10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended December 31, 2021

or

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

For the transition period from _______ to _______

Commission file number        333-109898

BF GARDEN 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.)

101 Arch Street, 13^th Floor Boston, Massachusetts 02110

(Address of principal executive offices)           (Zip Code)

(888) 773-1487

(Registrant’s telephone number, including area code)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

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

Large accelerated filer ☐	Accelerated Filer ☐
Non-accelerated filer ☒	Smaller Reporting Company ☒
	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

BF GARDEN TAX CREDIT FUND V L.P.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED DECEMBER 31, 2021

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
			Pages
	Item 1. Condensed Financial Statements
		Condensed Balance Sheets	3-6
		Condensed Statements of Operations	7-14
		Condensed Statements of Changes in Partners’ Capital (Deficit)	15-18
		Condensed Statements of Cash Flows	19-22
		Notes to Condensed Financial Statements	23-30
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		31-36
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		36
	Item 4. Controls and Procedures		36
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings		38
	Item 1A. Risk Factors		38
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		38
	Item 3. Defaults Upon Senior Securities		38
	Item 4. Mine Safety Disclosures		38
	Item 5. Other Information		38
	Item 6. Exhibits		39
	Signatures		40

2

BF Garden Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

	December 31,		March 31,
	2021		2021
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		1,366,951		1,940,668
Other assets		4,950		4,493
	$	1,371,901	$	1,945,161
LIABILITIES
Accounts payable and accrued expenses	$	—	$	40
Accounts payable affiliates (Note C)		2,652,892		8,875,807
Capital contributions payable		101		101
		2,652,993		8,875,948
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 11,777,706 issued and 11,725,306 outstanding as of December 31, 2021 and March 31, 2021.		(1,016,685)		(6,652,256)
General Partner		(264,407)		(278,531)
		(1,281,092)		(6,930,787)
	$	1,371,901	$	1,945,161

The accompanying notes are an integral part of these condensed statements

3

BF Garden Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 47

	December 31,		March 31,
	2021		2021
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		260,846		1,054,904
Other assets		—		285
	$	260,846	$	1,055,189
LIABILITIES
Accounts payable and accrued expenses	$	—	$	38
Accounts payable affiliates (Note C)		1,603,554		2,982,346
Capital contributions payable		—		—
		1,603,554		2,982,384
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 3,478,334 issued and 3,459,434 outstanding as of December 31, 2021 and March 31, 2021.		(1,262,643)		(1,845,669)
General Partner		(80,065)		(81,526)
		(1,342,708)		(1,927,195)
	$	260,846	$	1,055,189

The accompanying notes are an integral part of these condensed statements

4

BF Garden Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 48

	December 31,		March 31,
	2021		2021
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		196,863		235,196
Other assets		—		111
	$	196,863	$	235,307
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		1,049,338		1,689,776
Capital contributions payable		—		—
		1,049,338		1,689,776
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 2,299,372 issued and 2,283,872 outstanding as of December 31, 2021 and March 31, 2021.		(799,581)		(1,400,070)
General Partner		(52,894)		(54,399)
		(852,475)		(1,454,469)
	$	196,863	$	235,307

The accompanying notes are an integral part of these condensed statements

5

BF Garden Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 49

	December 31,		March 31,
	2021		2021
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		909,242		650,568
Other assets		4,950		4,097
	$	914,192	$	654,665
LIABILITIES
Accounts payable and accrued expenses	$	—	$	2
Accounts payable affiliates (Note C)		—		4,203,685
Capital contributions payable		101		101
		101		4,203,788
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 6,000,000 issued and 5,982,000 outstanding as of December 31, 2021 and March 31, 2021.		1,045,539		(3,406,517)
General Partner		(131,448)		(142,606)
		914,091		(3,549,123)
	$	914,192	$	654,665

The accompanying notes are an integral part of these condensed statements

6

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

	2021		2020
Income
Interest income	$	145	$	328
Other income		10,363		37,118
		10,508		37,446
Gain on sale of operating limited partnerships		5,811,852		36,089
Expenses
Professional fees		23,999		20,869
Fund management fee, net (Note C)		85,449		155,597
General and administrative expenses		43,113		15,391
		152,561		191,857
NET INCOME (LOSS)	$	5,669,799	$	(118,322)
Net income (loss) allocated to assignees	$	5,655,625	$	(118,027)
Net income (loss) allocated to general partner	$	14,174	$	(295)
Net income (loss) per BAC	$	.48	$	(.01)

The accompanying notes are an integral part of these condensed statements

7

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 47

	2021		2020
Income
Interest income	$	39	$	127
Other income		1,550		10,512
		1,589		10,639
Gain on sale of operating limited partnerships		675,999		7,690
Expenses
Professional fees		7,999		5,806
Fund management fee, net (Note C)		18,064		26,724
General and administrative expenses		11,438		4,742
		37,501		37,272
NET INCOME (LOSS)	$	640,087	$	(18,943)
Net income (loss) allocated to assignees	$	638,487	$	(18,896)
Net income (loss) allocated to general partner	$	1,600	$	(47)
Net income (loss) per BAC	$	.18	$	(.01)

The accompanying notes are an integral part of these condensed statements

8

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 48

	2021		2020
Income
Interest income	$	29	$	87
Other income		813		10,513
		842		10,600
Gain on sale of operating limited partnerships		676,000		28,000
Expenses
Professional fees		7,999		5,141
Fund management fee, net (Note C)		11,854		12,291
General and administrative expenses		12,226		3,581
		32,079		21,013
NET INCOME (LOSS)	$	644,763	$	17,587
Net income (loss) allocated to assignees	$	643,151	$	17,543
Net income (loss) allocated to general partner	$	1,612	$	44
Net income (loss) per BAC	$	.28	$	.01

The accompanying notes are an integral part of these condensed statements

9

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 49

	2021		2020
Income
Interest income	$	77	$	114
Other income		8,000		16,093
		8,077		16,207
Gain on sale of operating limited partnerships		4,459,853		399
Expenses
Professional fees		8,001		9,922
Fund management fee, net (Note C)		55,531		116,582
General and administrative expenses		19,449		7,068
		82,981		133,572
NET INCOME (LOSS)	$	4,384,949	$	(116,966)
Net income (loss) allocated to assignees	$	4,373,987	$	(116,674)
Net income (loss) allocated to general partner	$	10,962	$	(292)
Net income (loss) per BAC	$	.73	$	(.01)

The accompanying notes are an integral part of these condensed statements

10

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

	2021		2020
Income
Interest income	$	478	$	2,922
Other income		96,272		59,062
		96,750		61,984
Gain on sale of operating limited partnerships		6,073,789		505,489
Expenses
Professional fees		86,245		115,797
Fund management fee, net (Note C)		329,589		481,424
General and administrative expenses		105,010		59,613
		520,844		656,834
NET INCOME (LOSS)	$	5,649,695	$	(89,361)
Net income (loss) allocated to assignees	$	5,635,571	$	(89,138)
Net income (loss) allocated to general partner	$	14,124	$	(223)
Net income (loss) per BAC	$	.48	$	(.01)

The accompanying notes are an integral part of these condensed statements

11

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,

(Unaudited)

Series 47

	2021		2020
Income
Interest income	$	144	$	988
Other income		7,814		13,413
		7,958		14,401
Gain on sale of operating limited partnerships		688,248		348,308
Expenses
Professional fees		26,688		30,541
Fund management fee, net (Note C)		57,195		90,650
General and administrative expenses		27,836		19,262
		111,719		140,453
NET INCOME (LOSS)	$	584,487	$	222,256
Net income (loss) allocated to assignees	$	583,026	$	221,700
Net income (loss) allocated to general partner	$	1,461	$	556
Net income (loss) per BAC	$	.17	$	.06

The accompanying notes are an integral part of these condensed statements

12

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 48

	2021		2020
Income
Interest income	$	111	$	1,047
Other income		6,756		11,944
		6,867		12,991
Gain on sale of operating limited partnerships		676,000		61,500
Expenses
Professional fees		24,513		27,955
Fund management fee, net (Note C)		33,862		41,790
General and administrative expenses		22,498		17,084
		80,873		86,829
NET INCOME (LOSS)	$	601,994	$	(12,338)
Net income (loss) allocated to assignees	$	600,489	$	(12,307)
Net income (loss) allocated to general partner	$	1,505	$	(31)
Net income (loss) per BAC	$	.26	$	(.01)

The accompanying notes are an integral part of these condensed statements

13

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 49

	2021		2020
Income
Interest income	$	223	$	887
Other income		81,702		33,705
		81,925		34,592
Gain on sale of operating limited partnerships		4,709,541		95,681
Expenses
Professional fees		35,044		57,301
Fund management fee, net (Note C)		238,532		348,984
General and administrative expenses		54,676		23,267
		328,252		429,552
NET INCOME (LOSS)	$	4,463,214	$	(299,279)
Net income (loss) allocated to assignees	$	4,452,056	$	(298,531)
Net income (loss) allocated to general partner	$	11,158	$	(748)
Net income (loss) per BAC	$	.74	$	(.05)

The accompanying notes are an integral part of these condensed statements

14

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)

			General
	Assignees		partner		Total
Total
Partners’ capital (deficit) April 1, 2021	$	(6,652,256)	$	(278,531)	$	(6,930,787)
Net income (loss)		129,398		324		129,722
Partners' capital (deficit), June 30, 2021		(6,522,858)		(278,207)		(6,801,065)
Net income (loss)		(149,452)		(374)		(149,826)
Partners' capital (deficit), September 30, 2021		(6,672,310)		(278,581)		(6,950,891)
Net income (loss)		5,655,625		14,174		5,669,799
Partners’ capital (deficit), December 31, 2021	$	(1,016,685)	$	(264,407)	$	(1,281,092)

			General
	Assignees		partner		Total
Total
Partners’ capital (deficit) April 1, 2020	$	(7,455,334)	$	(280,543)	$	(7,735,877)
Net income (loss)		(189,398)		(475)		(189,873)
Partners' capital (deficit), June 30, 2020		(7,644,732)		(281,018)		(7,925,750)
Net income (loss)		218,287		547		218,834
Partners' capital (deficit), September 30, 2020		(7,426,445)		(280,471)		(7,706,916)
Net income (loss)		(118,027)		(295)		(118,322)
Partners’ capital (deficit), December 31, 2020	$	(7,544,472)	$	(280,766)	$	(7,825,238)

The accompanying notes are an integral part of these condensed statements

15

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)

			General
	Assignees		partner		Total
Series 47
Partners’ capital (deficit) April 1, 2021	$	(1,845,669)	$	(81,526)	$	(1,927,195)
Net income (loss)		(16,711)		(42)		(16,753)
Partners’ capital (deficit), June 30, 2021		(1,862,380)		(81,568)		(1,943,948)
Net income (loss)		(38,750)		(97)		(38,847)
Partners' capital (deficit), September 30, 2021		(1,901,130)		(81,665)		(1,982,795)
Net income (loss)		638,487		1,600		640,087
Partners’ capital (deficit), December 31, 2021	$	(1,262,643)	$	(80,065)	$	(1,342,708)

			General
	Assignees		partner		Total
Series 47
Partners’ capital (deficit) April 1, 2020	$	(2,812,811)	$	(83,950)	$	(2,896,761)
Net income (loss)		(50,595)		(127)		(50,722)
Partners’ capital (deficit), June 30, 2020		(2,863,406)		(84,077)		(2,947,483)
Net income (loss)		291,191		730		291,921
Partners' capital (deficit), September 30, 2020		(2,572,215)		(83,347)		(2,655,562)
Net income (loss)		(18,896)		(47)		(18,943)
Partners’ capital (deficit), December 31, 2020	$	(2,591,111)	$	(83,394)	$	(2,674,505)

The accompanying notes are an integral part of these condensed statements

16

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)

			General
	Assignees		partner		Total
Series 48
Partners’ capital (deficit) April 1, 2021	$	(1,400,070)	$	(54,399)	$	(1,454,469)
Net income (loss)		(17,810)		(45)		(17,855)
Partners’ capital (deficit), June 30, 2021		(1,417,880)		(54,444)		(1,472,324)
Net income (loss)		(24,852)		(62)		(24,914)
Partners' capital (deficit), September 30, 2021		(1,442,732)		(54,506)		(1,497,238)
Net income (loss)		643,151		1,612		644,763
Partners’ capital (deficit), December 31, 2021	$	(799,581)	$	(52,894)	$	(852,475)

			General
	Assignees		partner		Total
Series 48
Partners’ capital (deficit) April 1, 2020	$	(1,384,253)	$	(54,359)	$	(1,438,612)
Net income (loss)		2,511		6		2,517
Partners’ capital (deficit), June 30, 2020		(1,381,742)		(54,353)		(1,436,095)
Net income (loss)		(32,361)		(81)		(32,442)
Partners' capital (deficit), September 30, 2020		(1,414,103)		(54,434)		(1,468,537)
Net income (loss)		17,543		44		17,587
Partners’ capital (deficit), December 31, 2020	$	(1,396,560)	$	(54,390)	$	(1,450,950)

The accompanying notes are an integral part of these condensed statements

17

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2021 and 2020

(Unaudited)

			General
	Assignees		partner		Total
Series 49
Partners’ capital (deficit) April 1, 2021	$	(3,406,517)	$	(142,606)	$	(3,549,123)
Net income (loss)		163,919		411		164,330
Partners’ capital (deficit), June 30, 2021		(3,242,598)		(142,195)		(3,384,793)
Net income (loss)		(85,850)		(215)		(86,065)
Partners' capital (deficit), September 30, 2021		(3,328,448)		(142,410)		(3,470,858)
Net income (loss)		4,373,987		10,962		4,384,949
Partners’ capital (deficit), December 31, 2021	$	1,045,539	$	(131,448)	$	914,091

			General
	Assignees		partner		Total
Series 49
Partners’ capital (deficit) April 1, 2020	$	(3,258,270)	$	(142,234)	$	(3,400,504)
Net income (loss)		(141,314)		(354)		(141,668)
Partners’ capital (deficit), June 30, 2020		(3,399,584)		(142,588)		(3,542,172)
Net income (loss)		(40,543)		(102)		(40,645)
Partners' capital (deficit), September 30, 2020		(3,440,127)		(142,690)		(3,582,817)
Net income (loss)		(116,674)		(292)		(116,966)
Partners' capital (deficit), December 31, 2020	$	(3,556,801)	$	(142,982)	$	(3,699,783)

The accompanying notes are an integral part of these condensed statements

18

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	5,649,695	$	(89,361)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(6,073,789)		(505,489)
Changes in assets and liabilities
(Increase) Decrease in other assets		(457)		100,000
Increase (Decrease) in accounts payable and accrued expenses		(40)		(4,843)
Increase (Decrease) in accounts payable affiliates		(6,222,915)		(338,941)
Net cash used in operating activities		(6,647,506)		(838,634)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		6,073,789		505,489
Net cash provided by investing activities		6,073,789		505,489
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(573,717)		(333,145)
Cash and cash equivalents, beginning		1,940,668		1,220,750
Cash and cash equivalents, ending	$	1,366,951	$	887,605

The accompanying notes are an integral part of these condensed statements

19

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 47

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	584,487	$	222,256
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(688,248)		(348,308)
Changes in assets and liabilities
(Increase) Decrease in other assets		285		—
Increase (Decrease) in accounts payable and accrued expenses		(38)		(3,679)
Increase (Decrease) in accounts payable affiliates		(1,378,792)		(431,086)
Net cash used in operating activities		(1,482,306)		(560,817)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		688,248		348,308
Net cash provided by investing activities		688,248		348,308
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(794,058)		(212,509)
Cash and cash equivalents, beginning		1,054,904		496,126
Cash and cash equivalents, ending	$	260,846	$	283,617

The accompanying notes are an integral part of these condensed statements

20

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 48

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	601,994	$	(12,338)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(676,000)		(61,500)
Changes in assets and liabilities
(Increase) Decrease in other assets		111		—
Increase (Decrease) in accounts payable and accrued expenses		—		(500)
Increase (Decrease) in accounts payable affiliates		(640,438)		(156,460)
Net cash used in operating activities		(714,333)		(230,798)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		676,000		61,500
Net cash provided by investing activities		676,000		61,500
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(38,333)		(169,298)
Cash and cash equivalents, beginning		235,196		398,271
Cash and cash equivalents, ending	$	196,863	$	228,973

The accompanying notes are an integral part of these condensed statements

21

BF Garden Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 49

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	4,463,214	$	(299,279)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(4,709,541)		(95,681)
Changes in assets and liabilities
(Increase) Decrease in other assets		(853)		100,000
Increase (Decrease) in accounts payable and accrued expenses		(2)		(664)
Increase (Decrease) in accounts payable affiliates		(4,203,685)		248,605
Net cash used in operating activities		(4,450,867)		(47,019)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		4,709,541		95,681
Net cash provided by investing activities		4,709,541		95,681
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		258,674		48,662
Cash and cash equivalents, beginning		650,568		326,353
Cash and cash equivalents, ending	$	909,242	$	375,015

The accompanying notes are an integral part of these condensed statements

22

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS

December 31, 2021

(Unaudited)

NOTE A - ORGANIZATION

BF Garden Tax Credit Fund V L.P. (formerly known as Boston Capital Tax Credit Fund V L.P.) (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced John P. Manning as the sole manager of the Fund’s general partner, BF Garden Associates V L.L.C., a Delaware limited liability company formerly known as Boston Capital Associates V L.L.C., and became the sole member of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC V Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

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 will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be 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, (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, 2021, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2021:

Series	Closing Date	BACs Sold	Equity Raised
Series 47	April 30, 2004	3,478,334	$	34,783,340
Series 48	August 12, 2004	2,299,372	$	22,993,720
Series 49	April 29, 2005	6,000,000	$	60,000,000

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2021 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

23

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES – (continued)

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

NOTE C - RELATED PARTY TRANSACTIONS

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned to BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended December 31, 2021 and 2020, are as follows:

	2021		2020
Series 47	$	19,064	$	26,724
Series 48		11,854		12,291
Series 49		84,331		116,582
Total	$	115,249	$	155,597

The fund management fees paid for the three months ended December 31, 2021 and 2020 are as follows:

	2021		2020
Series 47	$	676,000	$	348,308
Series 48		676,000		205,000
Series 49		3,992,915		113,181
Total	$	5,344,915	$	666,489

The fund management fees paid for the nine months ended December 31, 2021 and 2020 are as follows:

	2021		2020
Series 47	$	1,436,987	$	526,986
Series 48		676,000		205,000
Series 49		4,487,927		122,450
Total	$	6,600,914	$	854,436

24

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2021 and 2020, the Fund had limited partnership interests in 16 and 28 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2021 and 2020 is as follows:

	2021	2020
Series 47	2	5
Series 48	1	2
Series 49	13	21
Total	16	28

Under the terms of the Fund's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.

During the nine months ended December 31, 2021, the Fund disposed of seven Operating Partnerships. A summary of the dispositions by series for the period ended December 31, 2021 is as follows:

	Operating	Sale of
	Partnership	Underlying	Partnership
	Interest	Operating	Proceeds from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 47	2	—	$	688,248	$	688,248
Series 48	1	—		676,000		676,000
Series 49	4	—		4,709,541		4,709,541
Total	7	—	$	6,073,789	$	6,073,789

During the nine months ended December 31, 2020, the Fund disposed of five Operating Partnerships. A summary of the dispositions by Series for the period ended December 31, 2020 is as follows:

	Operating	Sale of
	Partnership	Underlying	Partnership
	Interest	Operating	Proceeds from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 47	2	—	$	348,308	$	348,308
Series 48	2	—		61,500		61,500
Series 49	1	—		95,681		95,681
Total	5	—	$	505,489	$	505,489

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

25

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS – (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership’s partnership agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2021.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Total

	2021		2020
Revenues
Rental	$	4,076,213	$	10,225,130
Interest and other		132,589		426,587
		4,208,802		10,651,717
Expenses
Interest		534,857		1,297,562
Depreciation and amortization		1,149,993		2,568,725
Operating expenses		3,011,494		7,360,204
		4,696,344		11,226,491
NET INCOME (LOSS)	$	(487,542)	$	(574,774)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(482,668)	$	(569,026)
Net Income (loss) allocated to other Partners	$	(4,874)	$	(5,748)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

26

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS – (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 47

	2021		2020
Revenues
Rental	$	672,338	$	1,911,282
Interest and other		2,366		133,697
		674,704		2,044,979
Expenses
Interest		123,649		213,241
Depreciation and amortization		148,235		418,369
Operating expenses		518,567		1,414,733
		790,451		2,046,343
NET INCOME (LOSS)	$	(115,747)	$	(1,364)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(114,590)	$	(1,350)
Net Income (loss) allocated to other Partners	$	(1,157)	$	(14)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

27

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 48

	2021		2020
Revenues
Rental	$	257,030	$	963,991
Interest and other		6,145		18,614
		263,175		982,605
Expenses
Interest		25,643		90,030
Depreciation and amortization		42,094		182,393
Operating expenses		217,585		683,474
		285,322		955,897
NET INCOME (LOSS)	$	(22,147)	$	26,708
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(21,926)	$	26,441
Net Income (loss) allocated to other Partners	$	(221)	$	267

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

28

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 49

	2021		2020
Revenues
Rental	$	3,146,845	$	7,349,857
Interest and other		124,078		274,276
		3,270,923		7,624,133
Expenses
Interest		385,565		994,291
Depreciation and amortization		959,664		1,967,963
Operating expenses		2,275,342		5,261,997
		3,620,571		8,224,251
NET INCOME (LOSS)	$	(349,648)	$	(600,118)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(346,152)	$	(594,117)
Net Income (loss) allocated to other Partners	$	(3,496)	$	(6,001)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE E - TAXABLE LOSS

The Fund's taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

29

BF Garden Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2021

(Unaudited)

NOTE F - 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 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. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2016 remain open.

NOTE G - CONTINGENCY

The spread of a novel strain of coronavirus (COVID-19) has caused significant business disruptions in the United States beginning February 2020. The economic impact of the business disruptions caused by COVID-19 is uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Fund will depend on future developments, including possible impacts on the operations of the underlying real estate of its investments, which cannot be determined.

NOTE H - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure.  The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes.  Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that, other than the subsequent event discussed below, no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

30

Item 2. 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, 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 1933, 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. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, 2021. 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.

BF Garden Tax Credit Fund V L.P., a Delaware limited partnership formerly known as Boston Capital Tax Credit Fund V L.P. (the “Fund”), was organized as of October 15, 2003 to invest as a limited partner in operating partnerships (the “Operating Partnerships”), each of which owns or leases and operates an apartment complex exclusively or partially for low- and moderate-income tenants. Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced John P. Manning as the sole manager of the Fund’s general partner, BF Garden Associates V L.L.C., a Delaware limited liability company formerly known as Boston Capital Associates V L.L.C., and became the sole member of the Fund’s General Partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC V Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

Liquidity

The Fund's primary source of funds is the proceeds of the Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment and on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended December 31, 2021 were $115,249 and total fund management fees accrued as of December 31, 2021 were $2,652,892. During the quarter ended December 31, 2021, $5,344,915 of the accrued fund management fees were paid. Pursuant to the Fund’s partnership agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these liabilities. The Fund’s working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations of the Fund.

Capital Resources

The Fund offered beneficial assignee certificates (“BACs”) in the Offering declared effective by the Securities and Exchange Commission on January 2, 2004. The Fund received $34,783,340, $22,993,720 and $60,000,000 representing 3,478,334, 2,299,372 and 6,000,000 BACs from investors admitted as BAC holders in Series 47, Series 48 and Series 49, respectively, as of December 31, 2021.

Series 47

The Fund commenced offering BACs in Series 47 on January 2, 2004. Offers and sales of BACs in Series 47 were completed on April 30, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $26,409,598. Series 47 has since sold its interest in 13 of the Operating Partnerships and 2 remain.

31

During the quarter ended December 31, 2021, Series 47 did not record any releases of capital contributions. Series 47 has released all payments of its capital contributions to the Operating Partnerships.

Series 48

The Fund commenced offering BACs in Series 48 on May 11, 2004. Offers and sales of BACs in Series 48 were completed on August 12, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $17,452,406. Series 48 has since sold its interest in 10 of the Operating Partnerships and 1 remains.

During the quarter ended December 31, 2021, Series 48 did not record any releases of capital contributions. Series 48 has released all payments of its capital contributions to the Operating Partnerships.

Series 49

The Fund commenced offering BACs in Series 49 on August 24, 2004. Offers and sales of BACs in Series 49 were completed on April 29, 2005. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $45,728,155. Series 49 has since sold its interest in 11 of the Operating Partnerships and 13 remain.

During the quarter ended December 31, 2021, Series 49 did not record any releases of capital contributions. Series 49 has outstanding contributions payable to 1 Operating Partnership in the amount of $101, as of December 31, 2021. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in their partnership agreement.

Results of Operations

As of December 31, 2021, the Fund held limited partnership interests in 16 Operating Partnerships. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain 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." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, formerly an affiliate of the Fund’s general partner. As part of the sale disclosed in Note A, the fund management fee is now with BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the Fund’s general partner, in an annual fund management fee of .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, 2021 are as follows:

	3 Months				3 Months
	Gross Fund		3 Months		Fund Management Fee
	Management Fee		Reporting Fee		Net of Reporting Fee
Series 47	$	19,064	$	1,000	$	18,064
Series 48		11,854		—		11,854
Series 49		84,331		28,800		55,531
	$	115,249	$	29,800	$	85,449

32

	9 Months				9 Months
	Gross Fund		9 Months		Fund Management Fee
	Management Fee		Reporting Fee		Net of Reporting Fee
Series 47	$	58,195	$	1,000	$	57,195
Series 48		35,562		1,700		33,862
Series 49		284,242		45,710		238,532
	$	377,999	$	48,410	$	329,589

The Fund's investment objectives do not include receipt of significant cash 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 December 31, 2021 and 2020, the average Qualified Occupancy was 100%. The series had a total of 2 properties at December 31, 2021, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2021 and 2020, Series 47 reflects a net loss from Operating Partnerships of $(115,747) and $(1,364), respectively, which includes depreciation and amortization of $148,235 and $418,369, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In February 2020, the operating general partner of Countrybrook Champaign Limited Partnership entered into an agreement to sell the property, with cash proceeds to the investment partnerships of $184,857 and $9,590 for Series 47 and Series 49, respectively. Of the total proceeds received by the investment partnerships, $6,179 and $321 for Series 47 and Series 49, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $178,678 and $9,269 for Series 47 and Series 49, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $178,678, and $9,269 for Series 47 and Series 49, respectively, as of March 31, 2020. The Operating Partnership received additional proceeds in the amount of $7,690, and $399 for Series 47 and Series 49, respectively, as of December 31, 2020.

In July 2020, the investment general partners transferred their respective interests in Marble Falls Vistas Apartments, Limited Partnership, with cash proceeds to the investment partnerships of $332,681 and $97,319 for Series 47 and Series 49, respectively. Of the total proceeds received, $6,963 and $2,037 for Series 47 and Series 49, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $325,718 and $95,282 were returned to cash reserves held by Series 47 and Series 49, respectively. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $325,718 and $95,282 for Series 47 and Series 49, respectively as of December 31, 2020.

In September 2020, the investment general partner transferred its interest Marion Apartments – Osceola Limited Partnership, with cash proceeds to the investment partnership of $17,400 of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,900 were returned to cash reserves held by Series 47. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $14,900 as of December 31, 2020.

In March 2021, the investment general partner transferred its interest in Parkland Manor Apartments Limited, with cash proceeds to the investment partnership of $749,963. These proceeds were returned to cash reserves held by Series 47 and recorded as a gain on transfer as of March 31, 2021.

In June 2021, the investment general partner of BF Garden Tax Credit Fund IV - Series 45 and Series 47 transferred their respective interest in Dawn Springs Villa LP, L.P., with cash proceeds to the investment partnership of $22,749 and $12,249, for Series 45 and Series 47, respectively. These proceeds of $22,749 and $12,249, for Series 45 and Series 47, respectively, were returned to cash reserves and recorded as a gain on transfer as of June 30, 2021.

33

In December 2021, the investment general partner of Series 47 and Series 48 transferred their respective interest in Mayfair Park Apartments, LP, with cash proceeds to the investment partnership of $675,999 and $676,000, for Series 47 and Series 48, respectively. These proceeds of $675,999 and $676,000, for Series 47 and Series 48, respectively, were returned to cash reserves and recorded as a gain on transfer as of December 31, 2021.

In January 2022, the investment general partner transferred its interest in Pecan Acres Limited Partnership I, with cash proceeds to the investment partnership of $1,199,000. These proceeds were returned to cash reserves held by Series 47 and recorded as a gain on transfer as of January 31, 2022.

Series 48

As of December 31, 2021 and 2020, the average Qualified Occupancy was 100%. The series had a total of 1 property at December 31, 2021, which was at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2021 and 2020, Series 48 reflects a net income (loss) from Operating Partnerships of $(22,147) and $26,708, respectively, which includes depreciation and amortization of $42,094 and $182,393, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2020, the investment general partner transferred its interest in P.D.C. Sixty Limited Partnership, with cash proceeds to the investment partnership of $40,000. Of the total proceeds received, $6,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $33,500 were returned to cash reserves held by Series 48. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $33,500 as of June 30, 2020.

In November 2020, the investment general partner transferred its interest in Umatilla Links Associates Limited Partnership, with cash proceeds to the investment partnership of $30,000. Of the total proceeds received, $2,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,000 were returned to cash reserves held by Series 48. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $28,000 as of December 31, 2020.

In December 2021, the investment general partner of Series 47 and Series 48 transferred their respective interest in Mayfair Park Apartments, LP, with cash proceeds to the investment partnership of $675,999 and $676,000, for Series 47 and Series 48, respectively. These proceeds of $675,999 and $676,000, for Series 47 and Series 48, respectively, were returned to cash reserves and recorded as a gain on transfer as of December 31, 2021.

Series 49

As of December 31, 2021 and 2020, the average Qualified Occupancy was 100%. The series had a total of 13 properties at December 31, 2021, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2021 and 2020, Series 49 reflects a net loss from Operating Partnerships of $(349,648) and $(600,118), respectively, which includes depreciation and amortization of $959,664 and $1,967,963, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In February 2020, the operating general partner of Countrybrook Champaign Limited Partnership entered into an agreement to sell the property, with cash proceeds to the investment partnerships of $184,857 and $9,590 for Series 47 and Series 49, respectively. Of the total proceeds received by the investment partnerships, $6,179 and $321 for Series 47 and Series 49, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $178,678 and $9,269 for Series 47 and Series 49, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $178,678, and $9,269 for Series 47 and Series 49, respectively, as of March 31, 2020. The Operating Partnership received additional proceeds in the amount of $7,690, and $399 for Series 47 and Series 49, respectively, as of December 31, 2020.

34

In July 2020, the investment general partners transferred their respective interests in Marble Falls Vistas Apartments, Limited Partnership, with cash proceeds to the investment partnerships of $332,681 and $97,319 for Series 47 and Series 49, respectively. Of the total proceeds received, $6,963 and $2,037 for Series 47 and Series 49, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $325,718 and $95,282 were returned to cash reserves held by Series 47 and Series 49, respectively. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $325,718 and $95,282 for Series 47 and Series 49, respectively as of December 31, 2020.

In March 2021, the investment general partner of BF Garden Tax Credit Fund IV - Series 44 and Series 49 transferred their respective interest in Post Oak East Apartments, L.P., with cash proceeds to the investment partnership of $715,894 and $210,826, for Series 44 and Series 49, respectively. Of the total proceeds received by the investment partnership, $20,664 and $6,082, for Series 44 and Series 49, respectively, represent reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds of $695,230 and $204,744, for Series 44 and Series 49, respectively, were returned to cash reserves and recorded as a gain on sale as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Garden Grace Limited, with cash proceeds to the investment partnership of $10,000. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Mauston Limited Partnership, with cash proceeds to the investment partnership of $11,549. From these proceeds $1,407 was applied to advances outstanding, and the remaining proceeds of $10,142 were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Kewaunee Limited Partnership, with cash proceeds to the investment partnership of $19,949. From these proceeds $2,341 was applied to advances outstanding, and the remaining proceeds of $17,608 were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of March 31, 2021.

In June 2021, the investment general partner transferred its interest in Linda Villa Apartment, with cash proceeds to the investment partnership of $205,990. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of June 30, 2021.

In June 2021, the investment general partner transferred its interest in Renaissance Village, with cash proceeds to the investment partnership of $43,698. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of June 30, 2021.

In October 2021, the investment general partner transferred its interest in Rosewood Place, L.L.C., with cash proceeds to the investment partnership of $949,953. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of December 31, 2021.

In December 2021, the investment general partner transferred its interest in Bristol Apartments, L.P., with cash proceeds to the investment partnership of $3,509,900. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of December 31, 2021.

In January 2022, the investment general partner transferred its interest in New Chester Townhouses, A Limited Partnership, with cash proceeds to the investment partnership of $46,500. These proceeds were returned to cash reserves held by Series 49 and recorded as a gain on transfer as of January 31, 2022.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

35

Kaufman Fountainhead, L.P

Perryton Fountainhead, L.P

Linden - Shawnee Partners, Limited Partnership

The Gardens of Athens. L.P.

Union Square Housing Partnership, A LA Limited Partnership

Off Balance Sheet Arrangements

None.

Principal Accounting Policies

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. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors.  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 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 guidance requires continual reconsideration of the primary beneficiary of a VIE.

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations.  However, management does not consolidate the Fund’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities.  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, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on the 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 housing complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Item 3 Quantitative and Qualitative Disclosures About Market Risk

Not Applicable

Item 4 Controls and 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 Corporate Investment Holdings, Inc., carried out an evaluation of the effectiveness of the Fund’s “disclosure controls and procedures” as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund’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 effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.

36

(b)Changes in Internal Controls

There were no changes in the Fund’s or any series' internal controls over financial reporting that occurred during the quarter ended December 31, 2021 that materially affected, or are reasonably likely to materially affect, the Fund’s or any series' internal controls over financial reporting.

(c)Certifications

The Certifications of the Principal Executive Officer and Principal Financial Officer of the Fund required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as Exhibits 31.a, 31.b, 32.a and 32.b to this Quarterly Report on Form 10-Q, are applicable to each series individually and the Fund as a whole.

37

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

There have been no material changes from the risk factors set forth under Part I, Item 1A. “Risk Factors” in our Form 10-K for the fiscal year ended March 31, 2021.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not Applicable

Item 5. Other Information

None

38

Item 6. Exhibits

(a)Exhibits

31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Gregory Voyentzie, Principal Executive Officer, filed herewith

31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Accounting and Financial Officer, filed herewith

32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Gregory Voyentzie, Principal Executive Officer, filed herewith

32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Accounting and Financial Officer, filed herewith

101. The following materials from the BF Garden Tax Credit Fund V L.P. Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2021 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herewith

104. Cover Page Interactive Data File (formatted in iXBRL and included in Exhibit 101).

39

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BF Garden Tax Credit Fund V L.P.
	By:	BF Garden Associates V L.L.C., it General Partner
		By:	Corporate Investment Holdings, Inc., its Manager
Date: February 11, 2022			By:	/s/ Gregory Voyentzie
				Gregory Voyentzie
				President (Principal Executive Officer)

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:
February 11, 2022	/s/ Gregory Voyentzie	President
	Gregory Voyentzie	(Principal Executive Officer), Corporate Investment Holdings, Inc.
February 11, 2022	/s/ Marie Reynolds	Treasurer
	Marie Reynolds	(Principal Accounting and Financial Officer), Corporate Investment Holdings, Inc.

40

EX-31.A

Exhibit 31.a

I,Gregory Voyentzie, certify that:

1. I have reviewed this quarterly report on Form 10-Q of BF Garden 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 controls 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 controls over financial reporting, or caused such internal controls 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 controls 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 controls over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal controls 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 controls 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 controls over financial reporting.

Date:	/s/ Gregory Voyentzie
February 11, 2022	Gregory Voyentzie
	Principal Executive Officer,
	BF Garden Associates V L.L.C.

EX-31.B

Exhibit 31.b

I,Marie Reynolds, certify that:

1. I have reviewed this quarterly report on Form 10-Q of BF Garden 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 controls 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 controls over financial reporting, or caused such internal controls 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 controls 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 controls over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal controls 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 controls 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 controls over financial reporting.

Date:	/s/ Marie Reynolds
February 11, 2022	Marie Reynolds
	Principal Accounting and Financial Officer,
	BF Garden Associates V L.L.C.

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 Quarterly Report of BF Garden Tax Credit Fund V L.P. (the “Fund”) on Form 10-Q for the period ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gregory Voyentzie, Principal Executive Officer of the Fund’s general partner, BF Garden 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:
February 11, 2022	/s/Gregory Voyentzie
	Gregory Voyentzie
	Principal Executive Officer, BF Garden Associates V L.L.C.

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 Quarterly Report of BF Garden Tax Credit Fund V L.P. (the “Fund”) on Form 10-Q for the period ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Marie Reynolds, Principal Financial Officer of the Fund’s general partner, BF Garden 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:
February 11, 2022	/s/ Marie Reynolds
	Marie Reynolds
	Principal Accounting and Financial Officer,
	BF Garden Associates V L.L.C.

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.

XML

Document And Entity Information	9 Months Ended
	Dec. 31, 2021 shares
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	BF GARDEN TAX CREDIT FUND V L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-109898
Entity Address, Address Line One	101 Arch Street, 13th Floor
Entity Address, City or Town	Boston
Entity Address, Postal Zip Code	02110
Entity Address, State or Province	MA
Entity Tax Identification Number	14-1897569
City Area Code	888
Local Phone Number	773-1487
Title of 12(b) Security	None
Security Exchange Name	NONE
No Trading Symbol Flag	true
Entity Central Index Key	0001267425
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true

XML

CONDENSED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Mar. 31, 2021
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	$ 0	$ 0
OTHER ASSETS
Cash and cash equivalents	1,366,951	1,940,668
Other assets	4,950	4,493
Assets	1,371,901	1,945,161
LIABILITIES
Accounts payable and accrued expenses	0	40
Accounts payable affiliates	2,652,892	8,875,807
Capital contributions payable	101	101
Total Liabilities	2,652,993	8,875,948
PARTNERS' CAPITAL (DEFICIT)
Limited partners	(1,016,685)	(6,652,256)
General Partner	(264,407)	(278,531)
Partners Capital	(1,281,092)	(6,930,787)
Liabilities and Stockholders' Equity	1,371,901	1,945,161
Series 47 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	260,846	1,054,904
Other assets	0	285
Assets	260,846	1,055,189
LIABILITIES
Accounts payable and accrued expenses	0	38
Accounts payable affiliates	1,603,554	2,982,346
Capital contributions payable	0	0
Total Liabilities	1,603,554	2,982,384
PARTNERS' CAPITAL (DEFICIT)
Limited partners	(1,262,643)	(1,845,669)
General Partner	(80,065)	(81,526)
Partners Capital	(1,342,708)	(1,927,195)
Liabilities and Stockholders' Equity	260,846	1,055,189
Series 48 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	196,863	235,196
Other assets	0	111
Assets	196,863	235,307
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates	1,049,338	1,689,776
Capital contributions payable	0	0
Total Liabilities	1,049,338	1,689,776
PARTNERS' CAPITAL (DEFICIT)
Limited partners	(799,581)	(1,400,070)
General Partner	(52,894)	(54,399)
Partners Capital	(852,475)	(1,454,469)
Liabilities and Stockholders' Equity	196,863	235,307
Series 49 [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	909,242	650,568
Other assets	4,950	4,097
Assets	914,192	654,665
LIABILITIES
Accounts payable and accrued expenses	0	2
Accounts payable affiliates	0	4,203,685
Capital contributions payable	101	101
Total Liabilities	101	4,203,788
PARTNERS' CAPITAL (DEFICIT)
Limited partners	1,045,539	(3,406,517)
General Partner	(131,448)	(142,606)
Partners Capital	914,091	(3,549,123)
Liabilities and Stockholders' Equity	$ 914,192	$ 654,665

XML

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Mar. 31, 2021
Units of limited partnership interest, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	11,777,706	11,777,706
Units of limited partnership interest, outstanding	11,725,306	11,725,306
Series 47 [Member]
Units of limited partnership interest, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	3,478,334	3,478,334
Units of limited partnership interest, outstanding	3,459,434	3,459,434
Series 48 [Member]
Units of limited partnership interest, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	2,299,372	2,299,372
Units of limited partnership interest, outstanding	2,283,872	2,283,872
Series 49 [Member]
Units of limited partnership interest, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	6,000,000	6,000,000
Units of limited partnership interest, outstanding	5,982,000	5,982,000

XML

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income
Interest income	$ 145	$ 328	$ 478	$ 2,922
Other income	10,363	37,118	96,272	59,062
Total income	10,508	37,446	96,750	61,984
Gain on sale of operating limited partnerships	5,811,852	36,089	6,073,789	505,489
Expenses
Professional fees	23,999	20,869	86,245	115,797
Fund management fee, net	85,449	155,597	329,589	481,424
General and administrative expenses	43,113	15,391	105,010	59,613
Operating expenses	152,561	191,857	520,844	656,834
NET INCOME (LOSS)	5,669,799	(118,322)	5,649,695	(89,361)
Net income (loss) allocated to assignees	5,655,625	(118,027)	5,635,571	(89,138)
Net income (loss) allocated to general partner	$ 14,174	$ (295)	$ 14,124	$ (223)
Net income (loss) per BAC	$ 0.48	$ (0.01)	$ 0.48	$ (0.01)
Series 47 [Member]
Income
Interest income	$ 39	$ 127	$ 144	$ 988
Other income	1,550	10,512	7,814	13,413
Total income	1,589	10,639	7,958	14,401
Gain on sale of operating limited partnerships	675,999	7,690	688,248	348,308
Expenses
Professional fees	7,999	5,806	26,688	30,541
Fund management fee, net	18,064	26,724	57,195	90,650
General and administrative expenses	11,438	4,742	27,836	19,262
Operating expenses	37,501	37,272	111,719	140,453
NET INCOME (LOSS)	640,087	(18,943)	584,487	222,256
Net income (loss) allocated to assignees	638,487	(18,896)	583,026	221,700
Net income (loss) allocated to general partner	$ 1,600	$ (47)	$ 1,461	$ 556
Net income (loss) per BAC	$ 0.18	$ (0.01)	$ 0.17	$ 0.06
Series 48 [Member]
Income
Interest income	$ 29	$ 87	$ 111	$ 1,047
Other income	813	10,513	6,756	11,944
Total income	842	10,600	6,867	12,991
Gain on sale of operating limited partnerships	676,000	28,000	676,000	61,500
Expenses
Professional fees	7,999	5,141	24,513	27,955
Fund management fee, net	11,854	12,291	33,862	41,790
General and administrative expenses	12,226	3,581	22,498	17,084
Operating expenses	32,079	21,013	80,873	86,829
NET INCOME (LOSS)	644,763	17,587	601,994	(12,338)
Net income (loss) allocated to assignees	643,151	17,543	600,489	(12,307)
Net income (loss) allocated to general partner	$ 1,612	$ 44	$ 1,505	$ (31)
Net income (loss) per BAC	$ 0.28	$ 0.01	$ 0.26	$ (0.01)
Series 49 [Member]
Income
Interest income	$ 77	$ 114	$ 223	$ 887
Other income	8,000	16,093	81,702	33,705
Total income	8,077	16,207	81,925	34,592
Gain on sale of operating limited partnerships	4,459,853	399	4,709,541	95,681
Expenses
Professional fees	8,001	9,922	35,044	57,301
Fund management fee, net	55,531	116,582	238,532	348,984
General and administrative expenses	19,449	7,068	54,676	23,267
Operating expenses	82,981	133,572	328,252	429,552
NET INCOME (LOSS)	4,384,949	(116,966)	4,463,214	(299,279)
Net income (loss) allocated to assignees	4,373,987	(116,674)	4,452,056	(298,531)
Net income (loss) allocated to general partner	$ 10,962	$ (292)	$ 11,158	$ (748)
Net income (loss) per BAC	$ 0.73	$ (0.01)	$ 0.74	$ (0.05)

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - USD ($)	Series 47 [Member] Assignees [Member]	Series 47 [Member] General Partner [Member]	Series 47 [Member]	Series 48 [Member] Assignees [Member]	Series 48 [Member] General Partner [Member]	Series 48 [Member]	Series 49 [Member] Assignees [Member]	Series 49 [Member] General Partner [Member]	Series 49 [Member]	Assignees [Member]	General Partner [Member]	Total
Partners' capital (deficit) at Mar. 31, 2020	$ (2,812,811)	$ (83,950)	$ (2,896,761)	$ (1,384,253)	$ (54,359)	$ (1,438,612)	$ (3,258,270)	$ (142,234)	$ (3,400,504)	$ (7,455,334)	$ (280,543)	$ (7,735,877)
Net income (loss)	(50,595)	(127)	(50,722)	2,511	6	2,517	(141,314)	(354)	(141,668)	(189,398)	(475)	(189,873)
Partners' capital (deficit) at Jun. 30, 2020	(2,863,406)	(84,077)	(2,947,483)	(1,381,742)	(54,353)	(1,436,095)	(3,399,584)	(142,588)	(3,542,172)	(7,644,732)	(281,018)	(7,925,750)
Partners' capital (deficit) at Mar. 31, 2020	(2,812,811)	(83,950)	(2,896,761)	(1,384,253)	(54,359)	(1,438,612)	(3,258,270)	(142,234)	(3,400,504)	(7,455,334)	(280,543)	(7,735,877)
Net income (loss)			222,256			(12,338)			(299,279)			(89,361)
Partners' capital (deficit) at Dec. 31, 2020	(2,591,111)	(83,394)	(2,674,505)	(1,396,560)	(54,390)	(1,450,950)	(3,556,801)	(142,982)	(3,699,783)	(7,544,472)	(280,766)	(7,825,238)
Partners' capital (deficit) at Jun. 30, 2020	(2,863,406)	(84,077)	(2,947,483)	(1,381,742)	(54,353)	(1,436,095)	(3,399,584)	(142,588)	(3,542,172)	(7,644,732)	(281,018)	(7,925,750)
Net income (loss)	291,191	730	291,921	(32,361)	(81)	(32,442)	(40,543)	(102)	(40,645)	218,287	547	218,834
Partners' capital (deficit) at Sep. 30, 2020	(2,572,215)	(83,347)	(2,655,562)	(1,414,103)	(54,434)	(1,468,537)	(3,440,127)	(142,690)	(3,582,817)	(7,426,445)	(280,471)	(7,706,916)
Net income (loss)	(18,896)	(47)	(18,943)	17,543	44	17,587	(116,674)	(292)	(116,966)	(118,027)	(295)	(118,322)
Partners' capital (deficit) at Dec. 31, 2020	(2,591,111)	(83,394)	(2,674,505)	(1,396,560)	(54,390)	(1,450,950)	(3,556,801)	(142,982)	(3,699,783)	(7,544,472)	(280,766)	(7,825,238)
Partners' capital (deficit) at Mar. 31, 2021	(1,845,669)	(81,526)	(1,927,195)	(1,400,070)	(54,399)	(1,454,469)	(3,406,517)	(142,606)	(3,549,123)	(6,652,256)	(278,531)	(6,930,787)
Net income (loss)	(16,711)	(42)	(16,753)	(17,810)	(45)	(17,855)	163,919	411	164,330	129,398	324	129,722
Partners' capital (deficit) at Jun. 30, 2021	(1,862,380)	(81,568)	(1,943,948)	(1,417,880)	(54,444)	(1,472,324)	(3,242,598)	(142,195)	(3,384,793)	(6,522,858)	(278,207)	(6,801,065)
Partners' capital (deficit) at Mar. 31, 2021	(1,845,669)	(81,526)	(1,927,195)	(1,400,070)	(54,399)	(1,454,469)	(3,406,517)	(142,606)	(3,549,123)	(6,652,256)	(278,531)	(6,930,787)
Net income (loss)			584,487			601,994			4,463,214			5,649,695
Partners' capital (deficit) at Dec. 31, 2021	(1,262,643)	(80,065)	(1,342,708)	(799,581)	(52,894)	(852,475)	1,045,539	(131,448)	914,091	(1,016,685)	(264,407)	(1,281,092)
Partners' capital (deficit) at Jun. 30, 2021	(1,862,380)	(81,568)	(1,943,948)	(1,417,880)	(54,444)	(1,472,324)	(3,242,598)	(142,195)	(3,384,793)	(6,522,858)	(278,207)	(6,801,065)
Net income (loss)	(38,750)	(97)	(38,847)	(24,852)	(62)	(24,914)	(85,850)	(215)	(86,065)	(149,452)	(374)	(149,826)
Partners' capital (deficit) at Sep. 30, 2021	(1,901,130)	(81,665)	(1,982,795)	(1,442,732)	(54,506)	(1,497,238)	(3,328,448)	(142,410)	(3,470,858)	(6,672,310)	(278,581)	(6,950,891)
Net income (loss)	638,487	1,600	640,087	643,151	1,612	644,763	4,373,987	10,962	4,384,949	5,655,625	14,174	5,669,799
Partners' capital (deficit) at Dec. 31, 2021	$ (1,262,643)	$ (80,065)	$ (1,342,708)	$ (799,581)	$ (52,894)	$ (852,475)	$ 1,045,539	$ (131,448)	$ 914,091	$ (1,016,685)	$ (264,407)	$ (1,281,092)

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income (loss)	$ 5,649,695	$ (89,361)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships	(6,073,789)	(505,489)
Changes in assets and liabilities
(Increase) Decrease in other assets	(457)	100,000
Increase (Decrease) in accounts payable and accrued expenses	(40)	(4,843)
Increase (Decrease) in accounts payable affiliates	(6,222,915)	(338,941)
Net cash used in operating activities	(6,647,506)	(838,634)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	6,073,789	505,489
Net cash provided by investing activities	6,073,789	505,489
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(573,717)	(333,145)
Cash and cash equivalents, beginning	1,940,668	1,220,750
Cash and cash equivalents, ending	1,366,951	887,605
Series 47 [Member]
Cash flows from operating activities
Net income (loss)	584,487	222,256
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships	(688,248)	(348,308)
Changes in assets and liabilities
(Increase) Decrease in other assets	285	0
Increase (Decrease) in accounts payable and accrued expenses	(38)	(3,679)
Increase (Decrease) in accounts payable affiliates	(1,378,792)	(431,086)
Net cash used in operating activities	(1,482,306)	(560,817)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	688,248	348,308
Net cash provided by investing activities	688,248	348,308
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(794,058)	(212,509)
Cash and cash equivalents, beginning	1,054,904	496,126
Cash and cash equivalents, ending	260,846	283,617
Series 48 [Member]
Cash flows from operating activities
Net income (loss)	601,994	(12,338)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships	(676,000)	(61,500)
Changes in assets and liabilities
(Increase) Decrease in other assets	111	0
Increase (Decrease) in accounts payable and accrued expenses	0	(500)
Increase (Decrease) in accounts payable affiliates	(640,438)	(156,460)
Net cash used in operating activities	(714,333)	(230,798)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	676,000	61,500
Net cash provided by investing activities	676,000	61,500
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(38,333)	(169,298)
Cash and cash equivalents, beginning	235,196	398,271
Cash and cash equivalents, ending	196,863	228,973
Series 49 [Member]
Cash flows from operating activities
Net income (loss)	4,463,214	(299,279)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships	(4,709,541)	(95,681)
Changes in assets and liabilities
(Increase) Decrease in other assets	(853)	100,000
Increase (Decrease) in accounts payable and accrued expenses	(2)	(664)
Increase (Decrease) in accounts payable affiliates	(4,203,685)	248,605
Net cash used in operating activities	(4,450,867)	(47,019)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	4,709,541	95,681
Net cash provided by investing activities	4,709,541	95,681
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	258,674	48,662
Cash and cash equivalents, beginning	650,568	326,353
Cash and cash equivalents, ending	$ 909,242	$ 375,015

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ORGANIZATION

9 Months Ended

Dec. 31, 2021

ORGANIZATION

ORGANIZATION

NOTE A - ORGANIZATION

BF Garden Tax Credit Fund V L.P. (formerly known as Boston Capital Tax Credit Fund V L.P.) (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced John P. Manning as the sole manager of the Fund’s general partner, BF Garden Associates V L.L.C., a Delaware limited liability company formerly known as Boston Capital Associates V L.L.C., and became the sole member of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC V Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

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 will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be 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, (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, 2021, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2021:

Series	Closing Date	BACs Sold	Equity Raised
Series 47	April 30, 2004	3,478,334	$	34,783,340
Series 48	August 12, 2004	2,299,372	$	22,993,720
Series 49	April 29, 2005	6,000,000	$	60,000,000

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

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ACCOUNTING AND FINANCIAL REPORTING POLICIES

9 Months Ended

Dec. 31, 2021

ACCOUNTING AND FINANCIAL REPORTING POLICIES

ACCOUNTING AND FINANCIAL REPORTING POLICIES

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2021 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES – (continued)

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

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RELATED PARTY TRANSACTIONS

9 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE C - RELATED PARTY TRANSACTIONS

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned to BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended December 31, 2021 and 2020, are as follows:

	2021		2020
Series 47	$	19,064	$	26,724
Series 48		11,854		12,291
Series 49		84,331		116,582
Total	$	115,249	$	155,597

The fund management fees paid for the three months ended December 31, 2021 and 2020 are as follows:

	2021		2020
Series 47	$	676,000	$	348,308
Series 48		676,000		205,000
Series 49		3,992,915		113,181
Total	$	5,344,915	$	666,489

The fund management fees paid for the nine months ended December 31, 2021 and 2020 are as follows:

	2021		2020
Series 47	$	1,436,987	$	526,986
Series 48		676,000		205,000
Series 49		4,487,927		122,450
Total	$	6,600,914	$	854,436

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INVESTMENTS IN OPERATING PARTNERSHIPS

9 Months Ended

Dec. 31, 2021

INVESTMENTS IN OPERATING PARTNERSHIPS

INVESTMENTS IN OPERATING PARTNERSHIPS

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2021 and 2020, the Fund had limited partnership interests in 16 and 28 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2021 and 2020 is as follows:

	2021	2020
Series 47	2	5
Series 48	1	2
Series 49	13	21
Total	16	28

Under the terms of the Fund's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.

During the nine months ended December 31, 2021, the Fund disposed of seven Operating Partnerships. A summary of the dispositions by series for the period ended December 31, 2021 is as follows:

	Operating	Sale of
	Partnership	Underlying	Partnership
	Interest	Operating	Proceeds from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 47	2	—	$	688,248	$	688,248
Series 48	1	—		676,000		676,000
Series 49	4	—		4,709,541		4,709,541
Total	7	—	$	6,073,789	$	6,073,789

During the nine months ended December 31, 2020, the Fund disposed of five Operating Partnerships. A summary of the dispositions by Series for the period ended December 31, 2020 is as follows:

	Operating	Sale of
	Partnership	Underlying	Partnership
	Interest	Operating	Proceeds from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 47	2	—	$	348,308	$	348,308
Series 48	2	—		61,500		61,500
Series 49	1	—		95,681		95,681
Total	5	—	$	505,489	$	505,489

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS – (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership’s partnership agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2021.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Total

	2021		2020
Revenues
Rental	$	4,076,213	$	10,225,130
Interest and other		132,589		426,587
		4,208,802		10,651,717
Expenses
Interest		534,857		1,297,562
Depreciation and amortization		1,149,993		2,568,725
Operating expenses		3,011,494		7,360,204
		4,696,344		11,226,491
NET INCOME (LOSS)	$	(487,542)	$	(574,774)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(482,668)	$	(569,026)
Net Income (loss) allocated to other Partners	$	(4,874)	$	(5,748)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS – (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 47

	2021		2020
Revenues
Rental	$	672,338	$	1,911,282
Interest and other		2,366		133,697
		674,704		2,044,979
Expenses
Interest		123,649		213,241
Depreciation and amortization		148,235		418,369
Operating expenses		518,567		1,414,733
		790,451		2,046,343
NET INCOME (LOSS)	$	(115,747)	$	(1,364)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(114,590)	$	(1,350)
Net Income (loss) allocated to other Partners	$	(1,157)	$	(14)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 48

	2021		2020
Revenues
Rental	$	257,030	$	963,991
Interest and other		6,145		18,614
		263,175		982,605
Expenses
Interest		25,643		90,030
Depreciation and amortization		42,094		182,393
Operating expenses		217,585		683,474
		285,322		955,897
NET INCOME (LOSS)	$	(22,147)	$	26,708
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(21,926)	$	26,441
Net Income (loss) allocated to other Partners	$	(221)	$	267

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 49

	2021		2020
Revenues
Rental	$	3,146,845	$	7,349,857
Interest and other		124,078		274,276
		3,270,923		7,624,133
Expenses
Interest		385,565		994,291
Depreciation and amortization		959,664		1,967,963
Operating expenses		2,275,342		5,261,997
		3,620,571		8,224,251
NET INCOME (LOSS)	$	(349,648)	$	(600,118)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(346,152)	$	(594,117)
Net Income (loss) allocated to other Partners	$	(3,496)	$	(6,001)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

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TAXABLE LOSS

9 Months Ended

Dec. 31, 2021

TAXABLE LOSS

TAXABLE LOSS

NOTE E - TAXABLE LOSS

The Fund's taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

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INCOME TAXES

9 Months Ended

Dec. 31, 2021

INCOME TAXES

INCOME TAXES

NOTE F - 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 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. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2016 remain open.

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CONTINGENCY

9 Months Ended

Dec. 31, 2021

CONTINGENCY

CONTINGENCY

NOTE G - CONTINGENCY

The spread of a novel strain of coronavirus (COVID-19) has caused significant business disruptions in the United States beginning February 2020. The economic impact of the business disruptions caused by COVID-19 is uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Fund will depend on future developments, including possible impacts on the operations of the underlying real estate of its investments, which cannot be determined.

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SUBSEQUENT EVENTS

9 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE H - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure.  The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes.  Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that, other than the subsequent event discussed below, no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

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ORGANIZATION (Tables)

9 Months Ended

Dec. 31, 2021

ORGANIZATION

Schedule of Limited Partners' Capital Account by Class

Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2021:

Series	Closing Date	BACs Sold	Equity Raised
Series 47	April 30, 2004	3,478,334	$	34,783,340
Series 48	August 12, 2004	2,299,372	$	22,993,720
Series 49	April 29, 2005	6,000,000	$	60,000,000

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RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

Schedule of Gross Management Fee

	2021		2020
Series 47	$	19,064	$	26,724
Series 48		11,854		12,291
Series 49		84,331		116,582
Total	$	115,249	$	155,597

Schedule of Management Fees Paid

The fund management fees paid for the three months ended December 31, 2021 and 2020 are as follows:

	2021		2020
Series 47	$	676,000	$	348,308
Series 48		676,000		205,000
Series 49		3,992,915		113,181
Total	$	5,344,915	$	666,489

The fund management fees paid for the nine months ended December 31, 2021 and 2020 are as follows:

	2021		2020
Series 47	$	1,436,987	$	526,986
Series 48		676,000		205,000
Series 49		4,487,927		122,450
Total	$	6,600,914	$	854,436

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INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)

9 Months Ended

Dec. 31, 2021

INVESTMENTS IN OPERATING PARTNERSHIPS

Schedule of Number of Operating Partnerships

	2021	2020
Series 47	2	5
Series 48	1	2
Series 49	13	21
Total	16	28

Schedule of Number of Operating Partnerships Disposed

	Operating	Sale of
	Partnership	Underlying	Partnership
	Interest	Operating	Proceeds from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 47	2	—	$	688,248	$	688,248
Series 48	1	—		676,000		676,000
Series 49	4	—		4,709,541		4,709,541
Total	7	—	$	6,073,789	$	6,073,789

	Operating	Sale of
	Partnership	Underlying	Partnership
	Interest	Operating	Proceeds from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 47	2	—	$	348,308	$	348,308
Series 48	2	—		61,500		61,500
Series 49	1	—		95,681		95,681
Total	5	—	$	505,489	$	505,489

Schedule of Summarized Statement of Operations in Operating Partnerships

	2021		2020
Revenues
Rental	$	4,076,213	$	10,225,130
Interest and other		132,589		426,587
		4,208,802		10,651,717
Expenses
Interest		534,857		1,297,562
Depreciation and amortization		1,149,993		2,568,725
Operating expenses		3,011,494		7,360,204
		4,696,344		11,226,491
NET INCOME (LOSS)	$	(487,542)	$	(574,774)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(482,668)	$	(569,026)
Net Income (loss) allocated to other Partners	$	(4,874)	$	(5,748)

	2021		2020
Revenues
Rental	$	672,338	$	1,911,282
Interest and other		2,366		133,697
		674,704		2,044,979
Expenses
Interest		123,649		213,241
Depreciation and amortization		148,235		418,369
Operating expenses		518,567		1,414,733
		790,451		2,046,343
NET INCOME (LOSS)	$	(115,747)	$	(1,364)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(114,590)	$	(1,350)
Net Income (loss) allocated to other Partners	$	(1,157)	$	(14)

	2021		2020
Revenues
Rental	$	257,030	$	963,991
Interest and other		6,145		18,614
		263,175		982,605
Expenses
Interest		25,643		90,030
Depreciation and amortization		42,094		182,393
Operating expenses		217,585		683,474
		285,322		955,897
NET INCOME (LOSS)	$	(22,147)	$	26,708
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(21,926)	$	26,441
Net Income (loss) allocated to other Partners	$	(221)	$	267

	2021		2020
Revenues
Rental	$	3,146,845	$	7,349,857
Interest and other		124,078		274,276
		3,270,923		7,624,133
Expenses
Interest		385,565		994,291
Depreciation and amortization		959,664		1,967,963
Operating expenses		2,275,342		5,261,997
		3,620,571		8,224,251
NET INCOME (LOSS)	$	(349,648)	$	(600,118)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(346,152)	$	(594,117)
Net Income (loss) allocated to other Partners	$	(3,496)	$	(6,001)

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ORGANIZATION (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Capital Unit [Line Items]
BACs Issue	11,777,706	11,777,706
Equity Raised	$ 117,777,060
Series 47 [Member]
Capital Unit [Line Items]
Closing Date	Apr. 30, 2004
BACs Issue	3,478,334	3,478,334
Equity Raised	$ 34,783,340
Series 48 [Member]
Capital Unit [Line Items]
Closing Date	Aug. 12, 2004
BACs Issue	2,299,372	2,299,372
Equity Raised	$ 22,993,720
Series 49 [Member]
Capital Unit [Line Items]
Closing Date	Apr. 29, 2005
BACs Issue	6,000,000	6,000,000
Equity Raised	$ 60,000,000

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ORGANIZATION - Additional Information (Details) - USD ($)	Aug. 10, 2004	Dec. 31, 2021	Mar. 31, 2021
ORGANIZATION
Minimum Units Of Limited Partners Beneficial Interest For Sale		250,000
Maximum Units Of Limited Partners Beneficial Interest For Sale		7,000,000
Limited Partners Capital Account Per Units		$ 10
Limited Partners Capital Account Additional Units Registered For Sale	8,500,000
Limited Partners' Capital Account, Units Issued		11,777,706	11,777,706
Limited Partners' Contributed Capital		$ 117,777,060

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RELATED PARTY TRANSACTIONS - Gross Management Fee (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 115,249	$ 155,597
Series 47 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	19,064	26,724
Series 48 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	11,854	12,291
Series 49 [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 84,331	$ 116,582

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RELATED PARTY TRANSACTIONS - Management Fees Paid (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Management Fees Paid	$ 5,344,915	$ 666,489	$ 6,600,914	$ 854,436
Series 47 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	676,000	348,308	1,436,987	526,986
Series 48 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	676,000	205,000	676,000	205,000
Series 49 [Member]
Related Party Transaction [Line Items]
Management Fees Paid	$ 3,992,915	$ 113,181	$ 4,487,927	$ 122,450

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RELATED PARTY TRANSACTIONS - Additional Information (Details)	9 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Percentage Of Annual Management Fee	0.50%

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INVESTMENTS IN OPERATING PARTNERSHIPS (Details) - Partnership	Dec. 31, 2021	Dec. 31, 2020
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	16	28
Series 47 [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	2	5
Series 48 [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	1	2
Series 49 [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	13	21

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INVESTMENTS IN OPERATING PARTNERSHIPS - Summary of dispositions (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) Partnership	Dec. 31, 2020 USD ($) Partnership
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred | Partnership			7	5
Sale of Underlying Operating Partnership | Partnership			0	0
Partnership Proceeds from Disposition | $	$ 5,811,852	$ 36,089	$ 6,073,789	$ 505,489
Gain on Disposition | $			$ 6,073,789	$ 505,489
Series 47 [Member]
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred | Partnership			2	2
Sale of Underlying Operating Partnership | Partnership			0	0
Partnership Proceeds from Disposition | $	675,999	7,690	$ 688,248	$ 348,308
Gain on Disposition | $			$ 688,248	$ 348,308
Series 48 [Member]
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred | Partnership			1	2
Sale of Underlying Operating Partnership | Partnership			0	0
Partnership Proceeds from Disposition | $	676,000	28,000	$ 676,000	$ 61,500
Gain on Disposition | $			$ 676,000	$ 61,500
Series 49 [Member]
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred | Partnership			4	1
Sale of Underlying Operating Partnership | Partnership			0	0
Partnership Proceeds from Disposition | $	$ 4,459,853	$ 399	$ 4,709,541	$ 95,681
Gain on Disposition | $			$ 4,709,541	$ 95,681

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INVESTMENTS IN OPERATING PARTNERSHIPS - Operating Partnerships Combined Condensed Summarized Statements Of Operations (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue
Rental	$ 4,076,213	$ 10,225,130
Interest and other	132,589	426,587
Operating Partnerships Revenues	4,208,802	10,651,717
Expenses
Interest	534,857	1,297,562
Depreciation and amortization	1,149,993	2,568,725
Operating expenses	3,011,494	7,360,204
Operating Partnerships Total Expenses	4,696,344	11,226,491
NET INCOME (LOSS)	(487,542)	(574,774)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	(482,668)	(569,026)
Net income (loss) allocated to other partners	(4,874)	(5,748)
Series 47 [Member]
Revenue
Rental	672,338	1,911,282
Interest and other	2,366	133,697
Operating Partnerships Revenues	674,704	2,044,979
Expenses
Interest	123,649	213,241
Depreciation and amortization	148,235	418,369
Operating expenses	518,567	1,414,733
Operating Partnerships Total Expenses	790,451	2,046,343
NET INCOME (LOSS)	(115,747)	(1,364)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	(114,590)	(1,350)
Net income (loss) allocated to other partners	(1,157)	(14)
Series 48 [Member]
Revenue
Rental	257,030	963,991
Interest and other	6,145	18,614
Operating Partnerships Revenues	263,175	982,605
Expenses
Interest	25,643	90,030
Depreciation and amortization	42,094	182,393
Operating expenses	217,585	683,474
Operating Partnerships Total Expenses	285,322	955,897
NET INCOME (LOSS)	(22,147)	26,708
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	(21,926)	26,441
Net income (loss) allocated to other partners	(221)	267
Series 49 [Member]
Revenue
Rental	3,146,845	7,349,857
Interest and other	124,078	274,276
Operating Partnerships Revenues	3,270,923	7,624,133
Expenses
Interest	385,565	994,291
Depreciation and amortization	959,664	1,967,963
Operating expenses	2,275,342	5,261,997
Operating Partnerships Total Expenses	3,620,571	8,224,251
NET INCOME (LOSS)	(349,648)	(600,118)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	(346,152)	(594,117)
Net income (loss) allocated to other partners	$ (3,496)	$ (6,001)