10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No.1

(Mark One)

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended                           June 30, 2011                              

OR

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

For the transition period from________________________to____________________________

                                                               Commission file number          0-19706

                                                             Boston Financial Qualified Housing Tax Credits L.P.  V                                              

                                                              (Exact name of registrant as specified in its charter)

                  Massachusetts                                                                                                                            04-3054464                            

(State or other jurisdiction of                                                                                                        (I.R.S. Employer

 incorporation or organization)                                                                                                    Identification No.)

   101 Arch Street, Boston, Massachusetts                                                                                                    02110-1106                         

     (Address of principal executive offices)                                                                                                  (Zip Code)

Registrant's telephone number, including area code                                                                                   (617) 439-3911                      

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  X    No___.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted 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 and post such files).

Yes  X     No____.

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

Large accelerated filer   ___                                                                                                Accelerated Filer  ___

Non-accelerated filer   ___  (Do not check if a smaller reporting company)               Smaller reporting company   X

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

Yes___  No   X  .

Explanatory Note

The purpose of this Amendment No. 1 to Boston Financial Qualified Housing Tax Credits L.P. V’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, filed with the Securities and Exchange Commission on August 15, 2011 (the “Form 10-Q”), is solely to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language).

No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

                   Item 6.    Exhibits.

31.1Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2           Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1           Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2           Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

*           These exhibits were previously included or incorporated by reference in Boston Financial Qualified Housing Tax Credits L.P. V’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, filed with the Securities and Exchange Commission on August 15, 2011.

SIGNATURE

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

  Date: September 9, 2011                                                             BOSTON FINANCIAL QUALIFIED HOUSING

         TAX CREDITS L.P. V

By:          Arch Street VIII, Inc.,

its Managing General Partner

/s/Kenneth J. Cutillo                 

Kenneth J. Cutillo

President

Arch Street VIII, Inc.

(Chief Executive Officer)

XML



STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Revenue:
Investment	$ 1,154	$ 1,647
Total Revenue	1,154	1,647
Expenses:
Asset management fees, affiliate	81,886	80,676
General and administrative (includes reimbursements to an affiliate in the amount of $3,258 and $4,630 in 2011 and 2010, respectively	21,847	28,995
Amortization	1,276	1,275
Total expenses	105,009	110,946
Loss before equity in income (loss) of Local Limited Partnership	(103,855)	(109,299)
Equity in income (loss) of Local Limited Partnership (Note 1)	45,837	(10,395)
Net Loss	(58,018)	(119,694)
Net Loss allocated:
General Partners	(580)	(1,197)
Limited Partners	(57,438)	(118,497)
Net Income (Loss) Allocated To Partners	$ (58,018)	$ (119,694)
Net Loss per Limited Partner Unit (68,929 Units) (in dollars per unit)	(0.83)	(1.72)

XML



STATEMENTS OF OPERATIONS [Parenthetical] (USD $)	3 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Limited Partner Units	68,929	68,929
Reimbursements To Affiliate	$ 3,258	$ 4,630

XML



DOCUMENT AND ENTITY INFORMATION	3 Months Ended
	Jun. 30, 2011
Entity Registrant Name	BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L P V
Entity Central Index Key	0000852953
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	BFQHV
Entity Common Stock, Shares Outstanding	0
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012

XML



Investment in Local Limited Partnership

3 Months Ended

Jun. 30, 2011

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

1.      Investment in Local Limited Partnership

The Partnership currently has a limited partner interest in one Local Limited Partnership which was organized for the purpose of owning and operating a government-assisted multi-family housing complex.  The Partnership's ownership interest in the Local Limited Partnership is 99%. The Partnership may have negotiated or may negotiate options with the Local General Partners to purchase or sell the Partnership’s interest in the Local Limited Partnership at the end of the Compliance Period for a nominal price.  In the event that the Property is sold to a third party or upon dissolution of the Local Limited Partnership, proceeds will be distributed according to the terms of the Local Limited Partnership agreement.

The following is a summary of investment in Local Limited Partnership at June 30, 2011 and March 31, 2011:

	June 30			March 31
Capital contributions paid to Local Limited Partnership and purchase
price paid to withdrawing partners of Local Limited Partnership	$	5,811,236		$	5,811,236
Cumulative equity in losses of Local Limited Partnership		(2,109,932	)		(2,155,769	)
Cumulative cash distributions received from Local Limited Partnership		(19,610	)		(19,610	)
Investment in Local Limited Partnership before adjustments		3,681,694			3,635,857
Excess investment costs over the underlying assets acquired:
Acquisition fees and expenses		178,600			178,600
Cumulative amortization of acquisition fees and expenses		(95,790	)		(94,514	)
Investment in Local Limited Partnership before impairment		3,764,504			3,719,943
Cumulative impairment on investment in Local Limited Partnership		(2,364,000	)		(2,364,000	)
Investment in Local Limited Partnership	$	1,400,504		$	1,355,943

The Partnership has recorded an impairment for its investment in Local Limited Partnership in order to appropriately reflect the estimated net realizable value of this investment.

The Partnership’s share of the net income (loss) of the Local Limited Partnership for the three months ended June 30, 2011 and 2010 is $45,837 and ($10,395) respectively.

XML



STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Net cash used for operating activities	$ (92,513)	$ (59,303)
Net decrease in cash and cash equivalents	(92,513)	(59,303)
Cash and cash equivalents, beginning	1,169,357	1,697,686
Cash and cash equivalents, ending	$ 1,076,844	$ 1,638,383

XML



New Accounting Principles

3 Months Ended

Jun. 30, 2011

Accounting Policies [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

2. New Accounting Principles

Consolidation of Variable Interest Entities

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

XML



Significant Subsidiaries

3 Months Ended

Jun. 30, 2011

Significant Subsidiaries [Abstract]

Significant Subsidiaries [Text Block]

3.      Significant Subsidiaries

The following Local Limited Partnership invested in by the Partnership represents more than 20% of the Partnership’s total assets or equity as of June 30, 2011 or 2010 or net income or losses for the three months then ended.  The following financial information represents the performance of this Local Limited Partnership for the three months ended March 31, 2011 and 2010:

Circle Terrace Associates Limited Partnership	2011		2010
Revenue	$	734,400	$	733,800
Net Income (Loss)	$	46,300	$	(10,500	)

XML



STATEMENT OF CHANGES IN PARTNERS' EQUITY (USD $)	General Partners	Initial Limited Partner	Investor Limited Partners	Total
Balance at Mar. 31, 2011	$ 24,898	$ 5,000	$ 2,469,246	$ 2,499,144
Net Loss	(580)	0	(57,438)	(58,018)
Balance at Jun. 30, 2011	$ 24,318	$ 5,000	$ 2,411,808	$ 2,441,126

XML



Introduction

3 Months Ended

Jun. 30, 2011

Accounting Policies [Abstract]

Basis of Accounting [Text Block]

The unaudited financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America.  These statements should be read in conjunction with the financial statements and notes thereto included with the Annual Report on Form 10-K of Boston Financial Qualified Housing Tax Credits L.P. V (the “Partnership”) for the year ended March 31, 2011.  In the opinion of the Managing General Partner, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Partnership's financial position and results of operations.  The results of operations for the periods may not be indicative of the results to be expected for the year.

The Managing General Partner has elected to report results of the Local Limited Partnership on a 90-day lag basis because the Local Limited Partnership reports its results on a calendar year basis.  Accordingly, the financial information of the Local Limited Partnership that is included in the accompanying financial statements is as of March 31, 2011 and 2010 and for the three months then ended.

Generally, profits, losses, tax credits and cash flows from operations are allocated 99% to the Limited Partners and 1% to the General Partners.  Net proceeds from a sale or refinancing will be allocated 95% to the Limited Partners and 5% to the General Partners after certain priority payments.  The General Partners may have an obligation to fund deficits in their capital accounts, subject to limits set forth in the Partnership’s Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”).  However, to the extent that the General Partners’ capital accounts are in a deficit position, certain items of net income may be allocated to the General Partners in accordance with the Partnership Agreement.

XML



BALANCE SHEETS (USD $)	Jun. 30, 2011	Mar. 31, 2011
Assets
Cash and cash equivalents	$ 1,076,844	$ 1,169,357
Investment in Local Limited Partnership (Note 1)	1,400,504	1,355,943
Due from affiliate	0	1,210
Other assets	51	95
Total Assets	2,477,399	2,526,605
Liabilities and Partners' Equity
Accrued expenses	36,273	27,461
Total Liabilities	36,273	27,461
General, Initial and Investor Limited Partners' Equity	2,441,126	2,499,144
Total Liabilities and Partners' Equity	$ 2,477,399	$ 2,526,605