UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

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

                    For the quarterly period ended June 30, 2002


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

              For the transition period from __________ to __________

                         Commission file number 0-12438


                        REAL ESTATE ASSOCIATES LIMITED V
                       (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)


                         9090 Wilshire Blvd., Suite 201,
                          Beverly Hills, California 90211
                  (Address of former principal executive offices)




                        REAL ESTATE ASSOCIATES LIMITED V
                         (a California limited partnership)

                              INDEX TO FORM 10-QSB

                        FOR THE QUARTER ENDED JUNE 30, 2002




PART I.     FINANCIAL INFORMATION

      ITEM 1.     FINANCIAL STATEMENTS

                  Balance Sheet June 30, 2002                                  1

                  Statements of Operations,
                    Three and Six Months Ended June 30, 2002 and 2001          2

                  Statement of Partners' Equity (Deficit),
                    Six Months Ended June 30, 2002                             3

                  Statements of Cash Flows,
                    Six Months Ended June 30, 2002 and 2001                    4

                  Notes to Financial Statements                                5

      ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN
                  OF OPERATION                                                10


PART II.    OTHER INFORMATION

      ITEM 1.     LEGAL PROCEEDINGS                                           12

      ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K                            12

      SIGNATURES                                                              13

      EXHIBIT                                                                 14



<PAGE>



                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS



                        REAL ESTATE ASSOCIATES LIMITED V
                         (a California limited partnership)

                                  BALANCE SHEET

                                  JUNE 30, 2002
                                   (Unaudited)



                             ASSETS

Investments in limited partnerships (Note 2)                           $ 758,733
Cash and cash equivalents                                                325,556

            Total assets                                              $1,084,289

           LIABILITIES AND PARTNERS' (DEFICIT) EQUITY

Liabilities:
   Accounts payable and accrued expenses                               $ 32,315

Contingencies (Note 4)

Partners' (deficit) equity:
  General partners                                                     (146,824)
  Limited partners                                                     1,198,798
                                                                       1,051,974

            Total liabilities and partners' equity                    $1,084,289


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




<PAGE>




                        REAL ESTATE ASSOCIATES LIMITED V
                         (a California limited partnership)

                            STATEMENTS OF OPERATIONS

             FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2002 AND 2001
                                   (Unaudited)

<TABLE>
<CAPTION>


                                              Three Months Ended            Six Months Ended
                                                   June 30,                     June 30,
                                              2002          2001           2002          2001

<S>                                           <C>          <C>           <C>            <C>
Interest income                               $ 545        $ 2,401       $ 1,220        $ 6,817

Operating Expenses:
  Management fees - partners (Note 3)          10,478        10,479        20,958         20,959
  General and administrative (Note 3)           1,277         7,803         9,752         14,604
  Legal and accounting                          3,278        15,150        21,252         27,125
        Total operating expenses               15,033        33,432        51,962         62,688

Loss from Partnership operations              (14,488)      (31,031)      (50,742)       (55,871)
Distributions from limited partnerships
  recognized as income (Note 2)                 8,136         6,523         8,136          6,523
Equity in income of limited
  partnerships and amortization of
  acquisition costs (Note 2)                   57,544        69,745        96,743        132,745

Net income                                  $ 51,192      $ 45,237       $ 54,137      $ 83,397

Net income allocated to general
  partners (1%)                             $    512      $     452      $    541      $     834
Net income allocated to limited
  partners (99%)                               50,680        44,785        53,596         82,563
                                            $ 51,192      $ 45,237       $ 54,137      $ 83,397
Net income per limited partnership
  interest (Note 1)                         $      6      $      6       $      7      $     11

     The accompanying notes are an integral part of these financial statements.
</TABLE>


<PAGE>


                        REAL ESTATE ASSOCIATES LIMITED V
                         (a California limited partnership)

                     STATEMENT OF PARTNERS' (DEFICIT) EQUITY

                       FOR THE SIX MONTHS ENDED JUNE 30, 2002
                                   (Unaudited)
<TABLE>
<CAPTION>




                                        General          Limited
                                       Partners          Partners          Total

Partnership interests                                        7,808

Partners' (deficit) equity,
<S>       <C>                         <C>               <C>              <C>
  January 1, 2002                     $ (147,365)       $1,145,202       $ 997,837

Net income for the six months
  ended June 30, 2002                        541            53,596           54,137

Partners' (deficit) equity,
  June 30, 2002                       $ (146,824)       $1,198,798       $1,051,974

     The accompanying notes are an integral part of these financial statements.
</TABLE>

<PAGE>


                         REAL ESTATE ASSOCIATES LIMITED V
                         (a California limited partnership)

                            STATEMENTS OF CASH FLOWS

                  FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                       2002            2001
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                  <C>             <C>
  Net income                                                         $ 54,137        $ 83,397
  Adjustments to reconcile net income to net cash used in
   operating activities:
     Equity in income of limited partnerships and amortization
      of acquisition costs                                            (96,743)       (132,745)
     Increase (decrease) in:
     Accounts payable and accrued expenses                            (11,972)          7,318
         Net cash used in operating activities                        (54,578)        (42,030)

Cash flows PROVIDED BY investing activities:
  Distributions from limited partnerships recognized as a
   return of capital                                                       --         118,099

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                  (54,578)         76,069
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                        380,134         386,033

CASH AND CASH EQUIVALENTS, END OF PERIOD                            $ 325,556       $ 462,102

     The accompanying notes are an integral part of these financial statements.
</TABLE>


<PAGE>


                        REAL ESTATE ASSOCIATES LIMITED V
                         (a California limited partnership)

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 2002

NOTE 1 - ORGANIZATION AND 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, 2001 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 June 30,
2002,  and the results of operations and changes in cash flows for the three and
six months then ended.

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  individual  investments.  The
general partner of the  Partnership is National  Partnership  Investments  Corp.
("NAPICO" or the "Managing  General  Partner").  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.

On December 3, 2001, Casden Properties Inc., entered into a merger agreement and
certain other  transaction  documents with  Apartment  Investment and Management
Company,  a Maryland  corporation  ("AIMCO")  and  certain of its  subsidiaries,
pursuant to which, on March 11, 2002, AIMCO acquired Casden  Properties Inc. and
its subsidiaries, including 100% of the stock of NAPICO.

Basis of Presentation

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

Cash and Cash Equivalents

Cash and cash  equivalents  consist of cash and money market mutual  funds.  The
Partnership  has its cash and cash  equivalents on deposit with one money market
fund which is uninsured.

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.

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 period. The number of limited  partnership  interests was
7,808 for the periods presented.

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 June 30, 2002,  the  Partnership  holds limited  partnership  interests in
three limited partnerships.  The limited partnerships owned as of June 30, 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, 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.

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

The following is a summary of the  investments in Limited  Partnerships  for the
six months ended June 30, 2002:


           Balance, beginning of period                    $ 661,990
           Amortization of acquisition costs                  (2,921)
           Equity in income of limited partnerships           99,664

           Balance, end of period                          $ 758,733

The following are unaudited combined estimated  statements of operations for the
three and six months  ended June 30, 2002 and 2001 for the limited  partnerships
in which the Partnership has invested:

<TABLE>
<CAPTION>

                               Three Months Ended              Six Months Ended
                                    June 30,                       June 30,
                              2002           2001             2002            2001
Revenues
<S>                        <C>             <C>             <C>             <C>
  Rental and other         $ 774,000       $ 793,000       $1,548,000      $1,586,000

Expenses
  Depreciation                 83,000         81,000          166,000         162,000
  Interest                    300,000        300,000          600,000         600,000
  Operating                   304,000        310,000          608,000         620,000

                              687,000        691,000        1,374,000       1,382,000

Net income                  $ 87,000       $ 102,000       $ 174,000       $ 204,000
</TABLE>

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 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  ("FHA") of HUD
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 payments to
FHA which will only be payable on  maturity  of the first  mortgage  loan.  This
restructuring  results in a  reduction  in annual debt  service  payments 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 - 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
$20,958  and  $20,959  for  the  six  months  ended  June  30,  2002  and  2001,
respectively.

The Partnership  reimburses NAPICO for certain expenses.  The reimbursement paid
to NAPICO was  approximately  $2,310 for both the six months ended June 30, 2002
and 2001 and is included in general and administrative expense.

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 second action has
been subsumed in the first action,  which has been  certified as a class action.
On August 21, 2001, plaintiffs filed a supplemental  complaint,  which added new
claims,  including a recission of the transfer of  partnership  interests and an
accounting. Trial is scheduled for October 1, 2002. The managing general partner
of such NAPICO managed  partnerships and the other  defendants  believe that the
plaintiffs' claims are without merit and are vigorously contesting the actions.

Secondly, a plaintiff, who is a limited partner in the Partnership,  claims that
NAPICO and other  defendants  (1) have  refused to provide  the  plaintiff  with
access to the books and records of the Partnership,  and (2) have breached their
fiduciary  duties and the  partnership  agreement  by failing to act in the best
interest of the Partnership.  The defendants have, however, provided their books
and records to plaintiff pursuant to a protective order. This case was dismissed
during the second quarter of 2002.

The Managing  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 Managing 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  sheet that require such  disclosure  approximates  fair
value due to their short-term maturity.

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

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.

Results of Operations

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

An annual  management  fee is payable  to the  Managing  General  Partner of the
Partnership  and is  calculated  at 0.4  percent of the  Partnership's  invested
assets.  The  management  fee is paid to the  Managing  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 $20,958 and $20,959 for the six months ended
June 30, 2002 and 2001, respectively.

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 $21,252 and $27,125 for the six months ended June 30,
2002 and 2001, respectively. General and administrative expenses were $9,752 and
$14,604 for the periods ended June 30, 2002 and 2001, respectively.

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 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  money  market  funds  earning
interest income as reflected in the statements of operations. These funds can be
converted to cash to meet obligations as they arise.

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 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  ("FHA") of HUD
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  payments 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.

                           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 second action has
been subsumed in the first action,  which has been  certified as a class action.
On August 21, 2001, plaintiffs filed a supplemental  complaint,  which added new
claims,  including a recission of the transfer of  partnership  interests and an
accounting. Trial is scheduled for October 1, 2002. The managing general partner
of such NAPICO managed  partnerships and the other  defendants  believe that the
plaintiffs' claims are without merit and are vigorously contesting the actions.

Secondly, a plaintiff, who is a limited partner in the Partnership,  claims that
NAPICO and other  defendants  (1) have  refused to provide  the  plaintiff  with
access to the books and records of the Partnership,  and (2) have breached their
fiduciary  duties and the  partnership  agreement  by failing to act in the best
interest of the Partnership.  The defendants have, however, provided their books
and records to plaintiff pursuant to a protective order. This case was dismissed
during the second quarter of 2002.

The Managing General Partner is involved in various lawsuits.  None of these are
related to the Partnership.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

   (a)      Exhibits:

            Exhibit 3, Restated Certificate and Agreement of Limited Partnership
            dated May 7, 1982 filed with the Securities and Exchange  Commission
            Form S-11 No. 277645, which is hereby incorporated by reference.

            Exhibit 99,  Certification of Chief  Executive   Officer  and  Chief
            Financial Officer.

   (b)      Reports on Form 8-K filed during the quarter ended June 30, 2002:

            None.

                                   SIGNATURES



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


                                    REAL ESTATE ASSOCIATES LIMITED V
                                    (a California limited partnership)


                                    By:   National Partnership Investments Corp.
                                          General Partner


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


                                    By:   /s/Brian H. Shuman
                                          Brian H. Shuman
                                          Chief Financial Officer


                                    Date: August 19, 2002


<PAGE>


Exhibit 99


                          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 Quarterly Report on Form 10-QSB of Real Estate Associates
Limited V (the  "Partnership"),  for the quarterly period ended June 30, 2002 as
filed with the  Securities  and  Exchange  Commission  on the date  hereof  (the
"Report"),  Charles  H.  Boxenbaum,  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/  Charles H. Boxenbaum
                                    Name:  Charles H. Boxenbaum
                                    Date:  August 19, 2002


                                    /s/  Brian H. Shuman
                                    Name:  Brian H. Shuman
                                    Date:  August 19, 2002


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.