SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-KSB


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

                   For the fiscal year ended December 31, 2002

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

                      For the transition period _________to _________

                         Commission file number 0-12438

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

                        A California Limited Partnership

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

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

                                 (864) 239-1000
                            Issuer's telephone number

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

                                      None

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

                          Limited Partnership Interests
                                (Title of class)

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

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

State issuer's revenues for its most recent fiscal year.   $4,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2002. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None
The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  The discussions of the  Registrant's
business  and  results  of  operations,   including  forward-looking  statements
pertaining to such matters,  do not take into account the effects of any changes
to the  Registrant's  business  and results of  operations.  Actual  results may
differ  materially  from those described in the  forward-looking  statements and
will  be  affected  by  a  variety  of  risks  and  factors  including,  without
limitation:  national and local economic  conditions;  the terms of governmental
regulations that affect the Registrant and interpretations of those regulations;
the competitive  environment in which the Registrant operates;  financing risks,
including the risk that cash flows from  operations may be  insufficient to meet
required  payments of  principal  and  interest;  real estate  risks;  including
variations  of real  estate  values and the  general  economic  climate in local
markets and competition for tenants in such markets; and possible  environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

                                     PART I

ITEM 1.  Description of Business

Real Estate  Associates  Limited V ("REAL V" or the  "Partnership") is a limited
partnership which was formed under the laws of the State of California on May 7,
1982.  On July 7, 1982,  Real Estate  Associates  Limited V offered  1,950 units
consisting of 3,900 Limited Partnership Interests and Warrants to purchase 3,900
Additional Limited Partnership  Interests through a public offering,  managed by
E.F.  Hutton  Inc.  REAL V received  $9,750,000  in  subscriptions  for units of
limited  partnership  interests  (at $5,000 per unit)  during the period July 7,
1982, to October 4, 1982, pursuant to a registration  statement on Form S-11. As
of March 31, 1983,  REAL V received an additional  $9,765,000  in  subscriptions
pursuant  to the  exercise  of  warrants  and  the  sale of  additional  Limited
Partnership Interests.

The  Partnership  shall be  dissolved  only upon the  expiration  of 52 complete
calendar  years  (December  31,  2034)  from  the date of the  formation  of the
Partnership  or the  occurrence of other events as specified in the  Partnership
agreement.  The principal business of the Partnership is to invest,  directly or
indirectly,  in  other  limited  partnerships  which  own or lease  and  operate
federal, state and local government-assisted housing projects.

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

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

REAL V holds limited partnership  interests in 3 local limited partnerships (the
"Local  Limited  Partnerships")  as of  December  31,  2002,  after  selling its
interests in 16 Local  Limited  Partnerships,  in December  1998.  Each of these
Local Limited Partnerships owns a low income housing project which is subsidized
and/or has a mortgage  note  payable to or insured by agencies of the federal or
local government.

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

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

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

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

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

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

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

During 2002, 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, 2002,  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, 2002

<TABLE>
<CAPTION>

                                                           Units
                                                        Authorized
                                         Financed,      For Rental    Percentage of Total
                                          Insured       Assistance       Units Occupied
Property                     No. of    And Subsidized      Under          December 31,
Name and Location             Units        Under       Section 8(B)     2002        2001

Bickerdike
<S>                            <C>                          <C>          <C>        <C>
  Chicago, IL                  140          (A)             140          98%        96%

Grandview Place Apartments
  Missoula, MT                  48           (A)             48          99%        100%

Richland Three Rivers
  Retirement Apartments
  Richland, WA                  40           (A)             40          99%        100%

Total                          228                          228
</TABLE>

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

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

The following table details the Partnership's ownership percentages of the Local
Limited  Partnerships  and  the  cost of  acquisition  of  such  ownership.  All
interests are limited  partner  interests.  Also included is the total  mortgage
encumbrance  on each property for each of the Local Limited  Partnerships  as of
December 31, 2002.

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

Bickerdike                     99%       $1,400          $6,983
        Chicago, IL

Grandview Place Apartments     99%          333           1,540
       Missoula, MT

Richland Three Rivers          99%          280           1,284
   Retirement Apartments
       Richland, WA


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

ITEM 2.  Description of Properties

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

ITEM 3.  Legal Proceedings

Class Action

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 corporate  general partner) and two investors
holding an  aggregate  of five units of limited  partnership  interests  in Real
Estate Associates Limited VI (another affiliated  partnership in which NAPICO is
the corporate general partner) commenced an action in the United States District
Court for the Central District of California against the Partnership, NAPICO and
certain other  defendants.  The complaint  alleged that the defendants  breached
their  fiduciary  duty  to  the  limited  partners  of  certain  NAPICO  managed
partnerships  and  violated  securities  laws by  making  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 affiliates of Casden  Properties  Inc.,  organized by an affiliate of NAPICO.
The plaintiffs  sought  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  corporate  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
entities.  The second action was subsumed in the first action, and was certified
as a  class  action.  On  August  21,  2001,  plaintiffs  filed  a  supplemental
complaint,  which added new claims,  including a  rescission  of the transfer of
partnership  interests  and an  accounting.  The matter was tried in October and
November  2002. In November  2002, the jury returned  special  verdicts  against
NAPICO and certain other defendants in the amount of approximately $25.2 million
for  violations of securities  laws and against NAPICO for  approximately  $67.3
million for  breaches of  fiduciary  duty.  In  addition,  the jury  awarded the
plaintiffs  punitive damages against NAPICO of approximately  $92.5 million.  On
April  3,  2003,  the  judge  entered  certain  orders  in  connection  with the
litigation that denied defendants' motion for a new trial and set April 28, 2003
as the date for entry of judgment against NAPICO and certain other defendants in
the amount of $25.2 million for violations of securities laws and against NAPICO
for $67.3 million for breaches of fiduciary  duty,  both amounts plus  interest,
subject to plaintiffs' agreement to reducing the jury award for punitive damages
against NAPICO from $92.5 million to $2.6 million. While the case is expected to
be appealed,  the entire matter is the responsibility of the former shareholders
of  Casden  Properties  Inc.  pursuant  to  the  documents  related  to  AIMCO's
acquisition of Casden Properties Inc., which was completed in March 2002.

The Corporate General Partner of the Partnership is involved in various lawsuits
arising from transactions in the ordinary course of business.  In the opinion of
management and the Corporate General Partner,  the claims will not result in any
material liability to the Partnership.

ITEM 4.  Submission of Matters to a Vote of Security Holders

No  matters  were  submitted  to a vote  of the  limited  partners  through  the
solicitation of proxies or otherwise during the quarter ended December 31, 2002.

                                     PART II

ITEM 5.  Market for the Registrant's Partnership Interests and Related
Partnership Matters

The Limited  Partnership  Interests are not traded on a public exchange but were
sold through a public offering managed by E.F. Hutton Inc. It is not anticipated
that any public market will develop for the purchase and sale of any partnership
interest,  therefore an investor  may be unable to sell or otherwise  dispose of
his or her interest in the  partnership.  Limited  Partnership  interests may be
transferred only if certain  requirements  are satisfied.  At December 31, 2002,
there were 1,094  registered  holders  of units in REAL V. The  Partnership  has
invested in certain government  assisted projects under programs,  which in many
instances  restrict the cash return available to project owners. The Partnership
was not designed to provide  cash  distributions  to investors in  circumstances
other  than   refinancing  or   disposition   of  its   investments  in  limited
partnerships.  No  distributions  were made during the years ended  December 31,
2002 and 2001.

AIMCO and its affiliates owned 680 limited  partnership  units ("the units") (or
1,360 limited partnership  interests) in the Partnership  representing 17.49% of
the  outstanding  units as of December 31, 2002. A units consists of two limited
partnership  interests. A number of these Units were acquired pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire additional units of limited partnership  interest in the
Partnership  in  exchange  for cash or a  combination  of cash and  units in the
operating  partnership  of AIMCO  either  through  private  purchases  or tender
offers. Under the Partnership  Agreement,  unitholders holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement  and  voting to remove  the  Corporate  General  Partner.
Although the  Corporate  General  Partner owes  fiduciary  duties to the limited
partners of the Partnership,  the Corporate  General Partner also owes fiduciary
duties  to  AIMCO  as its sole  stockholder.  As a  result,  the  duties  of the
Corporate General Partner,  as corporate general partner, to the Partnership and
its limited  partners may come into  conflict  with the duties of the  Corporate
General Partner to AIMCO, as its sole stockholder.

ITEM 6.  Management's Discussion and Analysis or Plan of Operation

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

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

Capital Resources and Liquidity

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

The  Partnership's  primary sources of funds include interest income earned from
investing  available cash and distributions  from Local Limited  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.  No  distributions  were made during the years
ended December 31, 2002 and 2001.

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.

As of December 31, 2002 and 2001, the Partnership has cash and cash  equivalents
of approximately $235,000 and $380,000, respectively. Substantially all of these
amounts  are  on  deposit   primarily  with  a  high  credit  quality  financial
institution,   earning  interest.  This  resulted  in  the  Partnership  earning
approximately $4,000 and $13,000 in interest income for the years ended December
31,  2002 and 2001,  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.

Results of Operations

The  Partnership  was formed to provide  various  benefits  to its  partners  as
discussed in "Item 1.  Description of Business".  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  Limited
Partners in any material amount.

At December 31, 2002, 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  Limited  Partnerships  in December
1998. The Partnership,  as a limited partner,  is entitled to 99% of the profits
and losses of the Local  Limited  Partnerships.  The  Partnership,  as a limited
partner, does not exercise control over the activities and operations, including
refinancing   or  selling   decisions,   of  the  Local  Limited   Partnerships.
Accordingly,  the  Partnership  accounts for its investment in the Local Limited
Partnerships  using the  equity  method.  Thus the  individual  investments  are
carried at cost plus the Partnership's share of the Local Limited  Partnership's
profits less the Partnership's share of the Local Limited  Partnership's  losses
and distributions and impairment charges.  However, since the Partnership is not
legally liable for the obligations of the Local Limited Partnerships,  or is not
otherwise committed to provide additional support to them, it does not recognize
losses once its  investment  in each of the Local Limited  Partnerships  reaches
zero.  Distributions from the Local Limited  Partnerships are accounted for as a
reduction of the investment  balance until the investment  balance is reduced to
zero.  Subsequent  distributions  received  are  recognized  as  income  in  the
accompanying   statements  of  operations.   For  those  investments  where  the
Partnership   has  determined   that  the  carrying  value  of  its  investments
approximates the estimated fair value of those  investments,  the  Partnership's
policy is to recognize equity in income of the Local Limited  Partnerships  only
to the extent of distributions  received and  amortization of acquisition  costs
from those Local Limited Partnerships. At December 31, 2002, the Partnership has
a positive investment balance in only one Local Limited Partnership.

For those  investments  where the  Partnership  has determined that the carrying
value  of its  investments  approximates  the  estimated  fair  value  of  those
investments,  the  Partnership's  policy is to recognize equity in income of the
Local  Limited  Partnerships  only to the extent of  distributions  received and
amortization  of  acquisition  costs  from  those  Local  Limited  Partnerships.
Therefore,  the  Partnership  limits its  recognition of equity  earnings to the
amount it expects to ultimately  realize.  The Partnership  recognized equity in
income of Local Limited  Partnerships,  substantially all from the Local Limited
Partnership with a positive investment  balance,  of approximately  $102,000 and
$173,000  for the years  ended  December  31, 2002 and 2001,  respectively.  The
Partnership recognized amortization of acquisition costs of approximately $5,000
for each of the years ended December 31, 2002 and 2001.

Distributions  from the Local Limited  Partnerships in which the Partnership did
not have a positive investment balance were approximately  $8,000 and $7,000 for
the years ended  December 31, 2002 and 2001,  respectively.  These  amounts were
recognized as income on the accompanying statements of operations, in accordance
with the equity method of accounting.

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

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

Operating expenses,  other than management fees, consist of legal and accounting
fees for services rendered to the Partnership and administrative expenses. Legal
and accounting fees were  approximately  $52,000 and $86,000 for the years ended
December 31, 2002 and 2001,  respectively.  The decrease in legal and accounting
fees is due primarily to a decrease in the cost of tax related  services for the
two years.

Administrative  expenses  were  approximately  $17,000 and $48,000 for the years
ended December 31, 2002 and 2001,  respectively.  The decrease in administrative
expenses  is  attributable  to a  decrease  in the  costs  associated  with  the
preparation  and filing of the  Partnership's  quarterly  and  annual  financial
statements. Included in administrative expenses are reimbursements to NAPICO for
certain expenses, which totaled approximately $5,000 for each of the years ended
December 31, 2002 and 2001.

A recurring partnership expense is the annual management fee. The fee is payable
to the Corporate  General  Partner of the  Partnership  and is calculated at 0.4
percent of the Partnership's  original remaining invested assets. The management
fee is paid to the Corporate  General  Partner for its continuing  management of
Partnership  affairs.  The fee is payable beginning with the month following the
Partnership's initial investment in a Local Limited Partnership. Management fees
were  approximately  $42,000 for both of the years ended  December  31, 2002 and
2001.

Total revenues for the Local Limited Partnerships were approximately  $3,007,000
and $3,096,000 for the years ended December 31, 2002 and 2001, respectively.

Total expenses for the Local Limited Partnerships were approximately  $2,769,000
and $2,747,000 for the years ended December 31, 2002 and 2001, respectively.

Total net income for the Local  Limited  Partnerships  for 2002 and 2001 totaled
approximately $238,000 and $349,000,  respectively.  The income allocated to the
Partnership  was  approximately   $235,000  and  $343,000  for  2002  and  2001,
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  management  and
ownership of improved real estate. The Partnership  investments are also subject
to adverse general  economic  conditions,  and,  accordingly,  the status of the
national  legislation  which  could  increase  vacancy  levels,  rental  payment
defaults, and operating expenses, which in turn could substantially increase the
risk of operating losses for the projects.

Other

AIMCO and its affiliates owned 680 limited  partnership  units ("the units") (or
1,360 limited partnership  interests) in the Partnership  representing 17.49% of
the  outstanding  units as of December 31, 2002. A units consists of two limited
partnership  interests. A number of these Units were acquired pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire additional units of limited partnership  interest in the
Partnership  in  exchange  for cash or a  combination  of cash and  units in the
operating  partnership  of AIMCO  either  through  private  purchases  or tender
offers. Under the Partnership  Agreement,  unitholders holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement  and  voting to remove  the  Corporate  General  Partner.
Although Corporate General Partner owes fiduciary duties to the limited partners
of the Partnership,  the Corporate General Partner also owes fiduciary duties to
AIMCO as its sole stockholder.  As a result, the duties of the Corporate General
Partner,  as  corporate  general  partner,  to the  Partnership  and its limited
partners may come into conflict with the duties of the Corporate General Partner
to AIMCO, as its sole stockholder.

Recent Accounting Pronouncements

In January 2003, the Financial  Accounting  Standards Board ("FASB") issued FASB
Interpretation  No. 46 ("FIN46"),  "Consolidation of Variable Interest Entities,
and  Interpretation  of ARB No. 51." FIN46 requires  certain  variable  interest
entities  to be  consolidated  by the primary  beneficiary  of the entity if the
equity investors in the entity do not have the  characteristics of a controlling
financial  interest  or do no have  sufficient  equity at risk for the entity to
finance its activities  without additional  subordinated  financial support from
other parties. FIN46 is effective for all new variable interest entities created
or acquired after January 31, 2003. For variable  interest  entities  created or
acquired  prior to February 1, 2003, the provisions of FIN46 must be applied for
the  first  interim  or  annual  period  beginning  after  June  15,  2003.  The
Partnership  is currently  evaluating  the effect,  if any, that the adoption of
FIN46 will have on its results of operations and financial condition.

Critical Accounting Policies and Estimates

A summary of the Partnership's  significant  accounting  policies is included in
"Note 2 - Organization and Summary of Significant  Accounting Policies" which is
included in the financial  statements  in "Item 7.  Financial  Statements".  The
Corporate  General  Partner  believes that the  consistent  application of these
policies enables the Partnership to provide readers of the financial  statements
with useful and reliable  information about the Partnership's  operating results
and financial  condition.  The preparation of financial statements in conformity
with accounting  principles generally accepted in the United States requires the
Partnership to make estimates and  assumptions.  These estimates and assumptions
affect  the  reported  amounts  of  assets  and  liabilities  at the date of the
financial statements as well as reported amounts of revenues and expenses during
the  reporting  period.  Actual  results  could  differ  from  these  estimates.
Judgments  and  assessments  of  uncertainties  are  required  in  applying  the
Partnership's  accounting  policies in many areas.  The  following may involve a
higher degree of judgment and complexity.

Method of Accounting for Investments in Limited Partnerships

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

The individual  investments are carried at cost plus the Partnership's  share of
the Local  Limited  Partnership's  profits less the  Partnership's  share of the
Local Limited  Partnership's  losses,  distributions and impairment charges. See
"Note 2 -  Organization  and Summary of Significant  Accounting  Policies" for a
description of the impairment  policy. The Partnership is not legally liable for
the obligations of the Local Limited Partnerships and is not otherwise committed
to provide additional support to them.  Therefore,  it does not recognize losses
once its  investment  in each of the Local  Limited  Partnerships  reaches zero.
Distributions  from  the  Local  Limited  Partnerships  are  accounted  for as a
reduction of the investment  balance until the investment  balance is reduced to
zero.  When  the  investment  balance  has  been  reduced  to  zero,  subsequent
distributions  received are recognized as income in the accompanying  statements
of operations.

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

ITEM 7.   Financial Statements

                          LIST OF FINANCIAL STATEMENTS

      Report of Ernst & Young, LLP, Independent Auditors

      Report of Deloitte & Touche, LLP, Independent Auditors

      Balance Sheet - December 31, 2002

      Statements of Operations - Years ended December 31, 2002 and 2001

      Statements of Changes in Partners' (Deficit) Capital - Years ended
        December 31, 2002 and 2001

      Statements of Cash Flows - Years ended December 31, 2002 and 2001

      Notes to Financial Statements


                     Report of Ernst & Young LLP, Independent Auditors



The Partners
Real Estate Associates Limited V


We have audited the accompanying balance sheet of Real Estate Associates Limited
V as of December 31, 2002, and the related  statements of operations,  partners'
(deficit)  capital  and cash  flows for the year  then  ended.  These  financial
statements  are  the  responsibility  of  the  Partnership's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our  audit.  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 a  substantial  portion of the  investee
information  in Note 2 and Note 5. The  financial  statements  of these  limited
partnerships were audited by other auditors whose 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 audit in accordance with auditing standards  generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit and the reports of the other  auditors
provide a reasonable basis for our opinion.

In our opinion,  based on our audit and the reports of the other  auditors,  the
financial statements referred to above present fairly, in all material respects,
the financial position of Real Estate Associates Limited V at December 31, 2002,
and the results of its  operations and its cash flows for the year then ended in
conformity with accounting principles generally accepted in the United States.


                                                            /s/Ernst & Young LLP

Greenville, South Carolina
April 10, 2003

                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS


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


We have audited the accompanying  statements of operations,  partners' (deficit)
capital and cash flows of Real Estate Associates Limited V (a California limited
partnership)  for the year ended December 31, 2001.  These financial  statements
are the responsibility of the management of the Partnership.  Our responsibility
is to express an opinion on these  financial  statements  based on our audit. 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.  These limited  partnerships  represent a
substantial  portion  of the  investee  information  in Note 2 to the  financial
statements.  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 audit 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 audit and the reports of other
auditors provide a reasonable basis for our opinion.

In our  opinion,  based on our  audit and the  reports  of other  auditors,  the
financial statements referred to above present fairly, in all material respects,
the results of operations and cash flows of Real Estate Associates Limited V for
the year ended  December  31,  2001 in  conformity  with  accounting  principles
generally accepted in the United States of America.



DELOITTE & TOUCHE LLP

Los Angeles, California
March 22, 2002



                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                                  BALANCE SHEET

                                December 31, 2002
                                 (in thousands)

<TABLE>
<CAPTION>

                                  Assets

<S>                                                             <C>              <C>
Investments in and advances to Local Limited Partnerships (Note 2)               $  759
Cash and Cash Equivalents (Note 1)                                                  235
Due from affiliates (Note 3)                                                          2

       Total Assets                                                              $  996

            Liabilities and Partners' (Deficit) Capital

Liabilities                                                                      $   --

Contingencies (Note 6)
Partners'(Deficit) Capital:
  General partners                                                    $ (147)
  Limited partners                                                     1,143        996

       Total liabilities and partners (deficit) capital                          $  996

                 See Accompanying Notes to Financial Statements
</TABLE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

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

<TABLE>
<CAPTION>

                                                            Years Ended December 31,
Revenues:                                                     2002            2001
<S>                                                       <C>            <C>
  Interest and other income                               $       4      $       13

Operating Expenses:
  Legal and accounting                                           52              86
  Management fees - general partner (Note 3)                     42              42
  Administrative (Note 3)                                        17              48
      Total operating expenses                                  111             176

Loss from partnership operations                               (107)           (163)

Distributions in excess of investment in Local
  Limited Partnerships (Note 2)                                   8               7

Equity in income of Local Limited Partnerships and
  amortization of acquisition costs (Note 2)                     97             168
Net (loss) income                                        $       (2)     $       12

Net (loss) income allocated to general partners (1%)     $       --      $       --
Net (loss) income allocated to limited partners (99%)            (2)             12
                                                         $       (2)     $       12
Net (loss) income per limited partnership interest
  (Note 1)                                               $       --      $        2

                       See Accompanying Notes to Financial Statements
</TABLE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                    STATEMENTS OF PARTNERS' (DEFICIT) CAPITAL
                                 (in thousands)


<TABLE>
<CAPTION>


                                                       General        Limited
                                                       Partners       Partners       Total
<S>                         <C>                                        <C>
Partnership interests (Note 1)                                         7,777

Partners' (Deficit) Capital at December 31, 2000       ($147)        $1,133          $986

Net income for the year ended December 31, 2001           --             12            12

Partners' (Deficit) Capital at December 31, 2001       ($147)        $1,145          $998

Net loss for the year ended December 31, 2002             --             (2)           (2)

Partners' (Deficit) Capital at December 31, 2002       ($147)        $1,143          $996

                       See Accompanying Notes to Financial Statements
</TABLE>


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                            STATEMENTS OF CASH FLOWS
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                        Years ended December 31,
                                                                           2002          2001
Cash flows from operating activities:
<S>                                                                    <C>           <C>
  Net (loss) income                                                    $   (2)       $   12
  Adjustments to reconcile net (loss) income to net cash used
    in operating activities:
      Equity in income of local limited partnerships and
        amortization of acquisition costs                                 (97)         (168)
      (Decrease) increase in accounts payable and accrued expenses        (46)           32
         Net cash used in operating activities                           (145)         (124)


Cash flows from investing activities:
  Distributions from local limited partnerships recognized as a
    return of capital                                                      --           118
         Net cash provided by investing activities                         --           118

Net decrease in cash and cash equivalents                                (145)           (6)

Cash and cash equivalents, beginning of year                              380           386

Cash and cash equivalents, end of year                                 $  235        $  380

                       See Accompanying Notes to Financial Statements
</TABLE>


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                          NOTES TO FINANCIAL STATEMENTS
                                DECEMBER 31, 2002


NOTE 1 - Organization and Summary of Significant Accounting Policies

Organization

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

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

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

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

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

Basis of Presentation

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

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States  requires  management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

Method of Accounting for Investments in Limited Partnerships

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

Net Income (Loss) Per Limited Partnership Interest

Net income per limited  partner  interest  was  computed by dividing the limited
partners'  share of net  income  (loss)  by the  number of  limited  partnership
interests  outstanding at the end of the year. The number of limited partnership
interests was 7,777 and 7,808 for each of the years ended  December 31, 2002 and
2001, respectively.

Cash and Cash Equivalents

Cash and cash equivalents include cash and money market mutual funds. At certain
times,  the amount of cash  deposited  at a bank may exceed the limit on insured
deposits.  Cash  balances of  approximately  $235,000  at December  31, 2002 are
maintained by an affiliated  management company on behalf of affiliated entities
in a cash concentration account.

Impairment of Long-Lived Assets

The  Partnership  reviews its  investment in  long-lived  assets to determine if
there  has  been  any  permanent   impairment  whenever  events  or  changes  in
circumstances  indicate  that  the  carrying  amount  of the  asset  may  not be
recoverable.  If the sum of the  expected  future  cash  flows is less  than the
carrying amount of the assets, the Partnership recognizes an impairment loss. No
impairment  losses were recognized  during the years ended December 31, 2002 and
2001.

Segment Reporting

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

Fair Value of Financial Instruments

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

Recent Accounting Pronouncements

In January 2003,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Interpretation  No.  46  ("FIN46"),   "Consolidation  of  Variable  Interest  in
Entities,  an  Interpretation  of ARB No. 51." FIN46 requires  certain  variable
interest entities to be consolidated by the primary beneficiary of the entity if
the  equity  investors  in the  entity  do not  have  the  characteristics  of a
controlling  financial interest or do not have sufficient equity at risk for the
entity to finance  its  activities  without  additional  subordinated  financial
support from other  parties.  FIN46 is effective  for all new variable  interest
entities  created or acquired  after  January 31, 2003.  For  variable  interest
entities  created or acquired prior to February 1, 2003, the provisions of FIN46
must be applied for the first interim or annual period  beginning after June 15,
2003.  The  Partnership  is currently  evaluating  the effect,  if any, that the
adoption  of  FIN46  will  have  on its  results  of  operations  and  financial
condition.

In August 2001, the Financial  Accounting  Standards  Board issued SFAS No. 144,
"Accounting for the Impairment or Disposal of Long-Lived  Assets".  SFAS No. 144
provides  accounting  guidance for  financial  accounting  and reporting for the
impairment or disposal of long-lived  assets.  SFAS No. 144 supersedes  SFAS No.
121,  "Accounting  for the  Impairment of Long-Lived  Assets and for  Long-Lived
Assets to be Disposed Of". SFAS No. 144 is effective for fiscal years  beginning
after December 15, 2001. Effective January 1, 2002, the Partnership adopted SFAS
144. The adoption did not have an effect on the financial position or results of
operations of the Partnership.

NOTE 2 - Investments in Limited Partnerships

As of December 31, 2002, the Partnership holds limited partnership  interests in
three limited  partnerships  ("Local Limited  Partnerships").  The Local Limited
Partnerships  owned,  as of December 31,  2002,  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,  does not  exercise  control  over the
activities and operations,  including  refinancing or selling decisions,  of the
Local  Limited  Partnerships.  Accordingly,  the  Partnership  accounts  for its
investments  in the Local  Limited  Partnerships  using the equity  method.  The
Partnership  is allocated  profits and losses of the Local Limited  Partnerships
based upon its respective ownership percentage of 99%.  Distributions of surplus
cash  from  operations  from two of the three  Local  Limited  Partnerships  are
restricted by the Local Limited  Partnerships'  Regulatory  Agreements  with the
United  States  Department  of  Housing  and Urban  Development  ("HUD").  These
restrictions  limit the distribution to 6% of the initial invested capital.  The
excess surplus cash is deposited into a residual receipts reserve,  of which the
ultimate  realization by the Partnership is uncertain as HUD frequently  retains
it upon sale or  dissolution  of the Local  Limited  Partnership.  For the third
Local Limited Partnership distributions of surplus cash are not restricted.  The
Partnership  is  allocated  profits and losses and receives  distributions  from
refinancings  and  sales in  accordance  with the  Local  Limited  Partnerships'
partnership  agreements.   These  agreements  usually  limit  the  Partnership's
distributions to an amount  substantially less than its ownership  percentage in
the Local Limited Partnership.

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

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

As of  December  31,  2002,  the  investment  balance in two of the three  Local
Limited Partnerships had been reduced to zero.

The  difference  between the  investment  in the  accompanying  balance sheet at
December 31, 2002,  and the deficiency  per the limited  partnerships'  combined
financial  statements  is due  primarily to  cumulative  unrecognized  equity in
losses of certain  limited  partnerships,  costs  capitalized  to the investment
account,  cumulative  distributions  recognized  as income  and  recognition  of
impairment losses.

The following is a summary of the investments in Local Limited  Partnerships for
the year ended December 31, 2002 (in thousands):

                  Balance, beginning of period                    $662
                  Amortization of acquisition costs                 (5)
                  Equity in income of Local Limited
                  Partnerships                                     102
                  Balance, end of period                          $759

Summaries of the condensed  combined balance sheet of the  aforementioned  Local
Limited  Partnerships  as of December  31,  2002,  and the  combined  results of
operations  for each of the two years in the period ended  December 31, 2002 are
as follows:

                        CONDENSED COMBINED BALANCE SHEET
                        OF THE LOCAL LIMITED PARTNERSHIPS
                                 (in thousands)

                                                      December 31, 2002
Assets:
     Land                                                   $ 554
     Buildings and improvements, net of accumulated
      depreciation of approximately $6,087                   5,984
     Other assets                                            5,909

Total Assets                                               $12,447

Liabilities and Partner's (Deficit) Capital:
    Liabilities:
     Mortgages notes payable                               $ 9,807
     Other liabilities                                         459
                                                            10,266
Partner's (Deficit) Capital:
    General Partners                                          (525)
    Limited Partners                                         2,706
                                                             2,181
Total Liabilities and Partners' (Deficit) Capital          $12,447


             CONDENSED COMBINED RESULTS OF OPERATIONS
                 OF THE LOCAL LIMITED PARTNERSHIPS
                          (in thousands)
                                                       Years Ended December 31,
                                                          2002          2001
Revenues:
  Rental income                                          $2,904        $2,888
  Other income                                              103           208
          Total Revenues                                  3,007         3,096

Expenses:
  Operating expenses                                      1,208         1,186
  Financial expenses                                      1,229         1,237
  Depreciation                                              332           324
          Total Expenses                                  2,769         2,747
Net income                                               $ 238         $ 349

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

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

NOTE 3 - Transactions with Affiliated Parties

Under the terms of the Restated  Certificate and Agreement of Limited  Partners,
the Partnership is obligated to NAPICO for an annual management fee equal to 0.4
percent of the original  invested assets of the limited  partnerships.  Invested
assets are defined as the costs of acquiring  project  interests,  including the
proportionate  amount  of  the  mortgage  loans  related  to  the  Partnership's
interests in the capital  accounts of the respective  partnerships.  The fee was
approximately $42,000 for both of the years ended December 31, 2002 and 2001.

The Partnership  reimburses NAPICO for certain expenses.  The reimbursement paid
to NAPICO was approximately $5,000 for each of the years ended December 31, 2002
and 2001, respectively, and is included in administrative expenses.

AIMCO and its affiliates owned 680 limited  partnership  units ("the Units") (or
1,360 limited partnership  interests) in the Partnership  representing 17.49% of
the  outstanding  units as of December 31, 2002. A units consists of two limited
partnership  interests. A number of these Units were acquired pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire additional units of limited partnership  interest in the
Partnership  in  exchange  for cash or a  combination  of cash and  units in the
operating  partnership  of AIMCO  either  through  private  purchases  or tender
offers. Under the Partnership  Agreement,  unitholders holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement  and  voting to remove  the  Corporate  General  Partner.
Although the  Corporate  General  Partner owes  fiduciary  duties to the limited
partners of the Partnership,  the Corporate  General Partner also owes fiduciary
duties  to  AIMCO  as its sole  stockholder.  As a  result,  the  duties  of the
Corporate General Partner,  as corporate general partner, to the Partnership and
its limited  partners may come into  conflict  with the duties of the  Corporate
General Partner to AIMCO, as its sole stockholder.

NOTE 4 - Income taxes

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

A reconciliation follows:

                                                  Years Ended December 31,
                                                     2002            2001
                                                       (in thousands)

Net (loss) income per financial statements         $   (2)          $   12
  Other                                               118               --
  Partnership's share of limited local
   Partnership                                        209              423
Income per tax return                              $  325           $  435

Income per limited partnership interest            $41.21           $55.15

The following is a reconciliation between the Partnership's reported amounts and
the federal tax basis of net assets at December 31, 2002 (in thousands):

Net assets as reported                                   $   996
Add (deduct):
 Investment in Partnerships                               (3,636)
 Offering costs                                            2,289
 Other                                                       105
Net deficit - federal tax basis                          $  (246)

NOTE 5 - Real Estate and Accumulated  Depreciation of Local Limited Partnerships
     in which Real Estate Associates Limited V has Invested


                              Gross Amount At Which
                                     Carried
                              At December 31, 2002
                                 (in thousands)
<TABLE>
<CAPTION>

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

<S>                   <C>         <C>    <C>       <C>        <C>           <C>         <C>
Bickerdike            $ 6,983     $ 348  $ 8,402   $ 8,750    $(4,295)      1983        5-30

Grandview Place         1,540        206   2,145     2,351     (1,031)    1982-1983     5-30
Apartments

Richland     Three
Rivers
  Retirement           1,284         --    1,524     1,524      (761)     1982-1983     5-30
Apartments

  Totals              $9,807      $ 554  $12,071   $12,625    $(6,087)
</TABLE>

Reconciliation of real estate (in thousands)

                                                 Years Ended December 31,
                                                   2002           2001

Balance at beginning of year                      $12,840       $12,710
Net(Disposals)improvements during the year           (215)          130
Balance at end of year                           $12,625        $12,840

Reconciliation of accumulated depreciation (in thousands)

                                                   2002           2001

Balance at beginning of year                      $ 5,982       $ 5,663
Depreciation expense for the year                     332           324
Disposals for the year                               (227)           (5)
Balance at end of year                            $ 6,087       $ 5,982

NOTE 6 - Contingencies

Class Action

On August 27, 1998, two investors holding an aggregate of eight units of limited
partnership  interests  in Real Estate  Associates  Limited  III (an  affiliated
partnership in which NAPICO is the corporate  general partner) and two investors
holding an  aggregate  of five units of limited  partnership  interests  in Real
Estate Associates Limited VI (another affiliated  partnership in which NAPICO is
the corporate general partner) commenced an action in the United States District
Court for the Central District of California against the Partnership, NAPICO and
certain other  defendants.  The complaint  alleged that the defendants  breached
their  fiduciary  duty  to  the  limited  partners  of  certain  NAPICO  managed
partnerships  and  violated  securities  laws by  making  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 affiliates of Casden  Properties  Inc.,  organized by an affiliate of NAPICO.
The plaintiffs  sought  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  corporate  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
entities.  The second action was subsumed in the first action, and was certified
as a  class  action.  On  August  21,  2001,  plaintiffs  filed  a  supplemental
complaint,  which added new claims,  including a  rescission  of the transfer of
partnership  interests  and an  accounting.  The matter was tried in October and
November  2002. In November  2002, the jury returned  special  verdicts  against
NAPICO and certain other defendants in the amount of approximately $25.2 million
for  violations of securities  laws and against NAPICO for  approximately  $67.3
million for  breaches of  fiduciary  duty.  In  addition,  the jury  awarded the
plaintiffs  punitive damages against NAPICO of approximately  $92.5 million.  On
April  3,  2003,  the  judge  entered  certain  orders  in  connection  with the
litigation that denied defendants' motion for a new trial and set April 28, 2003
as the date for entry of judgment against NAPICO and certain other defendants in
the amount of $25.2 million for violations of securities laws and against NAPICO
for $67.3 million for breaches of fiduciary  duty,  both amounts plus  interest,
subject to plaintiffs' agreement to reducing the jury award for punitive damages
against NAPICO from $92.5 million to $2.6 million. While the case is expected to
be appealed,  the entire matter is the responsibility of the former shareholders
of  Casden  Properties  Inc.  pursuant  to  the  documents  related  to  AIMCO's
acquisition of Casden Properties Inc., which was completed in March 2002.

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.

Note 7 - Abandonment of Limited Partnership Units

During 2002, the number of limited  partnership  units decreased by 31 units due
to limited  partners  abandoning  their units.  In abandoning his or her Limited
Partnership  Unit(s),  a limited  partner  relinquishes  all right,  title,  and
interest in the partnership as of the date of abandonment.  However, the limited
partner is allocated  his or her share of net income or loss for that year.  The
income or loss per limited  partnership unit in the  accompanying  statements of
operations is calculated based on the number of units  outstanding at the end of
the year. There were no units abandoned during 2001.


ITEM 8.  Changes  in  and  Disagreements  with  Accountants  on  Accounting  and
     Financial Disclosure

Effective  August 29,  2002,  the  Registrant  dismissed  its prior  Independent
Auditors,  Deloitte & Touche LLP and retained as its new  Independent  Auditors,
Ernst & Young LLP. Deloitte & Touche LLP's  Independent  Auditors' Report on the
Registrants'  financial statements for the calendar year ended December 31, 2001
did not  contain an adverse  opinion or a  disclaimer  of  opinion,  and was not
qualified or modified as to uncertainty,  audit scope or accounting  principles.
The decision to change  Independent  Auditors  was approved by the  Registrant's
directors.  During the  calendar  year ended 2001 and through  August 29,  2002,
there were no disagreements  between the Registrant and Deloitte & Touche LLP on
any  matter  of  accounting   principles  or  practices,   financial   statement
disclosure,  or auditing scope or procedure which  disagreements if not resolved
to the  satisfaction  of  Deloitte & Touche  LLP,  would have  caused it to make
reference to the subject  matter of the  disagreements  in  connection  with its
reports.

Effective  August 29,  2002,  the  Registrant  engaged  Ernst & Young LLP as its
Independent Auditors.  During the last two calendar years and through August 29,
2002,  the  Registrant  did not consult  Ernst & Young LLP  regarding any of the
matters or events set forth in Item 304 (a) (2) (i) and (ii) of Regulation S-B.


                                    PART III

ITEM 9.     Directors and Executive Officers of the Registrant

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

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


Peter K. Kompaniez              58    Director
David R. Robertson              37    President, Chief Executive Officer
                                        and Director
Michael J. Hornbrook            48    Executive Vice President and Chief
                                       Operating Officer
Jeffrey H. Sussman              37    Senior Vice President, General
                                       Counsel and Secretary
Brian H. Shuman                 40    Senior Vice President and Chief
                                       Financial Officer

Peter K.  Kompaniez  has been a Director  of NAPICO  since  April 1,  2000.  Mr.
Kompaniez  has been  Vice  Chairman  of the  Board  of  Directors  of  Apartment
Investment and Management  Company  ("AIMCO")  since July 1994 and was appointed
President of AIMCO in July 1997.

David R. Robertson has been President, Chief Executive Officer and a Director of
NAPICO since October 2002.  Mr.  Robertson is also  Executive  Vice President of
AIMCO  and  is  responsible  for  property  operations,   asset  management  and
transaction   activities   within  AIMCO   Capital's   portfolio  of  affordable
properties. Prior to joining AIMCO, Mr. Robertson was a member of the investment
banking group at Smith Barney from 1991 to 1996,  where he was  responsible  for
real estate investment  banking  transactions in the western United States,  and
was part of the Smith Barney team that managed  AIMCO's  initial public offering
in 1994.  From February 1996 until  February  2002,  when Mr.  Robertson  joined
AIMCO, he was the Chairman and Chief Executive Officer of Robeks Corporation,  a
privately held chain of specialty food stores.

Michael J.  Hornbrook has been  Executive Vice President of NAPICO since January
2002 and became Chief Operating  Officer of NAPICO in April 2002. Mr.  Hornbrook
is also  Senior  Vice  President  of AIMCO  and is  responsible  for tax  credit
placement activities and transactions involving properties in AIMCO's affordable
housing portfolio  located in the western United States.  Prior to January 2002,
Mr.  Hornbrook  was a partner in the law firm of McGuire Woods LLP in the firm's
Chicago office and  specialized in the area of real estate law with a particular
focus on affordable  housing and tax credits.  Mr. Hornbrook was the Chairman of
the firm's Affordable Housing Group.

Jeffrey H.  Sussman is Senior Vice  President,  General  Counsel and  Secretary,
having joined NAPICO in 1998. Mr.  Sussman is responsible  for the legal affairs
of NAPICO and its affiliates. 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.

Brian H. Shuman is Senior Vice  President and Chief  Financial  Officer,  having
joined NAPICO in 2000.  Mr. Shuman 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,  Mr.  Shuman  was  the
Controller  for DVI Business  Credit  Corporation,  which  provides  asset based
lending to a wide range of health concerns.

The executive  officers and directors of the Corporate  General  Partner fulfill
the obligations of the Audit Committee and oversee the  Partnership's  financial
reporting process on behalf of the Corporate General Partner. Management has the
primary  responsibility  for the financial  statements and the reporting process
including  the  systems  of  internal  controls.  In  fulfilling  its  oversight
responsibilities,  the executive officers and directors of the Corporate General
Partner reviewed the audited  financial  statements with management  including a
discussion  of the  quality,  not  just  the  acceptability,  of the  accounting
principles,  the  reasonableness  of significant  judgments,  and the clarity of
disclosures in the financial statements.

The executive  officers and directors of the Corporate  General Partner reviewed
with the independent auditors,  who are responsible for expressing an opinion on
the conformity of those audited  financial  statements  with generally  accepted
accounting  principles,  their  judgments  as  to  the  quality,  not  just  the
acceptability,  of the Partnership's accounting principles generally accepted in
the United  States and such other  matters as are required to be discussed  with
the  Audit  Committee  or its  equivalent  under  auditing  standards  generally
accepted in the United States.  In addition,  the Partnership has discussed with
the  independent  auditors the auditors'  independence  from  management and the
Partnership  including  the matters in the written  disclosures  required by the
Independence  Standards  Board and  considered  the  compatibility  of non-audit
services with the auditors' independence.

The executive  officers and directors of the Corporate General Partner discussed
with the  Partnership's  independent  auditors  the overall  scope and plans for
their audit. In reliance on the reviews and discussions  referred to above,  the
executive  officers and directors of the Corporate General Partner have approved
the  inclusion of the audited  financial  statements  in the Form 10-KSB for the
year  ended  December  31,  2002 for filing  with the  Securities  and  Exchange
Commission.

The Corporate  General Partner has reappointed  Ernst & Young LLP as independent
auditors to audit the financial statements of the Partnership for 2003. Fees for
2002 were annual audit services of $31,000 and non-audit  services  (principally
tax-related) of $16,000.

ITEM 10.    Executive Compensation

None of the directors and officers of the Corporate General Partner received any
remuneration from the Partnership during the year ended December 31, 2002.

ITEM 11.    Security Ownership of Certain Beneficial Owners and Management

(a)   Security Ownership of Certain Beneficial Owners

The General Partners own all of the outstanding general partnership interests of
REAL V. Except as noted below,  no person or entity was known by the  Registrant
to own of  record  or  beneficially  more  than  5% of the  Limited  Partnership
Interests of the Registrant as of December 31, 2002.


Entity                                Number of Units      Percentage

AIMCO Properties, LP
  (an affiliate of AIMCO)               680.0              17.49%

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

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

ITEM 12.    Certain Relationships and Related Transactions

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. (NAPICO). The Partnership is obligated to NAPICO for an annual
management fee equal to 0.4 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 approximately $42,000 for both of the years
ended December 31, 2002 and 2001.

The Partnership  reimburses  NAPICO for certain  expenses.  The reimbursement to
NAPICO was  approximately  $5,000 for each of the years ended  December 31, 2002
and 2001, respectively, and is included in administrative expenses.

AIMCO and its affiliates  owned 680 limited  partnership  units (the "Units") or
1,360 limited  partnership  interests in the Partnership  representing 17.49% of
the  outstanding  units as of December 31, 2002. A unit  consists of two limited
partnership  interests. A number of these Units were acquired pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire additional units of limited partnership  interest in the
Partnership  in  exchange  for cash or a  combination  of cash and  units in the
operating  partnership  of AIMCO  either  through  private  purchases  or tender
offers. Under the Partnership  Agreement,  unitholders holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement  and  voting to remove  the  Corporate  General  Partner.
Although the  Corporate  General  Partner owes  fiduciary  duties to the limited
partners of the Partnership,  the Corporate  General Partner also owes fiduciary
duties  to  AIMCO  as its sole  stockholder.  As a  result,  the  duties  of the
Corporate General Partner,  as corporate general partner, to the Partnership and
its limited  partners may come into  conflict  with the duties of the  Corporate
General Partner to AIMCO, as its sole stockholder.

ITEM 13.    EXHIBITS AND REPORTS ON FORM 10-K:

(a) Exhibits:

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

     10     Material  contracts:  The  registrant  is not party to any  material
            contracts,  other than the  Restated  Certificate  and  Agreement of
            Limited  Partnership  dated May 7, 1982, and the nineteen  contracts
            representing   the   Partnership's   Investment   in  Local  Limited
            Partnerships  as  previously   filed  at  the  Securities   Exchange
            Commission, File #277645 which is hereby incorporated by reference.

    16      Letter dated August 29, 2002 from Deloitte and Touche,  LLP filed as
            an  exhibit  to the  Registrant's  Current  Report on Form 8-K dated
            August 29, 2002 and incorporated herein by reference.

    99.0    Certification of Chief Executive Officer and Chief Financial
            Officer.

    99.1    Independent Auditors Report for Grandview Place Apartments

    99.2    Independent Auditors Report for Richland Three Rivers Retirement
             Apartments

(b) Reports on Form 8-K:

            No reports on Form 8-K were filed for the quarter ended December 31,
              2002

Item 14.    CONTROLS AND PROCEDURES

The principal executive officer and principal financial officer of the Corporate
General Partner, who are the equivalent of the Partnership's principal executive
officer and principal financial officer,  respectively,  have, within 90 days of
the filing  date of this  annual  report,  evaluated  the  effectiveness  of the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules 13a-14(c) and 15d-14(c)) and have determined that such disclosure controls
and  procedures  are  adequate.  There have been no  significant  changes in the
Partnership's  internal  controls or in other  factors that could  significantly
affect the  Partnership's  internal  controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.

                                   SIGNATURES


In accordance with the  requirements of Section 13 or 15(d) of the Exchange Act,
the Registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.


                                          REAL ESTATE ASSOCIATES LIMITED V


                                    By:   National Partnership Investments Corp.
                                          Corporate General Partner

                                    By:   /s/Peter K. Kompaniez
                                          Peter K. Kompaniez
                                          Director

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

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

                                   Date:  April 15, 2003

n  accordance  with the Exchange  Act,  this report has been signed below by the
following  persons on behalf of the  Registrant and in the capacities and on the
dates indicated.

/s/Peter K. Kompaniez         Director                     Date:  April 15, 2003
Peter K. Kompaniez



/s/David R. Robertson         President, Chief Executive   Date: April 15, 2003
David R. Robertson             Officer and Director



/s/Brian H. Shuman            Senior Vice President and     Date: April 15, 2003
Brian H. Shuman                 Chief Financial Officer

                                  CERTIFICATION


I, David R. Robertson, certify that:


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


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


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


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities,  particularly  during the period in which this annual  report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      annual report (the "Evaluation Date"); and


      c) Presented in this annual report our conclusions about the effectiveness
      of the disclosure  controls and  procedures  based on our evaluation as of
      the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.


Date:  April 15, 2003

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

                                  CERTIFICATION


I, Brian H. Shuman, certify that:


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


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


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


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities,  particularly  during the period in which this annual  report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      annual report (the "Evaluation Date"); and


      c) Presented in this annual report our conclusions about the effectiveness
      of the disclosure  controls and  procedures  based on our evaluation as of
      the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.


Date:  April 15, 2003

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

                  REAL ESTATE ASSOCIATES LIMITED PARTNERSHIP V
                                  EXHIBIT INDEX

Exhibit     Description of Exhibit

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

     10     Material  contracts:  The  registrant  is not party to any  material
            contracts,  other than the  Restated  Certificate  and  Agreement of
            Limited  Partnership  dated May 7, 1982, and the nineteen  contracts
            representing   the   Partnership's   Investment   in  Local  Limited
            Partnerships  as  previously   filed  at  the  Securities   Exchange
            Commission, File #277645 which is hereby incorporated by reference.

    16      Letter dated August 29, 2002 from Deloitte and Touche,  LLP filed as
            an  exhibit  to the  Registrant's  Current  Report on Form 8-K dated
            August 29, 2002 and incorporated herein by reference.

    99.0    Certification of Chief Executive Officer and Chief Financial
            Officer.

    99.1    Independent Auditors Report for Grandview Place Apartments

    99.2    Independent Auditors Report for Richland Three Rivers Retirement
            Apartments


Exhibit 99.0


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



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

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

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


                                    /s/David R. Robertson
                              Name: David R. Robertson
                              Date: April 15, 2003


                                    /s/Brian H. Shuman
                              Name: Brian H. Shuman
                              Date: April 15, 2003


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


Exhibit 99.1



                          INDEPENDENT AUDITOR'S REPORT


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

We have audited the  accompanying  balance sheets of Grandview  Place (A Limited
Partnership), HUD Project 093-35098 PM-L8, as of December 31, 2002 and 2001, and
the related  statements of income,  changes in partners' equity  (deficit),  and
cash  flows  for the  years  then  ended.  These  financial  statements  are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

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

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the  financial  position of Grandview  Place (A Limited
Partnership),as  of  December  31,  2002  and  2001,  and  the  results  of  its
operations, and its cash flows and its changes in partners' equity (deficit) for
the years then  ended in  conformity  with U.S.  generally  accepted  accounting
principles.

In  accordance  with  Government  Auditing  Standards,  we have also  issued our
reports  dated  February 14, 2003,  on our  consideration  of Grandview  Place's
internal  control and our tests of its  compliance  with certain  provisions  of
laws,  regulations,  contracts and grants. Those reports are an integral part of
an audit performed in accordance with Government  Auditing  Standards and should
be read in conjunction with this report in considering the results of our audit.

The accompanying  supplementary  information shown on pages 11 - 18 is presented
for  purposes of  additional  analysis  and is not a required  part of the basic
financial statements of the Partnership.  Such information has been subjected to
the auditing  procedures applied in the audit of the basic financial  statements
and, in our opinion,  is fairly  stated in all material  respects in relation to
the basic financial statements taken as a whole.


/s/Junkermier, Clark, Campanella, Stevens, P.C.
Certified Public Accountants

February 14, 2003


Exhibit 99.2



                          INDEPENDENT AUDITOR'S REPORT


Partners
Richland Senior Associates,
 a limited partnership
Richland, Washington

We have audited the accompanying balance sheets of Richland Senior Associates, a
limited  partnership,  Project No. 171-35196,  as of December 31, 2002 and 2001,
and the related  statements of operations,  partners'  equity (deficit) and cash
flows  for  the  years  then  ended.   These   financial   statements   are  the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

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

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Richland Senior Associates,  a
limited  partnership,  as of December 31, 2002 and 2001,  and the results of its
operations  and its cash  flows for the years then  ended,  in  conformity  with
accounting principles generally accepted in the United States of America.

In  accordance  with  Government  Auditing  Standards,  we have also  issued our
reports dated January 7, 2003 on our consideration of the Partnership's internal
control and on our tests of its  compliance  with  certain  provisions  of laws,
regulations,  contracts  and grants.  Those  reports are an integral part of the
audit performed in accordance with Government  Auditing  Standards and should be
read in conjunction with this report in considering the results of our audit.

The accompanying  supplemental information (shown on pages 19 - 27) is presented
for the purposes of additional  analysis and is not a required part of the basic
financial statements of the Partnership.  Such information has been subjected to
the auditing  procedures applied in the audit of the basic financial  statements
and, in our opinion, is fairly stated, in all material respects,  in relation to
the financial statements taken as a whole.


/s/Bader Martin Russ & Smith, P.S.

January 7, 2003