August 14, 2007



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 June 30, 2007
       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/Patricia Olsen-Goldberg
Patricia Olsen-Goldberg
Controller






QH5-Q1.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                June 30, 2007
                                       ---------------------------------------


                                       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)

                        Delaware                           04-3054464
--------------------------------------------------------------------------------
        (State or other jurisdiction of                (I.R.S. Employer
         incorporation or organization)                Identification No.)


   101 Arch Street, Boston, Massachusetts                 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>                                                                         <C>

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

Item 1.   Financial Statements

          Balance Sheet (Unaudited) - June 30, 2007                                        1

          Statements of Operations (Unaudited) - For the Three
              Months Ended June 30, 2007 and 2006                                          2

          Statement of Changes in Partners' Equity
              (Unaudited) - For the Three Months Ended June 30,
              2007                                                                         3

          Statements of Cash Flows (Unaudited) - For the Three
              Months Ended June 30, 2007 and 2006                                          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 Porcedures                                                         14

PART II - OTHER INFORMATION

Items 1-6                                                                                 15

SIGNATURE                                                                                 16

CERTIFICATIONS                                                                            17
</TABLE>


<PAGE>


              BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)
                                  BALANCE SHEET
                                  June 30, 2007
                                   (Unaudited)

<TABLE>
<CAPTION>
<S>     <C>                                                                                     <C>


         Assets

Cash and cash equivalents                                                                         $     6,800,150
Restricted cash                                                                                            18,921
Investments in Local Limited Partnerships (Note 1)                                                      5,111,829
Accounts receivable                                                                                       354,257
                                                                                                  ---------------
   Total Assets                                                                                   $    12,285,157
                                                                                                  ===============

Liabilities and Partners' Equity

Due to affiliate                                                                                  $       150,772
Accrued expenses                                                                                           39,352
Deferred revenue                                                                                           18,921
                                                                                                  ---------------
   Total Liabilities                                                                                      209,045
                                                                                                  ---------------

General, Initial and Investor Limited Partners' Equity                                                 12,076,112
                                                                                                  ---------------
   Total Liabilities and Partners' Equity                                                         $    12,285,157
                                                                                                  ===============

</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 OPERATIONS
                    For the Three Months Ended June 30, 2007 and 2006
                              (Unaudited)


<TABLE>
<CAPTION>
<S>    <C>                                                                       <C>                <C>



                                                                                  2007                   2006
                                                                           ----------------         ---------

Revenue:
   Investment                                                              $          7,164        $         78,290
   Other                                                                            159,487                 214,558
                                                                           ----------------        ----------------
     Total Revenue                                                                  166,651                 292,848
                                                                           ----------------        ----------------

Expense:
   Asset management fees, affiliate                                                  75,386                  73,547
   Provision for (recovery of) valuation allowance on advances
     to Local Limited Partnerships                                                  200,000                (106,457)
   General and administrative (includes reimbursements to
     an affiliate in the amount of  $35,716 and  $46,727
     in 2007 and 2006, respectively)                                                 70,394                  10,466
   Amortization                                                                       2,081                   3,201
                                                                           ----------------        ----------------
     Total Expense                                                                  347,861                 (19,243)
                                                                           ----------------        ----------------

Income (loss) before equity in losses of Local Limited Partnerships
   and gain on sale of investments in Local Limited Partnerships                   (181,210)                312,091

Equity in losses of Local Limited Partnerships (Note 1)                             (54,552)               (180,514)

Gain on sale of investments in Local Limited Partnerships                         4,491,673                 227,869
                                                                           ----------------        ----------------

Net Income                                                                 $      4,255,911        $        359,446
                                                                           ================        ================

Net Income allocated:
   General Partners                                                        $         42,559        $          3,594
   Limited Partners                                                               4,213,352                 355,852
                                                                           ----------------        ----------------
                                                                           $      4,255,911        $        359,446
                                                                           ================        ================
Net Income per Limited Partner Unit
   (68,929 Units)                                                          $          61.13        $           5.16
                                                                           ================        ================
</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
                    For the Three Months Ended June 30, 2007
                                   (Unaudited)




<TABLE>
<CAPTION>



<S>   <C>                                       <C>             <C>               <C>                  <C>              <C>

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

Balance at March 31, 2007                  $      78,109   $        5,000      $    7,737,092       $        (124)   $    7,820,077
                                           =============   ==============      ==============       =============    ==============

Comprehensive Income:
  Change in net unrealized
       losses on investment
       securities available for sale                   -                -                   -                 124               124
  Net Income                                      42,559                -           4,213,352                   -         4,255,911
                                           -------------   --------------      --------------       -------------    --------------
Comprehensive Income                              42,559                -           4,213,352                 124         4,256,035
                                           -------------   --------------      --------------       -------------    --------------

Balance at June 30, 2007                   $     120,668   $        5,000      $   11,950,444       $           -    $   12,076,112
                                           =============   ==============      ==============       =============    ==============
</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, 2007 and 2006
                                   (Unaudited)




<TABLE>
<CAPTION>
<S>  <C>                                                                         <C>                 <C>


                                                                                 2007                  2006
                                                                             -------------            ---------

Net cash provided by (used for) operating activities                         $      (3,521)       $      74,208

Net cash provided by investing activities                                        4,124,244            1,838,071
                                                                             -------------        -------------

Net increase in cash and cash equivalents                                        4,120,723            1,912,279

Cash and cash equivalents, beginning                                             2,679,427            3,567,799
                                                                             -------------        -------------

Cash and cash equivalents, ending                                            $   6,800,150        $   5,480,078
                                                                             =============        =============
</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, 2007. 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 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 that is included in
the accompanying financial statements is as of March 31, 2007 and 2006.

Generally, profits, losses, tax credits and cash flows from operations are
allocated 99% to the Limited Partners and 1% to the General Partners. Net
proceeds from a sale or refinancing will be allocated 95% to the Limited
Partners and 5% to the General Partners after certain priority payments. The
General Partners may have an obligation to fund deficits in their capital
accounts, subject to limits set forth in the Partnership Agreement. However, to
the extent that the General Partners' capital accounts are in a deficit
position, certain items of net income may be allocated to the General Partners
in accordance with the Partnership Agreement.

1.   Investments in Local Limited Partnerships

The Partnership has limited partnership interests in ten Local Limited
Partnerships which were organized for the purpose of owning and operating
multi-family housing complexes, all of which are government-assisted. The
Partnership's ownership interest in each Local Limited Partnership is generally
99%, except for Huguenot Park, where the Partnership's ownership interest is
88.55%. The Partnership may have negotiated or may negotiate options with the
Local General Partners to purchase or sell the Partnership's interests in the
Local Limited Partnerships at the end of the Compliance Period at nominal
prices. In the event that Local Limited Partnerships are sold to third parties
or upon dissolution of the Local Limited Partnerships, proceeds will be
distributed according to the terms of each Local Limited Partnership agreement.

The following is a summary of investments in Local Limited Partnerships at June
30, 2007:
<TABLE>
<CAPTION>
<S>     <C>                                                                                         <C>

Capital contributions and advances paid to Local Limited Partnerships and
purchase
   price paid to withdrawing partners of Local Limited Partnerships                                 $    25,470,778

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $1,464,962)                                                                   (18,901,017)

Cumulative cash distributions received from Local Limited Partnerships                                   (1,202,887)
                                                                                                     ---------------

Investments in Local Limited Partnerships before adjustments                                              5,366,874

Excess investment costs over the underlying assets acquired:

   Acquisition fees and expenses                                                                            493,847

   Cumulative amortization of acquisition fees and expenses                                                (198,892)
                                                                                                     ---------------

Investments in Local Limited Partnerships before valuation allowance                                      5,661,829

Valuation allowance on investments in Local Limited Partnerships                                           (550,000)
                                                                                                     ---------------

Investments in Local Limited Partnerships                                                           $     5,111,829
                                                                                                     ===============
</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)

For the three months ended June 30, 2007, the Partnership advanced $200,000 to
one of the Local Limited Partnerships, all of which was reserved. The
Partnership has also recorded a valuation allowance for its investments in
certain Local Limited Partnerships in order to appropriately reflect the
estimated net realizable value of these investments.

The Partnership's share of the net losses of the Local Limited Partnerships for
the three months ended June 30, 2007 is $228,032. For the three months ended
June 30, 2007, the Partnership has not recognized $191,908 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.
Previously unrecognized losses of $18,428 were included in losses recognized for
the three months ended June 30, 2007.

2.   Significant Subsidiaries

The following Local Limited Partnerships invested in by the Partnership
represent more than 20% of the Partnership's total assets or equity as of June
30, 2007 or 2006 or net losses for the three months ended either June 30, 2007
or 2006. The following financial information represents the performance of these
Local Limited Partnerships for the three months ended March 31, 2007 and 2006:

Circle Terrace Associates Limited Partnership       2007                 2006
---------------------------------------------  --------------       ---------
Revenue                                   $      701,697        $     702,664
Net Loss                                  $      (39,421)        $   (24,832)

The Oaks of Dunlop Farms, L.P.
Revenue                                   $          N/A        $     316,301
Net Loss                                  $          N/A        $       (434)





<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.

Critical 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 Local Limited Partnerships in which the Partnership invests are Variable
Interest Entities ("VIE"s). The Partnership is involved with the VIEs as a
non-controlling limited partner equity holder. Because the Partnership is not
the primary beneficiary of these VIEs, it accounts for its investments in the
Local Limited Partnerships using the equity method of accounting. As a result of
its involvement with the VIEs, the Partnership's exposure to economic and
financial statement losses is limited to its investments in the VIEs ($5,111,829
at June 30, 2007). The Partnership may be subject to additional losses to the
extent of any financial support that the Partnership voluntarily provides in the
future. 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 Local Limited Partnerships, 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
other-than-temporary declines in values of its investments in Local Limited
Partnerships. Periodically, the carrying values of the investments are compared
to their respective fair values. If an other-than-temporary decline in carrying
value exists, a provision to reduce the asset to fair value, as calculated based
primarily on remaining tax benefits, will be recorded in the Partnership's
financial statements. Generally, the carrying values of most Local Limited
Partnerships will decline through losses and distributions in amounts sufficient
to prevent other-than-temporary impairments. However, the Partnership may record
similar impairment losses in the future if the expiration of tax credits
outpaces losses and distributions from any of the 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 (continued)


Liquidity and Capital Resources

At June 30, 2007, the Partnership had cash and cash equivalents of $6,800,150,
compared with $2,679,427 at March 31, 2007. The increase is primarily
attributable to proceeds received from the sale of investments in Local Limited
Partnerships, cash distributions received from Local Limited Partnerships, and
the maturity of investment securities, partially offset by advances to Local
Limited Partnerships and net cash used for operating activities.

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 June 30, 2007, approximately $1,638,000 of cash and cash
equivalents has been designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $303,000 have been paid from Reserves. To date, Reserve funds in
the amount of approximately $128,000 have also been used to make additional
capital contributions to one Local Limited Partnership. In the event a Local
Limited Partnership encounters 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 June
30, 2007, the Partnership has advanced approximately $689,000 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 June 30, 2007, 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, 2007.

Results of Operations

The Partnership's results of operations for the three months ended June 30, 2007
resulted in net income of $4,255,911 as compared to net income of $359,446 for
the same period in 2006. The increase in net income is primarily attributable to
an increase in gain on sale of investments in Local Limited Partnerships and a
decrease in equity in losses of Local Limited Partnerships. These effects were
partially offset by an increase in provision for valuation allowance on advances
to Local Limited Partnerships, a decrease in investment revenue, and an increase
in general and administrative costs. The increase in gain on sale of investments
in Local Limited Partnerships is the result of a gain on sale related to the
sale of two Local Limited Partnerships during the current quarter. Equity in
losses of Local Limited Partnerships decreased due to an increase in
unrecognized losses by the Partnership of Local Limited Partnerships with
carrying values of zero and a decrease in the number of properties in which the
Partnership invests. The increase in provision for valuation allowance on
advances to Local Limited Partnerships is the result of advances made to one
Local Limited Partnership during the three months ended June 30, 2007. The
decrease in investment revenue is primarily attributable to a decrease in
balances invested in interest bearing accounts during the period ending June 30,
2007. General and administrative costs increased primarily due to a reversal of
an accrual for monitoring fees in the period ending June 30, 2006, partially
offset by decreases in legal and salary expenses.


<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 was formed on June 16, 1989 under the laws of the State of
Massachusetts for the primary purpose of investing, as a limited partner, in
Local Limited Partnerships, some of which own and operate apartment complexes
benefiting from some form of federal, state or local assistance, and each of
which qualifies for low-income housing tax credits. The Partnership's objectives
are to: (i) provide current tax benefits in the form of tax credits which
qualified investors may use to offset their federal income tax liability; (ii)
preserve and protect the Partnership's capital; (iii) provide limited cash
distributions which are not expected to constitute taxable income during
Partnership operations; and (iv) provide cash distributions from sale or
refinancing transactions. The General Partners of the Partnership are Arch
Street VIII, Inc., a Massachusetts corporation, which serves as the Managing
General Partner, and Arch Street V Limited Partnership, a Massachusetts Limited
Partnership whose general partner consists of Arch Street V, Inc., which also
serves as the Initial Limited Partner. Both of the General Partners are
affiliates of MMA. The fiscal year of the Partnership ends on March 31.

As of June 30, 2007, the Partnership's investment portfolio consisted of limited
partnership interests in ten 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 $1,514 per Limited Partner Unit, with an immaterial
amount of Tax Credits expected to be generated through 2008. The aggregate
amount of Tax Credits generated by the Partnership is consistent with the
objectives specified in the Partnership's prospectus.

In December 2006, the Partnership distributed $5,353,027, or $77.66 per Unit to
Limited Partners. The source of this distribution is from Sale or Refinancing
Proceeds of previously reported dispositions of the Partnership's interest in
fourteen Local Limited Partnerships and the refinancing of debt on one Property.

Properties that receive low income housing Tax Credits must remain in compliance
with rent restriction and set-aside requirements for at least 15 calendar years
from the date the property is placed in service. Failure to do so would result
in the recapture of a portion of the property's Tax Credits. The compliance
period for all but one of the ten Properties in which the Partnership has an
interest, have expired. The compliance period for the remaining Property expires
on December 31, 2007. The Managing General Partner has negotiated agreements
that will ultimately allow the Partnership to dispose of its interest in four
Local Limited Partnerships. Two of the Local Limited Partnerships in which the
Partnership had an interest were disposed of during the three months ended June
30, 2007.

The Managing General Partner will continue to closely monitor the operations of
the Properties during the Compliance Periods 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.

As previously reported, for the past several years the following three
litigation proceedings had been pending between certain investors and various
affiliates of the General Partners, including the Partnership, concerning, among
other things, those investors' requests to inspect certain alleged "books and
records" of the Partnership and the affiliates: Park G.P., Inc. ("Park") brought
a lawsuit against the Partnership and various affiliates of the General Partner
and their purported general partners (collectively, the "Fund Parties") in state
court in Missouri (the "Missouri Lawsuit"); the Fund Parties brought a
declaratory judgment lawsuit against Everest Housing Investors 2, LLC and
several other Everest-related entities (collectively, the "Everest Entities") in
Massachusetts state court (the "Everest Massachusetts Lawsuit"); and Boston
Financial Qualified Housing Tax Credits L.P. IV ("Partnership IV") and its
general partners brought a lawsuit against Park and its affiliate Bond Purchase,
L.L.C. ("Bond") in Massachusetts state court (the "Park and Bond Massachusetts
Lawsuit").


<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 (continued)

As of April 21, 2007, the Fund Parties and Partnership IV reached an agreement
with Park, Bond and the Everest Entities to resolve these lawsuits (the
"Settlement Agreement"). Under the terms of the Settlement Agreement, the claims
and counterclaims asserted in the Everest Massachusetts Lawsuit have been
dismissed with prejudice and the claims in the Missouri Lawsuit and the Park and
Bond Massachusetts Lawsuit have been dismissed without prejudice, all in
exchange for options, subject to various conditions, to purchase certain Local
Limited Partnership interests held by Partnership IV, Boston Financial Qualified
Housing Tax Credits L.P. III, Boston Financial Qualified Housing Tax Credits
L.P. V and Boston Financial Tax Credit Fund VII, A Limited Partnership at
specified prices.

With respect to the Partnership, the Settlement Agreement provides options,
subject to various conditions, to purchase the Partnership's interest in Circle
Terrace Associates, L.P., located in Lansdowne, MD, for a price of $4,250,000.

Except as noted above, the Fund is not a party to any pending legal or
administrate proceeding, and to the best of its knowledge, no legal or
administrative proceeding is threatened or contemplated against it.

Property Discussions

Eight of the ten Properties in which the Partnership has an interest have
stabilized operations and operated at above breakeven as of March 31, 2007. Two
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, a property adjacent to Whispering Trace, located in
Woodstock, Georgia, began operations during 2001. That property's superior
amenities and curb appeal provided a competitive advantage. Other Tax Credit
properties as well as entry-level homes in the area further increased
competition for tenants. In addition, local employers implemented work force
reductions, forcing some tenants to leave the area in search of employment. As a
result, occupancy at the Property initially suffered, although occupancy had
reached 93% as of March 31, 2006. The Property had incurred significant capital
expenditures in order to remain competitive in the marketplace. As a result,
debt service coverage remained below an appropriate level as of December 31,
2005. Advances from the Local General Partner and Partnership Reserves allowed
the Property to remain current on its debt obligations. As a result of a prior
agreement, the Property was sold on June 23, 2006. This sale resulted in net
proceeds to the Partnership of $334,262, or $4.85 per Unit, and resulted in 2006
taxable income of $202,268, or $2.93 per Unit. The Partnership may receive an
immaterial amount of additional proceeds upon a final accounting of this
transaction. The Managing General Partner, in accordance with and as permitted
by the Partnership Agreement, initially retained the entire amount of net
proceeds in Reserves. In December 2006, the Managing General Partner distributed
a significant portion of the net proceeds to the Limited Partners. The
Partnership no longer has an interest in this Local Limited Partnership.

As previously reported, Bixel House, located in Los Angeles, California, had
experienced weak occupancy and operations for a number of quarters, and the
Property had suffered from deferred maintenance for a number of years. In an
effort to reduce the Partnership's risk and develop an exit strategy, a put
option agreement was entered into between the Managing General Partner and an
unaffiliated entity. The Partnership transferred its interest in this Local
Limited Partnership in June 2005, initially retaining a contingent receivable in
the amount of $100,000. The Partnership subsequently received $100,000 in July
2006. The Managing General Partner, in accordance with and as permitted by the
Partnership Agreement, initially retained the entire amount of net proceeds from
the sale in Reserves. In December 2006, the Managing General Partner distributed
a significant portion of the net proceeds to the Limited Partners. This transfer
resulted in a 2006 taxable loss of $633,289, or $9.19 per Unit. The Partnership
no longer has an interest in this 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 (continued)

As previously reported, Rosecliff, located in Sanford, Florida, was sold on
March 15, 2006, resulting in net proceeds to the Partnership of $899,193, or $13
per Unit. This sale resulted in 2006 taxable income of $2,792,661, or $40.52 per
Unit. The Managing General Partner, in accordance with and as permitted by the
Partnership Agreement, initially retained the entire amount of net proceeds from
the sale in Reserves. In December 2006, the Managing General Partner distributed
a significant portion of the net proceeds to the Limited Partners. The
Compliance Period for this Property expired on December 31, 2005. The
Partnership no longer has an interest in this Local Limited Partnership.

As previously reported, the Partnership's interest in the Local Limited
Partnership that owned Magnolia Villas, located in North Hollywood, California,
was disposed of on March 21, 2006, upon the sale of this Property. The
Partnership received net proceeds of $938,637, or $13.62 per Unit. The Managing
General Partner, in accordance with and as permitted by the Partnership
Agreement, initially retained the entire amount of net proceeds from the sale in
Reserves. In December 2006, the Managing General Partner distributed a
significant portion of the net proceeds to the Limited Partners. This sale will
result in 2006 taxable income projected to be approximately $1,500,000, or $22
per Unit. The Partnership no longer has an interest in this Local Limited
Partnership.

As previously reported, New Center, located in Detroit, Michigan, had
experienced operating difficulties for several years. The Property suffered from
poor location and security issues. An increase in maintenance and repair
expenses, caused by vandalism, negatively affected the Property's occupancy
levels and tenant profile. Occupancy was 24% at December 31, 2006. Efforts to
increase curb appeal and increase qualified tenant traffic had only slightly
improved occupancy. Advances from the former Local General Partner and the
Partnership enabled the Property to remain current on its mortgage obligations.
Due to the Property's continuing struggles, the Managing General Partner was
concerned about its long-term viability and believed it was in the best interest
of the Property to replace the Local General Partner. Accordingly, the Managing
General Partner worked with the Local General Partner to identify an acceptable
replacement. A replacement was identified and admitted to the Local Limited
Partnership during the first quarter of 2005. As of December 31, 2006, the
replacement Local General Partner has contributed in excess of $448,000 toward
capital improvements and had an obligation to fund an unlimited amount of future
capital improvement needs. Effective February 2005, a put option agreement was
in place on the Local Limited Partnership that would allow for the transfer of
the Partnership's interest to the replacement Local General Partner for a
nominal amount any time after the Property's Compliance Period ends on December
31, 2006. Effective February 1, 2007, the Managing General Partner disposed of
the Partnership's interest in New Center. This disposition will result in 2007
taxable income projected to be approximately $1,500,000, or $22 per Unit. The
Partnership did not receive any proceeds from this transaction. The Partnership
no longer has an interest in this Local Limited Partnership.

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. Due to subsequent
transfers by the Local General Partner of its interest in the Local Limited
Partnership, 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 was put to the replacement
Local General Partner. The Property generated its last Tax Credits during 2001.
The replacement Local General Partner also had the right to call the remaining
interest after the Property's Compliance Period expires on December 31, 2006.
Effective February 5, 2007, the Managing General Partner disposed of the
Partnership's interest in Westgate. This disposition will result in a 2007
taxable loss projected to be approximately $56,000, or $0.81 per Unit. The
Partnership did not receive any proceeds from this transaction. The Partnership
no longer has an interest in this 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 (continued)

As previously reported, in April 2000, due to poor operations, the site
management company for Carib II and Carib III, located in St. Croix, U. S.
Virgin Islands, was replaced. However, operations continued to suffer. Despite
high occupancy, the Properties experienced operating deficits that were funded
from working capital or replacement reserves. In addition, despite several
capital improvements, the Properties are still in need of additional capital
expenditures. However, due to consistently high occupancy levels, Carib II and
Carib III operated at above breakeven for the twelve month period ending
December 31, 2006. In 2000, the replacement site management company stated its
desire to purchase the Local General Partner and Partnership interests in the
Local Limited Partnerships and, effective January 1, 2001, assumed the Local
General Partner interest in the Local Limited Partnerships. As part of this
transaction, the Managing General Partner negotiated a put agreement that
ultimately would transfer the Partnership's interest in the Local Limited
Partnerships to the new Local General Partner after the expiration of the
Properties' Compliance Periods on December 31, 2006. In April 2007, the Managing
General Partner entered into an agreement with the Local General Partner that
would, pending United States Department of Agriculture/Rural Development
Services ("RD") approval, allow for the sale of the Property. Under the terms of
the agreement, the Fund's interests in the Local Limited Partnerships that own
Carib II and Carib III, will be terminated within five business days of RD
approval of the sale of the Property. The Managing General Partner expects this
transaction to occur in 2007 and not result in any net proceeds to the Fund.
These transactions, if consummated in 2007, would result in 2007 taxable income
projected to be approximately $680,000, or $9.87 per Unit.

As previously reported, Schumaker Place, located in Salisbury, Maryland,
continues to operate at above breakeven as a result of strong occupancy levels
and the effect of reduced interest expense resulting from the Local General
Partner's refinancing of the Property in July 2004. In connection with the
Partnership's approval of this refinancing, the Partnership and the Local
General Partner entered into a put agreement whereby the Partnership can
transfer its interest in the Local Limited Partnership to the Local General
Partner for a nominal amount any time after the Property's Compliance Period
ends on December 31, 2007.

As previously reported, the Managing General Partner assigned its interest in
the Local Limited Partnership that owns and operates Strathern Park, located in
Los Angeles, California, to the Local General Partner, in September 2006, in
exchange for net sales proceeds of $1,600,000 or $23.21 per Unit. This
disposition resulted in 2006 taxable income of $9,108,717 or $132.5 per Unit.
The Partnership no longer has an interest in this Local Limited Partnership.

As previously reported, the Managing General Partner anticipates that the
Partnership's interest in the Local Limited Partnership that owns Timothy House,
located in Towson, Maryland, will be terminated upon the sale of the Property in
2007. Under the current terms, this sale is expected to result in net proceeds
to the Partnership of approximately $1,500,000 or $22 per Unit. This sale would
result in 2007 taxable income projected to be approximately $230,000, or $3 per
Unit.

As previously reported, the Managing General Partner and Local General Partner
of Pinewood Pointe, located in Jacksonville, Florida, reached an agreement that
could result in the 2007 sale of this Property. On June 15, 2007, the property
was sold, resulting in net proceeds to the Partnership of $4,162,299, or $60.39
per Unit. This sale will result in 2007 taxable income projected to be
approximately $4,100,000, or $59.48 per Unit. The Managing General Partner, in
accordance with and as permitted by the Partnership Agreement, will initially
retain the entire amount of net proceeds from the sale in Reserves. The
Partnership no longer has an interest in this Local Limited Partnership.

As previously reported, in December 2006, the Local General Partner of Oaks of
Dunlop, located in Colonial Heights, Virginia, agreed to the purchase of the
Partnership's interest in this Local Limited Partnership. Under the present
terms of the agreement, the Managing General Partner estimates that the
Partnership will receive approximately $2,300,000 or $35 per Unit. This sale,
originally expected to occur in early 2007, is now estimated to close in July,
2007 and result in 2007 taxable income projected to be approximately $2,400,000,
or $35 per Unit.


<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)

As previously reported, the Managing General Partner anticipates that the
Partnership's interest in the Local Limited Partnership that owns Park Caton,
located in Catonsville, Maryland, will be terminated upon the sale of the
Property in 2007. Under the current terms, this sale is expected to result in
net proceeds to the Partnership of approximately $1,800,000, or $26 per Unit.
This sale would result in 2007 taxable income projected to be approximately
$2,600,000, or $38 per Unit.

As previously reported, in February 2007, the Managing General Partner received
notification from the Local General Partner of Westover Station, located in
Newport News, Virginia, of its intent to exercise their right of first refusal
to purchase the Partnership's interest in the Local Limited Partnership. On June
30, 2007, the Local General Partner exercised their right to purchase the
Property. This transaction resulted in net sales proceeds to the Partnership of
$329,374, or $4.78 per Unit. This sale will result in 2007 taxable income
projected to be approximately $1,200,000, or $17.41 per Unit. The Partnership no
longer has an interest in this Local Limited Partnership.

In connection with the Settlement Agreement described in the "Legal Proceedings"
section above, the Partnership has granted an option, subject to various
conditions, to sell its interest in Circle Terrace Associates, L.P., located in
Lansdowne, MD for a price of $4,250,000.

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



(a) Evaluation of Disclosure Controls and Procedures.

As of the end of the period covered by this report, with the participation of
the Partnership's management, the Partnership's principal executive officer and
principal financial officer conducted an evaluation of the Partnership's
disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule
15d-15(e) under the Exchange Act). Based on this evaluation, our PEO and PFO
concluded that our disclosure controls and procedures were effective as of June
30, 2007, to provide reasonable assurance that information required to be
disclosed in our reports filed or submitted under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms.

(b) Changes in Internal Control over Financial Reporting.

There have been no significant changes in the Partnership's internal control
over financial reporting identified in connection with the evaluation required
by paragraph (d) of Rule 13a-15 or Rule 15d-15 under the Exchange Act that
occurred during the Partnership's last fiscal quarter that has materially
affected, or is reasonably likely to affect, the Partnership's internal control
over financial reporting.
<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 Principal Executive Officer and Principal Financial
         Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002
32.1     Certification of Principal Executive Officer and Principal Financial
         Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002





<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, 2007                     BOSTON FINANCIAL QUALIFIED HOUSING
                                            TAX CREDITS L.P. V

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


                                /s/Gary Mentesana
                                 Gary Mentesana
                                 President
                                 Arch Street VIII, Inc.


<PAGE>

<PAGE>