10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2010 or

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to               

Commission file number  333-109898

BOSTON CAPITAL TAX CREDIT FUND V L.P.

(Exact name of registrant as specified in its charter)

Delaware	14-1897569
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts  02108

(Address of principal executive offices)  (Zip Code)

Registrant’s telephone number, including area code (617)624-8900

Securities registered pursuant to Section 12(b) of the Act:

Title of each class - Name of each exchange on which registered

None

Securities registered pursuant to Section 12(g) of the Act:

Title of class

None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o  No x

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

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 o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act  (check one):

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No x

DOCUMENTS INCORPORATED BY REFERENCE

The following documents of the Fund are incorporated by reference:

Form 10-K
Parts	Document
Parts I, III as supplemented	Prospectus (as defined in Part I, Item I of this Form 10-K)
Parts II, IV	Form 8-K filed with the Securities and Exchange Commission on January 25, 2005
	Form 8-K filed with the Securities and Exchange Commission on January 25, 2005
	Form 8-K filed with the Securities and Exchange Commission on January 25, 2005
	Form 8-K filed with the Securities and Exchange Commission on February 2, 2005
	Form 8-K filed with the Securities and Exchange Commission on February 2, 2005
	From 8-K filed with the Securities and Exchange Commission on May 3, 2005
	Form 8-K filed with the Securities and Exchange Commission on April 28, 2005
	Form 8-K filed with the Securities and Exchange Commission on March 31, 2006
	Form 8-K filed with the Securities and Exchange Commission on March 31, 2006
	Form 8-K filed with the Securities and Exchange Commission on March 31, 2006
	Form 8-K filed with the Securities and Exchange Commission on March 31, 2006
	Form 8-K filed with the Securities and Exchange Commission on March 31, 2006
	Form 8-K filed with the Securities and Exchange Commission on March 31, 2006
	Form 8-K filed with the Securities and Exchange Commission on March 31, 2006
	Form 8-K filed with the Securities and Exchange Commission on July 2, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 2, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 2, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 2, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 2, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 2, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 2, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 2, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 3, 2007

DOCUMENTS INCORPORATED BY REFERENCE - Cont.

Form 10-K
Parts	Document
Parts II, IV	Form 8-K filed with the Securities and Exchange Commission on July 3, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 3, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 3, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 3, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 3, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 3, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 5, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 5, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 5, 2007
	Form 8-K filed with the Securities and Exchange Commission on July 6, 2007

BOSTON CAPITAL TAX CREDIT FUND V L.P.

FORM 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2010

TABLE OF CONTENTS

PART I
Item 1.	Business
Item 1A.	Risk Factors
Item 1B.	Unresolved Staff Comments
Item 2.	Properties
Item 3.	Legal Proceedings
Item 4.	(Removed and Reserved.)
PART II
Item 5.	Market for the Fund’s Limited Partnership Interests and Related Partner Matters and Issuer Purchases of Partnership Interests
Item 6.	Selected Financial Data
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk
Item 8.	Financial Statements and Supplementary Data
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A.	Controls and Procedures
Item 9B.	Other Information
PART III
Item 10.	Directors, Executive Officers and Corporate Governance of the Fund
Item 11.	Executive Compensation
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters
Item 13.	Certain Relationships and Related Transactions, and Director Independence
Item 14.	Principal Accounting Fees and Services
PART IV
Item 15.	Exhibits and Financial Statement Schedules

PART I

Item 1.           Business

Organization

Boston Capital Tax Credit Fund V L.P. (the “Fund”) is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of October 15, 2003.  The general partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company.  The members of the general partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member.  Additional members of the general partner are Jeffrey H. Goldstein and Marc N. Teal.  The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning.  John P. Manning is the principal of Boston Capital Partners, Inc.

The assignor limited partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner are assigned by the assignor limited partner by means of beneficial assignee certificates (“BACs”) to investors and investors are entitled to all the rights and economic benefits of a limited partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus, as supplemented (together with each subsequently filed prospectus, as supplemented, the “Prospectus”) were filed with the Securities and Exchange Commission and became effective January 2, 2004, in connection with a public offering (together with each subsequent offering of BACs described herein, the “Offering”) in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC.  On August 10, 2004 a Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series became effective.  As of March 31, 2010, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060 in the aggregate.

The Offering, including information regarding the issuance of BACs in series, is described in each Prospectus, as supplemented, under the caption “The Offering”, which descriptions are incorporated herein by reference.

Description of Business

The Fund’s principal business is to invest as a limited partner in other limited partnerships (the “Operating Partnerships”) each of which will own or lease and will operate an apartment complex exclusively or partially for low- and moderate-income tenants.  Each Operating Partnership in which the Fund invests owns apartment complexes, which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive government assistance.  Each apartment complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the “Federal Housing Tax Credit”), providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to strict limitations, from other sources.  Some apartment complexes may also qualify for the historic rehabilitation tax credit under Section 47 of the Code (the “Rehabilitation

1

Tax Credit”).  The Federal Housing Tax Credit and the government assistance programs are described on pages 72 to 93 of the Prospectus, as supplemented, under the captions “Tax Credit Programs” and “Government Assistance Programs,” which is incorporated herein by reference.  Section 236(f)(ii) of the National Housing Act, as amended, and Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as tax credits.  The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income.  Some of the apartment complexes in which the Fund has invested are receiving their rent supplements from HUD.  HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the apartment complex, but directly to the individuals.  At this time, the Fund is unable to predict whether Congress will continue rent supplement programs payable directly to owners of apartment complexes.

As of March 31, 2010 the Fund had invested in 15 Operating Partnerships on behalf of Series 47; 11 Operating Partnerships on behalf of Series 48; and 24 Operating Partnerships on behalf of Series 49.  A description of these Operating Partnerships is set forth in Item 2 herein.

The business objectives of the Fund are to:

(1)	provide current tax benefits to investors in the form of Federal Housing Tax Credits and, in limited instances, a small amount of Rehabilitation Tax Credits, which an investor may apply, subject to strict limitations, against the investor’s federal income tax liability from active, portfolio and passive income;
(2)	preserve and protect the Fund’s capital and provide capital appreciation and cash distributions to limited partners through increases in value of the Fund’s investments and, to the extent applicable, increase in equity through periodic payments on the mortgage indebtedness with respect to the apartment complexes;
(3)	provide tax benefits in the form of passive losses which an investor may apply to offset his passive income (if any); and
(4)	provide cash distributions (except with respect to the Fund’s investment in some non-profit Operating Partnerships) from capital transaction proceeds. The Operating Partnerships intend to hold the apartment complexes for appreciation in value. The Operating Partnerships may sell the apartment complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions.

The business objectives and investment policies of the Fund are described more fully on pages 55 to 70 of the Prospectus, as supplemented, under the caption “Investment Objectives and Acquisition Policies,” which is incorporated herein by reference.

Employees

The Fund does not have any employees.  Services are performed by the general partner and its affiliates and agents retained by them.

2

Item 1A.       Risk Factors

As used in this Item 1A, references to “we, “us” and “our” mean the Fund.

An investment in our BACs and our investments in Operating Partnerships are subject to risks. These risks may impact the tax benefits of an investment in our BACs, and the amount of proceeds available for distribution to our limited partners, if any, on liquidation of our investments.

In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks we face. Additional factors not presently known to us or that we currently deem to be immaterial also may materially adversely affect our business operations.

The ability of limited partners to claim tax losses from their investment in us is limited.

The IRS may audit us or an Operating Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the investors could be reduced if the IRS were successful in such a challenge.  The alternative minimum tax could reduce tax benefits from an investment in our BACs.  Changes in tax laws could also impact the tax benefits from an investment in our BACs and/or the value of the Operating Partnerships.  Until the Operating Partnerships have completed a mandatory fifteen year Low Income Housing Tax Credit compliance period, investors are at risk for potential recapture of Low Income Housing Tax Credits that have already been claimed.

The Low Income Housing Tax Credits rules are extremely complicated and noncompliance with these rules may have adverse consequences for BAC holders.

Noncompliance with applicable tax regulations may result in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income.  The Operating Partnerships may be sold at a price which would not result in our realizing cash distributions or proceeds from the transaction.  Accordingly, we may be unable to distribute any cash to our investors. Low Income Housing Tax Credits may be the only benefit from an investment in our BACs.

Poor performance of one housing complex, or the real estate market generally, could impair our ability to satisfy our investment objectives.

Each housing complex is subject to mortgage indebtedness. If an Operating Partnership failed to pay its mortgage, it could lose its housing complex in foreclosure. If foreclosure were to occur during the first 15 years of the existence of the Fund, the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of previously claimed Low Income Housing Tax Credits, and a loss of our investment in the housing complex would occur.  To the extent the Operating Partnerships receive government financing or operating subsidies, they may be subject to one or more of the following risks:

3

· difficulties in obtaining rent increases;

· limitations on cash distributions;

· limitations on sales or refinancing of Operating Partnerships;

· limitations on transfers of interests in Operating Partnerships;

· limitations on removal of local general partners;

· limitations on subsidy programs; and

· possible changes in applicable regulations.

The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among others.

No trading market for the BACs exists or is expected to develop.

There is currently no active trading market for the BACs.  Accordingly, limited partners may be unable to sell their BACs or may have to sell BACs at a discount.  Limited partners should consider their BACs to be a long-term investment.

Investors may realize taxable gain on sale or disposition of BACs.

Upon the sale or other taxable disposition of BACs, investors will realize taxable income to the extent that their allocable share of the non-recourse mortgage indebtedness on the apartment complexes, together with the money they receive from the sale of the BACs, is greater than the original cost of their BACs.  This realized taxable income is reduced to the extent that investors have suspended passive losses or credits.  It is possible that the sale of BACs may not generate enough cash to pay the tax obligations arising from the sale.

Investors may have tax liability in excess of cash.

Investors eventually may be allocated profits for tax purposes which exceed any cash distributed to them.  For this tax liability, the investor will have to pay federal income tax without a corresponding cash distribution.  Similarly, in the event of a sale or foreclosure of an apartment complex or a sale of BACs, an investor may be allocated taxable income, resulting in tax liability, in excess of any cash distributed to him or her as a result of such event.

Investors may not receive cash if apartment complexes are sold.

There is no assurance that investors will receive any cash distributions from the sale or refinancing of an apartment complex.  The price at which an apartment complex is sold may not be large enough to pay the mortgage and other expenses which must be paid at such time.  Even if there are net cash proceeds from a sale, expenses such as accrued Fund management fees and unpaid loans will be deducted pursuant to Section 4.02(a) of the Fund Agreement.  If any of these events happen, investors will not get all of their investment back, and the only benefit from an investment will be the tax credits received.

The sale or refinancing of the apartment complexes is dependent upon the following material factors:

4

· The necessity of obtaining the consent of the operating general partners;

· The necessity of obtaining the approval of any governmental agency(ies) providing government assistance to the apartment complex; and

· The uncertainty of the market.

Any sale may occur well after the fifteen-year federal housing tax credit compliance period.

We have insufficient sources of cash to pay our existing liabilities.

We currently do not have sufficient cash resources to satisfy our financial liabilities.  Furthermore, we do not anticipate that we will have sufficient available cash to pay our future financial liabilities.  Substantially all of our existing liabilities are payable to our general partner and its affiliates.  Though the amounts payable to the general partner and its affiliates are contractually currently payable, we do not believe that the general partner or its affiliates will demand immediate payment of these contractual obligations in the near term; however, there can be no assurance that this will be the case.  We would be materially adversely affected if the general partner or its affiliates demanded payment in the near term of our existing contractual liabilities or suspended the provision of services to us because of our inability to satisfy these obligations.   All monies currently deposited, or that will be deposited in the future, into the Fund’s working capital reserves are intended to be utilized to pay our existing and future liabilities.

Item 1B.        Unresolved Staff Comments

Not applicable.

Item 2.           Properties

The Fund has acquired a limited partnership interest in 50 Operating Partnerships in three series, identified in the table set forth below.  The apartment complexes owned by the Operating Partnerships are eligible for the Federal Housing Tax Credit.  Initial occupancy of a unit in each apartment complex which initially complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a designated percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as “Qualified Occupancy.”  The Operating Partnerships and the respective apartment complexes are described more fully in the Prospectus.  The general partner believes that there is adequate casualty insurance on the properties.

Please refer to Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.

5

Boston Capital Tax Credit Fund V L.P. - Series 47

PROPERTY PROFILE AS OF MARCH 31, 2010

Property Name	Location	Units	Mortgage Balance as of 12/31/09		Acq Date	Const Comp	Qualified Occupancy 3/31/10		Cap Con paid thru 3/31/10
Countrybook Apartments	Champagne, IL	150	$	6,820,011	06/04	07/05	100	%	$	2,163,644
Dawn Springs Villa Apartments	London, KY	24	551,070		05/05	10/05	100	%	591,815
La Maison Apartments	Lake Charles, LA	78	2,556,261		06/04	12/04	100	%	2,339,767
Marion Apartments	Marion, MI	32	1,323,259		07/04	12/04	100	%	419,185
Mayfair Park Apartments	Houston, TX	178	9,400,000		03/04	07/05	100	%	2,181,126
McEver Vineyards Apartments	Gainesville, GA	220	10,767,496		11/03	12/04	100	%	2,045,234
Mira Vista Apartments	Santa Anna, TX	24	484,361		03/04	03/05	100	%	508,963
Park Plaza Apartments	Temple, OK	14	752,084		11/04	11/04	100	%	163,329
Parkland Manor Apartments	Leitchfield, KY	74	1,940,793		07/04	05/05	100	%	2,656,523
Pecan Creek Apartments	Hillsboro, TX	48	1,635,902		03/04	07/05	100	%	1,042,211
Sandpiper Apartments	Carrollton, AL	52	1,217,172		04/04	11/04	100	%	1,819,982
The Masters Apartments	Kerrville, TX	144	7,480,000		06/04	10/05	100	%	1,948,109

6

Boston Capital Tax Credit Fund V L.P. - Series 47

PROPERTY PROFILE AS OF MARCH 31, 2010

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/09		Acq Date	Const Comp	Qualified Occupancy 3/31/10		Cap Con paid thru 3/31/10
The Vistas Apartments	Marble Falls, TX	124	$	5,900,000	03/04	06/05	100	%	$	2,153,083
Time Square on the Hill	Fort Worth, TX	200	6,990,135		03/04	12/04	100	%	3,078,424
Wellington Park Apts.	Houston, TX	244	12,850,000		01/04	07/05	100	%	2,449,752

7

Boston Capital Tax Credit Fund V L.P. - Series 48

PROPERTY PROFILE AS OF MARCH 31, 2010

Property Name	Location	Units	Mortgage Balance as of 12/31/09		Acq Date	Const Comp	Qualified Occupancy 3/31/10		Cap Con paid thru 3/31/10
Colusa Avenue Apartments	Chowchilla, CA	38	$	1,918,804	07/04	05/05	100	%	$	653,154
Contempo Apartments	Hammond, LA	48	1,529,508		08/04	08/05	100	%	587,485
Greenway Place Apartments	Hopkinsville, KY	41	1,338,370		04/04	03/05	100	%	1,850,391
Mayfair Park Apartments	Houston, TX	178	9,400,000		03/04	07/05	100	%	2,181,127
Mira Vista Apartments	Santa Anna, TX	24	484,361		03/04	03/05	100	%	16,718
McEver Vineyards Apartments	Gainesville, GA	220	10,767,496		11/03	12/04	100	%	2,045,232
Starlite Village Apartments	Elizabethtown, KY	40	1,328,353		11/04	06/05	100	%	1,672,329
The Links Apartments	Umatilla, OR	24	2,032,954		06/04	11/04	100	%	707,499
The Masters Apartments	Kerrville, TX	144	7,480,000		06/04	10/05	100	%	1,948,110
Wellington Park Apartments	Houston, TX	244	12,850,000		01/04	07/05	100	%	2,449,752
Wyndam Place Senior Residences	Emporia, KS	42	1,109,572		08/04	05/05	100	%	2,644,056

8

Boston Capital Tax Credit Fund V L.P. - Series 49

PROPERTY PROFILE AS OF MARCH 31, 2010

Property Name	Location	Units	Mortgage Balance as of 12/31/09		Acq Date	Const Comp	Qualified Occupancy 3/31/10		Cap Con paid thru 3/31/10
Bahia Palms Apartments	Laguna Vista, TX	64	$	1,701,219	02/05	07/06	100	%	$	986,602
Briarwood Apartments	Kaufman, TX	48	1,693,242		02/05	12/06	100	%	1,336,743
Bristol Apartments	Houston, TX	248	12,200,000		05/04	11/05	100	%	6,805,870
Brookview I&II Apartments	Mauston, WI	22	729,477		03/05	06/05	100	%	742,348
Chester Townhouses	Columbia, SC	62	1,804,666		03/06	11/06	100	%	566,943
Columbia Senior Residences at MT. Pleasant	Atlanta, GA	78	1,753,530		12/05	06/07	100	%	6,162,028
Countrybrook Apartments	Champaign, IL	150	6,820,011		06/04	07/05	100	%	112,246
Garden Grace Apartments	Owensboro, KY	62	3,306,085		10/05	07/06	100	%	2,863,240
La Mirage Villas Apartments	Perryton, TX	48	1,753,215		02/05	12/06	100	%	1,367,398
Linda Villa Apartments	Shepherdsville, KY	32	1,104,347		5/05	10/05	100	%	1,645,392
Linden’s Apartments	Shawnee, OK	54	1,155,502		12/04	02/06	100	%	462,455
Meadow Glen Apartments	Kingfisher, OK	20	1,265,220		10/05	07/05	100	%	406,280

9

Boston Capital Tax Credit Fund V L.P. - Series 49

PROPERTY PROFILE AS OF MARCH 31, 2010

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/09		Acq Date	Const Comp	Qualified Occupancy 3/31/10		Cap Con paid thru 3/31/10
Post Oak East Apartments	Fort Worth, TX	246	$	13,600,000	07/04	05/06	100	%	$	1,042,188
Renaissance Village	Bowling Green, KY	34	707,114		05/05	05/06	100	%	2,828,268
Richwood Apartments	Ash Flat, AR	25	1,321,647		12/05	08/06	100	%	810,134
Ridgeview Terrace Apartments	Mount Vernon, WA	80	4,201,148		01/05	08/05	100	%	1,768,991
Rosehill Senior Apartments Phase II	Topeka, KS	36	2,326,418		08/04	04/05	100	%	2,550,156
Rosewood Apartments	Lenexa, KS	144	8,765,553		12/05	07/06	100	%	2,966,516
Sunset Manor	Kewaunee, WI	38	1,179,877		10/05	07/05	100	%	1,161,920
The Gardens of Athens	Athens, TX	32	1,433,587		01/05	12/05	100	%	1,702,751
The Linden’s Apartments	Bartesville, OK	54	1,063,636		05/05	06/06	100	%	3,577,901
The Vistas Apartments	Marble Falls, TX	124	5,900,000		03/04	06/05	100	%	629,603
Union Square Apartments	Junction City, LA	32	967,532		02/05	09/05	100	%	733,891
Vista Hermosa Apartments	Eagle Pass TX	20	524,457		06/05	09/06	100	%	479,965

10

Item 3.Legal Proceedings

None.

Item 4.(Removed and Reserved.)

11

PART II

Item 5.Market for the Fund’s Limited Partnership Interest, Related Fund Matters and Issuer Purchases of Partnership Interests

(a)Market Information

The Fund is classified as a limited partnership and does not have common stock.  There is no established public trading market for the BACs and it is not anticipated that any public market will develop.

(b)Approximate number of security holders

As of March 31, 2010, the Fund has 5,246 BAC holders for an aggregate of 11,777,706 BACs, at a subscription price of $10 per BAC, received and accepted.

The BACs are being issued in series.  Series 47 consists of 1,581 investors holding 3,478,334 BACs, Series 48 consists of 1,057 investors holding 2,299,372 BACs and Series 49 consists of 2,608 investors holding 6,000,000 BACs at March 31, 2010.

(c)Dividend history and restriction

The Fund has made no distributions of net cash flow to its BAC holders from its inception, October 15, 2003, through March 31, 2010.

The Fund Agreement provides that profits, losses and credits will be allocated each month to the holder of record of a BAC as of the last day of such month.  Allocation of profits, losses and credits among BAC holders are made in proportion to the number of BACs held by each BAC Holder.

Any distributions of net cash flow or liquidation, sale or refinancing proceeds will be made within 180 days of the end of the annual period to which they relate.  Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by the holder on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.

Fund allocations and distributions are described in the Prospectus, as supplemented, under the caption “Sharing Arrangements:  Profits, Credits, Losses, Net Cash Flow and Residuals”, which is incorporated herein by reference.

To date the Fund has not made any cash distributions to the limited partners.

Item 6.Selected Financial Data

Not Applicable.

12

Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A of this Report. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund’s primary source of funds is the proceeds of each Offering.  Other sources of liquidity include (i) interest earned on capital contributions held pending investment or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit.  All sources of liquidity are available to meet the obligations of the Fund.  The Fund does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships.

Capital Resources

The Fund offered BACs in the Offering originally declared effective by the Securities and Exchange Commission on January 2, 2004.  As of March 31, 2010 the Fund had received and accepted subscriptions for $117,777,060 representing 11,777,706 BACs from investors admitted as BAC holders in Series 47 through Series 49 of the Fund. The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

(Series 47).  The Fund commenced offering BACs in Series 47 on January 2, 2004.  The Fund received and accepted subscriptions for $34,783,340 representing 3,478,334 BACs from investors admitted as BAC holders in Series 47.  Offers and sales of BACs in Series 47 were completed and the last of the BACs in Series 47 were issued by the Fund on April 30, 2004.

During the fiscal year ended March 31, 2010, none of Series 47 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from the offer and sale of BACs in Series 47 had been used to invest in 15 Operating Partnerships in an aggregate amount of $26,407,255.  The Fund had completed payment of all installments of its capital contributions to 13 of the Operating Partnerships. Series 47 has outstanding contributions payable to 2 Operating Partnerships in the amount of $291,632 as of March 31, 2010. Of the total amount outstanding, $155,857 has been loaned to an Operating Partnership.  The loan will be converted to equity and the remaining contributions of $135,775 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

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(Series 48).  The Fund commenced offering BACs in Series 48 on May 11, 2004.  The Fund received and accepted subscriptions for $22,993,720 representing 2,299,372 BACs from investors admitted as BAC holders in Series 48.  Offers and sales of BACs in Series 48 were completed and the last of the BACs in Series 48 were issued by the Fund on August 12, 2004.

During the fiscal year ended March 31, 2010, none of Series 48 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from the offer and sale of BACs in Series 48 had been used to invest in 11 Operating Partnerships in an aggregate amount of $17,450,063.  The Fund had completed payment of all installments of its capital contributions to 9 of the Operating Partnerships. Series 48 has outstanding contributions payable to 2 Operating Partnerships in the amount of $493,763 as of March 31, 2010. Of the total amount outstanding, $155,857 has been loaned to an Operating Partnership.  The loan will be converted to equity and the remaining contributions of $337,906 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

(Series 49).  The Fund commenced offering BACs in Series 49 on August 24, 2004.  The Fund received and accepted subscriptions for $60,000,000 representing 6,000,000 BACs from investors admitted as BAC holders in Series 49 as of March 31, 2010. Offers and sales of BACs in Series 49 were completed and the last of the BACs in Series 49 were issued by the Fund on April 29, 2005.

During the fiscal year ended March 31, 2010, the Fund used $26,272 of Series 49 net offering proceeds to pay installments of its capital contributions to 1 Operating Partnership.  As of March 31, 2010, proceeds from the offer and sale of BACs in Series 49 had been used to invest in 24 Operating Partnerships in an aggregate amount of $45,667,147.  The Fund had completed payment of all installments of its capital contributions to 19 of the Operating Partnerships. Series 49 has outstanding contributions payable to 5 Operating Partnerships in the amount of $1,757,158 as of March 31, 2010.  Of the total amount outstanding, $1,691,903 has been loaned or advanced to the Operating Partnerships.  The loans and advances will be converted to equity and the remaining contributions of $65,255 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

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Results of Operations

The Fund incurs a fund management fee to the general partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of partnership management and reporting fees paid by the Operating Partnerships. The annual fund management fee incurred, net of fees received, for the fiscal years ended March 31, 2010 and 2009, was $1,020,560, and $1,057,294, respectively.

The Fund’s investment objectives do not include receipt of significant cash flow distributions from the Operating Partnerships in which it has invested or intends to invest.  The Fund’s investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.

(Series 47).  As of March 31, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties as of March 31, 2010, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2009 and 2008, the series, in total, generated $1,718,776 and $1,102,698, respectively in passive income tax losses that were passed through to the investors and also provided $0.97 for both years in tax credits per BAC to the investors.

As of March 31, 2010 and 2009, Investments in Operating Partnerships for Series 47 was $13,451,384 and $15,657,200, respectively.  The decrease is primarily the result of the way the Fund accounts for such investments, the equity method. By using the equity method, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2010 and 2009, net loss of the series was $2,709,480 and $3,144,017, respectively. The major components of the current year amount were share of losses from Operating Partnerships, impairment losses, partnership management fees, and interest income.

CP Continental L.P. (Time Square on the Hill) is a 200-unit family development located in Fort Worth, TX. Despite an average physical occupancy of 94% in 2009, the property operated below breakeven due to low economic occupancy coupled with high operating expenses; specifically, maintenance, insurance and bad debt. Maintenance expenses increased in 2009 over the 2008 levels due to higher turnover, which led to an increase in make-ready costs. Through the first quarter of 2010, the property has operated at breakeven, but has not paid the annual insurance premium or real estate tax bill that are not yet due.  The property’s mortgage, real estate taxes, and insurance are current. After rental achievement, the operating general partner is obligated to promptly advance funds to eliminate any operating deficit.  The operating general partner shall not be obligated to have subordinated loans outstanding at any time in excess of $542,490. The management company, an affiliate of the operating general partner, is deferring all fees until operations improve.

McEver Vineyards L.P. (McEver Vineyards Apartments) is a 220-unit family property located in Gainesville, GA. Occupancy averaged 93% in 2008, but began declining in the second half of the year after several area food processing plants closed.  The market is very price-sensitive and competing properties dropped rents by as much as $100 in early 2009. McEver Vineyards was slow to decrease their rents to remain competitive and lost many residents to competing properties.  Occupancy declined from a high of 95% in February 2009 to a low of approximately 77% in October.  The expenses associated with

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continued high turnover have caused operations to remain below breakeven. The mortgage has been in default since October 2009.  The operating general partner tried to restructure the debt in order to improve cash flow, but was unsuccessful.  At this point the lender has agreed to allow the mortgage to remain in default, but as long as payments continue to be made on a monthly basis, foreclosure actions will not be initiated.  As of the last site inspection by the investment general partner in April 2010, all vacant units were ready for occupancy and curb appeal had improved.  With increased marketing activities and the use of leasing concessions, the property ended the year at 90% occupied. The property is 97% occupied as of March 31, 2010. Operations, however, remain below breakeven due to the reduced rents. The investment general partner sent a notice to the operating general partner in March 2010 to outline their funding obligations. The investment general partner will continue to prompt the operating general partner to fund all deficits as required under the terms of the Operating Partnership Agreement in order to improve operations.  The investment general partner will continue to work with the operating general partner and lender in an effort to restructure the mortgage and bring operations to breakeven status.  However, the investment general partner is also exploring possible replacements for the operating general partner in the event that the current operating general partner is unable to meet their obligations to the Operating Partnership. The operating general partner’s operating deficit guarantee is unlimited in time and amount.

Marble Fall Vistas Apartments L.P. (Vistas Apartments) is a 124-unit family property located in Marble Falls, TX.  The property experienced an increase in vacancy in 2009 caused by a soft employment and rental market. The local economy continues to struggle, and many employers have relocated or reduced their work force. Evictions at the property rose when many residents lost their means of employment and could no longer meet their rent obligations. Occupancy was 89% as of March 31, 2010.  The operating general partner increased marketing by adding new signage and increasing the property’s newspaper and on-line presence.  To minimize turnover and boost resident retention, management continues to organize monthly social events at the property. The operating general partner is also using tenant referral incentives to help increase occupancy. Despite an average occupancy of 89% in the first quarter of 2010, the property is operating above breakeven. The property is exempt from paying real estate taxes and operating expenses continue to be below the investment general partner’s state average for expenses per unit.  The mortgage and insurance payments are current.

Hillsboro Fountainhead, L.P. (Pecan Creek Apartments) is a 48-unit family property located in Hillsboro, TX. Occupancy averaged 85% in 2008 and 83% in 2009 with below breakeven operations. The local economy has struggled with widespread layoffs in the retail industry, most notably at the Outlet Mall and Walmart. In addition, gas well exploration has halted, farm labor has declined due to poor crop production, and fast food chains have cut hours in order to control costs as a result of the minimum wage increase. Federal funding for new Section 8 vouchers has not been increased since August 2008. People generally cannot afford to lease at the property without the assistance of Section 8 vouchers. Other area Low-Income Housing Tax Credit competitors report occupancy rates in the 70%-80% range. The property is a member of the Hillsboro Crime Free Multi-Housing Program and has been successful in keeping crime and drug activity off the site. Management has aggressively targeted local churches, other property owners, and law enforcement agencies in an effort to attract tenants that will meet the rental requirements. At the end of the first quarter of 2010, occupancy improved to 96% with the signing of six new leases and operations were above breakeven. All real estate tax, insurance and mortgage payments are current.

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(Series 48).  As of March 31, 2010 and 2009, the average Qualified Occupancy for the series was 100%.  The series had a total of 11 properties as of March 31, 2010, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2009 and 2008, the series, in total, generated $917,008 and $1,137,679, respectively in passive income tax losses that were passed through to the investors and also provided $0.97 for both years in tax credits per BAC to the investors.

As of March 31, 2010 and 2009, Investments in Operating Partnerships for Series 48 was $10,098,426 and $11,155,007, respectively. The decrease is primarily the result of the way the Fund accounts for such investments, the equity method. By using the equity method, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2010 and 2009, the net loss of the series was $1,371,482 and $1,531,998, respectively. The major components of the current year amount were share of losses from operating partnerships, partnership management fees, and interest income.

Wyndam-Emporia Partners, L.P. (Wyndam Place Senior Residences) is a 42-unit elderly development, located in Emporia, Kansas. A site visit was conducted in August 2009, and revealed that the property has good curb appeal. Occupancy averaged 93% in 2009 and has increased to 98% as of March 31, 2010.  In 2009 the property operated slightly below breakeven due to expenses attributed to tax assessments and other legal matters. The property successfully appealed their 2008 assessment, and provided a tax bill to confirm the actual 2009 tax amount was approximately $10,000 less than the original budgeted amount.  However, legal costs associated with the appeal were excessive.  The State of Kansas has also imposed an additional new franchise tax on the property.  The operating general partner was successful in receiving a reduced value for the property that will be in place through 2010.  Kansas is migrating towards using the same Section 42 assessment methodologies as Iowa. In this case, the value would be based upon cap rates applied to the property’s trailing cash flow.

The local economy in Emporia has experienced negative effects due to two of the largest employers reducing their work force by approximately 2,600 jobs in 2009. The loss of jobs in the area has made it difficult for seniors to sell their homes.  The property rents are also higher than the area fair market rents, which has caused other potential applicants to rent from the local housing authority at lower rents.  The property has been unable to meet rental achievement due to the permanent loan amount being higher than the underwritten amount.  The investment general partner has remaining equity that will be released (in the form of a promissory note) in conjunction with the operating general partner reducing their principal debt balance to the original underwritten level. The investment general partner and operating general partner have initiated discussions on analyzing the 2009 operating results with a goal of working towards rental achievement in 2010. Accounts payable consist mainly of accrued asset management and partnership fees.  Trade payable balances are nominal. The mortgage payments, taxes, and insurance are all current.  The operating general partner intends to use proceeds from the equity installment to fully fund the replacement reserve account.

McEver Vineyards L.P. (McEver Vineyards Apartments) is a 220-unit family property located in Gainesville, GA. Occupancy averaged 93% in 2008, but began declining in the second half of the year after several area food processing

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plants closed.  The market is very price-sensitive and competing properties dropped rents by as much as $100 in early 2009. McEver Vineyards was slow to decrease their rents to remain competitive and lost many residents to competing properties.  Occupancy declined from a high of 95% in February 2009 to a low of approximately 77% in October.  The expenses associated with continued high turnover have caused operations to remain below breakeven. The mortgage has been in default since October 2009.  The operating general partner tried to restructure the debt in order to improve cash flow, but was unsuccessful.  At this point the lender has agreed to allow the mortgage to remain in default, but as long as payments continue to be made on a monthly basis, foreclosure actions will not be initiated.  As of the last site inspection by the investment general partner in April 2010, all vacant units were ready for occupancy and curb appeal had improved.  With increased marketing activities and the use of leasing concessions, the property ended the year at 90% occupied. The property is 97% occupied as of March 31, 2010. Operations, however, remain below breakeven due to the reduced rents. The investment general partner sent a notice to the operating general partner in March 2010 to outline their funding obligations. The investment general partner will continue to prompt the operating general partner to fund all deficits as required under the terms of the Operating Partnership Agreement in order to improve operations.  The investment general partner will continue to work with the operating general partner and lender in an effort to restructure the mortgage and bring operations to breakeven status.  However, the investment general partner is also exploring possible replacements for the operating general partner in the event that the current operating general partner is unable to meet their obligations to the Operating Partnership. The operating general partner’s operating deficit guarantee is unlimited in time and amount.

(Series 49). As of March 31, 2010 and 2009, the average Qualified Occupancy for the series was 100% and 100%, respectively. The series had a total of 24 properties as of March 31, 2010, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2009 and 2008, the series, in total, generated $3,535,640 and $4,665,804, respectively, in passive income tax losses that were passed through to the investors.  The series also provided tax credits to the investors of $0.95 for 2009 and $0.93 for 2008.

As of March 31, 2010 and 2009, Investments in Operating Partnerships for Series 49 was $29,851,412 and $33,384,857, respectively. The decrease is primarily the result of the way the Fund accounts for such investments, the equity method. By using the equity method, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2010 and 2009, the net loss of the series was $4,883,505 and $5,945,782, respectively. The major components of the current year amount were share of losses from operating partnerships, partnership management fees, impairment losses, amortization, and interest income.

Post Oak East L.P. (Post Oak East Apartments) is a 240-unit family property located in Fort Worth, Texas. Occupancy began to decline in the fourth quarter of 2009, reaching 85% in December.  Occupancy has improved to 90% as of March 31, 2010. The property continues to operate below breakeven through the first quarter of 2010 due to low occupancy and high operating expenses.  The property has struggled to maintain stable occupancy due to the current market conditions and local competition coupled with poor management. Operating expenses are high due to bad debt, turnover costs, and maintenance expenses.

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Post Oak Apartments has been experiencing higher resident turnover than expected, primarily because of delinquency and evictions. Most evicted residents lost their means of employment and could no longer meet their rental obligations.  Also, there are a number of comparably priced market rate communities in the immediate vicinity, some of which have better amenities and offer significant concessions.  Furthermore, poor management has contributed to low occupancy, escalation of bad debt, and high operating expenses. The operating general partner addressed the problem by replacing the management company in December, 2009.  The new management has implemented a comprehensive marketing and resident retention program in an effort to increase occupancy and find more qualified residents. They also implemented a “no tolerance” policy to enforce collection rules. Residents are now charged for damages and lease violations, and are being evicted if necessary.  Management has increased marketing efforts and continues to reach out to local businesses to try to increase occupancy.  The property manager is also taking a personal approach by meeting with each new resident and following up with them on a regular basis to see if the resident is happy.  Management is collecting delinquent rent on the fourth day of the month by walking the property and knocking on doors.  In addition, the operating general partner has received approval from the Texas Department of Housing and Community Affairs to increase the rent restriction on the 38 units that were at the 30% income level to the 60% income level.  This will result in increased income in 2010. To reduce turnover and minimize turnover expenses, management is currently offering to paint units and install new carpets to entice residents to renew their leases.  Management has also added concessions and other incentives to improve occupancy. Management is currently offering reduced rents on one-bedroom and three-bedroom apartments, a $250 resident referral gift card, and a “look and lease” special of a $100 gift card. To minimize turnover and boost resident retention, management continues to organize monthly social events at the property.

As the result of low economic occupancy and not meeting the lender’s requirements for conversion, the property has not been able to convert from the construction mortgage as originally projected. The bank has granted the Operating Partnership a second extension of the construction loan through August 16, 2010. Currently, the operating general partner is exploring all available options to take out the construction debt.  The operating general partner has an unlimited guarantee until rental achievement.  Rental achievement is defined as a 1.15 debt service coverage ratio for three consecutive months. Once rental achievement occurs, the operating general partner is obligated until the third anniversary of rental achievement to advance funds to eliminate operating deficits in an amount not to exceed $1,000,000.  The investment limited partner continues to monitor this situation to ensure the property converts to permanent financing. The property’s construction mortgage, real estate tax and insurance payments are current.

The Gardens of Athens (The Garden of Athens, LP) is a 36-unit elderly development located in Athens, Texas.  Historically, occupancy has been strong, averaging 100% since 2007.  The property operated slightly below breakeven in 2009. Despite fairly strong operations, a shortfall of approximately $200,000 between the balance of the construction loan and the originally underwritten permanent loan principal resulted in a conversion delay. After several extensions to the term of the construction loan, the original permanent lender, which was also the construction lender, withdrew its commitment to provide permanent financing, and on May 6, 2008, issued a notice of default under the construction loan, due to an expiration of the loan’s term. The lender later agreed to extend the term of the construction

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loan through January 2010 and the Operating Partnership continued making the debt payments required under the construction loan.

In January 2010, the Operating Partnership closed on a new permanent loan, which is guaranteed by Rural Development under Section 538. However, there remained a $100,000 shortfall between the construction loan balance and the permanent debt commitment. This shortfall was funded by a loan of remaining investment partnership equity of $45,876; funds from the operating general partner and Operating Partnership of approximately $10,000; and a loan from the reserves of the investment partnership in the amount of $43,247. The equity loan of $45,876 from the investment partnership will convert to contributed equity upon the Operating Partnership’s achievement of certain benchmarks, likely to occur in 2010.  The loan from the investment partnership’s reserves will be payable from cash flow, which is anticipated to be paid back in full by January 2015, and/or a capital transaction. With the new debt service, the property operated well above breakeven in the first quarter of 2010.

This property is part of a portfolio, which includes several troubled properties.  Over the past two years the operating general partner has explored a number of alternatives to raise cash and recapitalize the portfolio.  However, none have been successful and the investment general partner now believes a recapitalization is unlikely.  The investment general partner has sought a replacement operating general partner with sufficient (i) financial resources to cover deficits and (ii) management resources to maintain strong operations; however, no such party has been identified, due to the property’s size and location. For now, with the investment general partner’s monitoring of the property’s operations, the current operating general partner will remain in place.

Rosewood Senior Apartments (Rosewood Place, LLC) is a 144-unit elderly development in Lenexa, Kansas.  Construction cost overruns and delays pushed lease-up back by more than seven months.  The property reached initial full occupancy in November 2007 and occupancy was strong through the first quarter of 2008 at 100%; however, it slipped to 87% by June 2008 and declined to 85% at year-end 2008. The average occupancy for 2008 and 2009 was 90% and 91%, respectively. Operations were below breakeven in 2008 and nominally below breakeven in 2009 on an accrual basis. The Operating Partnership has been able to stay current on its first mortgage debt because no real estate tax payments have been made since the 2005 tax year.  As of May 2010, $487,000 in real estate taxes and interest penalties were owed by Rosewood Place, LLC.

In the second quarter of 2007, the general contractor that built the property filed a lien for non-payment of the construction retainage. In February 2008, after arbitration, the contractor was awarded approximately $310,000. The operating general partner did not have the resources to pay the judgment.  Because of the existence of this lien and delinquent real estate taxes, the lender issued a default notice on August 20, 2007.

Upon receipt of the default notice, the investment general partner began discussions with the lender regarding a debt restructure. Several proposals have been made to the lender. The general outline of these proposals includes the investment general partner appealing the real estate taxes (a $33,000 per annum reduction was obtained in the first quarter of 2009), bringing in a replacement operating general partner and arranging for the investment limited partner to make an additional $450,000 contribution from the investment partnership reserves.  These funds would be used to resolve the contractor’s lien at a discount, and pay down payables and past due taxes.  The lender would agree to a debt service reduction that would result in a 1.15 debt

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service coverage ratio based on the property’s current operating performance. The lender indicated that it would consider this proposal, but in the meantime has initiated foreclosure proceedings so as to preserve its rights under the loan documents.

In July 2009, the contractor filed for a motion for summary judgment, requesting foreclosure of the mechanic’s lien. This motion was approved on February 17, 2010, and led to an advertised foreclosure sale on April 14, 2010.  On April 12, 2010, the contractor agreed to postpone the sale and to continue to negotiate a payment plan with the operating general partner.  While the contractor has in the past considered the idea of becoming the operating general partner of Rosewood Place, LLC, in settlement of the mechanic’s lien judgment, this notion is no longer being discussed.

In the fourth quarter of 2009, the operating general partner notified the lender that it may have identified a new lender to refinance the debt. Although no formal forbearance agreement has been entered into, the lender has temporarily delayed the foreclosure to give the operating general partner time to work on this refinancing possibility.  As of the end April 2010, the operating general partner has been unsuccessful in his various attempts to re-finance the first mortgage bonds or raise new capital to cure the past due real estate taxes and pay the mechanic’s lien holder.  While the first mortgage lender was continuing to effectively forbear (with its inaction) on its potential foreclosure action, it is not known how long this will continue to be the case.  If the operating general partner is unable to raise new capital soon, there is a strong possibility of a foreclosure occurring in 2010 and investors being subject to recapture costs in 2010.

This property is part of a portfolio, which includes several troubled properties.  Over the last two years, the operating general partner’s financial position has deteriorated and his ability to recapitalize any of his properties appears doubtful. The investment general partner is actively working to restructure the debt, as discussed above. If resolution on a debt restructure or forbearance agreement can be negotiated, the investment general partner forecasts such a resolution to be documented in the third or fourth quarter of 2010.  If the lender declines to restructure the debt, it is likely that the property will be foreclosed in the third quarter of 2010. In the 2010 foreclosure scenario, there would be estimated recapture and interest relating to credits previously claimed of $615,072, as well as an estimated loss of future tax credits for this property of $3,854,295. This represents credit loss of $642 and recapture of $102, respectively, per 1,000 BACs.

Linden-Shawnee Partners, L.P. (Linden’s Apartments) is a 54-unit family development, located in Shawnee, OK. Occupancy averaged 92% in 2008, but decreased to an average of 85% during in 2009. The local economy in Shawnee experienced negative effects due to decreasing employment levels, causing the local resident population to seek employment in Oklahoma City where there were more available job opportunities.  The property rents are lower than the area fair market rents.  This prompted management to target the competing properties by sending a mass-mailing to over 700 residences to promote lower rents at Linden’s Apartments.  The mailing revealed that of those 700 apartments, at least 85 units were vacant as the mailings were returned.  Management sent another mass-mailing in October 2009 to over 500 units with slightly lower rents.  The mailing was to all rental units excluding nursing homes offering incentives of up to two months free rent, and this resulted in eleven move-ins during the fourth quarter of 2009.  In order to increase visibility of the property from the street, management cleared trees between the property and the road in the fall of 2009.  These assertive leasing initiatives proved to be effective as the occupancy level rebounded to

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94% by December of 2009 and remains strong averaging 98% in the first quarter of 2010. Even with the decrease in average occupancy in 2009, the property continued to operate above breakeven.  The mortgage payments, taxes, and insurance are all current.

Marble Fall Vistas Apartments L.P. (Vistas Apartments) is a 124-unit family property located in Marble Falls, TX.  The property experienced an increase in vacancy in 2009 caused by a soft employment and rental market. The local economy continues to struggle, and many employers have relocated or reduced their work force. Evictions at the property rose when many residents lost their means of employment and could no longer meet their rent obligations. Occupancy was 89% as of March 31, 2010.  The operating general partner increased marketing by adding new signage and increasing the property’s newspaper and on-line presence.  To minimize turnover and boost resident retention, management continues to organize monthly social events at the property. The operating general partner is also using tenant referral incentives to help increase occupancy. Despite an average occupancy of 89% in the first quarter of 2010, the property is operating above breakeven. The property is exempt from paying real estate taxes and operating expenses continue to be below the investment general partner’s state average for expenses per unit.  The mortgage and insurance payments are current.

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Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions.  The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund’s financial condition and results of operations.  The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships.  The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund’s investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership and includes this reduction in equity in loss of investment of limited partnerships.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits.  In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended, March 31, 2010 and 2009. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

GAAP provides guidance on when a company should include the assets, liabilities, and activities of a variable interest entity (“VIE”) in its financial statements and when it should disclose information about its relationship with a VIE.  A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it absorbs the majority of the entity’s expected losses, the majority of the expected returns, or both.

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Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE.  However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary.  The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements.

The Fund’s balance in investment in Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss.  The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general partners and their guarantee against credit recapture.

Recent Accounting Changes

In June 2006, accounting guidance for Accounting for Uncertainty in Income Taxes, an interpretation of the accounting guidance for Accounting for Income Taxes, was issued.  This requires all taxpayers to analyze all material positions they have taken or plan to take in all tax returns that have been filed or should have been filed with all taxing authorities for all years still subject to challenge by those taxing authorities. The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes.  Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns.  The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership.  Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity.  The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities.  Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure.

In September 2006, the Financial Accounting Standards Board (“FASB”) issued accounting guidance for Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements. This guidance is effective for financial statements issued for fiscal years beginning after November 15, 2007 and shall be applied prospectively except for very limited transactions.  In February 2008, the FASB delayed for one year implementation of the guidance as it pertains to certain non-financial assets and liabilities. The Fund adopted GAAP for Fair Value Measurements effective April 1, 2008, except as it applies to those non-financial assets and liabilities, for which the effective date was April 1, 2009. The Fund has determined that adoption of this guidance has no material impact on the Fund’s financial statements.

In February 2007, the FASB issued accounting guidance for The Fair Value Option for Financial Assets and Financial Liabilities. This guidance permits entities to choose to measure many financial instruments and certain other items at fair value.  The fair value election is designed to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. It is effective for fiscal years beginning after November 15, 2007.  On April 1,

24

Recent Accounting Changes - continued

2008, the Fund adopted GAAP for The Fair Value Option for Financial Assets and Financial Liabilities and elected not to apply the provisions to its eligible financial assets and financial liabilities on the date of adoption. Accordingly, the initial application of the guidance had no effect on the Fund.

In November 2008, the FASB issued accounting guidance on Equity Method Investment Accounting Considerations that addresses how the initial carrying value of an equity method investment should be determined, how an impairment assessment of an underlying indefinite-lived intangible asset of an equity method investment should be performed, how an equity method investee’s issuance of shares should be accounted for, and how to account for a change in an investment from the equity method to the cost method. This guidance is effective in fiscal years beginning on or after December 15, 2008, and interim periods within those fiscal years. The Fund adopted the guidance for the interim quarterly period beginning April 1, 2009. The impact of adopting it does not have a material impact on the Fund’s financial condition or results of operations.

In April 2009, the FASB issued accounting guidance for Interim Disclosures about Fair Value of Financial Instruments.  This requires disclosure about the method and significant assumptions used to establish the fair value of financial instruments for interim reporting periods as well as annual statements.  It became effective for Boston Capital Tax Credit Fund V L.P. as of and for the interim period ended June 30, 2009 and has no impact on the Fund’s financial condition or results of operations.

In May 2009, the FASB issued guidance regarding subsequent events, which was subsequently updated in February 2010. This guidance established general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. In particular, this guidance sets forth the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements, and the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. This guidance was effective for financial statements issued for fiscal years and interim periods ending after June 15, 2009, and was therefore adopted by the Fund for the quarter ended June 30, 2009. The adoption did not have a significant impact on the subsequent events that the Fund reports, either through recognition or disclosure, in the financial statements. In February 2010, the FASB amended its guidance on subsequent events to remove the requirement to disclose the date through which an entity has evaluated subsequent events, alleviating conflicts with current SEC guidance. This amendment was effective immediately and therefore the Company did not include the disclosure in this Form 10-K.

In June 2009, the FASB issued an amendment to the accounting and disclosure requirements for the consolidation of variable interest entities (VIEs).  The amended guidance modifies the consolidation model to one based on control and economics, and replaces the current quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to

25

Recent Accounting Changes - continued

absorb losses or receive benefits that could potentially be significant to the VIE.  If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE.  Additionally, the amendment requires enhanced and expanded disclosures around VIEs.  This amendment is effective for fiscal years beginning after November 15, 2009.  The adoption of this guidance on April 1, 2010 is not expected to have a material effect on the Fund’s financial statements.

In June 2009, the FASB issued the Accounting Standards Codification (Codification).  Effective July 1, 2009, the Codification is the single source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with GAAP.  The Codification is intended to reorganize, rather than change, existing GAAP.  Accordingly, all references to currently existing GAAP have been removed and have been replaced with plain English explanations of the Fund’s accounting policies.  The adoption of the Codification did not have a material impact on the Fund’s financial position or results of operations.

26

Item 7A.Quantitative and Qualitative Disclosure About Market Risk

Not Applicable

Item 8.Financial Statements and Supplementary Data

The information required by this item is contained in Part IV, Item 15 of this Annual Report on Form 10-K.

Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None

Item 9A.Controls & Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, the Fund’s general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates V LLC, carried out an evaluation of the effectiveness of the Fund’s “disclosure controls and procedures” as defined in the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Funds’s Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund’s disclosure controls and procedures were adequate and effective in timely alerting them to material information relating to the Fund required to be included in the Fund’s periodic SEC filings.

(b)Management’s Annual Report on Internal Control over Financial Reporting

Management of the Fund is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). The Fund’s internal control system over financial reporting is designed to provide reasonable assurance to the Fund’s management regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

Due to inherent limitations, an internal control system over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

27

The Fund’s general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates V LLC, assessed the effectiveness of the Fund’s internal controls and procedures over financial reporting as of March 31, 2010. In making this assessment, the Fund’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework. Based on this assessment, management believes that, as of March 31, 2010, the Fund’s internal control over financial reporting was effective.

This annual report does not include an attestation report of the Fund’s registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by the Fund’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Fund to provide only management’s report in this annual report.

(c)Changes in Internal Controls

There were no changes in the Fund’s internal control over financial reporting that occurred during the year ended March 31, 2010 that materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

Item 9B.Other Information

Not Applicable

28

PART III

Item 10.Directors, Executive Officers and Corporate Governance

(a), (b), (c), (d) and (e) 

The Fund has no directors or executives officers of its own.  The following biographical information is presented for the partners of the general partners and affiliates of those partners (including Boston Capital Partners, Inc. (“Boston Capital”) with principal responsibility for the Fund’s affairs.

John P. Manning, age 61, is co-founder, and since 1974 has been the President and Chief Executive Officer, of Boston Capital Corporation. As co-founder and CEO of Boston Capital, Mr. Manning’s primary responsibilities include strategic planning, business development and the continued oversight of new opportunities. In addition to his responsibilities at Boston Capital Corporation, Mr. Manning is a proactive leader in the multifamily real estate industry. He served in 1990 as a member of the Mitchell-Danforth Task Force, which reviewed and suggested reforms to the Low Income Housing Tax Credit program. He was the founding President of the Affordable Housing Tax Credit Coalition and is a former member of the board of the National Leased Housing Association. During the 1980s, he served as a member of the Massachusetts Housing Policy Committee as an appointee of the Governor of Massachusetts. In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee on the critical role of the private sector in the success of the Low Income Housing Tax Credit. In 1996, President Clinton appointed him to the President’s Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. In 1998, President Clinton appointed Mr. Manning to the President’s Export Council, the premiere committee comprised of major corporate CEOs that advise the President on matters of foreign trade and commerce. In 2003, he was appointed by Boston Mayor Tom Menino to the Mayors Advisory Panel on Housing. Mr. Manning sits on the Board of Directors of the John F. Kennedy Presidential Library in Boston where he serves as Chairman of the Distinguished Visitors Program. He is also on the Board of Directors of the Beth Israel Deaconess Medical Center in Boston. Mr. Manning is a graduate of Boston College.

Mr. Manning is the managing member of Boston Associates. Mr. Manning is also the principal of Boston Capital Corporation. While Boston Capital is not a direct subsidiary of Boston Capital Corporation, each of the entities is under the common control of Mr. Manning.

Jeffrey H. Goldstein, age 48, is Chief Operating Officer and has been the Director of Real Estate of Boston Capital Corporation since 1996. He directs Boston Capital Corporation’s comprehensive real estate services, which include all aspects of origination, underwriting, due diligence and acquisition. As COO, Mr. Goldstein is responsible for the financial and operational areas of Boston Capital Corporation and assists in the design and implementation of business development and strategic planning objectives. Mr. Goldstein previously served as the Director of the Asset Management division as well as the head of the dispositions and troubled assets group. Utilizing his 16 years experience in the real estate syndication and development industry, Mr. Goldstein has been instrumental in the diversification and expansion of Boston Capital Corporation’s businesses. Prior to joining Boston Capital Corporation in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., where he was responsible for placing debt on all new construction projects and debt structure for existing apartment properties. Prior to that, he served as Manager for Homeowner Financial Services, a financial consulting firm for

29

residential and commercial properties, and worked as an analyst responsible for budgeting and forecasting for the New York City Council Finance Division. He graduated from the University of Colorado and received his MBA from Northeastern University.

Kevin P. Costello, age 63, is Executive Vice President and has been the Director of Institutional Investing of Boston Capital Corporation since 1992 and serves on the firm’s Executive Committee. He is responsible for all corporate investment activity and has spent over 20 years in the real estate syndication and investment business. Mr. Costello’s prior responsibilities at Boston Capital Corporation have involved the management of the Acquisitions Department and the structuring and distribution of conventional and tax credit private placements. Prior to joining Boston Capital Corporation in 1987, he held positions with First Winthrop, Reynolds Securities and Bache & Company. Mr. Costello graduated from Stonehill College and received his MBA with honors from Rutgers’ Graduate School of Business Administration.

Marc N. Teal, age 46, has been Chief Financial Officer of Boston Capital Corporation since May 2003. Mr. Teal previously served as Senior Vice President and Director of Accounting and prior to that served as Vice President of Partnership Accounting. He has been with Boston Capital Corporation since 1990. In his current role as CFO he oversees all of the accounting, financial reporting, SEC reporting, budgeting, audit, tax and compliance for Boston Capital Corporation, its affiliated entities and all Boston Capital Corporation sponsored programs. Additionally, Mr. Teal is responsible for maintaining all banking and borrowing relationships of Boston Capital Corporation and treasury management of all working capital reserves.  He also oversees Boston Capital information and technology areas, including the strategic planning for Boston Capital Corporation and its affiliaties. Prior to joining Boston Capital Corporation in 1990, Mr. Teal was a Senior Accountant for Cabot, Cabot & Forbes, a multifaceted real estate company, and prior to that was a Senior Accountant for Liberty Real Estate Corp. He received a Bachelor of Science Accountancy from Bentley College and a Masters in Finance from Suffolk University.

30

(f)Involvement in certain legal proceedings.

None.

(g)Promoters and control persons.

None.

(h) and (i)The Fund has no directors or executive officers and accordingly has no audit committee and no audit committee financial expert. The Fund is not a listed issuer as defined in Regulation 10A-3 promulgated under the Securities Exchange Act of 1934.

Boston Capital Associates V LLC has adopted a Code of Ethics which applies to the Principal Executive Officer and Principal Financial Officer.  The Code of Ethics will be provided without charge to any person who requests it.  Such request should be directed to Marc N. Teal, Boston Capital Corp, One Boston Place, Suite 2100, Boston MA  02108.

Item 11.Executive Compensation

(a), (b), (c), (d) and (e)

The Fund has no officers or directors and no compensation committee.  However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the general partner and its affiliates for the following fees during the 2010 fiscal year:

1. An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the Operating Partnerships, less the amount of reporting fees received, has been accrued or paid to Boston Capital Asset Management Limited Partnership. The annual fund management fee charged to operations for the year ended March 31, 2010 was $1,020,560.

2. The Fund has reimbursed an affiliate of the general partner a total of $65,223 for amounts charged to operations during the year ended March 31, 2010.  The reimbursement is for items like postage, printing, travel, and overhead allocations.

31

Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters

(a)Security ownership of certain beneficial owners.

As of March 31, 2010, 11,777,706 BACs had been issued.  No person is known to own beneficially in excess of 5% of the outstanding BACs in any of the series.

(b)Security ownership of management.

The general partner has a .25% interest in all profits, losses, credits and distributions of the Fund.  The Fund’s response to Item 12(a) is incorporated herein by reference.

(c)Changes in control.

There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund.  There is a provision in the Fund’s Partnership Agreement which allows, under certain circumstances, the ability to change control.

The Fund has no compensation plans under which interests in the Fund are authorized for issuance.

Item 13.Certain Relationships and Related Transactions and Director Independence

(a)Transactions with related persons

The Fund has no officers or directors.  However, under the terms of the Prospectus, various kinds of compensation and fees are payable to the general partner and its affiliates during the organization and operation of the Fund. Additionally, the general partner will receive distributions from the Fund if there is cash available for distribution or residual proceeds as defined in the Fund Agreement.  The amounts and kinds of compensation and fees are described in the Prospectus, as supplemented, under the caption “Compensation and Fees”, which is incorporated herein by reference.  See Note B of Notes to Financial Statements in Item 15 of this Annual Report on Form 10-K for amounts accrued or paid to the general partner and its affiliates for the period October 15, 2003 through March 31, 2010.

32

(b)Review, Approval or Ratification of transactions with related persons.

The Fund response to Item 13(a) is incorporated herein by reference.

(c)Promoters and certain control persons.

Not applicable.

(d)Independence.

The Fund has no directors.

Item 14.Principal Accounting Fees and Services

Fees paid to the Fund’s independent auditors for fiscal year 2010 were comprised of the following:

	Fee Type	Series 47		Series 48		Series 49
(1)	Audit Fees	$	19,125	$	17,625	$	22,501
(2)	Audit Related Fees	3,750		2,750		6,000
(3)	Tax Fees	5,235		4,475		6,945
(4)	All Other Fees	—		—		—
	Total	$	28,110	$	24,850	$	35,446

Fees paid to the Fund’s independent auditors for fiscal year 2009 were comprised of the following:

	Fee Type	Series 47		Series 48		Series 49
(1)	Audit Fees	$	17,600	$	17,160	$	28,080
(2)	Audit Related Fees	3,750		2,750		6,000
(3)	Tax Fees	6,023		5,019		8,257
(4)	All Other Fees	—		—		—
	Total	$	27,373	$	24,929	$	42,337

(5)Audit Committee

The Fund has no Audit Committee.  All audit services and any permitted non-audit services performed by the Fund’s independent auditors are pre-approved by Boston Capital Associates V LLC.

33

PART IV

Item 15.Exhibits and Financial Statement Schedules

(a) 1 & 2Financial Statements; Filed herein as Exhibit 13

Boston Capital Tax Credit V L.P.; filed herein as Exhibit 13

Report of Independent Registered Public Accounting Firm

Balance Sheets, March 31, 2010 and 2009

Statements of Operations for the periods ended March 31, 2010 and 2009

Statements of Changes in Partners’ Capital (deficit) for the periods ended March 31, 2010 and 2009

Statements of Cash Flows for the periods ended March 31, 2010 and 2009

Notes to Financial Statements, March 31, 2010 and 2009

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

(b) 1Exhibit (listed according to the number assigned in the table in Item 601 of Regulation S-K)

3.1.Certificate of Limited Partnership of Boston Capital Tax Credit Fund V L.P.  (Incorporated by reference from Exhibit 3 to the Fund’s Registration Statement No. 333-109898 on Form S-11 as filed with the Securities and Exchange Commission on October 22, 2003.)

4.1.Agreement of Limited Partnership of Boston Capital Tax Credit Fund V L.P.  (Incorporated by reference from Exhibit 4 to the Fund’s Registration Statement No. 333-109898 on Form S-11 as filed with the Securities and Exchange Commission on October 22, 2003.)

10.1.Beneficial Assignee Certificate.  (Incorporated by reference from Exhibit 10A to the Fund’s Registration Statement No. 333-109898 on Form S-11 as filed with the Securities and Exchange Commission on October 22, 2003.)

Exhibit No. 13 - Financial Statements.

a.Financial Statement of Boston Capital Tax Credit Fund V L.P.; Filed herein.

34

Exhibit No. 28 - Additional exhibits.

a.Agreement of Limited Partnership of Hillsboro Fountainhead, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on January 25, 2005).

b.Agreement of Limited Partnership of Umatilla Links, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on January 25, 2005).

c.Agreement of Limited Partnership of Wyndam Emporia, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on January 25, 2005).

d.Agreement of Limited Partnership of Masters Apartment, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 2, 2005).

e.Agreement of Limited Partnership of McEver Vineyards, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 2, 2005).

f.Agreement of Limited Partnership of Park Plaza Village, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on May 3, 2005).

g.Agreement of Limited Partnership of Coleman Fountainhead, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on April 28, 2005).

h.Agreement of Limited Partnership of New Chester Townhouses, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).

i.Agreement of Limited Partnership of Bristol Apartments, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).

35

j.Agreement of Limited Partnership of Linden-Shawnee Partners (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).

k.Agreement of Limited Partnership of Linda Villas, Limited (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).

l.Agreement of Limited Partnership of Rural Housing Partners of Kewanee (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).

m.Agreement of Limited Partnership of Richwood Apartments (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).

n.Agreement of Limited Partnership of Perryton Fountainhead, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).

o.Agreement of Limited Partnership of Continental Terrace, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 2, 2007).

p.Agreement of Limited Partnership of Mayfair Park, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 2, 2007).

q.Agreement of Limited Partnership of P.D.C. Sixty, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 2, 2007).

r.Agreement of Limited Partnership of Wellington Park, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 2, 2007).

s.Agreement of Limited Partnership of Carrollton Housing II LTD, (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 2, 2007).

t.Agreement of Limited Partnership of Countybrook Champaign, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 2, 2007).

36

u.Agreement of Limited Partnership of Marion Apartments, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 2, 2007).

v.Agreement of Limited Partnership of Parkland Manor, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 2, 2007).

w.Agreement of Limited Partnership of Coleman Fountainhead, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 3, 2007).

x.Agreement of Limited Partnership of Cameron Fountainhead, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 3, 2007).

y.Agreement of Limited Partnership of Columbia Blackshear, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 3, 2007).

z.Agreement of Limited Partnership of Garden Grace Apartments, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 3, 2007).

aa.Agreement of Limited Partnership of Kaufman Fountainhead, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 3, 2007).

ab.Agreement of Limited Partnership of Marble Falls Vistas, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 3, 2007).

ac.Agreement of Limited Partnership of Maverick Fountainhead, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 3, 2007).

ad.Agreement of Limited Partnership of Countybrook Champaign, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 5, 2007).

ae.Agreement of Limited Partnership of Dawn Springs Villas, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 5, 2007).

37

af.Agreement of Limited Partnership of Rural Housing Mauston I & II, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 5, 2007).

ag.Agreement of Limited Partnership of Colusa Avenue, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on July 9, 2007).

Exhibit No. 31 Certification 302

a.Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herein

b.Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herein

Exhibit No. 32 Certification 906

a.Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein

b.Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein

38

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Boston Capital Tax Credit Fund V L.P.
	By:	Boston Capital Associates V LLC, General Partner
Date:
June 29, 2010		By:	/s/ John P. Manning
			John P. Manning
			Managing Member

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:
June 29, 2010	/s/ John P. Manning	Director, President (Principal Executive Officer), Boston Capital Partners II Corp.; Director, President (Principal Executive Officer) BCTC V Assignor Corp.
	John P. Manning
June 29, 2010	/s/ Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), Boston Capital Partners II Corp.; Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) BCTC V Assignor Corp.
	Marc N. Teal

39

EX-13

Exhibit 13

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

BOSTON CAPITAL TAX CREDIT FUND V L.P. -

SERIES 47 THROUGH 49

MARCH 31, 2010 AND 2009

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

TABLE OF CONTENTS

	PAGE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	F-3
FINANCIAL STATEMENTS
BALANCE SHEETS	F-5
STATEMENTS OF OPERATIONS	F-9
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-13
STATEMENTS OF CASH FLOWS	F-17
NOTES TO FINANCIAL STATEMENTS	F-25

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners

Boston Capital Tax Credit Fund V L.P.

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund V L.P. — Series 47 through Series 49, in total and for each series, as of March 31, 2010 and 2009, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2010.  These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

F-3

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund V L.P. — Series 47 through Series 49, in total and for each series as of March 31, 2010 and 2009, and the results of its operations and its cash flows for the total partnership and for each series for each of the years in the two-year period ended March 31, 2010, in conformity with accounting principles generally accepted in the United States of America.

/s/ Reznick Group, P.C.

REZNICK GROUP, P.C.

Bethesda, Maryland

June 29, 2010

F-4

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

BALANCE SHEETS

March 31,

	Total
	2010			2009
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	53,401,222		$	60,197,064
OTHER ASSETS
Cash and cash equivalents	2,660,085			3,042,878
Notes receivable	1,311,741			1,694,976
Deferred acquisition costs, net of accumulated amortization	6,912,432			8,286,275
Other assets	929,338			918,456
	$	65,214,818		$	74,139,649
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	843		$	843
Accounts payable - affiliates	1,644,641			1,081,813
Capital contributions payable	2,542,553			3,065,745
	4,188,037			4,148,401
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 11,777,706 at March 31, 2010 and 2009 are issued and outstanding to the assignees	—			—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 11,777,706 issued and outstanding at March 31, 2010 and 2009	61,135,418			70,077,473
General partner	(108,637		)	(86,225		)
Accumulated other comprehensive income (loss)	—			—
	61,026,781			69,991,248
	$	65,214,818		$	74,139,649

(continued)

F-5

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

BALANCE SHEETS - CONTINUED

March 31,

	Series 47
	2010			2009
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	13,451,384		$	15,657,200
OTHER ASSETS
Cash and cash equivalents	434,561			490,890
Notes receivable	155,857			155,857
Deferred acquisition costs, net of accumulated amortization	2,335,589			2,441,693
Other assets	43,989			43,989
	$	16,421,380		$	18,789,629
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	385		$	385
Accounts payable - affiliates	778,401			440,057
Capital contributions payable	291,632			288,745
	1,070,418			729,187
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,478,334 at March 31, 2010 and 2009 are issued and outstanding to the assignees	—			—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,478,334 issued and outstanding at March 31, 2010 and 2009	15,389,293			18,091,999
General partner	(38,331		)	(31,557		)
Accumulated other comprehensive income (loss)	—			—
	15,350,962			18,060,442
	$	16,421,380		$	18,789,629

(continued)

F-6

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

BALANCE SHEETS - CONTINUED

March 31,

	Series 48
	2010			2009
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	10,098,426		$	11,155,007
OTHER ASSETS
Cash and cash equivalents	610,427			638,739
Notes receivable	155,857			155,857
Deferred acquisition costs, net of accumulated amortization	1,574,009			1,644,331
Other assets	43,989			43,989
	$	12,482,708		$	13,637,923
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	115		$	115
Accounts payable - affiliates	578,520			365,140
Capital contributions payable	493,763			490,876
	1,072,398			856,131
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,299,372 at March 31, 2010 and 2009 are issued and outstanding to the assignees	—			—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,299,372 issued and outstanding at March 31, 2010 and 2009	11,432,546			12,800,599
General partner	(22,236		)	(18,807		)
Accumulated other comprehensive income (loss)	—			—
	11,410,310			12,781,792
	$	12,482,708		$	13,637,923

(continued)

F-7

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

BALANCE SHEETS - CONTINUED

March 31,

	Series 49
	2010			2009
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	29,851,412		$	33,384,857
OTHER ASSETS
Cash and cash equivalents	1,615,097			1,913,249
Notes receivable	1,000,027			1,383,262
Deferred acquisition costs, net of accumulated amortization	3,002,834			4,200,251
Other assets	841,360			830,478
	$	36,310,730		$	41,712,097
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	343		$	343
Accounts payable - affiliates	287,720			276,616
Capital contributions payable	1,757,158			2,286,124
	2,045,221			2,563,083
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 6,000,000 at March 31, 2010 and 2009 are issued and outstanding to the assignees	—			—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 6,000,000 issued and outstanding at March 31, 2010 and 2009	34,313,579			39,184,875
General partner	(48,070		)	(35,861		)
Accumulated other comprehensive income (loss)	—			—
	34,265,509			39,149,014
	$	36,310,730		$	41,712,097

See notes to financial statements

F-8

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF OPERATIONS

Years ended March 31, 2010 and 2009

	Total
	2010			2009
Income
Interest income	$	64,328		$	81,636
Other income	—			20,143
Total income	64,328			101,779
Share of losses from operating limited partnerships	(3,388,231		)	(4,544,350		)
Expenses and loss
Professional fees	105,533			153,566
Partnership management fee	1,020,560			1,057,294
Amortization	366,799			366,799
General and administrative expenses	93,101			123,404
Impairment loss	4,054,571			4,478,163
	5,640,564			6,179,226
NET LOSS	$	(8,964,467	)	$	(10,621,797	)
Net loss allocated to general partner	$	(22,412	)	$	(26,554	)
Net loss allocated to limited partner	$	(8,942,055	)	$	(10,595,243	)
Net loss per BAC	$	(0.76	)	$	(0.90	)

(continued)

F-9

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2010 and 2009

	Series 47
	2010			2009
Income
Interest income	$	1,620		$	17,321
Other income	—			4,843
Total income	1,620			22,164
Share of losses from operating limited partnerships	(1,107,625		)	(1,255,083		)
Expenses and loss
Professional fees	31,322			35,736
Partnership management fee	348,587			359,584
Amortization	110,218			110,218
General and administrative expenses	29,552			40,370
Impairment loss	1,083,796			1,365,190
	1,603,475			1,911,098
NET LOSS	$	(2,709,480	)	$	(3,144,017	)
Net loss allocated to general partner	$	(6,774	)	$	(7,860	)
Net loss allocated to limited partner	$	(2,702,706	)	$	(3,136,157	)
Net loss per BAC	$	(0.78	)	$	(0.90	)

(continued)

F-10

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2010 and 2009

	Series 48
	2010			2009
Income
Interest income	$	2,246		$	21,458
Other income	—			4,650
Total income	2,246			26,108
Share of losses from operating limited partnerships	(836,542		)	(1,003,707		)
Expenses and loss
Professional fees	27,908			32,551
Partnership management fee	213,047			216,535
Amortization	71,787			71,787
General and administrative expenses	24,801			35,637
Impairment loss	199,643			197,889
	537,186			554,399
NET LOSS	$	(1,371,482	)	$	(1,531,998	)
Net loss allocated to general partner	$	(3,429	)	$	(3,830	)
Net loss allocated to limited partner	$	(1,368,053	)	$	(1,528,168	)
Net loss per BAC	$	(0.59	)	$	(0.66	)

(continued)

F-11

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF OPERATIONS - CONTINUED

Years ended March 31, 2010 and 2009

	Series 49
	2010			2009
Income
Interest income	$	60,462		$	42,857
Other income	—			10,650
Total income	60,462			53,507
Share of losses from operating limited partnerships	(1,444,064		)	(2,285,560		)
Expenses and loss
Professional fees	46,303			85,279
Partnership management fee	458,926			481,175
Amortization	184,794			184,794
General and administrative expenses	38,748			47,397
Impairment loss	2,771,132			2,915,084
	3,499,903			3,713,729
NET LOSS	$	(4,883,505	)	$	(5,945,782	)
Net loss allocated to general partner	$	(12,209	)	$	(14,864	)
Net loss allocated to limited partner	$	(4,871,296	)	$	(5,930,918	)
Net loss per BAC	$	(0.81	)	$	(0.99	)

See notes to financial statements

F-12

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Years ended March 31, 2010 and 2009

							Accumulated
							other
	Limited			General			comprehensive			Comprehensive
Total	partner			partner			income			income (loss)			Total
Partners’ capital (deficit), March 31, 2008	$	80,672,716		$	(59,671	)	$	(15,571	)				$	80,597,474
Comprehensive income (loss)
Net loss	(10,595,243		)	(26,554		)	—			$	(10,621,797	)	(10,621,797		)
Other comprehensive income (loss)
Unrealized gain on securities available-for-sale	—			—			15,571			15,571			15,571
Total comprehensive loss										$	(10,606,226	)
Partners’ capital (deficit), March 31, 2009	$	70,077,473		$	(86,225	)	$	—					$	69,991,248
Comprehensive income (loss)
Net loss	(8,942,055		)	(22,412		)	—			$	(8,964,467	)	(8,964,467		)
Total comprehensive loss										$	(8,964,467	)
Partners’ capital (deficit), March 31, 2010	$	61,135,418		$	(108,637	)	$	—					$	61,026,781

(continued)

F-13

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2010 and 2009

							Accumulated
							other
	Limited			General			comprehensive			Comprehensive
Series 47	partner			partner			income			income (loss)			Total
Partners’ capital (deficit), March 31, 2008	$	21,228,156		$	(23,697	)	$	(5,504	)				$	21,198,955
Comprehensive income (loss)
Net loss	(3,136,157		)	(7,860		)	—			$	(3,144,017	)	(3,144,017		)
Other comprehensive income (loss)
Unrealized gain on securities available-for-sale	—			—			5,504			5,504			5,504
Total comprehensive loss										$	(3,138,513	)
Partners’ capital (deficit), March 31, 2009	$	18,091,999		$	(31,557	)	$	—					$	18,060,442
Comprehensive income (loss)
Net loss	(2,702,706		)	(6,774		)	—			$	(2,709,480	)	(2,709,480		)
Total comprehensive loss										$	(2,709,480	)
Partners’ capital (deficit), March 31, 2010	$	15,389,293		$	(38,331	)	$	—					$	15,350,962

(continued)

F-14

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Year ended March 31, 2006 and 2005

							Accumulated
							other
	Limited			General			comprehensive			Comprehensive
Series 48	partner			partner			income			income (loss)			Total
Partners’ capital (deficit), March 31, 2008	$	14,328,767		$	(14,977	)	$	(6,451	)				$	14,307,339
Comprehensive income (loss)
Net loss	(1,528,168		)	(3,830		)	—			$	(1,531,998	)	(1,531,998		)
Other comprehensive income (loss)
Unrealized gain on securities available-for-sale	—			—			6,451			6,451			6,451
Total comprehensive loss										$	(1,525,547	)
Partners’ capital (deficit), March 31, 2009	$	12,800,599		$	(18,807	)	$	—					$	12,781,792
Comprehensive income (loss)
Net loss	(1,368,053		)	(3,429		)	—			$	(1,371,482	)	(1,371,482		)
Total comprehensive loss										$	(1,371,482	)
Partners’ capital (deficit), March 31, 2010	$	11,432,546		$	(22,236	)	$	—					$	11,410,310

(continued)

F-15

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

Years ended March 31, 2010 and 2009

							Accumulated
							other
	Limited			General			comprehensive			Comprehensive
Series 49	partner			partner			income			income (loss)			Total
Partners’ capital (deficit), March 31, 2008	$	45,115,793		$	(20,997	)	$	(3,616	)				$	45,091,180
Comprehensive income (loss)
Net loss	(5,930,918		)	(14,864		)	—			$	(5,945,782	)	(5,945,782		)
Other comprehensive income (loss)
Unrealized gain on securities available-for-sale	—			—			3,616			3,616			3,616
Total comprehensive loss										$	(5,942,166	)
Partners’ capital (deficit), March 31, 2009	$	39,184,875		$	(35,861	)	$	—					$	39,149,014
Comprehensive income (loss)
Net loss	(4,871,296		)	(12,209		)	—			$	(4,883,505	)	(4,883,505		)
Total comprehensive loss										$	(4,883,505	)
Partners’ capital (deficit), March 31, 2010	$	34,313,579		$	(48,070	)	$	—					$	34,265,509

See notes to financial statements

F-16

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CASH FLOWS

Years ended March 31, 2010 and 2009

	Total
	2010			2009
Cash flows from operating activities
Net loss	$	(8,964,467	)	$	(10,621,797	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships	3,388,231			4,544,350
Impairment loss	4,054,571			4,478,163
Distributions received from operating limited partnerships	54,337			27,530
Amortization	366,799			366,799
Changes in assets and liabilities
Accounts payable and accrued expenses	—			(1,968		)
Accounts payable - affiliates	562,828			487,834
Net cash provided by (used in) operating activities	(537,701		)	(719,089		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	(26,272		)	(19,810		)
(Advances) to repayments from operating limited partnerships	(124,416		)	(15,400		)
Return of capital contributions	305,596			—
Net (purchases of investments) proceeds from sales and maturities of investments	—			1,542,853
Net cash provided by (used in) investing activities	154,908			1,507,643
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(382,793		)	788,554
Cash and cash equivalents, beginning	3,042,878			2,254,324
Cash and cash equivalents, end	$	2,660,085		$	3,042,878

(continued)

F-17

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2010 and 2009

	Total
	2010		2009
Supplemental schedule of noncash investing and financing activities:
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	—	$	6,153
The fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.	$	499,258	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	2,489	$	—
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation in operating limited partnerships for low-income tax credits generated.	$	5,774	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	3,436	$	—

(continued)

F-18

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2010 and 2009

	Series 47
	2010			2009
Cash flows from operating activities
Net loss	$	(2,709,480	)	$	(3,144,017	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships	1,107,625			1,255,083
Impairment loss	1,083,796			1,365,190
Distributions received from operating limited partnerships	13,168			284
Amortization	110,218			110,218
Changes in assets and liabilities
Accounts payable and accrued expenses	—			(569		)
Accounts payable - affiliates	338,344			163,350
Net cash provided by (used in) operating activities	(56,329		)	(250,461		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances) to repayments from operating limited partnerships	—			—
Return of capital contributions	—			—
Net (purchases of investments) proceeds from sales and maturities of investments	—			549,566
Net cash provided by (used in) investing activities	—			549,566
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(56,329		)	299,105
Cash and cash equivalents, beginning	490,890			191,785
Cash and cash equivalents, end	$	434,561		$	490,890

(continued)

F-19

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2010 and 2009

	Series 47
	2010		2009
Supplemental schedule of noncash investing and financing activities:
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	—	$	—
The fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.	$	—	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation in operating limited partnerships for low-income tax credits generated.	$	2,887	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	—	$	—

(continued)

F-20

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2010 and 2009

	Series 48
	2010			2009
Cash flows from operating activities
Net loss	$	(1,371,482	)	$	(1,531,998	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships	836,542			1,003,707
Impairment loss	199,643			197,889
Distributions received from operating limited partnerships	21,818			11,363
Amortization	71,787			71,787
Changes in assets and liabilities
Accounts payable and accrued expenses	—			(569		)
Accounts payable - affiliates	213,380			63,380
Net cash provided by (used in) operating activities	(28,312		)	(184,441		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	—			—
(Advances) to repayments from operating limited partnerships	—			—
Return of capital contributions	—			—
Net (purchases of investments) proceeds from sales and maturities of investments	—			619,045
Net cash provided by (used in) investing activities	—			619,045
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(28,312		)	434,604
Cash and cash equivalents, beginning	638,739			204,135
Cash and cash equivalents, end	$	610,427		$	638,739

(continued)

F-21

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2010 and 2009

	Series 48
	2010		2009
Supplemental schedule of noncash investing and financing activities:
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	—	$	—
The fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.	$	—	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	—	$	—
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation in operating limited partnerships for low-income tax credits generated.	$	2,887	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	—	$	—

(continued)

F-22

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2010 and 2009

	Series 49
	2010			2009
Cash flows from operating activities
Net loss	$	(4,883,505	)	$	(5,945,782	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships	1,444,064			2,285,560
Impairment loss	2,771,132			2,915,084
Distributions received from operating limited partnerships	19,351			15,883
Amortization	184,794			184,794
Changes in assets and liabilities
Accounts payable and accrued expenses	—			(830		)
Accounts payable - affiliates	11,104			261,104
Net cash provided by (used in) operating activities	(453,060		)	(284,187		)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships	(26,272		)	(19,810		)
(Advances) to repayments from operating limited partnerships	(124,416		)	(15,400		)
Return of capital contributions	305,596			—
Net (purchases of investments) proceeds from sales and maturities of investments	—			374,242
Net cash provided by (used in) investing activities	154,908			339,032
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(298,152		)	54,845
Cash and cash equivalents, beginning	1,913,249			1,858,404
Cash and cash equivalents, end	$	1,615,097		$	1,913,249

(continued)

F-23

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

STATEMENTS OF CASH FLOWS - CONTINUED

Years ended March 31, 2010 and 2009

	Series 49
	2010		2009
Supplemental schedule of noncash investing and financing activities:
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	—	$	6,153
The fund applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.	$	499,258	$	—
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships.	$	2,489	$	—
The fund has increased its investments in operating limited partnerships and increased its capital contribution obligation in operating limited partnerships for low-income tax credits generated.	$	—	$	—
The fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation to operating limited partnerships for low-income tax credits not generated.	$	3,436	$	—

See notes to financial statements

F-24

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS

March 31, 2010 and 2009

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Boston Capital Tax Credit Fund V L.P. (the “Fund” or “Partnership”) was formed under the laws of the State of Delaware on October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which have been organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986.  Accordingly, the apartment complexes are restricted as to rent charges and operating methods.  The general partner of the Fund is Boston Capital Associates V L.L.C. and the limited partner is BCTC V Assignor Corp. (the “assignor limited partner”).

In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99.75% to the assignees and .25% to the general partner.

A Registration Statement on Form S-11 and the related prospectus, as supplemented (the “Prospectus”) were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering (“Offering”) in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC.  On August 10, 2004 an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series became effective.  As of December 31, 2005, subscriptions had been received and accepted by the Fund for 11,777,706 BAC’s representing capital contributions of $117,777,060.

The BAC’s issued and outstanding in each series at March 31, 2010 and 2009 are as follows:

	2010	2009
Series 47	3,478,334	3,478,334
Series 48	2,299,372	2,299,372
Series 49	6,000,000	6,000,000
	11,777,706	11,777,706

F-25

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships

The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued.  However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships.  Unrecognized losses are suspended and offset against future individual operating limited partnership income.

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the future net undiscounted cash flows expected to be generated by the operating limited partnerships including the low-income housing tax credits and the residual value upon sale or disposition of the equity interest in the operating limited partnerships. If the investment is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the investment exceeds the fair value of such investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships.  Impairment losses have been recognized for the years ended March 31, 2010 and March 31, 2009, of $4,054,571 and $4,478,163, respectively.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters.  Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected.  The Fund records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable.

F-26

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - - CONTINUED

March 31, 2010 and 2009

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end.  The Fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year-end.

The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount.  The operating limited partnerships record capital contributions from the Fund when received.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it absorbs the majority of the entity’s expected losses, the majority of the expected returns, or both. Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE.  However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary.  The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss.  The Fund’s exposure to loss on these operarting limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture.

F-27

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Deferred Acquisition Costs

Acquisition costs were amortized on the straight-line method over 27.5 years.  As of March 31, 2010, an impairment loss of $1,018,679 was recorded and the life of the remaining acquisition costs as reassessed and determined to be 7 years for Series 49.

Accumulated amortization as of March 31, 2010 and 2009 is as follows:

	2010		2009
Series 47	$	578,642	$	472,538
Series 48	374,575		304,253
Series 49	872,734		693,996
	$	1,825,951	$	1,470,787

The amortization of deferred acquisition costs for each of the ensuing 5 years through March 31, 2015 is estimated to be $605,403 per year.

F-28

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Capitalized Expenses

Costs incurred in connection with borrowing funds to make capital contributions to operating limited partnerships and certain other costs are capitalized and included in investments in operating limited partnerships.  Such costs are being amortized on the straight-line method over 27.5 years.  As of March 31, 2010, an impairment loss of $131,314 was recorded to bring the capitalized expense to zero for Series 49.

Accumulated amortization for capitalized expenses as of March 31, 2010 and 2009 are as follows:

	2010		2009
Series 47	$	21,575	$	17,461
Series 48	7,669		6,204
Series 49	—		29,181
	$	29,244	$	52,846

The amortization of capitalization expense for each of the ensuing 5 years through March 31, 2015 is estimated to be $5,579 per year.

F-29

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Income Taxes

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns.  The Fund’s federal tax status as a pass-through entity is based on its legal status as a Fund. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure.

Cash and Cash Equivalents

Cash equivalents include money market accounts having original maturities at date of acquisition of three months or less.  The carrying value approximates fair value because of the short maturity of these instruments.

Fiscal Year

For financial reporting purposes, the Fund uses a March 31 year-end, whereas for income tax reporting purposes, the Fund uses a calendar year.  The operating limited partnerships use a calendar year for both financial and income tax reporting.

F-30

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Net Loss per Beneficial Assignee Certificate

Net loss per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year.  The weighted average number of units in Series 47, 48 and 49 at March 31, 2010 and 2009 are as follows:

	2010	2009
Series 47	3,478,334	3,478,334
Series 48	2,299,372	2,299,372
Series 49	6,000,000	6,000,000
	11,777,706	11,777,706

Investments

Investments available-for-sale were carried at fair value.  Unrealized gains or losses were reported as other comprehensive income (loss).  Realized gains or losses, determined on the basis of the costs of specific securities sold, were included in earnings.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

F-31

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Recent Accounting Pronouncements

In May 2009, the Financial Accounting Standards Board (FASB) issued guidance regarding subsequent events, which was subsequently updated in February 2010. This guidance established general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. In particular, this guidance sets forth the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements, and the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. This guidance was effective for financial statements issued for fiscal years and interim periods ending after June 15, 2009, and was therefore adopted by the Fund for the quarter ended June 30, 2009. The adoption did not have a significant impact on the subsequent events that the Fund reports, either through recognition or disclosure, in the financial statements. In February 2010, the FASB amended its guidance on subsequent events to remove the requirement to disclose the date, through which an entity has evaluated subsequent events, alleviating conflicts with current SEC guidance. This amendment was effective immediately and therefore the Fund did not include the disclosure in this Form 10-K.

In June 2009, the FASB issued an amendment to the accounting and disclosure requirements for the consolidation of VIEs. The amended guidance modifies the consolidation model to one based on control and economics, and replaces the current quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment is effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 is not expected to have a material effect on the Partnership’s financial statements.

F-32

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

Recent Accounting Pronouncements - continued

In June 2009, the FASB issued the Accounting Standards Codification (Codification). Effective July 1, 2009, the Codification is the single source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP). The Codification is intended to reorganize, rather than change, existing GAAP. Accordingly, all references to currently existing GAAP have been removed and have been replaced with plain English explanations of the Partnership’s accounting policies. The adoption of the Codification did not have a material impact on the Partnership’s financial position or results of operations.

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2010 and 2009, the Fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Services, Inc. (BCS), Boston Capital Holdings Limited Partnership (BCHLP) and Boston Capital Asset Management Limited Partnership (BCAM), as follows:

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships.  The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level.  The annual fund management fee charged to operations for the years ended for March 31, 2010 and 2009  are as follows:

	2010		2009
Series 47	$	388,344	$	388,350
Series 48	238,380		238,380
Series 49	511,104		511,104
	$	1,137,828	$	1,137,834

F-33

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE B - RELATED PARTY TRANSACTIONS - continued

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the operating limited partnerships, less the amount of various asset management and reporting fees paid by the operating limited partnerships to the Fund.  The reporting fees paid by the operating limited partnerships for the years ended March 31, 2010 and 2009 are as follows:

	2010		2009
Series 47	$	39,757	$	28,766
Series 48	25,333		21,845
Series 49	52,178		29,929
	$	117,268	$	80,540

The fund management fees paid by the Fund for the years ended March 31, 2010 and 2009 are as follows:

	2010		2009
Series 47	$	50,000	$	225,000
Series 48	25,000		175,000
Series 49	500,000		250,000
	$	575,000	$	650,000

F-34

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE B - RELATED PARTY TRANSACTIONS - continued

General and administrative expenses and professional fees incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership for each series for the years ended March 31, 2010 and 2009, charged to each series’ operations are as follows:

	2010		2009
Series 47	$	21,171	$	23,884
Series 48	19,119		21,816
Series 49	24,933		28,313
	$	65,223	$	74,013

F-35

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2010 and 2009, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes.  The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2010 and 2009 by series are as follows:

	2010	2009
Series 47	15	15
Series 48	11	11
Series 49	24	24
	50	50

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships.  These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations.  At March 31, 2010 and 2009, contributions are payable to operating limited partnerships as follows:

	2010		2009
Series 47	$	291,632	$	288,745
Series 48	493,763		490,876
Series 49	1,757,158		2,286,124
	$	2,542,553	$	3,065,745

F-36

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2010 is summarized as follows:

	Total			Series 47			Series 48			Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	88,343,145		$	25,827,355		$	17,224,193		$	45,291,597
Acquisition costs of operating limited partnerships	123,093			90,499			32,594			—
Cumulative distributions from operating limited partnerships	(140,980		)	(16,883		)	(57,740		)	(66,357		)
Cumulative impairment loss in investments in operating limited partnerships	(7,997,317		)	(2,651,756		)	(422,071		)	(4,923,490		)
Cumulative losses from operating limited partnerships	(26,926,719		)	(9,797,831		)	(6,678,550		)	(10,450,338		)
Investments in operating limited partnerships per balance sheets	53,401,222			13,451,384			10,098,426			29,851,412

F-37

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 47			Series 48			Series 49
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A).	(2,604,123		)	(244,757		)	(448,154		)	(1,911,212		)
The fund has recorded acquisition costs at March 31, 2010 which have not been recorded in the net assets of the operating limited partnerships (see note A).	—			—			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	(521,871		)	—			—			(521,871		)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	327,852			(2,887		)	(2,887		)	333,626
Cumulative impairment loss in investments in operating limited partnerships	7,997,317			2,651,756			422,071			4,923,490
Other	(121,037		)	(101,598		)	(39,296		)	19,857
Equity per operating limited partnerships’ combined financial statements	$	58,479,360		$	15,753,898		$	10,030,160		$	32,695,302

F-38

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund’s investments in operating limited partnerships at March 31, 2009 is summarized as follows:

	Total			Series 47			Series 48			Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	88,615,094		$	25,812,128		$	17,216,911		$	45,586,055
Acquisition costs of operating limited partnerships	299,840			106,953			38,454			154,433
Cumulative distributions from operating limited partnerships	(86,643		)	(3,715		)	(35,922		)	(47,006		)
Cumulative impairment loss in investments in operating limited partnerships	(5,092,739		)	(1,567,960		)	(222,428		)	(3,302,351		)
Cumulative losses from operating limited partnerships	(23,538,488		)	(8,690,206		)	(5,842,008		)	(9,006,274		)
Investments in operating limited partnerships per balance sheets	60,197,064			15,657,200			11,155,007			33,384,857

F-39

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 47			Series 48			Series 49
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2009 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2008 (see note A).	(3,131,879		)	(244,757		)	(448,154		)	(2,438,968		)
The fund has recorded acquisition costs at March 31, 2009 which have not been recorded in the net assets of the operating limited partnerships (see note A).	—			—			—			—
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).	—			—			—			—
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).	28,030			—			—			28,030
Cumulative impairment loss in investments in operating limited partnerships	5,092,739			1,567,960			222,428			3,302,351
Other	(293,306		)	(117,567		)	(42,165		)	(133,574		)
Equity per operating limited partnerships’ combined financial statements	$	61,892,648		$	16,862,836		$	10,887,116		$	34,142,696

F-40

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 47		Series 48		Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation	$	274,309,614	$	90,244,755	$	64,146,689	$	119,918,170
Land	24,181,754		8,589,687		6,709,244		8,882,823
Other assets	23,393,209		8,555,729		5,317,012		9,520,468
	$	321,884,577	$	107,390,171	$	76,172,945	$	138,321,461
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	198,185,445	$	70,668,544	$	50,239,418	$	77,277,483
Accounts payable and accrued expenses	3,721,814		1,344,565		562,434		1,814,815
Other liabilities	39,622,960		12,128,831		9,166,411		18,327,718
	241,530,219		84,141,940		59,968,263		97,420,016
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund V L.P.	58,479,360		15,753,898		10,030,160		32,695,302
Other partners	21,874,998		7,494,333		6,174,522		8,206,143
	80,354,358		23,248,231		16,204,682		40,901,445
	$	321,884,577	$	107,390,171	$	76,172,945	$	138,321,461

F-41

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 47		Series 48		Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation	$	285,560,770	$	93,823,385	$	66,825,681	$	124,911,704
Land	23,806,754		8,214,687		6,709,244		8,882,823
Other assets	23,167,582		8,892,453		5,377,833		8,897,296
	$	332,535,106	$	110,930,525	$	78,912,758	$	142,691,823
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	200,551,056	$	71,872,586	$	50,778,451	$	77,900,019
Accounts payable and accrued expenses	3,448,748		1,146,005		442,803		1,859,940
Other liabilities	43,735,517		13,124,697		10,193,925		20,416,895
	247,735,321		86,143,288		61,415,179		100,176,854
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund V L.P.	61,892,648		16,862,836		10,887,116		34,142,696
Other partners	22,907,137		7,924,401		6,610,463		8,372,273
	84,799,785		24,787,237		17,497,579		42,514,969
	$	332,535,106	$	110,930,525	$	78,912,758	$	142,691,823

F-42

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2009 in which Series 47 through Series 49 had an interest as of December 31, 2009 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 47			Series 48			Series 49
Revenue
Rent	$	30,839,075		$	11,469,338		$	7,610,933		$	11,758,804
Interest and other	1,085,715			403,662			249,091			432,962
	31,924,790			11,873,000			7,860,024			12,191,766
Expenses
Interest	5,200,352			1,913,108			1,178,293			2,108,951
Depreciation and amortization	11,569,877			3,787,381			2,839,994			4,942,502
Taxes and insurance	4,105,097			1,595,608			934,581			1,574,908
Repairs and maintenance	3,856,984			1,550,231			906,136			1,400,617
Operating expenses	11,102,041			3,995,554			2,666,876			4,439,611
Other expenses	1,777,677			568,202			565,521			643,954
	37,612,028			13,410,084			9,091,401			15,110,543
NET LOSS	$	(5,687,238	)	$	(1,537,084	)	$	(1,231,377	)	$	(2,918,777	)
Net loss allocated to Boston Capital Tax Credit Fund V L.P. *	$	(3,910,102	)	$	(1,107,625	)	$	(836,542	)	$	(1,965,935	)
Net loss allocated to other partners	$	(1,777,136	)	$	(429,459	)	$	(394,835	)	$	(952,842	)

* Amount includes $521,871 for Series 49 of loss not recognized under the equity method of accounting as described in note A.

F-43

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2008 in which Series 47 through Series 49 had an interest as of December 31, 2008 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 47			Series 48			Series 49
Revenue
Rent	$	30,682,630		$	11,522,041		$	7,633,494		$	11,527,095
Interest and other	1,410,630			535,526			284,450			590,654
	32,093,260			12,057,567			7,917,944			12,117,749
Expenses
Interest	7,273,639			2,676,090			1,807,943			2,789,606
Depreciation and amortization	11,602,548			3,797,682			2,815,044			4,989,822
Taxes and insurance	3,773,921			1,508,948			885,477			1,379,496
Repairs and maintenance	3,758,530			1,509,892			900,847			1,347,791
Operating expenses	10,626,287			3,870,798			2,521,400			4,234,089
Other expenses	1,508,659			535,711			531,782			441,166
	38,543,584			13,899,121			9,462,493			15,181,970
NET LOSS	$	(6,450,324	)	$	(1,841,554	)	$	(1,544,549	)	$	(3,064,221	)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.	$	(4,544,350	)	$	(1,255,083	)	$	(1,003,707	)	$	(2,285,560	)
Net loss allocated to other partners	$	(1,905,974	)	$	(586,471	)	$	(540,842	)	$	(778,661	)

F-44

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE D - OTHER ASSETS

At March 31, 2010 and 2009, other assets includes $735,123 and $726,730, respectively, of cash advanced to operating limited partnerships, which is to be applied to capital contributions payable when certain criteria have been met.  The cash advances at March 31, 2010 and 2009 by series are as follows:

	2010		2009
Series 47	$	—	$	—
Series 48	—		—
Series 49	735,123		726,730
	$	735,123	$	726,730

NOTE E - NOTES RECEIVABLE

Notes receivable at March 31, 2010 and 2009 consist of advance installments of $1,311,741 and $1,694,976, respectively, of capital contributions to operating limited partnerships.  The notes are comprised of noninterest bearing and interest bearing notes with rates ranging from prime to prime + 1.00%.  Prime was 3.25% as of March 31, 2010 and 2009.  These notes are secured by future installments of capital contributions or paid upon demand.  The notes at March 31, 2010 and 2009 by series are as follows:

	2010		2009
Series 47	$	155,857	$	155,857
Series 48	155,857		155,857
Series 49	1,000,027		1,383,262
	$	1,311,741	$	1,694,976

F-45

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN

For income tax purposes, the fund reports using a December 31 year-end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2010 is reconciled as follows:

	Total			Series 47			Series 48			Series 49
Net income (loss) for financial reporting purposes	$	(8,964,467	)	$	(2,709,480	)	$	(1,371,482	)	$	(4,883,505	)
Accrued partnership management fee not deducted for income tax purposes	562,828			338,344			213,380			11,104
Other	200,075			121,730			315,771			(237,426		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(1,271,940		)	(481,206		)	(206,993		)	(583,741		)
Impairment loss not recognized for tax purposes	4,054,571			1,083,796			199,643			2,771,132
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	(521,871		)	—			—			(521,871		)
Difference due to fiscal year for book purposes and calendar year for tax purposes	(230,620		)	(71,960		)	(67,327		)	(91,333		)
Income (loss) for tax return purposes, December 31, 2009	$	(6,171,424	)	$	(1,718,776	)	$	(917,008	)	$	(3,535,640	)

F-46

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

For income tax purposes, the fund reports using a December 31 year-end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2009 is reconciled as follows:

	Total			Series 47			Series 48			Series 49
Net income (loss) for financial reporting purposes	$	(10,621,797	)	$	(3,144,017	)	$	(1,531,998	)	$	(5,945,782	)
Accrued partnership management fee not deducted (deducted) for income tax purposes	487,834			163,350			63,380			261,104
Other	662,663			1,111,279			411,386			(860,002		)
Excess of tax depreciation over book depreciation on operating limited partnership assets	(1,738,103		)	(556,782		)	(273,484		)	(907,837		)
Impairment loss not recognized for tax purposes	4,478,163			1,365,190			197,889			2,915,084
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting	—			—			—			—
Difference due to fiscal year for book purposes and calendar year for tax purposes	(174,941		)	(41,718		)	(4,852		)	(128,371		)
Income (loss) for tax return purposes, December 31, 2008	$	(6,906,181	)	$	(1,102,698	)	$	(1,137,679	)	$	(4,665,804	)

F-47

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2010 are as follows:

	Total			Series 47			Series 48			Series 49
Investments in operating limited partnerships - tax return December 31, 2009	$	54,105,654		$	13,966,736		$	8,775,655		$	31,363,263
Impairment loss in investment in operating limited partnerships	(7,997,317		)	(2,651,756		)	(422,071		)	(4,923,490		)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	(521,871		)	—			—			(521,871		)
Other	7,814,756			2,136,404			1,744,842			3,933,510
Investments in operating limited partnerships - as reported	$	53,401,222		$	13,451,384		$	10,098,426		$	29,851,412

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2009 are as follows:

	Total			Series 47			Series 48			Series 49
Investments in operating limited partnerships - tax return December 31, 2008	$	59,446,273		$	15,436,251		$	9,528,373		$	34,481,649
Impairment loss in investment in operating limited partnerships	(5,092,739		)	(1,567,960		)	(222,428		)	(3,302,351		)
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method	—			—			—			—
Other	5,843,530			1,788,909			1,849,062			2,205,559
Investments in operating limited partnerships - as reported	$	60,197,064		$	15,657,200		$	11,155,007		$	33,384,857

F-48

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS - CONTINUED

March 31, 2010 and 2009

NOTE G - INVESTMENTS AVAILABLE-FOR-SALE

Proceeds from sales and maturities of investments during the year ended March 31, 2009 were $1,516,500, resulting in a realized loss of $93,316, included in interest income.

The tax-exempt coupon rates for the investments held during the year ranged from 3.48% to 5.45%.

NOTE H - CASH EQUIVALENTS

Cash equivalents of $2,655,804 and $3,041,733 as of March 31, 2010 and 2009, respectively, include money market accounts with interest rates ranging from 0.00% to 0.84% per annum.

NOTE I - CONCENTRATION OF CREDIT RISK

The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions.  The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution.  At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to it balances in excess of FDIC insurance.  Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2010.

NOTE J - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Fund’s financial instruments relate to other assets, notes receivable, and accounts payable - affiliates.  Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical.  The other assets, notes receivable, and accounts payable - affiliates are due from or owed to affiliates of the Fund.  The unique nature of these financial instruments makes determination of any fair value impractical. See notes B, D, and E for disclosure of the carrying amount and terms of these financial instruments.

F-49

EX-31.A

Exhibit 31.a

I, John P. Manning, certify that:

1.I have reviewed this annual report on Form 10-K of Boston Capital Tax Credit Fund V L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

June 29, 2010	/s/ John P. Manning
	John P. Manning
	Principal
	Executive Officer

EX-31.B

Exhibit 31.b

I, Marc N. Teal, certify that:

1.I have reviewed this annual report on Form 10-K of Boston Capital Tax Credit Fund V L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

June 29, 2010	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer

EX-32.A

EXHIBIT 32.a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Boston Capital Tax Credit Fund V L.P. (the “Fund”) on Form 10-K for the period ended March 31, 2010 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John P. Manning, Principal Executive Officer of the Fund’s general partner, Boston Capital Associates V, L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
June 29, 2010	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.B

EXHIBIT 32.b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Boston Capital Tax Credit Fund V L.P. (the “Fund”) on Form 10-K for the period ended March 31, 2010 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Marc N. Teal, Principal Financial Officer of the Fund’s general partner, Boston Capital Associates V L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
June 29, 2010	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.