Bf Garden Tax Credit Fund V L P
Boston Capital Tax Credit Fund V L.P. (the “Fund”) is a limited
partnership formed under the Delaware Revised Uniform Limited Partnership Act
as of October 15, 2003. The general partner of the Fund is Boston Capital Associates
V LLC, a Delaware limited liability company. The members of the general partner
are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership,
and John P. Manning, who is the managing member. Additional members of the general
partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston
Capital Companion Limited Partnership is Boston Capital Partners II Corporation
whose sole shareholder is John P. Manning. John P. Manning is the principal
of Boston Capital Partners, Inc.
The Fund’s principal business is to invest as a limited partner in other
limited partnerships (the “Operating Partnerships”) each of which
will own or lease and will operate an apartment complex exclusively or partially
for low- and moderate-income tenants. Each Operating Partnership in which the
Fund invests owns apartment complexes, which are completed, newly-constructed,
under construction or rehabilitation, or to-be constructed or rehabilitated,
and which are expected to receive government assistance. Each apartment complex
is expected to qualify for the low-income housing tax credit under Section 42
of the Code (the “Federal Housing Tax Credit”), providing tax benefits
over a period of ten to twelve years in the form of tax credits which investors
may use to offset income, subject to strict limitations, from other sources.
Some apartment complexes may also qualify for the historic rehabilitation tax
credit under Section 47 of the Code (the “Rehabilitation
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 invested are receiving their rent supplements from HUD.
HUD has been in the process of converting rent supplement assistance to assistance
paid not to the owner of the apartment complex, but directly to the individuals.
At this time, the Fund is unable to predict whether Congress will continue rent
supplement programs payable directly to owners of apartment complexes.
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5.24%