June 29, 2001

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

Boston Financial Qualified Housing Tax Credits L.P. V
Annual Report on Form 10-K for the Year Ended March 31, 2001
File Number 0-19706

Dear Sir / Madam:

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

Very truly yours,

/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller

QH510K-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

(Mark One)

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

For the fiscal year ended March 31, 2001
-----------------------------------------------
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
--------------------------
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on
Title of each class which registered
------------------- ---------------------------

None None

Securities registered pursuant to Section 12(g) of the Act:

UNITS OF LIMITED PARTNERSHIP INTEREST
(Title of Class)
100,000

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

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (Subsection 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ X ]

State the aggregate sales price of partnership units held by non-affiliates of
the registrant.

$60,904,650 as of March 31, 2001

DOCUMENTS INCORPORATED BY REFERENCE: LIST THE FOLLOWING DOCUMENTS IF
INCORPORATED BY REFERENCE AND THE PART OF THE FORM 10-K INTO WHICH THE DOCUMENT
IS INCORPORATED: (1) ANY ANNUAL REPORT TO SECURITY HOLDERS: (2) ANY PROXY
OR INFORMATION STATEMENT: AND (3) ANY PROSPECTUS FILED PURSUANT TO RULE
424(b) OR (c) UNDER THE SECURITIES ACT OF 1933.

Part of Report on
Form 10-K into
Which the Document
Documents incorporated by reference is Incorporated

Post-effective amendments No. 1 - 5 to the
Form S-11 Registration Statement, File # 33-29935 Part I, Item 1

Acquisition Reports Part I, Item 1

Post-effective amendment No. 6 to the Registration
Statement on Form S-11, File # 33-29935 Part III, Item 12

Prospectus - Sections Entitled:

"Investment objectives and Policies -
Principal Investment Policies" Part I, Item 1

"Estimated Use of Proceeds" Part III, Item 13

"Management Compensations and Fees" Part III, Item 13

"Profits and Losses for Tax Purposes, Tax
Credits and Cash Distributions" Part III, Item 13

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

ANNUAL REPORT ON FORM 10-K
FOR THE YEAR ENDED MARCH 31, 2001

TABLE OF CONTENTS

Page No.

PART I

Item 1 Business K-3
Item 2 Properties K-6
Item 3 Legal Proceedings K-12
Item 4 Submission of Matters to a Vote of
Security Holders K-12

PART II

Item 5 Market for the Registrant's Units and
Related Security Holder Matters K-13
Item 6 Selected Financial Data K-14
Item 7 Management's Discussion and Analysis of
Financial Condition and Results of Operations K-14
Item 7A. Quantitative and Qualitative Disclosures about
Market Risk K-17
Item 8 Financial Statements and Supplementary Data K-17
Item 9 Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure K-17

PART III

Item 10 Directors and Executive Officers
of the Registrant K-18
Item 11 Management Remuneration K-19
Item 12 Security Ownership of Certain Beneficial
Owners and Management K-19
Item 13 Certain Relationships and Related Transactions K-19
Item 14 Exhibits, Financial Statement Schedules and
Reports on Form 8-K K-22

SIGNATURES K-23
- ----------

PART I

Item 1. Business

Boston Financial Qualified Housing Tax Credits L.P. V (the "Partnership") is a
Massachusetts limited partnership formed on June 16, 1989 under the laws of the
State of Massachusetts. The Partnership's partnership agreement ("Partnership
Agreement") authorized the sale of up to 100,000 units of Limited Partnership
Interest ("Units") at $1,000 per Unit, adjusted for certain discounts. The
Partnership raised $68,928,650 ("Gross Proceeds"), net of discounts of $350,
through the sale of 68,929 Units. Such amounts exclude five unregistered Units
previously acquired for $5,000 by the Initial Limited Partner, which is also one
of the General Partners. The offering of Units terminated on August 31, 1991. No
further sale of Units is expected.

The Partnership is engaged solely in the business of real estate investment.
Accordingly, a presentation of information about industry segments is not
applicable and would not be material to an understanding of the Partnership's
business taken as a whole.

The Partnership has invested as a limited partner in other limited partnerships
("Local Limited Partnerships") which own and operate residential apartment
complexes ("Properties") some of which benefit from some form of federal, state
or local assistance programs and all of which qualify for the low-income housing
tax credits ("Tax Credits") added to the Internal Revenue Code (the "Code") by
the Tax Reform Act of 1986. The investment objectives of the Partnership include
the following: (i) to provide current tax benefits in the form of Tax Credits
which qualified limited partners may use to offset their federal income tax
liability; (ii) to preserve and protect the Partnership's capital; (iii) to
provide limited cash distributions from property operations which are not
expected to constitute taxable income during the expected duration of the
Partnership's operations; and (iv) to provide cash distributions from sale or
refinancing transactions. There cannot be any assurance that the Partnership
will attain any or all of these investment objectives. A more detailed
discussion of these investment objectives, along with the risks in achieving
them, is contained in the section of the prospectus entitled "Investment
Objectives and Policies - Principal Investment Policies" which is herein
incorporated by this reference.

Table A on the following page lists the Properties originally acquired by the
Local Limited Partnerships in which the Partnership has invested. Item 7 of this
Report contains other significant information with respect to the Local Limited
Partnerships. As required by applicable rules, the terms of the acquisition of
each Local Limited Partnership interest have been described in supplements to
the Prospectus and collected in the post-effective amendments to the
Registration Statement listed in Part IV of this Report (collectively, the
"Acquisition Reports"); such descriptions are incorporated herein by this
reference.

TABLE A

SELECTED LOCAL LIMITED
PARTNERSHIP DATA

Date
Properties Owned by Local Interest
Limited Partnerships Location Acquired
- --------------------------------- ----------------------- --------------

Strathern Park/Lorne Park (1)* Los Angeles, CA 07/05/90
Park Caton Catonsville, MD 08/17/90
Cedar Lane I London, KY 09/10/90
Silver Creek II Berea, KY 08/15/90
Rosecliff Sanford, FL 09/18/90
Brookwood Ypsilanti, MI 10/01/90
Oaks of Dunlop Colonial Heights, VA 01/01/91
Water Oak Orange City, FL 01/01/91
Yester Oaks Lafayette, GA 01/01/91
Ocean View Fernandina Beach, FL 01/01/91
Wheeler House (2) Nashua, NH 01/01/91
Archer Village Archer, FL 01/01/91
Timothy House Towson, MD 03/05/91
Westover Station Newport News, VA 03/30/91
Carib III St. Croix, VI 03/21/91
Carib II St. Croix, VI 03/01/91
Whispering Trace Woodstock, GA 05/01/91
New Center Detroit, MI 06/27/91
Huguenot Park* New Paltz, NY 06/26/91
Hillwood Pointe Jacksonville, FL 07/19/91
Pinewood Pointe Jacksonville, FL 07/31/91
Westgate Bismark, ND 07/25/91
Woodlake Hills Pontiac, MI 08/01/91
Bixel House Los Angeles, CA 07/31/91
Magnolia Villas North Hollywood, CA 07/31/91
Schumaker Place Salisbury, MD 09/20/91
Circle Terrace Lansdowne, MD 12/06/91

* The Partnership's interest in profits and losses of each Local Limited
Partnership arising from normal operations is 99%, except for a 95%
interest in Strathern Park/Lorne Park Apartments and an 88.55% interest in
Huguenot Park. Profits and losses arising from sale or refinancing
transactions are allocated in accordance with the respective Local Limited
Partnership Agreements.

(2) The Partnership no longer has an interest in this Local Limited
Partnership.

Although the Partnership's investments in Local Limited Partnerships are not
subject to seasonal fluctuations, the Partnership's equity in losses of Local
Limited Partnerships, to the extent it reflects the operations of individual
Properties, may vary from quarter to quarter based upon changes in occupancy and
operating expenses as a result of seasonal factors.

Each Local Limited Partnership has, as its general partners
("Local General Partners"), one or more individuals or entities not
affiliated with the Partnership or its General Partners. In accordance
with the partnership agreements under which such entities are organized
("Local Limited Partnership Agreements"), the Partnership depends on the
Local General Partners for the management of each Local Limited
Partnership. As of March 31, 2001, the following Local Limited Partnerships
have a common Local General Partner or affiliated group of Local General
Partners accounting for the specified percentage of the capital
contributions to Local Limited Partnerships: (i) Timothy House Limited
Partnership and Maiden Choice Limited Partnership, representing 10.07%,
have Shelter Development Corp. as Local General Partner; (ii) Cobblestone Place
Townhomes, A Limited Partnership, Kensington Place Townhomes, A Limited
Partnership and Whispering Trace Apartments, A Limited Partnership,
representing 11.92%, have Flournoy Development Co. as Local General
Partner; (iii) Silver Creek II, Ltd. and Cedar Lane I, Ltd., representing
0.87%, have Robinson A. Williams as Local General Partner; (iv) Water Oak
Apartment, L.P., Yester Oaks, L.P., Archer Village, Ltd. and Ocean View
Apartments, L.P., representing 2.02%, have Seals & Associates, Inc. &
E. Lamar Seals as Local General Partners; (v) Bixel House, A California
Limited Partnership and Harmony Apartments, A California Limited Partnership,
representing 7.07%, have Julian Weinstock Construction Co., Inc. as Local
General Partner; and (vi) St. Croix II Limited Partnership and
Christiansted Limited Dividend Housing Association, representing 1.21%,
have First Centrum Corp. as Local General Partner. The Local General Partners
of the remaining Local Limited Partnerships are identified in the
Acquisition Reports, which are incorporated herein by this reference.

The Properties owned by the Local Limited Partnerships in which the Partnership
has invested are, and will continue to be, subject to competition from existing
and future apartment complexes in the same areas. The continued success of the
Partnership will depend on many outside factors, most of which are beyond the
control of the Partnership and cannot be predicted at this time. Such factors
include general economic and real estate market conditions, both on a national
basis and in those areas where the Properties are located, the availability and
cost of borrowed funds, real estate tax rates, operating expenses, energy costs
and government regulations. In addition, other risks inherent in real estate
investment may influence the ultimate success of the Partnership, including: (i)
possible reduction in rental income due to an inability to maintain high
occupancy levels or adequate rental levels; (ii) possible adverse changes in
general economic conditions and local conditions, such as competitive
over-building or a decrease in employment or adverse changes in real estate
laws, including building codes; and (iii) the possible future adoption of rent
control legislation which would not permit increased costs to be passed on to
the tenants in the form of rent increases or which suppress the ability of the
Local Limited Partnerships to generate operating cash flow. Since most of the
Properties benefit from some form of government assistance, the Partnership is
subject to the risks inherent in that area including decreased subsidies,
difficulties in finding suitable tenants and obtaining permission for rent
increases. In addition, any Tax Credits allocated to investors with respect to a
Property are subject to recapture to the extent that the Property or any portion
thereof ceases to qualify for the Tax Credits. Other future changes in federal
and state income tax laws affecting real estate ownership or limited
partnerships could have a material and adverse affect on the business of the
Partnership.

The Partnership is managed by Arch Street VIII, Inc., the Managing General
Partner of the Partnership. The other General Partner of the Partnership is Arch
Street V Limited Partnership. The Partnership, which does not have any
employees, reimburses Lend Lease Real Estate Investments, Inc., ("Lend Lease"),
an affiliate of the General Partner, for certain expenses and overhead costs. A
complete discussion of the management of the Partnership is set forth in Item 10
of this Report.

Item 2. Properties

The Partnership owns limited partnership interests in twenty-six Local Limited
Partnerships which own and operate Properties, some of which benefit from some
form of federal, state or local assistance programs and all of which qualify for
the Tax Credits added to the Code by the Tax Reform Act of 1986. The
Partnership's ownership interest in each Local Limited Partnership is generally
99%, except for Strathern Park/Lorne Park, Westgate and Huguenot Park, where the
Partnership's ownership interests are 95%, 49.5% and 88.55%, respectively.

Each of the Local Limited Partnerships has received an allocation of Tax Credits
from its relevant state tax credit agency. In general, the Tax Credit runs for
ten years from the date the Property is placed in service. The required holding
period (the "Compliance Period") of the properties is fifteen years. During
these fifteen years, the properties must satisfy rent restrictions, tenant
income limitations and other requirements, as promulgated by the Internal
Revenue Service, in order to maintain eligibility for the Tax Credit at all
times during the Compliance Period. Once a Local Limited Partnership has become
eligible for the Tax Credits, it may lose such eligibility and suffer an event
of recapture if its Property fails to remain in compliance with the
requirements. To date, none of the Local Limited Partnerships have suffered an
event of recapture of Tax Credits.

In addition, some of the Local Limited Partnerships have obtained one or a
combination of different types of loans such as: i) below market rate interest
loans; ii) loans provided by a redevelopment agency of the town or city in which
the Property is located at favorable terms; and iii) loans that have repayment
terms that are based on a percentage of cash flow.

The schedule on the following pages provide certain key information on the Local
Limited Partnership interests acquired by the Partnership.

Capital Contributions
Total Paid Mortgage loans Occupancy
Local Limited Partnership Number Committed at through payable at Type At
Property Name Of March 31, March 31, December 31, of March 31,
Property Location Apt. Units 2001 2001 2000 Subsidy* 2001
- ---------------------------------- ----------- -------------- ----------- ------------- ---------- ----------------

Strathern Park/Lorne Park, a
California Limited Partnership (1)
Strathern Park/Lorne Park
Los Angeles, CA 241 $8,418,667 $8,418,667 $17,278,198 None 100%

Maiden Choice Limited
Partnership
Park Caton
Catonsville, MD 101 2,513,300 2,513,300 1,988,644 None 98%

Cedar Lane I, Ltd.
Cedar Lane I
London, KY 36 288,587 288,587 1,090,974 None 100%

Silver Creek II, Ltd.
Silver Creek II
Berea, KY 24 193,278 193,278 764,617 None 100%

Tompkins/Rosecliff, Ltd.
Rosecliff
Sanford, FL 168 3,604,720 3,604,720 5,499,061 None 89%

Brookwood L.D.H.A.
Brookwood
Ypsilanti, MI 81 2,373,295 2,373,295 2,971,874 None 96%

Water Oak Apartment, L.P.
Water Oak
Orange City, FL 40 293,519 293,519 1,249,946 None 100%

Capital Contributions
Total Paid Mortgage loans Occupancy
Local Limited Partnership Number Committed at through payable at Type at
Property Name Of March 31, March 31, December 31, of March 31,
Property Location Apt. Units 2001 2001 2000 Subsidy* 2001
- ---------------------------------- ----------- ------------ ---------- ------------ ------------- --------------

Yester Oaks, L.P.
Yester Oaks
Lafayette, GA 44 319,254 319,254 1,279,845 FmHA 100%

Ocean View Apartments, L.P.
Ocean View
Fernandina Beach, FL 42 334,177 334,177 1,360,042 None 98%

Burbank Limited Partnership I (2)
Wheeler House
Nashua, NH

Archer Village, Ltd.
Archer Village
Archer, FL 24 171,380 171,380 704,791 FmHA 92%

The Oaks of Dunlop Farms, L.P.
Oaks of Dunlop
Colonial Heights, VA 144 2,791,280 2,791,280 4,396,866 None 99%

Timothy House Limited
Partnership
Timothy House
Towson, MD 112 3,064,250 3,064,250 2,011,764 None 100%

Westover Station Associates, L.P.
Westover Station
Newport News, VA 108 1,972,947 1,972,947 2,644,818 None 99%

Capital Contributions
Total Paid Mortgage loans Occupancy
Local Limited Partnership Number Committed at through payable at Type at
Property Name of March 31, March 31, December 31, of March 31,
Property Location Apt. Units 2001 2001 2000 Subsidy* 2001
- ---------------------------------- ----------- ------------ ---------- ------------ -------------- ----------------

Christiansted Limited Dividend
Housing Association
Carib III
St. Croix, VI 24 322,260 322,260 1,474,511 FmHA 75%

St. Croix II Limited Partnership
Carib II
St. Croix, VI 20 347,680 347,680 1,395,703 FmHA 75%

Whispering Trace Apartments,
A Limited Partnership
Whispering Trace
Woodstock, GA 40 1,093,330 1,093,330 1,339,400 None 85%

Historic New Center Apartments
Limited Partnership
New Center
Detroit, MI 104 3,077,187 3,077,187 2,893,812 Section 8 84%

Huguenot Park Associates, L.P.
Huguenot Park
New Paltz, NY 24 982,358 982,358 1,400,000 None 100%

Cobblestone Place Townhomes,
A Limited Partnership
Hillwood Pointe
Jacksonville, FL 100 2,356,133 2,356,133 2,847,051 None 98%

Kensington Place Townhomes,
A Limited Partnership
Pinewood Pointe
Jacksonville, FL 136 3,153,173 3,153,173 3,854,826 None 96%

Capital Contributions
Total Paid Mortgage loans Occupancy
Local Limited Partnership Number Committed at through payable at Type At
Property Name of March 31, March 31, December 31, of March 31,
Property Location Apt. Units 2001 2001 2000 Subsidy* 2001
- ---------------------------------- ----------- ----------- ------------- ---------- -------------- ----------------

Westgate Apartments Limited
Partnership
Westgate
Bismark, ND 60 935,893 935,893 1,550,394 None 97%

Woodlake Hills Limited
Partnership
Woodlake Hills
Pontiac, MI 144 4,154,667 4,154,667 3,733,699 None 98%

Bixel House, a California
Limited Partnership
Bixel House
Los Angeles, CA 76 710,677 710,677 1,042,584 Section 8 96%

Harmony Apartments, a California
Limited Partnership
Magnolia Villas
North Hollywood, CA 65 3,203,996 3,203,996 2,171,145 None 100%

Schumaker Place Associates, L.P.
Schumaker Place
Salisbury, MD 96 2,910,453 2,910,453 2,878,608 None 98%

Circle Terrace Associates Limited
Partnership
Circle Terrace
Lansdowne, MD 303 5,811,237 5,811,237 6,320,406 Section 8 98%
------- ------------ ------------ -------------
2,357 $ 55,397,698 $ 55,397,698 $ 76,143,579
======= ============ ============ =============

* FmHA This subsidy, which is authorized under Section 515 of the Housing
Act of 1949, can be one or a combination of different types of
financing. For instance, FmHA may provide: 1) direct
below-market-rate mortgage loans for rural rental housing;
2) mortgage interest subsidies which effectively lower the
interest rate of the loan to 1%; 3) a rental assistance subsidy
to tenants which allows them to pay no more than 30% of their
monthly income as rent with the balance paid by the federal
government; or 4) a combination of any of the above.

Section 8 This subsidy, which is authorized under Section 8 of Title
II of the Housing and Community Development Act of 1974,
allows qualified low-income tenants to pay 30% of their
monthly income as rent with the balance paid by the federal
government.

(1) On January 1, 1994, Lorne Park merged into Strathern Park
in a business combination accounted for as a pooling of
interests. Lorne Park's total assets, liabilities and
partners' equity were combined with Strathern Park at
their existing book value, and neither partnership
recognized a gain or loss on the merger. The combined
Partnerships constructed a 241 Unit apartment project
(Lorne Park: 72 Units, Strathern Park: 169 Units) for
tenants whose income is very low to moderate.

(2) The Partnership no longer has an interest in this Local Limited
Partnership.

Two Local Limited Partnerships invested in by the Partnership each represent
more than 10% of the total capital contributions to be made to Local Limited
Partnerships by the Partnership. The first is Strathern Park/Lorne Park, a
California Limited Partnership. Strathern Park/Lorne Park, representing 15.20%
of the total capital contributions to Local Limited Partnerships, is a 241-unit
apartment complex located in Los Angeles, California.

Strathern Park/Lorne Park is financed by a combination of private and public
sources, including a first mortgage at 9.41% interest and 30 year term with
California Community Reinvestment Corporation, a consortium of private lenders.
Secondary financing has a term of 40 years and is provided by the Community
Redevelopment Agency of the City of Los Angeles and a U.S. Housing and Urban
Development Action Grant, with payments made from the residual receipts of the
project.

The other Local Limited Partnership which represents more than 10% of the total
capital contributions made to Local Limited Partnerships is Circle Terrace
Associates Limited Partnership. Circle Terrace, representing 10.49% of the total
capital contributions to Local Limited Partnerships, is a substantially
renovated 303-unit apartment complex located in Lansdowne, Maryland with 23
garden-style buildings and a newly-constructed community building.

All of the units at Circle Terrace benefit from Section 8 Loan Management Set
Aside Program. Additionally, Circle Terrace assumed a HUD Section 236 mortgage
and financing by Crestar of Richmond Virginia, Inc. and by Maryland's Department
of Housing and Community Rental Housing Program. The Property also has a loan
financed by Baltimore County's Community Development Block Grant program, and it
received weatherization funds from the U.S. Department of Energy.

Duration of leases for occupancy in the Properties described above is generally
six to twelve months. The Managing General Partner believes the Properties
described herein are adequately covered by insurance.

Additional information required under this Item, as it pertains to the
Partnership, is contained in Items 1, 7 and 8 of this Report.

Item 3. Legal Proceedings

The Partnership is not a party to any pending legal or administrative
proceeding. However, Tompkins/Rosecliff, Ltd. which owns a property in Sanford,
Florida, had been involved in certain litigation with an entity formerly
affiliated with this Partnership and its previous local general partner. A
settlement agreement was agreed upon in July 1999 totaling $200,000, of which
the Partnership's share was $100,000. In the opinion of Management, this was an
appropriate settlement, which it believes will eliminate the risk of foreclosure
and recapture posed by this litigation.

Item 4. Submission of Matters to a Vote of Security Holders
- ------------------------------------------------------------

None.

PART II

Item 5. Market for the Registrant's Units and Related Security Holder Matters

There is no public market for the Units, and it is not expected that a public
market will develop. If a Limited Partner desires to sell Units, the buyer of
those Units will be required to comply with the minimum purchase and retention
requirements and investor suitability standards imposed by applicable federal or
state securities laws and the minimum purchase and retention requirements
imposed by the Partnership. The price to be paid for the Units, as well as the
commissions to be received by any participating broker-dealers, will be subject
to negotiation by the Limited Partner seeking to sell his Units. Units will not
be redeemed or repurchased by the Partnership.

The Partnership Agreement does not impose on the Partnership or its General
Partners any obligation to obtain periodic appraisals of assets or to provide
Limited Partners with any estimates of the current value of Units.

As of June 18, 2001, there were 3,243 record holders of Units of the
Partnership.

Cash distributions, when made, are paid annually. No cash distributions were
paid for the years ended March 31, 2001, 2000 and 1999.

Item 6. Selected Financial Data

The following table sets forth selected financial information regarding the
Partnership's financial position and operating results. This information should
be read in conjunction with Management's Discussion and Analysis of Financial
Condition and Results of Operations and the Financial Statements and Notes
thereto, which are included in Items 7 and 8 of this Report.

March 31, March 31, March 31, March 31, March 31,
2001 2000 1999 1998 1997
------------- -------------- ------------- ------------- --------------

Revenue $ 571,148 $ 235,508 $ 281,041 $ 222,072 $ 204,683
Equity in losses of Local Limited
Partnerships (2,223,252) (2,576,356) (2,932,545) (4,921,903) (4,044,413)
Net loss (2,334,459) (3,006,310) (3,371,589) (5,794,498) (4,337,761)
Per Limited Partnership Unit (A) (33.53) (43.18) (48.42) (83.22) (62.30)
Cash and cash equivalents 573,599 392,154 303,666 100,850 449,567
Marketable securities 2,481,341 2,332,268 2,666,281 3,064,717 2,840,127
Investment in Local Limited
Partnerships 16,317,830 18,818,290 21,538,791 24,748,484 30,531,768
Total assets (B) 19,547,782 21,702,984 24,862,400 28,092,950 33,871,495
Total liabilities 398,597 295,987 405,479 286,362 298,276
Other data:
Passive loss (C) (4,614,949) (4,835,075) (5,120,476) (5,324,956) (5,154,301)
Per Limited Partnership Unit (A,C) (66.28) (69.44) (73.54) (76.48) (74.03)
Portfolio income (C) 372,581 325,210 340,850 361,519 281,707
Per Limited Partnership Unit (A,C) 5.35 4.67 4.90 5.19 4.05
Low-Income Housing Tax Credit (C) 10,449,103 10,510,853 10,405,744 10,512,076 10,512,996
Per Limited Partnership Unit (A,C) 150.08 150.96 150.97 150.98 150.99
Local Limited Partnership interests
owned at end of period (D) 26 26 27 27 27

(A) Per Limited Partnership Unit data is based upon 68,929 outstanding Units.

(B) Total assets include the net investment in Local Limited Partnerships.

(D) In January 2000, the Partnership wrote off the foreclosed Wheeler House
property.

Item 7. 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 statement and are including this statement
for purposes of complying with these safe harbor provisions. Although the
Partnership believes the forward-looking statements are based on reasonable
assumptions, the Partnership can give no assurance that their expectations will
be attained. Actual results and timing of certain events could differ materially
from those projected in or contemplated by the forward-looking statements due to
a number of factors, including, without limitation, general economic and real
estate conditions and interest rates.

Liquidity and capital resources

At March 31, 2001, the Partnership had cash and cash equivalents of $573,599,
compared with $392,154 at March 31, 2000. The increase is attributable to
proceeds from sales and maturities of marketable securities and cash
distributions received from Local Limited Partnerships, partially offset by
purchases of marketable securities, net cash used for operations and an advance
made to one Local Limited Partnership.

Approximately $2,254,000 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.

In the event a Local Limited Partnership encounters operating difficulties
requiring additional funds, the Partnership might deem it in its best interests
to provide such funds, voluntarily, in order to protect its investment. To date,
the Partnership has advanced approximately $328,000 to Local Limited
Partnerships to fund operating deficits.

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 March 31, 2001, 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 years ended March 31, 2001, 2000 or
1999. It is not expected that cash available for distribution, if any, will be
significant during the 2001 calendar year. Based on the results of 2000
operations, the Local Limited Partnerships are not expected to distribute
significant amounts of cash to the Partnership because such amounts will be
needed to fund Property operating costs. In addition, many of the Properties
benefit from some type of federal or state subsidy and, as a consequence, are
subject to restrictions on cash distributions.

Results of operations

2001 versus 2000

The Partnership's results of operations for the year ended March 31, 2001
resulted in a net loss of $2,334,459 as compared to a net loss of $3,006,310 for
the same period in 2000. The decrease in net loss is primarily attributable to
decreases in equity in losses of Local Limited Partnerships, an increase in
other revenue and a decrease in provisions for valuation of investments in Local
Limited Partnerships. These effects were partially offset by an increase in
general and administrative expenses. The increase in 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 increased charges pertained to higher levels of staffing
and salary levels at the affiliate in addition to changes in the affiliate's
allocation of operational and administrative expenses to more accurately reflect
the actual cost of services provided to the Partnership. Equity in losses of
Local Limited Partnerships decreased primarily due to a decrease in interest
expense coupled with continued unrecognized losses for Local Limited
Partnerships whose carrying values have been reduced to zero.

2000 versus 1999

The Partnership's results of operations for the year ended March 31, 2000
resulted in a net loss of $3,006,310 as compared to a net loss of $3,371,589 for
the same period in 1999. The decrease in net loss is primarily attributable to
decreases in equity in losses of Local Limited Partnerships and general and
administrative expenses. These effects were partially offset by provisions for
valuation of investments in Local Limited Partnerships related to advances to
two Local Limited Partnerships recorded in 2000, as well as a decrease in other
revenue. Equity in losses of Local Limited Partnerships decreased primarily due
to an increase in unrecognized losses for Local Limited Partnerships whose
carrying values have been reduced to zero.

Low-income housing tax credits

The 2000, 1999, and 1998 Tax Credits per Unit were $150.08, $150.96 and $150.97,
respectively. The Tax Credit per Limited Partnership Unit is stabilized at
approximately $150.00 per Unit in 1993. The Tax Credits per Limited Partner
stabilized in 1993. The credits were expected to remain stable for the next
seven years and then decrease as certain Properties reached the end of the ten
year credit period. However, because the compliance periods extend significantly
beyond the tax credit periods, the Partnership is expected to retain most of its
interests in the Local Limited Partnerships for the foreseeable future.

Property discussions

The Partnership's investment portfolio consists of limited partnership interests
in 26 Local Limited Partnerships, each of which own and operate a multi-family
apartment complex. A majority of the Properties 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
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. Also, the Managing
General Partner, in the normal course of the Partnership's business, may desire
to dispose of certain Local Limited Partnerships. The following Property
discussions focus only on such Properties.

Operations at Historic New Center, located in Detroit, Michigan, continue to
struggle. The Property suffers from poor location and security issues. Vandalism
has caused an increase in maintenance and repair expenses and negatively
affected the Property's occupancy levels and tenant profile. A new site
management company began operating the Property on January 1, 2001 but
subsequently resigned as they believed they were not suited to manage the
Property. An affiliate of the Local General Partner will begin managing the
Property in May 2001 and is working to increase curb appeal and implement new
marketing programs to increase qualified tenant traffic. 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.

As previously reported regarding Westgate, located in Bismarck, North Dakota,
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 in order to address
concerns about the long term viability of the Property. 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
interests in the Property, the date when the Managing General Partner has the
right to transfer the remaining interest will not occur until September 1, 2001.
It is likely that the Managing General Partner will transfer the Partnership's
remaining interest at that time. The Partnership will retain its full share of
the Property's tax credits, which expire in 2001, until such time as the
remaining interest is put to the new Local General Partner. Further, the new
Local General Partner has the right to call the remaining interest after the tax
credit period has expired.

Carib Villas II and Carib Villas III, both of which are located in St. Croix,
Virgin Islands, have been unable to maintain occupancy. The Properties have both
family and elderly units, and while the family units have a waiting list, the
elderly units have proven difficult to lease. Also, due to the Properties'
proximity to the ocean, weather conditions erode their physical condition
quickly, and therefore, maintenance issues are a concern. The Managing General
Partner will continue to closely monitor the operations at both of these
Properties.

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
carrying value is compared to the undiscounted future cash flows expected to be
derived from the asset. If a significant impairment in carrying value exists, a
provision to write down the asset to fair value will be recorded in the
Partnership's financial statements.

Inflation and other economic factors

Inflation had no material impact on the operations or financial condition of the
Partnership for the years ended March 31, 2001, 2000 and 1999.

Since some of the properties benefit from some form of government assistance,
the Partnership is subject to the risks inherent in that area including
decreased subsidies, difficulties in finding suitable tenants and obtaining
permission for rent increases. In addition, any Tax Credits allocated to
investors with respect to a Property are subject to recapture to the extent that
the Property or any portion thereof ceases to qualify for the Tax Credits.

Certain of the Properties in which the Partnership invests may be located in
areas suffering from poor economic conditions. Such conditions could have an
adverse effect on rent or occupancy levels at such Properties. Nevertheless,
management believes that the generally high demand for below market rate housing
will tend to negate such factors. However, no assurance can be given in this
regard.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

The Partnership has invested in marketable securities with a fair value of
$2,481,341 at March 31, 2001; these securities, with rates ranging from 4.75% to
8.50%, do not subject the Partnership to significant market risk because of
their short term maturities and high liquidity.

The Partnership has no other exposure to market risk associated with activities
in derivative financial instruments, derivative commodity instruments or other
financial instruments.

Item 8. Financial Statements and Supplementary Data

Information required under this Item is submitted as a separate section of this
Report. See Index on page F-1 hereof.

Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
- ------------------------------------------------------------------------------
None.

PART III

Item 10. Directors and Executive Officers of the Registrant
- -------------------------------------------------------------

The Managing General Partner of the Partnership is Arch Street VIII, Inc.,
a Massachusetts corporation ("Arch Street, Inc.") (the "Managing
General Partner"), an affiliate of Lend Lease. The Managing General
Partner was incorporated in June 1989. The Investment Committee of the
Managing General Partner approved all investments. The names and positions
of the principal officers and the directors of the Managing General Partner
are set forth below.

Name Position

Jenny Netzer Principal, Head of Housing and Community Investment
Michael H. Gladstone Principal, Member, Legal
Lauren M. Guillette Principal, Member, Legal

The other General Partner of the Partnership is Arch Street V Limited
Partnership, a Massachusetts limited partnership ("Arch Street L.P.")
that was organized in June 1989. Arch Street, Inc. is the managing general
partner of Arch Street L.P.

The Managing General Partner provides day-to-day management of the Partnership.
Compensation is discussed in Item 11 of this report. Such day-to-day management
does not include the management of the Properties.

The business experience of each of the persons listed above is described below.
There is no family relationship between any of the persons listed in this
section.

Jenny Netzer, age 45, Principal, Head of Housing and Community Investment Group
- - Ms. Netzer is responsible for tax credit investment programs to institutional
clients. She joined Lend Lease as a result of the Boston Financial acquisition,
starting with Boston Financial in 1987 and leading Boston Financial's new
business initiatives and managing the firm's Asset Management division. Prior to
joining Boston Financial, Ms. Netzer served as Deputy Budget Director for the
Commonwealth of Massachusetts where she was responsible for the Commonwealth's
health care and public pension program's budgets. Ms. Netzer also served as
Assistant Controller at Yale University, was a former member of Watertown Zoning
Board of Appeals, the Officer of Affordable Housing Tax Credit Coalition and a
frequent speaker on affordable housing and tax credit industry issues. Ms.
Netzer is a graduate of Harvard University (BA) and Harvard's Kennedy School of
Government (MPP).

Michael H. Gladstone, age 44, Principal, Member, Legal - Mr. Gladstone is
responsible for legal work in the areas of affordable and conventional housing
and investment products and services. He joined Lend Lease as a result of
the Boston Financial acquisition, starting with Boston Financial in 1985 as
the firm's General Counsel. Prior to joining Boston Financial,
Mr. Gladstone was associated with the law firm of Herrick & Smith and served
on the advisory board of the Housing and Development Reporter.
Mr. Gladstone lectured at Harvard University on affordable housing
matters and is a member of the National Realty Committee, Cornell
Real Estate Council, National Association of Real Estate Investment
Managers and Massachusetts Bar. Mr. Gladstone is a graduate of Emory
University (BA) and Cornell University (J.D. & MBA).

Lauren M. Guillette, age 36, Principal, Member, Legal - Ms. Guillette is
responsible for legal work in the areas of affordable and conventional housing
and investment products and services. She joined Lend Lease as a result of the
Boston Financial acquisition, starting with Boston Financial in 1996 as the
firm's Assistant General Counsel. Prior to joining Boston Financial, Ms.
Guillette was associated with the law firm of Peabody & Brown where she
practiced real estate syndication and securities law. Ms. Guillette is a
graduate of McGill University (BA) and Suffolk University (J.D.).

Item 11. Management Remuneration

Neither the directors nor officers of Arch Street, Inc., the partners
of Arch Street L.P. nor any other individual with significant
involvement in the business of the Partnership receives any current or
proposed remuneration from the Partnership.

Item 12. Security Ownership of Certain Beneficial Owners and Management

As of March 31, 2001, the following is the only entity known to the Partnership
to be the beneficial owner of more than 5% of the total number of Units
outstanding:
Amount
Title of Name and Address Beneficially Percent of
Class of Beneficial Owner Owned Class
--------- ------------------- -------------- -----------

Limited Oldham Institutional
Partner Tax Credits LLC 8,024 Units 11.64%
101 Arch Street
Boston, MA

Oldham Institutional Tax Credits LLC is an affiliate of Arch Street VIII, Inc.,
the Managing General Partner.

The equity securities registered by the Partnership under Section 12(g) of the
Act consist of 100,000 Units, 68,929 of which had been sold to the public as of
March 31, 2001. The remaining Units were deregistered in Post-Effective
Amendment No. 6, dated January 21, 1992, herein incorporated by this reference.
Holders of Units are permitted to vote on matters affecting the Partnership only
in certain unusual circumstances and do not generally have the right to vote on
the operation or management of the Partnership.

Arch Street L.P. owns five (unregistered) Units not included in the 68,929 Units
sold to the public. Additionally, five registered Units were sold to an employee
of an affiliate of the Managing General Partner of the Registrant. Such Units
were sold at a discount of 7% of the Unit price for a total discount of $350 and
a total purchase price of $4,650.

Except as described in the preceding paragraphs, neither Arch Street, Inc., Arch
Street L.P., Lend Lease nor any of their executive officers, directors, partners
or affiliates is the beneficial owner of any Units. None of the foregoing
persons possesses a right to acquire beneficial ownership of Units.

The Partnership does not know of any existing arrangement that might at a later
date result in a change in control of the Partnership.

Item 13. Certain Relationships and Related Transactions

The Partnership paid certain fees to and reimbursed certain expenses of the
Managing General Partner or its affiliates in connection with the organization
of the Partnership and the offering of Units. The Partnership was also required
to pay certain fees to and reimburse certain expenses of the Managing General
Partner or its affiliates in connection with the administration of the
Partnership and its acquisition and disposition of investments in Local Limited
Partnerships. In addition, the General Partners are entitled to certain
Partnership distributions under the terms of the Partnership Agreement. Also, an
affiliate of the General Partners will receive up to $10,000 from the sale or
refinancing proceeds of each Local Limited Partnership if it is still a limited
partner at the time of such a transaction. All such fees, expenses and
distributions are more fully described in the sections of the Prospectus
entitled "Estimated Use of Proceeds", "Management Compensation and Fees" and
"Profits and Losses for Tax Purposes, Tax Credits and Cash Distributions". Such
sections are incorporated herein by reference. In addition, in prior years
affiliates of the Managing General Partner served as property management agents
for New Center, Carib II, Carib III and Woodlake Hills.

The Partnership is permitted to enter into transactions involving affiliates of
the Managing General Partner, subject to certain limitations established in the
Partnership Agreement.

Information regarding the fees paid and expense reimbursements made in the three
years ended March 31, 2001 is presented as follows:

Organizational fees and expenses

In accordance with the Partnership Agreement, the Partnership was required to
pay certain fees to and reimburse expenses of the General Partners and others in
connection with the organization of the Partnership and the offering of its
Limited Partnership Units. Selling commissions, fees and accountable expenses
related to the sale of the Units totaling $9,499,985 have been charged directly
to Limited Partners' equity. In connection therewith, $5,858,935 of selling
expenses and $3,641,050 of offering expenses incurred on behalf of the
Partnership have been paid to an affiliate of the General Partners. The
Partnership was required to pay a non-accountable expense allowance for
marketing expenses equal to a maximum of 1% of Gross Proceeds; this is included
in total offering expenses. The Partnership has capitalized an additional
$50,000 which was reimbursed to an affiliate of the General Partners. Total
organization and offering expenses, exclusive of selling commissions, did not
exceed 5.5% of the Gross Proceeds and organizational and offering expenses,
inclusive of selling commissions did not exceed 14.0% of the Gross Proceeds. No
organizational fees and expenses and selling expenses were paid during the three
years ended March 31, 2001.

Acquisition fees and expenses

In accordance with the Partnership Agreement, the Partnership was required to
pay acquisition fees to and reimburse acquisition expenses of the Managing
General Partner or its affiliates for selecting, evaluating, structuring,
negotiating and closing the Partnership's investments in Local Limited
Partnerships. Acquisition fees totaled 7% of the gross offering proceeds.
Acquisition expenses, which include such expenses as legal fees and expenses,
travel and communications expenses, costs of appraisals, accounting fees and
expenses, were expected to total 1.5% of the gross offering proceeds. As of
March 31, 2001, acquisition fees totaling $4,825,005 for the closing of the
Partnership's Local Limited Partnership Investments have been paid to an
affiliate of the Managing General Partner. Acquisition expenses totaling
$899,430 at March 31, 2001 were incurred and have been reimbursed to an
affiliate of the Managing General Partner. No acquisition fees or expenses were
paid during the three years ended March 31, 2001.

Asset Management Fees

In accordance with the Partnership Agreement, an affiliate of the Managing
General Partner is paid an Asset Management Fee for services in connection with
the administration of the affairs of the Partnership. The affiliate currently
receives the base amount of 0.377% (as adjusted by the CPI factor) of Gross
Proceeds annually as the Asset Management Fee. Asset Management Fees incurred in
each of the three years ended March 31, 2001 are as follows:

2001 2000 1999
------------ ---------- ----------

Asset Management Fees $ 253,088 $ 247,331 $ 243,169

Salaries and benefits expense reimbursements

An affiliate of the Managing General Partner is reimbursed for the cost of the
Partnership's salaries and benefits expenses. The reimbursements are based upon
the size and complexity of the Partnership's operations. Reimbursements paid or
payable in each of the three years ended March 31, 2001 are as follows:

2001 2000 1999
----------- ----------- -----------

Salaries and benefits expense
reimbursements $ 271,057 $ 139,757 $ 109,845

Property Management Fees

Affiliates of the Managing General Partner were previously management agents for
four Local Limited Partnerships. Fees charged in each of the three years ended
December 31, 2000 were as follows:

2000 1999 1998
----------- ----------- -----------

Property Management Fees $ - $ 84,640 $ 80,455

Cash distributions paid to the General Partners

In accordance with the Partnership Agreement, the General Partners of the
Partnership, Arch Street, Inc. and Arch Street L.P., receive 1% of cash
distributions paid to partners. No cash distributions were paid to the
General Partners in the three years ended March 31, 2001.

Additional information concerning cash distributions and other fees paid or
payable to the Managing General Partner and its affiliates and the reimbursement
of expenses paid or payable to Lend Lease and its affiliates for the three years
ended March 31, 2001 is presented in Note 5 to the Financial Statements.

PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
- -------------------------------------------------------------------------

(a)(1) and (a)(2) Documents filed as a part of this Report

In response to this portion of Item 14, the financial statements, financial
statement schedule and the auditors' report relating thereto are submitted as a
separate section of this Report. See Index to the Financial Statements on page
F-1 hereof.

The reports of auditors of the Local Limited Partnerships relating to the audits
of the financial statements of such Local Limited Partnerships appear in Exhibit
28.1 of this Report.

All other financial statement schedules and exhibits for which provision is made
in the applicable accounting regulations of the Securities and Exchange
Commission are not required under related instructions or are inapplicable and
therefore have been omitted.

(a)(3) See Exhibit Index contained herein.

(a)(3)(b) Reports on Form 8-K:

No reports on Form 8-K were filed during the year ended March 31,
2001.

(a)(3)(c) Exhibits

Number and Description in Accordance with
Item 601 of Regulation S-K

27. Additional Exhibits

(a) 28.1 Reports of Other Independent Auditors

(b) Audited financial statements of
Local Limited Partnership

Circle Terrace

(a)(3)(d) None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V

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

By: /s/Jenny Netzer Date: June 29, 2001
------------------------------- -------------------
Jenny Netzer
Principal, Head of Housing and
Community Investment

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed by the following persons on behalf of the Managing General
Partner of the Partnership and in the capacities and on the dates indicated:

By: /s/Jenny Netzer Date: June 29, 2001
----------------------------- -------------
Jenny Netzer
Director

By: /s/Michael H. Gladstone Date: June 29, 2001
----------------------------- ----------------
Michael H. Gladstone
Director

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

Annual Report on Form 10-K
For The Year Ended March 31, 2001
Index

Page No.

Report of Independent Accountants
For the years ended March 31, 2001, 2000 and 1999 F-2

Financial Statements

Balance Sheets - March 31, 2001 and 2000 F-3

Statements of Operations - For the years ended
March 31, 2001, 2000 and 1999 F-4

Statements of Changes in Partners' Equity (Deficiency) -
For the years ended March 31, 2001, 2000 and 1999 F-5

Statements of Cash Flows - For the years ended
March 31, 2001, 2000 and 1999 F-6

Notes to the Financial Statements F-7

Financial Statement Schedule

Schedule III - Real Estate and Accumulated Depreciation F-16

See also Index to Exhibits on Page K-22 for the financial statements of the
Local Limited Partnerships included as a separate exhibit in this Annual Report
on Form 10-K.

Other schedules have been omitted as they are either not required or the
information required to be presented therein is available elsewhere in the
financial statements and the accompanying notes and schedules.

Report of Independent Accountants

To the Partners of
Boston Financial Qualified Housing Tax Credits L.P. V:
(A Limited Partnership)

In our opinion, based upon our audits and the reports of other auditors, the
financial statements listed on the accompanying index present fairly, in all
material respects, the financial position of Boston Financial Qualified Housing
Tax Credits L.P. V (A Limited Partnership) (the "Partnership") as of March 31,
2001 and 2000, and the results of its operations and its cash flows for each of
the three years in the period ended March 31, 2001 in conformity with accounting
principles generally accepted in the United States of America. In addition, in
our opinion, the financial statement schedule listed in the accompanying index
presents fairly, in all material respects, the information set forth therein
when read in conjunction with the related financial statements. These financial
statements and financial statement schedule are the responsibility of the
Partnership's management; our responsibility is to express an opinion on these
financial statements and financial statement schedule based on our audits. The
Partnership accounts for its investment in Local Limited Partnerships, as
discussed in Note 2 of the notes to the financial statements, using the equity
method of accounting. We did not audit the financial statements of the Local
Limited Partnerships, investments in which the Partnership's investment in Local
Limited Partnerships is stated at $16,317,830 at March 31, 2001 and $18,818,290
at March 31, 2000, and the Partnership's equity in earnings (losses) of Local
Limited Partnerships is stated at $(2,223,252), $(2,576,356), and $(2,932,545)
for the years ended March 31, 2001, 2000, and 1999, respectively. The financial
statements of these Local Limited Partnerships were audited by other auditors
whose reports thereon have been furnished to us, and our opinion expressed
herein, insofar as it relates to amounts included for Local Limited
Partnerships, is based solely upon the reports of other auditors. We conducted
our audits of the Partnership's financial statements in accordance with auditing
standards generally accepted in the United States of America which require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits and the reports of the other
auditors provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
June 27, 2001
Boston, Massachusetts

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

BALANCE SHEETS
March 31, 2001 and 2000

2001 2000
------------- -------------
Assets

Cash and cash equivalents $ 573,599 $ 392,154
Marketable securities, at fair value (Note 3) 2,481,341 2,332,268
Investments in Local Limited Partnerships, net (Note 4) 16,317,830 18,818,290
Restricted cash (Note 6) 139,295 131,198
Other assets 35,717 29,074
------------- -------------
Total Assets $ 19,547,782 $ 21,702,984
============= =============

Liabilities and Partners' Equity

Accounts payable to affiliates (Note 5) $ 189,508 $ 121,184
Accrued expenses 69,794 43,605
Deferred revenue (Note 6) 139,295 131,198
------------- -------------
Total Liabilities 398,597 295,987
------------- -------------

General, Initial and Investor Limited Partners' Equity 19,108,683 21,443,142
Net unrealized gains (losses) on marketable securities 40,502 (36,145)
------------- -------------
Total Partners' Equity 19,149,185 21,406,997
------------- -------------
Total Liabilities and Partners' Equity $ 19,547,782 $ 21,702,984
============= =============

The accompanying notes are an integral part of
these financial statements.

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

STATEMENTS OF OPERATIONS
For the Years Ended March 31, 2001, 2000 and 1999

2001 2000 1999
------------- ------------- --------------
Revenue:
Investment $ 173,776 $ 156,312 $ 158,954
Other 397,372 79,196 122,087
------------- ------------- --------------
Total Revenue 571,148 235,508 281,041
------------- ------------- --------------

Expenses:
General and administrative
(includes reimbursements to an affiliate
in the amounts of $271,057, $139,757
and $109,845 in 2001, 2000 and 1999,
respectively) (Note 5) 380,670 219,794 453,057
Asset management fees, affiliate (Note 5) 253,088 247,331 243,169
Provision for valuation of investment in
Local Limited Partnership 25,000 174,739 -
Amortization 23,597 23,598 23,859
------------- ------------- --------------
Total Expenses 682,355 665,462 720,085
------------- ------------- --------------

Loss before equity in losses of Local Limited
Partnerships (111,207) (429,954) (439,044)

Equity in losses of Local Limited
Partnerships (Note 4) (2,223,252) (2,576,356) (2,932,545)
------------- ------------- --------------

Net Loss $ (2,334,459) $ (3,006,310) $ (3,371,589)
============= ============= ==============

Net Loss allocated:
General Partners $ (23,345) $ (30,063) $ (33,716)
Limited Partners (2,311,114) (2,976,247) (3,337,873)
------------- ------------- --------------
$ (2,334,459) $ (3,006,310) $ (3,371,589)
============= ============= ==============

Net Loss per Limited Partnership
Unit (68,929 Units) $ (33.53) $ (43.18) $ (48.42)
============= ============= ==============

The accompanying notes are an integral part of
these financial statements.

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

STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
For the Years Ended March 31, 2001, 2000 and 1999

Net
Initial Investor Unrealized
General Limited Limited Gains
Partners Partner Partners (Losses) Total
----------- --------- ----------- --------- ------------

Balance at March 31, 1998 $ (313,896) $ 5,000 $ 28,129,937 $ (14,453) $ 27,806,588
----------- --------- ------------- ----------- --------------

Comprehensive Income (Loss):
Change in net unrealized
losses on marketable securities
available for sale - - - 21,922 21,922
Net Loss (33,716) - (3,337,873) - (3,371,589)
----------- --------- ------------- ----------- --------------
Comprehensive Income (Loss) (33,716) - (3,337,873) 21,922 (3,349,667)
----------- --------- ------------- ----------- --------------

Balance at March 31, 1999 (347,612) 5,000 24,792,064 7,469 24,456,921
----------- --------- ------------- ----------- --------------

Comprehensive Loss:
Change in net unrealized
gains on marketable securities
available for sale - - - (43,614) (43,614)
Net Loss (30,063) - (2,976,247) - (3,006,310)
----------- --------- ------------- ----------- --------------
Comprehensive Loss (30,063) - (2,976,247) (43,614) (3,049,924)
----------- --------- ------------- ----------- --------------

Balance at March 31, 2000 (377,675) 5,000 21,815,817 (36,145) 21,406,997
----------- --------- ------------- ----------- --------------

Comprehensive Income (Loss):
Change in net unrealized
losses on marketable securities
available for sale - - - 76,647 76,647
Net Loss (23,345) - (2,311,114) - (2,334,459)
----------- --------- ------------- ----------- --------------
Comprehensive Income (Loss) (23,345) - (2,311,114) 76,647 (2,257,812)
----------- --------- ------------- ----------- --------------

Balance at March 31, 2001 $ (401,020) $ 5,000 $ 19,504,703 $ 40,502 $ 19,149,185
=========== ========= ============= =========== ==============

The accompanying notes are an integral part of
these financial statements.

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

STATEMENTS OF CASH FLOWS
For the Years Ended March 31, 2001, 2000 and 1999

2001 2000 1999
------------- ------------- -------------

Cash flows from operating activities:
Net loss $ (2,334,459) $ (3,006,310) $ (3,371,589)
Adjustments to reconcile net loss to net
cash used for operating activities:
Equity in losses of Local Limited Partnerships 2,223,252 2,576,356 2,932,545
Provision for valuation of investment in Local
Limited Partnership 25,000 174,739 -
Amortization 23,597 23,598 23,859
(Gain) loss on sales and maturities of
marketable securities, net (3,423) (2,498) 14,790
Cash distributions included in net loss (158,105) (5,132) (65,089)
Increase (decrease) in cash arising from changes
in operating assets and liabilities:
Restricted cash (8,097) 15,067 (7,407)
Other assets (6,643) 3,584 6,383
Accounts payable to affiliates 26,189 (22,259) 64,233
Accrued expenses 68,324 (71,613) 47,527
Deferred revenue 8,097 (15,620) 7,357
------------- ------------- -------------
Net cash used for operating activities (136,268) (330,088) (347,391)
------------- ------------- -------------

Cash flows from investing activities:
Investments in Local Limited Partnerships - (127,767) (50,420)
Purchases of marketable securities (1,577,046) (1,067,998) (2,523,829)
Proceeds from sales and maturities of
marketable securities 1,508,043 1,360,895 2,929,397 Cash
distributions received from Local Limited
Partnerships 411,716 253,446 368,798
Advances to Local Limited Partnerships (25,000) (188,700) (173,739)
Repayment of advances to Local Limited
Partnerships - 188,700 -
------------- ------------- -------------
Net cash provided by investing activities 317,713 418,576 550,207
------------- ------------- -------------

Net increase in cash and cash equivalents 181,445 88,488 202,816

Cash and cash equivalents, beginning 392,154 303,666 100,850
------------- ------------- -------------

Cash and cash equivalents, ending $ 573,599 $ 392,154 $ 303,666
============= ============= =============

The accompanying notes are an integral part of
these financial statements.

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

Notes to the Financial Statements

1. Organization

Boston Financial Qualified Housing Tax Credits L.P. V ("the Partnership") was
formed on June 16, 1989 under the laws of the State of Massachusetts for the
primary purpose of investing, as a limited partner, in other limited
partnerships ("Local Limited Partnerships"), some of which own and operate
apartment complexes benefiting from some form of federal, state or local
assistance, and each of which qualifies for low-income housing tax credits. The
Partnership's objectives are to: (i) provide current tax benefits in the form of
tax credits which qualified investors may use to offset their federal income tax
liability; (ii) preserve and protect the Partnership's capital; (iii) provide
limited cash distributions from property operations which are not expected to
constitute taxable income during Partnership operations; and (iv) provide cash
distributions from sale or refinancing transactions. The General Partners of the
Partnership are Arch Street V, Inc., a Massachusetts corporation, which serves
as the Managing General Partner, and Arch Street V Limited Partnership, a
Massachusetts Limited Partnership whose general partner consists of Arch Street
V, Inc., which also serves as the Initial Limited Partner. Both of the General
Partners are affiliates of Lend Lease Real Estate Investments, Inc. ("Lend
Lease"). The fiscal year of the Partnership ends on March 31.

The Partnership's partnership agreement (the "Partnership Agreement") authorized
the sale of up to 100,000 units of limited partnership interest ("Units") at
$1,000 per Unit, adjusted for certain discounts. On August 31, 1991, the
Partnership held its final investor closing. In total, the Partnership received
$68,928,650 of capital contributions, net of discounts, from investors admitted
as Limited Partners for 68,929 Units.

Generally, profits, losses, tax credits and cash flows from operations are
allocated 99% to the Limited Partners and 1% to the General Partners. Net
proceeds from a sale or refinancing will be allocated 95% to the Limited
Partners and 5% to the General Partners after certain priority payments.

Under the terms of the Partnership Agreement, the Partnership originally
designated 4% of the Gross Proceeds from the sale of Units as a reserve for
working capital of the Partnership and contingencies related to 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 March
31, 2001, the Managing General Partner has designated approximately $2,254,000
as such Reserves.

2. Significant Accounting Policies

Cash Equivalents

Cash equivalents consist of short-term money market instruments with original
maturities of ninety days or less at acquisition and approximate fair value.

Marketable Securities

Marketable securities consist primarily of U.S. Treasury instruments and various
asset-backed investments vehicles. The Partnership's marketable securities are
classified as "Available for Sale" securities and are reported at fair value as
reported by the brokerage firm at which the securities are held. Realized gains
and losses from the sales of securities are based on the specific identification
method. Unrealized gains and losses are excluded from earnings and reported as a
separate component of partners' equity.

Investments in Local Limited Partnerships

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

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

Notes to the Financial Statements (continued)

2. Significant Accounting Policies (continued)
------------------------------------------

Investments in Local Limited Partnerships (continued)
- ----------------------------------------------------

Partnership's share of income or loss of the Local Limited Partnerships,
additional investments in and cash distributions from the Local Limited
Partnerships. Equity in income or loss of the Local Limited Partnerships is
included in the Partnership's operations. The Partnership has no obligation to
fund liabilities of the Local Limited Partnerships beyond its investment and
therefore a Local Limited Partnership's investment will not be carried below
zero. To the extent that equity losses are incurred or distributions received
when a Local Limited Partnership's respective investment balance has been
reduced to zero, the losses will be suspended to be used against future income
and distributions received will be included in income.

Excess investment costs over the underlying net assets acquired have arisen from
acquisition fees paid and expenses reimbursed to an affiliate of the
Partnership. These fees and expenses are included in the Partnership's
investments in Local Limited Partnerships and are being amortized on a
straight-line basis over 35 years until a Local Limited Partnership's respective
investment balance has been reduced to zero.

The General Partners have decided to report the 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 December 31, 2000, 1999 and 1998.

The Partnership recognizes a decline in the carrying value of its investments in
Local Limited Partnerships when there is evidence of a non-temporary decline in
the recoverable amount of the investment. There is a possibility that the
estimates relating to reserves for non-temporary declines in carrying value of
investments in Local Limited Partnerships may be subject to material near term
adjustments.

The Partnership, as a limited partner in the Local Limited Partnerships, is
subject to risks inherent in the ownership of property which are beyond its
control, such as fluctuations in occupancy rates and operating expenses,
variations in rental schedules, proper maintenance and continued eligibility for
tax credits. If the cost of operating a property exceeds the rental income
earned thereon, the Partnership may deem it in its best interest to voluntarily
provide funds in order to protect its investment.

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

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

Notes to the Financial Statements (continued)

2. Significant Accounting Policies (continued)
------------------------------------------

Fair Value of Financial Instruments

Statements of Financial Accounting Standards No. 107 ("SFAS No. 107"),
Disclosures About Fair Value of Financial Instruments, requires disclosure for
the fair value of most on- and off-balance sheet financial instruments for which
it is practicable to estimate that value. The scope of SFAS No. 107 excludes
certain financial instruments, such as trade receivables and payables when the
carrying value approximates the fair value, investments accounted for under the
equity method and all nonfinancial assets such as real property. Unless
otherwise described, the fair values of the Partnership's assets and liabilities
which qualify as financial instruments under SFAS No. 107 approximate their
carrying amounts in the accompanying balance sheets.

Income Taxes

No provision for income taxes has been made as the liability for such taxes is
an obligation of the partners of the Partnership.

Reclassifications

Certain reclassifications have been made to prior years financial statements to
conform to the current year presentation.

3. Marketable Securities

A summary of marketable securities is as follows:

Gross Gross
Unrealized Unrealized Fair
Cost Gains Losses Value
------------ ----------- ------------ ------------
Debt securities issued by the US
Treasury and other US
government corporations and agencies $ 2,095,361 $ 34,927 $ - $ 2,130,288

Mortgage backed securities 345,478 5,575 - 351,053
------------ ----------- ------------ ------------

Marketable securities at March 31, 2001 $ 2,440,839 $ 40,502 $ - $ 2,481,341
============ =========== ============ =============

A summary of marketable securities is as follows:
Gross Gross
Unrealized Unrealized Fair
Cost Gains Losses Value
------------ ----------- ------------ ------------
Debt securities issued by the US
Treasury and other US
government corporations and agencies $ 2,046,494 $ 1,407 $ (26,680) $ 2,021,221

Mortgage backed securities 321,919 95 (10,967) 311,047
------------ ----------- ------------ ------------

Marketable securities at March 31, 2000 $ 2,368,413 $ 1,502 $ (37,647) $ 2,332,268
============ =========== ============ =============

The contractual maturities at March 31, 2001 are as follows:
Fair
Cost Value
----------- -----------

Due in less than one year $ 698,401 $ 707,852
Due in one year to five years 1,396,960 1,422,436
Mortgage backed securities 345,478 351,053
----------- -----------
$ 2,440,839 $ 2,481,341
=========== ===========

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

Notes to the Financial Statements (continued)

3. Marketable Securities (continued)
--------------------------------

Actual maturities may differ from contractual maturities because some borrowers
have the right to call or prepay obligations. Proceeds from the sales of
marketable securities were approximately $508,000, $493,000 and $451,000 during
the years ended March 31, 2001, 2000 and 1999, respectively. Proceeds from the
maturities of marketable securities were approximately $1,000,000, $868,000 and
$2,479,000 during the years ended March 31, 2001, 2000 and 1999, respectively.
Included in investment income are gross gains of $3,704, $2,617 and $4,895 and
gross losses of $281, $119 and $19,685 that were realized on the sales during
the years ended March 31, 2001, 2000 and 1999, respectively.

4. Investments in Local Limited Partnerships

The Partnership uses the equity method to account for its limited partner
interest in twenty-six Local Limited Partnerships. Each of these Local Limited
Partnerships owns and operates multi-family housing complexes, most of which are
government-assisted. Upon dissolution of the Local Limited Partnerships,
proceeds will be distributed according to each respective partnership agreement.

The following is a summary of investments in Local Limited Partnerships at
March 31:

2001 2000
------------- -------------
Capital contributions and advances paid to Local Limited Partnerships and
purchase price paid to withdrawing partners of Local Limited
Partnerships $ 55,637,228 $ 55,612,228

Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
unrecognized losses of $3,976,771, $2,566,642 and $1,290,733
in 2001, 2000 and 1999, respectively) (37,240,376) (35,175,229)

Cumulative cash distributions received
from Local Limited Partnerships (2,006,039) (1,594,323)
------------- -------------

Investments in Local Limited Partnerships
before adjustment 16,390,813 18,842,676

Excess of investment cost over the underlying net assets acquired:

Acquisition fees and expenses 1,006,357 1,006,357

Accumulated amortization of acquisition
fees and expenses (249,613) (226,016)
------------- -------------

Investments in Local Limited Partnerships
prior to reserve for valuation 17,147,557 19,623,017

Reserve for valuation of investments in Local
Limited Partnerships (829,727) (804,727)
------------- -------------

Investments in Local Limited Partnerships $ 16,317,830 $ 18,818,290
============= =============

The Partnership has provided a reserve for valuation for its investments in
Local Limited Partnerships because there is evidence of non-temporary declines
in the recoverable amounts of the investments.

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

Notes to the Financial Statements (continued)

4. Investments in Local Limited Partnerships (continued)
- -------------------------------------------------------------

The lender for Wheeler House foreclosed on the property in January 2000. The
Partnership does not anticipate any further obligations, receipts or operations
relative to this property. As no material gain or loss is expected, and the
Partnership's net investment is zero, all capital accounts were written off and
excluded from the above investment amounts as of March 31, 2000.

Summarized financial information as of December 31, 2000, 1999 and 1998 (due to
the Partnership's policy of reporting the financial information of its Local
Limited Partnership interests on a 90 day lag basis) of all Local Limited
Partnerships in which the Partnership has invested as of that date is as
follows:

Summarized Balance Sheets - as of December 31,

2000 1999
-------------- --------------
Assets:
Investment property, net $ 100,286,185 $ 105,177,955
Other assets 9,227,655 9,003,999
-------------- --------------
Total Assets $ 109,513,840 $ 114,181,954
============== =============

Liabilities and Partners' Equity:
Mortgage notes payable $ 76,143,579 $ 80,783,964
Other liabilities 17,215,472 12,905,802
-------------- --------------
Total Liabilities 93,359,051 93,689,766

Partnership's Equity 11,671,895 15,351,058
Other Partners' Equity 4,482,894 5,141,130
-------------- --------------
Total Liabilities and Partners' Equity $ 109,513,840 $ 114,181,954
============== ==============

Summarized Income Statements - for the years
ended December 31, 2000 1999 1998
- ------------------ -------------- -------------- --------------

Rental and other income: $ 15,104,014 $ 15,034,859 $ 14,644,117
-------------- -------------- --------------

Expenses:
Operating 8,503,818 8,504,043 7,852,719
Interest 5,493,565 5,762,221 5,916,749
Depreciation and amortization 4,759,086 4,760,003 4,940,971
-------------- -------------- --------------
Total Expenses 18,756,469 19,026,267 18,710,439
-------------- -------------- --------------

Net Loss $ (3,652,455) $ (3,991,408) $ (4,066,322)
============== ============== ==============

Partnership's share of Net Loss (includes
adjustments from prior years) $ (3,475,275) $ (3,927,947) $ (3,980,818)
============== ============== ==============

Other partners' share of Net Loss $ (150,459) $ (89,251) $ (97,679)
============== ============== ==============

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

Notes to the Financial Statements (continued)

4. Investments in Local Limited Partnerships (continued)
----------------------------------------------------

For the years ended March 31, 2001, 2000 and 1999, the Partnership has not
recognized $1,252,023, $1,351,591 and $1,048,273, respectively, of equity in
losses of Local Limited Partnerships relating to Local Limited Partnerships
where cumulative equity in losses exceeded its total investments in these Local
Limited Partnerships.

The Partnership's equity as reflected by the Local Limited Partnerships of
$11,671,895 differs from the Partnership's investments in Local Limited
Partnerships before adjustment of $16,390,813 principally because: a)
unrecognized losses as discussed above; b) distributions made by Local Limited
Partnerships during the quarter ended March 31, 2001 are not reflected in the
December 31, 2000 balance sheets of the Local Limited Partnerships; and c)
syndication costs charged to equity by a Local Limited Partnership are not
reflected in the Partnership's investment in the Local Limited Partnership.

5. Transactions with Affiliates

An affiliate of the Managing General Partner currently receives the base amount
of 0.377% (as adjusted by the CPI factor) of Gross Proceeds annually as the
Asset Management Fee for administering the affairs of the Partnership. Asset
Management Fees for the years ended March 31, 2001, 2000 and 1999 are $253,088,
$247,331 and $243,169, respectively. Included in accounts payable to affiliate
at March 31, 2001 and 2000 are $64,572 and $62,841, respectively, of Asset
Management Fees due to an affiliate of the Managing General Partner.

An affiliate of the Managing General Partner is reimbursed for the actual cost
of the Partnership's operating expenses. Included in general and administrative
expenses for the years ended March 31, 2001, 2000 and 1999 are $271,057,
$139,757 and $109,845, respectively, that the Partnership has paid or is payable
as reimbursement for salaries and benefits expenses. The amounts payable for
salaries and benefits at March 31, 2001 and 2000 are $124,936 and $58,343,
respectively.

Affiliates of the Managing General Partner were the management agents for four
Local Limited Partnerships in which the Partnership had invested during the
years ended December 31, 1999 and 1998. Included in operating expenses in the
summarized income statements in Note 4 to the financial statements are $84,640
and $80,455 of fees paid or payable to the affiliates for the years ended
December 31, 1999 and 1998, respectively. During 2000, management of these four
Local Limited Partnerships was transferred to a non-affiliate.

6. 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 the Local
Limited Partnership. In lieu of transferring the Supplemental Reserve to the
Local Limited Partnership, the Partnership designated $196,000 as restricted
cash for this purpose. 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 March 31, 2001, $121,000 has been released to the
Partnership. The remaining balance, along with the accrued interest thereon, has
also been accounted for as deferred revenue, as it represents the future annual
priority distributions to be released to the Partnership from this Reserve.

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

Notes to the Financial Statements (continued)

7. Federal Income Taxes

The following schedule reconciles the reported financial statement net loss for
the fiscal years ended March 31, 2001, 2000 and 1999 to the net loss reported on
Form 1065, U.S. Partnership Return of Income for the years ended December 31,
2000, 1999 and 1998:

2001 2000 1999
------------- ------------- -------------

Net Loss per financial statements $ (2,334,459) $ (3,006,310) $ (3,371,589)

Adjustment for equity in losses of Local Limited
Partnerships for tax purposes in excess of
equity in losses for financial reporting purposes (547,215) (81,680) (406,140)

Equity in losses of Local Limited Partnerships not
recognized for financial reporting purposes (1,252,023) (1,351,591) (1,048,273)

Adjustment to reflect March 31 fiscal year end
to December 31 tax year end (57,183) (137,842) 31,950

Provision for valuation of investment in Local
Limited Partnership not deductible for
tax purposes 25,000 174,739 -

Write-off of investment in Local Limited
Partnership for tax purposes (24,256) - -

Amortization for tax purposes in excess of
amortization for financial reporting purposes (12,858) (13,964) (13,703)

Related party expenses for financial reporting (tax)
purposes in excess of related party expenses for
tax (financial reporting) purposes 1,731 (60,556) 60,556

Cash distributions included in net loss for financial
reporting purposes (41,105) (32,662) (32,427)
------------- ------------- -------------

Net Loss per tax return $ (4,242,368) $ (4,509,866) $ (4,779,626)
============= ============== =============

The differences in the assets and liabilities of the Partnership for financial
reporting purposes and tax reporting purposes for the year ended March 31, 2001
are as follows:

Financial Tax
Reporting Reporting
Purposes Purposes Differences

Investments in Local Limited Partnerships $ 16,317,830 $ 9,749,823 $ 6,568,007
============= ============= =============
Other assets $ 3,229,952 $ 12,877,410 $ (9,647,458)
============= ============= ============ =
Liabilities $ 398,597 $ 224,225 $ 174,372
============= ============= =============

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

Notes to the Financial Statements (continued)

7. Federal Income Taxes (continued)
-------------------------------

The differences in assets and liabilities of the Partnership for financial
reporting and tax purposes are primarily attributable to: (i) the cumulative
equity in loss from Local Limited Partnerships for tax reporting purposes is
approximately $7,166,000 greater than for financial reporting purposes,
including approximately $3,977,000 of losses the Partnership has not recognized
relating to Local Limited Partnerships whose cumulative equity in losses
exceeded its total investment; (ii) the cumulative amortization of acquisition
fees for tax purposes exceeds financial reporting purposes by approximately
$88,000; (iii) approximately $96,000 of cash distributions received from Local
Limited Partnerships during the quarter ended March 31, 2001 are not included in
the Partnership's investments in Local Limited Partnerships for tax purposes at
December 31, 2000; and (iv) organizational and offering costs of approximately
$9,500,000 that have been capitalized for tax purposes are charged to Limited
Partners' equity for financial reporting purposes.

The differences in the assets and liabilities of the Partnership for financial
reporting purposes and tax reporting purposes for the year ended March 31, 2000
are as follows:

Financial Tax
Reporting Reporting
Purposes Purposes Differences

Investments in Local Limited Partnerships $ 18,818,290 $ 14,081,467 $ 4,736,823
============== ============== ==============
Other assets $ 2,884,694 $ 12,765,769 $ (9,881,075)
============== ============== ==============
Liabilities $ 295,987 $ 201,859 $ 94,128
============== ============== =============

The differences in assets and liabilities of the Partnership for financial
reporting and tax purposes are primarily attributable to: (i) the cumulative
equity in loss from Local Limited Partnerships for tax reporting purposes is
approximately $5,508,000 greater than for financial reporting purposes,
including approximately $2,567,000 of losses the Partnership has not recognized
relating to Local Limited Partnerships whose cumulative equity in losses
exceeded its total investment; (ii) the cumulative amortization of acquisition
fees for tax purposes exceeds financial reporting purposes by approximately
$85,000; (iii) approximately $60,000 of cash distributions received from Local
Limited Partnerships during the quarter ended March 31, 2000 are not included in
the Partnership's investments in Local Limited Partnerships for tax reporting
purposes at December 31, 1999; and (iv) organizational and offering costs of
approximately $9,500,000 that have been capitalized for tax purposes are charged
to Limited Partners' equity for financial reporting purposes.

Boston Financial Qualified Housing Tax Credits L. P. V
Schedule III - Real Estate and Accumulated Depreciation of Property Owned by
Local Limited Partnerships in which Registrant has invested at March 31, 2001

COST OF INTEREST AT ACQUISITION DATE
----------------------------------

NET IMPROVEMENTS
NUMBER TOTAL CAPITALIZED
OF ENCUM- BUILDING AND SUBSEQUENT TO
DESCRIPTION UNITS BRANCES * LAND IMPROVEMENTS ACQUISITION
----------- ----- --------- ---- ------------ -----------

Low and Moderate
Income Apartment Complexes

Strathern Park/Lorne 241 $17,278,198 $4,369,500 $10,513,639 $11,026,062
Park
Los Angeles, CA
Maidens Choice 101 1,988,644 807,791 2,013,769 3,469,059
Baltimore, MD
Cedar Lane 36 1,090,974 40,000 1,375,512 11,854
London, KY
Silver Creek 24 764,617 20,000 946,812 0
Berea, KY
Rosecliff 168 5,499,061 1,200,000 3,304,950 4,619,117
Orlando, FL
Brookwood 81 2,971,874 91,470 344,580 4,595,113
Ypsilanti Township, MI
Water Oak 40 1,249,946 98,058 1,467,944 5,638
Orange City, FL
Yester Oaks 44 1,279,845 47,105 1,574,145 2,489
Lafayette, GA
Ocean View 42 1,360,042 112,620 1,600,421 30,603
Ferandina Beach, FL
Archer Village 24 704,791 40,000 861,288 38,869
Archer, FL
Oaks of Dunlop 144 4,396,866 631,959 6,492,444 166,060
Colonial Heights, VA
Timothy House 112 2,011,764 11,638 6,344,664 485,761
Towson, MD
Westover Station 108 2,644,818 305,645 4,299,613 6,259
Newport News, VA
Carib Villas III 24 1,474,511 107,582 1,802,466 5,614
St. Croix, VI
Carib Villas II 20 1,395,703 57,720 1,787,528 5,614
St. Croix, VI
Whispering Trace 40 1,339,400 218,000 2,413,145 (433,785)
Woodstock, GA
New Center 104 2,893,812 79,652 3,534,776 2,934,509
Detroit, MI
Huguenot Park 24 1,400,000 83,000 2,088,664 0
New Paltz, NY
Hillwood Pointe 100 2,847,051 454,185 5,103,711 182,184
Jacksonville, FL
Pinewood Pointe 136 3,854,826 555,093 6,809,808 725,847
Jacksonville, FL
Westgate 60 1,550,394 215,168 2,152,519 57,391
Bismark, ND
Woodlake Hills 144 3,733,699 233,690 6,481,250 2,403,715
Pontiac, MI
Bixel House 76 1,042,584 190,746 2,294,879 51,935
Los Angeles, CA
Harmony 65 2,171,145 0 7,020,696 117,826
North Hollywood, CA
Schumaker Place 96 2,878,608 531,776 1,627,716 3,649,531
Salisbury, MD
Circle Terrace 303 6,320,406 0 7,884,733 8,656,242
Lansdown, MD
------------------------------------------------------------------------

TOTAL 2,357 $76,143,579 $10,502,398 $92,141,672 $42,813,507
========================================================================

GROSS AMOUNT AT WHICH CARRIED AT DECEMBER 31, 2000
--------------------------------------------------- LIFE ON
WHICH
DEPRECIATION
BUILDING AND ACCUMULATED DATE IS COMPUTED DATE
DESCRIPTION LAND IMPROVEMENTS TOTAL DEPRECIATION BUILT (YEARS) ACQUIRED
----------- ---- ------------ ----- ------------ ----- ------- --------

Low and Moderate
Income Apartment
Complexes

Strathern Park/Lorne $5,889,320 $20,019,881 $25,909,201 $7,360,788 1991 various 07/05/90
Park
Los Angeles, CA
Maidens Choice 807,791 5,482,828 6,290,619 2,042,030 1991 various 08/17/90
Baltimore, MD
Cedar Lane 40,000 1,387,366 1,427,366 401,918 1991 various 09/10/90
London, KY
Silver Creek 20,000 946,812 966,812 280,309 1990 various 08/15/90
Berea, KY
Rosecliff 1,120,000 8,004,067 9,124,067 3,033,338 1991 various 09/18/90
Orlando, FL
Brookwood 522,673 4,508,490 5,031,163 1,411,657 1992 various 10/01/90
Ypsilanti Township, M
Water Oak 98,058 1,473,582 1,571,640 518,577 1991 various 01/01/91
Orange City, FL
Yester Oaks 47,105 1,576,634 1,623,739 568,940 1991 various 01/01/91
Lafayette, GA
Ocean View 112,620 1,631,024 1,743,644 598,933 1991 various 01/01/91
Ferandina Beach, FL
Archer Village 40,000 900,157 940,157 332,579 1991 various 01/01/91
Archer, FL
Oaks of Dunlop 631,958 6,658,505 7,290,463 2,750,251 1991 various 01/01/91
Colonial Heights, VA
Timothy House 11,638 6,830,425 6,842,063 1,749,821 1992 various 03/05/91
Towson, MD
Westover Station 305,645 4,305,872 4,611,517 1,232,865 1991 various 03/30/91
Newport News, VA
Carib Villas III 239,009 1,676,653 1,915,662 679,286 1992 various 03/21/91
St. Croix, VI
Carib Villas II 197,195 1,653,667 1,850,862 662,290 1991 various 03/01/91
St. Croix, VI
Whispering Trace 218,000 1,979,360 2,197,360 875,366 1990 various 05/01/91
Woodstock, GA
New Center 96,116 6,452,821 6,548,937 2,092,331 1992 various 06/27/91
Detroit, MI
Huguenot Park 83,000 2,088,664 2,171,664 738,004 1991 various 06/26/91
New Paltz, NY
Hillwood Pointe 454,185 5,285,895 5,740,080 1,972,556 1991 various 07/19/91
Jacksonville, FL
Pinewood Pointe 555,093 7,535,655 8,090,748 2,789,421 1991 various 07/31/91
Jacksonville, FL
Westgate 248,689 2,176,389 2,425,078 744,020 1991 various 07/25/91
Bismark, ND
Woodlake Hills 187,588 8,931,067 9,118,655 2,639,761 1992 various 08/01/91
Pontiac, MI
Bixel House 190,746 2,346,814 2,537,560 1,135,075 1991 various 07/31/91
Los Angeles, CA
Harmony 0 7,138,522 7,138,522 2,528,471 1991 various 07/31/91
North Hollywood, CA
Schumaker Place 1,029,027 4,779,996 5,809,023 1,382,623 1992 various 09/20/91
Salisbury, MD
Circle Terrace 1,104,269 15,436,706 16,540,975 4,650,182 1993 various 12/06/91
Lansdown, MD
---------------------------------------------------

TOTAL $14,249,725 $131,207,852 $145,457,577 $45,171,392
===================================================

(1) The aggregate cost for Federal Income Tax purposes is approximately
$ 126,495,000.

* Mortgage notes payable generally represent non-recourse
financing of low-income housing projects payable with
terms of up to 40 years with interest payable at rates
ranging from 8.00% to 11%. The Partnership has not
guaranteed any of these mortgage notes payable.

QH 5
Summary of property owned and accumulated depreciation:

Property Owned December 31, 2000
- --------------------------------------------------------------
Balance at beginning of period $146,140,489

Additions during period:

Other acquisitions 18,170
Improvements etc. 346,490
---------------
364,660

Deductions during period:
Cost of real estate sold (1,047,572)
Impairment of Assets 0
---------------
(1,047,572)
---------------
Balance at close of period $145,457,577
===============

Accumulated Depreciation December 31, 2000
--------------------------------------------------
Balance at beginning of period 40,962,534

Additions/Deductions during period:

Depreciation 4,531,017
Disposals (322,159)
-----------
Balance at close of period $45,171,392
===========

Property Owned December 31, 1999
- --------------------------------------------------------------
Balance at beginning of period $145,851,429

Additions during period:

Other acquisitions 46,195
Improvements etc. 242,865
---------------
289,060
Deductions during period:
Cost of real estate sold 0
Impairment of Assets 0
---------------
0
---------------
Balance at close of period $146,140,489
===============

Accumulated Depreciation December 31, 1999
--------------------------------------------------
Balance at beginning of period 36,683,600

Additions during period:
Depreciation 4,278,934
-----------
Balance at close of period $40,962,534
===========

Property Owned December 31, 1998
- --------------------------------------------------------------
Balance at beginning of period $145,480,348

Additions during period:

Other acquisitions 95,346
Improvements etc. 275,735
---------------
371,081
Deductions during period:
Cost of real estate sold 0
Impairment of Assets 0
---------------
0
---------------
Balance at close of period $145,851,429
===============

Accumulated Depreciation December 31, 1998
- --------------------------------------------------
Balance at beginning of period 31,678,791

Additions during period:
Depreciation 5,004,809
-----------
Balance at close of period $36,683,600
===========

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

Annual Report on form 10-K
For The Year Ended March 31, 2001
Reports of Independent Auditors

Woodlake Hills

[Letterhead]

[LOGO]
JOHN J. LEHOTAN, C.P.A.
4385 W. Main Street
Brown City, MI 48416

To The Partners of Woodlake Hills
Limited Partnership
Dearborn, Michigan 48124

Independent Auditor's Report

I have audited the accompanying balance sheet of Woodlake Hills Limited
Partnership, a Michigan limited partnership as of December 31, 2000 and the
related statements of profit and loss, partners' equity and cash flow for the
year then ended. These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an opinion on these
financial statements based on my audit.

I conducted our audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all
material respects, the financial positions of Woodlake Hills Limited Partnership
as of December 31, 2000 and the results of its operations and its cash flow for
the year then ended in conformity with generally accepted accounting principles.

/s/John J. Lehotan
Certified Public Accountant
February 10, 2001

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

Annual Report on form 10-K
For The Year Ended March 31, 2000
Reports of Independent Auditors

Woodlake Hills

[Letterhead]

[LOGO]
JOHN J. LEHOTAN, C.P.A.
4385 W. Main Street
Brown City, MI 48416

To The Partners of Woodlake Hills
Limited Partnership
Dearborn, Michigan 48124

Independent Auditor's Report

I have audited the accompanying balance sheet of Woodlake Hills Limited
Partnership, a Michigan limited partnership as of December 31, 1999 and the
related statements of profit and loss, partners' equity and cash flow for the
year then ended. These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an opinion on these
financial statements based on my audit.

In my opinion, the financial statements referred to above present fairly, in all
material respects, the financial positions of Woodlake Hills Limited Partnership
as of December 31, 1999 and the results of its operations and its cash flow for
the year then ended in conformity with generally accepted accounting principles.

/s/John J. Lehotan
Certified Public Accountant
February 1, 2000

Woodlake Hills

[Letterhead]

[LOGO]
JOHN J. LEHOTAN, C.P.A.
4385 W. Main Street
Brown City, MI 48416

To The Partners of Woodlake Hills
Limited Partnership
Dearborn, Michigan 48124

Independent Auditor's Report

I have audited the accompanying balance sheet of Woodlake Hills Limited
Partnership, a Michigan limited partnership as of December 31, 1998 and the
related statements of profit and loss, partners' equity and cash flow for the
year then ended. These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an opinion on these
financial statements based on my audit.

In my opinion, the financial statements referred to above present fairly, in all
material respects, the financial positions of Woodlake Hills Limited Partnership
as of December 31, 1998 and the results of its operations and its cash flow for
the year then ended in conformity with generally accepted accounting principles.

/s/John J. Lehotan
Certified Public Accountant
February 10, 1999

Strathern Park

[Letterhead]

[LOGO]

NANAS, STERN, BIERS, NEINSTEIN AND CO. LLP
9454 Wilshire Boulevard, Suite 405
Beverly Hills, California 90212-2907

Independent Auditors' Report

The Partners
Strathern Park
Los Angeles, California

We have audited the accompanying balance sheet of Strathern Park (a California
limited partnership), as of December 31, 2000 and the related statements of
operations, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Strathern Park as of December
31, 2000, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information on Schedules I and II is
presented for the purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.

/s/Nanas, Stern, Biers, Neinstein and Co., LLP
NANAS, STERN, BIERS, NEINSTEIN AND CO. LLP
January 30, 2001

Strathern Park
[Letterhead]
[LOGO]

NANAS, STERN, BIERS, NEINSTEIN AND CO. LLP
9454 Wilshire Boulevard, Suite 405
Beverly Hills, California 90212-2907

Independent Auditors' Report

The Partners
Strathern Park
Los Angeles, California

We have audited the accompanying balance sheet of Strathern Park (a California
limited partnership), as of December 31, 1999 and the related statements of
operations, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Strathern Park as of December
31, 1999, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information on Schedules I, II and
III is presented for the purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.

/s/Nanas, Stern, Biers, Neinstein and Co., LLP
NANAS, STERN, BIERS, NEINSTEIN AND CO. LLP
January 26, 2000

Strathern Park
[Letterhead]
[LOGO]

NANAS, STERN, BIERS, NEINSTEIN AND CO. LLP
9454 Wilshire Boulevard, Suite 405
Beverly Hills, California 90212-2907

Independent Auditors' Report

The Partners
Strathern Park
Los Angeles, California

We have audited the accompanying balance sheet of Strathern Park (a California
limited partnership), as of December 31, 1998 and the related statements of
operations, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Strathern Park as of December
31, 1998, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.

/s/Nanas, Stern, Biers, Neinstein and Co., LLP
NANAS, STERN, BIERS, NEINSTEIN AND CO. LLP
February 3, 1999

Maiden Choice Limited Partnership
[Letterhead]
[LOGO]

Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Maiden Choice Limited Partnership

We have audited the accompanying balance sheet of Maiden Choice Limited
Partnership as of December 31, 2000, and the related statements of operations,
partners' equity (deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Maiden Choice Limited
Partnership as of December 31, 2000, and the results of its operations, the
changes in partners' equity (deficit) and its cash flows for the year then
ended, in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on pages 21 through 30
is presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

In accordance with Government Auditing Standards and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated January 11,
2001, on our consideration of Maiden Choice Limited Partnership's internal
control and on its compliance with specific requirements applicable to
DHCD-assisted programs, and laws and regulations
applicable to the financial statements. Those reports are an integral part of an
audit performed in accordance with Government Auditing Standards and should be
read in conjunction with this report in considering the results of our audit.

/s/Reznick Fedder & Silverman
Baltimore, Maryland Federal Employer Identification Number:
52-1088612
Audit Principal: William T. Riley, Jr.
January 11, 2001

Maiden Choice Limited Partnership
[Letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Maiden Choice Limited Partnership

We have audited the accompanying balance sheet of Maiden Choice Limited
Partnership as of December 31, 1999, and the related statements of operations,
partners' equity (deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Maiden Choice Limited
Partnership as of December 31, 1999, and the results of its operations, the
changes in partners' equity (deficit) and its cash flows for the year then
ended, in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated January 8,
2000, on our consideration of Maiden Choice Limited Partnership's internal
control and on its compliance with specific requirements applicable to
DHCD-assisted programs, fair housing and non-discrimination, and laws and
regulations applicable to the financial statements.

/s/Reznick Fedder & Silverman
Baltimore, Maryland Federal Employer Identification Number:
52-1088612
Audit Principal: William T. Riley, Jr.
January 8, 2000

Maiden Choice Limited Partnership
[Letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Maiden Choice Limited Partnership

We have audited the accompanying balance sheet of Maiden Choice Limited
Partnership as of December 31, 1998, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Maiden Choice Limited
Partnership as of December 31, 1998, and the results of its operations, the
changes in partners' equity and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on pages 22 through 27
is presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

In accordance with Government Auditing Standards and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated January 6,
1999, on our consideration of Maiden Choice Limited Partnership's internal
control and on its compliance with specific requirements applicable to
DHCD-assisted programs, fair housing and non-discrimination, and laws and
regulations applicable to the financial statements.

/s/Reznick Fedder & Silverman
Baltimore, Maryland Federal Employer Identification Number:
52-1088612
Audit Principal: William T. Riley, Jr.
January 6, 1999

Cedar Lane I, Ltd.
[Letterhead]
[LOGO]
Miller, Mayer, Sullivan & Stevens LLP

INDEPENDENT AUDITORS' REPORT

To the Partners Rural Development
Cedar Lane I, Ltd. London, Kentucky

We have audited the accompanying balance sheets of Cedar Lane I, Ltd., (a
limited partnership) Case No. 20-063-621358072, as of December 31, 2000 and 1999
and the related statements of operations, changes in partners' equity (deficit),
and cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards
and the standards for financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cedar Lane I, Ltd. as of
December 31, 2000 and 1999, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.

In accordance with Government Auditing Standards, we have also issued our report
dated February 2, 2001 on our consideration of Cedar Lane I, Lts.'s internal
control over financial reporting and our tests of its compliance with certain
provisions
of laws, regulations, contracts and grants. Those reports are an integral part
of an audit performed in accordance with Government Auditing Standards and
should be read in conjunction with this report in considering the results of our
audit.

Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental data included in this
report is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected to
the auditing procedures applied in the audits of the basic financial statements,
and in our opinion, is presented fairly, in all material respects, in relation
to the basic financial statements taken as a whole.

/s/Miller, Mayerm Sullivan & Stevens, LLP
Lexington, Kentucky
February 2, 2001

Cedar Lane I, Ltd.
[Letterhead]
[LOGO]
Miller, Mayer, Sullivan & Stevens LLP

INDEPENDENT AUDITORS' REPORT

To the Partners Rural Development
Cedar Lane I, Ltd. London, Kentucky

We have audited the accompanying balance sheets of Cedar Lane I, Ltd., (a
limited partnership) Case No. 20-063-621358072, as of December 31, 1999 and 1998
and the related statements of operations, changes in partners' equity (deficit),
and cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cedar Lane I, Ltd. as of
December 31, 1999 and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.

In accordance with Government Auditing Standards, we have also issued our report
dated January 27, 2000 on our consideration of Cedar Lane I, Lts.'s internal
control over financial reporting and our tests of its compliance with certain
provisions of laws, regulations, contracts and grants.

/s/Miller, Mayerm Sullivan & Stevens, LLP
Lexington, Kentucky
January 27, 2000

Cedar Lane I, Ltd.
[Letterhead]
[LOGO]
Miller, Mayer, Sullivan & Stevens LLP

INDEPENDENT AUDITORS' REPORT

To the Partners Rural Development
Cedar Lane I, Ltd. London, Kentucky

We have audited the accompanying balance sheets of Cedar Lane I, Ltd., (a
limited partnership) Case No. 20-063-621358072, as of December 31, 1998 and 1997
and the related statements of operations, changes in partners' equity (deficit),
and cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cedar Lane I, Ltd. as of
December 31, 1998 and 1997, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.

In accordance with Government Auditing Standards, we have also issued our report
dated February 11, 1999 on our consideration of Cedar Lane I, Lts.'s internal
control over financial reporting and our tests of its compliance with certain
provisions of laws, regulations, contracts and grants.

/s/Miller, Mayerm Sullivan & Stevens, LLP
Lexington, Kentucky
February 11, 1999

Silver Creek II, Ltd.
[Letterhead]
[LOGO]
Miller, Mayer, Sullivan & Stevens LLP

INDEPENDENT AUDITORS' REPORT

To the Partners
Silver Creek II, Ltd.

We have audited the accompanying balance sheets of Silver Creek II, Ltd., (a
limited partnership), as of December 31, 2000 and 1999, and the related
statements of operations, changes in partners' equity (deficit), and cash flows
for the years then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Silver Creek II, Ltd. as of
December 31, 2000 and 1999 and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.

Our audits was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental data included in this
report is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected to
the auditing procedures applied in the audits of the basic financial statements,
and in our opinion, is presented fairly in all material respects, in relation to
the basic financial statements taken as a whole.

/s/Miller, Mayerm Sullivan & Stevens, LLP
Lexington, Kentucky
January 29, 2001

Silver Creek II, Ltd.
[Letterhead]
[LOGO]
Miller, Mayer, Sullivan & Stevens LLP

INDEPENDENT AUDITORS' REPORT

To the Partners
Silver Creek II, Ltd.

We have audited the accompanying balance sheets of Silver Creek II, Ltd., (a
limited partnership), as of December 31, 1999 and 1998, and the related
statements of operations, changes in partners' equity (deficit), and cash flows
for the years then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Silver Creek II, Ltd. as of
December 31, 1999 and 1998 and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.

/s/Miller, Mayerm Sullivan & Stevens, LLP
Lexington, Kentucky
January 27, 2000

Tomkins/Rosecliff, Ltd.:
[Letterhead]
[LOGO]
Deloitte & Touche LLP
Suite 1800
200 South Orange Avenue
Orlando, Florida 32801

INDEPENDENT AUDITORS' REPORT

To the General Partner and Limited Partners of
Tomkins/Rosecliff, Ltd.:

We have audited the accompanying balance sheet of Tomkins/Rosecliff, Ltd. (a
Florida Limited Partnership) as of December 31, 2000, and the related statements
of operations, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Tomkins/Rosecliff, Ltd. (a
Florida Limited Partnership) as of December 31, 2000, and the results of its
operations and its cash flows for the year then ended in conformity with
accounting principles generally accepted in the United States of America.

/s/Deloitte & Touche LLP
January 19, 2000

Tomkins/Rosecliff,Ltd.:

[Letterhead]

[LOGO]
Deloitte & Touche LLP
Suite 1800
200 South Orange Avenue
Orlando, Florida 32801

INDEPENDENT AUDITORS' REPORT

To the General Partner and Limited Partners of
Tomkins/Rosecliff, Ltd.:

We have audited the accompanying balance sheet of Tomkins/Rosecliff, Ltd. (a
Florida Limited Partnership) as of December 31, 1999, and the related statements
of operations, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Tomkins/Rosecliff, Ltd. (a
Florida Limited Partnership) as of December 31, 1999, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.

/s/Deloitte & Touche LLP
January 21, 2000

Tomkins/Rosecliff, Ltd.:

[Letterhead]

[LOGO]
Deloitte & Touche LLP
Suite 1800
200 South Orange Avenue
Orlando, Florida 32801

INDEPENDENT AUDITORS' REPORT

To the General Partner and Limited Partners of
Tomkins/Rosecliff, Ltd.:

We have audited the accompanying balance sheet of Tomkins/Rosecliff, Ltd. (a
Florida Limited Partnership) as of December 31, 1998, and the related statements
of operations, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Tomkins/Rosecliff, Ltd. (a
Florida Limited Partnership) as of December 31, 1998, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.

/s/Deloitte & Touche LLP
January 29, 1999

Brookwood L.D.H.A
[Letterhead]
[LOGO]
Follmer Rudzewicz PLC

INDEPENDENT AUDITORS' REPORT

To the Partners of:
Brookwood L.D.H.A. Limited Partnership
28388 Franklin Road
Southfield, Michigan 48034

We have audited the accompanying balance sheet of Brookwood L.D.H.A. Limited
Partnership (a Michigan limited partnership), MSHDA Development No. 832 as of
December 31, 2000 and the related statement of profit and loss, changes in
accumulated earnings and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with auditing standards generally accepted
in the United States of America and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of Brookwood L.D.H.A. Limited Partnership,
MSHDA No. 832 as of December 31, 2000, and the results of its operations, the
changes in its cumulative income and its cash flows for the year then ended in
conformity with accounting principles generally accepted in the United States of
America.

Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information of Brookwood
L.D.H.A. Limited Partnership, MSHDA No. 832 on pages 13 to 17 is presented for
the purpose of additional analysis and is not a required part of the basic
financial statements. This additional information is the responsibility of the
partnership's management. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

In accordance with Government Auditing Standards, we have also issued a report
dated January 16, 2001 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.

/s/Follmer Rudzewicz PLC
Follmer Rudzewicz PLC
Certified Public Accountants
Southfield, Michigan
EIN: 38-3460430

Brookwood L.D.H.A
[Letterhead]
[LOGO]
Follmer, Rudzewicz & Co., P.C.

INDEPENDENT AUDITORS' REPORT

To the Partners of:
Brookwood L.D.H.A. Limited Partnership
28388 Franklin Road
Southfield, Michigan 48034

We have audited the accompanying balance sheet of Brookwood L.D.H.A. Limited
Partnership (a Michigan limited partnership), MSHDA Development No. 832 as of
December 31, 1999 and the related statement of profit and loss, changes in
accumulated earnings and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of Brookwood L.D.H.A. Limited Partnership,
MSHDA No. 832 as of December 31, 1999, and the results of its operations, the
changes in its cumulative income and its cash flows for the year then ended in
conformity with generally accepted accounting principles.

Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information of Brookwood
L.D.H.A. Limited Partnership, MSHDA No. 832 on pages 13 through 18 is presented
for the purpose of additional analysis and is not a required part of the basic
financial statements. This additional information is the responsibility of the
partnership's management. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

In accordance with Government Auditing Standards, we have also issued a report
dated January 24, 2000 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.

/s/Follmer, Rudzewicz & Co., P.C.
Follmer,Rudzewicz & Co. P.C.
Certified Public Accountants
Southfield, Michigan
38-1910111

Brookwood L.D.H.A
[Letterhead]
[LOGO]
Follmer, Rudzewicz & Co., P.C.

INDEPENDENT AUDITORS' REPORT

To the Partners of:
Brookwood L.D.H.A. Limited Partnership
28388 Franklin Road
Southfield, Michigan 48034

We have audited the accompanying balance sheet of Brookwood L.D.H.A. Limited
Partnership (a Michigan limited partnership), MSHDA Development No. 832 as of
December 31, 1998 and the related statement of profit and loss, changes in
accumulated earnings and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of Brookwood L.D.H.A. Limited Partnership,
MSHDA No. 832 as of December 31, 1998, and the results of its operations, the
changes in its cumulative income and its cash flows for the year then ended in
conformity with generally accepted accounting principles.

Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information of Brookwood
L.D.H.A. Limited Partnership, MSHDA No. 832 on pages 11 through 14 is presented
for the purpose of additional analysis and is not a required part of the basic
financial statements. This additional information is the responsibility of the
partnership's management. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

In accordance with Government Auditing Standards, we have also issued a report
dated January 22, 1999 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.

/s/Follmer, Rudzewicz & Co., P.C.
Follmer,Rudzewicz & Co. P.C.
Certified Public Accountants
Southfield, Michigan
38-1910111

Burbank Limited Partnership I

[Letterhead]
Otis, Atwell & Timberlake
Professional Association

The Partners
Burbank Limited Partnership I

We have audited the accompanying balance sheet of Burbank Limited
Partnership I as of December 31, 1999 and 1998, and the related statements of
income, partners' equity (deficit) and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statements presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Burbank Limited
Partnership
I as of December 31, 1999 and 1998, and the results of its operations, changes
in partners' equity (deficit) and cash flows for the year then ended, in
conformity with generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 2 to the
financial statements, the Partnership's first mortgage note has matured and has
not yet been refinanced, which raises substantial doubt about the Partnership's
ability to continue as a going concern. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.

/s/Otis, Atwell & Timberlake, P.A.
Certified Public Accountants

January 19, 2000
Portland, Maine

Virginia Housing Development Authority

[Letterhead]

[LOGO]
Wall Einhorn & Chernitzer., P.C.
Certified Public Accountants
First Virginia Bank Tower
555 Main Street
Suite 1500
Norfolk, Virginia 23510
Alvin A. Wall, CPA Telephone (757)625-4700
Martin A. Einhorn, CPA, CVA Telephone (757)625-0527
Jeffrey S. Chernitzer, CPA

INDEPENDENT AUDITORS' REPORT

To the Partners Virginia Housing Development Authority
The Oaks of Dunlop Farms, L. P. 601 South Belvidere Street
(A Limited Partnership) Richmond, Virginia 23220
Norfolk, Virginia

We have audited the accompanying balance sheets of The Oaks of Dunlop Farms,
L.P. (A Limited Partnership), VHDA Project Number 90-0300-C, as of December 31,
2000 and 1999, and the related statements of operations , partners' equity, and
cash flows for the years then ended. These financial statements are the
responsibility of the project's management. Our responsibility is to express an
opinion on these financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of VHDA Project Number 90-0300-C
as of December 31, 2000 and 1999, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in conformity with
generally accepted accounting principles.

The accompanying supplementary information (shown on pages 10 to 17) is
presented for the purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.

/s/Wall, Einhorn & Chernitzer, P.C.
Norfolk, Virginia
January 22, 2001

Virginia Housing Development Authority
[Letterhead]
[LOGO]
Wall Einhorn & Chernitzer., P.C.
Certified Public Accountants
First Virginia Bank Tower
555 Main Street
Suite 1500
Norfolk, Virginia 23510
Alvin A. Wall, CPA Telephone (757)625-4700
Martin A. Einhorn, CPA, CVA Telephone (757)625-0527
Jeffrey S. Chernitzer, CPA

INDEPENDENT AUDITORS' REPORT

To the Partners Virginia Housing Development Authority
The Oaks of Dunlop Farms, L. P. 601 South Belvidere Street
(A Limited Partnership) Richmond, Virginia 23220
Norfolk, Virginia

We have audited the accompanying balance sheets of The Oaks of Dunlop Farms,
L.P. (A Limited Partnership), VHDA Project Number 90-0300-C, as of December 31,
1999 and 1998, and the related statements of operations , partners' equity, and
cash flows for the years then ended. These financial statements are the
responsibility of the project's management. Our responsibility is to express an
opinion on these financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of VHDA Project Number 90-0300-C
as of December 31, 1999 and 1998, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in conformity with
generally accepted accounting principles.

/s/Wall, Einhorn & Chernitzer, P.C.
Norfolk, Virginia
January 26, 2000

Timothy House Limited Partnership
[Letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Timothy House Limited Partnership

We have audited the accompanying balance sheet of Timothy House Limited
Partnership as of December 31, 2000 and the related statements of operations,
partners' equity (deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Timothy House Limited
Partnership as of December 31, 2000, and the results of its operations, the
changes in partners' equity (deficit) and its cash flows for the year then
ended, in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on pages 21 through 30
is presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information, except for that portion marked
"unaudited," on which we express no opinion, has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

In accordance with Government Auditing Standards and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated January 9,
2001, on our consideration of Timothy House Limited Partnership's internal
control structure and on its compliance with requirements applicable to
DHCD-assisted programs, and laws and regulations
applicable to the financial statements. Those reports are an integral part of an
audit performed in accordance with Government Auditing Standards and should be
read in conjunction with this report in considering the results of our audit.

/s/Reznick Fedder & Silverman
Baltimore, Maryland Federal Employer
January 9, 2001 Identification Number:
52-1088612
Lead Auditor: William T. Riley, Jr.

Timothy House Limited Partnership
[Letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Timothy House Limited Partnership

We have audited the accompanying balance sheet of Timothy House Limited
Partnership as of December 31, 1999 and the related statements of operations,
partners' equity (deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Timothy House Limited
Partnership as of December 31, 1999, and the results of its operations, the
changes in partners' equity (deficit) and its cash flows for the year then
ended, in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on pages 21 through 30
is presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information, except for that portion marked
"unaudited," on which we express no opinion, has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

In accordance with Government Auditing Standards and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated January 18,
2000, on our consideration of Timothy House Limited Partnership's internal
control structure and on its compliance with requirements applicable to
DHCD-assisted programs, fair housing and non-discrimination, and laws and
regulations applicable to the financial statements.

/s/Reznick Fedder & Silverman
Baltimore, Maryland Federal Employer
January 18, 2000 Identification Number:
52-1088612
Audit Principal: William T. Riley, Jr.

Timothy House Limited Partnership

[Letterhead]

[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Timothy House Limited Partnership

We have audited the accompanying balance sheet of Timothy House Limited
Partnership as of December 31, 1998 and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Timothy House Limited
Partnership as of December 31, 1998, and the results of its operations, the
changes in partners' equity and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on pages 22 through 27
is presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information, except for that portion marked
"unaudited," on which we express no opinion, has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

In accordance with Government Auditing Standards and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated January 13,
1999, on our consideration of Timothy House Limited Partnership's internal
control structure and on its compliance with requirements applicable to
DHCD-assisted programs, fair housing and non-discrimination, and laws and
regulations applicable to the financial statements.

/s/Reznick Fedder & Silverman
Baltimore, Maryland Federal Employer
January 13, 1999 Identification Number:
52-1088612
Audit Principal: William T. Riley, Jr.

Westover Station Associates, L.P.
[Letterhead]
Wilfore & Wynn
A Professional Corporation
Certified Public Accountants

INDEPENDENT AUDITORS' REPORT

The Partners Virginia Housing Development
Westover Station Associates, L.P. Authority
(A Limited Partnership) 601 South Belvidere Street
Newport News, Virginia Richmond, Virginia 23220

We have audited the accompanying balance sheets of Westover Station Associates,
L.P., VHDA Project Number 90-0303-C, as of December 31, 2000 and 1999 and the
related statements of operations, partners' capital and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards
and the Virginia Housing Development Authority's Mortgagor/Grantee's Audit
Guide. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Westover Station Associates,
L.P. at December 31, 2000 and 1999, and the results of its operations and its
cash flows for the years then ended, in conformity with generally accepted
accounting principles.

Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules included in
the report are presented for purposes of additional analysis and are not a
required part of the basic financial statements of Westover Station Associates,
L.P. Such information has been subjected to the auditing procedures applied in
the audit of the basis financial statements and, in our opinion, is fairly
stated in all material respects in relation to the financial statements taken as
a whole.

/s/Wilfore & Wynn
Wilfore & Wynn
Virginia Beach, Virginia
February 6, 2001

4530 Professional Circle Virginia Beach, Virginia 23455-6498
Telephone (757)456-0111 Fax (757)473-1095

Westover Station Associates, L.P.
[Letterhead]
Wilfore & Wynn
A Professional Corporation
Certified Public Accountants

INDEPENDENT AUDITORS' REPORT

The Partners Virginia Housing Development
Westover Station Associates, L.P. Authority
(A Limited Partnership) 601 South Belvidere Street
Newport News, Virginia Richmond, Virginia 23220

We have audited the accompanying balance sheets of Westover Station Associates,
L.P., VHDA Project Number 90-0303-C, as of December 31, 1999 and 1998 and the
related statements of operations, partners' capital and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Westover Station Associates,
L.P. at December 31, 1999 and 1998, and the results of its operations and its
cash flows for the years then ended, in conformity with generally accepted
accounting principles.

/s/Wilfore & Wynn
Wilfore & Wynn
Virginia Beach, Virginia
February 9, 2000

4530 Professional Circle Virginia Beach, Virginia 23455-6498
Telephone (757)456-0111 Fax (757)473-1095

Christiansted Limited Dividend Housing
[Letterhead]
Kirschner Hutton Perlin, P.C.
Certified Public Accountants

26913 Northwestern Hwy. Suite 510
Southfield, Michigan 48034-8444
Telephone: (248) 356-3880
Facsimile: (248) 356-3885

Independent Auditors' Report
February 5, 2001

Partners
Christiansted Limited Dividend Housing
Association Limited Partnership

We have audited the accompanying balance sheet of Christiansted Limited Dividend
Housing Association Limited Partnership as of December 31, 2000 and 1999, and
the related statements of operations, partners' deficit and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Christiansted Limited Dividend
Housing Association Limited Partnership as of December 31, 2000 and 1999, and
the results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.

/s/Kirshner Huton Perlin, P.C.

Christiansted Limited Dividend Housing
[Letterhead]
Kirschner Hutton Perlin, P.C.
Certified Public Accountants

26913 Northwestern Hwy. Suite 510
Southfield, Michigan 48034-8444
Telephone: (248) 356-3880
Facsimile: (248) 356-3885

Independent Auditors' Report
January 18, 2000

Partners
Christiansted Limited Dividend Housing
Association Limited Partnership

We have audited the accompanying balance sheet of Christiansted Limited Dividend
Housing Association Limited Partnership as of December 31, 1999 and 1998, and
the related statements of operations, partners' deficit and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Christiansted Limited Dividend
Housing Association Limited Partnership as of December 31, 1999 and 1998, and
the results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.

/s/Kirshner Huton Perlin, P.C.

St. Croix II. Limited Partnership
[Letterhead]
Kirschner Hutton Perlin, P.C.
Certified Public Accountants

26913 Northwestern Hwy. Suite 510
Southfield, Michigan 48034-8444
Telephone: (248) 356-3880
Facsimile: (248) 356-3885

Independent Auditors' Report
February 5, 2001

Partners
St. Croix II. Limited Partnership

We have audited the accompanying balance sheet of St. Croix II, Limited
Partnership as of December 31, 2000 and 1999, and the related statements of
operations, partners' deficit and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of St. Croix II, Limited
Partnership as of December 31, 2000 and 1999, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.

/s/Kirshner Huton Perlin, P.C.

St. Croix II. Limited Partnership
[Letterhead]
Kirschner Hutton Perlin, P.C.
Certified Public Accountants

26913 Northwestern Hwy. Suite 510
Southfield, Michigan 48034-8444
Telephone: (248) 356-3880
Facsimile: (248) 356-3885

Independent Auditors' Report
January 17, 2000

Partners
St. Croix II. Limited Partnership

We have audited the accompanying balance sheet of St. Croix II, Limited
Partnership as of December 31, 1999 and 1998, and the related statements of
operations, partners' deficit and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of St. Croix II, Limited
Partnership as of December 31, 1999 and 1998, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.

/s/Kirshner Huton Perlin, P.C.

Kensington Place Townhomes,
Letterhead]
[LOGO]
KPMG LLP 303 Peachtree Street, N.E.
Suite 2000
Atlanta, GA 30308

Independent Auditors' Report

The Partners
Kensington Place Townhomes,
A Limited Partnership:

We have audited the accompanying balance sheets of Kensington Place Townhomes, A
Limited Partnership as of December 31, 2000 and 1999, and the related statements
of loss, partners' capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Kensington Place Townhomes, A
Limited Partnership as of December 31, 2000 and 1999, and the results of its
operations and its cash flows for the years then ended in conformity with
accounting principles generally accepted in the United States of America.

/s/ KPMG LLP
February 23, 2001

Kensington Place Townhomes,
Letterhead]
[LOGO] KPMG Peat Marwick LLP 303 Peachtree Street, N.E.
Suite 2000
Atlanta, GA 30308

Independent Auditors' Report

The Partners
Kensington Place Townhomes,
A Limited Partnership:

We have audited the accompanying balance sheets of Kensington Place Townhomes, A
Limited Partnership as of December 31, 1999 and 1998, and the related statements
of loss, partners' capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Kensington Place Townhomes, A
Limited Partnership as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.

/s/ KPMG Peat Marwick LLP
February 25, 2000

Cobblestone Place Townhomes,
[Letterhead]
[LOGO]
KPMG LLP 303 Peachtree Street, N.E.
Suite 2000
Atlanta, GA 30308

Independent Auditors' Report

The Partners
Cobblestone Place Townhomes,
A Limited Partnership:

We have audited the accompanying balance sheets of Cobblestone Place Townhomes,
A Limited Partnership as of December 31, 2000 and 1999, and the related
statements of loss, partners' capital, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cobblestone Place Townhomes, A
Limited Partnership as of December 31, 2000 and 1999, and the results of its
operations and its cash flows for the years then ended in conformity with
accounting principles generally accepted in the United States of America.

/s/ KPMG LLP
February 23, 2000

Cobblestone Place Townhomes,
[Letterhead]
[LOGO] KPMG Peat Marwick LLP 303 Peachtree Street, N.E.
Suite 2000
Atlanta, GA 30308

Independent Auditors' Report

The Partners
Cobblestone Place Townhomes,
A Limited Partnership:

We have audited the accompanying balance sheets of Cobblestone Place Townhomes,
A Limited Partnership as of December 31, 1999 and 1998, and the related
statements of loss, partners' capital, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cobblestone Place Townhomes, A
Limited Partnership as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
auditing standards generally accepted in the United States of America.

/s/ KPMG Peat Marwick LLP
February 23, 2000

Whispering Trace Apartments
[Letterhead]
[LOGO]
KPMG LLP 303 Peachtree Street, N.E.
Suite 2000
Atlanta, GA 30308

Independent Auditors' Report

The Partners
Whispering Trace Apartments,
A Limited Partnership:

We have audited the accompanying balance sheets of Whispering Trace Apartments,
A Limited Partnership as of December 31, 2000 and 1999, and the related
statements of loss, partners' capital (deficit), and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statements presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Whispering Trace Apartments, A
Limited Partnership as of December 31, 2000 and 1999, and the results of its
operations and its cash flows for the years then ended in conformity with
accounting principles generally accepted in the United States of America.

/s/ KPMG LLP
February 23, 2001

Whispering Trace Apartments
[Letterhead]
[LOGO] KPMG Peat Marwick LLP 303 Peachtree Street, N.E.
Suite 2000
Atlanta, GA 30308

Independent Auditors' Report

The Partners
Whispering Trace Apartments,
A Limited Partnership:

We have audited the accompanying balance sheets of Whispering Trace Apartments,
A Limited Partnership as of December 31, 1999 and 1998, and the related
statements of loss, partners' capital (deficit), and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Whispering Trace Apartments, A
Limited Partnership as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.

/s/ KPMG Peat Marwick LLP
February 17, 2000

Huguenot Park Associates, L.P.
[letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS REPORT

To the Partners
Huguenot Park Associates, L.P.

We have audited the accompanying balance sheet of Huguenot Park Associates, L.P.
as of December 31, 2000 and 1999, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Huguenot Park Associates, L.P.
as of December 31, 2000 and 1999, and the results of its operations, the changes
in partners' capital and cash flows for the year then ended, in conformity with
generally accepted accounting principles.

/s/Reznick Fedder & Silverman
Bethesda, Maryland
February 17, 2001

Huguenot Park Associates, L.P.
[letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS REPORT

To the Partners
Huguenot Park Associates, L.P.

We have audited the accompanying balance sheet of Huguenot Park Associates, L.P.
as of December 31, 1999 and 1998, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Huguenot Park Associates, L.P.
as of December 31, 1999 and 1998, and the results of its operations, the changes
in partners' capital and cash flows for the year then ended, in conformity with
generally accepted accounting principles.

/s/Reznick Fedder & Silverman
Bethesda, Maryland
February 7, 2000

Westgate Apartments Limited Partnesrhip
[Letterhead]
[LOGO]
EideBailly LLP
Consultants, Certified Public Accountants

INDEPENDENT AUDITOR'S REPORT

The Partners
Westgate Apartments Limited Partnesrhip
St. Paul, Minnesota

We have audited the accompanying balance sheets of Westgate Apartments Limited
Partnership as of December 31, 2000 and 1999, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Westgate Apartments Limited
Partnership as of December 31, 2000 and 1999, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.

/s/EideBailly LLP
Fargo, North Dakota
January 22, 2001

Westgate Apartments Limited Partnesrhip
[Letterhead]
[LOGO]
EideBailly LLP
Consultants, Certified Public Accountants

INDEPENDENT AUDITOR'S REPORT

The Partners
Westgate Apartments Limited Partnesrhip
Wahpeton, North Dakota

We have audited the accompanying balance sheets of Westgate Apartments Limited
Partnership as of December 31, 1999 and 1998, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Westgate Apartments Limited
Partnership as of December 31, 1999 and 1998, and the results of its operations,
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.

/s/EideBailly LLP
Fargo, North Dakota
January 21, 2000

Bixel House
[Letterhead]
SUAREZ ACCOUNTANCY CORPORATION
150 W. Seventh Street Suite 100
San Pedro, CA 90731 Richard Suarez, Jr., CPA
Telephone (310) 832-7887
Fax (310) 832-6563

Independent Auditor's Report

To The Partners of
Bixel House
Los Angeles, California

I have audited the accompanying balance sheet of Bixel House as of
December 31, 2000, and the related statements of operations, changes in
partners' capital, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audit.

I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Bixel House at December 31, 2000,
and the results of its operations and cash flows for the year then ended, in
conformity with generally accepted accounting principles.

/s/Suarez Accountancy Corporation
San Pedro, California
January 10, 2001

Bixel House
[Letterhead]
SUAREZ ACCOUNTANCY CORPORATION
150 W. Seventh Street Suite 100
San Pedro, CA 90731 Richard Suarez, Jr., CPA
Telephone (310) 832-7887
Fax (310) 832-6563

Independent Auditor's Report

To The Partners of
Bixel House
Los Angeles, California

I have audited the accompanying balance sheet of Bixel House as of
December 31, 1999, and the related statements of operations, changes in
partners' capital, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audit.

In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Bixel House at December 31,
1999, and the results of its operations and cash flows for the year then ended,
in conformity with generally accepted accounting principles.

/s/Suarez Accountancy Corporation
San Pedro, California
February 8, 2000

Bixel House
[Letterhead]
SUAREZ ACCOUNTANCY CORPORATION
150 W. Seventh Street Suite 100
San Pedro, CA 90731 Richard Suarez, Jr., CPA
Telephone (310) 832-7887
Fax (310) 832-6563

Independent Auditor's Report

To The Partners of
Bixel House
Los Angeles, California

I have audited the accompanying balance sheet of Bixel House as of
December 31, 1998, and the related statements of operations, changes in
partners' capital, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audit.

I conducted my audit in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Bixel House at December 31,
1998, and the results of its operations and cash flows for the year then ended,
in conformity with generally accepted accounting principles.

/s/Suarez Accountancy Corporation
San Pedro, California
February 28, 1999

Harmony Apartments
[Letterhead]
SUAREZ ACCOUNTANCY CORPORATION
150 W. Seventh Street Suite 100
San Pedro, CA 90731 Richard Suarez, Jr., CPA
Telephone (310) 832-7887
Fax (310) 832-6563

Independent Auditor's Report

To The Partners of
Harmony Apartments
Los Angeles, California

I have audited the accompanying balance sheet of Harmony Apartments as of
December 31, 2000, and the related statements of operations, changes in
partners' capital, and cash flows for the year ended December 31, 2000. These
financial statements are the responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audit.

I conducted my audit in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statements presentation.
I believe that my audit provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Harmony Apartments at
December 31, 2000, and the results of its operations and cash flows for the year
ended December 31, 2000 in conformity with generally accepted accounting
principles.

/s/Suarez Accountancy Corporation
San Pedro, California
January 29, 2001

Harmony Apartments
[Letterhead]
SUAREZ ACCOUNTANCY CORPORATION
150 W. Seventh Street Suite 100
San Pedro, CA 90731 Richard Suarez, Jr. CPA
Telephone (310) 832-7887
Fax (310) 832-6563

Independent Auditor's Report

To The Partners of
Harmony Apartments
Los Angeles, California

I have audited the accompanying balance sheet of Harmony Apartments as of
December 31, 1999, and the related statements of operations, changes in
partners' capital, and cash flows for the year ended December 31, 1999. These
financial statements are the responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audit.

I conducted my audit in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statements presentation.
I believe that my audit provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Harmony Apartments at
December 31, 1999, and the results of its operations and cash flows for the year
ended December 31, 1999 in conformity with generally accepted accounting
principles.

/s/Suarez Accountancy Corporation
San Pedro, California
February 8, 2000

Harmony Apartments
[Letterhead]
SUAREZ ACCOUNTANCY CORPORATION
150 W. Seventh Street Suite 100
San Pedro, CA 90731 Richard Suarez, Jr., CPA
Telephone (310) 832-7887
Fax (310) 832-6563

Independent Auditor's Report

To The Partners of
Harmony Apartments
Los Angeles, California

I have audited the accompanying balance sheet of Harmony Apartments as of
December 31, 1998, and the related statements of operations, changes in
partners' capital, and cash flows for the year ended December 31, 1998. These
financial statements are the responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audit.

I conducted my audit in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statements presentation.
I believe that my audit provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Harmony Apartments at
December 31, 1998, and the results of its operations and cash flows for the year
ended December 31, 1998 in conformity with generally accepted accounting
principles.

/s/Suarez Accountancy Corporation
San Pedro, California
February 28, 1999

Schumaker Place Associates, L.P.
[Letterhead]
[LOGO]
Halbert, Katz & Co., P.C.
121 South Broad Street
Philadelphia, Pennsylvania 19107

INDEPENDENT AUDITORS' REPORT

To the Partners
Schumaker Place Associates, L.P.
Wilmington, Delaware

We have audited the accompanying balance sheets of Schumaker Place Associates,
L.P., as of December 31, 2000 and December 31, 1999, and the related statements
of loss, partners' capital (capital deficiency) and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Schumaker Place Associates,
L.P., as of December 31, 2000 and December 31, 1999, and the results of its
operations, changes in partners' capital (capital deficiency) and its cash flows
for the years then ended, in conformity with generally accepted accounting
principles.

/s/Halbert Katz & Co., P.C.
January 31, 2001

Schumaker Place Associates, L.P.
[Letterhead]
[LOGO]
Halbert, Katz & Co., P.C.
121 South Broad Street
Philadelphia, Pennsylvania 19107

INDEPENDENT AUDITORS' REPORT

To the Partners
Schumaker Place Associates, L.P.
Wilmington, Delaware

We have audited the accompanying balance sheets of Schumaker Place Associates,
L.P., as of December 31, 1999 and December 31, 1998, and the related statements
of loss, partners' capital (capital deficiency) and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Schumaker Place Associates,
L.P., as of December 31, 1999 and December 31, 1998, and the results of its
operations, changes in partners' capital (capital deficiency) and its cash flows
for the years then ended, in conformity with generally accepted accounting
principles.

Our audit were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting information included in
the report (shown on page 12) is presented for the purpose of additional
analysis and is not a required part of the basic financial statements of
Schumaker Place Associates, L.P. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.

/s/Halbert Katz & Co., P.C.
January 31, 2000

Circle Terrace Associates
[Letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Circle Terrace Associates
Limited Partnership

We have audited the accompanying balance sheet of Circle Terrace Associates
Limited Partnership as of December 31, 2000, and the related statements of
operations, partners' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Circle Terrace Associates
Limited Partnership as of December 31, 2000, and the results of its operations,
the changes in partners' equity (deficit) and cash flows for the year then
ended, in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on pages 27 through 36
is presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.

In accordance with Government Auditing Standards and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated February
20, 2001 on our consideration of Circle Terrace Associates Limited Partnership's
internal control and on its compliance with specific requirements applicable to
Major HUD and fair
housing and non-discrimination. Those reports are an integral part of an audit
performed in accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audit.

/s/Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 20, 2001 Identification Number:
52-1088612
Lead Auditor: Robert J. Denmark

Circle Terrace Associates
[Letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Circle Terrace Associates
Limited Partnership

We have audited the accompanying balance sheet of Circle Terrace Associates
Limited Partnership as of December 31, 1999, and the related statements of
operations, partners' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Circle Terrace Associates
Limited Partnership as of December 31, 1999, and the results of its operations,
the changes in partners' equity (deficit) and cash flows for the year then
ended, in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on pages 27 through 37
is presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.

In accordance with Government Auditing Standards and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated March 24,
2000 on our consideration of Circle Terrace Associates Limited Partnership's
internal control and on its compliance with specific requirements applicable to
Major HUD and fair housing and non-discrimination.

/s/Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
March 24, 2000 Identification Number:
52-1088612
Lead Auditor: Robert J. Denmark

Circle Terrace Associates
[Letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Circle Terrace Associates
Limited Partnership

We have audited the accompanying balance sheet of Circle Terrace Associates
Limited Partnership as of December 31, 1998, and the related statements of
operations, partners' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Circle Terrace Associates
Limited Partnership as of December 31, 1998, and the results of its operations,
the changes in partners' equity (deficit) and cash flows for the year then
ended, in conformity with generally accepted accounting principles.

The Housing Assistance Payment contracts covering all 303 units expired on
November 30, 1998 and November 30, 1997. It is uncertain whether HUD will renew
these contracts under terms that are consistent with the successful operations
of the project (see note G).

Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on pages 28 through 37
is presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.

In accordance with Government Auditing Standards and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated January 20,
1999 on our consideration of Circle Terrace Associates Limited Partnership's
internal control and on its compliance with specific requirements applicable to
Major HUD and DHCD-assisted programs, fair housing and non-discrimination, and
laws and regulations applicable to the financial statements.

/s/Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 20, 1999 Identification Number:
52-1088612
Audit Principal: Lester Kanis

Water Oak
[Letterhead]
[LOGO]
Habif, Arogeti & Wynne, LLP

INDEPENDENT AUDITORS REPORT

To the Partners
Water Oak Apartments, L.P.

We have audited the accompanying balance sheets of WATER OAK APARTMENTS, L.P.,
RHS Project No. 09-64-581801555 as of December 31, 2000 and 1999, and the
related statements of operations, changes in partners' equity (deficit), and
cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the
United States, and the U.S. Department of Agriculture, Farmers Home
Administration's Audit Program. Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In accordance with Government Auditing Standards, we have also issued reports
dated January 20, 2001 on our consideration of WATER OAK APARTMENTS, L.P.'s
internal control and on its compliance with laws and regulations applicable to
the financial statements.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of WATER OAK APARTMENTS, L.P.,
as of December 31, 2000 and 1999, and the results of its operations and its cash
flows for the years then ended, in conformity with generally accepted accounting
principles.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 13
through 22 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.

/s/Habif, Arogeti & Wynne, LLP
Atlanta, Georgia
January 20, 2001

Water Oaks
[Letterhead]
[LOGO]
Habif, Arogeti & Wynne, LLP

INDEPENDENT AUDITORS REPORT

To the Partners
Water Oaks Apartments, L.P.

We have audited the accompanying balance sheet of WATER OAKS APARTMENTS, L.P.,
RHS Project No. 09-64-581801555 as of December 31, 1999 and the related
statements of operations, partners' equity (deficit), and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit. The financial statements of WATER OAK
APARTMENTS, L.P. as of December 31, 1998 were audited by other auditors whose
report dated January 28, 1999 expressed and unqualified opinion on those
statements.

In accordance with Government Auditing Standards, we have also issued reports
dated January 21, 2000 on our consideration of WATER OAK APARTMENTS, L.P.'s
internal control and on its compliance with laws and regulations applicable to
the financial statements.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of WATER OAKS APARTMENTS, L.P., as
of December 31, 1999, and the results of its operations and its cash flows for
the year then ended, in conformity with generally accepted accounting
principles.

/s/Habif, Arogeti & Wynne, LLP
Atlanta, Georgia
January 21, 2000

Water Oaks
[Letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS REPORT

To the Partners
Water Oaks Apartments, L.P.

We have audited the accompanying balance sheets of Water Oaks Apartments, L.P.,
RHS Project No. 09-64-581801555 as of December 31, 1998 and 1997 and the related
statements of operations, partners' equity (deficit), and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Water Oaks Apartments, L.P.,
RHS Project No. 09-64-581801555 as of December 31, 1998 and 1997, and the
results of its operations, the changes in partners' equity (deficit), and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 16
through 22 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.

In accordance with Government Auditing Standards, we have also issued reports
dated January 28, 1999, on our consideration of Water Oak Apartments, L.P.'s
internal control and on its compliance with laws and regulations applicable to
the financial statements.

/s/Reznick Fedder & Silverman
Atlanta, Georgia
January 28, 1999

Archer Village
[Letterhead]
[LOGO]
Habif, Arogeti &Wynne, LLP

INDEPENDENT AUDITORS' REPORT

To the Partners
Archer Village, Ltd.

We have audited the accompanying balance sheets of ARCHER VILLAGE, LTD.,
(RHS Project No.: 09-001-267869575), as of December 31, 2000 and 1999, and the
related statements of operations, changes in partners' accumulated deficit, and
cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration's Audit Program. Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of ARCHER VILLAGE, LTD. as of
December 31, 2000 and 1999, and the results of its operations, its changes in
partners' accumulated deficit, and its cash flows for the years then ended in
conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued reports
dated January 20, 2001, on our consideration of ARCHER VILLAGE, LTD. internal
control and on its compliance with laws and regulations applicable to the
financial statements.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 13
through 18 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.

/s/Habif Arogeti &Wynne, LLP
Atlanta, Georgia
January 20, 2001

Archer Village
[Letterhead]
[LOGO]
Habif, Arogeti & Wynne, LLP

INDEPENDENT AUDITORS' REPORT

To the Partners
Archer Village, Ltd.

We have audited the accompanying balance sheet of ARCHER VILLAGE, LTD.,
RHS Project No.: 09-001-267869575, as of December 31, 1999, and the related
statements of operations, changes in partners' accumulated deficit, and cash
flows for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits. The financial statements of
ARCHER VILLAGE , LTD., as of December 31, 1998 were audited by other auditors
whose report dated January 28, 1999 expressed and unqualified opinion on those
statements.

We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration's Audit Program. Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of ARCHER VILLAGE, LTD. as of
December 31, 1999 and the results of its operations, its changes in partners'
accumulated deficit and its cash flows for the year then ended in conformity
with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued reports
dated January 21, 2000 on our consideration of ARHCER VILLAGE, LTD. internal
control and on its compliance with laws and regulations applicable to the
financial statements.

/s/Habif Arogeti & Wynne, LLP
Atlanta, Georgia
January 21, 2000

Archer Village
[Letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Archer Village, Ltd.

We have audited the accompanying balance sheets of Archer Village, Ltd., RHS
Project No.: 09-001-267869575, as of December 31, 1998 and 1997, and the related
statements of operations, partners' equity (deficit), and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Archer Village, Ltd., RHS
Project No.: 09-001-267869575 as of December 31, 1998 and 1997, and the results
of its operations, the changes in partners' equity (deficit) and its cash flows
for the years then ended, in conformity with generally accepted accounting
principles.

In accordance with Government Auditing Standards, we have also issued reports
dated January 28, 1999, on our consideration of Archer Village, Ltd.'s internal
control and its compliance with laws and regulations applicable to the financial
statements.

/s/Reznick Fedder & Silverman
Atlanta, Georgia
January 28, 1999

Ocean View Apartments
[Letterhead]
[LOGO]
Habif Arogeti & Wynne, LLP

INDEPENDENT AUDITORS' REPORT

To the Partners
Ocean View Apartments, L.P.

We have audited the accompanying balance sheets of OCEAN VIEW APARTMENTS, L.P.,
(RHS Project No.: 09-45-581801553), as of December 31, 2000 and 1999, and the
related statements of operations, changes in partners' accumulated deficit, and
cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration's Audit Program. Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In accordance with Government Auditing Standards, we have also issued reports
dated January 20, 2001 on our consideration of OCEAN VIEW APARTMENTS, L.P's
internal control structure and on its compliance with laws and regulations
applicable to the financial statements.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of OCEAN VIEW APARTMENTS, L.P., as
of December 31, 2000 and 1999, and the results of its operations, its changes in
partners' equity (deficit), and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 11
through 15 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.

/s/Habif Arogeti & Wynne, LLP
Atlanta, Georgia
January 20, 2001

Ocean View Apartments
[Letterhead]
[LOGO]
Habif Arogeti & Wynne, LLP

INDEPENDENT AUDITORS' REPORT

To the Partners
Ocean View Apartments, L.P.

We have audited the accompanying balance sheet of OCEAN VIEW APARTMENTS, L.P.,
RHS Project No.: 09-45-581801553, as of December 31, 1999 and the related
statements of operations, changes in partners' accumulated deficit, and cash
flows for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits. The financial statements of
OCEAN VIEW APARTMENTS, L.P. as of December 31, 1998 were audited by other
auditors whose report dated January 28, 1999 expressed and unqualified opinion
on those statements.

We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration's Audit Program. Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In accordance with Government Auditing Standards, we have also issued reports
dated January 21, 2000 on our consideration of OCEAN VIEW APARTMENTS, L.P's
internal control and on its compliance with laws and regulations applicable to
the financial statements.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of OCEAN VIEW APARTMENTS, L.P., as
of December 31, 1999 and the results of its operations, the changes in partners'
equity (deficit) and cash flows for the year then ended, in conformity with
generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 11
through 15 is presented for the purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.

/s/Habif Arogeti & Wynne, LLP
Atlanta, Georgia
January 21, 2000

Ocean View Apartments
[Letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Ocean View Apartments, L.P.

We have audited the accompanying balance sheets of Ocean View Apartments, L.P.,
RHS Project No.: 09-45-581801553, as of December 31, 1998 and 1997, and the
related statements of operations, changes in partners' equity (deficit) and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ocean View Apartments, L.P.,
RHS Project No.: 09-45-581801553, as of December 31, 1998 and 1997, and the
results of its operations, the changes in partners' equity (deficit) and cash
flows for the years then ended, in conformity with generally accepted accounting
principles.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 16
through 22 is presented for the purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.

In accordance with Government Auditing Standards we have also issued reports
dated January 28, 1999 on our consideration of Ocean View Apartments, L.P.'s
internal control structure and on its compliance with laws and regulations
applicable to the financial statements.

/s/Reznick Fedder & Silverman
Atlanta, Georgia
January 9, 1999

Yester Oaks
[Letterhead]
[LOGO]
Habif Arogeti & Wynne, LLP

INDEPENDENT AUDITORS' REPORT

To the Partners
Yester Oaks, L.P.

We have audited the accompanying balance sheets of YESTER OAKS, L.P. (RHS
Project No.: 11-046-581814319), as of December 31, 2000 and 1999, and the
related statements of operations, changes in partners' accumulated deficit, and
cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration's Audit Program. Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of YESTER OAKS, L.P. as of
December 31, 2000 and 1999, and the results of its operations, its changes in
partners' accumulated deficit, and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued reports
dated January 20, 2001 on our consideration of YESTER OAKS, L.P.'s internal
control and on its compliance with laws and regulations applicable to the
financial statements.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page 12
is presented for the purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.

/s/Habif Arogeti & Wynne, LLP
Atlanta, Georgia
January 20, 2001

Yester Oaks
[Letterhead]
[LOGO]
Habif Arogeti & Wynne, LLP

INDEPENDENT AUDITORS' REPORT

To the Partners
Yester Oaks, L.P.

We have audited the accompanying balance sheet of YESTER OAKS, L.P.
RHS Project No.: 11-046-581814319, as of December 31, 1999 and the related
statements of operations, changes in partners' accumulated deficit, and cash
flows for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits. The financial statements of
YESTER OAKS, L.P. as of December 31, 1998 were audited by other auditors whose
report dated January 28, 1999 expressed and unqualified opinion on those
statements.

We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration's Audit Program. Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of YESTER OAKS, L.P., as of
December 31, 1999 and the results of its operations, the changes in partners'
equity (deficit) and cash flows for the year then ended, in conformity with
generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued reports
dated January 21, 2000 on our consideration of YESTER OAKS, L.P.'s internal
control and on its compliance with laws and regulations applicable to the
financial statements.

/s/Habif Aroget & Wynne, LLP
Atlanta, Georgia
January 28, 2000

Yester Oaks
[Letterhead]
[LOGO]
Reznick Fedder & Silverman

INDEPENDENT AUDITORS' REPORT

To the Partners
Yester Oaks, L.P.

We have audited the accompanying balance sheets of Yester Oaks, L.P.,RHS Project
No.: 11-046-0581814319, as of December 31, 1998 and 1997, and the related
statements of operations, changes in partners' equity (deficit), and cash flows
for the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Yester Oaks, L.P., RHS Project
No.: 11-046-0581814319 as of December 31, 1998 and 1997, and the results of its
operations, the changes in partners' equity (deficit), and its cash flows for
the years then ended, in conformity with generally accepted accounting
principles.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 16
through 17 is presented for the purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.

In accordance with Government Auditing Standards, we have also issued reports
dated January 28, 1999, on our consideration of Yester Oaks L.P.'s internal
control and on its compliance with laws and regulations applicable to the
financial statements.

/s/Reznick Fedder & Silverman
Atlanta, Georgia
January 28, 1999

HISTORIC NEW CENTER APARTMENTS LIMITED PARTNERSHIP [letterhead] Haran &
Associates Ltd.

INDEPENDENT AUDITOR'S REPORT

To the Partners
HISTORIC NEW CENTER APARTMENTS LIMITED PARTNERSHIP
Detroit, Michigan

We have audited the accompanying balance sheet of HISTORIC NEW CENTER APARTMENTS
LIMITED PARTNERSHIP (a Limited Partnership) as of December 31, 2000, and the
related statements of profit and loss, changes in partners' equity and statement
of cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

In our opinion the financial statements referred to above present fairly, in all
material respects, the financial position of HISTORIC NEW CENTER APARTMENTS
LIMITED PARTNERSHIP as of December 31, 2000, and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted
accounting principles.

/s/Haran & Associates Ltd.
Certified Public Accountants
Wilmette, Illinois
Illnois Certificate No. 060-3097692
January 12, 2001

HISTORIC NEW CENTER APARTMENTS LIMITED PARTNERSH
[letterhead]
Haran & Associates Ltd.

INDEPENDENT AUDITOR'S REPORT

To the Partners
HISTORIC NEW CENTER APARTMENTS LIMITED PARTNERSHIP
Detroit, Michigan

We have audited the accompanying balance sheet of HISTORIC NEW CENTER APARTMENTS
LIMITED PARTNERSHIP (a Limited Partnership) as of December 31, 1999, and the
related statements of profit and loss, changes in partners' equity and statement
of cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

In our opinion the financial statements referred to above present fairly, in all
material respects, the financial position of HISTORIC NEW CENTER APARTMENTS
LIMITED PARTNERSHIP as of December 31, 1999, and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted
accounting principles.

/s/Haran & Associates Ltd.
Certified Public Accountants
Wilmette, Illinois
Illnois Certificate No. 060-3097692
January 25, 2000

HISTORIC NEW CENTER APARTMENTS LIMITED PARTNERSH

[letterhead]

Haran & Associates Ltd.

INDEPENDENT AUDITOR'S REPORT

To the Partners
HISTORIC NEW CENTER APARTMENTS LIMITED PARTNERSHIP
Detroit, Michigan

We have audited the accompanying balance sheet of HISTORIC NEW CENTER APARTMENTS
LIMITED PARTNERSHIP (a Limited Partnership) as of December 31, 1998, and the
related statements of profit and loss, changes in partners' equity and statement
of cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

In our opinion the financial statements referred to above present fairly, in all
material respects, the financial position of HISTORIC NEW CENTER APARTMENTS
LIMITED PARTNERSHIP as of December 31, 1998, and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted
accounting principles.

/s/Haran & Associates Ltd.
Certified Public Accountants
Wilmette, Illinois
Illnois Certificate No. 060-3097692
February 3, 1999