August 11, 1999
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 June 30, 1999
File Number 0-19706
Dear Sir/Madam:
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/Stephen Guilmette
Stephen Guilmette
Assistant Controller
QH5-Q1.DOC
<PAGE>
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 June 30, 1999
------------------------------------------
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 June 30, 1999 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 .
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION Page No.
- ------------------------------
<S> <C>
Item 1. Financial Statements
Combined Balance Sheets - June 30, 1999 (Unaudited) and
March 31, 1999 1
Combined Statements of Operations (Unaudited) - For the Three
Months Ended June 30, 1999 and 1998 2
Statement of Changes in Partners' Equity (Deficiency)
(Unaudited) - For the Three Months Ended June 30,
1999 3
Combined Statements of Cash Flows (Unaudited) - For the Three
Months Ended June 30, 1999 and 1998 4
Notes to Combined Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
PART II - OTHER INFORMATION
Items 1-6 13
SIGNATURE 14
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
COMBINED BALANCE SHEETS - June 30, 1999 and March 31, 1999
<TABLE>
<CAPTION>
June 30, March 31,
1999 1999
(Unaudited)
Assets
<S> <C> <C>
Cash and cash equivalents $ 316,601 $ 450,450
Accounts receivable from affiliates, net 353,739 173,739
Tenant security deposit escrow 3,770 3,758
Investments in Local Limited Partnerships, net of reserve
for valuation of $590,197 (Note 1) 20,715,276 21,538,791
Marketable securities, at fair value 2,739,839 2,666,281
Prepaid assets 4,665 1,489
Rental property at cost, net of accumulated
depreciation 772,068 778,843
Replacement reserve escrow 5,529 7,425
Other assets 28,140 32,658
------------- -------------
Total Assets $ 24,939,627 $ 25,653,434
============= =============
Liabilities and Partners' Equity
Accounts payable to affiliates $ 196,311 $ 143,443
Accounts payable and accrued expenses 111,738 133,838
Mortgage note payable 706,873 706,873
Tenant security deposits payable 3,724 3,803
Deferred revenue 148,571 146,818
------------- -------------
Total Liabilities 1,167,217 1,134,775
------------- -------------
Minority interest in Local Limited Partnership 117,030 116,986
General, Initial and Investor Limited Partners' Equity 23,670,287 24,394,204
Net unrealized gains (losses) on marketable securities (14,907) 7,469
------------- -------------
Total Partners' Equity 23,655,380 24,401,673
------------- -------------
Total Liabilities and Partners' Equity $ 24,939,627 $ 25,653,434
============= =============
The accompanying notes are an integral part of these combined financial statements.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
COMBINED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended June 30, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
------------- -------------
Revenue:
<S> <C> <C>
Rental $ 29,922 $ 29,475
Investment 40,737 44,265
Other 20,206 2,464
------------- -------------
Total Revenue 90,865 76,204
------------- -------------
Expenses:
General and administrative (includes
reimbursements to an affiliate in the
amounts of $28,655 and $25,511, respectively) 67,349 59,139
Asset management fees, related party 61,501 60,556
Rental operations, exclusive of depreciation 13,247 10,082
Interest 6,143 19,500
Depreciation 6,775 10,000
Amortization 5,965 7,216
------------- -------------
Total Expenses 160,980 166,493
------------- -------------
Loss before minority interest in losses of
Local Limited Partnership and equity in
losses of Local Limited Partnerships (70,115) (90,289)
Minority interest in losses of
Local Limited Partnership (44) 101
Equity in losses of Local Limited
Partnerships (Note 1) (653,758) (803,042)
------------- -------------
Net Loss $ (723,917) $ (893,230)
============= =============
Net Loss allocated:
To General Partners $ (7,239) $ (8,932)
To Limited Partners (716,678) (884,298)
------------- -------------
$ (723,917) $ (893,230)
============= =============
Net Loss per Limited Partnership Unit
(68,929 Units) $ (10.40) $ (12.83)
============= ==============
The accompanying notes are an integral part of these combined financial statements.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
(Unaudited)
For the Three Months Ended June 30, 1999
<TABLE>
<CAPTION>
Net
Initial Investor Unrealized
General Limited Limited Gains
Partners Partner Partners (Losses) Total
<S> <C> <C> <C> <C> <C>
Balance at March 31, 1999 $ (348,164) $ 5,000 $ 24,737,368 $ 7,469 $ 24,401,673
----------- --------- -------------- ----------- -------------
Comprehensive Loss:
Net change in net unrealized
gains on marketable securities
available for sale - - - (22,376) (22,376)
Net Loss (7,239) - (716,678) - (723,917)
----------- --------- -------------- ----------- -------------
Comprehensive Loss (7,239) - (716,678) (22,376) (746,293)
----------- --------- -------------- ---------- -------------
Balance at June 30, 1999 $ (355,403) $ 5,000 $ 24,020,690 $ (14,907) $ 23,655,380
=========== ========= ============== ========== =============
The accompanying notes are an integral part of these combined financial statements.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
COMBINED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended June 30, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
--------- ----------
<S> <C> <C>
Net cash used for operating activities $ (23,729) $ (62,096)
--------- ----------
Cash flows from investing activities:
Purchases of marketable securities (569,165) (675,768)
Proceeds from sales and maturities of marketable securities 475,253 474,307
Cash distributions received from Local
Limited Partnerships 163,792 289,045
Advance to Local Limited Partnership (180,000) -
--------- ---------
Net cash provided by (used for) investing activities (110,120) 87,584
--------- ----------
Cash flows from financing activities:
Payment of mortgage principal - (1,500)
--------- ----------
Net cash used for financing activities - (1,500)
--------- ----------
Net increase (decrease) in cash and cash equivalents (133,849) 23,988
Cash and cash equivalents, beginning 450,450 239,932
--------- ----------
Cash and cash equivalents, ending $ 316,601 $ 263,920
========= ==========
Supplemental disclosure:
Cash paid for interest $ 6,143 $ 19,500
========= ==========
The accompanying notes are an integral part of these combined financial statements.
</TABLE>
<PAGE>
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 Form 10-K for the
year ended March 31, 1999. 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 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 included in the accompanying
combined financial statements is as of March 31, 1999 and 1998.
1. Investments in Local Limited Partnerships
The Partnership has acquired interests in twenty-six Local Limited Partnerships,
excluding Burbank, which owns and operates 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 with the exception of
Strathern Park/Lorne Park Apartments and Huguenot Park, which are 95% and 88.6%,
respectively. Upon dissolution, proceeds will be distributed according to each
respective partnership agreement.
The following is a summary of Investments in Local Limited Partnerships,
excluding Burbank, at June 30, 1999:
<TABLE>
<CAPTION>
<S> <C>
Capital contributions paid to Local Limited
Partnerships and purchase price paid to
withdrawing partners of Local Limited
Partnerships $ 55,269,931
Cumulative equity in losses of Local Limited
Partnerships (excluding cumulative unrecognized
losses of $1,406,910) (33,256,786)
Cumulative cash distributions received
from Local Limited Partnerships (1,505,646)
--------------
Investments in Local Limited Partnerships
before adjustment 20,507,499
Excess of investment costs over the underlying net assets acquired:
Acquisition fees and expenses 1,006,357
Accumulated amortization of acquisition
fees and expenses (208,383)
--------------
Investments in Local Limited Partnerships 21,305,473
Reserve for valuation of investment in
Local Limited Partnership (590,197)
--------------
$ 20,715,276
--------------
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
NOTES TO THE COMBINED FINANCIAL STATEMENTS (continued)
(Unaudited)
1. Investments in Local Limited Partnerships (continued)
The Partnership's share of the net losses of the Local Limited Partnership's,
excluding Burbank, for the three months ended June 30, 1999 is $824,228. For the
three months ended June 30, 1999, the Partnership has not recognized $170,470 of
equity in losses relating to four Local Limited Partnerships where cumulative
equity in losses and cumulative distributions from Local Limited Partnerships
exceeded its total investments in these Local Limited Partnerships.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
(Unaudited)
<TABLE>
<CAPTION>
3. Supplemental Combining Schedules
Balance Sheets
Boston Financial
Qualified Housing Wheeler
Tax Credits House Combined
L.P. V (A) (Burbank) (B) Eliminations (A)
Assets
<S> <C> <C> <C> <C>
Cash and cash equivalents $ 309,045 $ 7,556 $ - $ 316,601
Accounts receivable from affiliates, net 354,739 - (1,000) 353,739
Tenant security deposit escrow - 3,770 - 3,770
Investments in Local
Limited Partnerships, net 20,664,338 - 50,938 20,715,276
Marketable securities, at fair value 2,739,839 - - 2,739,839
Prepaid assets - 4,665 - 4,665
Rental property at cost, net of
accumulated depreciation - 745,739 26,329 772,068
Replacement reserve escrow - 5,529 - 5,529
Other assets 28,140 - - 28,140
------------- ---------------- --------------- --------------
Total Assets $ 24,096,101 $ 767,259 $ 76,267 $ 24,939,627
============= ================ =============== ==============
Liabilities and Partners' Equity
Accounts payable to affiliates $ 196,311 $ 1,000 $ (1,000) $ 196,311
Accounts payable and accrued expenses 95,839 15,899 - 111,738
Mortgage note payable - 706,873 - 706,873
Tenant security deposits payable - 3,724 - 3,724
Deferred revenue 148,571 - - 148,571
------------- ---------------- --------------- --------------
Total Liabilities 440,721 727,496 (1,000) 1,167,217
------------- ---------------- --------------- --------------
Minority interest in Local Limited
Partnership - - 117,030 117,030
------------- ---------------- --------------- --------------
General, Initial and Investor
Limited Partners' Equity 23,670,287 39,763 (39,763) 23,670,287
Net unrealized losses on
marketable securities (14,907) - - (14,907)
------------- ---------------- --------------- --------------
Total Partners' Equity 23,655,380 39,763 (39,763) 23,655,380
------------- ---------------- --------------- --------------
Total Liabilities and Partners' Equity $ 24,096,101 $ 767,259 $ 76,267 $ 24,939,627
============= ================ =============== ==============
(A) As of June 30, 1999.
(B) As of March 31, 1999.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
(Unaudited)
<TABLE>
<CAPTION>
3. Supplemental Combining Schedules (continued)
Statements of Operations
Boston Financial
Qualified Housing Wheeler
Tax Credits House Combined
L.P. V (A) (Burbank)(B) Eliminations (A)
Revenue:
<S> <C> <C> <C> <C>
Rental $ - $ 29,922 $ - $ 29,922
Investment 40,737 - - 40,737
Other 19,609 597 - 20,206
------------- ---------------- --------------- --------------
Total Revenue 60,346 30,519 - 90,865
------------- ---------------- --------------- --------------
Expenses:
General and administrative 67,349 - - 67,349
Asset management fees, related party 61,501 - - 61,501
Rental operations, exclusive of
depreciation - 13,247 - 13,247
Interest - 6,143 - 6,143
Depreciation - 6,775 - 6,775
Amortization 5,965 - - 5,965
------------- ---------------- --------------- --------------
Total Expenses 134,815 26,165 - 160,980
------------- ---------------- --------------- --------------
Income (Loss) before minority interest in losses of
Local Limited Partnership and equity in
losses of Local Limited Partnerships (74,469) 4,354 - (70,115)
Minority interest in losses of
Local Limited Partnership - - (44) (44)
Equity in losses of Local Limited
Partnerships (649,448) - (4,310) (653,758)
------------- ---------------- --------------- --------------
Net Income (Loss) $ (723,917) $ 4,354 $ (4,354) $ (723,917)
============= ================ =============== ==============
(A) For the three months ended June 30, 1999.
(B) For the three months ended March 31, 1999.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
(Unaudited)
<TABLE>
<CAPTION>
3. Supplemental Combining Schedules (continued)
Statements of Cash Flows
Boston Financial
Qualified Housing Wheeler
Tax Credits House Combined
L.P. V (A) (Burbank) (B) Eliminations (A)
Net cash provided by (used for)
<S> <C> <C> <C> <C>
operating activities $ (30,766) $ 7,037 $ - $ (23,729)
------------- -------------- --------------- --------------
Cash flows from investing activities:
Purchases of marketable securities (569,165) - - (569,165)
Proceeds from sales and maturities
of marketable securities 475,253 - - 475,253
Cash distributions received from
Local Limited Partnerships 163,792 - - 163,792
Advance to Local Limited Partnership (180,000) - - (180,000)
------------- -------------- --------------- --------------
Net cash used for investing activities (110,120) - - (110,120)
------------- -------------- --------------- --------------
Net increase (decrease) in cash
and cash equivalents (140,886) 7,037 - (133,849)
Cash and cash equivalents, beginning 449,931 519 - 450,450
------------- -------------- --------------- --------------
Cash and cash equivalents, ending $ 309,045 $ 7,556 $ - $ 316,601
============= ============== =============== ==============
(A) For the three months ended June 30, 1999.
(B) For the three months ended March 31, 1999.
</TABLE>
<PAGE>
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 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, interest rates and unanticipated delays or expenses on the
part of the Partnership and their suppliers in achieving year 2000 compliance.
Liquidity and Capital Resources
At June 30, 1999, the Partnership (including Burbank) had cash and cash
equivalents of $316,601, as compared with $450,450 at March 31, 1999. The
decrease is primarily attributable to purchases of marketable securities in
excess of proceeds from sales and maturities of marketable securities and cash
used for operating activities. The decrease is partially offset by cash
distributions received from Local Limited Partnerships.
Approximately $2,199,000 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, will be sufficient to fund the Partnership's
ongoing operations and any contingencies that may arise. Reserves may be used to
fund Local Limited Partnership operating deficits if the Managing General
Partner deems such 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 June 30, 1999, 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 interest
to provide such funds, voluntarily, in order to protect its investment. No such
event has occurred to date.
Cash Distributions
No cash distributions were made during the three months ended June 30, 1999.
Results of Operations
The Partnership's results of operations for the three months ended June 30, 1999
resulted in a net loss of $723,917, as compared to a net loss of $893,230 for
the same period in 1998. The decrease in net loss is primarily attributable to a
decrease in equity in losses of Local Limited Partnerships. Equity in losses of
Local Limited Partnerships decreased due to an overall decrease in interest and
operating expenses and an increase in losses not recognized by the Partnership
for Local Limited Partnerships whose cumulative equity in losses and cumulative
distributions exceeded its total investment in those partnerships.
<PAGE>
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
Most of the 27 Local Limited Partnerships have stabilized operations. The
majority of these stabilized properties are operating at break-even or are
generating positive operating cash flow.
Historic New Center in Detroit, Michigan has been generating operating deficits
due to low occupancy and collection problems. However, as previously reported,
the Managing General Partner was successful in finalizing the negotiations with
the lenders for a loan modification. This loan modification should allow the
property to meet debt service coverage and provide capital for the physical
improvements. In addition, a new site manager was hired in October 1998. The new
site manager will focus on implementing a new marketing strategy and improving
rent collections. As of March 31, 1999, occupancy for Historic New center
improved slightly to 95%. The Managing General Partner will continue to closely
monitor property operations.
Westgate, located in North Dakota, has been experiencing declining occupancy.
Occupancy as of March 31, 1999 was 85%. Affiliates of the Managing General
Partner have been working with the Local General Partner who 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 consummated the
transfer of 50% of the Partnership's interest in capital and profits in Westgate
to 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. The Partnership will retain its full share of
tax credits until such time as the remaining interest is put to the Local
General Partner. In addition, the Local General Partner has the right to call
the remaining interest after the tax credit period has expired.
As previously reported, in 1997, the Local General Partner, of Wheeler House,
located in Nashua, New Hampshire was removed due to financial insolvency and an
affiliate of the Managing General Partner stepped in as temporary Local General
Partner. As the new Local General Partner, the affiliate of the Managing General
Partner proceeded to negotiate with the lender on temporary debt restructuring
to reduce interest rates and extend the due date of the loan to 1998. At the
same time, the Managing General Partner began exploring refinancing
opportunities. A potential lender was identified and performed an appraisal in
March. The appraisal showed inadequate loan to value coverage. The Managing
General Partner is currently negotiating with the lender and is exploring
measures to protect the Partnership's investment and the remaining tax credits
generated by the property. However, it is possible that the Partnership will not
be able to retain its interest in Wheeler House through 1999. A foreclosure
would result in recapture of credits, the allocation of taxable income to the
Partnership and loss of future benefits associated with this property.
In accordance with Financial Accounting Standard No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of",
which is effective for fiscal years beginning after December 15, 1995, the
Partnership has implemented policies and practices for assessing impairment of
its real estate assets and investments in local limited partnerships. Each asset
is analyzed by real estate experts to determine if an impairment indicator
exists. If so, the carrying value is compared to future cash flows expected to
be derived from the asset. If the total undiscounted cash flows are less than
the carrying value, a provision to write down the asset to fair value will be
charged against income.
<PAGE>
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)
Impact of Year 2000
The Managing General Partner's plan to resolve year 2000 issues involves the
following four phases: assessment, remediation, testing and implementation. To
date, the Managing General Partner has fully completed an assessment of all
information systems that may not be operative subsequent to 1999 and has begun
the remediation, testing and implementation phase on both hardware and software
systems. Because the hardware and software systems of both the Partnership and
Local Limited Partnerships are generally the responsibility of obligated third
parties, the plan primarily involves ongoing discussions with and obtaining
written assurances from these third parties that pertinent systems will be 2000
compliant. In addition, neither the Partnership nor the Local Limited
Partnerships are incurring significant additional costs since such expenses are
principally covered under the service contracts with vendors. As of August 1999,
the General Partner is in the final stages of its Year 2000 remediation plan and
believes all major systems are compliant; any systems still being updated are
not considered significant to the Partnership's operations. However, despite the
likelihood that all significant year 2000 issues are expected to be resolved in
a timely manner, the Managing General Partner has no means of ensuring that all
systems of outside vendors or other entities that impact operations will be 2000
compliant. The Managing General Partner does not believe that the inability of
third parties to address their year 2000 issues in a timely manner will have a
material impact on the Partnership.
However, the effect of non-compliance by third parties is not readily
determinable.
Management has also evaluated a worst case scenario projection with respect to
the year 2000 and expects any resulting disruption of either the Managing
General Partner's activities or any Local Limited Partnership's operations to be
short-term inconveniences. Such problems, however, are not likely to fully
impede the ability to carry out necessary duties of the Partnership. Moreover,
because expected problems under a worst case scenario are not extensively
detrimental, and because the likelihood that all systems affecting the
Partnership will be compliant before 2000, the Managing General Partner has
determined that a formal contingency plan that responds to material system
failures is not necessary.
Other Development
Lend Lease Real Estate Investments, Inc., the U.S. subsidiary of Lend Lease
Corporation and the leading U.S. institutional real estate advisor as ranked by
assets under management, announced on July 29, 1999 it has reached a memorandum
of understanding to acquire The Boston Financial Group Limited Partnership. The
transaction remains subject to final due diligence, legal agreements, and
regulatory approvals with no guarantee that the acquisition will be completed.
The two companies are targeting to complete the transactions by the end of
September.
Headquartered in New York and Atlanta, Lend Lease Real Estate Investments, Inc.
has regional offices in 12 cities nationwide. Worldwide, Lend Lease Real Estate
Investments operates from more than 30 cities on five continents: North America,
Europe, Asia, Australia and South America. The company ranks as the leading U.S.
manager of tax-exempt assets invested in real estate. It is a subsidiary of Lend
Lease Corporation, an international real estate and financial services group
listed on the Australian Stock Exchange. In addition to real estate investments,
the Lend Lease Group operates in the areas of property development, project
management and construction, and capital services (infrastructure). Financial
services activities include funds management, life insurance, and wealth
protection.
<PAGE>
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 June 30, 1999.
<PAGE>
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: August 11, 1999 BOSTON FINANCIAL QUALIFIED HOUSING
TAX CREDITS L.P. V
By: Arch Street V, Inc.,
its Managing General Partner
/s/Randolph G. Hawthorne
Randolph G. Hawthorne
Managing Director, Vice President and
Chief Operating Officer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> JUN-30-1999
<CASH> 316,601
<SECURITIES> 2,739,839
<RECEIVABLES> 000
<ALLOWANCES> 000
<INVENTORY> 000
<CURRENT-ASSETS> 000
<PP&E> 772,068
<DEPRECIATION> 000
<TOTAL-ASSETS> 24,939,627<F1>
<CURRENT-LIABILITIES> 000
<BONDS> 000
<COMMON> 000
000
000
<OTHER-SE> 23,655,379
<TOTAL-LIABILITY-AND-EQUITY> 24,939,627<F2>
<SALES> 000
<TOTAL-REVENUES> 90,865<F3>
<CGS> 000
<TOTAL-COSTS> 000
<OTHER-EXPENSES> 154,837<F4>
<LOSS-PROVISION> 000
<INTEREST-EXPENSE> 6,143
<INCOME-PRETAX> 000
<INCOME-TAX> 000
<INCOME-CONTINUING> 000
<DISCONTINUED> 000
<EXTRAORDINARY> 000
<CHANGES> 000
<NET-INCOME> (723,917)<F5>
<EPS-BASIC> (10.40)
<EPS-DILUTED> 000
<FN>
<F1>Included in total assets is Tenant security deposit escrow of $3,770,
Investments in Local Limited Partnerships of $20,715,276, Replacement reserve
escrow of $5,529 and other assets of $28,140. <F2>Included in Total Liability
and Equity is accounts payable to affiliates of $196,311, Accounts payable and
accrued expenses of $111,739, Mortgage note payable of $706,873, Tenant security
deposits payable of $3,724, Deferred revenue of $148,571 and Minority interest
in Local Limited Partnership of $117,030. <F3>Total revenue includes rental of
$29,922, Investment of $40,737, and Other of $20,206. <F4>Included in Other
Expenses is general and administrative of $67,349 Asset management fees of
$61,501, Rental operations, exclusive of depreciation of $13,247, Depreciation
of $6,775 and Amortization of $5,965. <F5>Net loss includes minority interest in
losses of Local Limited Partnerships of $44 and Equity in losses of Local
Limited Partnerships of $653,758. </FN>
</TABLE>
