November 14, 1997
Securities and Exchange Commission
Filer Support, Edgar
Operation Center, Stop 0-7
6432 General Green Way
Alexandria, VA 22312
RE: Boston Financial Qualified Housing Tax Credits L.P. V
Report on Form 10-Q for Quarter Ended September 30, 1997
File No. 0-19706
Gentlemen:
Pursuant to the requirements of Section 15(d) of the Securities Exchange Act of
1934, there is filed herewith one one copy of the subject report.
Very truly yours,
/s/Patricia Olsen-Goldberg
Patricia Olsen-Goldberg
Controller
QH5-Q2.DOC
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act
of 1934
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
For Quarter Ended September 30, 1997 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
Combined Balance Sheets - September 30, 1997 (Unaudited) and
March 31, 1997 1
Combined Statements of Operations (Unaudited) - For the Three and
Six Months Ended September 30, 1997 and 1996 2
Statement of Changes in Partners' Equity (Deficiency)
(Unaudited) - For the Six Months Ended September 30,
1997 3
Combined Statements of Cash Flows (Unaudited) - For the Six
Months Ended September 30, 1997 and 1996 4
Notes to Combined Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 12
PART II - OTHER INFORMATION
Items 1-6 14
SIGNATURE 15
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
COMBINED BALANCE SHEETS
September 30, March 31,
1997 1997
(Unaudited)
Assets (Note 1)
Cash and cash equivalents $ 542,914 $ 449,567
Mortgagee escrow deposits 5,948 -
Tenant security deposit escrow 2,886 -
Investments in Local Limited Partnerships (Note 2) 28,299,135 30,531,768
Marketable securities, at fair value 2,807,734 2,840,127
Rental property at cost, net of
accumulated depreciation (Note 3) 960,104 -
Replacement reserve escrow 1,805 -
Other assets 47,043 50,033
-------------- --------------
Total Assets $ 32,667,569 $ 33,871,495
============== ==============
Liabilities and Partners' Equity
Accounts payable to affiliates $ 67,933 $ 88,227
Accounts payable and accrued expenses 58,900 35,692
Mortgage notes payable (Note 4) 711,747 -
Tenant security deposits payable 2,886 -
Deferred revenue 156,635 174,357
-------------- --------------
Total Liabilities 998,101 298,276
-------------- --------------
Minority interest in Local Limited Partnership 134,903 -
-------------- --------------
General, Initial and Investor Limited Partners' Equity 31,552,385 33,615,539
Net unrealized losses on marketable securities (17,820) (42,320)
-------------- --------------
Total Partners' Equity 31,534,565 33,573,219
-------------- --------------
Total Liabilities and Partners' Equity $ 32,667,569 $ 33,871,495
============== ==============
The accompanying notes are an integral part of these combined
financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
COMBINED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three and Six Months Ended September 30, 1997 and 1996
Three Months Ended Six Months Ended
September 30, September 30, September 30, September 30,
1997 1996 1997 1996
------------- ------------- ------------ ---------
(Note 1)
Revenue:
Rental $ 29,508 $ - $ 39,309 $ -
Investment 46,708 48,440 91,136 96,834
Other 1,828 100 3,771 8,926
------------ ------------ ------------ ------------
Total Revenue 78,044 48,540 134,216 105,760
------------ ------------ ------------ ------------
Expenses:
General and administrative
(includes reimbursements
to an affiliate in the amounts
of $66,880 and $61,237
in 1997 and 1996, respectively) 50,474 60,184 118,639 129,364
Asset management fees,
related party 59,177 57,286 118,354 114,572
Rental operations, exclusive
of depreciation 7,543 - 9,518 -
Property Management fee, related
party 1,801 - 2,391 -
Interest 20,482 - 27,319 -
Depreciation 10,589 - 14,119 -
Amortization 7,322 7,551 14,645 15,180
------------ ------------ ------------ ------------
Total Expenses 157,388 125,021 304,985 259,116
------------ ------------ ------------ ------------
Loss before equity in
losses of Local Limited
Partnerships (79,344) (76,481) (170,769) (153,356)
Minority interest in losses of
Local Limited Partnership 104 - 135 -
Equity in losses of Local
Limited Partnerships (Note 2) (866,762) (1,121,964) (1,892,520) (2,153,405)
------------ ------------ ------------ ------------
Net Loss $ (946,002) $ (1,198,445) $ (2,063,154) $ (2,306,761)
============ ============ ============ ============
Net Loss allocated:
To General Partners $ (9,460) $ (11,985) $ (20,632) $ (23,068)
To Limited Partners (936,542) (1,186,460) (2,042,522) (2,283,693)
------------ ------------ ------------ ------------
$ (946,002) $ (1,198,445) $ (2,063,154) $ (2,306,761)
============ ============ ============ ============
Net Loss per Limited Partnership
Unit (68,929 Units) $ (13.58) $ (17.21) $ (29.63) $ (33.13)
=========== =========== ============ ============
The accompanying notes are an integral part of these combined
financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
(Unaudited)
For the Six Months Ended September 30, 1997
Initial Investor Net
General Limited Limited Unrealized
Partners Partners Partners Losses Total
Balance at March 31, 1997 $ (255,951) $5,000 $ 33,866,490 $ (42,320) $33,573,219
Net change in net unrealized
losses on marketable
securities available for sale - - - 24,500 24,500
Net Loss (20,632) - (2,042,522) - (2,063,154)
---------- ------ ------------ --------- -------------
Balance at September 30, 1997 $ (276,583) $5,000 $ 31,823,968 $ (17,820) $ 31,534,565
========== ====== ============ ========= =============
The accompanying notes are an integral part of these combined
financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
COMBINED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended September 30, 1997 and 1996
1997 1996
----------- --------
(Note 1)
Net cash used for operating activities $(187,655) $ (153,933)
--------- ----------
Cash flows from investing activities:
Purchases of marketable securities (1,693,360) (455,427)
Proceeds from sales and maturities of marketable securities 1,750,431 641,126
Cash distributions received from Local
Limited Partnerships 208,309 46,496
Cash received upon assumption of
General Partner interest in a Combined Entity 937 -
--------- ----------
Net cash provided by investing activities 266,317 232,195
--------- ----------
Cash flows from financing activities:
General Partner contribution 16,045 -
Payment of mortgage principal (1,360) -
--------- ----------
Net cash provided by financing activities 14,685 -
--------- ----------
Net increase in cash and cash equivalents 93,347 78,262
Cash and cash equivalents, beginning 449,567 243,644
--------- ----------
Cash and cash equivalents, ending $ 542,914 $ 321,906
========= ==========
Supplemental disclosure:
Cash paid for interest $ 40,994 $ -
========= ==========
The accompanying notes are an integral part of these combined
financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
Notes to the Combined Financial Statements
(Unaudited)
The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10-Q and do not include all of the
information and note disclosures required by generally accepted accounting
principles. These statements should be read in conjunction with the financial
statements and notes thereto included with the Partnership's 10-K for the year
ended March 31, 1997. 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. Certain reclassifications have been
made to prior period financial statements to conform to current period
classifications.
1. Significant Accounting Policies
Basis of Presentation and Combination
On March 1, 1997, an affiliate of the Partnership's Managing General Partner,
Boston Financial GP1-LLC, became the Local General Partner of Burbank Limited
Partnership I ("Burbank"), a Local Limited Partnership in which the Partnership
has invested. Since the Local General Partner of Burbank is an affiliate of the
Partnership, these combined financial statements include all activity of Burbank
beginning on March 1, 1997. All significant intercompany balances and
transactions have been eliminated.
Rental Property
Rental property of Burbank is recorded at cost. Depreciation is computed using
the straight-line method over the estimated useful lives of the assets.
Rental Income
Rental income, principally from short-term leases on apartment units, is
recognized as income under the operating method as the rentals become due.
2. Investments in Local Limited Partnerships
The Partnership has acquired interests in twenty-six Local Limited Partnerships,
excluding Burbank, which own and operate multi-family housing complexes, most of
which are government-assisted. The Partnership, as Investor Limited Partner,
pursuant to the various Local Limited Partnership Agreements, has generally
acquired a 99% interest in the profits, losses, tax credits, and cash flows from
operations of each of the Local Limited Partnerships. Upon dissolution, proceeds
will be distributed according to each respective partnership agreement.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
(Unaudited)
2. Investments in Local Limited Partnerships (continued)
The following is a summary of Investments in Local Limited Partnerships,
excluding Burbank, at September 30, 1997:
Capital contributions paid to Local Limited
Partnerships and purchase price paid to
withdrawing partners of Local Limited
Partnerships $ 55,219,511
Cumulative equity in losses of Local Limited
Partnerships (excluding cumulative unrecognized
losses of $44,751) (26,850,629)
Cumulative cash distributions received
from Local Limited Partnerships (939,472)
Investments in Local Limited Partnerships
before adjustment 27,429,410
Excess of investment cost over the underlying net assets acquired:
Acquisition fees and expenses 1,039,751
Accumulated amortization of acquisition
fees and expenses (170,026)
Investments in Local Limited Partnerships $ 28,299,135
=============
The Partnership's share of the net losses of the Local Limited Partnership's for
the six months ended September 30, 1997 is $1,935,128. For the six months ended
September 30, 1997, the Partnership has not recognized $42,608 of equity in
losses relating to two Local Limited Partnerships where cumulative equity in
losses and cumulative distributions from Local Limited Partnerships exceeded its
total investments in these Local Limited Partnerships.
3. Rental Property
Real estate and personal property belonging to Burbank are recorded at cost, the
components of which are as follows at September 30, 1997:
Buildings and Improvements $ 1,164,939
Land 42,000
-----------
1,206,939
Less: accumulated depreciation 246,835
-----------
Total $ 960,104
===========
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
Notes to the Combined Financial Statements (continued)
(Unaudited)
4. Mortgage Notes Payable
Long-term debt for Burbank consists of a primary mortgage note for $750,000
amortized over a 30 year payment schedule, at a rate of 11.5%. Monthly payments
of principal and interest began in September, 1991 for $7,427, with a ballon
payment due in year 2005. On February 26, 1994, the Mortgage Holder reduced the
interest rate to 8% for a period of two years. The monthly payment was changed
to $5,564 plus a tax escrow for $2,000. The prior monthly payment amount and
interest rate was reinstated at February 26, 1996. The mortgage note payable as
of June 30, 1997 is $711,747.
Approximate principal payments to be made on the mortgage note for each of the
next five years and thereafter are as follows:
Year ended December 31:
1997 $ 2,647
1998 5,240
1999 5,875
2000 6,587
2001 7,385
Thereafter 684,013
-------------
$ 711,747
It is not practical to estimate the fair value of this mortgage because programs
with similar characteristics are not currently available.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
Notes to Combined Financial Statements (continued)
(Unaudited)
5. Supplemental Combining Schedules
Balance Sheets
Boston Financial
Qualified Housing Wheeler
Tax Credits House
L.P V (A) (Burbank) (B) Eliminations Combined
Assets
Cash and cash equivalents $ 542,764 $ 150 $ - $ 542,914
Mortgagee escrow deposits - 5,948 - 5,948
Tenant security deposit escrow - 2,886 - 2,886
Investments in Local
Limited Partnerships, net 28,402,937 - (103,802) 28,299,135
Marketable securities, at fair value 2,807,734 - - 2,807,734
Rental property at cost, net of
accumulated depreciation - 960,104 - 960,104
Replacement reserve escrow - 1,805 - 1,805
Other assets 47,043 - - 47,043
------------ --------------- ------------- ------------
Total Assets $ 31,800,478 $ 970,893 $ (103,802) $ 32,667,569
============ =============== ============= ============
Liabilities and Partners' Equity (Deficiency)
Accounts payable to affiliates $ 67,933 $ - $ - $ 67,933
Accounts payable and accrued expenses 41,345 17,555 - 58,900
Mortgage notes payable - 711,747 - 711,747
Tenant security deposits payable - 2,886 - 2,886
Deferred revenue 156,635 - - 156,635
------------ --------------- ------------- ------------
Total Liabilities 265,913 732,188 - 998,101
------------ --------------- ------------- ------------
Minority interest in Local Limited
Partnership - - 134,903 134,903
------------ --------------- ------------- ------------
General, Initial, and Investor
Limited Partners' Equity 31,552,385 238,705 (238,705) 31,552,385
Net unrealized losses on
marketable securities (17,820) - - (17,820)
------------ --------------- ------------- ------------
Total Partners' Equity 31,534,565 238,705 (238,705) 31,534,565
------------ --------------- ------------- ------------
Total Liabilities and Partners' Equity $ 31,800,478 $ 970,893 $ _(103,802) $ 32,667,569
============ =============== ============= ============
(A) As of September 30, 1997.
(B) As of June 30, 1997.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
Notes to Combined Financial Statements (continued)
(Unaudited)
5. Supplemental Combining Schedules (continued)
Statements of Operations
For the Three Months Ended September 30, 1997
Boston Financial
Qualified Housing Wheeler
Tax Credits House
L.P. V (A) (Burbank) (B) Eliminations Combined
Revenue:
Rental $ - $ 29,508 $ - $ 29,508
Investment 46,680 28 - 46,708
Other 1,350 478 - 1,828
--------------- --------------- ------------- ------------
Total Revenue 48,030 30,014 - 78,044
--------------- --------------- ------------- ------------
Expenses:
General and administrative 50,474 - - 50,474
Asset management fees, related party 59,177 - - 59,177
Rental operations, exclusive of depreciation - 7,543 - 7,543
Property management fee,
related party - 1,801 - 1,801
Interest - 20,482 - 20,482
Depreciation - 10,589 - 10,589
Amortization 7,322 - - 7,322
--------------- --------------- ------------- ------------
Total Expenses 116,973 40,415 - 157,388
--------------- --------------- ------------- ------------
Loss before equity in losses of Local
Limited Partnerships (68,943) (10,401) - (79,344)
Minority interest in losses of
Local Limited Partnership - - 104 104
Equity in losses of Local Limited
Partnerships (877,059) - 10,297 (866,762)
--------------- --------------- ------------- ------------
Net Loss $ (946,002) $ (10,401) $ 10,401 $ (946,002)
=============== =============== ============= ============
(A) For the three months ended September 30, 1997.
(B) For the three months ended June 30, 1997.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
Notes to Combined Financial Statements (continued)
(Unaudited)
5. Supplemental Combining Schedules (continued)
Statements of Operations
For the Six Months Ended September 30, 1997
Boston Financial
Qualified Housing Wheeler
Tax Credits House
L.P. V (A) (Burbank) (B) Eliminations Combined
Revenue:
Rental $ - $ 39,309 $ - $ 39,309
Investment 91,108 28 - 91,136
Other 3,253 518 - 3,771
--------------- --------------- ------------- ------------
Total Revenue 94,361 39,855 - 134,216
--------------- --------------- ------------- ------------
Expenses:
General and administrative 118,639 - - 118,639
Asset management fees, related party 118,354 - - 118,354
Rental operations, exclusive of depreciation - 9,518 - 9,518
Property management fee,
related party - 2,391 - 2,391
Interest - 27,319 - 27,319
Depreciation - 14,119 - 14,119
Amortization 14,645 - - 14,645
--------------- --------------- ------------- ------------
Total Expenses 251,638 53,347 - 304,985
--------------- --------------- ------------- ------------
Loss before equity in losses of Local
Limited Partnerships (157,277) (13,492) - (170,769)
Minority interest in losses of
Local Limited Partnership - - 135 135
Equity in losses of Local Limited
Partnerships (1,905,877) - 13,357 (1,892,520)
--------------- --------------- ------------- ------------
Net Loss $ (2,063,154) $ (13,492) $ 13,492 $ (2,063,154)
=============== =============== ============= ============
(A) For the six months ended September 30, 1997.
(B) For the period March 1, 1997 through June 30, 1997.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
Notes to Combined Financial Statements (continued)
(Unaudited)
5. Supplemental Combining Schedules (continued)
Statements of Cash Flows
Boston Financial
Qualified Housing Wheeler
Tax Credits House
L.P. V (A) (Burbank) (B) Eliminations Combined
Net cash used for
operating activities $ (172,183) $ (15,472) $ - $ (187,655)
----------- ------------ ------------ ------------
Cash flows from investing activities:
Purchases of marketable securities (1,693,360) - - (1,693,360)
Proceeds from sales and maturities
of marketable securities 1,750,431 - - 1,750,431
Cash distributions received from
Local Limited Partnerships 208,309 - - 208,309
Cash received upon assumption
of General Partner interest
in a Combined Entity - 937 - 937
----------- ------------ ------------ ------------
Net cash provided by
investing activities 265,380 937 - 266,317
----------- ------------ ------------ ------------
Cash flows from financing activities:
General Partner contribution - 16,045 - 16,045
Payment of mortgage principal - (1,360) - (1,360)
----------- ------------ ------------ ------------
Net cash provided by financing activities - 14,685 - 14,685
----------- ------------ ------------ ------------
Net increase (decrease) in cash
and cash equivalents 93,197 150 - 93,347
Cash and cash equivalents, beginning 449,567 0 - 449,567
----------- ------------ ------------ ------------
Cash and cash equivalents, ending $ 542,764 $ 150 $ - $ 542,914
=========== ============ ============ ============
(A) For the six months ended September 30, 1997.
(B) For the period March 1, 1997 through June 30, 1997.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
At September 30, 1997, the Partnership, including the combined entity, had cash
and cash equivalents of $542,914, compared with $449,567 at March 31, 1997. 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 and purchases of marketable
securities.
Approximately $2,735,000 of marketable securities has been designated as
Reserves by the Managing General Partner. The Reserves were established to be
used for working capital of the Partnership and contingencies related to the
ownership of Local Limited Partnership interests. Management believes that the
investment income earned on the Reserves, along with cash distributions received
from Local Limited Partnerships, to the extent available, will be sufficient to
fund the Partnership's ongoing operations and any contingencies that may arise.
Reserves may be used to fund Partnership operating deficits, if the Managing
General Partner deems funding appropriate.
Since the Partnership invests as a limited partner, the Partnership has no
contractual duty to provide additional funds to Local Limited Partnerships
beyond its specified investment. Thus, at September 30, 1997 , the Partnership
had no contractual or other obligation to any Local Limited Partnership which
had not been paid or provided for.
In the event a Local Limited Partnership encounters operating difficulties
requiring additional funds, the Partnership might deem it in its best interests
to provide such funds, voluntarily, in order to protect its investment.
Cash Distributions
No cash distributions were made during the six months ended September 30, 1997.
Results of Operations
The Partnership's results of operations for the three and six months ended
September 30, 1997 resulted in a net loss of $946,002 and $2,063,154 as compared
to a net loss of $1,198,445 and $2,306,761 for the same periods in 1996. The
decrease in net loss is primarily attributable to an increase in rental revenue
and a decrease in equity in losses of Local Limited Partnerships. These changes
are offset by an increase in rental operations, interest and depreciation
expenses. The increases in rental revenue, rental operations, interest and
depreciation, as well as the decrease in equity in losses of Local Limited
Partnerships, are due to the combination of Wheeler House as of March 1, 1997.
The remaining decrease in equity in losses is due to a decrease in interest
expense resulting from refinancings at Local Limited Partnerships, offset by an
increase in operating expenses and a decrease in rental revenue, due to changes
in local rental markets. These results of operations are expected to stabilize
now that Wheeler House has combined.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Property Discussions
Limited Partnership interests have been acquired in twenty-seven Local Limited
Partnerships which are located in ten states and the Virgin Islands. Five of the
properties, totaling 612 units, are existing and underwent rehabilitation;
twenty-two properties, consisting of 1,762 units, are new construction. All
properties have completed construction or rehabilitation and initial lease-up.
The Local General Partner for Wheeler House in Nashua, New Hampshire was
replaced by an affiliate of the Managing General Partner with the approval of
the lender after the Local General Partner filed for protection under the
provisions of the Chapter 7 bankruptcy laws. The Managing General Partner is
seeking to replace the Local General Partner as management agent of the property
as well. The Local General Partner's bankruptcy status has not affected the
property. Operations remain stable at 100% occupancy.
Historic New Center in Detroit, Michigan, is generating operating deficits due
to low occupancy and collection problems. The Managing General Partner, Local
General Partner and property manager are working to improve collections and are
working with the lender to obtain debt service relief through a loan
modification. Occupancy as of June 30, 1997 was 83%.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
PART II OTHER INFORMATION
Items 1-5 Not applicable
Item 6 Exhibits and reports on Form 8-K
(a) Exhibits - None
(b) Reports on Form 8-K - No reports on Form 8-K were filed
during the quarter ended September 30, 1997.
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: November 14, 1997 BOSTON FINANCIAL QUALIFIED HOUSING
TAX CREDITS L.P. V
By: Arch Street V, Inc.,
its Managing General Partner
/s/William E. Haynsworth
William E. Haynsworth
Managing Director, Vice President and
Chief Operating Officer