~~FORM 10-K~~Table of Contents

Exhibit ~~x ANNUAL REPORT PURSUANT TO SECTION~~ 13 ~~OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

For the fiscal year ended March 31, 2021

¨ 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~~SERIES of47 ~~registrant~~THROUGH ~~as specified in its charter)~~49

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

FINANCIAL STATEMENTS AND

~~101~~REPORT ~~Arch~~OF ~~Street, 13th~~INDEPENDENT ~~Floor~~REGISTERED ~~Boston,~~PUBLIC ~~Massachusetts 02110~~ACCOUNTING FIRM

~~(Address~~MARCH of31, ~~principal~~2022 ~~executive~~AND ~~offices) (Zip Code)~~2021

~~(888) 773-1487~~

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

~~Title~~BF ofGarden ~~each~~Tax ~~class~~Credit ~~Trading~~Fund ~~Symbol(s)~~V ~~Name~~L.P. ~~of each exchange on which registered None None None~~-

~~Securities~~Series ~~registered~~47 ~~pursuant~~through ~~to Section 12(g) of the Act:~~49

Title of class

Beneficial Assignee Certificates

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ¨ No x

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ¨ No x

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

Yes x No ¨

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 x 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 x Smaller Reporting Company x 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ¨

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

Yes ¨ No x

DOCUMENTS INCORPORATED BY REFERENCE

None.

BF GARDEN TAX CREDIT FUND V L.P.

FORM 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2021

TABLE OF CONTENTS

~~PART I~~

Item 1.	Business	1

Item 1A.	Risk Factors	3
	PAGE
Item 1B.	Unresolved Staff Comments	5

Item 2.	Properties	5
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB No. 596)	F-3
Item 3.	Legal Proceedings	10

Item 4.	Mine Safety Disclosures	10
FINANCIAL STATEMENTS
	PART II

Item 5.	Market for the Fund's Limited Partnership Interests, Related Partner Matters and Issuer Purchases of Partnership Interests	11
BALANCE SHEETS	F-4
Item 6.	Selected Financial Data	11

Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	12
STATEMENTS OF OPERATIONS	F-8
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	20

Item 8.	Financial Statements and Supplementary Data	20
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-12
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	20

Item 9A.	Controls and Procedures	20
STATEMENTS OF CASH FLOWS	F-16
Item 9B.	Other Information	21

	PART III
NOTES TO FINANCIAL STATEMENTS	F-20
Item 10.	Directors, Executive Officers and Corporate Governance of the Fund	22
Item 11.	Executive Compensation	23
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters	24
Item 13.	Certain Relationships and Related Transactions, and Director Independence	24
Item 14.	Principal Accountant Fees and Services	25
	PART IV
Item 15.	Exhibit and Financial Statement Schedules	26
Item 16.	Form 10-K Summary	29
	Signatures	30

~~PART I~~

~~Item~~Schedules 1.not ~~Business~~listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

~~Organization~~

~~The~~Table ~~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.Contents

AReport 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 aIndependent ~~minimum~~Registered ofPublic ~~250,000~~Accounting 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 March 31, 2021, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.Firm

~~Description~~To ofthe ~~Business~~General Partner

~~The~~BF ~~Fund's~~Garden principal business is to invest as a limited partner in other limited partnerships (the "Operating Partnerships") each of which will own or lease and will operate an apartment complex exclusively or partially for low- and moderate-income tenants. Each Operating Partnership in which the Fund invests owns apartment complexes, which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive government assistance. Each apartment complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the "Federal Housing Tax Credit~~"),~~ providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to strict limitations, from other sources. Some apartment complexes may also qualify for the historic rehabilitation tax credit under Section 47 of the Code (the "Rehabilitation Tax Credit"). Section 236(f)(ii) of the National Housing Act, as amended, and Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as tax credits. The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the apartment complexes in which the Fund ~~has~~V ~~invested are receiving their rent supplements from HUD~~L. ~~HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the apartment complex, but directly to the individuals~~P. ~~At this time, the Fund is unable to predict whether Congress will continue rent supplement programs payable directly to owners of apartment complexes.~~

1Opinion on the Financial Statements

AsWe have audited the accompanying balance sheets of BF Garden Tax Credit Fund V L.P. - Series 47 through 49 (collectively, the “Partnership”), in total and for each series, as of March 31, 2022 and 2021, and the ~~Fund~~related ~~had~~statements ~~invested~~of operations, changes in 4partners’ ~~Operating~~capital ~~Partnerships on~~(deficit) ~~behalf~~and ofcash ~~Series 47;~~flows 2for ~~Operating~~the ~~Partnerships~~years onthen ~~behalf~~ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of ~~Series 48;~~the ~~and~~Partnership, 17in ~~Operating~~total ~~Partnerships~~and onfor ~~behalf~~each series, as of ~~Series 49. A~~March ~~description~~31, 2022 and 2021, and the results of ~~these~~its ~~Operating~~operations ~~Partnerships~~and isits ~~set~~cash ~~forth~~flows for the years then ended in ~~Item~~conformity 2with ~~herein~~accounting principles generally accepted in the United States of America.

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

Basis for Opinion

~~Employees~~These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Partnership in accordance with the U.S. federal security laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The ~~Fund~~Partnership ~~does~~is not required to have, ~~any~~nor ~~employees~~were we engaged to perform, an audit of its internal control over financial reporting. ~~Services~~As part of our audit we are ~~performed~~required byto obtain an understanding of internal control over financial reporting but not for the ~~general~~ ~~partner~~purpose ~~and~~of ~~its~~expressing ~~affiliates~~an ~~and~~opinion ~~agents~~on ~~retained~~the byeffectiveness ~~them~~of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion.

2Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits of the financial statements provide a reasonable basis for our opinion.

~~Item~~Critical ~~1A.~~Audit ~~Risk Factors~~Matters

AsCritical ~~used~~audit inmatters ~~this~~are ~~Item~~matters ~~1A,~~arising ~~references~~from the current period audit of the financial statements that were communicated or required to ~~“we,~~be ~~“us”~~ communicated to those charged with governance and ~~“our”~~that: ~~mean~~(1) relate to accounts or disclosures that are material to the ~~Fund~~financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

AnWe ~~investment~~have inserved ~~our~~as ~~BACs and our investments in Operating Partnerships are subject to risks. These risks may impact~~ the ~~tax~~Partnership’s ~~benefits~~auditor ofsince ~~an investment in our BACs, and the amount of proceeds available for distribution to our limited partners, if any, on liquidation of our investments~~2004.

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

~~The~~/s/CohnReznick ~~ability~~LLP of ~~limited~~COHNREZNICK ~~partners~~LLP ~~to claim tax losses from their investment in us is limited.~~

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

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

~~Noncompliance~~June with applicable tax regulations may result in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $2524,~~000~~ of taxable income. The Operating Partnerships may be sold at a price which would not result in our realizing cash distributions or proceeds from the transaction. Accordingly, we may be unable to distribute any cash to our investors. Low Income Housing Tax Credits may be the only benefit from an investment in our BACs.2022

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

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

F-3

-Table ~~limitations~~of ~~on cash distributions;~~Contents

-BF ~~limitations~~Garden onTax ~~sales~~Credit orFund ~~refinancing~~V ofL.P. ~~Operating Partnerships;~~-

-Series ~~limitations~~47 onthrough ~~transfers~~Series ~~of interests in Operating Partnerships;~~49

-BALANCE ~~limitations on removal of local general partners;~~SHEETS

-March ~~limitations~~31, on2022 ~~subsidy programs;~~ and 2021

~~- possible changes in applicable regulations.~~

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


	Total
	2022		2021
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		1,387,978		1,940,668
Other assets		4,950		4,493

	$	1,392,928	$	1,945,161

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	—	$	40
Accounts payable - affiliates		1,497,001		8,875,807
Capital contributions payable		101		101

		1,497,102		8,875,948

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 11,777,706 at March 31, 2022 and 2021 are issued and outstanding to the assignees		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 11,777,706 issued and 11,725,306 outstanding for both years		157,291		(6,652,256)
General partner		(261,465)		(278,531)

		(104,174)		(6,930,787)

	$	1,392,928	$	1,945,161

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

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

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

~~Upon the sale or other taxable disposition of BACs, investors will realize taxable income to the extent that their allocable share of the non~~F-recourse mortgage indebtedness on the apartment complexes, together with the money they receive from the sale of the BACs, is greater than the original cost of their BACs. This realized taxable income is reduced to the extent that investors have suspended passive losses or credits. It is possible that the sale of BACs may not generate enough cash to pay the tax obligations arising from the sale.4

~~Investors~~Table ~~may have tax liability in excess~~ of ~~cash.~~Contents

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

~~Investors~~BF ~~may~~Garden ~~not~~Tax ~~receive~~Credit ~~cash~~Fund ~~if apartment~~V ~~complexes are sold~~L.P. -

~~There~~Series is47 nothrough ~~assurance~~Series that investors will receive any cash distributions from the sale or refinancing of an apartment complex. The price at which an apartment complex is sold may not be large enough to pay the mortgage and other expenses which must be paid at such time. Even if there are net cash proceeds from a sale, expenses such as accrued Fund management fees and unpaid loans will be deducted pursuant to Section 4.02(a) of the Fund Agreement. If any of these events happen, investors will not get all of their investment back, and the only benefit from an investment will be the tax credits received.49

4BALANCE SHEETS - CONTINUED

~~The~~March ~~sale~~31, or2022 ~~refinancing~~and ~~of the apartment complexes is dependent upon the following material factors:~~2021

~~- The necessity of obtaining the consent of the operating general partners;~~

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


	Series 47
	2022		2021
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		261,375		1,054,904
Other assets		—		285

	$	261,375	$	1,055,189

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	—	$	38
Accounts payable - affiliates		410,585		2,982,346
Capital contributions payable		—		—

		410,585		2,982,384

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,478,334 at March 31, 2022 and 2021 are issued and outstanding to the assignees		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,478,334 issued and 3,459,434 outstanding for both years		(72,129)		(1,845,669)
General partner		(77,081)		(81,526)

		(149,210)		(1,927,195)

	$	261,375	$	1,055,189

~~- The uncertainty of the market.~~

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

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

We currently do not have sufficient cash resources to satisfy our financial liabilities. Furthermore, we do not anticipate that we will have sufficient available cash to pay our future financial liabilities. Substantially all of our existing liabilities are payable to our general partner and its affiliates. Though the amounts payable to the general partner and its affiliates are contractually currently payable, we do not believe that the general partner or its affiliates will demand immediate payment of these contractual obligations in the near term; however, there can be no assurance that this will be the case. We would be materially adversely affected if the general partner or its affiliates demanded payment in the near term of our existing contractual liabilities or suspended the provision of services to us because of our inability to satisfy these obligations. All monies currently deposited, or that will be deposited in the future, into the Fund's working capital reserves are intended to be utilized to pay our existing and future liabilities.F-5

~~Item~~Table ~~1B.~~of ~~Unresolved Staff Comments~~Contents

~~Not applicable.~~

~~Item~~BF 2Garden Tax Credit Fund V L.P. ~~Properties~~-

~~The~~Series ~~Fund~~47 ~~has~~through ~~acquired~~Series a limited partnership interest in 23 Operating Partnerships in three series, identified in the table set forth below. The apartment complexes owned by the Operating Partnerships are eligible for the Federal Housing Tax Credit. Initial occupancy of a unit in each apartment complex which initially complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a designated percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." The Operating Partnerships and the respective apartment complexes are described more fully in the Prospectus. The general partner believes that there is adequate casualty insurance on the properties.49

~~Please~~BALANCE ~~refer~~SHEETS to- Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.CONTINUED

5March 31, 2022 and 2021

~~BF Garden Tax Credit Fund V L.P. - Series 47~~

PROPERTY PROFILE AS OF MARCH 31, 2021


	Series 48
	2022		2021
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		189,592		235,196
Other assets		—		111

	$	189,592	$	235,307

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable - affiliates		1,052,284		1,689,776
Capital contributions payable		—		—

		1,052,284		1,689,776

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,299,372 at March 31, 2022 and 2021 are issued and outstanding to the assignees		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,299,372 issued and 2,283,872 outstanding for both years		(809,772)		(1,400,070)
General partner		(52,920)		(54,399)

		(862,692)		(1,454,469)

	$	189,592	$	235,307

Property Name	Location	Units		Mortgage Balance as of 12/31/20		Acq Date		Const Comp		Qualified Occupancy 3/31/21			Cap Con paid thru 3/31/21
Dawn Springs Villa Apartments	London, KY		24	$	357,152		05 /05		10/05		100	%	$	591,815
La Maison Apartments	Lake Charles, LA		78		2,075,334		06/04		12/04		100	%		2,339,767
Mayfair Park Apartments	Houston, TX		178		7,934,482		03/04		07/05		100	%		2,383,449
Sandpiper Apartments	Carrollton, AL		52		1,015,033		04/04		11/04		100	%		1,819,982

6(continued)

~~BF Garden Tax Credit Fund V L.P. - Series 48~~

~~PROPERTY PROFILE AS OF MARCH 31, 2021~~F-6

Property Name	Location	Units		Mortgage Balance as of 12/31/20		Acq Date	Const Comp	Qualified Occupancy 3/31/21			Cap Con paid thru 3/31/21
Contempo Apartments	Hammond, LA		48	$	1,384,495	08/04	08/05		100	%	$	587,485
Mayfair Park Apartments	Houston, TX		178		7,934,482	03/04	07/05		100	%		2,383,449

Table of Contents

7BF Garden Tax Credit Fund V L.P. -

BFSeries ~~Garden~~47 ~~Tax~~through ~~Credit Fund V L.P. -~~ Series 49

~~PROPERTY~~BALANCE ~~PROFILE~~SHEETS AS- ~~OF MARCH 31, 2021~~CONTINUED

Property Name	Location	Units		Mortgage Balance as of 12/31/20		Acq Date		Const Comp		Qualified Occupancy 3/31/21			Cap Con paid thru 3/31/21
Bahia Palms Apartments	Laguna Vista, TX		64	$	1,183,146		02/05		07/06		100	%	$	986,602
Briarwood Apartments	Kaufman, TX		48		1,351,183		02/05		12/06		100	%		1,336,743
Bristol Apartments	Houston, TX		248		10,177,374		05/04		11/05		100	%		6,805,870
Chester Townhouses	Columbia, SC		62		1,577,682		03/06		11/06		100	%		566,943
Columbia Senior Residences at MT. Pleasant	Atlanta, GA		78		1,388,024		12/05		06/07		100	%		6,162,028
La Mirage Villas Apartments	Perryton, TX		48		1,395,495		02/05		12/06		100	%		1,367,398
Linda Villa Apartments	Shepherdsville, KY		32		717,459		5/05		10/05		100	%		1,645,392
Linden’s Apartments	Shawnee, OK		54		990,022		12/04		02/06		100	%		462,455

March 31, 2022 and 2021

BF Garden Tax Credit Fund V L.P. - Series 49


	Series 49
	2022		2021
ASSETS

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS	$	—	$	—

OTHER ASSETS
Cash and cash equivalents		937,011		650,568
Other assets		4,950		4,097

	$	941,961	$	654,665

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

LIABILITIES
Accounts payable and accrued expenses	$	—	$	2
Accounts payable - affiliates		34,132		4,203,685
Capital contributions payable		101		101

		34,233		4,203,788

PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 6,000,000 at March 31, 2022 and 2021 are issued and outstanding to the assignees		—		—
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 6,000,000 issued and 5,982,000 outstanding for both years		1,039,192		(3,406,517)
General partner		(131,464)		(142,606)

		907,728		(3,549,123)

	$	941,961	$	654,665

~~PROPERTY PROFILE AS OF MARCH 31, 2021~~

~~Continued~~See notes to financial statements

Property Name	Location	Units		Mortgage Balance as of 12/31/20		Acq Date		Const Comp		Qualified Occupancy 3/31/21			Cap Con paid thru 3/31/21
RenaissanceVillage	Bowling Green, KY		34	$	463,435		05/05		05/06		100	%	$	2,828,268
Richwood Apartments	Ash Flat, AR		25		1,137,764		12/05		08/06		100	%		810,134
Ridgeview Terrace Apartments	Mount Vernon, WA		80		3,350,609		01/05		08/05		100	%		1,768,991
Rosehill Senior Apartments Phase II	Topeka, KS		36		2,141,917		08/04		04/05		100	%		2,550,156
Rosewood Apartments	Lenexa, KS		144		6,528,267		12/05		07/06		100	%		4,383,214
The Gardens of Athens	Athens, TX		32		1,316,322		01/05		12/05		100	%		1,933,414
The Linden's Apartments	Bartesville,OK		54		861,466		05/05		06/06		100	%		3,588,667
Union Square Apartments	Junction City, LA		32		852,942		02/05		09/05		100	%		733,891
Vista Hermosa Apartments	Eagle Pass TX		20		353,926		06/05		09/06		100	%		479,965

Item 3.	Legal Proceedings
	None.
Item 4.	Mine Safety Disclosures
	Not Applicable

F-7

10Table of Contents

~~PART~~BF Garden Tax Credit Fund V IIL.P. -

Item	5.	Market for the Fund's Limited Partnership Interests, Related Fund Matters and Issuer Purchases of Partnership Interests
	(a)	Market Information
		The Fund is classified as a limited partnership and does not have common stock. There is no established public trading market for the BACs and it is not anticipated that any public market will develop.
	(b)	Approximate number of security holders
		As of March 31, 2021, the Fund has 5,191 BAC holders for an aggregate of 11,777,706 BACs, at a subscription price of $10 per BAC, received and accepted.
		The BACs were issued in series. Series 47 consists of 1,556 investors holding 3,478,334 BACs, Series 48 consists of 1,030 investors holding 2,299,372 BACs and Series 49 consists of 2,605 investors holding 6,000,000 BACs at March 31, 2021.
	(c)	Dividend history and restriction
		The Fund has made no distributions of net cash flow to its BAC holders from its inception, October 15, 2003, through March 31, 2021.
		The Fund Agreement provides that profits, losses and credits will be allocated each month to the holder of record of a BAC as of the last day of such month. Allocation of profits, losses and credits among BAC holders are made in proportion to the number of BACs held by each BAC Holder.
		Any distributions of net cash flow or liquidation, sale or refinancing proceeds will be made within 180 days of the end of the annual period to which they relate, or sooner. Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by the holder on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.
		To date the Fund has not made any cash distributions to the limited partners.

Series 47 through Series 49

~~Item~~STATEMENTS 6.OF ~~Selected Financial Data Not Applicable.~~OPERATIONS

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


	Total
	2022		2021
Income
Interest income	$	895	$	3,035
Other income		109,875		124,533

Total income		110,770		127,568

Gain on sale of operating limited partnerships		7,329,288		1,497,946

Expenses and loss
Professional fees		94,020		129,691
Partnership management fee		387,480		619,730
General and administrative expenses		131,945		71,003

		613,445		820,424

NET INCOME (LOSS)	$	6,826,613	$	805,090

Net income (loss) allocated to general partner	$	17,066	$	2,012

Net income (loss) allocated to limited partner	$	6,809,547	$	803,078

Net income (loss) per BAC	$	0.58	$	0.07

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

~~Liquidity~~

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

~~Capital Resources~~

The Fund offered BACs in the Offering originally declared effective by the Securities and Exchange Commission on January 2, 2004. As of March 31, 2021 the Fund had received and accepted subscriptions for $117,777,060 representing 11,777,706 BACs from investors admitted as BAC holders in Series 47 through Series 49 of the Fund. The Fund concluded its public offering of BACs in the Fund on April 29, 2005.F-8

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

~~During~~BF ~~the~~Garden ~~fiscal~~Tax ~~year~~Credit ~~ended~~Fund ~~March~~V ~~31, 2021, none of Series 47 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships~~L. ~~As of March 31, 2021, proceeds from the offer and sale of BACs in Series 47 had been used to invest in 15 Operating Partnerships in an aggregate amount of $26,407,255~~P. ~~As of March~~ ~~31, 2021, 11 of the properties has been disposed of and 4 remain. The Fund had completed payment of all installments of its capital contributions to the Operating Partnerships.~~-

Series 1247 through Series 49

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

During the fiscal year ended March 31, 2021, none of Series 48 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. As of March 31, 2021, proceeds from the offer and sale of BACs in Series 48 had been used to invest in 11 Operating Partnerships in an aggregate amount of $17,450,063. As of March 31, 2021, 9 of the properties has been disposed of and 2 remain. The Fund had completed payment of all installments of its capital contributions to the Operating Partnerships.

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


	Series 47
	2022		2021
Income
Interest income	$	221	$	1,034
Other income		8,477		39,098

Total income		8,698		40,132

Gain on sale of operating limited partnerships		1,897,247		1,098,271

Expenses and loss
Professional fees		29,279		35,157
Partnership management fee		63,226		111,686
General and administrative expenses		35,455		21,994

		127,960		168,837

NET INCOME (LOSS)	$	1,777,985	$	969,566

Net income (loss) allocated to general partner	$	4,445	$	2,424

Net income (loss) allocated to limited partner	$	1,773,540	$	967,142

Net income (loss) per BAC	$	0.51	$	0.28

During the fiscal year ended March 31, 2021, none of Series 49 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. As of March 31, 2021, proceeds from the offer and sale of BACs in Series 49 had been used to invest in 24 Operating Partnerships in an aggregate amount of $45,667,147. As of March 31, 2021, 7 of the properties has been disposed of and 17 remain. The Fund had completed payment of all installments of its capital contributions to 23 of the Operating Partnerships. Series 49 has outstanding contributions payable to 1 Operating Partnership in the amount of $101 as of March 31, 2021. The remaining contributions of $101 will be released when the Operating Partnership have achieved the conditions set forth in their partnership agreement.

~~Results of Operations~~

The Fund incurs a fund management fee to the general partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of partnership management and reporting fees paid by the Operating Partnerships. The annual fund management fee incurred, net of fees received, for the fiscal years ended March 31, 2021 and 2020, was $619,730, and $783,807, respectively.(continued)

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

(Series 47). As of March 31, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties as of March 31, 2021, all of which were at 100% Qualified Occupancy.F-9

~~For~~Table ~~the~~of tax years ended December 31, 2020 and 2019, the series, in total, generated $(307,526) and $(817,953), respectively in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.Contents

AsBF ofGarden ~~March 31,~~Tax ~~2021~~Credit ~~and~~Fund ~~2020,~~V ~~Investments in Operating Partnerships for Series 47 was $0~~L. ~~Investments in Operating Partnership was affected by the way the Fund accounts for such investments, the equity method~~P. ~~By using the equity method, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received.~~ -

Series 1347 through Series 49

~~For~~STATEMENTS ~~the~~OF ~~years~~OPERATIONS ~~ended~~- March 31, 2021 and 2020, net income (loss) of the series was $969,566 and $50,402, respectively. The major components of the current year amount were the gain on sale of the operating limited partnerships and partnership management fees.CONTINUED

In November 2019, the operating general partner of The Masters Apartments, Limited Partnership entered into an agreement to sell the property, with cash proceeds to the investment partnerships of $33,766 and $33,766 for Series 47 and Series 48, respectively. Of the total proceeds received by the investment partnerships, $3,250 and $3,250 for Series 47 and Series 48, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $30,516 and $30,516 for Series 47 and Series 48, 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 $30,516, and $30,516 for Series 47 and Series 48, respectively, as of December 31, 2019. In January 2020, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $16,230 and $16,230 for Series 47 and Series 48, respectively, which was returned to the cash reserves.

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.


	Series 48
	2022		2021
Income
Interest income	$	168	$	1,070
Other income		7,418		25,694

Total income		7,586		26,764

Gain on sale of operating limited partnerships		676,000		61,500

Expenses and loss
Professional fees		27,104		32,571
Partnership management fee		36,808		52,830
General and administrative expenses		27,897		18,720

		91,809		104,121

NET INCOME (LOSS)	$	591,777	$	(15,857)

Net income (loss) allocated to general partner	$	1,479	$	(40)

Net income (loss) allocated to limited partner	$	590,298	$	(15,817)

Net income (loss) per BAC	$	0.26	$	(0.01)

In March 2020, the investment general partner transferred its interest in Coleman Fountainhead Limited Partnership, with cash proceeds to the investment partnerships of $20,913 and $687 for Series 47 and Series 48, respectively. Of the total proceeds received, $2,421 and $79 for Series 47 and Series 48, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $18,492 and $608 for Series 47 and Series 48, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $18,492, and $608 for Series 47 and Series 48, respectively, as of March 31, 2020.

In March 2020, the investment general partner transferred its interest in Hillsboro Fountainhead, Limited Partnership, with cash proceeds to the investment partnership of $43,200. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $40,700 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 $40,700 as of March 31, 2020.

In March 2020, the investment general partner transferred its interest in Park Plaza Village Limited Partnership, with cash proceeds to the investment partnership of $14,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,500 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 $11,500 as of March 31, 2020.(continued)

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.F-10

InTable ~~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.Contents

InBF ~~March 2021,~~Garden ~~the~~Tax ~~investment~~Credit ~~general~~Fund ~~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~~V ~~47 and recorded as a gain on transfer as of March 31, 2021~~L.P. -

~~The~~Series 47 ~~investment~~through 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.Series 49

~~Carrollton~~STATEMENTS IIOF ~~Housing,~~OPERATIONS ~~LTD~~- CONTINUED

~~Pecan Acres Limited Partnership I~~

(Series 48). As of March 31, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties as of March 31, 2021, all of which were at 100% Qualified Occupancy.


	Series 49
	2022		2021
Income
Interest income	$	506	$	931
Other income		93,980		59,741

Total income		94,486		60,672

Gain on sale of operating limited partnerships		4,756,041		338,175

Expenses and loss
Professional fees		37,637		61,963
Partnership management fee		287,446		455,214
General and administrative expenses		68,593		30,289

		393,676		547,466

NET INCOME (LOSS)	$	4,456,851	$	(148,619)

Net income (loss) allocated to general partner	$	11,142	$	(372)

Net income (loss) allocated to limited partner	$	4,445,709	$	(148,247)

Net income (loss) per BAC	$	0.74	$	(0.02)

For the tax years ended December 31, 2020 and 2019, the series, in total, generated $311,564 and $(1,584,206), respectively in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2021 and 2020, Investments in Operating Partnerships for Series 48 was $0. Investments in Operating Partnerships was affected by the way the Fund accounts for such investments, the equity method. By using the equity method, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received.

~~For~~See ~~the~~notes ~~years~~to ~~ended~~financial March 31, 2021 and 2020, the net income (loss) of the series was $(15,857) and $202,017, respectively. The major components of the current year amount were the gain on sale of the operating limited partnerships and partnership management fees.statements

In October 2019, the investment general partner transferred its interest in Wyndham-Emporia Partners, Limited Partnership, with cash proceeds to the investment partnership of $140,000. Of the total proceeds received, $22,400 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $110,600 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 $110,600 as of December 31, 2019.

InTable ~~March 2020, the investment general partner transferred its interest in Coleman Fountainhead Limited Partnership, with cash proceeds to the investment partnerships~~ of $20,913 and $687 for Series 47 and Series 48, respectively. Of the total proceeds received, $2,421 and $79 for Series 47 and Series 48, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $18,492 and $608 for Series 47 and Series 48, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $18,492, and $608 for Series 47 and Series 48, respectively, as of March 31, 2020.Contents

InBF ~~March 2020,~~Garden ~~the~~Tax ~~investment~~Credit ~~general~~Fund partner transferred its interest in Colusa Avenue Apartments, A CA Limited Partnership, with cash proceeds to the investment partnership of $28,500. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $26,000 were returned to cash reserves held by SeriesV 48L. ~~A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $26,000 as of March 31, 2020~~P. -

~~In March~~Series ~~2020,~~47 ~~the~~through investment general partner transferred its interest in Starlite Village, Limited, with cash proceeds to the investment partnership of $150,000. 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 $143,500 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 $143,500 as of March 31, 2020.~~49

InSTATEMENTS ~~June 2020,~~OF ~~the~~CHANGES ~~investment~~IN ~~general~~PARTNERS’ ~~partner~~CAPITAL 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.(DEFICIT)

InYear ~~November 2020,~~ended 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 SeriesMarch ~~48. A gain on the transfer of the Operating Partnership~~31, ~~net~~2022 ~~of the overhead~~ and ~~expense reimbursement, has been recorded in the amount of $28,000 as of December 31, 2020.~~2021

(Series 49). As of March 31, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties as of March 31, 2021, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2020 and 2019, the series, in total, generated $(1,812,409) and $(1,326,959), respectively in passive income tax (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.


	Limited		General
Total	partner		partner		Total
Partners’ capital (deficit), March 31, 2020	$	(7,455,334)	$	(280,543)	$	(7,735,877)

Net income (loss)		803,078		2,012		805,090

Partners’ capital (deficit), March 31, 2021		(6,652,256)		(278,531)		(6,930,787)

Net income (loss)		6,809,547		17,066		6,826,613

Partners’ capital (deficit), March 31, 2022	$	157,291	$	(261,465)	$	(104,174)

As of March 31, 2021 and 2020, Investments in Operating Partnerships for Series 49 was $0. Investments in Operating Partnerships was affected by the way the Fund accounts for such investments, the equity method. By using the equity method, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received.

~~For the years ended March 31, 2021 and 2020, the net income~~ (~~loss~~continued) ~~of the series was $(148,619) and $(439,687), respectively. The major components of the current year amount were the gain on sale of the operating limited partnerships and partnership management fees.~~

In March 2020, the investment general partner transferred its interest in Meadow Glen Apartments, Limited Partnership, with cash proceeds to the investment partnership of $20,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,500 were returned to cash reserves held by Series 49. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $17,500 as of March 31, 2020.

17F-12

InTable ~~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, represents 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.Contents

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

~~In March~~Series ~~2021,~~47 ~~the~~through 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.~~

InSTATEMENTS ~~March 2021,~~OF ~~the~~CHANGES ~~investment~~IN ~~general~~PARTNERS’ ~~partner~~CAPITAL ~~transferred~~(DEFICIT) ~~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.CONTINUED

~~Rosewood~~Year ~~Place,~~ended ~~L.L.C. (Rosewood Senior) is a 144-unit apartment development for seniors located in Lenexa~~March 31, ~~Kansas.~~2022 ~~The property operated above breakeven during 2016-2021. The investment general partner continues to monitor the personal Chapter 7 bankruptcy of the principal of the operating general partner~~ and receives verbal updates from the bankruptcy trustee on the status and progress on the liquidation of the operating general partner’s personal assets, including the eventual sale of his operating general partner interest in the subject Operating Partnership. Although the operating general partner’s operating deficit guarantee has not expired, it has no ability to honor this guarantee due to aforementioned personal bankruptcy filing by its principal. The 15-year low income tax credit compliance period with respect to Rosewood Place, L.L.C. expires on December 31, 2021.

Perryton Fountainhead, L.P. (La Mirage Village Apartments) is a 48-unit property located in Perryton, TX. Operations were below breakeven in 2020 due to low occupancy and elevated operating expenses. Occupancy as of March 31, 2021 was 81%. The investment limited partner will continue to work with the operating general partner and the management company to improve operations. The operating general partner is under an operating deficit guarantee through the end of compliance. The 15-year low income housing tax credit compliance period with respect to Perryton Fountainhead, L.P. expires on December 31, 2021.

Kaufman Fountainhead, L.P. (Briarwood Apartments) is a 48-unit property located in Kaufman, TX. Operations were above breakeven in 2021, and occupancy as of March 31, 2021 was 83%. The investment limited partner will continue to work with the operating general partner and the management company to improve operations. The operating general partner is under an operating deficit guarantee through the end of compliance. The 15-year low income housing tax credit compliance period with respect to Perryton Fountainhead, L.P. expires on December 31, 2021.


	Limited		General
Series 47	partner		partner		Total
Partners’ capital (deficit), March 31, 2020	$	(2,812,811)	$	(83,950)	$	(2,896,761)

Net income (loss)		967,142		2,424		969,566

Partners’ capital (deficit), March 31, 2021		(1,845,669)		(81,526)		(1,927,195)

Net income (loss)		1,773,540		4,445		1,777,985

Partners’ capital (deficit), March 31, 2022	$	(72,129)	$	(77,081)	$	(149,210)

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.(continued)

~~Linden - Shawnee Partners, Limited Partnership~~

~~The Gardens of Athens, L.P.~~

~~Maverick Fountainhead, L.P.~~F-13

~~Linden~~Table -of ~~Bartlesville Partners, Limited Partnership~~Contents

~~Off~~BF ~~Balance~~Garden ~~Sheet~~Tax ~~Arrangements~~Credit Fund V L.P. -

~~None.~~Series 47 through 49

~~Principal~~STATEMENTS ~~Accounting~~OF ~~Policies~~CHANGES ~~and~~IN ~~Estimates~~PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

InYears ~~accordance~~ended ~~with the accounting guidance for the consolidation of variable interest entities~~March 31, ~~the~~2022 ~~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.2021

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.


	Limited		General
Series 48	partner		partner		Total
Partners’ capital (deficit), March 31, 2020	$	(1,384,253)	$	(54,359)	$	(1,438,612)

Net income (loss)		(15,817)		(40)		(15,857)

Partners’ capital (deficit), March 31, 2021		(1,400,070)		(54,399)		(1,454,469)

Net income (loss)		590,298		1,479		591,777

Partners’ capital (deficit), March 31, 2022	$	(809,772)	$	(52,920)	$	(862,692)

Item 7A.	Quantitative and Qualitative Disclosure About Market Risk
	Not Applicable
Item 8.	Financial Statements and Supplementary Data
	The information required by this item is contained in Part IV, Item 15 of this Annual Report on Form 10-K.
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
	None

Item 9A.		Controls & Procedures
	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund’s general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Corporate Investment Holdings Inc., carried out an evaluation of the effectiveness of the Fund’s “disclosure controls and procedures” as defined in the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15, 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 the 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.
	(b)	Management's Annual Report on Internal Control over Financial Reporting
		Management of the Fund is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) of each series individually, as well as the Fund as a whole. The Fund’s internal control system over financial reporting is designed to provide reasonable assurance to the Fund’s management regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Due to inherent limitations, an internal control system over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

(continued)

		As required by Section 404 of the Sarbanes-Oxley Act of 2002, management conducted an evaluation of the effectiveness of the Fund’s and each series' internal control over financial reporting as of March 31, 2021. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on this evaluation, management concluded the Fund’s internal control over financial reporting was effective as of March 31, 2021 with respect to each series individually, as well as the Fund as a whole.
	(c)	Changes in Internal Controls
		There were no changes in the Fund’s or any Series' internal controls over financial reporting that occurred during the year ended March 31, 2021 that materially affected, or are reasonably likely to materially affect, the Fund’s or any series' internal controls over financial reporting.
	(d)	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 Annual Report on Form 10-K, are applicable to each series individually and the Fund as a whole.
Item 9B.		Other Information
		Not Applicable
Item 9C.		Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
		Not Applicable

F-14

21Table of Contents

~~PART~~BF ~~III~~Garden Tax Credit Fund V L.P. -

~~Item~~Series 47 ~~10.~~through ~~Directors, Executive Officers and Corporate Governance of the Fund (a), (b), (c), (d) and (e)~~49

~~The~~STATEMENTS ~~Fund~~OF ~~has~~CHANGES noIN ~~directors~~PARTNERS’ orCAPITAL ~~executives~~(DEFICIT) ~~officers~~- of its own. The following biographical information is presented for the Corporate Investment Holdings, Inc., as the sole manager and sole member of the general partner and affiliates of such parties with principal responsibility for the Fund's affairs.CONTINUED

~~Gregory~~Years ~~Voyentzie,~~ended ~~age 51, has served as Chief Executive Officer of BFIM since June~~March ~~2018. Mr. Voyentzie joined BFIM in 1999 and has over 26 years of experience in the affordable housing industry. Prior to his current position~~31, ~~Mr. Voyentzie~~2022 ~~was an Executive Vice President of BFIM~~ and co-lead of the Production group, where he maintained joint responsibility for establishing the strategic direction of the syndication platform, identifying and marketing new capital sources and selecting property-level investments. Mr. Voyentzie has held several other senior positions within BFIM and has been a member of the firm's Investment Committee since 2005.2021

Marie Reynolds, age 54, is the Chief Financial Officer (CFO) and Chief Operating Officer (COO) of BFIM. Ms. Reynolds joined BFIM in 1995 and has 25 years of financial analysis and reporting experience within the affordable housing industry. In her role as CFO and COO of BFIM, Ms. Reynolds sets financial policy for BFIM and works with senior executives to set strategic direction and develop policies that have organization-wide impact. Ms. Reynolds was named BFIM’s CFO in 2014 and COO in 2020.


	Limited		General
Series 49	partner		partner		Total
Partners’ capital (deficit), March 31, 2020	$	(3,258,270)	$	(142,234)	$	(3,400,504)

Net income (loss)		(148,247)		(372)		(148,619)

Partners’ capital (deficit), March 31, 2021		(3,406,517)		(142,606)		(3,549,123)

Net income (loss)		4,445,709		11,142		4,456,851

Partners’ capital (deficit), March 31, 2022	$	1,039,192	$	(131,464)	$	907,728

(f)	Involvement in certain legal proceedings.
	None.
(g)	Promoters and control persons.
	None.
(h) and (i)	The Fund has no directors or executive officers and accordingly has no audit committee and no audit committee financial expert. The Fund is not a listed issuer as defined in Regulation 10A-3 promulgated under the Securities Exchange Act of 1934.
	The general partner of the Fund, BF Garden Associates V L.L.C., has adopted a Code of Ethics which applies to the Principal Executive Officer and Principal Financial Officer of Corporate Investment Holdings, Inc. The Code of Ethics will be provided without charge to any person who requests it. Such request should be directed to the registrant at c/o Boston Financial Investment Management, LP, Attention: Investor Services Group, 101 Arch Street, 13th Floor, Boston, Massachusetts 02110.
Item 11.	Executive Compensation
	(a), (b), (c), (d) and (e)

~~The~~See ~~Fund~~notes has no officers or directors and no compensation committee. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to ~~the~~financial ~~general partner and its affiliates for the following fees during the 2020 fiscal year:~~statements

1. An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the Operating Partnerships, less the amount of reporting fees received, was accrued or paid to Boston Capital Asset Management Limited Partnership, a former affiliate of the general partner. As part of the sale disclosed the fund management fee is now payable to BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the general partner. The annual fund management fees charged to operations for the year ended March 31, 2021 was $619,730.

2. The Fund has reimbursed former affiliates of the general partner a total of $42,725 for amounts charged to operations during the year ended March 31, 2021. The reimbursement is for items like postage, printing, travel, and overhead allocations.

Item 12.		Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters
	(a)	Security ownership of certain beneficial owners.
		As of March 31, 2021, 11,777,706 BACs had been issued. The following Series are known to have one investor, Everest Housing, 199 South Los Robles Ave. Suite 200, Pasadena, CA 91101, with holdings in excess of 5% of the total outstanding BACs in the series.
		Series 47 6.17%
		Series 48 6.94%
		Series 49 5.65%
	(b)	Security ownership of management.
		The general partner has a .25% interest in all profits, losses, credits and distributions of the Fund.
	(c)	Changes in control.
		There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund. There is a provision in the Fund’s Partnership Agreement which allows, under certain circumstances, the ability to change control.
		The Fund has no compensation plans under which interests in the Fund are authorized for issuance.
Item 13.		Certain Relationships and Related Transactions, and Director Independence
	(a)	Transactions with related persons
		The Fund has no officers or directors. However, under the terms of the Prospectus, various kinds of compensation and fees are payable to the general partner and its affiliates during the organization and operation of the Fund. Additionally, the general partner will receive distributions from the Fund if there is cash available for distribution or residual proceeds as defined in the Fund Agreement. See Note B of Notes to Financial Statements in Item 15 of this Annual Report on Form 10-K for amounts accrued or paid to the general partner and its affiliates for the period October 15, 2003 through March 31, 2021.

F-15

24Table of Contents

	(b)	Review, Approval or Ratification of transactions with related persons.
		The Fund response to Item 13(a) is incorporated herein by reference.
	(c)	Promoters and certain control persons.
		Not applicable.
	(d)	Independence.
		The Fund has no directors.
Item 14.		Principal Accountant Fees and Services
		Fees paid to the Fund’s independent auditors for fiscal year 2021 were comprised of the following:

BF Garden Tax Credit Fund V L.P. -

		Fee Type	Series 47		Series 48		Series 49
(1	)	Audit Fees	$	18,509	$	17,159	$	22,032
(2	)	Audit Related Fees		-		-		-
(3	)	Tax Fees		6,270		5,508		9,318
(4	)	All Other Fees		2,363		1,889		3,331
		Total	$	27,142	$	24,556	$	34,681

Series 47 through Series 49

~~Fees~~STATEMENTS ~~paid~~OF toCASH ~~the Fund’s independent auditors for fiscal year 2020 were comprised of the following:~~FLOWS

		Fee Type	Series 47		Series 48		Series 49
(1	)	Audit Fees	$	17,750	$	16,401	$	23,149
(2	)	Audit Related Fees		-		-		-
(3	)	Tax Fees		6,346		5,605		9,063
(4	)	All Other Fees		937		937		936
		Total	$	25,033	$	22,943	$	33,148
(5	)	Audit Committee

The Fund has no Audit Committee. All audit services and any permitted non-audit services performed by the Fund’s independent auditors are pre-approved by Corporate Investment Holdings, Inc.


	Total
	2022		2021
Cash flows from operating activities
Net income (loss)	$	6,826,613	$	805,090
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(7,329,288)		(1,497,946)
Changes in assets and liabilities
Other assets		(457)		101,918
Accounts payable and accrued expenses		(40)		(9,303)
Accounts payable - affiliates		(7,378,806)		(177,787)

Net cash used in operating activities		(7,881,978)		(778,028)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		7,329,288		1,497,946

Net cash provided by investing activities		7,329,288		1,497,946

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(552,690)		719,918

Cash and cash equivalents, beginning		1,940,668		1,220,750

Cash and cash equivalents, end	$	1,387,978	$	1,940,668

~~PART IV~~(continued)

Item 15.	Exhibit and Financial Statement Schedules
(a) 1 & 2	Financial Statements; Filed herein as Exhibit 13
	BF Garden Tax Credit V L.P.; filed herein as Exhibit 13
	Report of Independent Registered Public Accounting Firm
	Balance Sheets, March 31, 2021 and 2020
	Statements of Operations for the years ended March 31, 2021 and 2020
	Statements of Changes in Partners' Capital (Deficit) for the years ended March 31, 2021 and 2020
	Statements of Cash Flows for the years ended March 31, 2021 and 2020
	Notes to Financial Statements, March 31, 2021 and 2020
	Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.
(b) 1	Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K)

~~Exhibit No. 3~~ F- ~~Organizational Documents.~~16

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

~~https://www~~BF Garden Tax Credit Fund V L.~~sec~~P.~~gov/Archives/edgar/data/1267425/000104746903034022/a2120679zex~~ -~~3.txt~~

~~Exhibit~~Series ~~No. 4~~47 -through ~~Instruments defining the rights of security holders, including indentures.~~Series 49

a.STATEMENTS ~~Agreement~~OF ofCASH ~~Limited~~FLOWS ~~Partnership of Boston Capital Tax Credit Fund V L.P. (now known as BF Garden Tax Credit Fund V L.P.) (Incorporated by reference from Exhibit 4 to the Fund's Registration Statement No. 333~~-~~109898~~ ~~on Form S-11 as filed with the Securities and Exchange Commission on October 22, 2003.)~~CONTINUED

~~https://www.sec.gov/Archives/edgar/data/1267425/000104746903034022/a2120679zs-11.txt~~

b. First Amendment to Agreement of Limited Partnership of Boston Capital Tax Credit Fund V L.P (now known as BF Garden Tax Credit Fund V L.P.) (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on May 8, 2018.)


	Series 47
	2022		2021
Cash flows from operating activities
Net income (loss)	$	1,777,985	$	969,566
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(1,897,247)		(1,098,271)
Changes in assets and liabilities
Other assets		285		(285)
Accounts payable and accrued expenses		(38)		(6,141)
Accounts payable - affiliates		(2,571,761)		(404,362)

Net cash used in operating activities		(2,690,776)		(539,493)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		1,897,247		1,098,271

Net cash provided by investing activities		1,897,247		1,098,271

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(793,529)		558,778

Cash and cash equivalents, beginning		1,054,904		496,126

Cash and cash equivalents, end	$	261,375	$	1,054,904

~~https://www.sec.gov/Archives/edgar/data/1267425/000153442418000145/ex4-1.htm~~

c. The Second Amendment to Agreement of Limited Partnership of Boston Capital Tax Credit Fund V L.P (now known as BF Garden Tax Credit Fund V L.P.) (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on May 23, 2019).

~~https://www.sec.gov/Archives/edgar/data/1267425/000114420419027926/tv522253_ex4-1.htm~~(continued)

~~d. 3.1 Certificate of Amendment to the Certificate of Limited Partnership of BF Garden Tax Credit Fund V L.P (Incorporated by reference from Registrant's current report on Form 8~~F-~~K as filed with the Securities and Exchange Commission on December 16, 2020).~~17

~~https://www.sec.gov/Archives/edgar/data/1267425/000110465920136163/tm2038683d1_ex3-1.htm~~Table of Contents

e.BF ~~Description~~Garden ofTax ~~Securities;~~Credit ~~Filed~~Fund ~~herein~~V L.P. -

~~Exhibit~~Series ~~No. 10~~47 -through ~~Material Contracts.~~Series 49

a.STATEMENTS ~~Beneficial~~OF ~~Assignee~~CASH ~~Certificate~~FLOWS ~~(Incorporated by reference from Exhibit 10A to the Fund's Registration Statement No. 333~~-~~109898~~ ~~on Form S-11 as filed with the Securities and Exchange Commission on October 22, 2003).~~CONTINUED

~~https://www.sec.gov/Archives/edgar/data/1267425/000104746903034022/a2120679zex-10_a.txt~~

Exhibit No. 13 - Financial Statements.


	Series 48
	2022		2021
Cash flows from operating activities
Net income (loss)	$	591,777	$	(15,857)
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
Other assets		111		(111)
Accounts payable and accrued expenses		—		(2,500)
Accounts payable - affiliates		(637,492)		(144,607)

Net cash used in operating activities		(721,604)		(224,575)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		676,000		61,500

Net cash provided by investing activities		676,000		61,500

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(45,604)		(163,075)

Cash and cash equivalents, beginning		235,196		398,271

Cash and cash equivalents, end	$	189,592	$	235,196

~~a. Financial Statement of BF Garden Tax Credit Fund V L.P.; Filed herein.~~

~~Exhibit No. 28 - Additional exhibits.~~

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

~~https://www.sec.gov/Archives/edgar/data/1267425/000126742506000009/newchestertownhousesp1.htm~~

~~b. Agreement of Limited Partnership of Bristol Apartments, LP (Incorporated by reference from Registrant's current report on Form 8~~F-~~K as filed with the Securities and Exchange Commission on March 31, 2006).~~18

~~https://www.sec.gov/Archives/edgar/data/1267425/000126742506000006/bristolapartments.htm~~Table of Contents

c.BF ~~Agreement~~Garden ofTax ~~Limited~~Credit ~~Partnership~~Fund ~~of Linden-Shawnee Partners (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006)~~V L.P. -

~~https://www.sec.gov/Archives/edgar/data/1267425/000126742506000003/lindenshawnee.htm~~Series 47 through Series 49

d.STATEMENTS ~~Agreement~~OF ofCASH ~~Limited~~FLOWS ~~Partnership of Linda Villas, Limited (Incorporated by reference from Registrant's current report on Form 8~~-K ~~as filed with the Securities and Exchange Commission on March 31, 2006).~~CONTINUED

~~https://www.sec.gov/Archives/edgar/data/1267425/000126742506000008/lindavilla.htm~~

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


	Series 49
	2022		2021
Cash flows from operating activities
Net income (loss)	$	4,456,851	$	(148,619)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships		(4,756,041)		(338,175)
Changes in assets and liabilities
Other assets		(853)		102,314
Accounts payable and accrued expenses		(2)		(662)
Accounts payable - affiliates		(4,169,553)		371,182

Net cash used in operating activities		(4,469,598)		(13,960)

Cash flows from investing activities
Proceeds from disposition of operating limited partnerships		4,756,041		338,175

Net cash provided by investing activities		4,756,041		338,175

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		286,443		324,215

Cash and cash equivalents, beginning		650,568		326,353

Cash and cash equivalents, end	$	937,011	$	650,568

~~https://www.sec.gov/Archives/edgar/data/1267425/000126742506000005/richwoodapartments.htm~~

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

~~https://www.sec.gov/Archives/edgar/data/1267425/000126742506000010/lamiragevillas.htm~~See notes to financial statements

~~https://www.sec.gov/Archives/edgar/data/1267425/000126742507000010/mayfairparkb58k.htm~~F-19

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

~~https://www~~BF Garden Tax Credit Fund V L.~~sec~~P.~~gov/Archives/edgar/data/1267425/000126742507000013/carrolltonhousingiib58k.htm~~ -

i.Series 47 ~~Agreement~~through ~~of Limited Partnership of Cameron Fountainhead, LP (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on July 3, 2007).~~49

~~https://www.sec.gov/Archives/edgar/data/1267425/000126742507000020/cameronfountainheadb58k.htm~~NOTES TO FINANCIAL STATEMENTS

~~j. Agreement of Limited Partnership of Columbia Blackshear~~March 31, LP2022 ~~(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities~~ and ~~Exchange Commission on July 3, 2007).~~2021

~~https://www.sec.gov/Archives/edgar/data/1267425/000126742507000021/columbiablackshearb58k.htm~~NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

kBF Garden Tax Credit Fund V L.P. ~~Agreement~~(formerly known as Boston Capital Tax Credit Fund V L.P.) (the “Fund”) was organized under the laws of ~~Limited~~the ~~Partnership~~State of ~~Kaufman~~Delaware ~~Fountainhead~~as of October 15, LP2003, 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 (~~Incorporated~~“Operating Partnerships”). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by ~~reference~~BF ~~from~~Garden ~~Registrant'~~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 ~~current~~general ~~report~~partner, onBF ~~Form~~Garden ~~8-K~~Associates V L.L.C., a Delaware limited liability company formerly known as ~~filed~~Boston ~~with~~Capital Associates V L.L.C., and became the ~~Securities~~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 ~~Exchange~~an ~~Commission~~affiliate onof ~~July~~Boston 3Financial Investment Management, ~~2007~~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.

~~https://www~~The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and does not engage in any other business.~~sec~~ Units of beneficial interest in the limited partnership interest of the assignor limited partner have been assigned by the assignor limited partner by means of beneficial assignee certificates (“BACs”) to investors and investors are entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.~~gov/Archives/edgar/data/1267425/000126742507000023/kaufmanfountainheadb58k.htm~~

l.A ~~Agreement~~Registration Statement on Form S-11 and the related prospectus were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering in one or more series of ~~Limited~~a ~~Partnership~~minimum of ~~Maverick~~250,000 ~~Fountainhead~~BACs and a maximum of 7,000,000 LPBACs ~~(Incorporated~~at by$10 ~~reference~~per ~~from~~BAC. ~~Registrant's~~On ~~current~~August 10, ~~report~~2004, onan amendment to Form S-11, which registered an additional 8-K,500,000 asBACs ~~filed~~for ~~with~~sale to the ~~Securities~~public in one or more series became effective. As of December 31, 2005, subscriptions had been received and ~~Exchange~~accepted ~~Commission~~by onthe ~~July~~Fund 3for 11,777,706 ~~2007)~~BAC’s representing capital contributions of $117,777,060.

~~https~~The BAC’s issued and outstanding in each series at March 31, 2022 and 2021 are as follows:~~//www.sec.gov/Archives/edgar/data/1267425/000126742507000025/maverickfountainheadb58k.htm~~

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

https://www.sec.gov/Archives/edgar/data/1267425/000126742507000027/dawnspringsvillab58k.htm


	Issued		Outstanding
	2022	2021	2022	2021
Series 47	3,478,334	3,478,334	3,459,434	3,459,434
Series 48	2,299,372	2,299,372	2,283,872	2,283,872
Series 49	6,000,000	6,000,000	5,982,000	5,982,000

	11,777,706	11,777,706	11,725,306	11,725,306

	Exhibit No. 31 Certification 302
	a.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Gregory Voyentzie, Principal Executive Officer, filed herein
	b.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Accounting and Financial Officer, filed herein
	Exhibit No. 32 Certification 906
	a.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Gregory Voyentzie, Principal Executive Officer, filed herein
	b.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Accounting and Financial Officer, filed herein
	Exhibit No. 101
		The following materials from the BF Garden Tax Credit Fund V L.P. Annual Report on Form 10-K for the period ended March 31, 2021 formatted in Extensible Business Reporting Language (XBRL): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Changes in Partners' Capital (Deficit), (iv) the Statements of Cash Flows and (v) related notes, filed herein
Item 16.		Form 10-K Summary Not applicable.

F-20

29Table of Contents

~~SIGNATURES~~BF Garden Tax Credit Fund V L.P. -

~~Pursuant~~Series ~~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~~47 ~~undersigned hereunto duly authorized.~~through 49

	BF Garden Tax Credit Fund V L.P. By: BF Garden Associates V L.L.C., its General Partner By: Corporate Investment Holdings, Inc., its Manager
Date: June 28, 2021		By:	/s/ Gregory Voyentzie
			Gregory Voyentzie
			President (Principal Executive Officer)

NOTES TO FINANCIAL STATEMENTS – CONTINUED

~~Pursuant to the requirements of the Securities Exchange Act of 1934~~March 31, ~~this~~2022 ~~report has been signed below by the following persons on behalf of the Fund~~ and ~~in the capacities and on the dates indicated:~~2021

DATE:	SIGNATURE:	TITLE:
June 28, 2021	/s/ Gregory Voyentzie	President (Principal Executive Officer),
	Gregory Voyentzie	Corporate Investment Holdings, Inc.
June 28, 2021	/s/ Marie Reynolds	Treasurer (Principal Accounting and
	Marie Reynolds	Financial Officer), Corporate Investment Holdings, Inc.

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

30Investments in Operating Limited Partnerships

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

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the Fund recorded a valuation allowance of $0 and $120,000 as of March 31, 2022 and 2021, respectively.

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships.

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

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

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

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it 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 is required to consolidate the VIE.

F-21

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

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

The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements.

Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture.

Income Taxes

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a Fund. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. 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 2018 remain open.

Cash and Cash Equivalents

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

Fiscal Year

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

F-22

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

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

Net Income (Loss) per Beneficial Assignee Certificate

Net income (loss) per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year. The weighted average number of units in Series 47, 48 and 49 at March 31, 2022 and 2021 are as follows:


	2022	2021
Series 47	3,459,434	3,465,809
Series 48	2,283,872	2,284,247
Series 49	5,982,000	5,983,875

	11,725,306	11,733,931

Use of Estimates

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

F-23

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE B - RELATED PARTY TRANSACTIONS

During the years ended March 31, 2022 and March 31, 2021, the Fund entered into several transactions with various former and current affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, Boston Capital Asset Management Limited Partnership, and BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership) as follows:

The Fund originally incurred an annual fund management fee to Boston Capital Asset Management Limited Partnership, a former affiliate of the general partner. As part of the sale disclosed in Note A, the fund management fee is now payable to BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the general partner as of December 15, 2020, in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the operating limited partnerships, less the amount of certain asset management and reporting fees paid by the operating limited partnerships. The fund management fees earned and the reporting fees paid by the operating limited partners for the years ended March 2022 and 2021 are as follows:


	2022
					Fund Management Fee
					net of Asset
	Gross Fund		Asset Management		Management and
	Management Fee		and Reporting Fee		Reporting Fee
Series 47	$	64,226	$	1,000	$	63,226
Series 48		38,508		1,700		36,808
Series 49		336,441		48,995		287,446

	$	439,175	$	51,695	$	387,480


	2021
					Fund Management Fee
					net of Asset
	Gross Fund		Asset Management		Management and
	Management Fee		and Reporting Fee		Reporting Fee
Series 47	$	122,624	$	10,938	$	111,686
Series 48		60,393		7,563		52,830
Series 49		493,632		38,418		455,214

	$	676,649	$	56,919	$	619,730

All fund management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership’s interests in operating limited partnerships. As of March 31, 2022 and 2021, total fund management fees accrued were $1,497,001 and $8,875,807, respectively.

F-24

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE B - RELATED PARTY TRANSACTIONS – (continued)

The fund management fees paid by the Fund for the years ended March 31, 2022 and 2021 are as follows:


	2022		2021
Series 47	$	2,635,987	$	526,986
Series 48		676,000		205,000
Series 49		4,505,994		122,450

	$	7,817,981	$	854,436

General and administrative expenses and professional fees incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership for each series for the years ended March 31, 2022 and 2021, charged to each series’ operations are as follows:


	2022		2021
Series 47	$	—	$	14,103
Series 48		—		13,357
Series 49		—		15,265

	$	—	$	42,725

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2022 and 2021, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2022 and 2021 by series are as follows:


	2022	2021
Series 47	—	4
Series 48	1	2
Series 49	12	17

	13	23

During the year ended March 31, 2022 the Fund disposed of ten Operating Partnerships. A summary of the dispositions by Series for March 31, 2022 is as follows:


	Operating	Sale of Underlying
	Partnership Interest	Operating	Partnership Proceeds		Gain on
	Transferred	Partnership	from Disposition		Disposition
Series 47	4	—	$	1,897,247	$	1,897,247
Series 48	1	—		676,000		676,000
Series 49	5	—		4,756,041		4,756,041

	10	—	$	7,329,288	$	7,329,288

F-25

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS – (continued)

During the year ended March 31, 2021 the Fund disposed of ten Operating Partnerships. A summary of the dispositions by Series for March 31, 2021 is as follows:


	Operating	Sale of Underlying
	Partnership Interest	Operating	Partnership Proceeds		Gain on
	Transferred	Partnership	from Disposition		Disposition
Series 47	3	—	$	1,098,271	$	1,098,271
Series 48	2	—		61,500		61,500
Series 49	5	—		338,175		338,175

	10	—	$	1,497,946	$	1,497,946

The gain 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 Partnership’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.

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations. At March 31, 2022 and 2021, contributions are payable to operating limited partnerships as follows:


	2022		2021
Series 47	$	—	$	—
Series 48		—		—
Series 49		101		101

	$	101	$	101

F-26

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2022 are summarized as follows:


	Total		Series 47		Series 48		Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	22,606,384	$	—	$	587,485	$	22,018,899

Cumulative distributions from operating limited partnerships		(75,466)		—		(1,561)		(73,905)

Cumulative impairment loss in investments in operating limited partnerships		(13,255,787)		—		—		(13,255,787)

Cumulative losses from operating limited partnerships		(9,275,131)		—		(585,924)		(8,689,207)

Investments in operating limited partnerships per balance sheets		—		—		—		—


	Total		Series 47		Series 48		Series 49
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A).		(379,148)		—		—		(379,148)

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(3,471,319)		—		(384,422)		(3,086,897)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		331,285		—		—		331,285

Cumulative impairment loss in investments in operating limited partnerships		13,255,787		—		—		13,255,787

Other		(85,346)		—		(4,739)		(80,607)

Equity per operating limited partnerships’ combined financial statements	$	9,651,259	$	—	$	(389,161)	$	10,040,420

F-27

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The Fund’s investments in operating limited partnerships at March 31, 2021 are summarized as follows:


	Total		Series 47		Series 48		Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	48,344,537	$	7,135,011	$	2,970,934	$	38,238,592

Cumulative distributions from operating limited partnerships		(266,608)		(28,500)		(18,606)		(219,502)

Cumulative impairment loss in investments in operating limited partnerships		(32,206,478)		(5,310,652)		(2,249,326)		(24,646,500)

Cumulative losses from operating limited partnerships		(15,871,451)		(1,795,859)		(703,002)		(13,372,590)

Investments in operating limited partnerships per balance sheets		—		—		—		—


	Total		Series 47		Series 48		Series 49
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2021 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2020 (see note A).		(384,817)		—		—		(384,817)

Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).		(11,880,114)		(769,653)		(303,091)		(10,807,370)

The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).		331,285		—		—		331,285

Cumulative impairment loss in investments in operating limited partnerships		32,206,478		5,310,652		2,249,326		24,646,500

Other		336,086		(89,809)		(79,803)		505,698

Equity per operating limited partnerships’ combined financial statements	$	20,608,918	$	4,451,190	$	1,866,432	$	14,291,296

F-28

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2021 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS


	Total		Series 47		Series 48		Series 49
ASSETS

Buildings and improvements, net of accumulated depreciation	$	27,339,376	$	—	$	1,014,434	$	26,324,942
Land		2,161,940		—		105,000		2,056,940
Other assets		4,086,887		—		1,221,236		2,865,651

	$	33,588,203	$	—	$	2,340,670	$	31,247,533

LIABILITIES AND PARTNERS’ CAPITAL

Mortgages and construction loans payable	$	17,137,174	$	—	$	1,365,763	$	15,771,411
Accounts payable and accrued expenses		551,214		—		27,802		523,412
Other liabilities		2,449,956		—		1,397,826		1,052,130

		20,138,344		—		2,791,391		17,346,953
PARTNERS’ CAPITAL
BF Garden Tax Credit Fund V L.P.		9,651,259		—		(389,161)		10,040,420
Other partners		3,798,600		—		(61,560)		3,860,160

		13,449,859		—		(450,721)		13,900,580

	$	33,588,203	$	—	$	2,340,670	$	31,247,533

F-29

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS


	Total		Series 47		Series 48		Series 49
ASSETS

Buildings and improvements, net of accumulated depreciation	$	71,388,038	$	14,164,825	$	9,530,634	$	47,692,579
Land		9,101,508		1,950,947		1,451,241		5,699,320
Other assets		8,097,265		1,278,528		737,279		6,081,458

	$	88,586,811	$	17,394,300	$	11,719,154	$	59,473,357

LIABILITIES AND PARTNERS’ CAPITAL

Mortgages and construction loans payable	$	56,488,011	$	11,382,001	$	9,318,977	$	35,787,033
Accounts payable and accrued expenses		1,427,922		516,869		238,650		672,403
Other liabilities		8,186,088		355,153		461,944		7,368,991

		66,102,021		12,254,023		10,019,571		43,828,427
PARTNERS’ CAPITAL
BF Garden Tax Credit
Fund V L.P.		20,608,918		4,451,190		1,866,432		14,291,296
Other partners		1,875,872		689,087		(166,849)		1,353,634

		22,484,790		5,140,277		1,699,583		15,644,930

	$	88,586,811	$	17,394,300	$	11,719,154	$	59,473,357

F-30

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2021 in which Series 47 through Series 49 had an interest as of December 31, 2021 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Total		Series 47		Series 48		Series 49
Revenue
Rent	$	4,549,001	$	—	$	267,321	$	4,281,680
Interest and other		141,793		—		6,614		135,179

		4,690,794		—		273,935		4,416,859

Expenses
Interest		476,374		—		35,019		441,355
Depreciation and amortization		1,307,863		—		56,085		1,251,778
Taxes and insurance		638,841		—		51,411		587,430
Repairs and maintenance		809,361		—		88,458		720,903
Operating expenses		1,952,740		—		122,101		1,830,639
Other expenses		21,222		—		2,200		19,022

		5,206,401		—		355,274		4,851,127

NET INCOME (LOSS)	$	(515,607)	$	—	$	(81,339)	$	(434,268)

Net income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(514,849)	$	—	$	(81,331)	$	(433,518)

Net income (loss) allocated to other partners	$	(758)	$	—	$	(8)	$	(750)

F-31

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (Continued)

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2020 in which Series 47 through Series 49 had an interest as of December 31, 2020 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS


	Total		Series 47		Series 48		Series 49
Revenue
Rent	$	14,035,217	$	2,949,913	$	2,227,118	$	8,858,186
Interest and other		237,583		33,376		33,683		170,524

		14,272,800		2,983,289		2,260,801		9,028,710
Expenses
Interest		1,413,678		252,798		114,649		1,046,231
Depreciation and amortization		3,379,480		632,004		432,744		2,314,732
Taxes and insurance		1,833,431		380,908		250,778		1,201,745
Repairs and maintenance		2,339,154		531,343		417,052		1,390,759
Operating expenses		4,993,486		973,241		721,953		3,298,292
Other expenses		511,465		151,198		129,058		231,209

		14,470,694		2,921,492		2,066,234		9,482,968

NET INCOME (LOSS)	$	(197,894)	$	61,797	$	194,567	$	(454,258)

Net income (loss) allocated to BF Garden Tax Credit Fund V L.P.	$	(776,438)	$	(157,102)	$	(29,526)	$	(589,810)

Net income (loss) allocated to other partners	$	578,544	$	218,899	$	224,093	$	135,552

F-32

Table of Contents

BF Garden Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS – CONTINUED

March 31, 2022 and 2021

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

For income tax purposes, the Fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2022 is reconciled as follows:


	Total		Series 47		Series 48		Series 49
Net income (loss) for financial reporting purposes	$	6,826,613	$	1,777,985	$	591,777	$	4,456,851

Accrued partnership management fee not deducted for income tax purposes		(7,378,806)		(2,571,761)		(637,492)		(4,169,553)

Other		(1,411,201)		—		(696,677)		(714,524)

Excess of tax depreciation over book depreciation on operating limited partnership assets		(340,157)		—		(21,736)		(318,421)

Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting		(514,849)		—		(81,331)		(433,518)

Filing Compare · BF Garden Tax Credit Fund V L.P.