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                             September 21, 2021

       Benjamin Miller
       Chief Executive Officer
       Fundrise Income eREIT V, LLC
       11 Dupont Circle NW, 9th Floor
       Washington, D.C. 20036

                                                        Re: Fundrise Income
eREIT V, LLC
                                                            Offering Statement
on Form 1-A
                                                            Filed September 17,
2021
                                                            File No. 024-11643

       Dear Mr. Miller:

                                                        This is to advise you
that we do not intend to review your offering statement.

               We will consider qualifying your offering statement at your
request. If a participant in
       your offering is required to clear its compensation arrangements with
FINRA, please have
       FINRA advise us that it has no objections to the compensation
arrangements prior to
       qualification.

               We remind you that the company and its management are
responsible for the accuracy
       and adequacy of their disclosures, notwithstanding any review, comments,
action or absence of
       action by the staff. We also remind you that, following qualification of
your Form 1-A, Rule 257
       of Regulation A requires you to file periodic and current reports,
including a Form 1-K which
       will be due within 120 calendar days after the end of the fiscal year
covered by the report.

             Please contact Austin Wood at 202-551-5586 or Maryse
Mills-Apenteng at 202-551-
       3457 with any questions.




                             Sincerely,


                             Division of Corporation Finance

                             Office of Real Estate & Construction
       cc:                                              Mark Schonberger