November    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 the Quarter Ended September 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-Q2.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               September 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 .


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              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 - September 30, 2000 (Unaudited) and

              March 31, 2000                                                1

          Statements of Operations (Unaudited) - For the Three and Six

              Months Ended September 30, 2000 and 1999                      2

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

          Statements of Cash Flows (Unaudited) - For the Six

              Months Ended September 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
<TABLE>
<CAPTION>

                                                                                 September 30,      March 31,
                                                                                     2000             2000
                                                                                -------------    -------------
                                                                                  (Unaudited)
Assets

<S>                                                                             <C>              <C>
Cash and cash equivalents                                                       $     416,815    $     392,154
Restricted cash                                                                       135,145          131,198
Investments in Local Limited Partnerships, net (Note 1)                            17,660,093       18,818,290
Marketable securities, at fair value                                                2,659,506        2,332,268
Other assets                                                                           34,714           29,074
                                                                                -------------    -------------
   Total Assets                                                                 $  20,906,273    $  21,702,984
                                                                                =============    =============

Liabilities and Partners' Equity

Accounts payable to affiliates                                                  $     199,012    $     121,184
Accounts payable and accrued expenses                                                  40,680           43,605
Deferred revenue                                                                      135,145          131,198
                                                                                -------------    -------------
   Total Liabilities                                                                  374,837          295,987
                                                                                -------------    -------------

General, Initial and Investor Limited Partners' Equity                             20,547,137       21,443,142
Net unrealized losses on marketable securities                                        (15,701)         (36,145)
                                                                                -------------    -------------
   Total Partners' Equity                                                          20,531,436       21,406,997
                                                                                -------------    -------------
   Total Liabilities and Partners' Equity                                       $  20,906,273    $  21,702,984
                                                                                =============    =============
</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 and Six Months Ended September 30, 2000 and 1999

                                  (Unaudited)

<TABLE>
<CAPTION>
                                             Three Months Ended                          Six Months Ended
                                                            September 30,                            September 30,
                                      September 30,             1999              September 30,          1999
                                          2000               (Restated)               2000            (Restated)
                                      -------------         -------------         -------------    -------------

Revenue:
<S>                                   <C>                   <C>                   <C>              <C>
  Investment                          $      44,250         $      37,804         $      86,737    $      78,541
  Other                                      32,309                23,778               148,438           43,387
                                      -------------         -------------         -------------    -------------
       Total Revenue                         76,559                61,582               235,175          121,928
                                      -------------         -------------         -------------    -------------

Expenses:
   General and administrative
     (includes reimbursements
     to an affiliate in the amounts
     of $77,828 and $52,382 in 2000
     and 1999, respectively)                 59,917               127,226               127,176          194,575
   Asset management fees,
     related party                           62,841                61,496               125,682          122,997
   Provision for valuation of
     investment in Local

     Limited Partnership                          -               174,739                     -          174,739
   Amortization                               5,899                 5,969                11,798           11,934
                                      -------------         -------------         -------------    -------------
       Total Expenses                       128,657               369,430               264,656          504,245
                                      -------------         -------------         -------------    -------------

Loss before equity in losses of
  Local Limited Partnerships                (52,098)             (307,848)              (29,481)       (382,317)

Equity in losses of Local

   Limited Partnerships (Note 1)           (416,592)             (373,001)             (866,524)      (1,026,759)
                                      -------------         -------------         -------------    -------------

Net Loss                              $    (468,690)        $    (680,849)        $    (896,005)   $  (1,409,076)
                                      =============         =============         =============    =============

Net Loss allocated:
   To General Partners                $      (4,687)        $      (6,809)        $      (8,960)   $     (14,091)
   To Limited Partners                     (464,003)             (674,040)             (887,045)      (1,394,985)
                                      -------------         -------------         -------------    -------------
                                      $    (468,690)        $    (680,849)        $    (896,005)   $  (1,409,076)
                                      =============         =============         =============    =============
Net Loss per Limited Partnership

Unit (68,929 Units)                   $       (6.73)        $       (9.78)        $      (12.87)   $      (20.24)
                                      =============         =============         =============    =============
</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 Six Months Ended September 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                       -              -                 -         20,444           20,444
   Net Loss                              (8,960)             -          (887,045)             -         (896,005)
                                    -----------      ---------    --------------    -----------    -------------
Comprehensive Income (Loss)              (8,960)             -          (887,045)        20,444         (875,561)
                                    -----------      ---------    --------------    -----------    -------------

Balance at September 30, 2000       $  (386,635)     $   5,000    $   20,928,772    $   (15,701)   $  20,531,436
                                    ===========      =========    ==============    ===========    =============
</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 Six Months Ended September 30, 2000 and 1999

                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                                       1999

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

<S>                                                                             <C>                <C>
Net cash provided by (used for) operating activities                            $  19,180          $  (404,493)
                                                                                ---------          -----------

Cash flows from investing activities:

   Purchases of marketable securities                                            (827,387)            (768,983)
   Proceeds from sales and maturities of marketable securities                    522,783              835,665
   Cash distributions received from Local

     Limited Partnerships                                                         310,085              191,107
   Advance to Local Limited Partnership                                                 -             (180,000)
   Repayment of advance to Local Limited Partnership                                    -              180,000
                                                                                ---------          -----------
Net cash provided by investing activities                                           5,481              257,789
                                                                                ---------          -----------

Net increase (decrease) in cash and cash equivalents                               24,661             (146,704)

Cash and cash equivalents, beginning                                              392,154              303,666
                                                                                ---------          -----------

Cash and cash equivalents, ending                                               $ 416,815          $   156,962
                                                                                =========          ===========
</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. Certain reclassifications
have been made to prior year's  financial  statements  to conform to the current
year presentation.

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 June 30, 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
September 30, 2000:

Capital  contributions  and  advances  paid to Local  Limited  Partnerships  and
   purchase price paid to withdrawing partners of Local Limited

   Partnerships                                                 $    55,571,437

Cumulative equity in losses of Local Limited
   Partnerships (excluding cumulative unrecognized
   losses of $3,193,625)                                            (36,011,543)

Cumulative cash distributions received
   from Local Limited Partnerships                                   (1,904,408)
                                                                ---------------

Investments in Local Limited Partnerships

  before adjustment                                                  17,655,486

Excess of investment cost over the underlying net assets acquired:

    Acquisition fees and expenses                                     1,006,357

    Accumulated amortization of acquisition
    fees and expenses                                                  (237,814)
                                                                ---------------

Investments in Local Limited Partnerships

    before reserve for valuation                                     18,424,029

Reserve for valuation of investment in Local
   Limited Partnership                                                 (763,936)
                                                                ---------------
Investments in Local Limited Partneship                         $    17,660,093
                                                                ===============

<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 net losses of the Local Limited  Partnerships for the
six months  ended  September  30, 2000 is  $1,463,297.  For the six months ended
September 30, 2000, the  Partnership  has not  recognized  $596,773 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  September  30,  2000,  the  Partnership  had cash and  cash  equivalents  of
$416,815, compared with $392,154 at March 31, 2000. The increase is attributable
to cash provided by operating  activities and cash  distributions  received from
Local  Limited  Partnerships,   partially  offset  by  purchases  of  marketable
securities  in excess  of  proceeds  from  sales and  maturities  of  marketable
securities.

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 September 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 six months ended September 30, 2000.

Results of Operations

The  Partnership's  results of  operations  for the three and six  months  ended
September   30,  2000   resulted  in  a  net  loss  of  $468,690  and  $896,005,
respectively,  as compared to a net loss of $680,849 and $1,409,076 for the same
periods  in 1999.  The  decrease  in net  loss is  primarily  attributable  to a
valuation provision recorded in 1999 related to the Partnership's  investment in
a Local Limited  Partnership,  as well as decreases in equity in losses of Local
Limited Partnerships and general and administrative  expenses from 1999 to 2000.
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. General and administrative  expenses decreased
due to a decrease in legal  expenses  between 1999 and 2000. In addition,  other
revenue  increased in 2000 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 during the first
nine months of 2000 due to low  occupancy  and  collection  problems.  Occupancy
dropped to 72% at September 30, 2000, as a result of site management  efforts to
improve the tenant profile through a tighter tenant screening process, a lack of
qualified applicants and the property's poor curb appeal.  Management is working
to  increase  curb  appeal and  implement  new  marketing  programs  to increase
qualified  tenant traffic.  The Managing  General  Partner  continues to closely
monitor the site managers efforts to improve property operations.

As previously reported regarding Westgate (Bismarck,  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 property to an affiliate of the Local General Partner in November
1997.  The  Managing  General  Partner  also  has  the  right  to  transfer  the
Partnership's remaining interest to the Local General Partner any time after one
year  from  the  initial  transfer.  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,  the date when the Managing  General Partner has the right to transfer
the  Partnership's  remaining  interest  to the new Local  General  Partner  was
amended to reflect  the June 17, 1999  effective  date.  Further,  the new Local
General  Partner  has the  right to call the  remaining  interest  after the tax
credit  period has expired in 2001.  As of  September  30,  2000,  occupancy  at
Westgate was 93% and the property operated slightly above break-even.

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 September 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:  November 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>