August 13, 1998




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, 1998
      File No. 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/Dianne Groark
    
Dianne Groark
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, 1998
                               ------------------------------------------

                                       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, 1998      Commission file number    0-19706
                  ------------------------                          ------------

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


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


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


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

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


<PAGE>


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

                                TABLE OF CONTENTS




PART I - FINANCIAL INFORMATION                                          Page No.
------------------------------

Item 1.   Financial Statements

          Combined Balance Sheets - June 30, 1998 (Unaudited) and
              March 31, 1998                                                 1

          Combined Statements of Operations (Unaudited) - For the Three
              Months Ended June 30, 1998 and 1997                            2

          Combined Statement of Changes in Partners' Equity (Deficiency)
              (Unaudited) - For the Three Months Ended June 30,
              1998                                                           3

          Combined Statements of Cash Flows (Unaudited) - For the Three
              Months Ended June 30, 1998 and 1997                            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                                                                    12

SIGNATURE                                                                    13




<PAGE>


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

                                                         
                             COMBINED BALANCE SHEETS
<TABLE>
<CAPTION>



                                                                                   June 30,         March 31,
                                                                                     1998             1998
                                                                                  (Unaudited)
Assets
<S>                                                                             <C>              <C>          
Cash and cash equivalents                                                       $      263,920   $     239,932
Mortgagee escrow deposits                                                                    -             382
Tenant security deposit escrow                                                           3,017           3,017
Investments in Local Limited Partnerships, net of reserve
   for valuation of $590,197 (Note 1)                                               23,649,420      24,775,767
Marketable securities, at fair value                                                 3,270,355       3,064,717
Rental property at cost, net of accumulated
   depreciation                                                                        795,968         778,924
Replacement reserve escrow                                                               2,400           2,888
Other assets                                                                            56,343          40,041
                                                                                --------------   -------------
   Total Assets                                                                 $   28,041,423   $  28,905,668
                                                                                ==============   =============

Liabilities and Partners' Equity

Accounts payable to affiliates                                                  $      129,551   $      79,210
Accounts payable and accrued expenses                                                   46,221          72,983
Mortgage note payable                                                                  706,159         707,659
Tenant security deposits payable                                                         3,017           3,017
Deferred revenue                                                                       141,356         139,461
                                                                                --------------   -------------
   Total Liabilities                                                                 1,026,304       1,002,330
                                                                                --------------   -------------

Minority interest in Local Limited Partnership                                         140,453         140,554

General, Initial and Investor Limited Partners' Equity                              26,884,007      27,777,237
Net unrealized losses on marketable securities                                          (9,341)        (14,453)
                                                                                --------------   -------------
   Total Partners' Equity                                                           26,874,666      27,762,784
                                                                                --------------   -------------
   Total Liabilities and Partners' Equity                                       $   28,041,423   $  28,905,668
                                                                                ==============   =============



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, 1998 and 1997

<TABLE>
<CAPTION>


                                                                                     1998               1997
                                                                                -------------      ---------
Revenue:
<S>                                                                             <C>                <C>          
   Rental                                                                       $      29,475      $       9,801
   Investment                                                                          44,265             44,428
   Other                                                                                2,464              1,943
                                                                                -------------      -------------
     Total Revenue                                                                     76,204             56,172
                                                                                -------------      -------------

Expenses:
   General and administrative (includes
       reimbursements to an affiliate in the
       amounts of $25,511 and $40,069, respectively)                                   59,139             68,165
   Asset management fees, related party                                                60,556             59,177
   Rental operations, exclusive of depreciation                                        10,082              1,975
   Property management fee, related party                                                   -                590
   Interest                                                                            19,500              6,837
   Depreciation                                                                        10,000              3,530
   Amortization                                                                         7,216              7,323
                                                                                -------------      -------------
     Total Expenses                                                                   166,493            147,597
                                                                                -------------      -------------

Loss before minority interest in losses of
   Local Limited Partnership and equity in
   losses of Local Limited Partnerships                                               (90,289)           (91,425)

Minority interest in losses of
   Local Limited Partnership                                                              101                 31

Equity in losses of Local Limited
   Partnerships                                                                      (803,042)        (1,025,758)
                                                                                -------------      -------------

Net Loss                                                                        $    (893,230)     $  (1,117,152)
                                                                                =============      =============

Net Loss allocated:
   To General Partners                                                          $      (8,932)     $     (11,172)
   To Limited Partners                                                               (884,298)        (1,105,980)
                                                                                -------------      -------------
                                                                                $    (893,230)     $  (1,117,152)
                                                                                =============      =============

Net Loss per Limited Partnership Unit
   (68,929 Units)                                                               $      (12.83)     $       (16.05)
                                                                                =============      ==============

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 Three Months Ended June 30, 1998

<TABLE>
<CAPTION>

                                                  Initial         Investor             Net
                                  General         Limited          Limited         Unrealized
                                 Partners         Partner         Partners           Losses             Total

<S>                             <C>               <C>           <C>                                <C>        
Balance at March 31, 1998       $ (314,334)       $5,000        $28,086,571         $ (14,453)     $  27,762,784

Net change in net unrealized
   losses on marketable
   securities available for sale         -             -                   -            5,112              5,112

Net Loss                            (8,932)            -            (884,298)              -            (893,230)
                                ----------        ------        ------------        ---------      -------------

Balance at June 30, 1998        $ (323,266)       $ 5,000       $ 27,202,273        $  (9,341)     $  26,874,666
                                ==========        =======       ============        =========      =============


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, 1998 and 1997


<TABLE>
<CAPTION>

                                                                                  1998                  1997
                                                                                -----------         ----------

<S>                                                                             <C>                 <C>        
Net cash used for operating activities                                          $ (62,096)          $  (35,895)
                                                                                ---------           ----------

Cash flows from investing activities:
  Purchases of marketable securities                                             (675,768)            (396,596)
  Proceeds from sales and maturities of marketable securities                     474,307              606,512
  Cash distributions received from Local
    Limited Partnerships                                                          289,045              132,468
                                                                                ---------           ----------
Net cash provided by investing activities                                          87,584              342,384
                                                                                ---------           ----------

Cash flows from financing activities:
  Payment of mortgage principal                                                    (1,500)                (333)
                                                                                ---------           ----------
Net cash used for financing activities                                             (1,500)                (333)
                                                                                ---------           ----------

Net increase in cash and cash equivalents                                          23,988              306,156

Cash and cash equivalents, beginning                                              239,932              450,504
                                                                                ---------           ----------

Cash and cash equivalents, ending                                               $ 263,920           $  756,660
                                                                                =========           ==========

Supplemental disclosure:
  Cash paid for interest                                                        $  19,500           $    6,837
                                                                                =========           ==========



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, 1998. 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, 1998 and 1997.

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 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, 1998:
<TABLE>
<CAPTION>
<S>                                                                                       <C>

Capital contributions paid to Local Limited
   Partnerships and purchase price paid to
   withdrawing partners of Local Limited
   Partnerships                                                                           $   55,219,511

Cumulative equity in losses of Local Limited
   Partnerships (excluding cumulative unrecognized
   losses of $174,403)                                                                       (30,538,612)

Cumulative cash distributions received
   from Local Limited Partnerships                                                            (1,262,101)

Investments in Local Limited Partnerships
   before adjustment                                                                          23,418,798

Excess of investment cost over the underlying net assets acquired:

     Acquisition fees and expenses                                                             1,006,357

     Accumulated amortization of acquisition
       fees and expenses                                                                        (185,538)

Investments in Local Limited Partnerships                                                     24,239,617

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

                                                                                          $   23,649,420

</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, 1998 is $843,878. For the
three months ended June 30, 1998, the Partnership has not recognized  $40,836 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.

2.   Effect of Recently Issued Accounting Standard

The Financial  Accounting Standards Board recently issued Statement of Financial
Accounting  Standards No. 130, Reporting  Comprehensive  Income. The Partnership
has adopted  the new  standard  effective  April 1, 1998.  The  adoption of this
standard  had no effect on the  Partnership's  net income or  partner's  equity.
Comprehensive  loss was $888,118 and  $1,100,252 for the quarters ended June 30,
1998 and 1997,  respectively.  Comprehensive  loss  includes  the  change in net
unrealized  gains and  losses on  marketable  securities  available  for sale of
$5,112 and $16,900 for the quarters ended June 30, 1998 and 1997, respectively.




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

               NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)


3.   Supplemental Combining Schedules

<TABLE>
<CAPTION>
                                                      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                      $     263,720    $            200  $             -    $      263,920
Tenant security deposit escrow                             -               3,017                -             3,017
Investments in Local
   Limited Partnerships, net                      23,595,420                   -           54,000        23,649,420
Marketable securities, at fair value               3,270,355                   -                -         3,270,355
Rental property at cost, net of
   accumulated depreciation                                -             768,924           27,044           795,968
Replacement reserve escrow                                 -               2,400                -             2,400
Other assets                                          56,343                   -                -            56,343
                                               -------------    ----------------  ---------------    --------------
     Total Assets                              $  27,185,838    $        774,541  $        81,044    $   28,041,423
                                               =============    ================  ===============    ==============

Liabilities and Partners' Equity (Deficiency)

Accounts payable to affiliates                 $     129,551    $              -  $             -    $      129,551

Accounts payable and accrued expenses                 40,265               5,956                -            46,221
Mortgage note payable                                      -             706,159                -           706,159
Tenant security deposits payable                           -               3,017                -             3,017
Deferred revenue                                     141,356                   -                -           141,356
                                               -------------    ----------------  ---------------    --------------
     Total Liabilities                               311,172             715,132                -         1,026,304
                                               -------------    ----------------  ---------------    --------------

Minority interest in Local Limited
   Partnership                                             -                   -          140,453           140,453
                                               -------------    ----------------  ---------------    --------------

General, Initial and Investor
   Limited Partners' Equity                       26,884,007              59,409          (59,409)       26,884,007
Net unrealized losses on
   marketable securities                              (9,341)                  -                -            (9,341)
                                               -------------    ----------------  ---------------    --------------
     Total Partners' Equity                       26,874,666              59,409          (59,409)       26,874,666
                                               -------------    ----------------  ---------------    --------------
     Total Liabilities and Partners' Equity    $  27,185,838    $        774,541  $        81,044    $   28,041,423
                                               =============    ================  ===============    ==============

(A) As of June 30, 1998. 
(B) As of March 31, 1998.

</TABLE>

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

               NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)

3.   Supplemental Combining Schedules (continued)
<TABLE>
<CAPTION>

                                                 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                                      $           -    $         29,475  $             -    $       29,475
   Investment                                         44,265                   -                -            44,265
   Other                                               2,415                  49                -             2,464
                                               -------------    ----------------  ---------------    --------------
     Total Revenue                                    46,680              29,524                -            76,204
                                               -------------    ----------------  ---------------    --------------

Expenses:
   General and administrative                         59,139                   -                -            59,139
   Asset management fees, related party               60,556                   -                -            60,556
   Rental operations, exclusive of
     depreciation                                          -              10,082                -            10,082
   Interest                                                -              19,500                -            19,500
   Depreciation                                            -              10,000                -            10,000
   Amortization                                        7,216                   -                -             7,216
                                               -------------    ----------------  ---------------    --------------
     Total Expenses                                  126,911              39,582                -           166,493
                                               -------------    ----------------  ---------------    --------------

Loss before minority interest in losses of
   Local Limited Partnership and equity in
   losses of Local Limited Partnerships              (80,231)            (10,058)               -           (90,289)

Minority interest in losses of
   Local Limited Partnership                               -                   -              101               101

Equity in losses of Local Limited
   Partnerships                                     (812,999)                 -             9,957          (803,042)
                                               -------------    ----------------  ---------------    --------------

Net Loss                                       $    (893,230)   $        (10,058) $        10,058    $     (893,230)
                                               =============    ================  ===============    ==============

(A) For the three months ended June 30,  1998.  
(B) For the three months ended March 31, 1998.
</TABLE>


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

               NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
                                   (Unaudited)


3.   Supplemental Combining Schedules (continued)
<TABLE>
<CAPTION>

                                                 Statements of Cash Flows

                                               Boston Financial
                                              Qualified Housing      Wheeler
                                                 Tax Credits          House                             Combined
                                                 L.P. V (A)       (Burbank) (B)    Eliminations            (A)
<S>                                            <C>              <C>               <C>                <C>    
Net cash provided by (used for)
   operating activities                        $     (63,572)   $        1,476    $             -    $      (62,096)
                                               -------------    ---------------   ---------------    --------------

Cash flows from investing activities:
   Purchases of marketable securities               (675,768)                -                  -          (675,768)
   Proceeds from sales and maturities
     of marketable securities                        474,307                 -                  -           474,307
   Cash distributions received from
     Local Limited Partnerships                      289,045                 -                  -           289,045
                                               -------------    --------------    ---------------    --------------
Net cash provided by
     investing activities                             87,584                 -                  -            87,584
                                               -------------    --------------    ---------------    --------------

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

Net increase (decrease) in cash
   and cash equivalents                               24,012               (24)                 -            23,988

Cash and cash equivalents, beginning                 239,708               224                  -           239,932
                                               -------------    --------------    ---------------    --------------

Cash and cash equivalents, ending              $     263,720    $          200    $             -    $      263,920
                                               =============    ==============    ===============    ==============

(A) For the three months ended June 30,  1998.  
(B) For the three months ended March 31, 1998.

</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


Liquidity and Capital Resources

At June  30,  1998,  the  Partnership  (including  Burbank)  had  cash  and cash
equivalents  of  $263,920,  as compared  with  $239,932 at March 31,  1998.  The
increase is primarily  attributable  to cash  distributions  received from Local
Limited  Partnerships.   The  increase  is  partially  offset  by  purchases  of
marketable  securities  in excess of  proceeds  from  sales  and  maturities  of
marketable securities and cash used for operating activities.

Approximately  $2,732,000  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, 1998, 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, 1998.

Results of Operations

The Partnership's results of operations for the three months ended June 30, 1998
resulted in a net loss of $893,230,  as compared to a net loss of $1,117,152 for
the same period in 1997. 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.  In addition,
rental income,  rental operations,  interest and depreciation expenses increased
due to a full three  months of  operations  in 1998 as  compared to one month of
operations in 1997 for the Combined Entity, since this entity was combined as of
March 1, 1997.


<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

Limited  Partnership  interests have been acquired in twenty-seven Local Limited
Partnerships which are located in ten states and the Virgin Islands. At the time
of  acquisition,  five of the  properties,  totaling  612 units,  were  existing
properties undergoing  rehabilitation and twenty-two  properties,  consisting of
1,762 units, were new construction.  All properties have completed  construction
or rehabilitation and initial lease-up.

Historic New Center in Detroit, Michigan is generating operating deficits due to
low occupancy and  collection  problems.  The Managing  General  Partner,  Local
General  Partner and  property  manager are working to improve  collections.  In
October 1997, a new site manager was hired to focus on marketing and collections
as well  as  improvements  to the  appearance  of the  property.  As  previously
reported,  the Managing  General Partner and the Local General Partner have been
in  negotiations  with the lender to obtain debt service  relief  through a loan
modification.  In April 1998, an agreement  was reached in order to  restructure
the  mortgage  with a reduction in debt service by a paydown of the mortgage and
an interest rate  reduction.  This  restructuring  should enable the property to
cover the debt service and provide capital for physical improvements.  Occupancy
continues  to  fluctuate  due to  volatility  of the  tenant  profile.  However,
occupancy  as of June 30,  1998 was  97%.  The  Managing  General  Partner  will
continue to closely monitor property operations.

Westgate,  located in North Dakota, has been experiencing  declining  occupancy.
Occupancy  as of June 30,  1998  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.

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)
 



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, 1998.




<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 13, 1998                    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>



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