<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                             ----------------------

                                    FORM 10-K

                Annual Report Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934
                       -----------------------------------

                   For the Fiscal Year Ended DECEMBER 31, 2001

                             Commission File Number

                                     0-12438

                        REAL ESTATE ASSOCIATES LIMITED V

                        A CALIFORNIA LIMITED PARTNERSHIP

                 I.R.S. Employer Identification No.  95-3768810
                                                    ------------

         9090 WILSHIRE BLVD., SUITE 201, BEVERLY HILLS, CALIFORNIA 90211

        Registrant's Telephone Number, Including Area Code (310) 278-2191

      Securities Registered Pursuant to Section 12(b) or 12(g) of the Act:



                                      NONE



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed with the Commission by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding twelve months (or 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 if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.  [X]
<PAGE>
PART I.

ITEM 1.   BUSINESS:

Real Estate Associates Limited V ("REAL V" or the "Partnership") is a limited
partnership which was formed under the laws of the State of California on May 7,
1982. On July 7, 1982, Real Estate Associates Limited V offered 1,950 units
consisting of 3,900 Limited Partnership Interests and Warrants to purchase 3,900
Additional Limited Partnership Interests through a public offering, managed by
E.F. Hutton Inc.

The general partners of REAL V are National Partnership Investments Corp.
("NAPICO"), a California Corporation (the "Corporate General Partner"), and
National Partnership Investments Associates II ("NAPIA"), a limited partnership
formed under the California Limited Partnership Act and consisting of Mr.
Charles H. Boxenbaum and two unrelated individuals, as limited partners. The
business of REAL V is conducted primarily by NAPICO.

Prior to December 30, 1998, NAPICO was a wholly owned subsidiary of Casden
Investment Corporation ("CIC"), which is wholly owned by Alan I. Casden.   On
December 30, 1998, Casden Properties Operating Partnership, L.P. (the
"Operating Partnership"), a majority owned subsidiary of Casden Properties
Inc., a real estate investment trust organized by Alan I. Casden, purchased a
95.25% economic interest in NAPICO.  The current members of NAPICO's Board of
Directors are Charles H. Boxenbaum, Bruce E. Nelson and Alan I. Casden.

On December 3, 2001, Casden Properties Inc., entered into a merger agreement and
certain other transaction documents with Apartment Investment and Management
Company, a Maryland corporation ("AIMCO") and certain of its subsidiaries,
pursuant to which, on March 11, 2002, AIMCO acquired Casden Properties Inc. and
its subsidiaries, including NAPICO.

REAL V holds limited partnership interests in 3 local limited partnerships as of
December 31, 2001, after selling its interests in 16 local limited partnerships,
in December 1998, to the Operating Partnership. Each of these limited
partnerships owns a low income housing project which is subsidized and/or has a
mortgage note payable to or insured by agencies of the federal or local
government.

In order to stimulate private investment in low income housing, the federal
government and certain state and local agencies have provided significant
ownership incentives, including among others, interest subsidies, rent
supplements, and mortgage insurance, with the intent of reducing certain market
risks and providing investors with certain tax benefits, plus limited cash
distributions and the possibility of long-term capital gains. There remain,
however, significant risks. The long-term nature of investments in government
assisted housing limits the ability of REAL V to vary its portfolio in response
to changing economic, financial and investment conditions; such investments are
also subject to changes in local economic circumstances and housing patterns, as
well as rising operating costs, vacancies, rent collection difficulties, energy
shortages and other factors which have an impact on real estate values. These
projects also require greater management expertise and may have higher operating
expenses than conventional housing projects.

Under recently adopted law and policy, the United States Department of Housing
and Urban Development ("HUD") has determined not to renew the Housing Assistance
Payment ("HAP") Contracts on a long term basis on the existing terms. In
connection with renewals of the HAP Contracts under such new law and policy, the
amount of rental assistance payments under renewed HAP Contracts will be based
on market rentals instead of above market rentals, which may be the case under
existing HAP Contracts. The payments under the renewed HAP Contracts may not be
in an amount that would provide sufficient cash flow to permit owners of
properties subject to HAP Contracts to meet the debt service requirements of
existing loans insured by the Federal Housing Administration of HUD ("FHA")
unless such mortgage loans are restructured. In order to address the reduction
in payments under HAP Contracts as a result of this new policy, the Multi-family
<PAGE>
Assisted Housing Reform and Affordability Act of 1997 ("MAHRAA") provides for
the restructuring of mortgage loans insured by the FHA with respect to
properties subject to the Section 8 program. Under MAHRAA, an FHA-insured
mortgage loan can be restructured into a first mortgage loan which will be
amortized on a current basis and a low interest second mortgage loan payable to
FHA which will only be payable on maturity of the first mortgage loan. This
restructuring results in a reduction in annual debt service payable by the owner
of the FHA-insured mortgage loan and is expected to result in an insurance
payment from FHA to the holder of the FHA-insured loan due to the reduction in
the principal amount. MAHRAA also phases out project-based subsidies on selected
properties serving families not located in rental markets with limited supply,
converting such subsidies to a tenant-based subsidy.

When the HAP Contracts are subject to renewal, there can be no assurance that
the local limited partnerships in which the Partnership has an investment will
be permitted to restructure its mortgage indebtedness under MAHRAA. In addition,
the economic impact on the Partnership of the combination of the reduced
payments under the HAP Contracts and the restructuring of the existing
FHA-insured mortgage loans under MAHRAA is uncertain.

The partnerships in which REAL V has invested were, at least initially,
organized by private developers who acquired the sites, or options thereon, and
applied for applicable mortgage insurance and subsidies. REAL V became the
principal limited partner in these local limited partnerships pursuant to
arm's-length negotiations with these developers, or others, who act as general
partners. As a limited partner, REAL V's liability for obligations of the local
limited partnership is limited to its investment. The local general partner of
the local limited partnership retains responsibility for developing,
constructing, maintaining, operating and managing the project. Under certain
circumstances of default, REAL V has the right to replace the general partner of
the local limited partnership, but otherwise does not have control of sale or
refinancing, etc.

Although each of the partnerships in which REAL V has invested generally owns a
project which must compete in the market place for tenants, interest subsidies
and rent supplements from governmental agencies make it possible to offer these
dwelling units to eligible "low income" tenants at a cost significantly below
the market rate for comparable conventionally financed dwelling units in the
area.
<PAGE>
During 2001, all of the projects in which REAL V had invested were substantially
rented. The following is a schedule of the status as of December 31, 2001, of
the projects owned by local limited partnerships in which REAL V is a limited
partner.

            SCHEDULE OF PROJECTS OWNED BY LOCAL LIMITED PARTNERSHIPS
                        IN WHICH REAL V HAS AN INVESTMENT
                                DECEMBER 31, 2001

<TABLE>
<CAPTION>
                                       Units Authorized
                                          For Rental
                                          Assistance                Percentage of
                             No. of          Under         Units     Total Units
Name and Location            Units         Section 8     Occupied     Occupied
-----------------            ------       -----------    --------     --------
<S>                          <C>       <C>               <C>        <C>
Bickerdike
  Chicago, IL                  140            140           135          96%

Grandview Place Apartments
  Missoula, MT                  48             48            48         100%

Richland Three Rivers
Retirement Apartments
  Richland, WA                  40             40            40         100%
                             -----          -----         -----

TOTALS                         228            228           223          98%
                             =====          =====         =====
</TABLE>
<PAGE>
ITEM 2.    PROPERTIES:

The local limited partnerships in which REAL V holds interests own various
multi-family rental properties. See Item 1 for information pertaining to these
properties.

ITEM 3.    LEGAL PROCEEDINGS:

CLASS ACTION

On August 27, 1998, two investors holding an aggregate of eight units of limited
partnership interests in Real Estate Associates Limited III (a partnership in
which NAPICO is a general partner) and two investors holding an aggregate of
five units of limited partnership interest in Real Estate Associates Limited VI
(another partnership in which Company is a general partner) commenced an action
in the United States District Court for the Central District of California on
behalf of themselves and all other similarly situated, against the Partnership,
NAPICO and certain other affiliated entities. The complaint alleges that the
defendants breached their fiduciary duty to the limited partners of such Funds
and made materially false and misleading statements in the consent solicitation
statements that were disseminated to the limited partners of such Funds relating
to approval of the transfer of partnership interests in limited partnerships to
the Operating Partnership. The plaintiffs seek preliminary and permanent
injunction relief and other equitable relief, as well as compensatory and
punitive damages. However, plaintiffs made no effort to enjoin the transaction
from taking place. On August 4, 1999, a holder of one unit of limited
partnership interest in Housing Programs Limited (a partnership in which the
Company is a general partner) filed a lawsuit similar to the one discussed above
against added Housing Programs Limited. The second action has been subsumed in
the first action, which has been certified as a class action.

After defendants moved for summary disposition of the action, plaintiffs filed a
motion for leave to file an amended complaint. Although defendants opposed the
filing of the complaint proposed by plaintiffs, the court issued an order on
July 20, 2001 granting plaintiffs leave to amend but denying them leave to file
the complaint they proposed. Plaintiffs filed a Second, Restated, Amended and
Supplemental Complaint dated August 7, 2001 and on August 21, 2001 filed a
Corrected Second, Restated, Amended and Supplemental Complaint (CSRASC). The
CSRASC adds eight new defendants and six new counts which were not included in
prior complaints. The new counts include; (i) violations of the anti-bundling
rules of the Securities and Exchange Act of 1934, (ii) violation of the doctrine
of inherent fairness, (iii) a declaratory judgment that the certain defendants
are not entitled to indemnification under the partnership agreements, (iv)
rescission of the business combination discussed in Note 1, (v) a constructive
trust on any recovery from a separate lawsuit pending in the United States
District Court of the Middle District of Pennsylvania which was brought on
behalf of several limited partnerships which are not parties to this action; and
(vi) an accounting. Defendants made a motion to dismiss the CSRASC, which was
denied. The court found that the issues presented would be more appropriate
resolved in a motion for summary judgment or summary adjudication. Defendants
intend to make such a motion. The deadline to do so is April 1, 2002.

Defendants denied allegations in the CSRASC in their answer. The parties are in
the process of conducting discovery. The discovery deadline is February 28, 2002
and the trial is scheduled for July 16, 2002. A motion is before the court to
extend these deadlines and the hearing on that issue is scheduled for February
4, 2002. Once discovery is complete, defendants will move for summary judgement
dismissing the complaint.

OTHER

Plaintiff, who is a limited partner in the Partnership, claims that NAPICO and
other defendants (1) have refused to provide the plaintiff with access to the
books and records of the Partnership, and (2) have breached their fiduciary
duties and the partnership agreement by failing to provide such access and by
failing to act in the best interest of the Partnership. The defendants have,
however, provided their books and records to plaintiff pursuant to a protective
order. Plaintiff has failed to quantify its purported damages. Trial is schedule
for August 13, 2002.
<PAGE>
The managing general partner of such NAPICO managed partnerships and the other
defendants believe that the plaintiffs' claims are without merit and intend to
contest the actions vigorously.

As of December 31, 2001, REAL V's Corporate General Partner was a plaintiff or
defendant in several other lawsuits. None of these suits are related to REAL V.

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:

In August 1998, a consent solicitation statement was sent to the limited
partners setting forth the terms and conditions of the purchase of the limited
partners' interests, held for investment by the Partnership, by the Operating
Partnership, together with certain amendments to the Partnership Agreement and
other disclosures of various conflicts of interest in connection with the
proposed transaction. Prior to the sale of the partnership interests in 1998,
the consents of the limited partners to the sale and amendments to the
Partnership Agreement were obtained.

PART II.

ITEM 5.    MARKET FOR THE REGISTRANT'S PARTNERSHIP INTERESTS AND RELATED
           SECURITY HOLDER MATTERS:

The Limited Partnership Interests are not traded on a public exchange but were
sold through a public offering managed by E.F. Hutton Inc. It is not anticipated
that any public market will develop for the purchase and sale of any partnership
interest. Limited Partnership interests may be transferred only if certain
requirements are satisfied. At December 31, 2001, there were 1,094 registered
holders of units in REAL V. The Partnership has invested in certain government
assisted projects under programs which in many instances restrict the cash
return available to project owners. The Partnership was not designed to provide
cash distributions to investors in circumstances other than refinancing or
disposition of its investments in limited partnerships. In March 1999, the
Partnership made distributions of $2,042,603 to the limited partners and $20,632
to the general partners, which included using proceeds from the sale of the
partnership interests. No other distributions have been made since the inception
of the Partnership.
<PAGE>
ITEM 6.       SELECTED FINANCIAL DATA:

<TABLE>
<CAPTION>
                                                                 Year Ended December 31,
                                   -----------------------------------------------------------------------------------

                                       2001              2000              1999              1998              1997
                                   -----------       -----------       -----------       -----------       -----------
<S>                                <C>               <C>               <C>               <C>               <C>
Loss From Operations               $  (162,744)      $  (167,232)      $  (157,737)      $  (723,112)      $  (515,423)

Gain on Sale of Limited
   Partnership Interests                    --                --                --           849,749                --

Distributions From
   Limited Partnerships
   Recognized as Income                  6,523             6,523             6,523           294,813           381,171

Equity in Income (Loss) of
   Limited Partnerships
   and Amortization of
   Acquisition Costs                   168,472           252,524           216,870        (1,148,813)          503,765
                                   -----------       -----------       -----------       -----------       -----------

Net Income (Loss)                  $    12,251       $    91,815       $    65,656       $  (727,363)      $   369,513
                                   ===========       ===========       ===========       ===========       ===========

Net Income (Loss) per Limited
   Partnership Interest            $         2       $        12       $         8       $       (92)      $        47
                                   ===========       ===========       ===========       ===========       ===========



Total Assets                       $ 1,042,124       $   997,650       $   901,421       $ 3,086,491       $ 3,795,448
                                   ===========       ===========       ===========       ===========       ===========

Investments in Limited
   Partnerships                    $   661,990       $   611,617       $   460,348       $   294,356       $ 1,616,811
                                   ===========       ===========       ===========       ===========       ===========
</TABLE>
<PAGE>
ITEM 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL AND RESULTS OF
            OPERATIONS:

LIQUIDITY

The Partnership's primary sources of funds include interest income on money
market funds and certificates of deposit and distributions from local
partnerships in which the Partnership has invested. It is not expected that any
of the local limited partnerships in which the Partnership has invested will
generate cash flow sufficient to provide for distributions to the Partnership's
limited partners in any material amount. The Partnership made a cash
distribution to investors in March 1999, which included using proceeds from the
disposition of its investments in certain limited partnerships.

CAPITAL RESOURCES

REAL V received $9,750,000 in subscriptions for units of limited partnership
interests (at $5,000 per unit) during the period July 7, 1982, to October 4,
1982, pursuant to a registration statement on Form S-11. As of March 31, 1983,
REAL V received an additional $9,765,000 in subscriptions pursuant to the
exercise of warrants and the sale of Additional Limited Partnership Interests.

RESULTS OF OPERATIONS

The Partnership was formed to provide various benefits to its partners as
discussed in Item 1.

At December 31, 2001, the Partnership has investments in 3 limited partnerships,
all of which own housing projects that were substantially all rented. The
Partnership sold its interests in 16 local partnerships in December 1998. The
Partnership, as a limited partner, is entitled to 75% to 99% of the profits and
losses of the local limited partnerships. The Partnership accounts for its
investments in the local limited partnerships on the equity method, thereby
adjusting its investment balance by its proportionate share of the income or
loss of the local limited partnerships. Equity in losses of limited partnerships
is recognized in the financial statements until the limited partnership
investment account is reduced to a zero balance. Losses incurred after the
limited partnership investment account is reduced to zero are not recognized.
Limited partners are not liable for losses beyond their contributed capital. In
addition, income realized after an investment has been written off, due to an
impairment loss, is not recognized. At December 31, 2001 and 2000, the
Partnership has a positive investment balance in only one local limited
partnership.

Distributions received from limited partnerships are recognized as return of
capital until the investment balance has been reduced to zero or to a negative
amount equal to future capital contributions required. Subsequent distributions
received are recognized as income.

The total income from the local partnerships that was allocated to the
Partnership was $343,000, $398,000 and $473,000 for the years ended December 31,
2001, 2000 and 1999, respectively. However, primarily because losses incurred
after the investment account is reduced to a zero balance are not recognized,
the Partnership recognized equity in income of limited partnerships,
substantially all from the partnerships with a positive investment balance, of
$168,472, $252,524 and $216,870 for the years ended December 31, 2001, 2000 and
1999, respectively. The cumulative amount of the unrecognized equity in losses
of certain limited partnerships was approximately $235,000 as of December 31,
2001.
<PAGE>
Distributions from the local limited partnerships in which the Partnership did
not have a positive investment balance were $6,523 for each of the years ended
December 31, 2001, 2000 and 1999. These amounts were recognized as income on the
accompanying statements of operations, in accordance with the equity method of
accounting.

As of December 31, 2001 and 2000, the Partnership has cash and cash equivalents
of $380,134 and $386,033, respectively. Substantially all of these amounts are
on deposit primarily with high credit quality financial institutions, earning
interest. This resulted in the Partnership earning $13,430, $19,043 and $19,897
in interest income for the years ended December 31, 2001, 2000 and 1999,
respectively. The amount of interest income varies with market rates available
on deposits and with the amount of funds available for investment. Cash
equivalents can be converted to cash to meet obligations of the Partnership as
they arise. The Partnership intends to continue investing available funds in
this manner.

A recurring partnership expense is the annual management fee. The fee is payable
to the Corporate General Partner of the Partnership and is calculated at .4
percent of the Partnership's original remaining invested assets. The management
fee is paid to the Corporate General Partner for its continuing management of
partnership affairs. The fee is payable beginning with the month following the
Partnership's initial investment in a local limited partnership. Management fees
were $41,920 for 2001, 2000 and 1999.

Under recently adopted law and policy, the United States Department of Housing
and Urban Development ("HUD") has determined not to renew the Housing Assistance
Payment ("HAP") Contracts on a long term basis on the existing terms. In
connection with renewals of the HAP Contracts under such new law and policy, the
amount of rental assistance payments under renewed HAP Contracts will be based
on market rentals instead of above market rentals, which may be the case under
existing HAP Contracts. The payments under the renewed HAP Contracts may not be
in an amount that would provide sufficient cash flow to permit owners of
properties subject to HAP Contracts to meet the debt service requirements of
existing loans insured by the Federal Housing Administration of HUD ("FHA")
unless such mortgage loans are restructured. In order to address the reduction
in payments under HAP Contracts as a result of this new policy, the Multi-family
Assisted Housing Reform and Affordability Act of 1997 ("MAHRAA") provides for
the restructuring of mortgage loans insured by the FHA with respect to
properties subject to the Section 8 program. Under MAHRAA, an FHA-insured
mortgage loan can be restructured into a first mortgage loan which will be
amortized on a current basis and a low interest second mortgage loan payable to
FHA which will only be payable on maturity of the first mortgage loan. This
restructuring results in a reduction in annual debt service payable by the owner
of the FHA-insured mortgage loan and is expected to result in an insurance
payment from FHA to the holder of the FHA-insured loan due to the reduction in
the principal amount. MAHRAA also phases out project-based subsidies on selected
properties serving families not located in rental markets with limited supply,
converting such subsidies to a tenant-based subsidy.

When the HAP Contracts are subject to renewal, there can be no assurance that
the local limited partnerships in which the Partnership has an investment will
be permitted to restructure its mortgage indebtedness under MAHRAA. In addition,
the economic impact on the Partnership of the combination of the reduced
payments under the HAP Contracts and the restructuring of the existing
FHA-insured mortgage loans under MAHRAA is uncertain.

As a result of the foregoing, the Partnership in 1997 commenced an extensive
review of disposition, refinancing or re-engineering alternatives for the
properties in which the limited partnerships have invested and are subject to
HUD mortgage and rental subsidy programs. The Partnership has incurred expenses
in connection with this review by various third party professionals, including
accounting, legal, valuation, structural and engineering costs, which amounted
to $50,763 for the year ended December 31, 1999, and are included in
administrative expenses.
<PAGE>
On December 30, 1998, the Partnership sold its limited partnership interests in
16 local limited partnerships, with a total carrying value of $59,691, to the
Operating Partnership. The sale resulted in proceeds to the Partnership of
$1,063,235 and a net gain of $849,749, after deducting selling costs. The cash
proceeds were held in escrow at December 31, 1998 and were collected in 1999. In
March 1999, the Partnership made cash distributions of $2,042,603 to the limited
partners and $20,632 to the general partners, which included using proceeds from
the sale of the partnership interests.

The Operating Partnership purchased such limited partner interests for cash,
which it raised in connection with a private placement of its equity securities.
The purchase was subject to, among other things, (i) the purchase of the general
partner interests in the local limited partnerships by the Operating
Partnership; (iii) the approval of HUD and certain state housing finance
agencies; and (iii) the consent of the limited partners to the sale of the local
limited partnership interests held for investment by the Partnership.

In August 1998, a consent solicitation statement was sent to the limited
partners setting forth the terms and conditions of the purchase of the limited
partners' interests held for investment by the Partnership, together with
certain amendments to the Partnership Agreement and other disclosures of various
conflicts of interest in connection with the proposed transaction. Prior to the
sale of the partnership interests, the consents of the limited partners to the
sale and amendments to the Partnership Agreement were obtained.

Operating expenses, other than management fees, consist of legal and accounting
fees for services rendered to the Partnership and administrative expenses. Legal
and accounting fees were $86,262, $97,493 and $35,815 for the years ended
December 31, 2001, 2000 and 1999, respectively. Administrative expenses were
$47,992, $46,862 and $99,899 for the years ended December 31, 2001, 2000 and
1999, respectively. Included in administrative expenses are reimbursements to
NAPICO for certain expenses, which totaled $4,620, $4,098 and $6,204 for the
years ended December 31, 2001, 2000 and 1999, respectively. Also included in
administrative expenses for 1999 is $50,763, related to the aforementioned
third-party review of the properties owned by the local partnerships.

Total revenue for the local partnerships were $3,096,000, $3,171,000 and
$3,137,000 for the years ended December 31, 2001, 2000 and 1999, respectively.

Total expenses for the local were $2,746,000, $2,766,000 and $2,656,000 for the
years ended December 31, 2001, 2000 and 1999, respectively.

The total net income for the local partnerships for 2001, 2000 and 1999
aggregated $349,000, $405,000 and $481,000, respectively. The income allocated
to the Partnership was $343,000, $398,000 and $473,000 for 2001, 2000 and 1999,
respectively.

The Partnership, as a limited partner in the local limited partnerships in which
it has invested, is subject to the risks incident to the construction,
management, and ownership of improved real estate. The Partnership investments
are also subject to adverse general economic conditions, and accordingly, the
status of the national economy, including substantial unemployment, concurrent
inflation and changing legislation, could increase vacancy levels, rental
payment defaults, and operating expenses, which in turn, could substantially
increase the risk of operating losses for the projects.
<PAGE>
ITEM 7A.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.


ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA:

The Financial Statements and Supplementary Data are listed under Item 14.


ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
          FINANCIAL DISCLOSURE:

Not applicable.
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A California limited partnership)

                              FINANCIAL STATEMENTS,
                          FINANCIAL STATEMENT SCHEDULES
                   AND INDEPENDENT PUBLIC ACCOUNTANTS' REPORT
                                DECEMBER 31, 2001
<PAGE>
                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To the Partners of
Real Estate Associates Limited V
(A California limited partnership)

We have audited the accompanying balance sheets of Real Estate Associates
Limited V (a California limited partnership) as of December 31, 2001 and 2000,
and the related statements of operations, partners' equity (deficiency) and cash
flows for each of the three years in the period ended December 31, 2001. Our
audits also included the financial statement schedules listed in the index in
item 14. These financial statements and financial statement schedules are the
responsibility of the management of the Partnership. Our responsibility is to
express an opinion on these financial statements and financial statement
schedules based on our audits. We did not audit the financial statements of
certain limited partnerships, the investments in which are reflected in the
accompanying financial statements using the equity method of accounting. The
investments in these limited partnerships represent 6 percent of total assets as
of December 31, 2000, and the equity in income of these limited partnerships
represents 6 percent and 39 percent of the total net income of the Partnership
for the years ended December 31, 2000 and 1999, respectively, and represent a
substantial portion of the investee information in Note 2 and the financial
statement schedules. The financial statements of these limited partnerships were
audited by other auditors. Their reports have been furnished to us and our
opinion, insofar as it relates to the amounts included for these limited
partnerships, is based solely on the reports of the other auditors.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe our audits and the reports of other
auditors provide a reasonable basis for our opinion.

In our opinion, based on our audits and the reports of other auditors, the
financial statements referred to above present fairly, in all material respects,
the financial position of Real Estate Associates Limited V as of December 31,
2001 and 2000, and the results of its operations and its cash flows for each of
the three years in the period ended December 31, 2001 in conformity with
accounting principles generally accepted in the United States of America. Also,
in our opinion, based on our audits and the reports of other auditors, such
financial statement schedules, when considered in relation to the basic
financial statements taken as a whole, present fairly in all material respects
the information set forth therein.


DELOITTE & TOUCHE LLP

Los Angeles, California
March 22, 2002
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                                 BALANCE SHEETS
                           DECEMBER 31, 2001 AND 2000

<TABLE>
<CAPTION>
                                                            2001              2000
                                                        -----------       -----------
<S>                                                     <C>               <C>
                         ASSETS

INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)            $   661,990       $   611,617

CASH AND CASH EQUIVALENTS (Note 1)                          380,134           386,033
                                                        -----------       -----------

          TOTAL ASSETS                                  $ 1,042,124       $   997,650
                                                        ===========       ===========


           LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:

     Accounts payable (Note 2)                          $    44,287       $    12,064
                                                        -----------       -----------


COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)


PARTNERS' EQUITY (DEFICIENCY):
     General partners                                      (147,365)         (147,488)
     Limited partners                                     1,145,202         1,133,074
                                                        -----------       -----------

                                                            997,837           985,586
                                                        -----------       -----------

           TOTAL LIABILITIES AND PARTNERS' EQUITY       $ 1,042,124       $   997,650
                                                        ===========       ===========
</TABLE>

   The accompanying notes are an integral part of these financial statements.


                                       2
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                            STATEMENTS OF OPERATIONS
              FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

<TABLE>
<CAPTION>
                                                       2001            2000            1999
                                                    ---------       ---------       ---------
<S>                                                 <C>             <C>             <C>
INTEREST INCOME                                     $  13,430       $  19,043       $  19,897
                                                    ---------       ---------       ---------

OPERATING EXPENSES:
    Legal and accounting                               86,262          97,493          35,815
    Management fees - general partner (Note 3)         41,920          41,920          41,920
    Administrative  (Note 3)                           47,992          46,862          99,899
                                                    ---------       ---------       ---------

TOTAL OPERATING EXPENSES                              176,174         186,275         177,634
                                                    ---------       ---------       ---------

LOSS FROM OPERATIONS                                 (162,744)       (167,232)       (157,737)

DISTRIBUTIONS FROM LIMITED
      PARTNERSHIPS RECOGNIZED AS
      INCOME (Note 2)                                   6,523           6,523           6,523

EQUITY IN INCOME OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                                  168,472         252,524         216,870
                                                    ---------       ---------       ---------

NET INCOME                                          $  12,251       $  91,815       $  65,656
                                                    =========       =========       =========

NET INCOME PER LIMITED PARTNERSHIP
      INTEREST (Note 1)                             $       2       $      12       $       8
                                                    =========       =========       =========
</TABLE>

   The accompanying notes are an integral part of these financial statements.


                                       3
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                   STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY)
              FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

<TABLE>
<CAPTION>
                                    General           Limited
                                    Partners          Partners            Total
                                   -----------       -----------       -----------
<S>                                <C>               <C>               <C>
EQUITY (DEFICIENCY),

    January 1, 1999                $  (128,432)      $ 3,019,782       $ 2,891,350

    Distributions to partners          (20,632)       (2,042,603)       (2,063,235)

    Net income for 1999                    657            64,999            65,656
                                   -----------       -----------       -----------

EQUITY (DEFICIENCY),

    December 31, 1999                 (148,407)        1,042,178           893,771

    Net income for 2000                    919            90,896            91,815
                                   -----------       -----------       -----------

EQUITY (DEFICIENCY),

    December 31, 2000                 (147,488)        1,133,074           985,586

    Net income for 2001                    123            12,128            12,251
                                   -----------       -----------       -----------

EQUITY (DEFICIENCY),

    December 31, 2001              $  (147,365)      $ 1,145,202       $   997,837
                                   ===========       ===========       ===========
</TABLE>

   The accompanying notes are an integral part of these financial statements.


                                       4
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V

                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
              FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

<TABLE>
<CAPTION>
                                                                    2001              2000              1999
                                                                -----------       -----------       -----------
<S>                                                             <C>               <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net income                                               $    12,251       $    91,815       $    65,656
       Adjustments to reconcile net income to
          net cash used in operating activities:
             Equity in income of limited partnerships
                 and amortization of acquisition costs             (168,472)         (252,524)         (216,870)
             Decrease (increase) in due from NAPICO                      --            42,184           (42,184)
             Increase (decrease) in accounts payable                 32,223             4,414          (187,491)
                                                                -----------       -----------       -----------

                Net cash used in operating activities              (123,998)         (114,111)         (380,889)
                                                                -----------       -----------       -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
       Distributions from limited partnerships recognized
          as a return of capital                                    118,099           101,255            50,878
       Proceeds from sale of limited partnership interests               --                --         1,063,235
                                                                -----------       -----------       -----------

               Net cash provided by investing activities            118,099           101,255         1,114,113
                                                                -----------       -----------       -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
       Distributions to partners                                         --                --        (2,063,235)
                                                                -----------       -----------       -----------

NET DECREASE IN CASH AND
     CASH EQUIVALENTS                                                (5,899)          (12,856)       (1,330,011)

CASH AND CASH EQUIVALENTS,
       BEGINNING OF YEAR                                            386,033           398,889         1,728,900
                                                                -----------       -----------       -----------

CASH AND CASH EQUIVALENTS,
       END OF YEAR                                              $   380,134       $   386,033       $   398,889
                                                                ===========       ===========       ===========
</TABLE>

   The accompanying notes are an integral part of these financial statements.


                                       5
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                          NOTES TO FINANCIAL STATEMENTS
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    Organization

    Real Estate Associates Limited V (the "Partnership"), formed under the
    California Limited Partnership Act, was organized on May 7, 1982. The
    Partnership was formed to invest primarily in other limited partnerships,
    which own and operate primarily federal, state or local government-assisted
    housing projects. The general partners of the Partnership are National
    Partnership Investments Corp. (NAPICO), the Corporate General Partner, and
    National Partnership Investments Associates II (NAPIA II), a limited
    partnership. The business of REAL V is conducted primarily by NAPICO.

    Prior to December 30, 1998, NAPICO was a wholly owned subsidiary of Casden
    Investment Corporation ("CIC"), which is wholly owned by Alan I. Casden. On
    December 30, 1998, Casden Properties Operating Partnership, L.P., (the
    "Operating Partnership") a majority owned subsidiary of Casden Properties
    Inc., a real estate investment trust organized by Alan I. Casden, purchased
    a 95.25% economic interest in NAPICO. The remaining economic interest,
    including a majority of the voting common stock, continues to be owned by
    CIC.

    On December 3, 2001, Casden Properties Inc., entered into a merger agreement
    and certain other transaction documents with Apartment Investment and
    Management Company, a Maryland corporation ("AIMCO") and certain of its
    subsidiaries, pursuant to which, on March 11, 2002, AIMCO acquired Casden
    Properties Inc. and its subsidiaries, including NAPICO.

    The Partnership offered and issued 1,950 units of limited partner interests
    through a public offering. Each unit was comprised of two limited partner
    interests and a warrant granting the investor the right to purchase two
    additional limited partner interests. An additional 3,908 interests were
    issued from the exercise of warrants and the sale of interests associated
    with warrants not exercised. The general partners have a 1 percent interest
    in profits and losses of the Partnership. The limited partners have the
    remaining 99 percent interest in proportion to their respective investments.

    The Partnership shall be dissolved only upon the expiration of 52 complete
    calendar years (December 31, 2034) from the date of the formation of the
    Partnership or the occurrence of other events as specified in the
    Partnership agreement.


                                       6
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

    Upon total or partial liquidation of the Partnership or the disposition or
    partial disposition of a project or project interest and distribution of the
    proceeds, the general partners will be entitled to a liquidation fee as
    stipulated in the Partnership agreement. The limited partners will have a
    priority return equal to their invested capital attributable to the
    project(s) or project interest(s) sold and shall receive from the sale of
    the project(s) or project interest(s) an amount sufficient to pay state and
    federal income taxes, if any, calculated at the maximum rate then in effect.
    The general partners' liquidation fee may accrue but shall not be paid until
    the limited partners have received distributions equal to 100 percent of
    their capital contributions.

    Basis of Presentation

    The accompanying financial statements have been prepared in conformity with
    accounting principles generally accepted in the United States of America.

    Recent Accounting Pronouncements

    In July 2001, the Financial Accounting Standards Board issued Statement
    of Financial Accounting Standards Number (SFAS No.) 141, "Business
    Combinations" and SFAS No. 142, "Goodwill and Other Intangible Assets."
    SFAS No. 141 was effective immediately and SFAS 142 will be effective
    January 2002.  The new standards are not expected to have a significant
    impact on the Partnership's financial statements.

    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 reported amounts of
    revenues and expenses during the reporting period. Actual results could
    differ from those estimates.

    Method of Accounting for Investments in Limited Partnerships

    The investments in limited partnerships are accounted for on the equity
    method. Acquisition, selection and other costs related to the acquisition of
    the projects have been capitalized as part of the investment account and are
    being amortized on a straight line basis over the estimated lives of the
    underlying assets, which is generally 30 years.


                                       7
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

     Net Income Per Limited Partnership Interest

     Net income per limited partner interest was computed by dividing the
     limited partners' share of net income by the number of limited partnership
     interests outstanding during the year. The number of limited partnership
     interests was 7,808 for all years presented.

     Cash and Cash Equivalents

     Cash and cash equivalents consist of cash and bank certificates of deposit
     with an original maturity of three months or less. The Partnership has its
     cash and cash equivalents on deposit with high credit quality financial
     institutions. Such cash and cash equivalents are in excess of the FDIC
     insurance limit.

     Impairment of Long-Lived Assets

     The Partnership reviews long-lived assets to determine if there has been
     any permanent impairment whenever events or changes in circumstances
     indicate that the carrying amount of the asset may not be recoverable. If
     the sum of the expected future cash flows is less than the carrying amount
     of the assets, the Partnership recognizes an impairment loss.

     No impairment losses were recognized during the years ended December 31,
     2001, 2000 and 1999.

2.   INVESTMENTS IN LIMITED PARTNERSHIPS

     The Partnership holds limited partnership interests in 3 limited
     partnerships as of December 31, 2001 and 2000, after selling its interests
     in 16 limited partnerships in 1998. The limited partnerships own
     residential low income rental projects consisting of 228 apartment units.
     The mortgage loans of these projects are payable to or insured by various
     governmental agencies.

     The Partnership, as a limited partner, is entitled to 99 percent of the
     profits and losses in these limited partnerships.

     Equity in losses of limited partnerships is recognized in the financial
     statements until the limited partnership investment account is reduced to a
     zero balance. Losses incurred after the limited partnership investment
     account is reduced to zero are not recognized. Limited partners are not
     liable for losses beyond their contributed capital. The cumulative amount
     of unrecognized equity in losses of certain limited partnerships was
     approximately $235,000 as of December 31, 2001.


                                       8
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


2.  INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

    Distributions from the limited partnerships are accounted for as a return of
    capital until the investment balance is reduced to zero or to a negative
    amount equal to further capital contributions required. Subsequent
    distributions received are recognized as income.

    The following is a summary of the investments in limited partnerships and
    reconciliation to the limited partnership accounts:

<TABLE>
<CAPTION>
                                                     2001            2000
                                                  ---------       ---------
<S>                                               <C>             <C>
    Investment balance, beginning of year         $ 611,617       $ 460,348
    Equity in income of limited partnerships        174,700         265,491
    Amortization of capitalized acquisition
       costs and fees                                (6,228)        (12,967)
    Cash distributions recognized as
      a return of capital                          (118,099)       (101,255)
                                                  ---------       ---------

    Investment balance, end of year               $ 661,990       $ 611,617
                                                  =========       =========
</TABLE>

    The difference between the investment in the accompanying balance sheets at
    December 31, 2001 and 2000, and the deficiency per the limited partnerships'
    combined financial statements is due primarily to cumulative unrecognized
    equity in losses of certain limited partnerships, costs capitalized to the
    investment account, cumulative distributions recognized as income and
    recognition of impairment losses.

    Selected financial information from the combined financial statements of the
    limited partnerships at December 31, 2001 and 2000 and for each of the three
    years in the period ended December 31, 2001 is as follows:

                                 Balance Sheets

<TABLE>
<CAPTION>
                                                      2001           2000
                                                    --------       --------
                                                         (in thousands)
<S>                                                 <C>            <C>
    Land and buildings, net                         $  6,857       $  7,047
                                                    ========       ========

    Total assets                                    $ 12,529       $ 12,471
                                                    ========       ========

    Mortgages payable                               $  9,999       $ 10,086
                                                    ========       ========

    Total liabilities                               $ 10,348       $ 10,476
                                                    ========       ========

    Equity of Real Estate Associates Limited V      $  2,681       $  2,464
                                                    ========       ========

    Deficiency of other partners                    $   (500)      $   (469)
                                                    ========       ========
</TABLE>

                                       9
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


2.     INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

                              Statements of Income

<TABLE>
<CAPTION>
                                         2001        2000        1999
                                        ------      ------      ------
                                                (in thousands)
<S>                                     <C>         <C>         <C>
       Total revenue                    $3,096      $3,171      $3,137
                                        ======      ======      ======

       Interest expense                 $1,199      $1,201      $1,210
                                        ======      ======      ======

       Depreciation                     $  330      $  324      $  313
                                        ======      ======      ======

       Total expenses                   $2,746      $2,766      $2,656
                                        ======      ======      ======

       Net income                       $  349      $  405      $  481
                                        ======      ======      ======

       Net income allocable to the
       Partnership                      $  343      $  398      $  473
                                        ======      ======      ======
</TABLE>

       Land and buildings, above, have been adjusted for the amount by which the
       investment in the limited partnerships exceeds the Partnership's share of
       the net book value of the underlying net assets of the investee which are
       recorded at historical costs. Depreciation on the adjustment is provided
       for over the estimated remaining useful lives of the properties.

       Under recently adopted law and policy, the United States Department of
       Housing and Urban Development ("HUD") has determined not to renew the
       Housing Assistance Payment ("HAP") Contracts on a long term basis on the
       existing terms. In connection with renewals of the HAP Contracts under
       such new law and policy, the amount of rental assistance payments under
       renewed HAP Contracts will be based on market rentals instead of above
       market rentals, which may not be the case under existing HAP Contracts.
       The payments under the renewed HAP Contracts may not be in an amount that
       would provide sufficient cash flow to permit owners of properties subject
       to HAP Contracts to meet the debt service requirements of existing loans
       insured by the Federal Housing Administration of HUD ("FHA") unless such
       mortgage loans are restructured. In order to address the reduction in
       payments under HAP Contracts as a result of this new policy, the
       Multi-family Assisted Housing Reform and Affordability Act of 1997
       ("MAHRAA") provides for the restructuring of mortgage loans insured by
       the FHA with respect to properties subject to the Section 8 program.
       Under MAHRAA, an FHA-insured mortgage loan can be restructured into a
       first mortgage loan which will be amortized on a current basis and a low
       interest second mortgage loan payable to FHA which will only be payable
       on maturity of the first mortgage loan. This restructuring results in a
       reduction in annual debt service payable by the owner of the FHA-insured
       mortgage loan and is expected to result in an insurance payment from FHA
       to the holder of the FHA-insured loan due to the reduction in the
       principal amount. MAHRAA also phases out project-based subsidies on
       selected properties serving families not located in rental markets with
       limited supply, converting such subsidies to a tenant-based subsidy.


                                       10
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


2.     INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

       When the HAP Contracts are subject to renewal, there can be no assurance
       that the local limited partnerships in which the Partnership has an
       investment will be permitted to restructure its mortgage indebtedness
       under MAHRAA. In addition, the economic impact on the Partnership of the
       combination of the reduced payments under the HAP Contracts and the
       restructuring of the existing FHA-insured mortgage loans under MAHRAA is
       uncertain.

       As a result of the foregoing, the Partnership, in 1997, commenced an
       extensive review of disposition, refinancing or re-engineering
       alternatives for the properties in which the limited partnerships have
       invested and are subject to HUD mortgage and rental subsidy programs. The
       Partnership has incurred expenses in connection with this review by
       various third party professionals, including accounting, legal,
       valuation, structural and engineering costs, which amounted to $50,763
       for the year ended December 31, 1999, and are included in administrative
       expenses.

       On December 30, 1998, the Partnership sold its limited partnership
       interests in 16 local limited partnerships, with a total carrying value
       of $59,691, to the Operating Partnership. The sale resulted in proceeds
       to the Partnership of $1,063,235 and a net gain of $849,749 after
       deducting selling costs. The cash proceeds were held in escrow at
       December 31, 1998 and were collected in 1999. In March 1999, the
       Partnership made cash distributions of $2,042,603 to the limited partners
       and $20,632 to the general partners, which included using proceeds from
       the sale of the partnership interests.

       The Operating Partnership purchased such limited partner interests for
       cash, which it raised in connection with a private placement of its
       equity securities. The purchase was subject to, among other things, (i)
       the purchase of the general partner interests in the local limited
       partnerships by the Operating Partnership; (iii) the approval of HUD and
       certain state housing finance agencies; and (iii) the consent of the
       limited partners to the sale of the local limited partnership interests
       held for investment by the Partnership.

       In August 1998, a consent solicitation statement was sent to the limited
       partners setting forth the terms and conditions of the purchase of the
       limited partners' interests held for investment by the Partnership,
       together with certain amendments to the Partnership Agreement and other
       disclosures of various conflicts of interest in connection with the
       proposed transaction. Prior to the sale of the partnership interests, the
       consents of the limited partners to the sale and amendments to the
       Partnership Agreement were obtained.


                                       11
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


3.     FEES AND EXPENSES DUE GENERAL PARTNER

       Under the terms of the Restated Certificate and Agreement of Limited
       Partners, the Partnership is obligated to NAPICO for an annual management
       fee equal to .4 percent of the original remaining invested assets of the
       limited partnerships. Invested assets is defined as the costs of
       acquiring project interests, including the proportionate amount of the
       mortgage loans related to the Partnership's interest in the capital
       accounts of the respective partnerships.

       The Partnership reimburses NAPICO for certain expenses. The reimbursement
       to NAPICO was $4,620, $4,098 and $6,204 in 2001, 2000 and 1999,
       respectively, and is included in administrative expenses.

4.     CONTINGENCIES

       CLASS ACTION

       On August 27, 1998, two investors holding an aggregate of eight units of
       limited partnership interests in Real Estate Associates Limited III (a
       partnership in which NAPICO is a general partner) and two investors
       holding an aggregate of five units of limited partnership interest in
       Real Estate Associates Limited VI (another partnership in which Company
       is a general partner) commenced an action in the United States District
       Court for the Central District of California on behalf of themselves and
       all other similarly situated, against the Partnership, NAPICO and certain
       other affiliated entities. The complaint alleges that the defendants
       breached their fiduciary duty to the limited partners of such Funds and
       made materially false and misleading statements in the consent
       solicitation statements that were disseminated to the limited partners of
       such Funds relating to approval of the transfer of partnership interests
       in limited partnerships to the Operating Partnership. The plaintiffs seek
       preliminary and permanent injunction relief and other equitable relief,
       as well as compensatory and punitive damages. However, plaintiffs made no
       effort to enjoin the transaction from taking place. On August 4, 1999, a
       holder of one unit of limited partnership interest in Housing Programs
       Limited (a partnership in which the Company is a general partner) filed a
       lawsuit similar to the one discussed above against added Housing Programs
       Limited. The second action has been subsumed in the first action, which
       has been certified as a class action.

       After defendants moved for summary disposition of the action, plaintiffs
       filed a motion for leave to file an amended complaint. Although
       defendants opposed the filing of the complaint proposed by plaintiffs,
       the court issued an order on July 20, 2001 granting plaintiffs leave to
       amend but denying them leave to file the complaint they proposed.
       Plaintiffs filed a Second, Restated, Amended and Supplemental Complaint
       dated August 7, 2001 and on August 21, 2001 filed a Corrected Second,
       Restated, Amended and Supplemental Complaint (CSRASC). The CSRASC adds
       eight new defendants and six new counts which were not included in prior
       complaints. The new counts include; (i) violations of the anti-bundling
       rules of the Securities and Exchange Act


                                       12
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


4.     CONTINGENCIES (CONTINUED)

       of 1934, (ii) violation of the doctrine of inherent fairness, (iii) a
       declaratory judgment that the certain defendants are not entitled to
       indemnification under the partnership agreements, (iv) rescission of the
       business combination discussed in Note 1, (v) a constructive trust on any
       recovery from a separate lawsuit pending in the United States District
       Court of the Middle District of Pennsylvania which was brought on behalf
       of several limited partnerships which are not parties to this action; and
       (vi) an accounting. Defendants made a motion to dismiss the CSRASC, which
       was denied. The court found that the issues presented would be more
       appropriate resolved in a motion for summary judgment or summary
       adjudication. Defendants intend to make such a motion. The deadline to do
       so is April 1, 2002.

       Defendants denied allegations in the CSRASC in their answer. The parties
       are in the process of conducting discovery. The discovery deadline is
       February 28, 2002 and the trial is scheduled for July 16, 2002. A motion
       is before the court to extend these deadlines and the hearing on that
       issue is scheduled for February 4, 2002. Once discovery is complete,
       defendants will move for summary judgement dismissing the complaint.

       OTHER

       Plaintiff, who is a limited partner in the Partnership, claims that
       NAPICO and other defendants (1) have refused to provide the plaintiff
       with access to the books and records of the Partnership, and (2) have
       breached their fiduciary duties and the partnership agreement by failing
       to provide such access and by failing to act in the best interest of the
       Partnership. The defendants have, however, provided their books and
       records to plaintiff pursuant to a protective order. Plaintiff has failed
       to quantify its purported damages. Trial is schedule for August 13, 2002.

       The managing general partner of such NAPICO managed partnerships and the
       other defendants believe that the plaintiffs' claims are without merit
       and intend to contest the actions vigorously.

       The Corporate General Partner of the Partnership is a plaintiff in
       various lawsuits and has also been named as a defendant in other lawsuits
       arising from transactions in the ordinary course of business. In the
       opinion of management and the corporate general partner, the claims will
       not result in any material liability to the Partnership.

5.     INCOME TAXES

       No provision has been made for income taxes in the accompanying financial
       statements since such taxes, if any, are the liability of the individual
       partners. The major differences in tax and financial reporting result
       from the use of different bases and depreciation methods for the
       properties held by the limited partnerships. Differences in tax and
       financial reporting also arise


                                       13
<PAGE>
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999


5.     INCOME TAXES (CONTINUED)

       as losses are not recognized for financial reporting purposes when the
       investment balance has been reduced to zero or to a negative amount equal
       to further capital contributions required.

6.     FAIR VALUE OF FINANCIAL INSTRUMENTS

       Statement of Financial Accounting Standards No. 107, "Disclosure about
       Fair Value of Financial Instruments," requires disclosure of fair value
       information about financial instruments. The carrying amount of assets
       and liabilities reported on the balance sheets that require such
       disclosure approximates fair value due to their short-term maturity.

7.     FOURTH-QUARTER ADJUSTMENT

       The Partnership's policy is to record its equity in income of limited
       partnerships on a quarterly basis, using estimated financial information
       furnished by the various local operating general partners.

       The equity in income reflected in the accompanying annual financial
       statements is based primarily upon audited financial statements of the
       investee limited partnerships. The decrease of approximately $25,975,
       between the estimated nine-month equity in income and the actual 2001
       year end equity in income has been recorded in the fourth quarter.


                                       14
<PAGE>
                                                                        SCHEDULE

                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

<TABLE>
<CAPTION>
                                                    Year Ended December 31, 2001
                       ---------------------------------------------------------------------------------------
                                                                        Cash           Equity
                        Balance        Capital                         Distri-           In          Balance
                        January        Contri-      Amortization       butions         Income        December
Limited Partnerships    1, 2001        butions        Acq costs       Received         (Loss)        31, 2001
--------------------   ---------      ---------       ---------       ---------       ---------      ---------
<S>                    <C>            <C>           <C>               <C>             <C>            <C>
 Bickerdike            $ 525,985      $               $  (5,069)      $ (89,145)      $ 230,219      $ 661,990
 Grandview Place          85,632                         (1,159)        (28,954)        (55,519)            --
 Richland Elderly
                       ---------      ---------       ---------       ---------       ---------      ---------

                       $ 611,617      $      --       $  (6,228)      $(118,099)      $ 174,700      $ 661,990
                       =========      =========       =========       =========       =========      =========
</TABLE>
<PAGE>
                                                                        SCHEDULE
                                                                     (CONTINUED)

                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

<TABLE>
<CAPTION>
                                                    Year Ended December 31, 2000
                       ---------------------------------------------------------------------------------------
                                                                        Cash           Equity
                        Balance        Capital                         Distri-           In          Balance
                        January        Contri-      Amortization       butions         Income        December
Limited Partnerships    1, 2000        butions        Acq costs       Received         (Loss)        31, 2000
--------------------   ---------      ---------       ---------       ---------       ---------      ---------
<S>                    <C>            <C>           <C>               <C>             <C>            <C>
 Bickerdike            $ 389,980      $               $               $ (89,144)      $ 225,149      $ 525,985
 Grandview Place          70,368                                        (12,111)         27,375         85,632
 Richland Elderly
                       ---------      ---------       ---------       ---------       ---------      ---------

                       $ 460,348      $               $               $(101,255)      $ 252,524      $ 611,617
                       =========      =========       =========       =========       =========      =========
</TABLE>
<PAGE>
                                                                        SCHEDULE
                                                                     (CONTINUED)

                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                  YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999

<TABLE>
<CAPTION>
                                                    Year Ended December 31, 1999
                       ---------------------------------------------------------------------------------------
                                                                        Cash           Equity
                        Balance        Capital                         Distri-           In          Balance
                        January        Contri-      Amortization       butions         Income        December
Limited Partnerships    1, 1999        butions        Acq costs       Received         (Loss)        31, 1999
--------------------   ---------      ---------       ---------       ---------       ---------      ---------
<S>                    <C>            <C>           <C>               <C>             <C>            <C>
 Bickerdike            $ 240,492      $               $                 (41,144)      $ 190,632      $ 389,980
 Grandview Place          53,864                                         (9,734)         26,238         70,368
 Richland Elderly
                       ---------      ---------       ---------       ---------       ---------      ---------

                       $ 294,356      $               $               $ (50,878)      $ 216,870      $ 460,348
                       =========      =========       =========       =========       =========      =========
</TABLE>
<PAGE>
                                                                        SCHEDULE
                                                                     (CONTINUED)

                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                                   YEARS ENDED
                        DECEMBER 31, 2001, 2000 AND 1999

NOTES:    1.  Equity in income of limited partnerships represents the
              Partnership's allocable share of the net results of operations
              from the limited partnerships for the year. Equity in losses of
              the limited partnerships will be recognized until the investment
              balance is reduced to zero or below zero to an amount equal to
              future capital contributions to be made by the Partnership.

          2.  Cash distributions from the limited partnerships are treated as a
              return of the investment and reduce the investment balance until
              such time as the investment is reduced to an amount equal to
              additional contributions. Distributions subsequently received will
              be recognized as income.
<PAGE>
                                                                    SCHEDULE III
                        REAL ESTATE ASSOCIATES LIMITED V
                    REAL ESTATE AND ACCUMULATED DEPRECIATION
                 OF PROPERTY HELD BY LOCAL LIMITED PARTNERSHIPS
                        IN WHICH REAL V HAS INVESTMENTS
                               DECEMBER 31, 2001

<TABLE>
<CAPTION>
                                                  Outstanding                  Buildings,
                                      Number        Mortgage                  Furnishings                 Accumulated   Construction
                                     of Units         Loan         Land      and Equipment     Total      Depreciation     Period
<S>                                  <C>          <C>           <C>          <C>            <C>           <C>           <C>
Limited Partnerships
Bickerdike                                  140   $ 7,126,456   $   348,255   $ 8,388,133   $ 8,736,388   $ 4,066,897   1983
  Chicago, IL
Grandview Place Apts                         48     1,575,758       183,000     2,124,650     2,307,650       967,807   1982-1983
   Missoula, MT
Richland Three Rivers                        40     1,297,144             0     1,462,256     1,462,256       724,857   1982-1983
  Richland, WA
Additional carrying value of real                                    29,993       303,258       333,251       222,387
 estate of investee limited
 partnerships not recorded on
 said limited partnerships
                                    -----------   -----------   -----------   -----------   -----------   -----------


TOTAL                                       228   $ 9,999,358   $   561,248   $12,278,297   $12,839,545   $ 5,981,948
                                    ===========   ===========   ===========   ===========   ===========   ===========
</TABLE>
<PAGE>
                                                                    SCHEDULE III
                                                                     (CONTINUED)

                        REAL ESTATE ASSOCIATES LIMITED V
              REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY
                       HELD BY LOCAL LIMITED PARTNERSHIPS
                         IN WHICH REAL V HAS INVESTMENTS
                        DECEMBER 31, 2001, 2000 AND 1999


NOTES:    1.  Each local limited partnership is developing or has developed,
              owns and operates the housing project. Substantially all project
              costs, including construction period interest expense, are being
              capitalized by the limited partnerships.

          2.  Depreciation is provided for by various methods over the estimated
              useful lives of the projects. The estimated composite useful lives
              of the buildings are generally from 25 to 40 years.

          3.  Investments in property and equipment:

<TABLE>
<CAPTION>
                                                    Buildings,
                                                   Furnishings,
                                                       And
                                     Land           Equipment          Total
                                  -----------      -----------      -----------
<S>                               <C>              <C>              <C>
Balance at January 1, 1999        $   561,248      $11,859,032      $12,420,280

Net additions during 1999                   0          108,165          108,165
                                  -----------      -----------      -----------

Balance at December 31, 1999          561,248       11,967,197       12,528,445

Net additions during 2000                   0          181,250          181,250
                                  -----------      -----------      -----------

Balance at December 31, 2000          561,248       12,148,447       12,709,695

Net additions during 2001                  --          129,850          129,850
                                  -----------      -----------      -----------

Balance at December 31, 2001      $   561,248      $12,278,297      $12,839,545
                                  ===========      ===========      ===========
</TABLE>
<PAGE>
                                                                    SCHEDULE III
                                                                     (CONTINUED)

                        REAL ESTATE ASSOCIATES LIMITED V
              REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY
                       HELD BY LOCAL LIMITED PARTNERSHIPS
                         IN WHICH REAL V HAS INVESTMENTS
                        DECEMBER 31, 2001, 2000 AND 1999


<TABLE>
<CAPTION>
                                      Buildings,
                                     Furnishings
                                    and Equipment
                                    -------------
<S>                                 <C>
Accumulated Depreciation:

Balance, January 1, 1999            $   5,034,097

Net additions, 1999                       308,497
                                    -------------

Balance, December 31, 1999              5,342,594

Net additions, 2000                       319,756
                                    -------------

Balance, December 31, 2000              5,662,350

Net additions, 2001                       319,598
                                    -------------

Balance, December 31, 2001          $   5,981,948
                                    =============
</TABLE>
<PAGE>
PART III.

ITEM 10.    DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT:

REAL ESTATE ASSOCIATES LIMITED V (the "Partnership") has no directors or
executive officers of its own.

Prior to December 30, 1998, NAPICO was a wholly owned subsidiary of Casden
Investment Corporation ("CIC"), which is wholly owned by Alan I. Casden. On
December 30, 1998, Casden Properties Operating Partnership, L.P., (the
"Operating Partnership") a majority owned subsidiary of Casden Properties Inc.,
a real estate investment trust organized by Alan I. Casden, purchased a 95.25%
economic interest in NAPICO. On March 11, 2002, NAPICO became a wholly owned
subsidiary of Apartment Investment and Management Company. The following
biographical information is presented for the directors and executive officers
of NAPICO with principal responsibility for the Partnership's affairs.

CHARLES H. BOXENBAUM, 72, Chairman of the Board of Directors and Chief Executive
Officer of NAPICO.

Mr. Boxenbaum has been associated with NAPICO since its inception.  He has
been active in the real estate industry since 1960, and prior to joining
NAPICO was a real estate broker with the Beverly Hills firm of Carl Rhodes
Company.  Mr. Boxenbaum has been a member of the Board of Directors of Casden
Properties Inc. since 1998.

Mr. Boxenbaum has been a guest lecturer at national and state realty
conventions, certified properties exchanger's seminars, Los Angeles Town Hall,
National Association of Home Builders, International Council of Shopping
Centers, Society of Conventional Appraisers, California Real Estate Association,
National Institute of Real Estate Brokers, Appraisal Institute, various mortgage
banking seminars, and the North American Property Forum held in London, England.
He is one of the founders and a past director of the First Los Angeles Bank,
organized in November 1974. Since March 1995, Mr. Boxenbaum has served on the
Board of Directors of the National Housing Council. Mr. Boxenbaum received his
Bachelor of Arts degree from the University of Chicago.

BRUCE E. NELSON, 50, President, Chief Operating Officer and a director of
NAPICO.

Mr. Nelson joined NAPICO in 1980 and became President in February 1989.  He
is responsible for the operations of all NAPICO sponsored limited
partnerships.  Prior to that he was primarily responsible for the securities
aspects of the publicly offered real estate investment programs.  Mr. Nelson
is also involved in the identification, analysis, and negotiation of real
estate investments.  Mr. Nelson is a member of the Board of Directors of
Casden Properties Inc. and is a Director of the Affordable Housing Tax Credit
Coalition.

From February 1979 to October 1980, Mr. Nelson held the position of Associate
General Counsel at Western Consulting Group, Inc., private residential and
commercial real estate syndicators.  Prior to that time, Mr. Nelson was
engaged in the private practice of law in Los Angeles.  Mr. Nelson received
his Bachelor of Arts degree from the University of Wisconsin and is a
graduate of the University of Colorado School of Law.  He is a member of the
State Bar of California and is a licensed real estate broker in California
and Texas.

ALAN I. CASDEN, 56, Chairman of the Board of Directors and Chief Executive
Officer of Casden Properties Inc., a director and member of the audit
committee of NAPICO, and chairman of the Executive Committee of NAPICO.

Mr. Casden has been involved in approximately $3 billion of real estate
financings and sales and has been responsible for the development and
construction of more than 12,000 apartment units and 5,000 single-family homes
and condominiums.
<PAGE>
Mr. Casden is a member of the American Institute of Certified Public Accountants
and of the California Society of Certified Public Accountants. Mr. Casden is a
member of the advisory board of the National Multi-Family Housing Conference,
the Multi-Family Housing Council, the President's Council of the California
Building Industry Association and the Urban Land Institute. He also serves on
the Board of Trustees of the University of Southern California. He holds a
Bachelor of Science degree and a Masters in Business Administration degree from
the University of Southern California.

BRIAN H. SHUMAN, 39, Senior Vice President and Chief Financial Officer.

Mr. Shuman joined NAPICO in 2000, and is responsible for the financial affairs
of NAPICO, as well as the limited partnerships sponsored by it. From 1996 until
joining NAPICO in August 2000, Mr. Shuman was Vice President - Finance for
Preferred Health Management Inc., the largest provider of worker compensation
diagnostic imaging services in California formed in 1996, and was responsible
for establishing and managing the accounting, billing, collection , treasury and
financial reporting departments. From 1994 to 1996, he was the Controller for
DVI Business Credit Corporation, which provides asset based lending to a wide
range of health concerns. From 1985 to 1994, Mr. Shuman served in senior
management positions, as a director or manager of finance, a portfolio tax
analyst, and a senior accountant/tax consultant. He holds a Bachelor of Arts
degree in economics and accounting from the University of Maryland. Mr. Shuman
is a Certified Public Accountant and is a member of American Institute of
Certified Public Accountants and the California Society of Public Accountants.

PATRICIA W. TOY, 72, Senior Vice President - Communications and Assistant
Secretary.

Mrs. Toy joined NAPICO in 1977, following her receipt of an MBA from the
Graduate School of Management, UCLA.  From 1952 to 1956, Mrs. Toy served as a
U.S. Naval Officer in communications and personnel assignments.  She holds a
Bachelor of Arts Degree from the University of Nebraska.

JEFFREY H. SUSSMAN, 35, Senior Vice President, General Counsel and Secretary.

Mr. Sussman joined NAPICO in 1998, and is responsible for the legal affairs of
NAPICO and its affiliates. He is also the President of NPEI and a member of the
preliminary investment committee. Prior to joining NAPICO in April 1998, Mr.
Sussman was an associate with the law firm of Rus, Miliband, Williams & Smith in
Irvine, California. His practice emphasized real estate finance and insolvency
law and included the representation of borrowers, lenders, and court-appointed
trustees in matters involving apartment complexes, retail centers and hotels.
Mr. Sussman received a Bachelor of Arts degree from the University of
California, Berkeley and Juris Doctor and Master in Business Administration
degrees from the University of Southern California. He is a member of the State
Bar of California, and holds Series 22, 39 and 63 licenses issued by the
National Association of Securities Dealers, Inc.

NAPICO and several of its officers, directors and affiliates, including Charles
H. Boxenbaum, Bruce E. Nelson and Alan I. Casden, consented to the entry, on
June 25, 1997, of an administrative cease and desist order by the U.S.
Securities and Exchange Commission (the "Commission"), without admitting or
denying any of the findings made by the Commission. The Commission found that
NAPICO and others had violated certain federal securities laws in connection
with transactions unrelated to the Partnership. The Commission's order did not
impose any cost, burden or penalty on any partnership managed by NAPICO and does
not impact NAPICO's ability to serve as the Partnership's Managing General
Partner.
<PAGE>
ITEM 11.    MANAGEMENT REMUNERATION AND TRANSACTIONS:

Real Estate Associates Limited V has no officers, employees or directors.
However, under the terms of the Restated Certificate and Agreement of Limited
Partnership, the Partnership is obligated to pay the Corporate General Partner
an annual management fee. The annual management fee is approximately equal to
..4% of the invested assets, including the Partnership's allocable share of the
mortgages related to real estate properties held by local limited partnerships.
The fee is earned beginning in the month the Partnership makes its initial
contribution to the limited partnership. In addition, the Partnership reimburses
the Corporate General Partner for certain expenses.

ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT:

(a)    Security Ownership of Certain Beneficial Owners

       The General Partners own all of the outstanding general partnership
       interests of REAL V; no person is known to own beneficially in excess of
       5% of the outstanding limited partnership interests.

(b)    At December 31, 2001, security ownership of management is as listed:

<TABLE>
<CAPTION>
                                                                   Percentage of
                                                   Amount and      Outstanding
                                                   Nature of          Limited
                                                   Beneficial         Partner
Title of Class      Beneficial Owner                  Owner          Interests
--------------      ----------------               ----------      -------------
<S>                 <C>                            <C>             <C>
Limited             Charles H. Boxenbaum
Partnership         780 Latimer Road
Interest            Santa Monica, CA 90402          $10,000            *

Limited             Bruce E. Nelson
Partnership         7036 Grasswood Avenue
Interest            Malibu, CA 90265                $ 5,000            *
</TABLE>

*      Cumulative limited partnership interests owned by corporate officers or
       the general partner is less than 1% interest of total outstanding limited
       partnership interests.

ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS:

The Partnership has no officers, directors or employees of its own. All of its
affairs are managed by the Corporate General Partner, National Partnership
Investments Corp. The Partnership is obligated to NAPICO for an annual
management fee equal to .4 percent of the original remaining invested assets of
the limited partnerships. Invested assets is defined as the costs of acquiring
project interests, including the proportionate amount of the mortgage loans
related to the Partnership's interest in the capital accounts of the respective
partnerships. The management fee was $41,920 for the years ended December 31,
2001, 2000 and 1999.

The Partnership reimburses NAPICO for certain expenses. The reimbursement to
NAPICO was $4,620, $4,098 and $6,204 in 2001, 2000 and 1999, respectively, and
is included in operating expenses.

On December 30, 1998, the Partnership sold its limited partnership interests in
16 local limited partnerships, with a total carrying value of $59,691, to the
Operating Partnership. The sale resulted in proceeds to the
<PAGE>
Partnership of $1,063,235 and a net gain of $849,749 after deducting selling
costs. The cash proceeds were held in escrow at December 31, 1998 and collected
subsequent to year end. In March 1999, the Partnership made cash distributions
of $2,042,603 to the limited partners and $20,632 to the general partners, which
included using proceeds from the sale of the partnership interests.

The Operating Partnership purchased such limited partner interests for cash,
which it raised in connection with a private placement of its equity securities.
The purchase was subject to, among other things, (i) the purchase of the general
partner interests in the local limited partnerships by the Operating
Partnership; (ii) the approval of HUD and certain state housing finance
agencies; and (iii) the consent of the limited partners to the sale of the local
limited partnership interests held for investment by the Partnership.

In August 1998, a consent solicitation statement was sent to the limited
partners setting forth the terms and conditions of the purchase of the limited
partners' interests held for investment by the Partnership, together with
certain amendments to the Partnership Agreement and other disclosures of various
conflicts of interest in connection with the proposed transaction. Prior to the
sale of the partnership interests, the consents of the limited partners to the
sale and amendments to the Partnership Agreement were obtained.

ITEM 14.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 10-K:

FINANCIAL STATEMENTS

Report of Independent Public Accountants.

Balance Sheets as of December 31, 2001 and 2000.

Statements of Operations for the years ended December 31, 2001, 2000 and 1999.

Statements of Partners' Equity (Deficiency) for the years ended December 31,
2001, 2000 and 1999.

Statements of Cash Flows for the years ended December 31, 2001, 2000 and 1999.

Notes to financial statements.

FINANCIAL STATEMENT SCHEDULES
APPLICABLE TO REAL ESTATE ASSOCIATES LIMITED V AND TO THE LIMITED PARTNERSHIPS
IN WHICH REAL ESTATE ASSOCIATES LIMITED V HAS INVESTMENTS:

Schedule - Investments in Limited Partnerships as of December 31, 2001, 2000 and
1999.

Schedule III - Real estate and accumulated depreciation, December 31, 2001, 2000
and 1999.

The remaining schedules are omitted because the required information is included
in the financial statements and notes thereto or they are not applicable or not
required.

EXHIBITS

(3)    Articles of incorporation and bylaws: The registrant is not incorporated.
       The Partnership Agreement was filed with Form S-11 #277645 which is
       hereby incorporated by reference.
<PAGE>
(10)   Material contracts: The registrant is not party to any material
       contracts, other than the Restated Certificate and Agreement of Limited
       Partnership dated May 7, 1982, and the nineteen contracts representing
       the partnership investment in local limited partnerships as previously
       filed at the Securities Exchange Commission, File #277645 which is hereby
       incorporated by reference.

REPORTS ON FORM 8-K

       No reports on Form 8-k were filed during the year ended December 31,
2001.
<PAGE>
                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized in the City of Los Angeles,
State of California.

REAL ESTATE ASSOCIATES LIMITED V

By:      NATIONAL PARTNERSHIP INVESTMENTS CORP.
         General Partner


/s/ Charles H. Boxenbaum
----------------------------------
Charles H. Boxenbaum
Chairman of the Board of Directors
and Chief Executive Officer


/s/ Bruce E. Nelson
----------------------------------
Bruce E. Nelson
Director and President


/s/ Alan I. Casden
----------------------------------
Alan I. Casden
Director


/s/ Brian H Shuman
----------------------------------
Brian H Shuman
Chief Financial Officer