February 14, 2003
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Boston Financial Qualified Housing Tax Credits L.P. V
Report on Form 10-QSB for the Quarter Ended December 31, 2002
File Number 0-19706
Dear Sir/Madam:
Pursuant to the requirements of Section 15(d) of the Securities Exchange Act of
1934, filed herewith one copy of subject report.
Very truly yours,
/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller
QH5-Q3.DOC
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2002
-----------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
------------------ --------------------
Commission file number 0-19706
Boston Financial Qualified Housing Tax Credits L.P. V
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Massachusetts 04-3054464
- ------------------------------ ------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
101 Arch Street, Boston, MA 02110-1106
- ------------------------------------- -------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-3911
---------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No .
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION Page No.
- ------------------------------ -------
Item 1. Financial Statements
Balance Sheet (Unaudited) - December 31, 2002 1
Statements of Operations (Unaudited) - For the Three and Nine
Months Ended December 31, 2002 and 2001 2
Statement of Changes in Partners' Equity (Deficiency)
(Unaudited) - For the Nine Months Ended December 31, 2002 3
Statements of Cash Flows (Unaudited) - For the Nine
Months Ended December 31, 2002 and 2001 4
Notes to the Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
Item 3. Controls and Procedures 11
PART II - OTHER INFORMATION
Items 1-6 12
SIGNATURE 13
CERTIFICATIONS 14
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
BALANCE SHEET
December 31, 2002
(Unaudited)
Assets
Cash and cash equivalents $ 2,403,630
Marketable securities, at fair value 1,006,560
Investments in Local Limited Partnerships, net (Note 1) 12,061,238
Restricted cash 101,527
Other assets 17,455
-------------
Total Assets $ 15,590,410
=============
Liabilities and Partners' Equity
Accounts payable to affiliate $ 36,798
Accrued expenses 52,453
Deferred revenue 101,527
-------------
Total Liabilities 190,778
-------------
General, Initial and Investor Limited Partners' Equity 15,387,849
Net unrealized gains on marketable securities 11,783
-------------
Total Partners' Equity 15,399,632
-------------
Total Liabilities and Partners' Equity $ 15,590,410
=============
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 Three and Nine Months Ended December 31, 2002 and 2001
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31, December 31, December 31,
2002 2001 2002 2001
------------- ------------- ------------- ---------------
Revenue:
Investment $ 24,251 $ 36,658 $ 80,102 $ 117,035
Other 39,790 700 141,740 53,573
------------- ------------- ------------- ---------------
Total Revenue 64,041 37,358 221,842 170,608
------------- ------------- ------------- ---------------
Expenses:
General and administrative
(includes reimbursements
to an affiliate in the amounts
of $ 207,313 and $150,814
in 2002 and 2001, respectively) 58,126 75,536 310,202 245,420
Asset management fees, affiliate 65,605 64,572 196,815 193,716
Provision for valuation of advances
to Local Limited Partnerships - - 21,360 -
Amortization 4,334 5,899 15,506 17,697
------------- ------------- ------------- ---------------
Total Expenses 128,065 146,007 543,883 456,833
------------- ------------- ------------- ---------------
Loss before equity in losses of
Local Limited Partnerships (64,024) (108,649) (322,041) (286,225)
Equity in losses of Local
Limited Partnerships (Note 1) (187,828) (522,246) (1,002,498) (1,409,002)
-------------- ------------- ------------- ---------------
Net Loss $ (251,852) $ (630,895) $ (1,324,539) $ (1,695,227)
============== ============= ============= ===============
Net Loss allocated:
General Partners $ (2,518) $ (6,309) $ (13,245) $ (16,952)
Limited Partners (249,334) (624,586) (1,311,294) (1,678,275)
-------------- ------------- ------------- ---------------
$ (251,852) $ (630,895) $ (1,324,539) $ (1,695,227)
============== ============= ============= ===============
Net Loss per Limited Partner
Unit (68,929 Units) $ (3.61) $ (9.06) $ (19.02) $ (24.35)
============= ============= ============= ===============
The accompanying notes are an integral part of these financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
For the Nine Months Ended December 31, 2002
(Unaudited)
Initial Investor Net
General Limited Limited Unrealized
Partners Partner Partners Gains Total
----------- ------------- ----------- ---------- ---------
Balance at March 31, 2002 $ (424,983) $ 5,000 $ 17,132,371 $ 25,150 $ 16,737,538
----------- --------- -------------- ----------- -------------
Comprehensive Loss:
Change in net unrealized
gains on marketable securities
available for sale - - - (13,367) (13,367)
Net Loss (13,245) - (1,311,294) - (1,324,539)
----------- --------- -------------- ----------- -------------
Comprehensive Loss (13,245) - (1,311,294) (13,367) (1,337,906)
----------- --------- -------------- ---------- -------------
Balance at December 31, 2002 $ (438,228) $ 5,000 $ 15,821,077 $ 11,783 $ 15,399,632
=========== ========= ============== =========== =============
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 Nine Months Ended December 31, 2002 and 2001
(Unaudited)
2002 2001
------------ -----------
Net cash used for operating activities $ (475,568) $ (389,575)
Net cash provided by investing activities 1,755,448 570,279
------------ -----------
Net increase in cash and cash equivalents 1,279,880 180,704
Cash and cash equivalents, beginning 1,123,750 573,599
------------ -----------
Cash and cash equivalents, ending $ 2,403,630 $ 754,303
============ ===========
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
(Unaudited)
The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10-QSB and do not include all of the
information and note disclosures required by accounting principles generally
accepted in the United States of America. These statements should be read in
conjunction with the financial statements and notes thereto included with the
Partnership's Form 10-KSB for the year ended March 31, 2002. In the opinion of
management, these financial statements include all adjustments, consisting only
of normal recurring adjustments, necessary to present fairly the Partnership's
financial position and results of operations. The results of operations for the
periods may not be indicative of the results to be expected for the year.
The Managing General Partner of the Partnership has elected to report results of
the Local Limited Partnerships in which the Partnership has a limited
partnership interest 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 included in the
accompanying financial statements is as of September 30, 2002 and 2001.
1. Investments in Local Limited Partnerships
The Partnership has limited partnership interests in twenty-six Local Limited
Partnerships which were organized for the purpose of owning and operating
multi-family housing complexes, all of which are government-assisted. Upon
dissolution of the Local Limited Partnerships, proceeds will be distributed
according to the respective Local Limited Partnership agreements.
The following is a summary of investments in Local Limited Partnerships at
December 31, 2002:
Capital contributions and advances paid to Local Limited Partnerships and
purchase price paid to withdrawing partners of Local Limited Partnerships $ 55,658,588
Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
unrecognized losses of $6,795,052) (40,173,175)
Cumulative cash distributions received from Local Limited Partnerships (3,290,820)
-------------
Investments in Local Limited Partnerships before adjustment 12,194,593
Excess of investment costs over the underlying net assets acquired:
Acquisition fees and expenses 1,006,357
Cumulative amortization of acquisition fees and expenses (288,625)
-------------
Investments in Local Limited Partnerships prior to reserve for valuation 12,912,325
Reserve for valuation of investments in Local Limited Partnerships (851,087)
--------------
Investments in Local Limited Partnerships $ 12,061,238
==============
For the nine months ended December 31, 2002, the Partnership advanced $21,360 to
one of the Local Limited Partnerships, all of which was reserved. The
Partnership has recorded a reserve for valuation for its investments in certain
Local Limited Partnerships because there is evidence of non-temporary declines
in the recoverable amounts of these investments.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
Notes to the Financial Statements (continued)
(Unaudited)
1. Investments in Local Limited Partnerships (continued)
----------------------------------------------------
The Partnership's share of the net losses of the Local Limited Partnerships for
the nine months ended December 31, 2002 is $2,349,110. For the nine months ended
December 31, 2002, the Partnership has not recognized $1,346,612 of equity in
losses relating to Local Limited Partnerships where cumulative equity in losses
and cumulative distributions exceeded its total investment in these Local
Limited Partnerships.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Certain matters discussed herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. The
Partnership intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements and is including this statement
for purposes of complying with these safe harbor provisions. Although the
Partnership believes the forward-looking statements are based on reasonable
assumptions, the Partnership can give no assurance that its expectations will be
attained. Actual results and timing of certain events could differ materially
from those projected in or contemplated by the forward-looking statements due to
a number of factors, including, without limitation, general economic and real
estate conditions and interest rates.
Accounting Polices
The Partnership's accounting polices include those that relate to its
recognition of investments in Local Limited Partnerships using the equity method
of accounting. The Partnership's policy is as follows:
The Partnership accounts for its investments in Local Limited Partnerships using
the equity method of accounting because the Partnership does not have control
over the major operating and financial policies of the Local Limited
Partnerships in which it invests.
Under the equity method, the investment is carried at cost, adjusted for the
Partnership's share of net income or loss and for cash distributions from the
Local Limited Partnerships; equity in income or loss of the Local Limited
Partnerships is included currently in the Partnership's operations. Under the
equity method, a Local Limited Partnership investment will not be carried below
zero. To the extent that equity in losses are incurred when the Partnership's
carrying value of the respective Local Limited Partnership has been reduced to a
zero balance, the losses will be suspended and offset against future income.
Income from Partnership investments where cumulative equity in losses plus
cumulative distributions have exceeded the total investment in Local Limited
Partnerships will not be recorded until all of the related unrecorded losses
have been offset. To the extent that a Local Limited Partnership with a carrying
value of zero distributes cash to the Partnership, that distribution is recorded
as income on the books of the Partnership and is included in "Other Revenue" in
the accompanying financial statements.
Liquidity and Capital Resources
At December 31, 2002, the Partnership had cash and cash equivalents of
$2,403,630, as compared to $1,123,750 at March 31, 2002. The increase is
attributable to proceeds from sales and maturities of marketable securities and
cash distributions received from Local Limited Partnerships, partially offset by
net cash used for operations.
The Managing General Partner initially designated 4% of the Gross Proceeds as
Reserves, as defined in the Partnership Agreement. The Reserves were established
to be used for working capital of the Partnership and contingencies related to
the ownership of Local Limited Partnership interests. The Managing General
Partner may increase or decrease such Reserves from time to time, as it deems
appropriate. At December 31, 2002, on a cash basis, approximately $3,410,000 of
cash, cash equivalents and marketable securities has been designated as
Reserves. As of December 31, 2002, net claims against these Reserves total
approximately $72,000 making Reserves available after claims approximately
$3,338,000.
To date, professional fees relating to various Property issues totaling
approximately $209,000 have been paid from Reserves. To date, Reserve funds in
the amount of approximately $128,000 also have been used to make additional
capital contributions to one Local Limited Partnership. In the event a Local
Limited Partnership encounters operating difficulties requiring additional
funds, the Partnership's management might deem it in its best interest to
voluntarily provide such funds in order to protect its investment. As of
December 31, 2002, the Partnership has advanced approximately $221,000 to Local
Limited Partnerships to fund operating deficits.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Liquidity and Capital Resources (continued)
- ------------------------------------------
The Managing General Partner believes that the investment income earned on the
Reserves, along with cash distributions received from Local Limited
Partnerships, to the extent available, will be sufficient to fund the
Partnership's ongoing operations. Reserves may be used to fund Partnership
operating deficits, if the Managing General Partner deems funding appropriate.
If Reserves are not adequate to cover the Partnership's operations, the
Partnership will seek other financing sources including, but not limited to, the
deferral of Asset Management Fees paid to an affiliate of the Managing General
Partner or working with Local Limited Partnerships to increase cash
distributions.
Since the Partnership invests as a limited partner, the Partnership has no
contractual duty to provide additional funds to Local Limited Partnerships
beyond its specified investment. Thus, at December 31, 2002, 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 nine months ended December 31, 2002.
Results of Operations
Three Month Period
The Partnership's results of operations for the three months ended December 31,
2002 resulted in a net loss of $251,852, as compared to a net loss of $630,895
for the same period in 2001. The decrease in net loss is primarily attributable
to a decrease in equity in losses of Local Limited Partnerships and an increase
in other revenue. The decrease in equity in losses of Local Limited Partnerships
is primarily due to an increase in unrecognized losses by the Partnership of
Local Limited Partnerships whose cumulative equity in losses and cumulative
distributions have exceeded its total investment. The increase in other revenue
relates to the timing of distributions received by the Partnership from Local
Limited Partnerships, and an increase in distributions from Local Limited
Partnerships whose cumulative equity in losses and cumulative distributions have
exceeded its total investment.
Nine Month Period
The Partnership's results of operations for the nine months ended December 31,
2002 resulted in a net loss of $1,324,539, as compared to a net loss of
$1,695,227 for the same period in 2001. The decrease in net loss is primarily
attributable to a decrease in equity in losses of Local Limited Partnerships and
an increase in other revenue. These effects were partially offset by an increase
in general and administrative expenses, as well as a decrease in investment
revenue. Equity in losses of Local Limited Partnerships decreased primarily due
to an increase in unrecognized losses by the Partnership of Local Limited
Partnerships whose cumulative equity in losses and cumulative distributions have
exceeded its total investment. The increase in other revenue relates to the
timing of distributions received by the Partnership from Local Limited
Partnerships, and an increase in distributions from Local Limited Partnerships
whose cumulative equity in losses and cumulative distributions have exceeded its
total investment. The increase in general and administrative expense is
primarily due to a change in the estimate of amounts due to an affiliate of a
General Partner for administrative expenses necessary for the operation of the
Partnership related to the year ended March 31, 2002 which are being expensed in
the nine months ended December 31, 2002.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Property Discussions
The Partnership's investment portfolio consists of limited partnership interests
in twenty-six Local Limited Partnerships, each of which owns and operates a
multi-family apartment complex. 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 expenses 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 Property. 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.
The Local General Partner at Westover Station, located in Newport News,
Virginia, reached an agreement with the Property's lender to refinance the debt
on the Property. As part of the refinancing, which closed on November 1, 2002,
the Partnership received Sale or Refinancing Proceeds, as defined in the Local
Limited Partnership Agreement, of approximately $668,000. The Managing General
Partner retained the entire amount of the proceeds in the Partnership's
Reserves, as permitted by, and in accordance with, the Local Limited Partnership
Agreement. The Managing General Partner, on behalf of the Partnership, also
negotiated an agreement with the Local General Partner that will allow the
Partnership to dispose of its interest in the Property after the end of its
compliance period, which is December 2006.
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 has negatively
affected the Property's occupancy levels and tenant profile. The Property has
had several changes in site management in the past 12-24 months and is currently
managed by an affiliate of the Local General Partner. Efforts to increase curb
appeal and increase qualified tenant traffic have not materially improved
occupancy. Advances from the Local General Partner and the Partnership have
enabled the property to remain current on its mortgage obligations. The Managing
General Partner will continue to closely monitor the site manager's efforts to
improve Property operations; however, due to the Property's continuing
struggles, the Managing General Partner is concerned about its long-term
viability. Due to these concerns, the Managing General Partner believes it is in
the best interest of the Property to replace the Local General Partner.
Accordingly, the Managing General Partner has been working with the Local
General Partner to identify an acceptable replacement.
As previously reported regarding Westgate, located in Bismarck, North Dakota, in
order to protect the remaining tax credits generated by the Property, the
Managing General Partner consummated the transfer of 50% of the Partnership's
capital and profits in the Local Limited Partnership to an affiliate of the
Local General Partner in November 1997. The Managing General Partner also had
the right to transfer the Partnership's remaining interest to the Local General
Partner any time after one year from the initial transfer. However, due to
subsequent transfers by the Local General Partner of its interest in the
Property, the date when the Managing General Partner had the right to transfer
the remaining interest did not occur until September 1, 2001. The agreement
allowed the Partnership to retain its full share of the Property's tax credits
until such time as the remaining interest is put to the new Local General
Partner. The Property generated its last tax credits during 2001. Further, the
new Local General Partner has the right to call the remaining interest after the
tax credit period has expired.
Historically, Carib Villas II and Carib Villas III, located in St. Croix, Virgin
Islands, have struggled to maintain stabilized occupancy. Also, due to the
Properties' proximity to the ocean, weather conditions erode their physical
condition quickly, and therefore, maintenance issues are a concern. In April
2000, a replacement site management company was brought in to manage the
Properties' operations. The replacement site management company stated its
desire to purchase the General and Limited Partner interests in the Properties
and, effective January 1, 2001,
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Property Discussions (continued)
assumed the Local General Partner interest in the Properties. The Managing
General Partner negotiated a plan that ultimately transfers the Partnership's
interests in the Properties to the new Local General Partner. The plan includes
provisions to minimize the risk of recapture. The new Local General Partner has
completed many capital improvements and greatly improved operations at the
Properties.
A newly constructed property adjacent to Whispering Trace, located in Woodstock,
Georgia, began operations during 2001. Although the new property had
difficulties in completing initial lease-up due to a lack of qualified tenants,
its superior amenities and curb appeal allow it to have a competitive advantage
over Whispering Trace. Further, employers in the area have had layoffs, forcing
some tenants to leave the area in search of employment. As a result, occupancy
at Whispering Trace has declined. The Property has incurred significant capital
expenditures in order to remain competitive in the marketplace and it may become
necessary for the Managing General Partner to use some of the Partnership's
reserves to fund operating deficits.
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 exits, a
provision to write down the asset to fair value will be recorded in the
Partnership's financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
CONTROLS AND PROCEDURES
Controls and Procedures
Based on the Partnership's evaluation within 90 days prior to filing this Form
10-QSB, the Partnership's director has concluded that the Partnership's
disclosure controls and procedures are effective to ensure that information
required to be disclosed in the reports that the Partnership files or submits
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission's rules and forms.
There have been no significant changes in the Partnership's internal controls or
in other factors that could significantly affect those controls subsequent to
the date of their evaluation.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
PART II OTHER INFORMATION
Items 1-5 Not applicable
Item 6 Exhibits and reports on Form 8-K
(a) Exhibits
99.1 Certification of Jenny Netzer pursuant to
section 906 of the Sarbanes-Oxley Act of 2002
(b) Reports on Form 8-K - No reports on Form 8-K were filed
during the quarter ended December 31, 2002.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DATED: February 14, 2003 BOSTON FINANCIAL QUALIFIED HOUSING
TAX CREDITS L.P. V
By: Arch Street VIII, Inc.,
its Managing General Partner
/s/Jenny Netzer
------------------------------------
Jenny Netzer
Principal, Head of Housing and
Community Investment
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
I, Jenny Netzer, certify that:
1. I have reviewed this quarterly report on Form 10-QSB of Boston Financial
Qualified Housing Tax Credit L.P. V:
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this
quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a. designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report
is being prepared;
b. evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the
filing date of this quarterly report (the "Evaluation Date"); and
c. presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based
on our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalents functions):
a. all significant deficiencies in the design or operation of internal
controls which could adversely affect registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weaknesses in
internal controls; and
b. any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's
internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including
any corrective actions with regard to significant deficiencies and material
weaknesses.
Date: February 14, 2003 /s/Jenny Netzer
------------------------------------
Jenny Netzer
Principal, Head of Housing and
Community Investment
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Boston Financial Qualified Housing
Tax Credits L.P. V (the "Partnership") on Form 10-QSB for the period ending
December 31, 2002 as filed with the Securities and Exchange Commission on the
date hereof (the "Report"), the undersigned, the Principal, hereby certifies
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:
1. the Report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and
2. the information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
Partnership.
/s/Jenny Netzer
------------------------------------
Jenny Netzer
Principal, Head of Housing and
Community Investment
Date: February 14, 2003