February 11, 2000




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 December 31, 1999
      File No. 0-19706



Gentlemen:

Pursuant to the requirements of Section 15(d) of the Securities  Exchange Act of
1934, filed herewith is one copy of 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, 1999
                               ----------------------------------------------

                                       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>
<TABLE>
<CAPTION>


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

                                TABLE OF CONTENTS




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

Item 1.   Financial Statements

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

          Combined Statements of Operations (Unaudited) - For the Three and  Nine
              Months Ended December 31, 1999 and 1998                                      2

          Combined Statement of Changes in Partners' Equity (Deficiency)
              (Unaudited) - For the Nine Months Ended December 31, 1999                    3

          Combined Statements of Cash Flows (Unaudited) - For the Nine
              Months Ended December 31, 1999 and 1998                                      4

          Notes to the 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                                                                                 11

SIGNATURE                                                                                 12
</TABLE>




<PAGE>


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

                             COMBINED BALANCE SHEETS
                      December 31, 1999 and March 31, 1999

<TABLE>
<CAPTION>


                                                                                 December 31,       March 31,
                                                                                     1999             1999
                                                                                 (Unaudited)
Assets

<S>                                                                             <C>              <C>
Cash and cash equivalents                                                       $     497,501    $     450,450
Accounts receivable from affiliates, net                                                    -          173,739
Tenant security deposit escrow                                                          3,805            3,758
Investments in Local Limited Partnerships, net of reserve
   for valuation of $590,197 (Note 1)                                              19,541,320       21,538,791
Marketable securities, at fair value                                                2,297,697        2,666,281
Prepaid assets                                                                          1,489            1,489
Rental property at cost, net of accumulated
   depreciation                                                                       761,438          778,843
Replacement reserve escrow                                                              5,951            7,425
Other assets                                                                           30,242           32,658
                                                                                -------------    -------------
   Total Assets                                                                 $  23,139,443    $  25,653,434
                                                                                =============    =============

Liabilities and Partners' Equity

Accounts payable to affiliates                                                  $      12,971    $     143,443
Accounts payable and accrued expenses                                                  76,552          133,838
Mortgage note payable                                                                 704,555          706,873
Tenant security deposits payable                                                        3,809            3,803
Deferred revenue                                                                      129,360          146,818
                                                                                -------------    -------------
   Total Liabilities                                                                  927,247        1,134,775
                                                                                -------------    -------------

Minority interest in Local Limited Partnership                                        116,854          116,986
                                                                                -------------    -------------

General, Initial and Investor Limited Partners' Equity                             22,126,831       24,394,204
Net unrealized gains (losses) on marketable securities                                (31,489)           7,469
                                                                                -------------    -------------
   Total Partners' Equity                                                          22,095,342       24,401,673
                                                                                -------------    -------------
   Total Liabilities and Partners' Equity                                       $  23,139,443    $  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
        For the Three and Nine Months Ended December 31, 1999 and 1998
                                   (Unaudited)

<TABLE>
<CAPTION>

                                             Three Months Ended                          Nine Months Ended
                                      December 31,          December 31,          December 31,       December 31,
                                          1999                  1998                  1999               1998
                                      -------------         -------------         -------------    -------------

Revenue:
<S>                                    <C>                  <C>                   <C>               <C>
   Rental                              $     30,330         $     29,740          $     90,446      $     88,203
   Investment                                39,808               44,397               118,463           118,955
   Other                                      7,012               14,572                51,314            88,120
                                       ------------         ------------          ------------      ------------
     Total Revenue                           77,150               88,709               260,223           295,278
                                       ------------         ------------          ------------      ------------

Expenses:
   General and administrative
     (includes reimbursements
     to an affiliate in the amounts
     of $81,414 and $78,611
     in 1999 and 1998, respectively)         62,464              236,498               257,039           343,564
   Asset management fees,
     related party                           61,493               60,556               184,490           181,668
   Rental operations, exclusive
     of depreciation                         10,032                8,484                32,084            28,501
   Bad debt expense                               -                    -               173,739                 -
Interest                                     17,656               18,429                52,970            54,794
   Depreciation                               6,775               10,590                20,326            31,767
   Amortization                               6,203                5,487                18,614            17,896
                                       ------------         ------------          ------------      ------------
     Total Expenses                         164,623              340,044               739,262           658,190
                                       ------------         ------------          ------------      ------------

Loss before minority interest in losses
   of Local Limited Partnerships and equity
   in losses of Local Limited
   Partnerships                             (87,473)            (251,335)             (479,039)         (362,912)

Minority interest in losses of
   Local Limited Partnership                     34                   74                   132               259
Equity in losses of Local
   Limited Partnerships (Note 1)           (761,707)          (1,278,629)           (1,788,466)       (2,775,741)
                                       ------------         ------------          ------------      ------------

Net Loss                               $   (849,146)        $ (1,529,890)         $ (2,267,373)     $ (3,138,394)
                                       ============         ============          ============      ============

Net Loss allocated:
   To General Partners                 $     (8,492)        $    (15,299)         $    (22,674)     $    (31,384)
   To Limited Partners                     (840,654)          (1,514,591)           (2,244,699)       (3,107,010)
                                       ------------         ------------          ------------      ------------
                                       $   (849,146)        $ (1,529,890)         $ (2,267,373)     $ (3,138,394)
                                       ============         ============          ============      ============
Net Loss per Limited Partnership
Unit (68,929 Units)                    $     (12.20)        $     (21.98)         $     (32.57)     $      (45.08)
                                       ============         ============          ============      =============



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)
                   For the Nine Months Ended December 31, 1999
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                                                      Net
                                                    Initial       Investor        Unrealized
                                      General       Limited        Limited           Gain
                                     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                      -            -                -         (38,958)         (38,958)
   Net Loss                             (22,674)           -       (2,244,699)              -       (2,267,373)
                                    -----------    ---------    -------------     -----------    -------------
Comprehensive Loss                      (22,674)           -       (2,244,699)        (38,958)      (2,306,331)
                                    -----------    ---------    -------------     -----------    -------------

Balance at December 31, 1999        $  (370,838)   $   5,000    $  22,492,669     $   (31,489)   $  22,095,342
                                    ===========    =========    =============     ===========    =============


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
              For the Nine Months Ended December 31, 1999 and 1998
                                   (Unaudited)


<TABLE>
<CAPTION>

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

<S>                                                                          <C>                  <C>
Net cash used for operating activities                                       $      (470,039)     $    (356,003)
                                                                             ---------------      -------------

Cash flows from investing activities:
   Purchases of marketable securities                                               (768,983)        (2,125,108)
   Proceeds from sales and maturities of marketable securities                     1,100,921          2,459,825
   Additions to rental property                                                       (3,637)              (765)
   Cash distributions received from Local
     Limited Partnerships                                                            191,107            318,319
   Advances to Local Limited Partnerships                                           (180,000)                 -
   Repayment of advances to Local Limited Partnerships                               180,000                  -
                                                                             ---------------      -------------
       Net cash provided by investing activities                                     519,408            652,271
                                                                             ---------------      -------------

Cash flows from financing activities:
   Payment of mortgage principal                                                      (2,318)              (494)
   Advance from affiliate                                                                  -              1,000
                                                                             ---------------      -------------
     Net cash provided by (used for) financing activities                             (2,318)               506
                                                                             ---------------      -------------

Net increase in cash and cash equivalents                                             47,051            296,774

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

Cash and cash equivalents, ending                                            $       497,501      $     536,706
                                                                             ===============      =============

Supplemental disclosure:
Cash paid for interest                                                       $        52,970      $      54,794
                                                                             ===============      =============



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  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 September 30, 1999 and 1998.

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 December 31, 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 $2,279,998)                                  (34,391,494)

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

Investments in Local Limited Partnerships before adjustment                                   19,345,476

Excess of investment cost over the underlying net assets acquired:

     Acquisition fees and expenses                                                             1,006,357

     Accumulated amortization of acquisition fees and expenses                                  (220,316)
                                                                                          --------------

Investments in Local Limited Partnerships                                                     20,131,517

Reserve for valuation of investment in Local Limited Partnership                                (590,197)
                                                                                          --------------
                                                                                          $   19,541,320
                                                                                          --------------
</TABLE>

The  Partnership's  share  of net  losses  of the  Local  Limited  Partnerships,
excluding  Burbank,  for  the  nine  months  ended  December  31,  1999  totaled
$2,832,024. For the nine months ended December 31, 1999, the Partnership has not
recognized  $1,043,558  of equity  in losses  relating  to eight  Local  Limited
Partnerships where cumulative equity in losses and cumulative distributions form
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 THE COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)


2.   Supplemental Combining Schedules

<TABLE>
<CAPTION>
                                                      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                      $     497,001    $            500  $             -    $      497,501
Tenant security deposit escrow                             -               3,805                -             3,805
Investments in Local
   Limited Partnerships, net                      19,471,261                   -           70,059        19,541,320
Marketable securities, at fair value               2,297,697                   -                -         2,297,697
Prepaid assets                                             -               1,489                -             1,489
Rental property at cost, net of
   accumulated depreciation                                -             735,825           25,613           761,438
Replacement reserve escrow                                 -               5,951                -             5,951
Other assets                                          30,242                   -                -            30,242
                                               -------------    ----------------  ---------------    --------------
     Total Assets                              $  22,296,201    $        747,570  $        95,672    $   23,139,443
                                               =============    ================  ===============    ==============


Liabilities and Partners' Equity
Accounts payable to affiliates                 $      12,971    $          1,000  $        (1,000)    $      12,971
Accounts payable and accrued expenses                 59,528              17,024                -            76,552
Mortgage note payable                                      -             704,555                -           704,555
Tenant security deposits payable                           -               3,809                -             3,809
Deferred revenue                                     129,360                   -                -           129,360
                                               -------------    ----------------  ---------------    --------------
     Total Liabilities                               201,859             726,388           (1,000)          927,247
                                               -------------    ----------------  ---------------    --------------

Minority interest in Local Limited
   Partnership                                             -                   -          116,854           116,854
                                               -------------    ----------------  ---------------    --------------

General, Initial and Investor
   Limited Partners' Equity                       22,125,831              21,182          (20,182)       22,126,831
Net unrealized losses on
   marketable securities                             (31,489)                  -                -           (31,489)
                                               -------------    ----------------  ---------------    --------------
     Total Partners' Equity                       22,094,342              21,182          (20,182)       22,095,342
                                               -------------    ----------------  ---------------    --------------
     Total Liabilities and Partners' Equity    $  22,296,201    $        747,570  $        95,672    $   23,139,443
                                               =============    ================  ===============    ==============

(A) As of December 31, 1999.
(B) As of September 30, 1999.
</TABLE>


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

             NOTES TO THE COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)


2.   Supplemental Combining Schedules (continued)

                            Statements of Operations
<TABLE>
<CAPTION>


                                              Boston Financial
                                             Qualified Housing
                                                 Tax Credits         Burbank
                                                 L.P. V (A)            (B)         Eliminations           Combined
Revenue:
<S>                                            <C>              <C>               <C>              <C>
   Rental                                      $          -     $      90,446     $           -    $      90,446
   Investment                                        118,289              174                 -          118,463
   Other                                              49,804            1,510                 -           51,314
                                               -------------    -------------     -------------    -------------
     Total Revenue                                   168,093           92,130                 -          260,223
                                               -------------    -------------     -------------    -------------

Expenses:
   General and administrative                        257,039                -                 -          257,039

   Asset management fees, related party              184,490                -                 -          184,490
   Rental operations, exclusive
     of depreciation                                       -           32,084                 -           32,084
   Bad debt expense                                  174,739                -            (1,000)         173,739
   Interest                                                -           52,970                 -           52,970

   Depreciation                                            -           20,326                 -           20,326
   Amortization                                       18,614                -                 -           18,614
                                               -------------    -------------     -------------    -------------
     Total Expenses                                  634,882          105,380            (1,000)         739,262
                                               -------------    -------------     -------------    -------------

Loss before minority interest in losses
   of Local Limited  Partnership and equity
   in losses of Local Limited
   Partnerships                                     (466,789)         (13,250)            1,000         (479,039)

Minority interest in losses of
   Local Limited Partnership                               -                -               132              132


Equity in losses of Local
   Limited Partnership                            (1,801,584)               -            13,118       (1,788,466)
                                               -------------    -------------     -------------    -------------

Net Loss                                       $  (2,268,373)   $     (13,250)    $      14,250    $  (2,267,373)
                                               =============    =============     =============    =============


(A) For the nine months ended December 31, 1999.
(B) For the nine months ended September 30, 1999.
</TABLE>


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

             NOTES TO THE COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)


2.   Supplemental Combining Schedules (continued)

<TABLE>
<CAPTION>
                                                 Statements of Cash Flows


                                               Boston Financial
                                              Qualified Housing
                                                 Tax Credits         Burbank
                                                 L.P. V (A)            (B)         Eliminations         Combined
Net cash provided by (used for)
<S>                                            <C>              <C>               <C>                <C>
   operating activities                        $    (476,952)   $        6,913    $             -    $     (470,039)
                                               -------------    --------------    ---------------    --------------

Cash flows from investing activities:
   Purchases of marketable securities               (768,983)                -                  -          (768,983)
   Proceeds from sales and maturities
     of marketable securities                      1,100,921                 -                  -         1,100,921
   Additions to rental property                            -            (3,637)                 -            (3,637)
Cash distributions received from
     Local Limited Partnerships                      192,084                 -               (977)          191,107
   Advances to Local Limited Partnerships           (188,700)                -              8,700          (180,000)
   Repayment of advances to Local Limited
     Partnerships                                    188,700                 -             (8,700)          180,000
                                               -------------    --------------    ---------------    --------------
Net cash provided by (used for)
   investing activities                              524,022            (3,637)              (977)          519,408
                                               -------------    --------------    ---------------    --------------

Cash flows from financing activities:
   Payment of mortgage principal                           -            (2,318)                 -            (2,318)
   Advance from affiliate                                  -             8,700             (8,700)                -
   Repayment of advance from affiliate                     -            (8,700)             8,700                 -
   Distribution to partner                                 -              (977)               977                 -
                                               -------------    --------------    ---------------    --------------
Net cash used for financing activities                     -            (3,295)               977            (2,318)
                                               -------------    --------------    ---------------    --------------

Net increase (decrease) in cash and
   cash equivalents                                   47,070               (19)                 -            47,051

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

Cash and cash equivalents, ending              $     497,001    $          500    $             -    $      497,501
                                               =============    ==============    ===============    ==============


(A) For the nine months ended December 31, 1999.
(B) For the nine months ended September 30, 1999.
</TABLE>



<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 and interest rates.

Liquidity and Capital Resources

At December  31, 1999,  the  Partnership  (including  Burbank) had cash and cash
equivalents  of $497,501  as  compared  with  $450,450  at March 31,  1999.  The
increase is primarily  attributable  to 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  $2,237,000  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 December 31, 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 nine months ended December 31, 1999.

Results of Operations

The  Partnership's  results of  operations  for the three and nine months  ended
December  31,  1999   resulted  in  net  losses  of  $849,146  and   $2,267,373,
respectively,  as compared to net losses of $1,529,890  and  $3,138,394  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 as
well as a decrease in legal fees.  These  effects  were  partially  offset by an
increase in bad debts  expense.  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


Property Discussions

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 is focusing on  implementing a new marketing  strategy and
improving rent collections.  As of December 31, 1999, occupancy for Historic New
Center improved slightly to 87%.  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 monitor on this issue

Westgate,  located in North Dakota, had been experiencing  declining  occupancy.
Occupancy as of December 31, 1999 was 98%.  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  negotiated  with the lender on temporary debt  restructuring  to reduce
interest  rates  and  extend  the due  date of the loan to 1998 to  protect  the
Partnership's  investment  and  the  remaining  tax  credits  generated  by  the
property.  However, in December 1999, the Lender began foreclosure  proceedings.
The  foreclosure  was completed 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.




<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, 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:  February 11, 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>