February 13, 1998 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 December 31, 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 copy of the subject report. Very truly yours, /s/George Fondulis George Fondulis Assistant Controller QH5-Q3.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 December 31, 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 December 31, 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 - December 31, 1997 (Unaudited) and March 31, 1997 1 Combined Statements of Operations (Unaudited) - For the Three and Nine Months Ended December 31, 1997 and 1996 2 Statement of Changes in Partners' Equity (Deficiency) (Unaudited) - For the Nine Months Ended December 31, 1997 3 Combined Statements of Cash Flows (Unaudited) - For the Nine Months Ended December 31, 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 December 31, March 31, 1997 1997 (Unaudited) (Note 1) Assets Cash and cash equivalents $ 384,407 $ 449,567 Mortgagee escrow deposits 7,130 - Tenant security deposit escrow 2,886 - Investments in Local Limited Partnerships, net (Note 2) 27,185,132 30,531,768 Marketable securities, at fair value 2,876,887 2,840,127 Rental property at cost, net of accumulated depreciation (Note 3) 949,515 - Replacement reserve escrow 2,345 - Other assets 46,010 50,033 -------------- -------------- Total Assets $ 31,454,312 $ 33,871,495 ============== ============== Liabilities and Partners' Equity Accounts payable to affiliates $ 9,245 $ 88,227 Accounts payable and accrued expenses 67,853 35,692 Mortgage note payable (Note 4) 710,691 - Tenant security deposits payable 2,886 - Deferred revenue 158,724 174,357 -------------- -------------- Total Liabilities 949,399 298,276 -------------- -------------- Minority interest in Local Limited Partnership 134,817 - -------------- -------------- General, Initial and Investor Limited Partners' Equity 30,383,417 33,615,539 Net unrealized losses on marketable securities (13,321) (42,320) -------------- -------------- Total Partners' Equity 30,370,096 33,573,219 -------------- -------------- Total Liabilities and Partners' Equity $ 31,454,312 $ 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 Nine Months Ended December 31, 1997 and 1996 Three Months Ended Nine Months Ended December 31, December 31, December 31, December 31, 1997 1996 1997 1996 ------------- ------------- ------------ --------- Revenue: Rental $ 28,733 $ - $ 68,042 $ - Investment 45,856 21,135 136,992 117,969 Other 19,076 (15,015) 22,847 (6,089) ------------ ------------ ------------ ------------ Total Revenue 93,665 6,120 227,881 111,880 ------------ ------------ ------------ ------------ Expenses: General and administrative (includes reimbursements to an affiliate in the amounts of $92,550 and $80,029 in 1997 and 1996, respectively) 52,038 42,468 170,677 171,832 Asset management fees, related party 59,177 57,286 177,531 171,858 Rental operations, exclusive of depreciation 4,728 - 14,246 - Property management fee, related party 1,731 - 4,122 - Interest 20,453 - 47,772 - Depreciation 10,589 - 24,708 - Amortization 7,323 7,018 21,968 22,198 ------------ ------------ ------------ ------------ Total Expenses 156,039 106,772 461,024 365,888 ------------ ------------ ------------ ------------ Loss before equity in losses of Local Limited Partnerships (62,374) (100,652) (233,143) (254,008) Minority interest in losses of Local Limited Partnership 86 - 221 - Equity in losses of Local Limited Partnerships (1,106,680) (807,822) (2,999,200) (2,961,227) ------------ ------------ ------------ ------------ Net Loss $ (1,168,968) $ (908,474) $ (3,232,122) $ (3,215,235) ============ ============ ============ ============ Net Loss allocated: To General Partners $ (11,689) $ (9,084) $ (32,321) $ (32,152) To Limited Partners (1,157,279) (899,390) (3,199,801) (3,183,083) ------------ ------------ ------------ ------------ $ (1,168,968) $ (908,474) $ (3,232,122) $ (3,215,235) ============ ============ ============ ============ Net Loss per Limited Partnership Unit (68,929 Units) $ (16.80) $ (13.05) $ (46.43) $ (46.18) =========== =========== =========== ============ 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 Nine Months Ended December 31, 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 - - - 28,999 28,999 Net Loss (32,321) - (3,199,801) - (3,232,122) ---------- ------ ------------ --------- ------------- Balance at December 31, 1997 $ (288,272) $5,000 $ 30,666,689 $ (13,321) $ 30,370,096 ========== ====== ============ ========= ============= 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 Nine Months Ended December 31, 1997 and 1996 1997 1996 --------------- ---------- (Note 1) Net cash used for operating activities $ (280,420) $ (206,708) --------------- ------------- Cash flows from investing activities: Purchases of marketable securities (2,190,434) (455,427) Proceeds from sales and maturities of marketable securities 2,183,015 767,536 Cash distributions received from Local Limited Partnerships 208,309 152,335 Replacement reserve deposits (196) - Cash received upon assumption of General Partner interest in a Combined Entity 937 - --------------- ------------- Net cash provided by investing activities 201,631 464,444 --------------- ------------- Cash flows from financing activities: General Partner contribution 16,045 - Payment of mortgage principal (2,416) - --------------- ------------- Net cash provided by financing activities 13,629 - --------------- ------------- Net increase (decrease) in cash and cash equivalents (65,160) 257,736 Cash and cash equivalents, beginning 449,567 243,644 --------------- ------------- Cash and cash equivalents, ending $ 384,407 $ 501,380 =============== ============= Supplemental disclosure: Cash paid for interest $ 47,772 $ - =============== ============= 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 year financial statements to conform to current year classifications. The General Partners have elected to report results of the Local Limited Partnerships on a 90 day lag basis, because the Local Limited Partnerships report their results on a calendar year basis. Accordingly, the financial information about the Local Limited Partnerships that is included in the accompanying combined financial statements is as of September 30, 1997 and 1996. 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 ("Wheeler House"), a Local Limited Partnership in which the Partnership has invested. Since the Local General Partner of Wheeler House is an affiliate of the Partnership, these combined financial statements include all activity of Wheeler House beginning on March 1, 1997. All significant intercompany balances and transactions have been eliminated. Rental Property Rental property of Wheeler House 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 Wheeler House, 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 December 31, 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 $64,077) (27,957,309) Cumulative cash distributions received from Local Limited Partnerships (939,472) ------------ Investments in Local Limited Partnerships before adjustment 26,322,730 Excess of investment cost over the underlying net assets acquired: Acquisition fees and expenses 1,039,751 Accumulated amortization of acquisition fees and expenses (177,349) ------------ Investments in Local Limited Partnerships $ 27,185,132 ============= The Partnership's share of the net losses of the Local Limited Partnership's for the nine months ended December 31, 1997 is $3,061,134. For the nine months ended December 31, 1997, the Partnership has not recognized $61,934 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 Wheeler House are recorded at cost, the components of which are as follows at December 31, 1997: Buildings and Improvements $ 1,164,939 Land 42,000 ----------- 1,206,939 Less: accumulated depreciation (257,424) ----------- Total $ 949,515 =========== BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) Notes to the Combined Financial Statements (continued) (Unaudited) 4. Mortgage Note Payable Long-term debt for Wheeler House 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 balloon 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 September 30, 1997 is $710,691. 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 $ 1,591 1998 5,240 1999 5,875 2000 6,587 2001 7,385 Thereafter 684,013 ------------- $ 710,691 ============= 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 $ 384,007 $ 400 $ - $ 384,407 Mortgagee escrow deposits - 7,130 - 7,130 Tenant security deposit escrow - 2,886 - 2,886 Investments in Local Limited Partnerships, net 27,280,371 - (95,239) 27,185,132 Marketable securities, at fair value 2,876,887 - - 2,876,887 Rental property at cost, net of accumulated depreciation - 949,515 - 949,515 Replacement reserve escrow - 2,345 - 2,345 Other assets 46,010 - - 46,010 ------------ --------------- ------------- ------------ Total Assets $ 30,587,275 $ 962,276 $ (95,239) $ 31,454,312 ============ =============== ============= ============ Liabilities and Partners' Equity Accounts payable to affiliates $ 9,245 $ - $ - $ 9,245 Accounts payable and accrued expenses 49,210 18,643 - 67,853 Mortgage note payable - 710,691 - 710,691 Tenant security deposits payable - 2,886 - 2,886 Deferred revenue 158,724 - - 158,724 ------------ --------------- ------------- ------------ Total Liabilities 217,179 732,220 - 949,399 ------------ --------------- ------------- ------------ Minority interest in Local Limited Partnership - - 134,817 134,817 ------------ --------------- ------------- ------------ General, Initial, and Investor Limited Partners' Equity 30,383,417 230,056 (230,056) 30,383,417 Net unrealized losses on marketable securities (13,321) - - (13,321) ------------ --------------- ------------- ------------ Total Partners' Equity 30,370,096 230,056 (230,056) 30,370,096 ------------ --------------- ------------- ------------ Total Liabilities and Partners' Equity $ 30,587,275 $ 962,276 $ (95,239) $ 31,454,312 ============ =============== ============= ============ (A) As of December 31, 1997. (B) As of September 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 December 31, 1997 Boston Financial Qualified Housing Wheeler Tax Credits House L.P. V (A) (Burbank) (B) Eliminations Combined Revenue: Rental $ - $ 28,733 $ - $ 28,733 Investment 45,826 30 - 45,856 Other 18,987 89 - 19,076 --------------- --------------- ------------- ------------ Total Revenue 64,813 28,852 - 93,665 --------------- --------------- ------------- ------------ Expenses: General and administrative 52,038 - - 52,038 Asset management fees, related party 59,177 - - 59,177 Rental operations, exclusive of depreciation - 4,728 - 4,728 Property management fee, related party - 1,731 - 1,731 Interest - 20,453 - 20,453 Depreciation - 10,589 - 10,589 Amortization 7,323 - - 7,323 --------------- --------------- ------------- ------------ Total Expenses 118,538 37,501 - 156,039 --------------- --------------- ------------- ------------ Loss before equity in losses of Local Limited Partnerships (53,725) (8,649) - (62,374) Minority interest in losses of Local Limited Partnership - - 86 86 Equity in losses of Local Limited Partnerships (1,115,243) - 8,563 (1,106,680) --------------- --------------- ------------- ------------ Net Loss $ (1,168,968) $ (8,649) $ 8,649 $ (1,168,968) =============== =============== ============= ============ (A) For the three months ended December 31, 1997. (B) For the three months ended September 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 Nine Months Ended December 31, 1997 Boston Financial Qualified Housing Wheeler Tax Credits House L.P. V (A) (Burbank) (B) Eliminations Combined Revenue: Rental $ - $ 68,042 $ - $ 68,042 Investment 136,934 58 - 136,992 Other 22,240 607 - 22,847 --------------- --------------- ------------- ------------ Total Revenue 159,174 68,707 - 227,881 --------------- --------------- ------------- ------------ Expenses: General and administrative 170,677 - - 170,677 Asset management fees, related party 177,531 - - 177,531 Rental operations, exclusive of depreciation - 14,246 - 14,246 Property management fee, related party - 4,122 - 4,122 Interest - 47,772 - 47,772 Depreciation - 24,708 - 24,708 Amortization 21,968 - - 21,968 --------------- --------------- ------------- ------------ Total Expenses 370,176 90,848 - 461,024 --------------- --------------- ------------- ------------ Loss before equity in losses of Local Limited Partnerships (211,002) (22,141) - (233,143) Minority interest in losses of Local Limited Partnership - - 221 221 Equity in losses of Local Limited Partnerships (3,021,120) - 21,920 (2,999,200) --------------- --------------- ------------- ------------ Net Loss $ (3,232,122) $ (22,141) $ 22,141 $ (3,232,122) =============== =============== ============= ============ (A) For the nine months ended December 31, 1997. (B) For the period March 1, 1997 through September 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 $ (266,450) $ (13,970) $ - $ (280,420) ----------- ------------ ------------ ------------ Cash flows from investing activities: Purchases of marketable securities (2,190,434) - - (2,190,434) Proceeds from sales and maturities of marketable securities 2,183,015 - - 2,183,015 Cash distributions received from Local Limited Partnerships 208,309 - - 208,309 Replacement reserve deposits - (196) - (196) Cash received upon assumption of General Partner interest in a Combined Entity - 937 - 937 ----------- ------------ ------------ ------------ Net cash provided by investing activities 200,890 741 - 201,631 ----------- ------------ ------------ ------------ Cash flows from financing activities: General Partner contribution - 16,045 - 16,045 Payment of mortgage principal - (2,416) - (2,416) ----------- ------------ ------------ ------------ Net cash provided by financing activities 13,629 - 13,629 ----------- ------------ ------------ ------------ Net increase (decrease) in cash and cash equivalents (65,560) 400 - (65,160) Cash and cash equivalents, beginning 449,567 - - 449,567 ----------- ------------ ------------ ------------ Cash and cash equivalents, ending $ 384,007 $ 400 $ - $ 384,407 =========== ============ ============ ============ (A) For the nine months ended December 31, 1997. (B) For the period March 1, 1997 through September 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 December 31, 1997, the Partnership, including the combined entity, had cash and cash equivalents of $384,407, compared with $449,567 at March 31, 1997. The decrease is attributable to net cash used for operations and purchases of marketable securities, partially offset by proceeds from sales and maturities of marketable securities and cash distributions received from Local Limited Partnerships. Approximately $2,732,000 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 December 31, 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 nine months ended December 31, 1997. Results of Operations The Partnership's results of operations for the three and nine months ended December 31, 1997 resulted in a net loss of $1,168,968 and $3,232,122, as compared to a net loss of $908,474 and $3,215,235 for the same periods in 1996. The increase in net loss is primarily attributable to increases in equity in losses of Local Limited Partnerships, rental operations, interest and depreciation expenses. These changes are offset by increases in rental revenue, investment and other revenue. The increase in equity in losses of Local Limited Partnerships is attributable to an increase in operating expenses and a decrease in rental revenue due to changes in local rental markets. The increases in rental revenue, rental operations, interest and depreciation are due to the combination of Wheeler House at March 1, 1997. The increase in investment revenue is due to the increased volume of marketable securities and favorable market conditions. The increase in other revenue is due to a reclassification in 1996 of a prior year distribution. 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. As previously reported, 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 has replaced the Local General Partner as management agent of the property with an unaffiliated management agent. The Local General Partner's bankruptcy status has not affected the property. Operations remain stable and occupancy is at 94%. 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. In October 1997, a new site manager was hired to focus on marketing and collections as well as improvements to the appearance of the property. Further, the Managing General Partner and the Local General Partner are in negotiations with the lender to obtain debt service relief through a loan modification. Occupancy is currently 94%. Westgate, located in North Dakota, has been performing satisfactorily. However, affiliates of the Managing General Partner have been working with the Local General Partner whom has raised some concerns over the long-term financial health of the property. In an effort to reduce possible future risk, the Managing General Partner recently consummated the transfer of 50% of the Partnership's capital and profits in Westgate to an affiliate of the Local General Partner. The Managing General Partner has the right to transfer the Partnership's remaining interest to the Local General Partner any time after one year has elapsed. 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 December 31, 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: February 13, 1998 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