<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, 1997

                         Commission File Number 2-77645

                        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, 1997


<TABLE>
<CAPTION>
PART I.  FINANCIAL INFORMATION

 Item 1.  Financial Statements

<S>       <C>                                                                                       <C>
          Balance Sheets, March 31, 1997 and December 31, 1996.......................................1

          Statements of Operations,
               Three Months Ended March 31, 1997 and 1996............................................2

          Statement of Partners' Equity (Deficiency),
               Three Months Ended March 31, 1997.....................................................3

          Statements of Cash Flows,
               Three Months Ended March 31, 1997 and 1996............................................4

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

 Item 2.  Management's Discussion and Analysis of Financial
               Condition and Results of Operations...................................................9


PART II. OTHER INFORMATION

 Item 1.  Legal Proceedings.........................................................................10

 Item 6.  Exhibits and Reports on Form 8-K..........................................................10

 Signatures.........................................................................................11
</TABLE>




<PAGE>   3
                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                      MARCH 31, 1997 AND DECEMBER 31, 1996

                                     ASSETS

<TABLE>
<CAPTION>
                                                                    1997           1996
                                                                 (Unaudited)     (Audited)
                                                                -----------    -----------

<S>                                                             <C>            <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)                    $ 1,402,672    $ 1,305,672

CASH AND CASH EQUIVALENTS (Note 1)                                1,937,480      1,953,506
                                                                -----------    -----------

          TOTAL ASSETS                                          $ 3,340,152    $ 3,259,178
                                                                ===========    ===========


                LIABILITIES AND PARTNERS' EQUITY (DEFICIENCY)

LIABILITIES:
     Accounts payable                                           $     3,015    $     9,978
                                                                -----------    -----------


COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)


PARTNERS' EQUITY (DEFICIENCY):
     General partners                                              (123,975)      (124,854)
     Limited partners                                             3,461,112      3,374,054
                                                                -----------    -----------

                                                                  3,337,137      3,249,200
                                                                -----------    -----------

           TOTAL LIABILITIES AND PARTNERS'
                EQUITY (DEFICIENCY)                             $ 3,340,152    $ 3,259,178
                                                                ===========    ===========
</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
                   THREE MONTHS ENDED MARCH 31, 1997 AND 1996

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                    1997         1996
                                                 ---------    ---------

<S>                                              <C>          <C>
INTEREST INCOME                                  $  21,578    $  16,196
                                                 ---------    ---------

OPERATING EXPENSES:
    Legal and accounting                            12,914       26,136
    Management fees - general partner (Note 3)      63,612       63,612
    Administrative  (Note 3)                        18,829        9,455
                                                 ---------    ---------

         Total operating expenses                   95,355       99,203
                                                 ---------    ---------

LOSS FROM OPERATIONS                               (73,777)     (83,007)

DISTRIBUTIONS FROM LIMITED
      PARTNERSHIPS RECOGNIZED AS
      INCOME (Note 2)                               64,714       87,708

EQUITY IN INCOME OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                                97,000      125,000
                                                 ---------    ---------

NET INCOME                                       $  87,937    $ 129,701
                                                 =========    =========


NET INCOME PER LIMITED PARTNERSHIP
      INTEREST (Note 1)                          $      11    $      17
                                                 =========    =========
</TABLE>








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

                                       2
<PAGE>   5




                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   STATEMENT OF PARTNERS' EQUITY (DEFICIENCY)
                        THREE MONTHS ENDED MARCH 31, 1997

                                   (Unaudited)

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

PARTNERSHIP INTERESTS,
<S>                                     <C>           <C>          <C>
      March 31, 1997                                       7,808
                                                      ==========


EQUITY (DEFICIENCY),
      January 1, 1997                   $ (124,854)   $3,374,054   $3,249,200

      Net income for the three months
      ended March 31, 1997                     879        87,058       87,937
                                        ----------    ----------   ----------

EQUITY (DEFICIENCY),
      March 31, 1997                    $ (123,975)   $3,461,112   $3,337,137
                                        ==========    ==========   ==========
</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
                   THREE MONTHS ENDED MARCH 31, 1997 AND 1996

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                               1997          1996
                                                                           -----------    -----------

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                        <C>            <C>         
       Net income                                                          $    87,937    $   129,701 
       Adjustments to reconcile net income to                              
          net cash used in operating activities:                           
             Equity in income of limited partnerships                      
                 and amortization of acquisition costs                         (97,000)      (125,000)
             Decrease in accounts payable                                       (6,963)       (11,149)
                                                                           -----------    -----------
                                                                           
                Net cash used in operating activities                          (16,026)        (6,448)
                                                                           -----------    -----------
                                                                           
CASH FLOWS FROM INVESTING ACTIVITIES:                                      
       Distributions from limited partnerships recognized                  
          as a return of capital                                                  --           91,967
                                                                           -----------    -----------
                                                                           
                                                                           
NET (DECREASE) INCREASE IN CASH                                            
       AND CASH EQUIVALENTS                                                    (16,026)        85,519
                                                                           
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                               1,953,506      1,876,153
                                                                           -----------    -----------
                                                                           
CASH AND CASH EQUIVALENTS, END OF PERIOD                                   $ 1,937,480    $ 1,961,672
                                                                           ===========    ===========
</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, 1997


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, 1996 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, 1997, 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.

                     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.

                     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.


                                        5



<PAGE>   8



                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 1997


NOTE 1 - SUMMARY OF SIGNIIFICANT ACCOUNTING POLICIES (CONTINUED)

                     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 one high credit
                     quality financial institution. 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 adopted Statement of Financial Accounting
                     Standards No. 121, Account for the Improvement of
                     Long-Lived Assets and for Long-Lived Assets To Be Disposed
                     Of as of January 1, 1996 without a significant effect on
                     its financial statements. 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

                     The Partnership holds limited partnership interests in 19
                     limited partnerships at March 31, 1997. The partnerships
                     own residential rental projects consisting of 1,319
                     apartment units. The mortgage loans of these projects are
                     insured by various governmental agencies.

                     The Partnership, as a limited partner, is entitled to 75
                     percent 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.


                                        6



<PAGE>   9



                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 1997


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

     The following is a summary of the investment in limited partnerships as of 
March 31, 1997:

<TABLE>
<CAPTION>
                        <S>                                                          <C>        
                        Balance, beginning of period                                 $1,305,672 
                        Cash distributions recognized as a return of capital                  -
                        Amortization of acquisition costs                                (2,000) 
                        Equity in income of limited partnerships                         99,000
                                                                                     ----------
                        Balance, end of period                                       $1,402,672
                                                                                     ==========
</TABLE>

                     The following are unaudited combined estimated statements
                     of operations for the three months ended March 31, 1997 and
                     1996 for the limited partnerships in which the Partnership
                     has investments:

<TABLE>
<CAPTION>
                                                                                      1997           1996
                                                                                   -----------    -----------
                             REVENUES                                       
                             <S>                                                   <C>            <C>         
                                       Rental income                               $ 3,161,000    $ 3,153,000 
                                                                                  
                             EXPENSES                                             
                                       Depreciation                                    476,000        471,000
                                       Interest                                      1,340,000      1,379,000
                                       Operating                                     1,360,000      1,325,000
                                                                                   -----------    -----------
                                                                                  
                                                                                     3,176,000      3,175,000
                                                                                   -----------    -----------
                                                                                  
                                       Net loss                                    $   (15,000)   $   (22,000)
                                                                                   ===========    ===========
</TABLE>                                                          

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

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
         $64,000 for the three months ended March 31, 1997 and 1996.



                                        7



<PAGE>   10



                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 1997


NOTE 3 - MANAGEMENT FEES AND EXPENSES DUE TO GENERAL PARTNER (CONTINUED)

         The Partnership reimburses NAPICO for certain expenses. The
         reimbursement paid to NAPICO was $4,665 and $4,455 for the three months
         ended March 31, 1997 and 1996, respectively, and is included in
         administrative expenses.

NOTE 4 - CONTINGENCIES

         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.





                                        8



<PAGE>   11



                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 1997


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.

                     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. Operating expenses are consistent with the
                     prior year.

                     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.



                                        9



<PAGE>   12



                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 1997


PART II.   OTHER INFORMATION

ITEM 1.              LEGAL PROCEEDINGS

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 7 of regulation 
            S-K.



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<PAGE>   13


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 1997


                                   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


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


                        By:
                             ------------------------------------------
                             Bruce Nelson
                             President



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


                        By:
                             ------------------------------------------
                             Shawn Horwitz
                             Executive Vice President and
                             Chief Financial Officer


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





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