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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-KSB


[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934

                 For the fiscal year ended December 31, 2004

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

               For the transition period _________to _________

                         Commission file number 0-12438

                        REAL ESTATE ASSOCIATES LIMITED V
                 (Name of small business issuer in its charter)

                        A California Limited Partnership

California                                                      95-3768810
 (State or other jurisdiction of                            (I.R.S. Employer
incorporation or organization)                             Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                                 (864) 239-1000
                            Issuer's telephone number

        Securities registered under Section 12(b) of the Exchange Act:

                                      None

        Securities registered under Section 12(g) of the Exchange Act:

                          Limited Partnership Interests
                                (Title of class)

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

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of the  registrant's  knowledge  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year.   $11,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2004. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks; including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

                                     PART I

ITEM 1.     DESCRIPTION OF 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.  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.

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.  The principal business of the Partnership is to invest,  directly or
indirectly,  in  other  limited  partnerships  which  own or lease  and  operate
federal, state and local government-assisted housing projects.

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  II"),  a  limited
partnership formed under the California  Limited  Partnership Act and consisting
of Mr. Charles H. Boxenbaum as general partner and two unrelated  individuals as
limited partners. The business of REAL V is conducted primarily by NAPICO.

On December 3, 2001, Casden Properties Inc., entered into a merger agreement and
certain other  transaction  documents with  Apartment  Investment and Management
Company, a publicly traded real estate investment  trust("AIMCO") and certain of
its  subsidiaries,  pursuant to which, on March 11, 2002,  AIMCO acquired Casden
Properties  Inc. and its  subsidiaries,  including  100% of the stock of NAPICO.
Prior to March 11, 2002, Casden Properties Inc. owned a 95.25% economic interest
in NAPICO, with the balance owned by Casden Investment Corporation ("CIC"). CIC,
which is wholly owned by Alan I. Casden, owned 95% of the voting common stock of
NAPICO, prior to March 11, 2002.

REAL V holds limited partnership  interests in 2 local limited partnerships (the
"Local  Limited  Partnerships")  as of  December  31,  2004,  after  selling its
interests  in 16 Local  Limited  Partnerships  in  December  1998 and one  Local
Limited Partnership on April 28, 2004. Both of these Local 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.

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 local  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.

The  Partnership  does not have any  employees.  Services are  performed for the
Partnership  by  the  Corporate  General  Partner  and  agents  retained  by the
Corporate General Partner.

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
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.

Laws benefiting  disabled persons may result in the Local Limited  Partnerships'
incurrence of unanticipated expenses.  Under the Americans with Disabilities Act
of 1990,  or ADA,  all places  intended to be used by the public are required to
meet certain Federal requirements related to access and use by disabled persons.
Likewise,  the Fair Housing Amendments Act of 1988, or FHAA,  requires apartment
properties  first  occupied  after  March  13,  1990  to be  accessible  to  the
handicapped.  These  and  other  Federal,  state  and  local  laws  may  require
modifications  to  the  Local  Limited  Partnership's  properties,  or  restrict
renovations of the properties. Noncompliance with these laws could result in the
imposition  of fines or an award of damages to private  litigants and also could
result in an order to correct any non-complying  feature,  which could result in
substantial  capital  expenditures.   Although  the  Corporate  General  Partner
believes that the Local Limited  Partnership's  properties are  substantially in
compliance with present  requirements,  the Local Limited Partnerships may incur
unanticipated expenses to comply with the ADA and the FHAA.

During 2004, 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, 2004,  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, 2004
<TABLE>
<CAPTION>

                                                                           Units
                                                        Authorized
                                         Financed,      For Rental    Percentage of Total
                                          Insured       Assistance       Units Occupied
Property                     No. of    And Subsidized      Under          December 31,
Name and Location             Units        Under       Section 8(B)     2004        2003

Bickerdike
<S>                            <C>          <C>              <C>         <C>      <C>
   Chicago, IL                 (C)          (C)             (C)          (C)        (C)

Grandview Place Apartments
  Missoula, MT                  48          (A)             48           97%        98%

Richland Three Rivers
  Retirement Apartments
  Richland, WA                  40          (A)              40          99%        98%

Total                           88                           88

(A)   The  mortgage is insured by the  Federal  Housing  Administration  ("FHA")
      under the provisions of Section 221(d) (4) of the National Housing Act.

(B)   Section 8 of Title II of the  Housing  and  Community  Development  Act of
      1974.


(C)   Partnership sold its 99% limited partner interest on April 28, 2004.
</TABLE>


<PAGE>



The following table details the Partnership's ownership percentages of the Local
Limited  Partnerships  and  the  cost of  acquisition  of  such  ownership.  All
interests are limited  partner  interests.  Also included is the total  mortgage
encumbrance  on each property for each of the Local Limited  Partnerships  as of
December 31, 2004.

                                Real V     Original Cost
                              Percentage    of Ownership       Mortgage
         Partnership           Interest       Interest          Notes
                                           (in thousands)   (in thousands)

Grandview Place Apartments       99%            $ 333           $1,626
  Missoula, MT

Richland Three Rivers            99%              280            1,233
  Retirement Apartments
    Richland, WA

Although each Local Limited  Partnership in which the  Partnership  has invested
owns an apartment complex which must compete with other apartment  complexes for
tenants,  government  mortgage  interest and rent  subsidies make it possible to
rent units to eligible tenants at below market rates. In general, this insulates
the projects from market competition.

ITEM 2.     DESCRIPTION OF PROPERTIES

See  "Item  1.  Description  of  Business"  for the  real  estate  owned  by the
Partnership  through the  ownership  of limited  partnership  interests in Local
Limited Partnerships.

ITEM 3.     LEGAL PROCEEDINGS

The  Corporate  General  Partner is involved in various  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.

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

No  matters  were  submitted  to a vote  of the  limited  partners  through  the
solicitation of proxies or otherwise during the quarter ended December 31, 2004.


<PAGE>

                                     PART II

ITEM 5.     MARKET FOR THE  REGISTRANT'S  PARTNERSHIP  INTERESTS  AND  RELATED
            PARTNERSHIP 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,  therefore an investor  may be unable to sell or otherwise  dispose of
his or her interest in the  partnership.  Limited  Partnership  interests may be
transferred only if certain  requirements  are satisfied.  At December 31, 2004,
the Partnership had 3,887.5 Units or 7,775 interests  outstanding  held by 1,174
limited partners of record.  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.  No distributions  were
made during the years ended December 31, 2004 and 2003.

AIMCO and its affiliates  owned 876.60 limited  partnership  units ("the Units")
(or 1,753.20  limited  partnership  interests) in the  Partnership  representing
22.55% of the outstanding  units as of December 31, 2004. A unit consists of two
limited partnership interests. A number of these Units were acquired pursuant to
tender offers made by AIMCO or its affiliates.  It is possible that AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties,  L.P., the operating partnership of AIMCO
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Corporate  General  Partner.  Although the Corporate  General Partner
owes fiduciary duties to the limited partners of the Partnership,  the Corporate
General Partner also owes fiduciary duties to AIMCO as its sole stockholder.  As
a result,  the duties of the Corporate  General  Partner,  as corporate  general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the Corporate General Partner to AIMCO as its sole stockholder.

ITEM 6.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

This item should be read in conjunction with the financial  statements and other
items contained elsewhere in this report.

The Corporate  General  Partner  monitors  developments in the area of legal and
regulatory  compliance.  For example, the Sarbanes-Oxley Act of 2002 mandates or
suggests additional  compliance measures with regard to governance,  disclosure,
audit and other areas. In light of these changes,  the Partnership  expects that
it will incur higher expenses related to compliance.

Liquidity and Capital Resources

The  Partnership's  primary sources of funds include interest income earned from
investing  available  cash and the receipt of  distributions  from Local Limited
Partnerships  in which the  Partnership  has  invested.  It is not expected that
either 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.  An infrequent source of
funds would be funds  received by the  Partnership  as its share of any proceeds
from  the  sale of a  property  owned  by a  Local  Limited  Partnership  or the
Partnership's sale of its interest in a Local Limited Partnership. There were no
distributions  made by the Partnership to its limited  partners during the years
ended  December 31, 2004 and 2003.  During the year ended December 31, 2004, the
Partnership  received  approximately  $1,008,000  for  its  limited  partnership
interest in one of the Local Limited Partnerships (see discussion in "Results of
Operations").  The  Partnership  is  currently  evaluating  what  portion of the
proceeds to distribute to its investors.



<PAGE>


The properties in which the Partnership has invested, through its investments in
the Local Limited Partnerships, receive one or more forms of assistance from the
Federal  Government.  As a result,  the Local Limited  Partnerships'  ability to
transfer  funds either to the  Partnership  or among  themselves  in the form of
distributions,  loans or advances is generally  restricted  by these  government
assistance programs. These restrictions, however, are not expected to impact the
Partnership's ability to meet its cash obligations.

Distributions  received  from Local  Limited  Partnerships  are  recognized as a
return of  capital  until  the  investment  balance  has been  reduced  to zero.
Subsequent  distributions  received are  recognized  as income.  During the year
ended December 31, 2004, the Partnership received distributions of approximately
$45,000  from  two  Local  Limited  Partnerships  in  which  it does not have an
investment  balance  which was  recognized  as  income.  During  the year  ended
December 31, 2003,  the  Partnership  received a distribution  of  approximately
$89,000 from the Local Limited Partnership in which it had a positive investment
balance which was recognized as a return of capital.  Also during the year ended
December 31, 2003,  the  Partnership  received  distributions  of  approximately
$45,000 from a Local Limited Partnership in which it does not have an investment
balance which was recognized as income.

As of December 31, 2004 and 2003, the Partnership had cash and cash  equivalents
of  approximately   $1,172,000  and  $234,000,   respectively.   Cash  and  cash
equivalents  are on deposit  with a financial  institution  earning  interest at
market rates.  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.

Results of Operations

At December 31, 2004,  the  Partnership  has  investments  in two Local  Limited
Partnerships,  both of which own housing  projects that were  substantially  all
rented. The Partnership, as a limited partner, is entitled to 99% of the profits
and losses of the Local  Limited  Partnerships.  The  Partnership,  as a limited
partner, does not exercise control over the activities and operations, including
refinancing   or  selling   decisions,   of  the  Local  Limited   Partnerships.
Accordingly,  the  Partnership  accounts for its investment in the Local Limited
Partnerships  using the  equity  method.  Thus the  individual  investments  are
carried at cost plus the Partnership's share of the Local Limited  Partnership's
profits less the Partnership's share of the Local Limited  Partnership's losses,
distributions  and impairment  charges.  However,  since the  Partnership is not
legally liable for the obligations of the Local Limited Partnerships,  or is not
otherwise committed to provide additional support to them, it does not recognize
losses once its  investment  in each of the Local Limited  Partnerships  reaches
zero.  Distributions from the Local Limited  Partnerships are accounted for as a
reduction of the investment  balance until the investment  balance is reduced to
zero.  Subsequent  distributions  received  are  recognized  as  income  in  the
accompanying   statements  of  operations.   For  those  investments  where  the
Partnership   has  determined   that  the  carrying  value  of  its  investments
approximates the estimated fair value of those  investments,  the  Partnership's
policy is to recognize equity in income of the Local Limited  Partnerships  only
to the extent of distributions  received and  amortization of acquisition  costs
from those Local Limited  Partnerships.  Therefore,  the Partnership  limits its
recognition of equity  earnings to the amount it expects to ultimately  realize.
On April 28, 2004, the Partnership sold its 99% limited partnership  interest in
the one Local Limited  Partnership in which it had a positive investment balance
of  approximately  $670,000  for  approximately   $1,008,000.   The  Partnership
recognized a gain of  approximately  $304,000,  after reserves of  approximately
$34,000 for an Illinois partnership tax, during the year ended December 31, 2004
as a result of the sale.

Distributions  from the Local Limited  Partnerships  in which the  Partnership's
investment  in the  Local  Limited  Partnership  has been  reduced  to zero were
approximately  $45,000  for both the years  ended  December  31,  2004 and 2003,
respectively.  These  amounts  were  recognized  as income  on the  accompanying
statements of operations, in accordance with the equity method of accounting.

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.

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  approximately  $90,000 and $83,000 for the years ended
December 31, 2004 and 2003,  respectively.  The increase in legal and accounting
fees is due primarily to an increase in legal costs incurred  related to routine
partnership activity.

Administrative  expenses  remained  relatively  constant  for  the  years  ended
December   31,  2004  and  2003.   Included  in   administrative   expenses  are
reimbursements  to NAPICO for  certain  expenses,  which  totaled  approximately
$5,000 for both of the years ended December 31, 2004 and 2003.

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 0.4
percent of the Partnership's original remaining invested assets at the beginning
of each year. 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  approximately  $42,000 for both of the years
ended December 31, 2004 and 2003.

Total revenues for the Local Limited  Partnerships were  approximately  $714,000
and $874,000 for the years ended December 31, 2004 and 2003, respectively.

Total expenses for the Local Limited  Partnerships were  approximately  $880,000
and $1,991,000 for the years ended December 31, 2004 and 2003, respectively.

Total  net loss for the Local  Limited  Partnerships  for 2004 and 2003  totaled
approximately $166,000 and $1,117,000,  respectively.  The net loss allocated to
the Partnership was approximately $164,000 for 2004 and approximately $1,106,000
for  2003.  However,  none of this  allocated  net  loss  for  2004 and 2003 was
recognized by the Partnership as the investment balance had already been reduced
to zero for both of the Local Limited Partnerships.


<PAGE>



The Partnership, as a limited partner in the Local Limited Partnerships in which
it has  invested,  is  subject  to the  risks  incident  to the  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  legislation  which  could  increase  vacancy  levels,  rental  payment
defaults, and operating expenses, which in turn could substantially increase the
risk of operating losses for the projects.

Other

AIMCO and its affiliates  owned 876.60 limited  partnership  units ("the Units")
(or 1,753.20  limited  partnership  interests) in the  Partnership  representing
22.55% of the outstanding  units as of December 31, 2004. A unit consists of two
limited partnership interests. A number of these Units were acquired pursuant to
tender offers made by AIMCO or its affiliates.  It is possible that AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties,  L.P., the operating partnership of AIMCO
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Corporate  General  Partner.  Although the Corporate  General Partner
owes fiduciary duties to the limited partners of the Partnership,  the Corporate
General Partner also owes fiduciary duties to AIMCO as its sole stockholder.  As
a result,  the duties of the Corporate  General  Partner,  as corporate  general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the Corporate General Partner to AIMCO as its sole stockholder.

Recent Accounting Pronouncements

As of December 31, 2004,  the  Partnership  adopted FASB  Interpretation  No. 46
"Consolidation  of  Variable  Interest  Entities"  (or "FIN 46") and applied its
requirements to all Local Limited  Partnerships in which the Partnership  held a
variable interest. FIN 46 addresses the consolidation by business enterprises of
variable interest entities. Generally, a variable interest entity, or VIE, is an
entity with one or more of the following  characteristics:  (a) the total equity
investment  at risk is not  sufficient  to  permit  the  entity to  finance  its
activities without additional subordinated financial support; (b) as a group the
holders of the equity  investment at risk lack (i) the ability to make decisions
about  an  entity's  activities  through  voting  or  similar  rights,  (ii) the
obligation  to absorb the expected  losses of the entity,  or (iii) the right to
receive the expected residual returns of the entity; or (c) the equity investors
have voting rights that are not  proportional  to their  economic  interests and
substantially all of the entity's activities either involve, or are conducted on
behalf of, an investor that has  disproportionately  few voting  rights.  FIN 46
requires a VIE to be consolidated in the financial statements of the entity that
is determined to be the primary  beneficiary of the VIE. The primary beneficiary
generally  is the  entity  that will  receive a majority  of the VIE's  expected
losses, receive a majority of the VIE's expected residual returns, or both.

Upon adoption of FIN 46, the Partnership  determined it held variable  interests
in one VIE for which the Partnership was not the primary  beneficiary.  This one
VIE consists of a Local Limited Partnership in which the Partnership acquired an
interest  prior  to the  adoption  of FIN 46 that  is  directly  engaged  in the
ownership and management of an apartment property with 40 units. The Partnership
is involved with this VIE as a  non-controlling  limited  partner equity holder.
The  Partnership's  maximum exposure to loss as a result of its involvement with
the unconsolidated VIE is limited to the Partnership's  recorded  investments in
and  receivables  from  this VIE,  which  was zero at  December  31,  2004.  The
Partnership  may be subject to additional  losses to the extent of any financial
support that the Partnership voluntarily provides in the future.

Critical Accounting Policies and Estimates

A summary of the Partnership's  significant  accounting  policies is included in
"Note 1 - Organization and Summary of Significant  Accounting Policies" which is
included in the financial  statements  in "Item 7.  Financial  Statements".  The
Corporate  General  Partner  believes that the  consistent  application of these
policies enables the Partnership to provide readers of the financial  statements
with useful and reliable  information about the Partnership's  operating results
and financial  condition.  The preparation of financial statements in conformity
with accounting  principles generally accepted in the United States requires the
Partnership to make estimates and  assumptions.  These estimates and assumptions
affect  the  reported  amounts  of  assets  and  liabilities  at the date of the
financial statements as well as reported amounts of revenues and expenses during
the  reporting  period.  Actual  results  could  differ  from  these  estimates.
Judgments  and  assessments  of  uncertainties  are  required  in  applying  the
Partnership's  accounting  policies in many areas.  The  following may involve a
higher degree of judgment and complexity.

Method of Accounting for Investments in Limited Partnerships

The  Partnership,  as a limited  partner,  does not  exercise  control  over the
activities and operations,  including  refinancing or selling decisions,  of the
Local  Limited  Partnerships.  Accordingly,  the  Partnership  accounts  for its
investments  in the Local  Limited  Partnerships  using the equity  method.  The
Partnership  is allocated  profits and losses of the Local Limited  Partnerships
based upon its respective ownership percentage of 99%.  Distributions of surplus
cash from operations from one of the two remaining Local Limited Partnerships is
restricted by the Local Limited  Partnerships'  Regulatory  Agreements  with the
United  States  Department  of  Housing  and Urban  Development  ("HUD").  These
restrictions  limit the distribution to 6% of the initial invested capital.  The
excess surplus cash is deposited into a residual receipts reserve,  of which the
ultimate  realization by the Partnership is uncertain as HUD frequently  retains
it upon sale or  dissolution  of the Local  Limited  Partnership.  For the other
Local Limited Partnership distributions of surplus cash are not restricted.  The
Partnership  is  allocated  profits and losses and receives  distributions  from
refinancings  and  sales in  accordance  with the  Local  Limited  Partnerships'
partnership  agreements.   These  agreements  usually  limit  the  Partnership's
distributions to an amount  substantially less than its ownership  percentage in
the Local Limited Partnership.

The individual  investments are carried at cost plus the Partnership's  share of
the Local  Limited  Partnership's  profits less the  Partnership's  share of the
Local Limited  Partnership's  losses,  distributions and impairment charges. See
"Note 1 -  Organization  and Summary of Significant  Accounting  Policies" for a
description of the impairment  policy. The Partnership is not legally liable for
the obligations of the Local Limited Partnerships and is not otherwise committed
to provide additional support to them.  Therefore,  it does not recognize losses
once its  investment  in each of the Local  Limited  Partnerships  reaches zero.
Distributions  from  the  Local  Limited  Partnerships  are  accounted  for as a
reduction of the investment  balance until the investment  balance is reduced to
zero.  When  the  investment  balance  has  been  reduced  to  zero,  subsequent
distributions  received are recognized as income in the accompanying  statements
of operations.

For those  investments  where the  Partnership  has determined that the carrying
value  of its  investments  approximates  the  estimated  fair  value  of  those
investments,  the  Partnership's  policy is to recognize equity in income of the
Local  Limited  Partnerships  only to the extent of  distributions  received and
amortization  of  acquisition  costs  from  those  Local  Limited  Partnerships.
Therefore,  the  Partnership  limits its  recognition of equity  earnings to the
amount it expects to ultimately realize.


<PAGE>


ITEM 7.     FINANCIAL STATEMENTS

LIST OF FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm

Balance Sheet - December 31, 2004

Statements of Operations - Years ended December 31, 2004 and 2003

Statements  of  Changes  in  Partners'  (Deficiency)  Capital  -  Years  ended
December 31, 2004 and 2003

Statements of Cash Flows - Years ended December 31, 2004 and 2003

Notes to Financial Statements



<PAGE>


           Report of Independent Registered Public Accounting Firm



The Partners
Real Estate Associates Limited V


We have audited the accompanying balance sheet of Real Estate Associates Limited
V as of December 31, 2004, and the related statements of operations,  changes in
partners'  (deficiency)  capital and cash flows for each of the two years in the
period  ended   December  31,  2004.   These   financial   statements   are  the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  We were not engaged to perform an
audit of the Partnership's internal control over financial reporting.  Our audit
included  consideration of internal control over financial  reporting as a basis
for designing audit  procedures that are appropriate in the  circumstances,  but
not for the  purpose  of  expressing  an  opinion  on the  effectiveness  of the
Partnership's internal control over financial reporting. Accordingly, we express
no such opinion.  An audit also includes  examining,  on a test basis,  evidence
supporting the amounts and  disclosures in the financial  statements,  assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion,  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, 2004,  and the results of its operations and its cash flows
for each of the two years in the period ended  December  31, 2004 in  conformity
with accounting principles generally accepted in the United States.


                                                            /s/Ernst & Young LLP

Greenville, South Carolina
April 7, 2005


<PAGE>





                        REAL ESTATE ASSOCIATES LIMITED V

                                  BALANCE SHEET
                                 (in thousands)

                                December 31, 2004
<TABLE>
<CAPTION>


                                     ASSETS

<S>                                                                      <C>
Cash and Cash Equivalents                                                $ 1,172
Investments in and advances to Local Limited Partnerships
 (Notes 2 and 5)                                                             --
 Total Assets                                                           $ 1,172

           LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities
  Accounts payable and accrued expenses                                  $ 55

Contingencies (Note 6)

Partners' (deficiency) capital:
  General partners                                                     $ (146)
  Limited partners                                                       1,263       1,117

 Total liabilities and partners (deficiency) capital                               $ 1,172


                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>


                        REAL ESTATE ASSOCIATES LIMITED V

                            STATEMENTS OF OPERATIONS
                    (in thousands, except per interest data)

<TABLE>
<CAPTION>

                                                                             Years Ended
                                                                            December 31,
                                                                        2004            2003
     Revenues:
<S>                                                                     <C>              <C>
       Interest income                                                  $    11          $     3

     Operating expenses:
       Legal and accounting                                                  90               83
       Management fees - partners (Note 3)                                   42               42
       Administrative (Note 3)                                               15               15
            Total operating expenses                                        147              140

     Loss from Partnership operations                                      (136)            (137)
     Gain on sale of Local Limited Partnership interest
       (Note 2)                                                             304               --
     Distributions in excess of investment
       in Local Limited Partnerships (Note 2)                                45               45

     Net income (loss)                                                  $   213          $   (92)

     Net income (loss) allocated to general partners (1%)               $     2          $    (1)
     Net income (loss) allocated to limited partners (99%)                  211              (91)

                                                                        $   213          $   (92)
     Net income (loss) per limited partnership
       interest (Note 1)                                                $ 27.14          $(11.70)

                   See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>


                        REAL ESTATE ASSOCIATES LIMITED V

           STATEMENTS OF CHANGES IN PARTNERS' (DEFICIENCY) CAPITAL
                     (in thousands, except interest data)

<TABLE>
<CAPTION>

                                              General            Limited
                                              Partners           Partners          Total

<S>                         <C>                                    <C>
Partnership interests (Note 1) (A)                                 7,775

Partners' (deficiency) capital at
  December 31, 2002                            $ (147)            $1,143           $ 996

Net loss for the year ended
  December 31, 2003                                (1)               (91)            (92)

Partners' (deficiency) capital at
  December 31, 2003                              (148)             1,052             904

Net income for the year ended
  December 31, 2004                                 2                211             213

Partners' (deficiency) capital at
  December 31, 2004                            $ (146)            $1,263          $1,117


(A)  Consists of 7,775  partnership  interests  at  December  31, 2004 and 7,777
partnership interests at December 31, 2003 (See Note 7).

                   See Accompanying Notes to Financial Statements


</TABLE>


<PAGE>


                        REAL ESTATE ASSOCIATES LIMITED V

                            STATEMENTS OF CASH FLOWS
                                 (in thousands)


<TABLE>
<CAPTION>

                                                                   Years ended December 31,
                                                                       2004          2003
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                    <C>          <C>
  Net income (loss)                                                    $ 213        $ (92)
  Adjustments to reconcile net income (loss) to net cash
      used in operating activities:
    Gain on sale of Local Limited Partnership Interest                  (304)           --
    Decrease in due from affiliates                                       --             2
    Increase in accounts payable and accrued expenses                     21            --
           Net cash used in operating activities                         (70)          (90)

CASH FLOWS FROM INVESTING ACTIVITIES:
   Proceeds from sale of limited partnership interest                  1,008            --
  Distributions from Local Limited Partnerships                           --            89
   Net cash provided by investing activities                           1,008            89

Net increase (decrease) in cash and cash equivalents                     938            (1)

Cash and cash equivalents, beginning of year                             234           235

Cash and cash equivalents, end of year                               $ 1,172        $ 234


<PAGE>
                   See Accompanying Notes to Financial Statements
</TABLE>




                        REAL ESTATE ASSOCIATES LIMITED V

                          NOTES TO FINANCIAL STATEMENTS
                                DECEMBER 31, 2004


NOTE 1 - ORGANIZATION AND 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.

On December 3, 2001, Casden Properties Inc., entered into a merger agreement and
certain other  transaction  documents with  Apartment  Investment and Management
Company, a publicly traded real estate investment trust ("AIMCO") and certain of
its  subsidiaries,  pursuant to which, on March 11, 2002,  AIMCO acquired Casden
Properties  Inc. and its  subsidiaries,  including  100% of the stock of NAPICO.
Prior to  March  11,  2002,  Casden  Properties,  Inc.  owned a 95.25%  economic
interest in NAPICO,  with the  balance  owned by Casden  Investment  Corporation
("CIC").  CIC, which is wholly owned by Alan I. Casden,  owned 95% of the voting
common stock of NAPICO, prior to March 11, 2002.

The general  partners  have a one percent  interest in profits and losses of the
Partnership.  The limited  partners have the remaining 99 percent interest which
is allocated 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.

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.

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States  requires  management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. 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 by the straight line method over the estimated lives of the underlying
assets,  which is  generally  30 years.  All such costs have been  amortized  or
written off at December 31, 2004.

Net Income (Loss) Per Limited Partnership Interest

Net income  (loss) per limited  partner  interest  was  computed by dividing the
limited  partners'  share  of  net  income  (loss)  by  the  number  of  limited
partnership  interests outstanding at the end of the year. The number of limited
partnership  interests was 7,775 for the year ended  December 31, 2004 and 7,777
for the year ended December 31, 2003.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and in bank accounts.  At certain
times,  the amount of cash  deposited  at a bank may exceed the limit on insured
deposits.  Cash  balances of  approximately  $1,172,000 at December 31, 2004 are
maintained by an affiliated  management company on behalf of affiliated entities
in a cash concentration account.

Impairment of Long-Lived Assets

The  Partnership  reviews its  investment in  long-lived  assets to determine if
there has been any  impairments  whenever  events or  changes  in  circumstances
indicate that the carrying amount of the assets 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, 2004 and 2003.

Segment Reporting

Statement of Financial  Accounting Standards ("SFAS") No. 131, "Disclosure about
Segments of an Enterprise and Related Information" established standards for the
way that public business enterprises report information about operating segments
in annual  financial  statements  and  requires  that those  enterprises  report
selected information about operating segments in interim financial reports. SFAS
No. 131 also established  standards for related  disclosures  about products and
services, geographic areas, and major customers. As defined in SFAS No. 131, the
Partnership has only one reportable segment.

Fair Value of Financial Instruments

SFAS No.  107,  "Disclosures  about Fair  Value of  Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale. The  Partnership  believes that the carrying  amount of other
assets  and  liabilities  reported  on  the  balance  sheet  that  require  such
disclosure approximate their fair value.

Recent Accounting Pronouncements

As of December 31, 2004,  the  Partnership  adopted FASB  Interpretation  No. 46
"Consolidation  of  Variable  Interest  Entities"  (or "FIN 46") and applied its
requirements to all Local Limited  Partnerships in which the Partnership  held a
variable interest. FIN 46 addresses the consolidation by business enterprises of
variable interest entities. Generally, a variable interest entity, or VIE, is an
entity with one or more of the following  characteristics:  (a) the total equity
investment  at risk is not  sufficient  to  permit  the  entity to  finance  its
activities without additional subordinated financial support; (b) as a group the
holders of the equity  investment at risk lack (i) the ability to make decisions
about  an  entity's  activities  through  voting  or  similar  rights,  (ii) the
obligation  to absorb the expected  losses of the entity,  or (iii) the right to
receive the expected residual returns of the entity; or (c) the equity investors
have voting rights that are not  proportional  to their  economic  interests and
substantially all of the entity's activities either involve, or are conducted on
behalf of, an investor that has  disproportionately  few voting  rights.  FIN 46
requires a VIE to be consolidated in the financial statements of the entity that
is determined to be the primary  beneficiary of the VIE. The primary beneficiary
generally  is the  entity  that will  receive a majority  of the VIE's  expected
losses, receive a majority of the VIE's expected residual returns, or both.

Upon adoption of FIN 46, the Partnership  determined it held variable  interests
in one VIE for which the Partnership was not the primary  beneficiary.  This one
VIE consists of a Local Limited Partnership in which the Partnership acquired an
interest  prior  to the  adoption  of FIN 46 that  is  directly  engaged  in the
ownership and management of an apartment property with 40 units. The Partnership
is involved with this VIE as a  non-controlling  limited  partner equity holder.
The  Partnership's  maximum exposure to loss as a result of its involvement with
the unconsolidated VIE is limited to the Partnership's  recorded  investments in
and  receivables  from  this VIE,  which  was zero at  December  31,  2004.  The
Partnership  may be subject to additional  losses to the extent of any financial
support that the Partnership voluntarily provides in the future.

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

As of December 31, 2004, the Partnership holds limited partnership  interests in
two limited  partnerships  ("Local  Limited  Partnerships").  The Local  Limited
Partnerships  owned,  as of December 31,  2004,  residential  low-income  rental
projects  consisting of 88 apartment units. The mortgage loans of these projects
are payable to or insured by various governmental agencies.

On April 28, 2004, the Partnership sold its 99% limited partner interest in West
Town Housing Partners,  which owned the property,  Bickerdike  Apartments,  to a
third party for approximately  $1,008,000.  The Partnership recognized a gain on
sale of Local  Limited  Partnership  interest of  approximately  $304,000  after
reserves of  approximately  $34,000 for an Illinois  partnership tax, during the
year ended December 31, 2004.

The  Partnership,  as a limited  partner,  does not  exercise  control  over the
activities and operations,  including  refinancing or selling decisions,  of the
Local  Limited  Partnerships.  Accordingly,  the  Partnership  accounts  for its
investments  in the Local  Limited  Partnerships  using the equity  method.  The
Partnership  is allocated  profits and losses of the Local Limited  Partnerships
based upon its respective ownership percentage of 99%.  Distributions of surplus
cash from operations from one of the two remaining Local Limited Partnerships is
restricted by the Local Limited  Partnerships'  Regulatory  Agreements  with the
United  States  Department  of  Housing  and Urban  Development  ("HUD").  These
restrictions  limit the distribution to 6% of the initial invested capital.  The
excess surplus cash is deposited into a residual receipts reserve,  of which the
ultimate  realization by the Partnership is uncertain as HUD frequently  retains
it upon sale or  dissolution  of the Local  Limited  Partnership.  For the other
Local Limited Partnership distributions of surplus cash are not restricted.  The
Partnership  is  allocated  profits and losses and receives  distributions  from
refinancings  and  sales in  accordance  with the  Local  Limited  Partnerships'
partnership  agreements.   These  agreements  usually  limit  the  Partnership's
distributions to an amount  substantially less than its ownership  percentage in
the Local Limited Partnership.

The individual  investments are carried at cost plus the Partnership's  share of
the Local  Limited  Partnership's  profits less the  Partnership's  share of the
Local Limited  Partnership's  losses,  distributions and impairment charges. See
"Note 1 -  Organization  and Summary of Significant  Accounting  Policies" for a
description of the impairment  policy. The Partnership is not legally liable for
the obligations of the Local Limited Partnerships and is not otherwise committed
to provide additional support to them.  Therefore,  it does not recognize losses
once its  investment  in each of the Local  Limited  Partnerships  reaches zero.
Distributions  from  the  Local  Limited  Partnerships  are  accounted  for as a
reduction of the investment  balance until the investment  balance is reduced to
zero.  When  the  investment  balance  has  been  reduced  to  zero,  subsequent
distributions  received are recognized as income in the accompanying  statements
of operations.

For those  investments  where the  Partnership  has determined that the carrying
value  of its  investments  approximates  the  estimated  fair  value  of  those
investments,  the  Partnership's  policy is to recognize equity in income of the
Local  Limited  Partnerships  only to the extent of  distributions  received and
amortization  of  acquisition  costs  from  those  Local  Limited  Partnerships.
Therefore,  the  Partnership  limits its  recognition of equity  earnings to the
amount it expects to ultimately realize.

As of December 31, 2004,  the  investment  balance in both of the Local  Limited
Partnerships had been reduced to zero.

The following is a summary of the investments in Local Limited  Partnerships for
the year ended December 31, 2004 (in thousands):

               Balance, beginning of year                      $ 670
               Amortization of acquisition costs                  (1)
               Equity in income of Local Limited
                 Partnerships                                      1
               Sale of interest in Local Limited
                Partnership                                     (670)
               Balance, end of year                            $ --



<PAGE>

The  difference  between the  investment  in the  accompanying  balance sheet at
December 31, 2004, and the deficiency  per the limited  partnerships'  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.

The  Partnership's  value  of its  investment  and  its  equity  in  losses  and
distributions from the Local Limited  Partnership are, for Richland Three Rivers
Retirement  Apartments  ("Richland"),  not  material  to the  overall  financial
position of the  Partnership and are included below on an unaudited  basis.  The
Partnership's  value of its  investment  and its  equity  in  losses/income  and
distributions  from the Local  Limited  Partnership  are,  for  Grandview  Place
Apartments  ("Grandview"),  material  to the overall  financial  position of the
Partnership and are included below on an audited basis. Grandview was audited by
other  auditors  for 2003.  The  condensed  balance  sheet of the Local  Limited
Partnerships  as of December 31, 2004 and the results of operations  for each of
the two years in the period then ended are as follows  (2003  amounts  have been
restated to exclude the operations of West Town Housing Partners,  for which the
Partnership sold its limited partnership interest on April 28, 2004).

                            CONDENSED BALANCE SHEETS
                        OF THE LOCAL LIMITED PARTNERSHIPS
                                December 31, 2004
                                 (in thousands)
<TABLE>
<CAPTION>

Assets:                                          Grandview     Richland     Total
<S>                                                <C>           <C>        <C>
 Land                                              $ 206         $ --       $ 206
 Buildings and improvements, net of
   accumulated depreciation                           988          706       1,694
    Other assets                                      334        1,587       1,921
Total Assets                                      $ 1,528      $ 2,293     $ 3,821
Liabilities and Partner's Deficit:
  Liabilities:
    Mortgages notes payable                       $ 1,626      $ 1,233     $ 2,859
    Other liabilities                                  70        1,279       1,349
                                                    1,696        2,512       4,208
  Partner's Deficit:
    General partners                                  (29)         (76)       (105)
    Limited partners                                 (139)        (143)       (282)
                                                     (168)        (219)       (387)
Total Liabilities and Partners' Deficit           $ 1,528      $ 2,293     $ 3,821
</TABLE>


<PAGE>


                         CONDENSED RESULTS OF OPERATIONS
                        OF THE LOCAL LIMITED PARTNERSHIPS
                                 (in thousands)
<TABLE>
<CAPTION>

                                               Years Ended December 31,
Revenues:                          2004      2004     2004     2003     2003     2003
                                 Grandview Richland   Total  Grandview Richland   Total
<S>                               <C>      <C>      <C>     <C>      <C>      <C>
  Rental income                   $ 358    $ 344    $ 702   $ 465    $ 379    $ 844
  Other income                         5        7       12       5       25       30
      Total Revenues                 363      351      714     470      404      874
Expenses:
  Operating expenses                 189      159      348     195      166      361
  Financial expenses                 112       96      208     194      128      322
  Depreciation                        63      128      191      63       45      108
  Reversion of residual receipts
to HUD                                --      133      133      --    1,200    1,200

      Total Expenses                 364      516      880     452    1,539    1,991
Net (loss) income                 $  (1)  $ (165)  $ (166)   $ 18   $(1,135) $(1,117)

</TABLE>

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.

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.

NOTE 3 - TRANSACTIONS WITH AFFILIATED PARTIES

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 0.4
percent of the  original  invested  assets of the  limited  partnerships  and is
calculated  at the  beginning of each year.  Invested  assets are defined as the
costs of acquiring project interests,  including the proportionate amount of the
mortgage loans related to the Partnership's interests in the capital accounts of
the respective  partnerships.  The fee was approximately $42,000 for both of the
years ended December 31, 2004 and 2003.

The Partnership  reimburses NAPICO for certain expenses.  The reimbursement paid
to NAPICO was approximately $5,000 for each of the years ended December 31, 2004
and 2003, and is included in administrative expenses.

AIMCO and its affiliates  owned 876.60 limited  partnership  units ("the Units")
(or 1,753.20  limited  partnership  interests) in the  Partnership  representing
22.55% of the outstanding  units as of December 31, 2004. A unit consists of two
limited partnership interests. A number of these Units were acquired pursuant to
tender offers made by AIMCO or its affiliates.  It is possible that AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties,  L.P., the operating partnership of AIMCO
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Corporate  General  Partner.  Although the Corporate  General Partner
owes fiduciary duties to the limited partners of the Partnership,  the Corporate
General Partner also owes fiduciary duties to AIMCO as its sole stockholder.  As
a result,  the duties of the Corporate  General  Partner,  as corporate  general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the Corporate General Partner to AIMCO as its sole stockholder.

NOTE 4 - INCOME TAXES

The  Partnership  is not taxed on its income.  The  partners  are taxed in their
individual  capacities based upon their  distributive share of the Partnership's
taxable  income  or  loss  and are  allowed  the  benefits  to be  derived  from
off-setting  their  distributive  share of the tax losses against taxable income
from other sources  subject to passive loss  limitations.  The taxable income or
loss differs from  amounts  included in the  statements  of  operations  because
different  methods  are used in  determining  the  losses of the  Local  Limited
Partnerships as discussed below. The tax loss is allocated to the partner groups
in accordance with Section 704(b) of the Internal  Revenue Code and therefore is
not necessarily proportionate to the interest percentage owned.

A reconciliation follows:

                                                  Years Ended December 31,
                                                     2004            2003
                                                       (in thousands)

Net income (loss) per financial statements         $   213          $ (92)
  Other                                                 31              (1)
  Partnership's share of Local Limited
    Partnership                                       (100)            432
Disposition of interest in Local Limited
  Partnership                                        2,553              --
Income per tax return                              $ 2,697          $ 339

Income per limited partnership interest            $640.40          $43.20


<PAGE>


NOTE 4 - INCOME TAXES (continued)

The following is a reconciliation between the Partnership's reported amounts and
the federal tax basis of net assets at December 31, 2004 (in thousands):

Net assets as reported                                       $ 1,117
Add (deduct):
  Investment in Partnerships                                    (616)
  Offering costs                                               2,289
Net assets - federal tax basis                               $ 2,790

NOTE  5  -  REAL  ESTATE  AND   ACCUMULATED   DEPRECIATION  OF  LOCAL  LIMITED
          PARTNERSHIPS IN WHICH REAL ESTATE ASSOCIATES LIMITED V HAS INVESTED


                               Gross Amount At Which Carried
                                   At December 31, 2004
                                      (in thousands)
<TABLE>
<CAPTION>

                                          Buildings
                                             And
                                           Related
                                          Personal          Accumulated    Date of   Depreciable
        Description    EncumbrancesLand   Property   Total  Depreciation ConstructionLife-Years
                                                                (in
                                                             thousands)

<S>                      <C>       <C>     <C>      <C>      <C>          <C>  <C>      <C>
      Grandview          $1,626    $ 206   $ 2,145  $ 2,351  $ (1,157)    1982-1983     5-30
      Richland (a)        1,233       --     1,550    1,550      (844)    1982-1983     5-30
        Totals           $2,859    $ 206   $ 3,695  $ 3,901   $(2,001)
</TABLE>

                  Reconciliation of real estate (in thousands)
<TABLE>
<CAPTION>

                                               Years Ended December 31,
                             2004       2004       2004       2003         2003       2003
                           Grandview Unaudited(a)  Total    Grandview  Unaudited(a)  Total
<S>                         <C>        <C>        <C>        <C>         <C>        <C>
Balance  at  beginning  of  $ 2,351    $10,335    $12,686    $ 2,351     $10,274    $12,625
year
Improvements   during  the       --         --         --         --          61         61
year
Disposals     of    rental       --     (8,785)    (8,785)        --          --         --
properties
Balance at end of year      $ 2,351    $ 1,550    $ 3,901    $ 2,351     $10,335    $12,686
</TABLE>


<PAGE>


           Reconciliation of accumulated depreciation (in thousands)
<TABLE>
<CAPTION>

                                                Years Ended December 31,
                             2004       2004       2004       2003         2003       2003
                           Grandview Unaudited(a)  Total    Grandview  Unaudited)(a)  Total
<S>                         <C>        <C>        <C>        <C>         <C>         <C>
Balance  at  beginning  of  $ 1,094    $ 5,323    $ 6,417    $ 1,031     $ 5,056     $ 6,087
year
Depreciation  expense  for
the year                        63        128        191         63         277         340
Disposals     of    rental       --     (4,607)    (4,607)        --         (10)        (10)
properties
Balance at end of year      $ 1,157     $ 844     $ 2,001    $ 1,094     $ 5,323     $ 6,417
</TABLE>

(a) All amounts for Richland are unaudited See Note 2.



<PAGE>


NOTE 6 - CONTINGENCIES

The  Corporate  General  Partner is involved in various  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.

As  previously  disclosed,  the  Central  Regional  Office of the United  States
Securities  and  Exchange   Commission   (the  "SEC")  is  conducting  a  formal
investigation relating to certain matters.  Although the staff of the SEC is not
limited  in the  areas  that it may  investigate,  AIMCO  believes  the areas of
investigation include AIMCO's miscalculated monthly net rental income figures in
third quarter 2003,  forecasted  guidance,  accounts payable,  rent concessions,
vendor  rebates,  capitalization  of payroll and certain  other  costs,  and tax
credit  transactions.  AIMCO is cooperating  fully. AIMCO is not able to predict
when the matter  will be  resolved.  AIMCO does not  believe  that the  ultimate
outcome  will  have a  material  adverse  effect on its  consolidated  financial
condition or results of operations.  Similarly,  the Corporate  General  Partner
does not believe that the ultimate  outcome will have a material  adverse effect
on the Partnership's financial condition or results of operations.

NOTE 7 - ABANDONMENT OF LIMITED PARTNERSHIP INTERESTS

During 2004 the number of limited partnership interests decreased by 2 interests
due to limited partners  abandoning  their  interests.  In abandoning his or her
Limited  Partnership  Interest(s),  a limited partner  relinquishes  all rights,
title,  and interest in the partnership as of the date of abandonment.  However,
the limited partner is allocated his or her share of net income or loss for that
year. The income or loss per limited  partnership  interest in the  accompanying
statements  of  operations  is  calculated  based  on the  number  of  interests
outstanding  at the end of the year.  There were no interests  abandoned  during
2003.



<PAGE>



ITEM 8.     CHANGES IN AND  DISAGREEMENTS  WITH  ACCOUNTANTS ON ACCOUNTING AND
            FINANCIAL DISCLOSURE

None.

ITEM 8A.    CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the Corporate  General Partner,  who are the equivalent of the  Partnership's
principal executive officer and principal financial officer,  respectively,  has
evaluated  the  effectiveness  of  the  Partnership's  disclosure  controls  and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) as of the end
of the period covered by this report.  Based on such  evaluation,  the principal
executive  officer and  principal  financial  officer of the  Corporate  General
Partner, who are the equivalent of the Partnership's principal executive officer
and principal  financial officer,  respectively,  have concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fourth quarter of 2004 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.

Item 8b.    Other Information

None.



<PAGE>


                                    PART III

ITEM 9.     DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Real Estate Associates  Limited V (the "Partnership" or the "Registrant") has no
directors  or officers.  The general  partner  responsible  for  conducting  the
business  of  the  Partnership  is  National  Partnership   Investments  Corp  a
California Corporation ("NAPICO" or the "Corporate General Partner").

The names and ages of, as well as the positions and offices held by, the present
directors  and officers of NAPICO are set forth  below:  The  Corporate  General
Partner manages and controls  substantially all of the Partnership's affairs and
has general  responsibility  and ultimate authority in all matters affecting its
business.  There are no family  relationships  between or among any directors or
officers.

Harry G. Alcock                 42    Executive Vice President and Director
David R. Robertson              39    President, Chief Executive Officer
                                        and Director
Charles McKinney                53    Senior Vice President and Director
                                        of Asset Management
Jeffrey H. Sussman              39    Senior Vice President, General
                                        Counsel and Secretary
Brian H. Shuman                 42    Senior Vice President and Chief
                                        Financial Officer

Harry G. Alcock was appointed as a Director of the Corporate  General Partner in
October 2004 and was appointed Executive Vice President of the Corporate General
Partner  in  February  2004 and has been  Executive  Vice  President  and  Chief
Investment Officer of AIMCO since October 1999. Prior to October 1999 Mr. Alcock
served as a Vice President of AIMCO from July 1996 to October 1997,  when he was
promoted to Senior Vice  President  Acquisitions  where he served until  October
1999. Mr. Alcock has had responsibility for acquisition and financing activities
of AIMCO since July 1994.

David R. Robertson has been President, Chief Executive Officer and a Director of
the Corporate  General  Partner since  October 2002.  Mr.  Robertson has been an
Executive  Vice  President  of AIMCO  since  February  2002,  and was  appointed
President and Chief  Executive  Officer of AIMCO  Capital in October  2002.  Mr.
Robertson  is  responsible  for  property   operations,   asset  management  and
transaction   activities   within  AIMCO   Capital's   portfolio  of  affordable
properties,  and for  redevelopment  and  construction  activities  for both the
conventional  and  affordable  property  portfolios.  Since  February  1996, Mr.
Robertson has been Chairman and Chief Executive Officer of Robeks Corporation, a
privately held chain of specialty food stores.

Charles McKinney has been Senior Vice President and Director of Asset Management
of the  Corporate  General  Partner and AIMCO Capital since January 2003 and has
overall responsibility for monitoring the construction, lease-up, operations and
compliance  issues for all  assets  constituting  a part of  AIMCO's  affordable
portfolio.  Mr.  McKinney  joined AIMCO as Vice President of Transactions in the
Affordable  Group  in  June  2002  and  had   responsibility   for  value  added
dispositions  of  affordable  properties  in the  Western  portion of the United
States.  From  September  2000  through  May 2002,  Mr.  McKinney  was  Managing
Underwriter for Real Estate Recovery, Inc. where he was responsible for the real
estate loan underwriting and loan review for the company's  clients.  From March
1998 through August 2000, Mr.  McKinney was the Executive  Managing  Director of
American Capital Advisors, Inc. an investment banking company.

Jeffrey H. Sussman has been Senior Vice President, General Counsel and Secretary
of the Corporate  General  Partner since joining  NAPICO in 1998. Mr. Sussman is
responsible for the legal affairs of NAPICO and its affiliates. Prior to joining
NAPICO in 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.

Brian H. Shuman has been Senior Vice  President and Chief  Financial  Officer of
the  Corporate  General  Partner  since  joining  NAPICO in 2000.  Mr. Shuman is
responsible  for  the  financial  affairs  of  NAPICO  as  well  as the  limited
partnership  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.

The board of directors of the Corporate General Partner does not have a separate
audit  committee.  As such,  the board of  directors  of the  Corporate  General
Partner fulfills the functions of an audit committee. The board of directors has
determined  that Brian H. Shuman meets the  requirement  of an "audit  committee
financial expert".

The directors and officers of the Corporate  General Partner with authority over
the Partnership are all employees of subsidiaries of AIMCO.  AIMCO has adopted a
code of ethics that applies to such  directors  and  officers  that is posted on
AIMCO's  website  (www.AIMCO.com).   AIMCO's  website  is  not  incorporated  by
reference to this filing.

ITEM 10.    EXECUTIVE COMPENSATION

None of the directors and officers of the Corporate General Partner received any
remuneration from the Partnership during the year ended December 31, 2004.

ITEM 11.    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. Except as noted below,  no person or entity was known by the  Registrant
to own of  record  or  beneficially  more  than  5% of the  Limited  Partnership
Interests of the Registrant as of December 31, 2004.

Entity                                  Number of Units      Percentage

AIMCO Properties, LP
  (an affiliate of AIMCO)                    876.60            22.55%

AIMCO  Properties,  LP is  indirectly  ultimately  controlled  by  AIMCO.  Its
business address is 4582 S. Ulster St. Parkway,  Suite 1100, Denver,  Colorado
80237.

(b)    None of the officers or directors of the  Corporate  General  Partner own
       directly or beneficially any limited partnership interests in REAL V.

ITEM 12.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

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 0.4
percent of the  original  invested  assets of the  limited  partnerships  and is
calculated  at the  beginning of each year.  Invested  assets are defined as the
costs of acquiring project interests,  including the proportionate amount of the
mortgage loans related to the Partnership's interests in the capital accounts of
the respective  partnerships.  The fee was approximately $42,000 for both of the
years ended December 31, 2004 and 2003.

<PAGE>

The Partnership  reimburses NAPICO for certain expenses.  The reimbursement paid
to NAPICO was approximately $5,000 for each of the years ended December 31, 2004
and 2003, and is included in administrative expenses.

AIMCO and its affiliates  owned 876.60 limited  partnership  units ("the Units")
(or 1,753.20  limited  partnership  interests) in the  Partnership  representing
22.55% of the outstanding  units as of December 31, 2004. A unit consists of two
limited partnership interests. A number of these Units were acquired pursuant to
tender offers made by AIMCO or its affiliates.  It is possible that AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties,  L.P., the operating partnership of AIMCO
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Corporate  General  Partner.  Although the Corporate  General Partner
owes fiduciary duties to the limited partners of the Partnership,  the Corporate
General Partner also owes fiduciary duties to AIMCO as its sole stockholder.  As
a result,  the duties of the Corporate  General  Partner,  as corporate  general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the Corporate General Partner to AIMCO as its sole stockholder.

ITEM 13.    EXHIBITS:

            See Exhibit Index

ITEM 14.    PRINCIPAL ACCOUNTANT FEES AND SERVICES

The Corporate  General Partner has reappointed  Ernst & Young LLP as independent
auditors to audit the financial  statements  of the  Partnership  for 2005.  The
aggregate  fees billed for  services  rendered by Ernst & Young LLP for 2004 and
2003 are described below.

Audit Fees. Fees for audit services  totaled  approximately  $49,000 and $44,000
for 2004 and 2003,  respectively.  Fees for audit services also include fees for
the reviews of the Partnership's Quarterly Reports on Form 10-QSB.

Tax Fees.  Fees for tax services  totaled  approximately  $6,000 and $16,000 for
2004 and 2003, respectively.



<PAGE>


                                   SIGNATURES


In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.


                                    REAL ESTATE ASSOCIATES LIMITED V


                                    By:   National   Partnership   Investments
                                          Corp.
                                          Corporate General Partner


                                    By:   /s/David R. Robertson
                                          David R. Robertson
                                          President   and   Chief    Executive
                                          Officer
                                          and Director


                                    By:   /s/Brian H. Shuman
                                          Brian H. Shuman
                                          Senior Vice President and
                                          Chief Financial Officer


                                    Date: April 8, 2005


In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.


/s/Harry G. Alcock            Executive Vice President      Date: April 8, 2005
Harry G. Alcock               and Director


/s/David R. Robertson         President, Chief Executive    Date: April 8, 2005
David R. Robertson            Officer and Director


/s/Brian H. Shuman            Senior Vice President and     Date: April 8, 2005
Brian H. Shuman               Chief Financial Officer



<PAGE>


                 REAL ESTATE ASSOCIATES LIMITED PARTNERSHIP V
                                  EXHIBIT INDEX

Exhibit     Description of Exhibit

  3         Articles  of  incorporation  and  bylaws:  The  registrant  is not
            incorporated.  The Partnership  Agreement was filed with Form S-11
            #266171 which is hereby incorporated by reference.

  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's   Investment   in  Local  Limited
            Partnerships  as  previously   filed  at  the  Securities   Exchange
            Commission, File #277645 which is hereby incorporated by reference.

  10.1      Assignment and Assumption  Agreement  between Real Estate Associates
            Limited V (REAL V) and Florsheim  Building  Investment Trust,  dated
            January  1,  2004  for the sale of REAL V's  interest  in West  Town
            Housing  Partners  (incorporated  by reference  to the  Registrant's
            Quarterly Report on Form 10-QSB dated March 31, 2004).

  31.1      Certification  of equivalent of Chief Executive  Officer pursuant to
            Securities  Exchange  Act  Rules  13a-14(a)/15d-14(a),   as  Adopted
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

  31.2      Certification  of equivalent of Chief Financial  Officer pursuant to
            Securities  Exchange  Act  Rules  13a-14(a)/15d-14(a),   as  Adopted
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

  32.1      Certification  Pursuant  to  18  U.S.C.  Section  1350,  as  Adopted
            Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

  99.1      Independent Auditors Report for Grandview Place Apartments


<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, David R. Robertson, certify that:


1.    I have  reviewed  this  annual  report  on  Form  10-KSB  of  Real  Estate
      Associates Limited V;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's fourth fiscal quarter in the case of an quarterly
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  April 8, 2005

                                    /s/David R. Robertson
                                    David R. Robertson
                                    President and Chief  Executive  Officer of
                                    National      Partnership      Investments
                                    Corporation,   equivalent   of  the  chief
                                    executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION

I, Brian H. Shuman, certify that:

1.    I have  reviewed  this  annual  report  on  Form  10-KSB  of  Real  Estate
      Associates Limited V;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's fourth fiscal quarter in the case of an quarterly
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  April 8, 2005

                                    /s/Brian H. Shuman
                                    Brian H. Shuman
                                    Senior Vice President and Chief  Financial
                                    Officer of National Partnership
                                    Investments  Corporation,   equivalent  of
                                    the  chief   financial   officer   of  the
                                    Partnership


<PAGE>


Exhibit 32.1


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                Section 906 of the Sarbanes-Oxley Act of 2002



In connection  with the Annual  Report on Form 10-KSB of Real Estate  Associates
Limited V (the  "Partnership"),  for the year ended  December  31, 2004 as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
David R.  Robertson,  as the  equivalent of the Chief  Executive  Officer of the
Partnership,  and Brian H.  Shuman,  as the  equivalent  of the Chief  Financial
Officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section
1350,  as adopted  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002,
that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/David R. Robertson
                                    Name:  David R. Robertson
                                    Date:  April 8, 2005


                                           /s/Brian H. Shuman
                                    Name:  Brian H. Shuman
                                    Date:  April 8, 2005


This  certification is furnished with this Report pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and shall not be deemed filed by the Partnership for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.



<PAGE>


Exhibit 99.1



                          INDEPENDENT AUDITOR'S REPORT


To the Partners
Grandview Place
(A Limited Partnership)
Missoula, Montana

We have audited the  accompanying  balance sheets of Grandview  Place (A Limited
Partnership), HUD Project 093-35098 PM-L8, as of December 31, 2004 and 2003, and
the related  statements of income,  changes in partners' equity  (deficit),  and
cash  flows  for the  years  then  ended.  These  financial  statements  are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted  our audits in accordance  with U.S.  generally  accepted  auditing
standards  and  the  standards  applicable  to  financial  audits  contained  in
Government Auditing  Standards,  issued by the Comptroller General of the United
States.  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 that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the  financial  position of Grandview  Place (A Limited
Partnership),as  of  December  31,  2004  and  2003,  and  the  results  of  its
operations, and its cash flows and its changes in partners' equity (deficit) for
the years then  ended in  conformity  with U.S.  generally  accepted  accounting
principles.

In  accordance  with  Government  Auditing  Standards,  we have also  issued our
reports  dated  February 7, 2005,  on our  consideration  of  Grandview  Place's
internal  control and our tests of its  compliance  with certain  provisions  of
laws,  regulations,  contracts and grants. Those reports are an integral part of
an audit performed in accordance with Government  Auditing  Standards and should
be read in conjunction with this report in considering the results of our audit.

The accompanying  supplementary  information shown on pages 11 - 19 is presented
for  purposes of  additional  analysis  and is not a required  part of the basic
financial statements of the Partnership.  Such information has been subjected to
the auditing  procedures applied in the audit of the basic financial  statements
and, in our opinion,  is fairly  stated in all material  respects in relation to
the basic financial statements taken as a whole.


/s/Junkermier, Clark, Campanella, Stevens, P.C.
Certified Public Accountants
Kalispell, Montana
February 7, 2005