February 11, 2000
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, 1999
File No. 0-19706
Gentlemen:
Pursuant to the requirements of Section 15(d) of the Securities Exchange Act of
1934, filed herewith is one copy of subject report.
Very truly yours,
/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller
QH5-Q3.DOC
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(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, 1999
----------------------------------------------
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 .
<PAGE>
<TABLE>
<CAPTION>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
TABLE OF CONTENTS
<S> <C>
PART I - FINANCIAL INFORMATION Page No.
- ------------------------------
Item 1. Financial Statements
Combined Balance Sheets - December 31, 1999 (Unaudited) and
March 31, 1999 1
Combined Statements of Operations (Unaudited) - For the Three and Nine
Months Ended December 31, 1999 and 1998 2
Combined Statement of Changes in Partners' Equity (Deficiency)
(Unaudited) - For the Nine Months Ended December 31, 1999 3
Combined Statements of Cash Flows (Unaudited) - For the Nine
Months Ended December 31, 1999 and 1998 4
Notes to the Combined Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9
PART II - OTHER INFORMATION
Items 1-6 11
SIGNATURE 12
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
COMBINED BALANCE SHEETS
December 31, 1999 and March 31, 1999
<TABLE>
<CAPTION>
December 31, March 31,
1999 1999
(Unaudited)
Assets
<S> <C> <C>
Cash and cash equivalents $ 497,501 $ 450,450
Accounts receivable from affiliates, net - 173,739
Tenant security deposit escrow 3,805 3,758
Investments in Local Limited Partnerships, net of reserve
for valuation of $590,197 (Note 1) 19,541,320 21,538,791
Marketable securities, at fair value 2,297,697 2,666,281
Prepaid assets 1,489 1,489
Rental property at cost, net of accumulated
depreciation 761,438 778,843
Replacement reserve escrow 5,951 7,425
Other assets 30,242 32,658
------------- -------------
Total Assets $ 23,139,443 $ 25,653,434
============= =============
Liabilities and Partners' Equity
Accounts payable to affiliates $ 12,971 $ 143,443
Accounts payable and accrued expenses 76,552 133,838
Mortgage note payable 704,555 706,873
Tenant security deposits payable 3,809 3,803
Deferred revenue 129,360 146,818
------------- -------------
Total Liabilities 927,247 1,134,775
------------- -------------
Minority interest in Local Limited Partnership 116,854 116,986
------------- -------------
General, Initial and Investor Limited Partners' Equity 22,126,831 24,394,204
Net unrealized gains (losses) on marketable securities (31,489) 7,469
------------- -------------
Total Partners' Equity 22,095,342 24,401,673
------------- -------------
Total Liabilities and Partners' Equity $ 23,139,443 $ 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
For the Three and Nine Months Ended December 31, 1999 and 1998
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
December 31, December 31, December 31, December 31,
1999 1998 1999 1998
------------- ------------- ------------- -------------
Revenue:
<S> <C> <C> <C> <C>
Rental $ 30,330 $ 29,740 $ 90,446 $ 88,203
Investment 39,808 44,397 118,463 118,955
Other 7,012 14,572 51,314 88,120
------------ ------------ ------------ ------------
Total Revenue 77,150 88,709 260,223 295,278
------------ ------------ ------------ ------------
Expenses:
General and administrative
(includes reimbursements
to an affiliate in the amounts
of $81,414 and $78,611
in 1999 and 1998, respectively) 62,464 236,498 257,039 343,564
Asset management fees,
related party 61,493 60,556 184,490 181,668
Rental operations, exclusive
of depreciation 10,032 8,484 32,084 28,501
Bad debt expense - - 173,739 -
Interest 17,656 18,429 52,970 54,794
Depreciation 6,775 10,590 20,326 31,767
Amortization 6,203 5,487 18,614 17,896
------------ ------------ ------------ ------------
Total Expenses 164,623 340,044 739,262 658,190
------------ ------------ ------------ ------------
Loss before minority interest in losses
of Local Limited Partnerships and equity
in losses of Local Limited
Partnerships (87,473) (251,335) (479,039) (362,912)
Minority interest in losses of
Local Limited Partnership 34 74 132 259
Equity in losses of Local
Limited Partnerships (Note 1) (761,707) (1,278,629) (1,788,466) (2,775,741)
------------ ------------ ------------ ------------
Net Loss $ (849,146) $ (1,529,890) $ (2,267,373) $ (3,138,394)
============ ============ ============ ============
Net Loss allocated:
To General Partners $ (8,492) $ (15,299) $ (22,674) $ (31,384)
To Limited Partners (840,654) (1,514,591) (2,244,699) (3,107,010)
------------ ------------ ------------ ------------
$ (849,146) $ (1,529,890) $ (2,267,373) $ (3,138,394)
============ ============ ============ ============
Net Loss per Limited Partnership
Unit (68,929 Units) $ (12.20) $ (21.98) $ (32.57) $ (45.08)
============ ============ ============ =============
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 STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
For the Nine Months Ended December 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Net
Initial Investor Unrealized
General Limited Limited Gain
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 - - - (38,958) (38,958)
Net Loss (22,674) - (2,244,699) - (2,267,373)
----------- --------- ------------- ----------- -------------
Comprehensive Loss (22,674) - (2,244,699) (38,958) (2,306,331)
----------- --------- ------------- ----------- -------------
Balance at December 31, 1999 $ (370,838) $ 5,000 $ 22,492,669 $ (31,489) $ 22,095,342
=========== ========= ============= =========== =============
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
For the Nine Months Ended December 31, 1999 and 1998
(Unaudited)
<TABLE>
<CAPTION>
1999 1998
--------------- --------------
<S> <C> <C>
Net cash used for operating activities $ (470,039) $ (356,003)
--------------- -------------
Cash flows from investing activities:
Purchases of marketable securities (768,983) (2,125,108)
Proceeds from sales and maturities of marketable securities 1,100,921 2,459,825
Additions to rental property (3,637) (765)
Cash distributions received from Local
Limited Partnerships 191,107 318,319
Advances to Local Limited Partnerships (180,000) -
Repayment of advances to Local Limited Partnerships 180,000 -
--------------- -------------
Net cash provided by investing activities 519,408 652,271
--------------- -------------
Cash flows from financing activities:
Payment of mortgage principal (2,318) (494)
Advance from affiliate - 1,000
--------------- -------------
Net cash provided by (used for) financing activities (2,318) 506
--------------- -------------
Net increase in cash and cash equivalents 47,051 296,774
Cash and cash equivalents, beginning 450,450 239,932
--------------- -------------
Cash and cash equivalents, ending $ 497,501 $ 536,706
=============== =============
Supplemental disclosure:
Cash paid for interest $ 52,970 $ 54,794
=============== =============
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 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 of the Local Limited Partnerships included in the accompanying
combined financial statements is as of September 30, 1999 and 1998.
1. 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 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 interests 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 December 31, 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 $2,279,998) (34,391,494)
Cumulative cash distributions received from Local Limited Partnerships (1,532,961)
--------------
Investments in Local Limited Partnerships before adjustment 19,345,476
Excess of investment cost over the underlying net assets acquired:
Acquisition fees and expenses 1,006,357
Accumulated amortization of acquisition fees and expenses (220,316)
--------------
Investments in Local Limited Partnerships 20,131,517
Reserve for valuation of investment in Local Limited Partnership (590,197)
--------------
$ 19,541,320
--------------
</TABLE>
The Partnership's share of net losses of the Local Limited Partnerships,
excluding Burbank, for the nine months ended December 31, 1999 totaled
$2,832,024. For the nine months ended December 31, 1999, the Partnership has not
recognized $1,043,558 of equity in losses relating to eight Local Limited
Partnerships where cumulative equity in losses and cumulative distributions form
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 THE COMBINED FINANCIAL STATEMENTS (continued)
(Unaudited)
2. Supplemental Combining Schedules
<TABLE>
<CAPTION>
Balance Sheets
Boston Financial
Qualified Housing
Tax Credits Burbank Combined
L.P. V (A) (B) Eliminations (A)
Assets
<S> <C> <C> <C> <C>
Cash and cash equivalents $ 497,001 $ 500 $ - $ 497,501
Tenant security deposit escrow - 3,805 - 3,805
Investments in Local
Limited Partnerships, net 19,471,261 - 70,059 19,541,320
Marketable securities, at fair value 2,297,697 - - 2,297,697
Prepaid assets - 1,489 - 1,489
Rental property at cost, net of
accumulated depreciation - 735,825 25,613 761,438
Replacement reserve escrow - 5,951 - 5,951
Other assets 30,242 - - 30,242
------------- ---------------- --------------- --------------
Total Assets $ 22,296,201 $ 747,570 $ 95,672 $ 23,139,443
============= ================ =============== ==============
Liabilities and Partners' Equity
Accounts payable to affiliates $ 12,971 $ 1,000 $ (1,000) $ 12,971
Accounts payable and accrued expenses 59,528 17,024 - 76,552
Mortgage note payable - 704,555 - 704,555
Tenant security deposits payable - 3,809 - 3,809
Deferred revenue 129,360 - - 129,360
------------- ---------------- --------------- --------------
Total Liabilities 201,859 726,388 (1,000) 927,247
------------- ---------------- --------------- --------------
Minority interest in Local Limited
Partnership - - 116,854 116,854
------------- ---------------- --------------- --------------
General, Initial and Investor
Limited Partners' Equity 22,125,831 21,182 (20,182) 22,126,831
Net unrealized losses on
marketable securities (31,489) - - (31,489)
------------- ---------------- --------------- --------------
Total Partners' Equity 22,094,342 21,182 (20,182) 22,095,342
------------- ---------------- --------------- --------------
Total Liabilities and Partners' Equity $ 22,296,201 $ 747,570 $ 95,672 $ 23,139,443
============= ================ =============== ==============
(A) As of December 31, 1999.
(B) As of September 30, 1999.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
NOTES TO THE COMBINED FINANCIAL STATEMENTS (continued)
(Unaudited)
2. Supplemental Combining Schedules (continued)
Statements of Operations
<TABLE>
<CAPTION>
Boston Financial
Qualified Housing
Tax Credits Burbank
L.P. V (A) (B) Eliminations Combined
Revenue:
<S> <C> <C> <C> <C>
Rental $ - $ 90,446 $ - $ 90,446
Investment 118,289 174 - 118,463
Other 49,804 1,510 - 51,314
------------- ------------- ------------- -------------
Total Revenue 168,093 92,130 - 260,223
------------- ------------- ------------- -------------
Expenses:
General and administrative 257,039 - - 257,039
Asset management fees, related party 184,490 - - 184,490
Rental operations, exclusive
of depreciation - 32,084 - 32,084
Bad debt expense 174,739 - (1,000) 173,739
Interest - 52,970 - 52,970
Depreciation - 20,326 - 20,326
Amortization 18,614 - - 18,614
------------- ------------- ------------- -------------
Total Expenses 634,882 105,380 (1,000) 739,262
------------- ------------- ------------- -------------
Loss before minority interest in losses
of Local Limited Partnership and equity
in losses of Local Limited
Partnerships (466,789) (13,250) 1,000 (479,039)
Minority interest in losses of
Local Limited Partnership - - 132 132
Equity in losses of Local
Limited Partnership (1,801,584) - 13,118 (1,788,466)
------------- ------------- ------------- -------------
Net Loss $ (2,268,373) $ (13,250) $ 14,250 $ (2,267,373)
============= ============= ============= =============
(A) For the nine months ended December 31, 1999.
(B) For the nine months ended September 30, 1999.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
NOTES TO THE COMBINED FINANCIAL STATEMENTS (continued)
(Unaudited)
2. Supplemental Combining Schedules (continued)
<TABLE>
<CAPTION>
Statements of Cash Flows
Boston Financial
Qualified Housing
Tax Credits Burbank
L.P. V (A) (B) Eliminations Combined
Net cash provided by (used for)
<S> <C> <C> <C> <C>
operating activities $ (476,952) $ 6,913 $ - $ (470,039)
------------- -------------- --------------- --------------
Cash flows from investing activities:
Purchases of marketable securities (768,983) - - (768,983)
Proceeds from sales and maturities
of marketable securities 1,100,921 - - 1,100,921
Additions to rental property - (3,637) - (3,637)
Cash distributions received from
Local Limited Partnerships 192,084 - (977) 191,107
Advances to Local Limited Partnerships (188,700) - 8,700 (180,000)
Repayment of advances to Local Limited
Partnerships 188,700 - (8,700) 180,000
------------- -------------- --------------- --------------
Net cash provided by (used for)
investing activities 524,022 (3,637) (977) 519,408
------------- -------------- --------------- --------------
Cash flows from financing activities:
Payment of mortgage principal - (2,318) - (2,318)
Advance from affiliate - 8,700 (8,700) -
Repayment of advance from affiliate - (8,700) 8,700 -
Distribution to partner - (977) 977 -
------------- -------------- --------------- --------------
Net cash used for financing activities - (3,295) 977 (2,318)
------------- -------------- --------------- --------------
Net increase (decrease) in cash and
cash equivalents 47,070 (19) - 47,051
Cash and cash equivalents, beginning 449,931 519 - 450,450
------------- -------------- --------------- --------------
Cash and cash equivalents, ending $ 497,001 $ 500 $ - $ 497,501
============= ============== =============== ==============
(A) For the nine months ended December 31, 1999.
(B) For the nine months ended September 30, 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 and interest rates.
Liquidity and Capital Resources
At December 31, 1999, the Partnership (including Burbank) had cash and cash
equivalents of $497,501 as compared with $450,450 at March 31, 1999. The
increase is primarily attributable to proceeds from sales and maturities of
marketable securities in excess of purchases of marketable securities, as well
as cash distributions received from Local Limited Partnerships.
Approximately $2,237,000 of marketable securities has been designated as
Reserves by the Managing General Partner. The Reserves, as defined in the
Partnership Agreement, 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 December 31, 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 nine months ended December 31, 1999.
Results of Operations
The Partnership's results of operations for the three and nine months ended
December 31, 1999 resulted in net losses of $849,146 and $2,267,373,
respectively, as compared to net losses of $1,529,890 and $3,138,394 for the
same respective periods in 1998. The decrease in net loss is primarily
attributable to a decrease in equity in losses of Local Limited Partnerships as
well as a decrease in legal fees. These effects were partially offset by an
increase in bad debts expense. Equity in losses of Local Limited Partnerships
improved due to 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
Property Discussions
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 property manager was hired in October 1998. The
new property manager is focusing on implementing a new marketing strategy and
improving rent collections. As of December 31, 1999, occupancy for Historic New
Center improved slightly to 87%. Further, the property is operating just above
break-even. However, bad debt expense continues to be high as a result of poor
collections. The Managing General Partner continues to meet with property
management on a monthly basis to monitor on this issue
Westgate, located in North Dakota, had been experiencing declining occupancy.
Occupancy as of December 31, 1999 was 98%. 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 response to
these concerns and to reduce possible future risk, the Managing General Partner
consummated the transfer of 50% of the Partnership's capital and profits in the
properties to an affiliate of the Local General Partner in November 1997.
Subsequently, the Local General Partner transferred both its general partner
interest and 48.5% of the partnership interest in Westgate to a non-profit
general partner effective June 17, 1999. As a result of this change, the date
when the Managing General Partner has the right to transfer the remaining
interest to the new Local General Partner was amended to reflect the June 17,
1999 effective date. Accordingly, the Managing General Partner has the right to
transfer the Partnership's remaining interest to the new Local General Partner
any time after one year from June 17, 1999. Further, the new 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 negotiated with the lender on temporary debt restructuring to reduce
interest rates and extend the due date of the loan to 1998 to protect the
Partnership's investment and the remaining tax credits generated by the
property. However, in December 1999, the Lender began foreclosure proceedings.
The foreclosure was completed in early January, 2000. The foreclosure will
result in recapture of credits of approximately $3.70 per unit which will be on
your 2000 Schedule K-1 that will be filed in April of 2001. In addition, the
foreclosure will result in the allocation of taxable income to the Partnership
and loss of future benefits associated with this property.
<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 December 31, 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: February 11, 2000 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> 9-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> DEC-31-1999
<CASH> 497,501
<SECURITIES> 2,297,697
<RECEIVABLES> 000
<ALLOWANCES> 000
<INVENTORY> 000
<CURRENT-ASSETS> 000
<PP&E> 761,438
<DEPRECIATION> 000
<TOTAL-ASSETS> 23,139,443<F1>
<CURRENT-LIABILITIES> 000
<BONDS> 000
<COMMON> 000
000
000
<OTHER-SE> 22,095,342
<TOTAL-LIABILITY-AND-EQUITY> 23,139,443<F2>
<SALES> 000
<TOTAL-REVENUES> 260,223<F3>
<CGS> 000
<TOTAL-COSTS> 000
<OTHER-EXPENSES> 686,292<F4>
<LOSS-PROVISION> 000
<INTEREST-EXPENSE> 52,970
<INCOME-PRETAX> 000
<INCOME-TAX> 000
<INCOME-CONTINUING> 000
<DISCONTINUED> 000
<EXTRAORDINARY> 000
<CHANGES> 000
<NET-INCOME> (2,267,373)<F5>
<EPS-BASIC> (32.57)
<EPS-DILUTED> 000
<FN>
<F1>Included in Total assets is Tenant security deposit escrow of $3,805,
Investments in Local Limited Partnerships of $19,541,320, Prepaid assets of
$1,489, Replacement reserve escrow of $5,951, and Other assets of $30,242.
<F2>Included in Total liability and equity is Accounts payable to affiliates of
$12,971, Accounts payable and accrued expenses of $76,552, Mortgage note payable
of $704,555, Tenant security deposits payable of $3,809, Deferred revenue of
$129,360, and Minority interest in Local Limited Partnerships of $116,854.
<F3>Included in Total revenue is Rental of $90,446, Investment of $118,463, and
Other of $51,314. <F4>Included in Other expenses is General and administrative
of $257,039, Bad debt expense of $173,739, Asset management fees, related party
of $184,490, Rental operations, exclusive of depreciation of $32,084,
Depreciation of $20,326, and Amortization of $18,614. <F5>Included in Net loss
is Minority interest in losses of Local Limited Partnership of $(132) and Equity
in losses of Local Limited Partnerships of $1,788,466.
</FN>
</TABLE>
