnerships at June
30, 2000:
<TABLE>
<CAPTION>

Capital  contributions  and  advances  paid to Local  Limited  Partnerships  and
   purchase price paid to withdrawing partners of Local Limited
<S>                                                                                            <C>
   Partnerships                                                                                $    55,571,437

Cumulative equity in losses of Local Limited
   Partnerships (excluding cumulative unrecognized
   losses of $2,892,643)                                                                           (35,594,951)

Cumulative cash distributions received
   from Local Limited Partnerships                                                                  (1,673,586)
                                                                                                --------------
Investments in Local Limited Partnerships
  before adjustment                                                                                 18,302,900

Excess of investment cost over the underlying net assets acquired:

    Acquisition fees and expenses                                                                    1,006,357

    Accumulated amortization of acquisition
    fees and expenses                                                                                 (231,915)
                                                                                               ---------------
Investments in Local Limited Partnerships                                                           19,077,342

Reserve for valuation of Investment in Local
   Limited Partnership                                                                                (763,936)
                                                                                               ---------------
                                                                                               $    18,313,406
                                                                                               ===============
</TABLE>
<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 Partnership's for
the three  months  ended June 30, 2000 is  $745,723.  For the three months ended
June 30, 2000, the Partnership  has not recognized  $295,791 of equity in losses
relating to several Local Limited Partnerships where cumulative equity in losses
and cumulative  distributions from Local Limited Partnerships exceeded its total
investments 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 their 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.

Liquidity and Capital Resources

At June 30, 2000,  the  Partnership  had cash and cash  equivalents of $254,222,
compared  with  $523,352 at March 31,  2000.  The  decrease is  attributable  to
purchases  of  marketable  securities  in  excess  of  proceeds  from  sales and
maturities of  marketable  securities  and cash used for  operating  activities,
partially offset by cash distributions received from Local Limited Partnerships.

Approximately  $2,292,000  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.

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. To date,
the   Partnership   has  advanced   approximately   $303,000  to  Local  Limited
Partnerships to fund operating deficits.

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, 2000, 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 three months ended June 30, 2000.

Results of Operations

The Partnership's results of operations for the three months ended June 30, 2000
resulted in a net loss of $427,315 as compared to a net loss of $728,227 for the
same period in 1999.  The  decrease in net loss is primarily  attributable  to a
decrease in equity in losses of Local Limited  Partnerships  and an increase to
other revenue. Equity  in  losses  of  Local  Limited Partnerships  decreased
primarily due to an increase in unrecognized losses for Local  Limited
Partnerships  whose  carrying  values have been reduced to zero. Other revenue
increased as a result of a refund of legal costs related 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)


Property Discussions

Historic  New Center in Detroit,  Michigan  operated at a deficit for the period
ended June 30, 2000 due to low occupancy and collection  problems.  A portion of
the  operating  deficit  will be  recovered  by a release  from the  replacement
reserve  account.  Occupancy  improved  slightly  to 89% as of  June  30,  2000.
Property management is focusing on changing the tenant profile through a tighter
tenant screening  process in order to enhance the longevity of the property.  In
conjunction  with these  efforts,  management is working to increase curb appeal
and implement new marketing programs to increase  qualified tenant traffic.  The
Managing General Partner continues to meet with property management on a monthly
basis to monitor the progress at the property.

As  previously  reported  on  Westgate,  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 property to an
affiliate of the Local General Partner in November 1997. Subsequently, the Local
General Partner  transferred  both its general partner interest and 48.5% of the
local partnership interest in Westgate to a non-profit general partner effective
June 17, 1999.  As a result of this change,  the date when the Managing  General
Partner  has the  right to  transfer  the  remaining  interest  to the new Local
General  Partner  was  amended  to reflect  the June 17,  1999  effective  date.
Accordingly,  the  Managing  General  Partner  has the  right  to  transfer  the
Partnership's remaining interest to the new Local General Partner any time after
one year from June 17,  1999.  Further,  the new Local  General  Partner has the
right to call the remaining interest after the tax credit period has expired. As
of June 30, 2000,  occupancy at Westgate  decreased to 90%, from 96% as of March
31, 2000 and as a result,  the  property  is  operating  at a deficit.  However,
tenant  collections  continue to  improve,  property  expenses  are in line with
budget, and replacement reserves are fully funded.

As previously  reported on Wheeler House,  debt-restructuring  negotiations with
the lender ended unsuccessfully in the beginning of November 1999. Consequently,
the lender  foreclosed on the property in early January  2000.  The  foreclosure
will result in recapture of credits of  approximately  $3.70 per unit which will
be on your 2000  Schedule K-1 that will be filed in April of 2001.  In addition,
the  foreclosure  will  result  in  the  allocation  of  taxable  income  to the
Partnership and loss of future benefits associated with this property.

The Partnership has implemented  policies and practices for assessing  potential
impairment of its investments in Local Limited Partnerships. The investments are
analyzed by real estate experts 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 there is a significant  impairment in
carrying  value,  a  provision  to write  down the asset to fair  value  will be
recorded in the Partnership's financial statements.





<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, 2000.




<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 14, 2000              BOSTON FINANCIAL QUALIFIED HOUSING
                                     TAX CREDITS L.P. V

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



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


<PAGE>