BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V,
                                 A LIMITED PARTNERSHIP
                                   101 Arch Street
                                   Boston, MA 02110


                                                         September 2, 1997
              
Dear Limited Partner: 

    Enclosed is a copy of the Partnership's amended Statement on Schedule 
14D-9 which has been filed with the Securities and Exchange Commission and 
provides additional information with regard to the Partnership's response to 
the tender offer by Oldham Institutional Tax Credits LLC and the tender offer 
by Everest Tax Credit Investors, LLC and Everest Tax Credit Investors II, 
LLC, each as amended to date. Limited Partners are advised to carefully read 
the amended Schedule 14D-9.
 
    Please do not hesitate to call the Partnership at (800) 829-9213 (ext. 10)
for assistance in any Partnership matter.
 
                   BOSTON FINANCIAL QUALIFIED HOUSING 
                   TAX CREDITS L.P. V, A LIMITED PARTNERSHIP