August 11, 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 June 30, 1999
      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-Q1.DOC


<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q

Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act
 of 1934

(Mark One)

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

For the quarterly period ended           June 30, 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        June 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>


PART I - FINANCIAL INFORMATION                                                        Page No.
------------------------------
<S>                                                                                       <C>
Item 1.   Financial Statements

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

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

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

          Combined Statements of Cash Flows (Unaudited) - For the Three
              Months Ended June 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                                         10

PART II - OTHER INFORMATION

Items 1-6                                                                                 13

SIGNATURE                                                                                 14

</TABLE>



<PAGE>


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


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


<TABLE>
<CAPTION>



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

<S>                                                                             <C>              <C>
Cash and cash equivalents                                                       $     316,601    $     450,450
Accounts receivable from affiliates, net                                              353,739          173,739
Tenant security deposit escrow                                                          3,770            3,758
Investments in Local Limited Partnerships, net of reserve
   for valuation of $590,197 (Note 1)                                              20,715,276       21,538,791
Marketable securities, at fair value                                                2,739,839        2,666,281
Prepaid assets                                                                          4,665            1,489
Rental property at cost, net of accumulated
   depreciation                                                                       772,068          778,843
Replacement reserve escrow                                                              5,529            7,425
Other assets                                                                           28,140           32,658
                                                                                -------------    -------------
   Total Assets                                                                 $  24,939,627    $  25,653,434
                                                                                =============    =============

Liabilities and Partners' Equity

Accounts payable to affiliates                                                  $     196,311    $     143,443
Accounts payable and accrued expenses                                                 111,738          133,838
Mortgage note payable                                                                 706,873          706,873
Tenant security deposits payable                                                        3,724            3,803
Deferred revenue                                                                      148,571          146,818
                                                                                -------------    -------------
   Total Liabilities                                                                1,167,217        1,134,775
                                                                                -------------    -------------

Minority interest in Local Limited Partnership                                        117,030          116,986

General, Initial and Investor Limited Partners' Equity                             23,670,287       24,394,204
Net unrealized gains (losses) on marketable securities                                (14,907)           7,469
                                                                                -------------    -------------
   Total Partners' Equity                                                          23,655,380       24,401,673
                                                                                -------------    -------------
   Total Liabilities and Partners' Equity                                       $  24,939,627    $  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 Months Ended June 30, 1999 and 1998


<TABLE>
<CAPTION>

                                                                                     1999               1998
                                                                                -------------      -------------
Revenue:
<S>                                                                             <C>                <C>
   Rental                                                                       $      29,922      $      29,475
   Investment                                                                          40,737             44,265
   Other                                                                               20,206              2,464
                                                                                -------------      -------------
     Total Revenue                                                                     90,865             76,204
                                                                                -------------      -------------

Expenses:
   General and administrative (includes
       reimbursements to an affiliate in the
       amounts of $28,655 and $25,511, respectively)                                   67,349             59,139
   Asset management fees, related party                                                61,501             60,556
   Rental operations, exclusive of depreciation                                        13,247             10,082
   Interest                                                                             6,143             19,500
   Depreciation                                                                         6,775             10,000
   Amortization                                                                         5,965              7,216
                                                                                -------------      -------------
     Total Expenses                                                                   160,980            166,493
                                                                                -------------      -------------

Loss before minority interest in losses of
   Local Limited Partnership and equity in
   losses of Local Limited Partnerships                                               (70,115)           (90,289)

Minority interest in losses of
   Local Limited Partnership                                                              (44)               101

Equity in losses of Local Limited
   Partnerships (Note 1)                                                             (653,758)          (803,042)
                                                                                -------------      -------------

Net Loss                                                                        $    (723,917)     $    (893,230)
                                                                                =============      =============

Net Loss allocated:
   To General Partners                                                          $      (7,239)     $      (8,932)
   To Limited Partners                                                               (716,678)          (884,298)
                                                                                -------------      -------------
                                                                                $    (723,917)     $    (893,230)
                                                                                =============      =============

Net Loss per Limited Partnership Unit
   (68,929 Units)                                                               $      (10.40)     $       (12.83)
                                                                                =============      ==============
 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)

              STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                                   (Unaudited)
                    For the Three Months Ended June 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                       -              -                 -       (22,376)          (22,376)
   Net Loss                              (7,239)             -          (716,678)             -         (723,917)
                                    -----------      ---------    --------------    -----------    -------------
Comprehensive Loss                       (7,239)             -          (716,678)      (22,376)         (746,293)
                                    -----------      ---------    --------------    ----------     -------------

Balance at June 30, 1999            $  (355,403)     $   5,000    $   24,020,690    $  (14,907)    $  23,655,380
                                    ===========      =========    ==============    ==========     =============

 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 Three Months Ended June 30, 1999 and 1998

<TABLE>
<CAPTION>


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

<S>                                                                             <C>                 <C>
Net cash used for operating activities                                          $ (23,729)          $  (62,096)
                                                                                ---------           ----------

Cash flows from investing activities:
  Purchases of marketable securities                                             (569,165)            (675,768)
  Proceeds from sales and maturities of marketable securities                     475,253              474,307
  Cash distributions received from Local
    Limited Partnerships                                                          163,792              289,045
  Advance to Local Limited Partnership                                           (180,000)                  -
                                                                                ---------           ---------
Net cash provided by (used for) investing activities                             (110,120)              87,584
                                                                                ---------           ----------

Cash flows from financing activities:
  Payment of mortgage principal                                                         -               (1,500)
                                                                                ---------           ----------
Net cash used for financing activities                                                  -               (1,500)
                                                                                ---------           ----------

Net increase (decrease) in cash and cash equivalents                             (133,849)              23,988

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

Cash and cash equivalents, ending                                               $ 316,601           $  263,920
                                                                                =========           ==========

Supplemental disclosure:
  Cash paid for interest                                                        $   6,143           $   19,500
                                                                                =========           ==========



 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  about the Local Limited  Partnerships  included in the accompanying
combined financial statements is as of March 31, 1999 and 1998.

1.   Investments in Local Limited Partnerships

The Partnership has acquired interests in twenty-six Local Limited Partnerships,
excluding Burbank, which 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,  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 and Huguenot Park, which 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 June 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 $1,406,910)                                                                     (33,256,786)

Cumulative cash distributions received
   from Local Limited Partnerships                                                            (1,505,646)
                                                                                          --------------
Investments in Local Limited Partnerships
   before adjustment                                                                          20,507,499

Excess of investment costs over the underlying net assets acquired:

     Acquisition fees and expenses                                                             1,006,357

     Accumulated amortization of acquisition
       fees and expenses                                                                        (208,383)
                                                                                          --------------
Investments in Local Limited Partnerships                                                     21,305,473

Reserve for valuation of investment in
   Local Limited Partnership                                                                    (590,197)
                                                                                          --------------
                                                                                          $   20,715,276
                                                                                          --------------
</TABLE>

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

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


1.   Investments in Local Limited Partnerships (continued)

The  Partnership's  share of the net losses of the Local Limited  Partnership's,
excluding Burbank, for the three months ended June 30, 1999 is $824,228. For the
three months ended June 30, 1999, the Partnership has not recognized $170,470 of
equity in losses relating to four 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>

3.   Supplemental Combining Schedules

                                                      Balance Sheets


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

<S>                                            <C>              <C>               <C>                <C>
Cash and cash equivalents                      $     309,045    $          7,556  $             -    $      316,601
Accounts receivable from affiliates, net             354,739                   -           (1,000)          353,739
Tenant security deposit escrow                             -               3,770                -             3,770
Investments in Local
   Limited Partnerships, net                      20,664,338                   -           50,938        20,715,276
Marketable securities, at fair value               2,739,839                   -                -         2,739,839
Prepaid assets                                             -               4,665                -             4,665
Rental property at cost, net of
   accumulated depreciation                                -             745,739           26,329           772,068
Replacement reserve escrow                                 -               5,529                -             5,529
Other assets                                          28,140                   -                -            28,140
                                               -------------    ----------------  ---------------    --------------
     Total Assets                              $  24,096,101    $        767,259  $        76,267    $   24,939,627
                                               =============    ================  ===============    ==============

Liabilities and Partners' Equity

Accounts payable to affiliates                 $     196,311    $          1,000  $        (1,000)   $      196,311
Accounts payable and accrued expenses                 95,839              15,899                -           111,738
Mortgage note payable                                      -             706,873                -           706,873
Tenant security deposits payable                           -               3,724                -             3,724
Deferred revenue                                     148,571                   -                -           148,571
                                               -------------    ----------------  ---------------    --------------
     Total Liabilities                               440,721             727,496           (1,000)        1,167,217
                                               -------------    ----------------  ---------------    --------------

Minority interest in Local Limited
   Partnership                                             -                   -          117,030           117,030
                                               -------------    ----------------  ---------------    --------------

General, Initial and Investor
   Limited Partners' Equity                       23,670,287              39,763          (39,763)       23,670,287
Net unrealized losses on
   marketable securities                             (14,907)                  -                -           (14,907)
                                               -------------    ----------------  ---------------    --------------
     Total Partners' Equity                       23,655,380              39,763          (39,763)       23,655,380
                                               -------------    ----------------  ---------------    --------------
     Total Liabilities and Partners' Equity    $  24,096,101    $        767,259  $        76,267    $   24,939,627
                                               =============    ================  ===============    ==============

(A) As of June 30, 1999.
(B) As of March 31, 1999.
</TABLE>


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

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

3.   Supplemental Combining Schedules (continued)

                                                 Statements of Operations

                                               Boston Financial
                                              Qualified Housing     Wheeler
                                                 Tax Credits        House                             Combined
                                                 L.P. V (A)       (Burbank)(B)    Eliminations          (A)
Revenue:
<S>                                            <C>              <C>               <C>                <C>
   Rental                                      $           -    $         29,922  $             -    $       29,922
   Investment                                         40,737                   -                -            40,737
   Other                                              19,609                 597                -            20,206
                                               -------------    ----------------  ---------------    --------------
     Total Revenue                                    60,346              30,519               -             90,865
                                               -------------    ----------------  ---------------    --------------

Expenses:
   General and administrative                         67,349                   -                -            67,349
   Asset management fees, related party               61,501                   -                -            61,501
   Rental operations, exclusive of
     depreciation                                          -              13,247                -            13,247
   Interest                                                -               6,143                -             6,143
   Depreciation                                            -               6,775                -             6,775
   Amortization                                        5,965                   -                -             5,965
                                               -------------    ----------------  ---------------    --------------
     Total Expenses                                  134,815              26,165                -           160,980
                                               -------------    ----------------  ---------------    --------------

Income (Loss) before minority interest in losses of
   Local Limited Partnership and equity in
   losses of Local Limited Partnerships              (74,469)              4,354                -           (70,115)

Minority interest in losses of
   Local Limited Partnership                               -                   -              (44)              (44)

Equity in losses of Local Limited
   Partnerships                                     (649,448)                  -           (4,310)         (653,758)
                                               -------------    ----------------  ---------------    --------------

Net Income (Loss)                              $    (723,917)   $          4,354  $        (4,354)   $     (723,917)
                                               =============    ================  ===============    ==============

(A) For the three  months  ended June 30,  1999.
(B) For the three months ended March 31, 1999.
</TABLE>


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

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

3.   Supplemental Combining Schedules (continued)

                                                 Statements of Cash Flows

                                               Boston Financial
                                              Qualified Housing     Wheeler
                                                 Tax Credits        House                               Combined
                                                 L.P. V (A)       (Burbank) (B)    Eliminations            (A)
Net cash provided by (used for)
<S>                                            <C>              <C>               <C>                <C>
   operating activities                        $     (30,766)   $        7,037    $            -     $      (23,729)
                                               -------------    --------------    ---------------    --------------

Cash flows from investing activities:
   Purchases of marketable securities               (569,165)                -                  -          (569,165)
   Proceeds from sales and maturities
     of marketable securities                        475,253                 -                  -           475,253
   Cash distributions received from
     Local Limited Partnerships                      163,792                 -                  -           163,792
   Advance to Local Limited Partnership             (180,000)                -                  -          (180,000)
                                               -------------    --------------    ---------------    --------------
Net cash used for investing activities              (110,120)                -                  -          (110,120)
                                               -------------    --------------    ---------------    --------------

Net increase (decrease) in cash
   and cash equivalents                             (140,886)            7,037                  -          (133,849)

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

Cash and cash equivalents, ending              $     309,045    $        7,556    $             -    $      316,601
                                               =============    ==============    ===============    ==============

(A) For the three  months  ended June 30,  1999.
(B) For the three months ended March 31, 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,  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 June  30,  1999,  the  Partnership  (including  Burbank)  had  cash  and cash
equivalents  of  $316,601,  as compared  with  $450,450 at March 31,  1999.  The
decrease is primarily  attributable  to purchases of  marketable  securities  in
excess of proceeds from sales and  maturities of marketable  securities and cash
used  for  operating  activities.  The  decrease  is  partially  offset  by cash
distributions received from Local Limited Partnerships.

Approximately  $2,199,000  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,  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 June 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 three months ended June 30, 1999.

Results of Operations

The Partnership's results of operations for the three months ended June 30, 1999
resulted in a net loss of  $723,917,  as compared to a net loss of $893,230  for
the same period in 1998. The decrease in net loss is primarily attributable to a
decrease in equity in losses of Local Limited Partnerships.  Equity in losses of
Local Limited Partnerships  decreased due to an overall decrease in interest and
operating  expenses and 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 site manager was hired in October 1998. The new
site manager will focus on  implementing a new marketing  strategy and improving
rent  collections.  As of March 31,  1999,  occupancy  for  Historic  New center
improved  slightly to 95%. The Managing General Partner will continue to closely
monitor property operations.

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 an effort to
reduce  possible  future risk,  the Managing  General  Partner  consummated  the
transfer of 50% of the Partnership's interest in capital and profits in Westgate
to the Local  General  Partner.  The Managing  General  Partner has the right to
transfer the Partnership's  remaining  interest to the Local General Partner any
time after one year has elapsed.  The Partnership  will retain its full share of
tax  credits  until  such  time as the  remaining  interest  is put to the Local
General  Partner.  In addition,  the 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.

In accordance with Financial  Accounting  Standard No. 121,  "Accounting for the
Impairment of Long-Lived  Assets and for  Long-Lived  Assets to Be Disposed Of",
which is  effective  for fiscal years  beginning  after  December 15, 1995,  the
Partnership has implemented  policies and practices for assessing  impairment of
its real estate assets and investments in local limited partnerships. Each asset
is analyzed by real  estate  experts to  determine  if an  impairment  indicator
exists.  If so, the carrying  value is compared to future cash flows expected to
be derived from the asset.  If the total  undiscounted  cash flows are less than
the  carrying  value,  a provision to write down the asset to fair value will be
charged against income.



<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

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 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 the service contracts with vendors. As of August 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.,  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 has reached a memorandum
of understanding to acquire The Boston Financial Group Limited Partnership.  The
transaction  remains  subject  to final due  diligence,  legal  agreements,  and
regulatory  approvals with no guarantee that the acquisition  will be completed.
The two  companies  are  targeting  to complete the  transactions  by the end of
September.

Headquartered in New York and Atlanta, Lend Lease Real Estate Investments,  Inc.
has regional offices in 12 cities nationwide.  Worldwide, Lend Lease Real Estate
Investments operates from more than 30 cities on five continents: North America,
Europe, Asia, Australia and South America. The company ranks as the leading U.S.
manager of tax-exempt assets invested in real estate. It is a subsidiary of Lend
Lease  Corporation,  an international  real estate and financial  services group
listed on the Australian Stock Exchange. 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 June 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:  August 11, 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>