August 13, 2004



Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549


Re:    Boston Financial Qualified Housing Tax Credits L.P. V
       Report on Form 10-QSB for the Quarter Ended June 30, 2004
       File Number 0-19706


Dear Sir/Madam:

Pursuant to the requirements of Section 15(d) of the Securities Exchange Act of
1934, filed herewith one copy of subject report.

Very truly yours,


/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller









<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-QSB


(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, 2004
                                       ----------------------------------------

                                                         OR

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

For the transition period from                            to
                               --------------------              -------------

                         Commission file number 0-19706

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


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


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


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

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


<PAGE>


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

                                TABLE OF CONTENTS



<TABLE>
<CAPTION>

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

Item 1.   Financial Statements

<S>                                                                                        <C>
          Balance Sheet (Unaudited) - June 30, 2004                                        1

          Statements of Operations (Unaudited) - For the Three
              Months Ended June 30, 2004 and 2003                                          2

          Statement of Changes in Partners' Equity (Deficiency)
              (Unaudited) - For the Three Months Ended June 30,
              2004                                                                         3

          Statements of Cash Flows (Unaudited) - For the Three
              Months Ended June 30, 2004 and 2003                                          4

          Notes to the Financial Statements (Unaudited)                                    5

Item 2.   Management's Discussion and Analysis of Financial
              Condition and Results of Operations                                          7

Item 3.     Controls and Procedures                                                       11

PART II - OTHER INFORMATION

Items 1-6                                                                                 12

SIGNATURE                                                                                 13
</TABLE>






<PAGE>


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



                                  BALANCE SHEET
                                  June 30, 2004
                                   (Unaudited)



<TABLE>
<CAPTION>

Assets

<S>                                                                                          <C>
Cash and cash equivalents                                                                    $   3,215,226
Restricted cash                                                                                     80,825
Marketable securities, at fair value                                                                26,675
Investments in Local Limited Partnerships (Note 1)                                               9,361,373
Other assets                                                                                           613
                                                                                             -------------
   Total Assets                                                                              $  12,684,712
                                                                                             =============

Liabilities and Partners' Equity

Due to affiliate                                                                             $     136,910
Accrued expenses                                                                                    27,950
Deferred revenue                                                                                    80,825
                                                                                             -------------
   Total Liabilities                                                                               245,685
                                                                                             -------------

General, Initial and Investor Limited Partners' Equity                                          12,438,416
Net unrealized gain on marketable securities                                                           611
                                                                                             -------------
   Total Partners' Equity                                                                       12,439,027
                                                                                             -------------
   Total Liabilities and Partners' Equity                                                    $  12,684,712
                                                                                             =============
</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
                For the Three Months Ended June 30, 2004 and 2003
                                   (Unaudited)


<TABLE>
<CAPTION>

                                                                                     2004               2003
                                                                                -------------      -------------
Revenue:
<S>                                                                             <C>                <C>
   Investment                                                                   $       6,966      $      18,332
   Other                                                                               83,264             98,334
                                                                                -------------      -------------
     Total Revenue                                                                     90,230            116,666
                                                                                -------------      -------------

Expenses:
   Asset management fees, affiliate                                                    68,456             67,179
   Provision for valuation of advances to
     Local Limited Partnerships                                                        49,453             59,952
   General and administrative
     (includes reimbursements to an affiliate
      of $91,419 and $50,155 in 2004 and
      2003, respectively)                                                             117,129             76,950
   Amortization                                                                         4,605              4,833
                                                                                -------------      -------------
     Total Expenses                                                                   239,643            208,914
                                                                                -------------      -------------

Loss before equity in losses of Local Limited Partnerships                           (149,413)           (92,248)

Equity in losses of Local Limited Partnerships (Note 1)                              (282,485)          (275,379)
                                                                                --------------     -------------

Net Loss                                                                        $    (431,898)     $    (367,627)
                                                                                =============      =============

Net Loss allocated:
   General Partners                                                             $      (4,319)     $      (3,676)
   Limited Partners                                                                  (427,579)          (363,951)
                                                                                -------------      -------------
                                                                                $    (431,898)     $    (367,627)
                                                                                =============      =============

Net Loss per Limited Partner Unit (68,929 Units)                                $       (6.20)      $     (5.28)
                                                                                ==============      =============
</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)
                    For the Three Months Ended June 30, 2004
                                   (Unaudited)


<TABLE>
<CAPTION>


                                                       Initial       Investor           Net
                                      General          Limited        Limited       Unrealized
                                     Partners          Partner        Partners         Gains            Total
                                    -----------      -------------    -----------     ----------       ---------

<S>                                 <C>              <C>          <C>               <C>            <C>
Balance at March 31, 2004           $  (463,404)     $   5,000    $   13,328,718    $       819    $  12,871,133
                                    -----------      ---------    --------------    -----------    -------------

Comprehensive Loss:
   Change in net unrealized gains
     on marketable securities
     available for sale                       -              -                 -          (208)             (208)
   Net Loss                              (4,319)             -          (427,579)             -         (431,898)
                                    -----------      ---------    --------------    -----------    -------------
Comprehensive Loss                       (4,319)             -          (427,579)         (208)         (432,106)
                                    -----------      ---------    --------------    ----------     -------------

Balance at June 30, 2004            $  (467,723)     $   5,000    $   12,901,139    $       611    $  12,439,027
                                    ===========      =========    ==============    ===========    =============
</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
                For the Three Months Ended June 30, 2004 and 2003
                                   (Unaudited)
<TABLE>
<CAPTION>



                                                                                  2004                2003
                                                                             -------------         -----------

<S>                                                                          <C>                   <C>
Net cash used for operating activities                                       $     (84,054)        $  (276,385)

Net cash provided by investing activities                                          261,602             186,604
                                                                             -------------         -----------

Net increase (decrease) in cash and cash equivalents                               177,548             (89,781)

Cash and cash equivalents, beginning                                             3,037,678           2,655,838
                                                                             -------------         -----------

Cash and cash equivalents, ending                                            $   3,215,226         $ 2,566,057
                                                                             =============         ===========
</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 the Financial Statements
                                   (Unaudited)


The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10-QSB and do not include all of the
information and note disclosures required by accounting principles generally
accepted in the United States of America. These statements should be read in
conjunction with the financial statements and notes thereto included with the
Partnership's Form 10-KSB for the year ended March 31, 2004. In the opinion of
the Managing General Partner, 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 Managing General Partner of the Partnerships has elected to report results
of the Local Limited Partnerships on a 90 day lag basis because the Local
Limited Partnerships report their results on a calendar year basis. Accordingly,
the financial information of the Local Limited Partnerships that is included in
the accompanying financial statements is as of March 31, 2004 and 2003.

1.   Investments in Local Limited Partnerships

The Partnership has limited partnership interests in twenty-six Local Limited
Partnerships which were organized for the purpose of owning and operating
multi-family housing complexes, most of which are government-assisted. The
Partnership's ownership interest in each Local Limited Partnership is generally
99%, except for Strathern Park/Lorne Park, Huguenot Park and Westgate, where the
Partnership's ownership interests are 95%, 88.55% and 49.5%, respectively. The
Partnership may have negotiated or may negotiate options with the local general
partners to purchase or sell the Partnership's interests in the Properties at
the end of the tax credit compliance periods at nominal prices. In the event
that Properties are sold to third parties, proceeds will be distributed
according to the terms of each Local Limited Partnership agreement.

The following is a summary of investments in Local Limited Partnerships at June
30, 2004:
<TABLE>
<CAPTION>

Capital contributions and advances paid to Local Limited Partnerships and
<S>                                                                                                <C>
   purchase price paid to withdrawing partners of Local Limited Partnerships                       $     55,762,993

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
   unrecognized losses of $10,236,182)                                                                  (41,972,173)

Cumulative cash distributions received from Local Limited Partnerships                                   (4,006,938)
                                                                                                   ----------------

Investments in Local Limited Partnerships before adjustments                                              9,783,882

Excess of investment cost over the underlying assets acquired:

    Acquisition fees and expenses                                                                         1,006,357

    Cumulative amortization of acquisition fees and expenses                                               (316,818)
                                                                                                   ----------------

Investments in Local Limited Partnerships before impairment allowance                                    10,473,421

Impairment allowance on investments in Local Limited Partnerships                                        (1,112,048)
                                                                                                   ----------------

Investments in Local Limited Partnerships                                                          $      9,361,373
                                                                                                   ================
</TABLE>

For the three months ended June 30, 2004, the Partnership advanced $49,453 to
one of the Local Limited Partnerships, all of which was impaired. The
Partnership has recorded an impairment allowance for its investments in certain
Local Limited Partnerships in order to appropriately reflect the estimated net
realizable value of these investments.


<PAGE>

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


                  Notes to the Financial Statements (continued)
                                   (Unaudited)


1. Investments in Local Limited Partnerships (continued)

The Partnership's share of the net losses of the Local Limited Partnerships for
the three months ended June 30, 2004 is $879,143. For the three months ended
June 30, 2004, the Partnership has not recognized $596,658 of equity in losses
relating to Local Limited Partnerships where cumulative equity in losses and
distributions exceeded its total investment in these Local Limited 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


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 is 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 its expectations will be
attained. Actual results and timing of certain events could differ materially
from those projected in or contemplated by the forward-looking statements due to
a number of factors, including, without limitation, general economic and real
estate conditions and interest rates.

Accounting Policies

The Partnership's accounting policies include those that relate to its
recognition of investments in Local Limited Partnerships using the equity method
of accounting. The Partnership's policy is as follows:

The Partnership accounts for its investments in Local Limited Partnerships using
the equity method of accounting because the Partnership does not have control
over the major operating and financial policies of the Local Limited
Partnerships in which it invests. Under the equity method, the investment is
carried at cost, adjusted for the Partnership's share of net income or loss and
for cash distributions from the Local Limited Partnerships; equity in income or
loss of the Local Limited Partnerships is included currently in the
Partnership's operations. Under the equity method, a Local Limited Partnership
investment will not be carried below zero. To the extent that equity in losses
are incurred when the Partnership's carrying value of the respective Local
Limited Partnership has been reduced to a zero balance, the losses will be
suspended and offset against future income. Income from Local Limited
Partnerships, where cumulative equity in losses plus cumulative distributions
have exceeded the total investment in Local Limited Partnerships, will not be
recorded until all of the related unrecorded losses have been offset. To the
extent that a Local Limited Partnership with a carrying value of zero
distributes cash to the Partnership, that distribution is recorded as income on
the books of the Partnership and is included in "Other Revenue" in the
accompanying financial statements.

The Partnership has implemented policies and practices for assessing potential
impairment of its investments in Local Limited Partnerships. Real estate experts
analyze the investments to determine if impairment indicators exist. If so, the
investment is analyzed to consider the Partnership's ability to recover its
carrying value. If an other than temporary impairment in carrying value exits, a
provision to write down the asset to fair value will be recorded in the
Partnership's financial statements.

Liquidity and Capital Resources

At June 30, 2004, the Partnership had cash and cash equivalents of $3,215,226,
compared with $3,037,678 at March 31, 2004. The increase is primarily
attributable to cash distributions received from Local Limited Partnerships,
partially offset by net cash used for operating activities and advances made to
one Local Limited Partnership.

The Managing General Partner initially designated 4% of the Gross Proceeds as
Reserves as defined in the Partnership Agreement. The Reserves were established
to be used for working capital of the Partnership and contingencies related to
the ownership of Local Limited Partnership interests. The Managing General
Partner may increase or decrease such Reserves from time to time, as it deems
appropriate. At June 30, 2004, approximately $2,081,000 of cash, cash
equivalents and marketable securities has been designated as Reserves.

To date, professional fees relating to various Property issues totaling
approximately $223,000 have been paid from Reserves. To date, Reserve funds in
the amount of approximately $128,000 have also been used to make additional
capital contributions to one Local Limited Partnership. In the event a Local
Limited Partnership encounters

<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)


Liquidity and Capital Resources (continued)

operating difficulties requiring additional funds, the Partnership's management
might deem it in its best interest to voluntarily provide such funds in order to
protect its investment. As of June 30, 2004, the Partnership has advanced
approximately $326,000 to Local Limited Partnerships to fund operating deficits.

The Managing General Partner 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. Reserves may be used to fund Partnership
operating deficits, if the Managing General Partner deems funding appropriate.
If Reserves are not adequate to cover the Partnership's operations, the
Partnership will seek other financing sources including, but not limited to, the
deferral of Asset Management Fees paid to an affiliate of the Managing General
Partner or working with Local Limited Partnerships to increase cash
distributions.

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, 2004, the Partnership had no
contractual or other obligation to any Local Limited Partnership which had not
been paid or provided for.

Cash Distributions

No cash distributions were made during the three months ended June 30, 2004.

Results of Operations

The Partnership's results of operations for the three months ended June 30, 2004
resulted in a net loss of $431,898 as compared to a net loss of $367,627 for the
same period in 2003. The increase in net loss is primarily attributable to an
increase in general and administrative expenses, a decrease in other revenue and
a decrease in investment income. These effects were partially offset by a
decrease in provision for valuation of advances to Local Limited Partnerships.
The increase of general and administrative expense is primarily due to increased
charges from an affiliate of the General Partner for operational and
administrative expenses necessary for the operation of the Partnership. The
decrease in other revenue is attributable to fewer distributions from Local
Limited Partnerships with carrying values of zero. The decrease in investment
income is due to a decrease in the average balance of funds held for investment.
The decrease in provision for valuation of advances to Local Limited
Partnerships is due to a decrease in advances made to Local Limited
Partnerships.

Portfolio Update

The Partnership's investment portfolio consists of limited partnership interests
in twenty-six Local Limited Partnerships, each of which owns and operates a
multi-family apartment complex and each of which has generated Tax Credits.
Since inception, the Partnership has generated Tax Credits, net of recapture, of
approximately $1,512 per Limited Partner Unit, with an immaterial amount of Tax
Credits expected to be generated from 2004 through 2008. The aggregate amount of
Tax Credits generated by the Partnership is consistent with the objective
specified in the Partnership's prospectus.

Properties that receive low income housing Tax Credits must remain in compliance
with rent restriction and set-aside requirements for at least 15 years from the
date the Property is completed (the "Compliance Period"). Failure to do so would
result in the recapture of a portion of the Property's Tax Credits. Between 2005
and continuing through 2008, the Compliance Period of the twenty-six Properties
in which the Partnership has an interest will expire. The

<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)


Portfolio Update (continued)

Managing General Partner has negotiated agreements that will ultimately allow
the Partnership to dispose of its interest in seven Local Limited Partnerships.
It is unlikely that the disposition of any of these Local Limited Partnership
interests will generate any material cash distributions to the Partnership.

The Managing General Partner will continue to closely monitor the operations of
the Properties during the Compliance Period and will formulate disposition
strategies with respect to the Partnership's remaining Local Limited Partnership
interests. It is unlikely that the Managing General Partner's efforts will
result in the Partnership disposing of all of its remaining Local Limited
Partnership interests concurrently with the expiration of each Property's
Compliance Period. The Partnership shall dissolve and its affairs shall be wound
up upon the disposition of the final Local Limited Partnership interest and
other assets of the Partnership. Investors will continue to be Limited Partners,
receiving K-1s and quarterly and annual reports, until the Partnership is
dissolved.

Property Discussions

A majority of the Properties in which the Partnership has an interest have
stabilized operations and operate above break-even. A few Properties generate
cash flow deficits that the Local General Partners of those Properties fund
through project expense loans, subordinated loans or operating escrows. However,
some Properties have had persistent operating difficulties that could either: i)
have an adverse impact on the Partnership's liquidity; ii) result in their
foreclosure; or iii) result in the Managing General Partner deeming it
appropriate for the Partnership to dispose of its interest in the Local Limited
Partnership prior to the expiration of the Compliance Period. Also, the Managing
General Partner, in the normal course of the Partnership's business, may arrange
for the future disposition of its interest in certain Local Limited
Partnerships. The following Property discussions focus only on such Properties.

As previously reported, the Local General Partner of Westover Station, located
in Newport News, Virginia, reached an agreement with the Property's lender to
refinance the debt on the Property. As part of the refinancing that closed on
February 1, 2002, the Partnership received Sale or Refinancing Proceeds, as
defined in the Local Limited Partnership Agreement, of approximately $668,000.
The Managing General Partner, on behalf of the Partnership, also negotiated an
agreement with the Local General Partner that will allow the Partnership to
dispose of its interest in the Property after the end of its Compliance Period,
which is December 31, 2006.

As previously reported, New Center, located in Detroit, Michigan, has
experienced operating difficulties for several years. The Property suffers from
poor location and security issues. Vandalism has caused an increase in
maintenance and repair expenses and has negatively affected the Property's
occupancy levels and tenant profile. Efforts to increase curb appeal and
increase qualified tenant traffic have not materially improved occupancy.
Advances from the Local General Partner and the Partnership have enabled the
Property to remain current on its mortgage obligations. The Managing General
Partner will continue to closely monitor the site manager's efforts to improve
Property operations; however, due to the Property's continuing struggles, the
Managing General Partner is concerned about its long-term viability. Due to
these concerns, the Managing General Partner believes it is in the best interest
of the Property to replace the Local General Partner. Accordingly, the Managing
General Partner has been working with the Local General Partner to identify an
acceptable replacement. A replacement was identified and executed the necessary
documents to become the replacement Local General Partner. However, the
replacement Local General Partner was awaiting the receipt of funds from the
Detroit Housing Commission it expected to obtain during the first quarter of
2004 to contribute into the Local Limited Partnership prior to affecting the
transfer. These funds have been received and the replacement of the Local
General Partner is expected to occur in the second half of 2004. The replacement
Local General Partner will provide to the Partnership a Put Option Agreement
that allows for the transfer of the Partnership's interest to the replacement
Local General Partner for a nominal amount after the Property's Compliance
Period ends on December 31, 2006.
<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 (continued)

As previously reported regarding Park Century (a/k/a Westgate), located in
Bismark, North Dakota, in order to protect the remaining Tax Credits generated
by the Property, the Managing General Partner consummated the transfer of 50% of
the Partnership's capital and profits in the Local Limited Partnership to an
affiliate of the Local General Partner in November 1997. The Managing General
Partner also had the right to transfer the Partnership's remaining interest to
the Local General Partner any time after one year from the initial transfer.
However, due to subsequent transfers by the Local General Partner of its
interest in the Property, the date on which the Managing General Partner had the
right to transfer the remaining interest did not occur until December 1, 2001.
The agreement allowed the Partnership to retain its full share of the Property's
Tax Credits until such time as the remaining interest is put to the new Local
General Partner. The Property generated its last Tax Credits during 2001. The
new Local General Partner also has the right to call the remaining interest
after the Compliance Period has expired.

As previously reported, in April 2000, a replacement site management company was
brought in to manage operations at Carib II and Carib III, located in St. Croix,
Virgin Islands. The replacement site management company stated its desire to
purchase the General and Limited Partner interests in the Properties and,
effective January 1, 2001, assumed the Local General Partner interest in the
Properties. Furthermore, the Managing General Partner negotiated a plan that
ultimately transfers the Partnership's interest in the Properties to the new
Local General Partner. The plan includes provisions to minimize the risk of
recapture.

As previously reported, a Property adjacent to Whispering Trace, located in
Woodstock, Georgia, began operations during 2001. Although the Property had
difficulties in completing initial lease-up due to a lack of qualified tenants,
its superior amenities and curb appeal provide a competitive advantage over
Whispering Trace. Other Tax Credit Properties as well as entry-level homes in
the area further increased competition for tenants. In addition, local employers
have had layoffs, forcing some tenants to leave the area in search of
employment. As a result, occupancy at Whispering Trace has declined. The
Property has incurred significant capital expenditures in order to remain
competitive in the marketplace. As a result, debt service coverage is below
appropriate levels. It may become necessary for the Managing General Partner to
use some of the Partnership's Reserves to fund operating deficits. However, to
date, advances from the Local General Partner have allowed the Property to
remain current on its debt obligations.

As previously reported, the Managing General Partner negotiated an agreement
with an unaffiliated entity to have the ability to transfer the Partnership's
interest to an unaffiliated entity or its designee with respect to Cedar Lane I,
located in London, Kentucky, and Silver Creek II, located in Berea, Kentucky.
These Properties share a common Local General Partner. The Managing General
Partner has the right to put its interest in either of the Properties at any
time in exchange for a Contingent Note that grants the Partnership 50% of all
future net cash receipts from such Local Limited Partnership interest.


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


                             CONTROLS AND PROCEDURES



Controls and Procedures

Based on the Partnership's evaluation as of the end of the period covered by
this report, the Partnership's director has concluded that the Partnership's
disclosure controls and procedures are effective to ensure that information
required to be disclosed in the reports that the Partnership files or submits
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission's rules and forms.

There have been no significant changes in the Partnership's internal controls or
in other factors that could significantly affect those controls subsequent to
the date of their evaluation.


<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

                    31.1   Certification of Jenny Netzer pursuant to section 302
                           of the Sarbanes-Oxley Act of 2002

                    32.1   Certification of Jenny Netzer pursuant to section 906
                           of the Sarbanes-Oxley Act of 2002

              (b) Reports on Form 8-K - No reports on Form 8-K were filed during
                  the quarter ended June 30, 2004



<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, 2004                  BOSTON FINANCIAL QUALIFIED HOUSING
                                         TAX CREDITS L.P. V

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




                                                  /s/Jenny Netzer
                                                  Jenny Netzer
                                                  Executive Vice President
                                                  MMA Financial, LLC


<PAGE>