February  14 , 2001




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 December 31, 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-Q3.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              December 31, 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 - December 31, 2000 (Unaudited) and

              March 31, 2000                                                 1

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

              Months Ended December 31, 2000 and 1999                        2

          Statement of Changes in Partners' Equity (Deficiency)
              (Unaudited) - For the Nine Months Ended December 31, 2000      3

          Statements of Cash Flows (Unaudited) - For the Nine

              Months Ended December 31, 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>
<S>                                                                            <C>              <C>

                                                                                 December 31,       March 31,
                                                                                     2000             2000
                                                                                -------------    -------------
                                                                                  (Unaudited)
Assets

Cash and cash equivalents                                                       $     135,748    $     392,154
Restricted cash                                                                       137,257          131,198
Investments in Local Limited Partnerships, net (Note 1)                            17,019,151       18,818,290
Marketable securities, at fair value                                                2,666,578        2,332,268
Other assets                                                                           42,864           29,074
                                                                                -------------    -------------
   Total Assets                                                                 $  20,001,598    $  21,702,984
                                                                                =============    =============

Liabilities and Partners' Equity

Accounts payable to affiliates                                                  $      33,313    $     121,184
Accounts payable and accrued expenses                                                  53,655           43,605
Deferred revenue                                                                      137,257          131,198
                                                                                -------------    -------------
   Total Liabilities                                                                  224,225          295,987
                                                                                -------------    -------------

General, Initial and Investor Limited Partners' Equity                             19,763,996       21,443,142
Net unrealized gains (losses) on marketable securities                                 13,377          (36,145)
                                                                                -------------    -------------
   Total Partners' Equity                                                          19,777,373       21,406,997
                                                                                -------------    -------------
   Total Liabilities and Partners' Equity                                       $  20,001,598    $  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 Nine Months Ended December 31, 2000 and 1999

                                   (Unaudited)
<TABLE>
<CAPTION>
<S>                                 <C>                    <C>                  <C>              <C>


                                             Three Months Ended                          Nine Months Ended
                                      December 31,          December 31,          December 31,       December 31,
                                          2000                  1999                  2000               1999
                                      -------------         -------------         -------------    ---------------

Revenue:
   Investment                         $      45,420         $     39,748          $    132,157     $       118,289
   Other                                      6,072                6,417               154,510              49,804
                                      -------------         ------------          ------------     ---------------
     Total Revenue                           51,492               46,165               286,667             168,093
                                      -------------         ------------          ------------     ---------------

Expenses:
   General and administrative

     (includes reimbursements
     to an affiliate in the amounts
     of $179,434 and $81,414
     in 2000 and 1999, respectively)        130,856               62,464               258,032             257,039
   Asset management fees,
     related party                           62,834               61,493               188,516             184,490
   Provision for valuation of
     investment in Local

     Limited Partnership                          -                    -                     -             174,739
   Amortization                               5,899                5,964                17,697              17,898
                                      -------------         ------------          ------------     ---------------
     Total Expenses                         199,589              129,921               464,245             634,166
                                      -------------         ------------          ------------     ---------------

Loss before equity in losses
   of Local Limited Partnerships           (148,097)             (83,756)             (177,578)           (466,073)

Equity in losses of Local

   Limited Partnerships (Note 1)           (635,044)            (761,707)           (1,501,568)         (1,788,466)
                                      -------------         ------------          ------------     ---------------

Net Loss                              $    (783,141)        $   (845,463)         $ (1,679,146)    $    (2,254,539)
                                      =============         ============          ============     ===============

Net Loss allocated:
   To General Partners                $      (7,831)        $     (8,455)         $    (16,791)    $       (22,545)
   To Limited Partners                     (775,310)            (837,008)           (1,662,355)         (2,231,994)
                                      -------------         ------------          ------------     ---------------
                                      $    (783,141)        $   (845,463)         $ (1,679,146)    $    (2,254,539)
                                      =============         ============          ============     ===============
Net Loss per Limited Partnership

Unit (68,929 Units)                   $      (11.25)        $     (12.14)         $    (24.12)     $        (32.38)
                                      =============         ============          ===========      ===============

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


<PAGE>

              BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                             (A Limited Partnership)

              STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)

                   For the Nine Months Ended December 31, 2000

                                   (Unaudited)

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

                                                                                      Net
                                                       Initial      Investor       Unrealized
                                      General          Limited       Limited          Gain
                                     Partners          Partner       Partners        (Losses)          Total

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                       -              -                 -         49,522           49,522
   Net Loss                             (16,791)             -        (1,662,355)             -       (1,679,146)
                                    -----------      ---------    --------------    -----------    -------------
Comprehensive Income (Loss)             (16,791)             -        (1,662,355)        49,522       (1,629,624)
                                    -----------      ---------    --------------    -----------    -------------

Balance at December 31, 2000        $  (394,466)     $   5,000    $   20,153,462    $    13,377    $  19,777,373
                                    ===========      =========    ==============    ===========    =============
</TABLE>


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



<PAGE>
              BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                             (A Limited Partnership)

                            STATEMENTS OF CASH FLOWS

              For the Nine Months Ended December 31, 2000 and 1999

                                   (Unaudited)
<TABLE>
<CAPTION>
<S>                                                                         <C>                 <C>

                                                                                                       1999

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

Net cash used for operating activities                                       $      (289,939)     $    (476,952)
                                                                             ---------------      -------------

Cash flows from investing activities:

   Purchases of marketable securities                                             (1,027,402)          (768,983)
   Proceeds from sales and maturities of marketable securities                       745,088          1,100,921
   Cash distributions received from Local

     Limited Partnerships                                                            315,847            192,084
   Advances to Local Limited Partnerships                                                  -           (188,700)
   Repayment of advances to Local Limited Partnerships                                     -            188,700
                                                                             ---------------      -------------
       Net cash provided by investing activities                                      33,533            524,022
                                                                             ---------------      -------------

Net increase (decrease) in cash and cash equivalents                                (256,406)            47,070

Cash and cash equivalents, beginning                                                 392,154            449,931
                                                                             ---------------      -------------

Cash and cash equivalents, ending                                            $       135,748      $     497,001
                                                                             ===============      =============

</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 September 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
December 31, 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 $3,469,369)                                                                           (36,640,824)

Cumulative cash distributions received
   from Local Limited Partnerships                                                                  (1,910,170)
                                                                                               ---------------

Investments in Local Limited Partnerships

  before adjustment                                                                                 17,020,443

Excess of investment cost over the underlying net assets acquired:

    Acquisition fees and expenses                                                                    1,006,357

    Accumulated amortization of acquisition
    fees and expenses                                                                                 (243,713)
                                                                                               ---------------

Investments in Local Limited Partnerships

    before reserve for valuation                                                                    17,783,087

Reserve for valuation of investment in Local
   Limited Partnership                                                                                (763,936)
                                                                                               ---------------
Investments in Local Limited Partnership                                                       $    17,019,151
                                                                                               ===============
</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 net losses of the Local Limited  Partnerships for the
nine months  ended  December 31, 2000 is  $2,368,322.  For the nine months ended
December 31, 2000,  the  Partnership  has not  recognized  $866,754 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 December 31, 2000, the Partnership had cash and cash equivalents of $135,748,
compared with $392,154 at March 31, 2000. The decrease is  attributable  to cash
used for operations and purchases of marketable securities in excess of proceeds
from sales and  maturities of marketable  securities,  partially  offset by cash
distributions received from Local Limited Partnerships.

Approximately  $2,286,000  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 December 31, 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 nine months ended December 31, 2000.

Results of Operations

The  Partnership's  results of  operations  for the three and nine months  ended
December  31,  2000  resulted  in  a  net  loss  of  $783,141  and   $1,679,146,
respectively,  as compared to a net loss of $845,463 and  2,254,539 for the same
periods in 1999. The decrease in net loss is primarily attributable to decreases
in equity in losses of Local Limited  Partnerships from 1999 to 2000, as well as
a valuation  provision recorded in 1999 related to the Partnership's  investment
in a Local Limited  Partnership.  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. 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
declined during the third and fourth quarters of 2000 due to a lack of qualified
applicants,  the property's  poor curb appeal and as a result of site management
efforts  to  improve  the  tenant  profile  through a tighter  tenant  screening
process.  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  manager's  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, which is 2001.

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. Real estate experts
analyze the investments to determine if impairment  indicators exist. If so, the
carrying value is compared to the undiscounted  future cash flows expected to be
derived from the asset. If a significant  impairment in carrying value exists, 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 December 31, 2000.

                                       9
<PAGE>
             BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                             (A Limited Partnership)

                                    SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

DATED:  February 14, 2001                    BOSTON FINANCIAL QUALIFIED HOUSING
                                             TAX CREDITS L.P. V

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

                                            /s/Jenny Netzer
                                            ----------------------------------
                                            Jenny Netzer
                                            Managing Director and President
<PAGE>