February 12, 1997




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 Edgar for Quarter Ended December 31, 1996
      File No. 0-19706


Dear Sir/Madam:

Pursuant to the  requirements of Rule 901(d) of Regulation S-T,  enclosed is one
copy of subject report.


Very truly yours,





/s/Veronica J. Curioso
Veronica J. Curioso
Assistant Controller





QH5-10Q3.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     December 31, 1996
                               ----------------------------------------------

                                       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     December 31, 1996     Commission file number   0-19706
                  ---------------------------------                
              Boston  Financial Qualified Housing Tax Credits L.P. V
                (Exact name of registrant as specified in its charter)


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


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


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

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


<PAGE>



              BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                             (A Limited Partnership)

                                TABLE OF CONTENTS




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

Item 1.   Financial Statements

          Balance Sheets - December 31, 1996 (Unaudited) and
              March 31, 1996                                                1

          Statements of Operations (Unaudited) - For the Three and
              Nine Months Ended December 31, 1996 and 1995                  2

          Statement of Changes in Partners' Equity (Deficiency)
              (Unaudited) - For the Nine Months Ended December 31,
              1996                                                          3

          Statements of Cash Flows (Unaudited) - For the Nine
              Months Ended December 31, 1996 and 1995                       4

          Notes to Financial Statements (Unaudited)                         5

Item 2.   Management's Discussion and Analysis of Financial
              Condition and Results of Operations                           8

PART II - OTHER INFORMATION

Items 1-6                                                                   9

SIGNATURE                                                                   10
<PAGE>



              BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                             (A Limited Partnership)



                                    
                                 BALANCE SHEETS
<TABLE>
<CAPTION>


                                                                   December 31,               March 31,
                                                                       1996                     1996
                                                                    (Unaudited)
Assets
<S>                                                              <C>                      <C>

Current assets:
   Cash and cash equivalents                                     $        501,380         $       243,644
   Other current assets                                                    22,263                  25,408
                                                                 ----------------         ---------------
     Total current assets                                                 523,643                 269,052

Investments in Local Limited Partnerships (Note 2)                     31,742,802              34,878,562
Marketable securities, at fair value (Note 1)                           2,789,137               3,099,255
                                                                 ----------------         ---------------

     Total Assets                                                $     35,055,582         $    38,246,869
                                                                 ================         ===============

Liabilities and Partners' Equity (Deficiency)

Current liabilities:
   Accounts payable to affiliates                                $        114,572         $        71,527
   Accounts payable and accrued expenses                                   55,848                  67,883
                                                                 ----------------         ---------------
     Total current liabilities                                            170,420                 139,410
                                                                 ----------------         ---------------

Other liabilities:
   Deferred revenue (Note 3)                                              171,216                 179,318
                                                                 ----------------         ---------------

General, Initial and Investor Limited Partners' Equity                 34,738,065              37,953,300
Net unrealized losses on marketable securities                            (24,119)                (25,159)
                                                                 ----------------         ---------------
     Total Partners' Equity                                            34,713,946              37,928,141
                                                                 ----------------         ---------------
     Total Liabilities and Partners' Equity                      $     35,055,582         $    38,246,869
                                                                 ================         ===============
</TABLE>
The accompanying notes are an integral part of these financial statements.

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

                             (A Limited Partnership)


                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
             For the Three and Nine Months Ended December 31, 1996 and 1995
<TABLE>
<CAPTION>

                                             Three Months Ended                          Nine Months Ended
                                      December 31,         December 31,           December 31,       December 31,
                                          1996                 1995                   1996               1995
                                      -------------        -------------          ------------      ---------
<S>                                   <C>                  <C>                    <C>               <C>   

Revenues:
  Investment                          $      21,135        $      40,791          $    117,969      $    127,843
  Other                                     (15,015)              23,650                (6,089)           54,400
                                      -------------        -------------          ------------      ------------
       Total Revenue                          6,120               64,441               111,880           182,243
                                      -------------        -------------          ------------      ------------


Expenses:
  Asset management fees,
    related party                            57,286               55,889               171,858           167,667
  General and administrative
   (includes reimbursements
   to affiliates in the amounts
   of $80,029 and $72,480 in 1996
   and 1995, respectively)                   42,468               50,948               171,832           162,057
  Amortization                                7,018                7,622                22,198            22,886
                                      -------------        -------------          ------------      ------------
       Total Expenses                       106,772              114,459               365,888           352,610
                                      -------------        -------------          ------------      ------------

Loss before equity in
  losses of Local Limited
  Partnerships                             (100,652)             (50,018)             (254,008)         (170,367)

Equity in losses of Local
  Limited Partnerships                     (807,822)          (1,038,962)           (2,961,227)       (3,192,754)
                                      -------------        -------------          ------------      ------------

Net Loss                              $    (908,474)       $  (1,088,980)         $ (3,215,235)     $ (3,363,121)
                                      =============        =============          =============     ============

Net Loss allocated:
  To General Partners                 $      (9,084)       $     (10,890)         $    (32,152)     $    (33,631)
  To Limited Partners                      (899,390)          (1,078,090)           (3,183,083)       (3,329,490)
                                      -------------        -------------          ------------      ------------
                                      $    (908,474)       $  (1,088,980)         $ (3,215,235)     $ (3,363,121)
                                      =============        =============          ============      ============
Net Loss per Limited Partnership
   Unit (68,929 Units)                $      (13.05)       $      (15.64)         $     (46.18)     $      (48.30)
                                      =============        =============          ============      =============
</TABLE>
The accompanying notes are an integral part of these financial statements.


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

                             (A Limited Partnership)


              STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
                                   (Unaudited)
                      For the Nine Months December 31, 1996
<TABLE>
<CAPTION>


                                                  Initial         Investor             Net
                                  General         Limited          Limited         Unrealized
                                 Partners        Partners         Partners           Losses             Total
<S>                            <C>                <C>           <C>                 <C>            <C>   

Balance at March 31, 1996      $  (212,573)       $5,000        $ 38,160,873        $ (25,159)     $  37,928,141

Net change in net unrealized
   losses on marketable
   securities available for sale         -             -                   -            1,040              1,040

Net Loss                           (32,152)            -          (3,183,083)               -         (3,215,235)
                               -----------        ------        ------------        ---------      -------------

Balance at
   December 31, 1996           $  (244,725)       $5,000        $ 34,977,790        $ (24,119)     $  34,713,946
                               ===========        ======        ============        =========      =============
</TABLE>
The accompanying notes are an integral part of these financial statements.


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

                             (A Limited Partnership)

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
              For the Nine Months Ended December 31, 1996 and 1995
<TABLE>
<CAPTION>



                                                                                   1996                 1995
                                                                             ---------------       ---------
<S>                                                                           <C>                   <C>          

Net cash used for operating activities                                        $   (231,987)         $    (5,878)
                                                                              -------------         -----------

Cash flows from investing activities:
  Investments in Local Limited Partnerships                                              -             (213,500)
  Purchases of marketable securities                                              (455,427)          (2,462,314)
  Proceeds from sales and maturities of marketable securities                      792,815            2,584,643
  Cash distributions received from Local
    Limited Partnerships                                                           152,335              142,018
                                                                              ------------          -----------
     Net cash provided by investing activities                                     489,723               50,847
                                                                              ------------          -----------

Net increase in cash and cash equivalents                                          257,736               44,969

Cash and cash equivalents, beginning of period                                     243,644               72,535
                                                                              ------------          -----------

Cash and cash equivalents, end of period                                      $    501,380          $   117,504
                                                                              ============          ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.



<PAGE>

                 BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

                             (A Limited Partnership)

                           Notes to 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, 1996. 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.


1.   Marketable Securities

A summary of marketable securities is as follows:
<TABLE>
<CAPTION>

                                                                 Gross             Gross
                                                              Unrealized        Unrealized         Fair
                                                 Cost            Gains            Losses           Value
<S>                                          <C>                <C>              <C>             <C>   

Debt securities issued by the US
   Treasury                                  $ 2,547,123        $  1,945         $ (29,899)      $ 2,519,169

Mortgage backed securities                       266,133           3,835                 -           269,968
                                             -----------        --------         ---------       -----------

Marketable securities at
   December 31, 1996                         $ 2,813,256        $  5,780         $ (29,899)      $ 2,789,137
                                             ===========        ========         =========       ===========


Debt securities issued by the US
   Treasury and other US
   government corporations and agencies      $ 2,941,472        $  3,462         $ (31,743)      $ 2,913,191

Mortgage backed securities                       139,230           3,428                 -           142,658

Other debt securities                             43,712               -              (306)           43,406
                                             -----------        --------         ---------       -----------

Marketable securities at March 31, 1996      $ 3,124,414        $  6,890         $ (32,049)      $ 3,099,255
                                             ===========        ========         =========       ===========
</TABLE>

The contractual maturities at December 31, 1996 are as follows:
<TABLE>
<CAPTION>
                                                                                              Fair
                                                                            Cost                Value
<S>                                                                      <C>                 <C>    

Due in one year or less                                                  $   396,973         $   396,200
Due in one year to five years                                              2,150,150           2,122,969
Mortgage backed securities                                                   266,133             269,968
                                                                         -----------         -----------
                                                                         $ 2,813,256         $ 2,789,137
                                                                         ===========         ===========
</TABLE>



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

                             (A Limited Partnership)


                    Notes to Financial Statements (continued)
                                   (Unaudited)

1.   Marketable Securities (continued)

Actual maturities may differ from contractual  maturities because some borrowers
have the right to call or prepay obligations. Proceeds from sales and maturities
were  approximately  $793,000 and  $2,585,000 for the nine months ended December
31, 1996 and 1995.  Included in investment income are gross gains of $27,176 and
$13,194 and gross losses of $946 and $12,177  which were realized on these sales
during the nine months ended December 31, 1996 and 1995, respectively.


2.   Investments in Local Limited Partnerships

The   Partnership  has  acquired   interests  in   twenty-seven   Local  Limited
Partnerships 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  at
December 31, 1996 (Unaudited):
<TABLE>
<CAPTION>
<S>                                                                                            <C>

Capital contributions paid to Local Limited
   Partnerships and purchase price paid to
   withdrawing partners of Local Limited
   Partnerships                                                                                $  55,520,042

Cumulative equity in losses of Local Limited Partnerships                                        (24,058,295)

Cumulative cash distributions received
   from Local Limited Partnerships                                                                  (610,568)

Investments in Local Limited Partnerships
   before adjustment                                                                              30,851,179

Excess of investment cost over the underlying net assets acquired:

    Acquisition fees and expenses                                                                  1,039,751

    Accumulated amortization of acquisition
      fees and expenses                                                                             (148,128)

Investments in Local Limited Partnerships                                                      $  31,742,802
                                                                                               =============
</TABLE>



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

                             (A Limited Partnership)


                    Notes to Financial Statements (continued)
                                   (Unaudited)

2.   Investments in Local Limited Partnerships (continued)

Summarized  financial  information from the combined financial statements of all
Local Limited Partnerships in which the Partnership has invested is as follows:

Summarized Balance Sheets - as of September 30, 1996  (Unaudited)
<TABLE>
<CAPTION>
<S>                                                                                            <C> 

Assets:
   Investment property, net                                                                    $  120,557,035
   Current assets                                                                                   3,290,051
   Other assets                                                                                     6,120,823
                                                                                               --------------
       Total Assets                                                                            $  129,967,909
                                                                                               ==============

Liabilities and Partners' Equity:
   Current liabilities                                                                         $    7,671,371
   Long-term debt                                                                                  84,966,910
   Other liabilities                                                                                1,703,669
                                                                                               --------------
       Total Liabilities                                                                           94,341,950

Partners' Equity                                                                                   35,625,959
                                                                                               --------------
   Total Liabilities and Partners' Equity                                                      $  129,967,909
                                                                                               ==============

Summarized Income Statements - for the
nine months ended September 30, 1996  (Unaudited)

Rental and other income:                                                                       $   10,958,084
                                                                                               --------------

Expenses:
   Operating                                                                                        5,305,180
   Interest                                                                                         4,941,548
   Depreciation and amortization                                                                    3,738,871
                                                                                               --------------
       Total Expenses                                                                              13,985,599

       Net Loss                                                                                $   (3,027,515)
                                                                                               ==============

Partnership's share of Net Loss                                                                $   (2,961,227)
                                                                                               ==============
Other Partners' share of Net Loss                                                              $      (66,288)
                                                                                               ==============
</TABLE>


3.   Deferred Revenue

Under the terms of a Local Limited  Partnership  Agreement,  the Partnership was
required to fund a Supplemental Reserve in the amount of $196,000.  The original
purpose of the  contribution  was to fund the  development  expenses  of a Local
Limited  Partnership.  Since  the  funds  were not  needed,  the  Local  Limited
Partnership  Agreement  allows that the established  Supplemental  Reserve along
with the  interest  earned,  are  available  to pay the  Partnership  its annual
priority distribution. As of December 31, 1996, $55,000 has been released to the
Partnership.  The  balance of the  Supplemental  Reserve is included in cash and
cash equivalents.


<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 December 31, 1996, the Partnership had cash and cash  equivalents of $501,380
as compared with  $243,644 at March 31, 1996.  The increase is  attributable  to
proceeds  from  sales  and  maturities  of  marketable  securities  in excess of
purchases of marketable  securities and cash  distributions  received from Local
Limited Partnerships.
These increases are offset by net cash used for operations.

Approximately  $2,735,000  of  marketable  securities  has  been  designated  as
Reserves by the Managing  General  Partner.  The Reserves were established to be
used for working  capital of the Partnership  and  contingencies  related to the
ownership of Local Limited Partnership  interests.  Management believes that the
investment income earned on the Reserves, along with cash distributions received
from Local Limited Partnerships,  to the extent available, will be sufficient to
fund the Partnership's  ongoing operations and any contingencies that may arise.
Reserves may be used to fund  Partnership  operating  deficits,  if the Managing
General Partner deems funding appropriate.

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, 1996 , 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, 1996.

Results of Operations

The  Partnership's  results of  operations  for the three and nine months  ended
December 31, 1996 resulted in a net loss of $908,474 and  $3,215,235 as compared
to net losses of $1,088,980  and  $3,363,121  for the same periods in 1995.  The
decrease  in net losses is  primarily  attributable  to a decrease  in equity in
losses of Local  Limited  Partnerships,  offset by a decrease  in  revenue.  The
decrease in equity in losses of Local  Limited  Partnerships  is due to improved
operations  which has resulted from an increase in occupancy and rental  revenue
of  certain  Local  Limited  Partnships.  The  decrease  in  revenue  is  due to
reclassification  of a prior year  distribution  which decreased  investments in
Local Limited Partnerships.

Property Discussions

Limited  Partnership  interests have been acquired in twenty-seven Local Limited
Partnerships which are located in ten states and the virgin islands. Five of the
properties,  totaling  612 units,  are existing  and  underwent  rehabilitation;
Twenty-two  properties,  consisting of 1,762 units,  are new  construction.  All
properties have completed  construction or rehabilitation  and initial lease-up.
All but one of the Local Limited Partnerships are operating satisfactorily.


<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, 1996.




<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 12, 1997                   BOSTON FINANCIAL QUALIFIED HOUSING
                                            TAX CREDITS L.P. V

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



                                                 /s/Georgia Murray
                                                 Georgia Murray
                                                 A Managing Director, Treasurer
                                                 and Chief Financial Officer




<PAGE>