November 12, 1999




Securities and Exchange Commission
Filer Support, Edgar
Operation Center, Stop 0-7
6432 General Green Way
Alexandria, VA 22312


RE:   Boston Financial Qualified Housing Tax Credits L.P. V
      Report on Form 10-Q for Quarter Ended September 30, 1999
      File Number  0-19706


Gentlemen:

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, 1999
                               -----------------------------------------------

                                       OR

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

For the transition period from                       to

For Quarter Ended    September 30, 1999       Commission file number  0-19706
                -------------------------

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


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


               101 Arch Street, Boston, MA                      02110-1106
             (Address of principal executive offices)           (Zip Code)


Registrant's telephone number, including area code            (617) 439-3911
                                                   ------------------------

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


<PAGE>


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

                                TABLE OF CONTENTS


<TABLE>
<CAPTION>


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

Item 1.   Financial Statements

          Combined Balance Sheets - September 30, 1999 (Unaudited) and
              March 31, 1999                                                               1

          Combined Statements of Operations (Unaudited) - For the Three and Six
              Months Ended September 30, 1999 and 1998                                     2

          Statement of Changes in Partners' Equity (Deficiency)
              (Unaudited) - For the Six Months Ended September 30, 1999                    3

          Combined Statements of Cash Flows (Unaudited) - For the Six
              Months Ended September 30, 1999 and 1998                                     4

          Notes to Combined Financial Statements (Unaudited)                               5

Item 2.   Management's Discussion and Analysis of Financial
              Condition and Results of Operations                                          9

PART II - OTHER INFORMATION

Items 1-6                                                                                 12

SIGNATURE                                                                                 13

</TABLE>



<PAGE>


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


            COMBINED BALANCE SHEETS - September 30, 1999 and March 31, 1999

<TABLE>
<CAPTION>


                                                                                 September 30,      March 31,
                                                                                     1999             1999
                                                                                  (Unaudited)
Assets

<S>                                                                             <C>              <C>
Cash and cash equivalents                                                       $     291,040    $     450,450
Accounts receivable from affiliates, net                                                    -          173,739
Tenant security deposit escrow                                                          3,788            3,758
Investments in Local Limited Partnerships, net of reserve
   for valuation of $590,197 (Note 1)                                              20,308,991       21,538,791
Marketable securities, at fair value                                                2,574,918        2,666,281
Prepaid assets                                                                          1,489            1,489
Rental property at cost, net of accumulated
   depreciation                                                                       766,376          778,843
Replacement reserve escrow                                                              9,246            7,425
Other assets                                                                           28,372           32,658
                                                                                -------------    -------------
   Total Assets                                                                 $  23,984,220    $  25,653,434
                                                                                =============    =============

Liabilities and Partners' Equity

Accounts payable to affiliates                                                  $      16,795    $     143,443
Accounts payable and accrued expenses                                                  57,207          133,838
Mortgage note payable                                                                 705,329          706,873
Tenant security deposits payable                                                        3,742            3,803
Deferred revenue                                                                      127,686          146,818
                                                                                -------------    -------------
   Total Liabilities                                                                  910,759        1,134,775
                                                                                -------------    -------------

Minority interest in Local Limited Partnership                                        116,888          116,986

General, Initial and Investor Limited Partners' Equity                             22,975,977       24,394,204
Net unrealized gains (losses) on marketable securities                                (19,404)           7,469
                                                                                -------------    -------------
   Total Partners' Equity                                                          22,956,573       24,401,673
                                                                                -------------    -------------
   Total Liabilities and Partners' Equity                                       $  23,984,220    $  25,653,434
                                                                                =============    =============

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


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

                        COMBINED STATEMENTS OF OPERATIONS
                                   (Unaudited)
              For the Three and Six Months Ended September 30, 1999 and 1998

<TABLE>
<CAPTION>

                                             Three Months Ended                          Six Months Ended
                                      September 30,         September 30,         September 30,      September 30,
                                          1999                  1998                  1999               1998
                                      -------------         -------------         -------------    -------------

Revenue:
<S>                                   <C>                   <C>                   <C>              <C>
  Rental                              $      30,194         $      28,988         $      60,116    $      58,463
  Investment                                 37,918                30,293                78,655           74,558
  Other                                      24,096                71,084                44,302           73,548
                                      -------------         -------------         -------------    -------------
       Total Revenue                         92,208               130,365               183,073          206,569
                                      -------------         -------------         -------------    -------------

Expenses:
   General and administrative
     (includes reimbursements
     to an affiliate in the amounts
     of $52,382 and $51,090
     in 1999 and 1998, respectively)        127,226                47,927               194,575          107,066
   Asset management fees,
     related party                           61,496                60,556               122,997          121,112
   Rental operations, exclusive
     of depreciation                          8,805                 9,935                22,052           20,017
   Bad debt expense                         173,739                     -               173,739                -
   Interest                                  29,171                16,865                35,314           36,365
   Depreciation                               6,776                11,177                13,551           21,177
   Amortization                               6,446                 5,193                12,411           12,409
                                      -------------         -------------         -------------    -------------
       Total Expenses                       413,659               151,653               574,639          318,146
                                      -------------         -------------         -------------    -------------

Loss before minority interest in
   losses of Local Limited  Partnership
   and equity in losses of Local Limited
   Partnerships                            (321,451)              (21,288)             (391,566)        (111,577)

Minority interest in losses of
   Local Limited Partnership                    142                    84                    98              185

Equity in losses of Local
   Limited Partnerships (Note 1)           (373,001)             (694,070)           (1,026,759)      (1,497,112)
                                      -------------         -------------         -------------    -------------

Net Loss                              $    (694,310)        $    (715,274)        $  (1,418,227)   $  (1,608,504)
                                      =============         =============         =============    =============

Net Loss allocated:
   To General Partners                $      (6,943)        $      (7,153)        $     (14,182)   $     (16,085)
   To Limited Partners                     (687,367)             (708,121)           (1,404,045)      (1,592,419)
                                      -------------         -------------         -------------    -------------
                                      $    (694,310)        $    (715,274)        $  (1,418,227)   $  (1,608,504)
                                      =============         =============         =============    =============
Net Loss per Limited Partnership
Unit (68,929 Units)                   $       (9.97)        $      (10.27)        $      (20.37)   $       (23.10)
                                      =============         =============         =============    ==============


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

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

          COMBINED STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                                   (Unaudited)
                   For the Six Months Ended September 30, 1999


<TABLE>
<CAPTION>


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

<S>                            <C>               <C>           <C>                 <C>             <C>
Balance at March 31, 1999      $  (348,164)      $   5,000     $ 24,737,368        $     7,469     $  24,401,673
                               -----------       ---------     ------------        -----------     -------------

Comprehensive Loss:
   Net change in net unrealized
     gains on marketable
     securities available for sale       -               -                -            (26,873)          (26,873)
   Net Loss                        (14,182)              -       (1,404,045)                 -        (1,418,227)
                               -----------       ---------     ------------        -----------     -------------
Comprehensive Loss                 (14,182)              -       (1,404,045)           (26,873)       (1,445,100)
                               -----------       ---------     ------------        -----------     -------------

Balance at
   September 30, 1999          $  (362,346)      $   5,000     $ 23,333,323        $   (19,404)    $ 22,956,573
                               ===========       =========     ============        ===========     ============


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

</TABLE>


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

                        COMBINED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
              For the Six Months Ended September 30, 1999 and 1998
<TABLE>
<CAPTION>



                                                                                   1999                 1998
                                                                                ----------         -----------

<S>                                                                             <C>                <C>
Net cash used for operating activities                                          $ (422,794)        $  (185,993)
                                                                                ----------         -----------

Cash flows from investing activities:
   Purchases of marketable securities                                             (768,983)         (1,625,326)
   Proceeds from sales and maturities of marketable securities                     835,665           2,088,579
   Additions to rental property                                                     (1,561)               (325)
   Cash distributions received from Local
     Limited Partnerships                                                          191,107             323,584
   Advance to Local Limited Partnership                                           (180,000)                  -
Repayment of advance to Local Limited Partnership                                  180,000                   -
                                                                                ----------         -----------
Net cash provided by investing activities                                          256,228             786,512
                                                                                ----------         -----------

Cash flows from financing activities:
   Payment of mortgage principal                                                    (1,544)               (494)
   Advance from affiliate                                                            8,700               1,000
                                                                                ----------         -----------
Net cash provided by financing activities                                            7,156                 506
                                                                                ----------         -----------

Net increase (decrease) in cash and cash equivalents                              (159,410)            601,025

Cash and cash equivalents, beginning                                               450,450             239,932
                                                                                ----------         -----------

Cash and cash equivalents, ending                                               $  291,040         $   840,957
                                                                                ==========         ===========

Supplemental disclosure:
   Cash paid for interest                                                       $   35,314         $    36,365
                                                                                ==========         ===========



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


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

                   NOTES TO THE COMBINED 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,  1999.  In the  opinion  of  management,  these  financial
statements  include  all  adjustments,   consisting  only  of  normal  recurring
adjustments,  necessary to present fairly the Partnership's  financial  position
and results of operations.  The results of operations for the periods may not be
indicative of the results to be expected for the year.

The  General  Partners  have  elected  to report  results  of the Local  Limited
Partnerships  on a 90 day lag  basis,  because  the Local  Limited  Partnerships
report  their  results on a calendar  year  basis.  Accordingly,  the  financial
information  of the Local  Limited  Partnerships  included  in the  accompanying
combined financial statements is as of June 30, 1999.

1.   Investments in Local Limited Partnerships

The Partnership has acquired interests in twenty-six Local Limited Partnerships,
excluding Burbank, which own and operate multi-family housing complexes, most of
which are  government-assisted.  The  Partnership,  as Investor Limited Partner,
pursuant to the various Local Limited Partnership Agreements, has 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 and Huguenot Park, which interests are 95% and 88.6%,
respectively.  Upon dissolution,  proceeds will be distributed according to each
respective partnership agreement.

The  following  is a  summary  of  Investments  in Local  Limited  Partnerships,
excluding Burbank, at September 30, 1999:
<TABLE>
<CAPTION>
<S>                                                                                       <C>

Capital contributions paid to Local Limited Partnerships and purchase price paid
   to withdrawing partners of Local Limited
   Partnerships                                                                           $   55,269,931

Cumulative equity in losses of Local Limited Partnerships
   (excluding cumulative unrecognized losses of $1,881,764)                                  (33,629,787)

Cumulative cash distributions received from Local Limited Partnerships                        (1,532,961)
                                                                                          --------------

Investments in Local Limited Partnerships before adjustment                                   20,107,183

Excess of investment cost over the underlying net assets acquired:

     Acquisition fees and expenses                                                             1,006,357

     Accumulated amortization of acquisition fees and expenses                                  (214,352)
                                                                                          --------------

Investments in Local Limited Partnerships                                                     20,899,188

Reserve for valuation of investment in Local Limited Partnership                                (590,197)

                                                                                          --------------
                                                                                          $   20,308,991
</TABLE>

The  Partnership's  share  of net  losses  of the  Local  Limited  Partnerships,
excluding  Burbank,  for  the  six  months  ended  September  30,  1999  totaled
$1,672,083. For the six months ended September 30, 1999, the Partnership has not
recognized  $645,324  of  equity  in  losses  relating  to  five  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)

               NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)
<TABLE>
<CAPTION>


2.   Supplemental Combining Schedules

                                                       Balance Sheets


                                              Boston Financial
                                              Qualified Housing
                                                 Tax Credits         Burbank                            Combined
                                                 L.P. V (A)            (B)         Eliminations            (A)
Assets
<S>                                            <C>              <C>               <C>                <C>
Cash and cash equivalents                      $     284,647    $          6,393  $             -    $      291,040
Tenant security deposit escrow                             -               3,788                -             3,788
Investments in Local
   Limited Partnerships, net                      20,243,592                   -           65,399        20,308,991
Marketable securities, at fair value               2,574,918                   -                -         2,574,918
Prepaid assets                                             -               1,489                -             1,489
Rental property at cost, net of
   accumulated depreciation                                -             740,524           25,852           766,376
Replacement reserve escrow                                 -               9,246                -             9,246
Other assets                                          28,372                   -                -            28,372
                                               -------------    ----------------  ---------------    --------------
     Total Assets                              $  23,131,529    $        761,440  $        91,251    $   23,984,220
                                               =============    ================  ===============    ==============

Liabilities and Partners' Equity

Accounts payable to affiliates                 $       8,095    $          9,700  $        (1,000)   $       16,795
Accounts payable and accrued expenses                 40,175              17,032                -            57,207
Mortgage note payable                                      -             705,329                -           705,329
Tenant security deposits payable                           -               3,742                -             3,742
Deferred revenue                                     127,686                   -                -           127,686
                                               -------------    ----------------  ---------------    --------------
     Total Liabilities                               175,956             735,803           (1,000)          910,759
                                               -------------    ----------------  ---------------    --------------

Minority interest in Local Limited
   Partnership                                             -                   -          116,888           116,888
                                               -------------    ----------------  ---------------    --------------

General, Initial and Investor
   Limited Partners' Equity                       22,974,977              25,637          (24,637)       22,975,977
Net unrealized losses on
   marketable securities                             (19,404)                  -                -           (19,404)
                                               -------------    ----------------  ---------------    --------------
     Total Partners' Equity                       22,955,573              25,637          (24,637)       22,956,573
                                               -------------    ----------------  ---------------    --------------
     Total Liabilities and Partners' Equity    $  23,131,529    $        761,440  $        91,251    $   23,984,220
                                               =============    ================  ===============    ==============
</TABLE>

(A) As of September 30, 1999.
(B) As of June 30, 1999.


<PAGE>

            BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
                             (A Limited Partnership)
               NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)
<TABLE>
<CAPTION>


2.   Supplemental Combining Schedules (continued)

                            Statements of Operations
                   For the Six Months Ended September 30, 1999


                                              Boston Financial
                                             Qualified Housing
                                                 Tax Credits        Burbank                              Combined
                                                 L.P. V (A)            (B)         Eliminations              (A)

Revenue:
<S>                                            <C>              <C>               <C>              <C>
   Rental                                      $           -    $      60,116     $           -    $      60,116
Investment                                            78,541              114                 -           78,655
   Other                                              43,387              915                 -           44,302
                                               -------------    -------------     -------------    -------------
     Total Revenue                                   121,928           61,145                 -          183,073
                                               -------------    -------------     -------------    -------------

Expenses:
   General and administrative                        194,575                -                 -          194,575
   Asset management fees, related party              122,997                -                 -          122,997
   Rental operations, exclusive
     of depreciation                                       -           22,052                 -           22,052
   Bad debt expense                                  174,739                -            (1,000)         173,739
   Interest                                                -           35,314                 -           35,314
   Depreciation                                            -           13,551                 -           13,551
   Amortization                                       12,411                -                 -           12,411
                                               -------------    -------------     -------------    -------------
     Total Expenses                                  504,722           70,917            (1,000)         574,639
                                               -------------    -------------     -------------    -------------

Loss before minority interest in losses
   of Local Limited  Partnership and equity
   in losses of Local Limited
   Partnerships                                     (382,794)          (9,772)            1,000         (391,566)

Minority interest in losses of
   Local Limited Partnership                               -                -                98               98

Equity in losses of Local
   Limited Partnerships                           (1,036,433)               -             9,674       (1,026,759)
                                               -------------    -------------     -------------    -------------

Net Loss                                       $  (1,419,227)   $      (9,772)    $      10,772    $  (1,418,227)
                                               =============    =============     =============    =============

</TABLE>

(A) For the six months ended September 30, 1999.
(B) For the six months ended June 30, 1999.


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

               NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)

<TABLE>
<CAPTION>

2.   Supplemental Combining Schedules (continued)

                            Statements of Cash Flows

                                               Boston Financial
                                              Qualified Housing
                                                 Tax Credits        Burbank                             Combined
                                                 L.P. V (A)            (B)         Eliminations            (A)
Net cash provided by (used for)
<S>                                            <C>              <C>               <C>                <C>
   operating activities                        $    (423,073)   $          279    $             -    $     (422,794)
                                               -------------    --------------    ---------------    --------------

Cash flows from investing activities:
   Purchases of marketable securities               (768,983)                -                  -          (768,983)
   Proceeds from sales and maturities
     of marketable securities                        835,665                 -                  -           835,665
   Additions to rental property                            -            (1,561)                 -            (1,561)
   Cash distributions received from
     Local Limited Partnerships                      191,107                 -                  -           191,107
   Advance to Local Limited Partnership             (180,000)                -                  -          (180,000)
   Repayment of advance to Local Limited
     Partnership                                     180,000                 -                  -           180,000
                                               -------------    --------------    ---------------    --------------
Net cash provided by (used for)
   investing activities                              257,789            (1,561)                 -           256,228
                                               -------------    --------------    ---------------    --------------

Cash flows from financing activities:
   Payment of mortgage principal                           -            (1,544)                 -            (1,544)
   Advance from affiliate                                  -             8,700                  -             8,700
                                               -------------    --------------    ---------------    --------------
Net cash provided by financing activities                  -             7,156                  -             7,156
                                               -------------    --------------    ---------------    --------------

Net increase (decrease) in cash and
   cash equivalents                                 (165,284)            5,874                  -          (159,410)

Cash and cash equivalents, beginning                 449,931               519                  -           450,450
                                               -------------    --------------    ---------------    --------------

Cash and cash equivalents, ending              $     284,647    $        6,393    $            -     $      291,040
                                               =============    ==============    ===============    ==============

</TABLE>

(A) For the six months ended September  30, 1999.
(B) For the six months ended June 30, 1999.



<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  are  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,  interest rates and unanticipated  delays or expenses on the
part of the Partnership and their suppliers in achieving year 2000 compliance.

Liquidity and Capital Resources

At September 30, 1999,  the  Partnership  (including  Burbank) had cash and cash
equivalents  of  $291,040,  as compared  with  $450,450 at March 31,  1999.  The
decrease is primarily  attributable to the use of cash for operating activities.
This  decrease was  partially  offset by proceeds  from sales and  maturities of
marketable securities in excess of purchases of marketable  securities,  as well
as cash distributions received from Local Limited Partnerships.

Approximately  $2,239,000  of  marketable  securities  has  been  designated  as
Reserves  by the  Managing  General  Partner.  The  Reserves,  as defined in the
Partnership  Agreement,  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,  will be sufficient to fund the Partnership's  ongoing  operations
and any contingencies that may arise. Reserves may be used to fund Local Limited
Partnership  operating  deficits  if the  Managing  General  Partner  deems such
funding appropriate.

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, 1999, the  Partnership
had no contractual or other obligation to any Local Limited  Partnership,  which
had not been paid or provided for.

In the  event a Local  Limited  Partnership  encounters  operating  difficulties
requiring  additional  funds, the Partnership might deem it in its best interest
to provide such funds, voluntarily,  in order to protect its investment. No such
event has occurred to date.

Cash Distributions

No cash distributions were made during the six months ended September 30, 1999.

Results of Operations

The  Partnership's  results of  operations  for the three and six  months  ended
September  30,  1999  resulted  in  net  losses  of  $694,310  and   $1,418,227,
respectively,  as compared to net losses of $715,274 and $1,608,504 for the same
respective  periods in 1998. The decrease in net loss is primarily  attributable
to a  decrease  in equity in losses  of Local  Limited  Partnerships,  partially
offset by an increase in bad debts and legal expenses. Equity in losses of Local
Limited Partnerships improved due to an increase in losses not recognized by the
Partnership for Local Limited Partnerships whose cumulative equity in losses and
cumulative distributions exceeded its total investment in those 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)


Property Discussions

Most of the 27  Local  Limited  Partnerships  have  stabilized  operations.  The
majority of these  stabilized  properties  are  operating at  break-even  or are
generating positive operating cash flow.

Historic New Center in Detroit,  Michigan has been generating operating deficits
due to low occupancy and collection  problems.  However, as previously reported,
the Managing General Partner was successful in finalizing the negotiations  with
the lenders for a loan  modification.  This loan  modification  should allow the
property to meet debt  service  coverage  and provide  capital for the  physical
improvements. In addition, a new property manager was hired in October 1998. The
new property  manager will focus on  implementing  a new marketing  strategy and
improving  rent  collections.  As of June 30, 1999,  occupancy  for Historic New
Center improved slightly to 95%.  Further,  the property is operating just above
break-even.  However,  bad debt expense continues to be high as a result of poor
collections.  The  Managing  General  Partner  continues  to meet with  property
management on a monthly basis to work on this issue.

Westgate,  located in North Dakota, has been experiencing  declining  occupancy.
Occupancy  as of March 31,  1999 was 85%.  Affiliates  of the  Managing  General
Partner  have been working  with the Local  General  Partner who has raised some
concerns over the  long-term  financial  health of the property.  In response to
these concerns and to reduce possible future risk, the Managing  General Partner
consummated the transfer of 50% of the Partnership's  capital and profits in the
properties  to an  affiliate  of the Local  General  Partner in  November  1997.
Subsequently,  the Local General  Partner  transferred  both its general partner
interest  and 48.5% of the  partnership  interest in  Westgate  to a  non-profit
general  partner  effective June 17, 1999. As a result of this change,  the date
when the  Managing  General  Partner  has the right to  transfer  the  remaining
interest  to the new Local  General  Partner was amended to reflect the June 17,
1999 effective date. Accordingly,  the Managing General Partner has the right to
transfer the Partnership's  remaining  interest to the new Local General Partner
any time  after one year  from June 17,  1999.  Further,  the new Local  General
Partner has the right to call the remaining interest after the tax credit period
has expired.

As previously  reported,  in 1997,  the Local General  Partner of Wheeler House,
located in Nashua, New Hampshire was removed due to financial  insolvency and an
affiliate of the Managing  General Partner stepped in as temporary Local General
Partner. As the new Local General Partner, the affiliate of the Managing General
Partner  proceeded to negotiate with the lender on temporary debt  restructuring
to reduce  interest  rates and extend  the due date of the loan to 1998.  At the
same  time,   the  Managing   General   Partner  began   exploring   refinancing
opportunities.  A potential  lender was identified and performed an appraisal in
March.  The appraisal  showed  inadequate loan to value  coverage.  The Managing
General  Partner is  currently  negotiating  with the  lender  and is  exploring
measures to protect the  Partnership's  investment and the remaining tax credits
generated by the property. However, it is possible that the Partnership will not
be able to retain its interest in Wheeler  House  through  1999.  A  foreclosure
would result in recapture of credits,  the  allocation of taxable  income to the
Partnership, and loss of future benefits associated with this property.

Impact of Year 2000

The Managing  General  Partner's  plan to resolve year 2000 issues  involves the
following four phases: assessment,  remediation, testing and implementation.  To
date,  the Managing  General  Partner has fully  completed an  assessment of all
information  systems that may not be operative  subsequent to 1999 and has begun
the remediation, testing and

<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)


Impact of Year 2000 (continued)

implementation phase on both hardware and software systems. Because the hardware
and software systems of both the Partnership and Local Limited  Partnerships are
generally the  responsibility  of obligated  third  parties,  the plan primarily
involves ongoing  discussions with and obtaining  written  assurances from these
third  parties  that  pertinent  systems  will be 2000  compliant.  In addition,
neither  the  Partnership  nor the  Local  Limited  Partnerships  are  incurring
significant  additional costs since such expenses are principally  covered under
service  contracts with vendors.  As of November 1999, the General Partner is in
the final  stages  of its Year  2000  remediation  plan and  believes  all major
systems are  compliant;  any  systems  still  being  updated are not  considered
significant to the Partnership's operations. However,  despite  the  likelihood
that all  significant  year 2000  issues are expected to be resolved in a timely
manner,  the Managing General Partner has no means of ensuring  that all systems
of outside  vendors or other  entities  that impact operations will be 2000
compliant.  The Managing General Partner does not believe that the inability of
third parties to address their year 2000 issues in a timely manner will have a
material  impact on the  Partnership.  However,  the effect of non-compliance by
third parties is not readily determinable.

Management has also evaluated a worst case scenario  projection  with respect to
the year 2000 and  expects  any  resulting  disruption  of either  the  Managing
General Partner's activities or any Local Limited Partnership's operations to be
short-term  inconveniences.  Such  problems,  however,  are not  likely to fully
impede the ability to carry out necessary duties of the  Partnership.  Moreover,
because  expected  problems  under a worst  case  scenario  are not  extensively
detrimental,   and  because  the  likelihood  that  all  systems  affecting  the
Partnership  will be compliant  before 2000,  the Managing  General  Partner has
determined  that a formal  contingency  plan that  responds to  material  system
failures is not necessary.

Other Development

Lend Lease Real Estate Investments,  Inc., ("Lend Lease") the U.S. subsidiary of
Lend Lease Corporation and the leading U.S.  institutional  real estate advisor,
as ranked by assets under management,  announced on July 29, 1999 it had reached
a memorandum  of  understanding  to acquire The Boston  Financial  Group Limited
Partnership  ("Boston  Financial").  Lend Lease closed the acquisition of Boston
Financial on November 3, 1999.

Headquartered  in New York and  Atlanta,  Lend Lease  Corporation  has  regional
offices in 12 cities  nationwide.  The company ranks as the leading U.S. manager
of tax-exempt assets invested in real estate. Lend Lease is a subsidiary of Lend
Lease  Corporation,  an international  real estate and financial  services group
listed on the  Australian  Stock  Exchange.  Worldwide,  Lend Lease  Corporation
operates from more than 30 cities on five  continents:  North  America,  Europe,
Asia,  Australia and South America. In addition to real estate investments,  the
Lend  Lease  Group  operates  in the  areas  of  property  development,  project
management and construction,  and capital services  (infrastructure).  Financial
services  activities  include  funds  management,  life  insurance,  and  wealth
protection

<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, 1999.




<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 12, 1999                 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>