<PAGE>   1



                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-Q


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

                     For the Quarterly Ended MARCH 31, 2000

                         Commission File Number 0-12438

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A California Limited Partnership)

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

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

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



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding twelve 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
                                       ---     ---







<PAGE>   2


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               INDEX TO FORM 10-Q

                      FOR THE QUARTER ENDED MARCH 31, 2000


<TABLE>

PART I.  FINANCIAL INFORMATION
<S>       <C>                                                                                                  <C>

 Item 1.  Financial Statements

          Balance Sheets, March 31, 2000 and December 31, 1999 ..................................................1

          Statements of Operations,
               Three Months Ended March 31, 2000 and 1999 .......................................................2

          Statement of Partners' Equity (Deficiency),
               Three Months Ended March 31, 2000 ................................................................3

          Statements of Cash Flows,
               Three Months Ended March 31, 2000 and 1999 .......................................................4

          Notes to Financial Statements .........................................................................5

 Item 2.  Management's Discussion and Analysis of Financial
               Condition and Results of Operations..............................................................10


PART II.  OTHER INFORMATION

 Item 1.  Legal Proceedings ....................................................................................12

 Item 6.  Exhibits and Reports on Form 8-K .....................................................................12

 Signatures ....................................................................................................13
</TABLE>







<PAGE>   3

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                      MARCH 31, 2000 AND DECEMBER 31, 1999

                                     ASSETS
<TABLE>
<CAPTION>
                                                                               2000             1999
                                                                           (Unaudited)        (Audited)
                                                                           -----------       -----------
<S>                                                                        <C>               <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)                               $   462,348       $   460,348

CASH AND CASH EQUIVALENTS (Note 1)                                             346,930           398,889

DUE FROM NAPICO (Note 3)                                                        45,142            42,184
                                                                           -----------       -----------

          TOTAL ASSETS                                                     $   854,420       $   901,421
                                                                           ===========       ===========


                                     LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:

     Accounts payable                                                      $     2,834       $     7,650
                                                                           -----------       -----------

COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)

PARTNERS' EQUITY (DEFICIENCY):
     General partners                                                         (148,828)         (148,407)
     Limited partners                                                        1,000,414         1,042,178
                                                                           -----------       -----------

                                                                               851,586           893,771
                                                                           -----------       -----------
           TOTAL LIABILITIES AND PARTNERS'
                EQUITY                                                     $   854,420       $   901,421
                                                                           ===========       ===========
</TABLE>



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







                                       1
<PAGE>   4

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS

               FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                      2000           1999
                                                    --------       --------

<S>                                                 <C>            <C>
INTEREST INCOME                                     $  4,501       $  4,961
                                                    --------       --------
OPERATING EXPENSES:
    Legal and accounting                              32,885         22,776
    Management fees - general partner (Note 3)        10,480         16,659
    Administrative  (Note 3)                           5,321         26,702
                                                    --------       --------

         Total operating expenses                     48,686         66,137
                                                    --------       --------

LOSS FROM OPERATIONS                                 (44,185)       (61,176)

EQUITY IN INCOME OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                                   2,000          2,000
                                                    --------       --------

NET INCOME (LOSS)                                   $(42,185)      $(59,176)
                                                    ========       ========

NET INCOME (LOSS) PER LIMITED PARTNERSHIP
      INTEREST (Note 1)                             $     (5)      $     (8)
                                                    ========       ========
</TABLE>




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








                                       2
<PAGE>   5

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY)
                    FOR THE THREE MONTHS ENDED MARCH 31, 2000

                                   (Unaudited)

<TABLE>
<CAPTION>

                                             General         Limited
                                             Partners        Partners         Total
                                           -----------      ----------      ----------
<S>                                        <C>              <C>             <C>
PARTNERSHIP INTERESTS                                            7,808
                                                            ==========

EQUITY (DEFICIENCY),

      January 1, 2000                      $ (148,407)      $1,042,178      $  893,771

      Net income for the three months
      ended March 31, 2000                       (421)         (41,764)        (42,185)
                                           ----------       ----------      ----------

EQUITY (DEFICIENCY),

      March 31, 2000                       $ (148,828)      $1,000,414      $  851,586
                                           ==========       ==========      ==========

</TABLE>




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







                                       3
<PAGE>   6

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999

                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                2000               1999
                                                             ----------         -----------
<S>                                                          <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
        Net income (loss)                                    $   (42,185)      $   (59,176)
        Adjustments to reconcile net income (loss) to
           net cash used in operating activities:
              Equity in income of limited partnerships
                  and amortization of acquisition costs           (2,000)           (2,000)
              Increase in due from NAPICO                         (2,958)             --
              Decrease in accounts payable                        (4,816)         (165,647)
                                                             -----------       -----------

                 Net cash used in operating activities           (51,959)         (226,823)
                                                             -----------       -----------

CASH FLOWS FROM INVESTING ACTIVITIES:

        Sales proceeds                                              --           1,063,235
                                                             -----------       -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Distributions to partners                                         --          (2,063,235)
                                                             -----------       -----------
NET DECREASE IN CASH AND CASH EQUIVALENTS                        (51,959)       (1,226,823)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                   398,889         1,728,900
                                                             -----------       -----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                     $   346,930       $   502,077
                                                             ===========       ===========

</TABLE>




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








                                       4
<PAGE>   7

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2000


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     GENERAL

     The information contained in the following notes to the financial
     statements is condensed from that which would appear in the annual audited
     financial statements; accordingly, the financial statements included herein
     should be reviewed in conjunction with the financial statements and related
     notes thereto contained in the annual report for the year ended December
     31, 1999 prepared by Real Estate Associates Limited V (the "Partnership").
     Accounting measurements at interim dates inherently involve greater
     reliance on estimates than at year end. The results of operations for the
     interim period presented are not necessarily indicative of the results for
     the entire year.

     In the opinion of the Partnership, the accompanying unaudited financial
     statements contain all adjustments (consisting primarily of normal
     recurring accruals) necessary to present fairly the financial position as
     of March 31, 2000, and the results of operations and changes in cash flows
     for the three months then ended.

     The general partners have a 1 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 individual
     investments. National Partnership Investments Corp. (NAPICO) is the
     corporate general partner of the Partnership. Casden Properties Inc. owns 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, owns 95% of the voting common stock of NAPICO.

     USE OF ESTIMATES

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

     METHOD OF ACCOUNTING FOR INVESTMENT IN LIMITED PARTNERSHIPS

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









                                       5
<PAGE>   8


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2000


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

     NET INCOME PER LIMITED PARTNERSHIP INTEREST

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

     CASH AND CASH EQUIVALENTS

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

     INCOME TAXES

     No provision has been made for income taxes in the accompanying financial
     statements since such taxes, if any, are the liability of the individual
     partners.

     IMPAIRMENT OF LONG-LIVED ASSETS

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

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

     As of March 31, 2000, the Partnership holds limited partnership interests
     in 3 limited partnerships. The limited partnerships owned as of March 31,
     2000, residential low income rental projects consisting of 228 apartment
     units. The mortgage loans of these projects are payable to or insured by
     various governmental agencies.

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

     Equity in losses of limited partnerships is recognized in the financial
     statements until the limited partnership investment account is reduced to a
     zero balance. Losses incurred after the limited partnership investment
     account is reduced to zero are not recognized.








                                       6
<PAGE>   9

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2000


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

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

     The following is a summary of the investment in limited partnerships for
     the three months ended March 31, 2000:

        Balance, beginning of period                              $ 460,348
        Amortization of acquisition costs                            (4,000)
        Equity in income of limited partnerships                      6,000
                                                                -----------

        Balance, end of period                                    $ 462,348
                                                                  =========

     The following are unaudited combined estimated statements of operations for
     the three months ended March 31, 2000 and 1999 for the limited partnerships
     in which the Partnership has investments:

                                        Three months               Three months
                                            ended                      ended
                                       March 31, 2000             March 31, 1999
                                       --------------             --------------
        REVENUES
           Rental income                   $  784,000                 $ 775,000
                                           ----------                 ---------

        EXPENSES
           Depreciation                        78,000                    85,000
           Interest                           303,000                   304,000
           Operating                          283,000                   278,000
                                          -----------                ----------

                                              664,000                   667,000
                                          -----------                ----------

           Net income                     $   120,000                 $ 108,000
                                          ===========                 =========

     NAPICO, or one of its affiliates, is the general partner and property
     management agent for certain of the limited partnerships included above.








                                       7
<PAGE>   10

                         REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2000


 NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

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

     On September 11, 1998, HUD issued interim regulations implementing MAHRAA
     and final regulations are expected to be issued in 2000.

     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.

     On December 30, 1998, after obtaining consents of the limited partners, the
     Partnership sold its limited partnership interests in 16 local limited
     partnerships to affiliates of Casden Properties Inc. The sale resulted in
     cash proceeds to the Partnership of $1,063,235, which was collected in
     1999. In March 1999, the Partnership made cash distributions of $2,042,603
     to the limited partners and $20,632 to the general partners, which included
     using proceeds from the sale of the partnership interests.









                                       8
<PAGE>   11

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2000


NOTE 3 - MANAGEMENT FEES AND EXPENSES DUE TO GENERAL PARTNER

     Under the terms of the Restated Certificate and Agreement of Limited
     Partners, the Partnership is obligated to NAPICO for an annual management
     fee equal to 0.4 percent of the 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 $10,000 and $17,000 for the three
     months ended March 31, 2000 and 1999, respectively.

     The Partnership reimburses NAPICO for certain expenses. The reimbursement
     paid to NAPICO was approximately $1,600 and $1,500 for the three months
     ended March 31, 2000 and 1999, respectively, and is included in
     administrative expenses.

NOTE 4 - CONTINGENCIES

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

     The corporate general partner of the Partnership is 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.

NOTE 5 - FAIR VALUE OF FINANCIAL INSTRUMENTS

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








                                       9
<PAGE>   12

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2000


ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
           CONDITION AND RESULTS OF OPERATIONS

     LIQUIDITY AND CAPITAL RESOURCES

     The Partnership's primary sources of funds include interest income earned
     from investing available cash and distributions from limited partnerships
     in which the Partnership has invested. The Partnership made a distribution
     to investors in March 2000, which included using proceeds from the
     disposition of its investments in certain limited partnerships.

     RESULTS OF OPERATIONS

     Partnership revenues consist primarily of interest income earned on
     certificates of deposit and other temporary investment of funds not
     required for investment in local partnerships.

     Operating expenses consist primarily of recurring general and
     administrative expenses and professional fees for services rendered to the
     Partnership. In addition, an annual Partnership management fee in an amount
     equal to .4 percent of invested assets is payable to the corporate general
     partner.

     The Partnership accounts for its investments in the local limited
     partnerships on the equity method, thereby adjusting its investment balance
     by its proportionate share of the income or loss of the local limited
     partnerships. Losses incurred after the limited partnership investment
     account is reduced to zero are not recognized in accordance with the equity
     accounting method.

     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.

     Except for certificates of deposit and money market funds, the
     Partnership's investments are entirely interests in other limited
     partnerships primarily owning government assisted projects. Available cash
     is invested in these funds earning interest income as reflected in the
     statement of operations. These funds can be converted to cash to meet
     obligations as they arise. The Partnership intends to continue investing
     available funds in this manner.

     Under recent 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 was generally the case under existing HAP Contracts. The
     payments under the renewed HAP Contracts are not expected to 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








                                       10
<PAGE>   13

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2000


ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
           CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

     RESULTS OF OPERATIONS (CONTINUED)

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

     On September 11, 1998, HUD issued interim regulations implementing MAHRAA
     and final regulations are expected to be issued in 2000.

     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.

     On December 30, 1998, after obtaining the consents of the limited partners,
     the Partnership sold its limited partnership interests in 16 local limited
     partnerships to affiliates of Casden Properties Inc. The sale resulted in
     cash proceeds to the Partnership of $1,063,235, which was collected
     subsequent to year-end. In March 1999, the Partnership made cash
     distributions of $2,042,603 to the limited partners and $20,632 to the
     general partners, primarily using proceeds from the sale of the partnership
     interests.










                                       11
<PAGE>   14

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2000


PART II.   OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

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

The corporate general partner is involved in various lawsuits. None of these are
related to REAL V.


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

     (a)  No exhibits are required per the provision of Item 6 of regulation S-K
          and no reports on Form 8-K were filed during the quarter ended March
          31, 2000.










                                       12
<PAGE>   15

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2000


                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                  REAL ESTATE ASSOCIATES LIMITED V
                                  (a California limited partnership)


                                  By:    National Partnership Investments Corp.
                                         General Partner



                                         --------------------------------------
                                         Bruce Nelson
                                         President



                                   Date:
                                        ---------------------------------------



                                         --------------------------------------
                                         Paul Patierno
                                         Chief Financial Officer



                                   Date:
                                         --------------------------------------









                                       13