<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-K

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

                   For the Fiscal Year Ended DECEMBER 31, 2000

                             Commission File Number
                                     0-12438
                                   -----------

                        REAL ESTATE ASSOCIATES LIMITED V

                        A CALIFORNIA LIMITED PARTNERSHIP

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

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

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

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



                                      NONE



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


                           Yes    [X]        No    [ ]


Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

<PAGE>   2

PART I.

ITEM 1.     BUSINESS:

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

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

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

REAL V holds limited partnership interests in 3 local limited partnerships as of
December 31, 2000, after selling its interests in 16 local limited partnerships,
in December 1998, to the Operating Partnership. Each of these limited
partnerships owns a low income housing project which is subsidized and/or has a
mortgage note payable to or insured by agencies of the federal or local
government.

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

Under recently adopted law and policy, the United States Department of Housing
and Urban Development ("HUD") has determined not to renew the Housing Assistance
Payment ("HAP") Contracts on a long term basis on the existing terms. In
connection with renewals of the HAP Contracts under such new law and policy, the
amount of rental assistance payments under renewed HAP Contracts will be based
on market rentals instead of above market rentals, which may be the case under
existing HAP Contracts. The payments under the renewed HAP Contracts may not be
in an amount that would provide sufficient cash flow to permit owners of
properties subject to HAP Contracts to meet the debt service requirements of
existing loans insured by the Federal Housing Administration of HUD ("FHA")
unless such mortgage loans are restructured. In order to address the reduction
in payments under HAP Contracts as a result of this new policy, the Multi-family
Assisted Housing Reform and Affordability Act of 1997 ("MAHRAA"), which was
adopted in October 1997, 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


<PAGE>   3

reduction in annual debt service payable by the owner of the FHA-insured
mortgage loan and is expected to result in an insurance payment from FHA to the
holder of the FHA-insured loan due to the reduction in the principal amount.
MAHRAA also phases out project-based subsidies on selected properties serving
families not located in rental markets with limited supply, converting such
subsidies to a tenant-based subsidy.

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

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

Although each of the partnerships in which REAL V has invested generally owns a
project which must compete in the market place for tenants, interest subsidies
and rent supplements from governmental agencies make it possible to offer these
dwelling units to eligible "low income" tenants at a cost significantly below
the market rate for comparable conventionally financed dwelling units in the
area.

<PAGE>   4

During 2000, 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, 2000, 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, 2000

<TABLE>
<CAPTION>
                                                      Units
                                                    Authorized
                                                    For Rental                           Percentage
                                                    Assistance                            of Total
                                     No. of            Under              Units            Units
Name and Location                    Units           Section 8          Occupied          Occupied
-----------------                   --------        ----------          --------         ----------
<S>                                 <C>             <C>                 <C>              <C>
Bickerdike
  Chicago, IL                            140               140               133                95%

Grandview Place Apartments
  Missoula, MT                            48                48                48               100%

Richland Three Rivers
Retirement Apartments
  Richland, WA                            40                40                39                98%
                                    --------          --------          --------

TOTALS                                   228               228               220                96%
                                    ========          ========          ========
</TABLE>

<PAGE>   5

ITEM 2.      PROPERTIES:

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

ITEM 3.      LEGAL PROCEEDINGS:

On August 27, 1998, two investors holding an aggregate of eight units of limited
partnership interests in Real Estate Associates Limited III (an affiliated
partnership in which NAPICO is the managing general partner) and two investors
holding an aggregate of five units of limited partnership interest in Real
Estate Associates Limited VI (another affiliated partnership in which NAPICO is
the managing general partner) commenced an action in the United States District
Court for the Central District of California against the Partnership, NAPICO and
certain other affiliated entities. The complaint alleges that the defendants
breached their fiduciary duty to the limited partners of certain NAPICO managed
partnerships and made materially false and misleading statements in the consent
solicitation statements sent to the limited partners of such partnerships
relating to approval of the transfer of partnership interests in limited
partnerships, owning certain of the properties, to the Operating Partnership
organized by an affiliate of NAPICO. The plaintiffs seek equitable relief, as
well as compensatory damages and litigation related costs. On August 4, 1999,
one investor holding one unit of limited partnership interest in Housing
Programs Limited (another affiliated partnership in which NAPICO is the managing
general partner) commenced a virtually identical action in the United States
District Court for the Central District of California against the Partnership,
NAPICO and certain other affiliated entities. The second action has been
subsumed in the first action, which has been certified as a class action. The
managing general partner of such NAPICO managed partnerships and the other
defendants believe that the plaintiffs' claims are without merit and intend to
contest the actions vigorously.

As of December 31, 2000, REAL V's Corporate General Partner was a plaintiff or
defendant in several other lawsuits. None of these suits are related to REAL V.

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

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

PART II.

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

The Limited Partnership Interests are not traded on a public exchange but were
sold through a public offering managed by E.F. Hutton Inc. It is not anticipated
that any public market will develop for the purchase and sale of any partnership
interest. Limited Partnership interests may be transferred only if certain
requirements are satisfied. At December 31, 2000, there were 1,430 registered
holders of units in REAL V. The Partnership has invested in certain government
assisted projects under programs which in many instances restrict the cash
return available to project owners. The Partnership was not designed to provide
cash distributions to investors in circumstances other than refinancing or
disposition of its investments in limited partnerships. In March 1999, the
Partnership made distributions of $2,042,603 to the limited partners and $20,632
to the general partners, which included using proceeds from the sale of the
partnership interests. No other distributions have been made since the inception
of the Partnership.


<PAGE>   6

ITEM 6.     SELECTED FINANCIAL DATA:


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

                                     2000             1999             1998             1997             1996
                                  -----------      -----------      -----------      -----------      -----------
<S>                               <C>              <C>              <C>              <C>              <C>
Loss From Operations              $  (167,232)     $  (157,737)     $  (723,112)     $  (515,423)     $  (287,542)

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

Distributions From
   Limited Partnerships
   Recognized as Income                 6,523            6,523          294,813          381,171          215,140

Equity in Income (Loss) of
   Limited Partnerships
   and Amortization of
   Acquisition Costs                  252,524          216,870       (1,148,813)         503,765          371,644
                                  -----------      -----------      -----------      -----------      -----------

Net Income (Loss)                 $    91,815      $    65,656      $  (727,363)     $   369,513      $   299,242
                                  ===========      ===========      ===========      ===========      ===========

Net Income (Loss) per Limited
   Partnership Interest           $        12      $         8      $       (92)     $        47      $        38
                                  ===========      ===========      ===========      ===========      ===========



Total Assets                      $   997,650      $   901,421      $ 3,086,491      $ 3,795,448      $ 3,259,178
                                  ===========      ===========      ===========      ===========      ===========

Investments in Limited
   Partnerships                   $   611,617      $   460,348      $   294,356      $ 1,616,811      $ 1,305,672
                                  ===========      ===========      ===========      ===========      ===========
</TABLE>

<PAGE>   7

ITEM 7.       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL AND RESULTS OF
              OPERATIONS:

LIQUIDITY

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

CAPITAL RESOURCES

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

RESULTS OF OPERATIONS

The Partnership was formed to provide various benefits to its partners as
discussed in Item 1. It is anticipated that the local limited partnerships in
which REAL V has invested could produce tax losses for as long as 20 years. Tax
benefits will decline over time as the advantages of accelerated depreciation
are greatest in the earlier years, as deductions for interest expense will
decrease as mortgage principal is amortized and as the Tax Reform Act of 1986
limits the deductions available.

At December 31, 2000, the Partnership has investments in 3 limited partnerships,
all of which own housing projects that were substantially all rented. The
Partnership sold its interests in 16 local partnerships in December 1998. The
Partnership, as a limited partner, is entitled to 75% to 99% of the profits and
losses of the local limited partnerships. The Partnership accounts for its
investments in the local limited partnerships on the equity method, thereby
adjusting its investment balance by its proportionate share of the income or
loss of the local limited partnerships. Equity in losses of limited partnerships
is recognized in the financial statements until the limited partnership
investment account is reduced to a zero balance. Losses incurred after the
limited partnership investment account is reduced to zero are not recognized.
Limited partners are not liable for losses beyond their contributed capital. In
addition, income realized after an investment has been written off, due to an
impairment loss, is not recognized. At December 31, 2000 and 1999, the
Partnership has a positive investment balance in only two local limited
partnerships.

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

The total income from the local partnerships that was allocated to the
Partnership was $398,000, $473,000 and $89,000 for the years ended December 31,
2000, 1999 and 1998, respectively. However, primarily because losses incurred
after the investment account is reduced to a zero balance are not recognized,
the Partnership recognized equity in income of limited partnerships,
substantially all from the partnerships with a positive investment balance, of
$252,524, $216,870 and $490,722 for the years ended December 31, 2000, 1999 and
1998, respectively. In addition, the loss recorded by the Partnership in 1998
includes impairment losses of $1,639,535, respectively, recognized to the
carrying values of the investments in certain local limited partnerships.

<PAGE>   8

Distributions from the local limited partnerships in which the Partnership did
not have a positive investment balance were $6,523, $6,523 and $294,813 for the
years ended December 31, 2000, 1999 and 1998, respectively. These amounts were
recognized as income on the accompanying statements of operations, in accordance
with the equity method of accounting.

As of December 31, 2000, 1999 and 1998, the Partnership has cash and cash
equivalents of $386,033, $398,889 and $1,728,900, respectively. Substantially
all of these amounts are on deposit primarily with high credit quality financial
institutions, earning interest. This resulted in the Partnership earning
$19,043, $19,897 and $95,546 in interest income for the years ended December 31,
2000, 1999 and 1998, respectively. The amount of interest income varies with
market rates available on deposits and with the amount of funds available for
investment. Cash equivalents can be converted to cash to meet obligations of the
Partnership as they arise. The Partnership intends to continue investing
available funds in this manner.

A recurring partnership expense is the annual management fee. The fee is payable
to the Corporate General Partner of the Partnership and is calculated at .4
percent of the Partnership's original remaining invested assets. The management
fee is paid to the Corporate General Partner for its continuing management of
partnership affairs. The fee is payable beginning with the month following the
Partnership's initial investment in a local limited partnership. Because of the
decrease in invested assets at the end of 1998 as a result of the sale of
partnership interests, management fees decreased from $254,448 for 1998 to
$41,920 and $41,920 for 2000 and 1999, respectively.

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"), which was
adopted in October 1997, provides for the restructuring of mortgage loans
insured by the FHA with respect to properties subject to the Section 8 program.
Under MAHRAA, an FHA-insured mortgage loan can be restructured into a first
mortgage loan which will be amortized on a current basis and a low interest
second mortgage loan payable to FHA which will only be payable on maturity of
the first mortgage loan. This restructuring results in a reduction in annual
debt service payable by the owner of the FHA-insured mortgage loan and is
expected to result in an insurance payment from FHA to the holder of the
FHA-insured loan due to the reduction in the principal amount. MAHRAA also
phases out project-based subsidies on selected properties serving families not
located in rental markets with limited supply, converting such subsidies to a
tenant-based subsidy.

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

As a result of the foregoing, the Partnership in 1997 commenced an extensive
review of disposition, refinancing or re-engineering alternatives for the
properties in which the limited partnerships have invested and are subject to
HUD mortgage and rental subsidy programs. The Partnership has incurred expenses
in connection with this review by various third party professionals, including
accounting, legal, valuation, structural and engineering costs, which amounted
to $50,763 and $390,255 for the years ended December 31, 1999 and 1998,
respectively, and are included in administrative expenses.


<PAGE>   9

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

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

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

Operating expenses, other than management fees, consist of legal and accounting
fees for services rendered to the Partnership and administrative expenses. Legal
and accounting fees were $97,493, $35,815 and $90,585 for the years ended
December 31, 2000, 1999 and 1998, respectively. Administrative expenses were
$46,862, $99,899 and $473,625 for the years ended December 31, 2000, 1999 and
1998, respectively. Included in administrative expenses are reimbursements to
NAPICO for certain expenses, which totaled $4,098, $6,204 and $20,978 for the
years ended December 31, 2000, 1999 and 1998, respectively. Also included in
administrative expenses for 1999 and 1998 is $50,763 and $390,255, respectively,
related to the aforementioned third-party review of the properties owned by the
local partnerships. Accounts payable at December 31, 1998 includes $63,608 of
such costs.

Revenues and expenses of the local limited partnerships decreased during the
years ended December 31, 2000 and 1999 as compared to 1998, as a result of the
sale of 20 partnership interests on December 30, 1998.

Total revenue for the local partnerships has decreased from $12,972,000 for the
year ended December 31, 1998, to $3,171,000 and $3,137,000 for the years ended
December 31, 2000 and 1999, respectively.

Total expenses for the local partnerships decreased from $12,882,333 for the
year ended December 31, 1998, to $2,766,000 and $2,656,000 for the years ended
December 31, 2000 and 1999, respectively.

The total net income for the local partnerships for 2000, 1999 and 1998
aggregated $405,000, $481,000 and $90,000, respectively. The income allocated to
the Partnership was $398,000, $473,000 and $89,000 for 2000, 1999 and 1998,
respectively.

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

<PAGE>   10

ITEM 7A.      QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.


ITEM 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA:

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


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

Not applicable.

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

                              FINANCIAL STATEMENTS,
                          FINANCIAL STATEMENT SCHEDULES
                   AND INDEPENDENT PUBLIC ACCOUNTANTS' REPORT
                                DECEMBER 31, 2000

<PAGE>   12

                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

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

We have audited the accompanying balance sheets of Real Estate Associates
Limited V (a California limited partnership) as of December 31, 2000 and 1999,
and the related statements of operations, partners' equity (deficiency) and cash
flows for each of the three years in the period ended December 31, 2000. Our
audits also included the financial statement schedules listed in the index in
item 14. These financial statements and financial statement schedules are the
responsibility of the management of the Partnership. Our responsibility is to
express an opinion on these financial statements and financial statement
schedules based on our audits. We did not audit the financial statements of
certain limited partnerships, the investments in which are reflected in the
accompanying financial statements using the equity method of accounting. The
investments in these limited partnerships represent 6 percent and 37 percent of
total assets as of December 31, 2000 and 1999, respectively, and the equity in
income of these limited partnerships represents 6 percent, 39 percent and 12
percent of the total net income of the Partnership for the years ended December
31, 2000, 1999 and 1998, respectively, and represent a substantial portion of
the investee information in Note 2 and the financial statement schedules. The
financial statements of these limited partnerships were audited by other
auditors. Their reports have been furnished to us and our opinion, insofar as it
relates to the amounts included for these limited partnerships, is based solely
on the reports of the other auditors.

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

In our opinion, based on our audits and the reports of other auditors, the
financial statements referred to above present fairly, in all material respects,
the financial position of Real Estate Associates Limited V as of December 31,
2000 and 1999, and the results of its operations and its cash flows for each of
the three years in the period ended December 31, 2000 in conformity with
accounting principles generally accepted in the United States of America. Also,
in our opinion, based on our audits and the reports of other auditors, such
financial statement schedules, when considered in relation to the basic
financial statements taken as a whole, present fairly in all material respects
the information set forth therein.



DELOITTE & TOUCHE LLP

Los Angeles, California
March 28, 2001

<PAGE>   13

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                           DECEMBER 31, 2000 AND 1999

                                     ASSETS


<TABLE>
<CAPTION>
                                                      2000              1999
                                                   -----------       -----------
<S>                                                <C>               <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)       $   611,617       $   460,348

CASH AND CASH EQUIVALENTS (Note 1)                     386,033           398,889

DUE FROM NAPICO (Note 3)                                    --            42,184
                                                   -----------       -----------

          TOTAL ASSETS                             $   997,650       $   901,421
                                                   ===========       ===========


LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
     Accounts payable (Note 2)                     $    12,064       $     7,650
                                                   -----------       -----------


COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)


PARTNERS' EQUITY (DEFICIENCY):
     General partners                                 (147,488)         (148,407)
     Limited partners                                1,133,074         1,042,178
                                                   -----------       -----------

                                                       985,586           893,771
                                                   -----------       -----------

           TOTAL LIABILITIES AND PARTNERS'
                EQUITY                             $   997,650       $   901,421
                                                   ===========       ===========
</TABLE>


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





<PAGE>   14

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS
              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998



<TABLE>
<CAPTION>
                                                       2000              1999              1998
                                                    -----------       -----------       -----------
<S>                                                 <C>               <C>               <C>
INTEREST INCOME                                     $    19,043       $    19,897       $    95,546
                                                    -----------       -----------       -----------

OPERATING EXPENSES:
    Legal and accounting                                 97,493            35,815            90,585
    Management fees - general partner (Note 3)           41,920            41,920           254,448
    Administrative  (Note 3)                             46,862            99,899           473,625
                                                    -----------       -----------       -----------

TOTAL OPERATING EXPENSES                                186,275           177,634           818,658
                                                    -----------       -----------       -----------

LOSS FROM OPERATIONS                                   (167,232)         (157,737)         (723,112)

GAIN ON SALE OF LIMITED PARTNERSHIP
      INTERESTS (Note 2)                                     --                --           849,749

DISTRIBUTIONS FROM LIMITED
      PARTNERSHIPS RECOGNIZED AS
      INCOME (Note 2)                                     6,523             6,523           294,813

EQUITY IN INCOME (LOSS) OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                                    252,524           216,870        (1,148,813)
                                                    -----------       -----------       -----------

NET INCOME (LOSS)                                   $    91,815       $    65,656       $  (727,363)
                                                    ===========       ===========       ===========


NET INCOME (LOSS) PER LIMITED PARTNERSHIP
      INTEREST (Note 1)                             $        12       $         8       $       (92)
                                                    ===========       ===========       ===========
</TABLE>


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





<PAGE>   15

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY)
              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


<TABLE>
<CAPTION>
                                    General           Limited
                                    Partners          Partners            Total
                                   -----------       -----------       -----------
<S>                                <C>               <C>               <C>

EQUITY (DEFICIENCY),
    January 1, 1998                $  (121,158)      $ 3,739,871       $ 3,618,713

    Net loss for 1998                   (7,274)         (720,089)         (727,363)
                                   -----------       -----------       -----------

EQUITY (DEFICIENCY),
    December 31, 1998                 (128,432)        3,019,782         2,891,350

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

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

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

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

EQUITY (DEFICIENCY),
    December 31, 2000              $  (147,488)      $ 1,133,074       $   985,586
                                   ===========       ===========       ===========
</TABLE>


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





<PAGE>   16

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


<TABLE>
<CAPTION>
                                                                          2000              1999              1998
                                                                       -----------       -----------       -----------
<S>                                                                    <C>               <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net (loss) income                                                $    91,815       $    65,656       $  (727,363)
      Adjustments to reconcile net income (loss) to
         net cash (used in) provided by operating activities:
            Gain on sale of limited partnership interests                       --                --          (849,749)
            Equity in (loss) income of limited partnerships
                and amortization of acquisition costs                     (252,524)         (216,870)        1,148,813
            Decrease (increase) in due from NAPICO                          42,184           (42,184)               --
            Increase (decrease) in accounts payable                          4,414          (187,491)           18,406
                                                                       -----------       -----------       -----------

               Net cash used in operating activities                      (114,111)         (380,889)         (409,893)
                                                                       -----------       -----------       -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
      Costs incurred related to sale of partnership interests                   --                --          (153,795)
      Capital contributions to limited partnerships                             --                --          (102,500)
      Distributions from limited partnerships recognized
         as a return of capital                                            101,255            50,878           216,451
      Proceeds from sale of limited partnership interests                       --         1,063,235                --
                                                                       -----------       -----------       -----------

              Net cash provided by (used in) investing activities          101,255         1,114,113           (39,844)
                                                                       -----------       -----------       -----------

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

NET DECREASE IN CASH AND
     CASH EQUIVALENTS                                                      (12,856)       (1,330,011)         (449,737)

CASH AND CASH EQUIVALENTS,
      BEGINNING OF YEAR                                                    398,889         1,728,900         2,178,637
                                                                       -----------       -----------       -----------

CASH AND CASH EQUIVALENTS,
      END OF YEAR                                                      $   386,033       $   398,889       $ 1,728,900
                                                                       ===========       ===========       ===========
</TABLE>



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




<PAGE>   17

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                          NOTES TO FINANCIAL STATEMENTS
                  YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Organization

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

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

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

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

     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'




<PAGE>   18

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

     liquidation fee may accrue but shall not be paid until the limited partners
     have received distributions equal to 100 percent of their capital
     contributions.

     On December 30, 1998, the Partnership sold its interests in 16 local
     limited partnerships for $59,691 to the Operating Partnership.

     Basis of Presentation

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

     Use of Estimates

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

     Method of Accounting for Investments in Limited Partnerships

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

     Net Income Per Limited Partnership Interest

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

     Cash and Cash Equivalents

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




<PAGE>   19

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

     Impairment of Long-Lived Assets

     The Partnership reviews long-lived assets to determine if there has been
     any permanent impairment whenever events or changes in circumstances
     indicate that the carrying amount of the asset may not be recoverable. If
     the sum of the expected future cash flows is less than the carrying amount
     of the assets, the Partnership recognizes an impairment loss. During 1998,
     the Partnership recognized an impairment loss of $1,639,535 related to
     certain of the investment in local limited partnerships, which has been
     included in equity in loss of limited partnerships.

2.   INVESTMENTS IN LIMITED PARTNERSHIPS

     The Partnership holds limited partnership interests in 3 limited
     partnerships as of December 31, 2000 and 1999, after selling its interests
     in 16 limited partnerships in 1998. The limited partnerships own
     residential low income rental projects consisting of 228 apartment units.
     The mortgage loans of these projects are payable to or insured by various
     governmental agencies.

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

     Equity in losses of limited partnerships is recognized in the financial
     statements until the limited partnership investment account is reduced to a
     zero balance. Losses incurred after the limited partnership investment
     account is reduced to zero are not recognized. Limited partners are not
     liable for losses beyond their contributed capital.

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




<PAGE>   20
                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


2.   INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

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

<TABLE>
<CAPTION>
                                                             2000            1999
                                                           ---------       ---------
         <S>                                               <C>             <C>
         Investment balance, beginning of year             $ 460,348       $ 294,356
         Equity in income of limited partnerships            265,491         229,837
         Amortization of capitalized acquisition
            costs and fees                                   (12,967)        (12,967)
         Cash distributions recognized as
           a return of capital                              (101,255)        (50,878)
                                                           ---------       ---------

         Investment balance, end of year                   $ 611,617       $ 460,348
                                                           =========       =========
</TABLE>

     The difference between the investment in the accompanying balance sheets at
     December 31, 2000 and 1999, and the deficiency per the limited
     partnerships' combined financial statements is due primarily to costs
     capitalized to the investment account, cumulative distributions recognized
     as income and recognition of impairment losses.

     Selected financial information from the combined financial statements of
     the limited partnerships at December 31, 2000 and 1999 and for each of the
     three years in the period ended December 31, 2000 is as follows:

                                 Balance Sheets


<TABLE>
<CAPTION>
                                                           2000           1999
                                                         --------       --------
                                                              (in thousands)
         <S>                                             <C>            <C>
         Land and buildings, net                         $  7,047       $  7,186
                                                         ========       ========

         Total assets                                    $ 12,471       $ 12,301
                                                         ========       ========

         Mortgages payable                               $ 10,086       $ 10,163
                                                         ========       ========

         Total liabilities                               $ 10,476       $ 10,566
                                                         ========       ========

         Equity of Real Estate Associates Limited V      $  2,464       $  2,174
                                                         ========       ========

         Deficiency of other partners                    $   (469)      $   (439)
                                                         ========       ========
</TABLE>




<PAGE>   21

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


2.       INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

                              Statements of Income

<TABLE>
<CAPTION>
                                                       2000         1999         1998
                                                      -------      -------      -------
                                                               (in thousands)
         <S>                                          <C>          <C>          <C>
         Total revenue                                $ 3,171      $ 3,137      $12,972
                                                      =======      =======      =======

         Interest expense                             $ 1,201      $ 1,210      $ 5,215
                                                      =======      =======      =======

         Depreciation                                 $   324      $   313      $ 1,933
                                                      =======      =======      =======

         Total expenses                               $ 2,766      $ 2,656      $12,882
                                                      =======      =======      =======

         Net income                                   $   405      $   481      $    90
                                                      =======      =======      =======

         Net income allocable to the Partnership      $   398      $   473      $    89
                                                      =======      =======      =======
</TABLE>

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

         An affiliate of NAPICO was the general partner in 4 of the limited
         partnerships in which the partnership interests were sold on December
         30, 1998, and another affiliate received property management fees of
         approximately 5 to 6 percent of their revenue. The affiliate received
         property management fees of $42,600 in 1998.

         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"), which was
         adopted in October 1997, 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




<PAGE>   22

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


2.       INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

         interest second mortgage loan payable to FHA which will only be payable
         on maturity of the first mortgage loan. This restructuring results in a
         reduction in annual debt service payable by the owner of the
         FHA-insured mortgage loan and is expected to result in an insurance
         payment from FHA to the holder of the FHA-insured loan due to the
         reduction in the principal amount. MAHRAA also phases out project-based
         subsidies on selected properties serving families not located in rental
         markets with limited supply, converting such subsidies to a
         tenant-based subsidy.

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

         As a result of the foregoing, the Partnership, in 1997, commenced an
         extensive review of disposition, refinancing or re-engineering
         alternatives for the properties in which the limited partnerships have
         invested and are subject to HUD mortgage and rental subsidy programs.
         The Partnership has incurred expenses in connection with this review by
         various third party professionals, including accounting, legal,
         valuation, structural and engineering costs, which amounted to $50,763
         and $390,255 for the years ended December 31, 1999 and 1998,
         respectively, and are included in administrative expenses. Accounts
         payable at December 31, 1998 includes $63,608 of such costs.

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

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

         In August 1998, a consent solicitation statement was sent to the
         limited partners setting forth the terms and conditions of the purchase
         of the limited partners' interests held for investment by the
         Partnership, together with certain amendments to the Partnership
         Agreement and other disclosures




<PAGE>   23

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


2.       INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

         of various conflicts of interest in connection with the proposed
         transaction. Prior to the sale of the partnership interests, the
         consents of the limited partners to the sale and amendments to the
         Partnership Agreement were obtained.

3.       FEES AND EXPENSES DUE GENERAL PARTNER

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

         The Partnership reimburses NAPICO for certain expenses. The
         reimbursement to NAPICO was $4,098, $6,204 and $20,976 in 2000, 1999
         and 1998, respectively, and is included in administrative expenses.

4.       CONTINGENCIES

         On August 27, 1998, two investors holding an aggregate of eight units
         of limited partnership interests in Real Estate Associates Limited III
         (an affiliated partnership in which NAPICO is the managing general
         partner) and two investors holding an aggregate of five units of
         limited partnership interest in Real Estate Associates Limited VI
         (another affiliated partnership in which NAPICO is the managing general
         partner) commenced an action in the United States District Court for
         the Central District of California against the Partnership, NAPICO and
         certain other affiliated entities. The complaint alleges that the
         defendants breached their fiduciary duty to the limited partners of
         certain NAPICO managed partnerships and made materially false and
         misleading statements in the consent solicitation statements sent to
         the limited partners of such partnerships relating to approval of the
         transfer of partnership interests in limited partnerships, owning
         certain of the properties, to the Operating Partnership organized by an
         affiliate of NAPICO. The plaintiffs seek equitable relief, as well as
         compensatory damages and litigation related costs. On August 4, 1999,
         one investor holding one unit of limited partnership interest in
         Housing Programs Limited (another affiliated partnership in which
         NAPICO is the managing general partner) commenced a virtually identical
         action in the United States District Court for the Central District of
         California against the Partnership, NAPICO and certain other affiliated
         entities. The second action has been subsumed in the first action,
         which has been certified as a class action. The managing general
         partner of such NAPICO managed partnerships and the other defendants
         believe that the plaintiffs' claims are without merit and intend to
         contest the actions vigorously.




<PAGE>   24

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                  YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


4.       CONTINGENCIES (CONTINUED)

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

5.       INCOME TAXES

         No provision has been made for income taxes in the accompanying
         financial statements since such taxes, if any, are the liability of the
         individual partners. The major differences in tax and financial
         reporting result from the use of different bases and depreciation
         methods for the properties held by the limited partnerships.
         Differences in tax and financial reporting also arise as losses are not
         recognized for financial reporting purposes when the investment balance
         has been reduced to zero or to a negative amount equal to further
         capital contributions required.

6.       FAIR VALUE OF FINANCIAL INSTRUMENTS

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

7.       FOURTH-QUARTER ADJUSTMENT

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

         The equity in income (loss) reflected in the accompanying annual
         financial statements is based primarily upon audited financial
         statements of the investee limited partnerships. The increase of
         approximately $247,000, between the estimated nine-month equity in
         income and the actual 2000 year end equity in income has been recorded
         in the fourth quarter.




<PAGE>   25

                                                                        SCHEDULE


                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                  YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

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

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


<PAGE>   26

                                                                      SCHEDULE
                                                                     (CONTINUED)


                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                  YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

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

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

<PAGE>   27

                                                                      SCHEDULE
                                                                     (CONTINUED)

                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                  YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

<TABLE>
<CAPTION>
                                                                Year Ended December 31, 1998
                             ----------------------------------------------------------------------------------------------------
                                                                   Cash             Equity
                               Balance          Capital           Distri-             In                               Balance
                               January          Contri-           butions           Income                             December
Limited Partnerships           1, 1998          butions           Received          (Loss)             Sale            31, 1998
                             -----------      -----------       -----------       -----------       -----------       -----------
<S>                          <C>              <C>               <C>               <C>               <C>               <C>
Bickerdike                   $   871,770      $                 $   (89,144)      $  (542,134)      $                 $   240,492
Canoga Park*
Castlepark*
Centennial Ft. Wayne*
Creekside Gardens*
Del Haven Manor*
Fox Run*
Grandview Place                   93,961                            (49,022)            8,925                              53,864
Hamlin Estate*
Heritage Estates*
North River Club Apts.*
Palm Springs *
Panorama City I*
Panorama City II*
Pine Lake Terrace*
Plummer Village*                                                    (15,000)           15,000                                  --
Ranger Apts.*
Richland Elderly                 651,080                             (6,523)         (644,557)                                 --
Robert Farrell Manor*                 --          102,500           (56,762)           13,953           (59,691)               --
                             -----------      -----------       -----------       -----------       -----------       -----------

                             $ 1,616,811      $   102,500       $  (216,451)      $(1,148,813)      $   (59,691)      $   294,356
                             ===========      ===========       ===========       ===========       ===========       ===========
</TABLE>



*Sold to the Operating Partnership in 1998.

<PAGE>   28

                                                                      SCHEDULE
                                                                     (CONTINUED)


                        REAL ESTATE ASSOCIATES LIMITED V
                       INVESTMENTS IN LIMITED PARTNERSHIPS
                                   YEARS ENDED
                        DECEMBER 31, 2000, 1999 AND 1998


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

            2.   Cash distributions from the limited partnerships are treated as
                 a return of the investment and reduce the investment balance
                 until such time as the investment is reduced to an amount equal
                 to additional contributions. Distributions subsequently
                 received will be recognized as income.

<PAGE>   29

                  REAL ESTATE ASSOCIATES LIMITED V SCHEDULE III
                     REAL ESTATE AND ACCUMULATED DEPRECIATON
                 OF PROPERTY HELD BY LOCAL LIMITED PARTNERSHIPS
                         IN WHICH REAL V HAS INVESTMENTS
                                DECEMBER 31, 2000


<TABLE>
<CAPTION>
                                                                              Buildings,
                                      Number      Outstanding                 Furnishings                Accumulated   Construction
                                     of Units    Mortgage Loan     Land      and Equipment    Total      Depreciation     Period
                                    -----------  -------------  -----------  -------------  -----------  ------------  ------------
<S>                                 <C>          <C>            <C>          <C>            <C>          <C>           <C>
Limited Partnerships
Bickerdike                                  140   $ 7,186,417   $   348,255   $ 8,304,312   $ 8,652,567   $ 3,843,628   1983
  Chicago, il
Grandview Place Apts                         48     1,590,822       183,000     2,124,651     2,307,651       904,076   1982-1983
   Missouls, MT
Richland Three Rivers                        40     1,308,976             0     1,416,226     1,416,226       692,259   1982-1983
  Richland, WA
Additional carrying value of real                                    29,993       303,258       333,251       222,387
 estate of investee limited
 partnerships not recorded on
 said limited partnerships
                                    -----------   -----------   -----------   -----------   -----------   -----------   ---------

TOTAL                                       228   $10,086,215   $   561,248   $12,148,447   $12,709,695   $ 5,662,350
                                    ===========   ===========   ===========   ===========   ===========   ===========   =========
</TABLE>

<PAGE>   30

                                                                    SCHEDULE III
                                                                     (CONTINUED)


                        REAL ESTATE ASSOCIATES LIMITED V
              REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY
                       HELD BY LOCAL LIMITED PARTNERSHIPS
                         IN WHICH REAL V HAS INVESTMENTS
                        DECEMBER 31, 2000, 1999 AND 1998


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

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

            3.    Investments in property and equipment:

<TABLE>
<CAPTION>
                                                      Buildings,
                                                     Furnishings,
                                                         And
                                     Land             Equipment            Total
                                  ------------       ------------       ------------
<S>                               <C>                <C>                <C>
Balance at January 1, 1998        $  4,412,142       $ 59,788,305       $ 64,200,447

Sale of Properties                  (4,151,054)       (48,274,897)       (52,425,951)

Net additions during 1998              300,160            345,624            645,784
                                  ------------       ------------       ------------

Balance at December 31, 1998           561,248         11,859,032         12,420,280

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

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

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

Balance at December 31, 2000      $    561,248       $ 12,148,447       $ 12,709,695
                                  ============       ============       ============
</TABLE>

<PAGE>   31

                                                                    SCHEDULE III
                                                                     (CONTINUED)


                        REAL ESTATE ASSOCIATES LIMITED V
              REAL ESTATE AND ACCUMULATED DEPRECIATION OF PROPERTY
                       HELD BY LOCAL LIMITED PARTNERSHIPS
                         IN WHICH REAL V HAS INVESTMENTS
                        DECEMBER 31, 2000, 1999 AND 1998


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

Balance, January 1, 1998                                           $ 29,155,783

Sales of properties                                                 (26,036,693)

Net additions, 1998                                                   1,915,007
                                                                   ------------

Balance, December 31, 1998                                            5,034,097

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

Balance, December 31, 1999                                            5,342,594

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

Balance, December 31, 2000                                         $  5,662,350
                                                                   ============
</TABLE>

<PAGE>   32

PART III.

ITEM 10.      DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT:

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

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

CHARLES H. BOXENBAUM, 71, Chairman of the Board of Directors and Chief Executive
Officer of NAPICO.

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

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

BRUCE E. NELSON, 49, President, Chief Operating Officer and a director of
NAPICO.

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

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

ALAN I. CASDEN, 55, Chairman of the Board of Directors and Chief Executive
Officer of Casden Properties Inc., a director and member of the audit committee
of NAPICO, and chairman of the Executive Committee of NAPICO.

Mr. Casden has been involved in approximately $3 billion of real estate
financings and sales and has been responsible for the development and
construction of more than 12,000 apartment units and 5,000 single-family homes
and condominiums.

Mr. Casden is a member of the American Institute of Certified Public Accountants
and of the California Society of Certified Public Accountants. Mr. Casden is a
member of the advisory board of the National Multi-Family

<PAGE>   33

Housing Conference, the Multi-Family Housing Council, the President's Council of
the California Building Industry Association and the Urban Land Institute. He
also serves on the Board of Trustees of the University of Southern California.
He holds a Bachelor of Science degree and a Masters in Business Administration
degree from the University of Southern California.

BRIAN H. SHUMAN, 38, Vice President and Chief Financial Officer.

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

PATRICIA W. TOY, 71, Senior Vice President - Communications and Assistant
Secretary.

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

JEFFREY H. SUSSMAN, 34, Senior Vice President, General Counsel and Secretary.

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

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


ITEM 11.      MANAGEMENT REMUNERATION AND TRANSACTIONS:

Real Estate Associates Limited V has no officers, employees or directors.
However, under the terms of the Restated Certificate and Agreement of Limited
Partnership, the Partnership is obligated to pay the Corporate General Partner
an annual management fee. The annual management fee is approximately equal to
 .4% of the invested assets, including the Partnership's allocable share of the
mortgages related to real estate properties held

<PAGE>   34

by local limited partnerships. The fee is earned beginning in the month the
Partnership makes its initial contribution to the limited partnership. In
addition, the Partnership reimburses the Corporate General Partner for certain
expenses.


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

(a)     Security Ownership of Certain Beneficial Owners

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

(b)     At December 31, 2000, security ownership of management is as listed:

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

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

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


ITEM 13.       CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS:

The Partnership has no officers, directors or employees of its own. All of its
affairs are managed by the Corporate General Partner, National Partnership
Investments Corp. The Partnership is obligated to NAPICO for an annual
management fee equal to .4 percent of the original remaining invested assets of
the limited partnerships. Invested assets is defined as the costs of acquiring
project interests, including the proportionate amount of the mortgage loans
related to the Partnership's interest in the capital accounts of the respective
partnerships. The management fee was $41,920 for each of the two years ended
December 31, 2000 and 1999 and $254,448 for the year ended December 31, 1998.

The Partnership reimburses NAPICO for certain expenses. The reimbursement to
NAPICO was $4,098, $6,204 and $20,978 in 2000, 1999 and 1998, respectively, and
is included in operating expenses.

An affiliate of NAPICO was the general partner in 4 of the limited partnerships
in which the partnership interests were sold on December 30, 1998, and another
affiliate received property management fees of approximately 5 to 6 percent of
their revenue. The affiliate received property management fees of $42,600 in
1999 and 1998.

<PAGE>   35

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

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

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


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

FINANCIAL STATEMENTS

Report of Independent Public Accountants.

Balance Sheets as of December 31, 2000 and 1999.

Statements of Operations for the years ended December 31, 2000, 1999 and 1998.

Statement of Partners' Equity (Deficiency) for the years ended December 31,
2000, 1999 and 1998.

Statements of Cash Flows for the years ended December 31, 2000, 1999 and 1998.

Notes to financial statements.

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

Schedule - Investments in Limited Partnerships as of December 31, 2000, 1999 and
1998.

Schedule III - Real estate and accumulated depreciation, December 31, 2000, 1999
and 1998.

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

EXHIBITS

(3)     Articles of incorporation and bylaws: The registrant is not
        incorporated. The Partnership Agreement was filed with Form S-11 #277645
        which is hereby incorporated by reference.

<PAGE>   36

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

REPORTS ON FORM 8-K

        No reports on Form 8-k were filed during the year ended December 31,
2000.

<PAGE>   37

                                   SIGNATURES


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


REAL ESTATE ASSOCIATES LIMITED V

By:        NATIONAL PARTNERSHIP INVESTMENTS CORP.
           General Partner


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



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


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


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