<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 SEPTEMBER 30, 1999

                         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 SEPTEMBER 30, 1999

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

        Item 1.   Financial Statements

             Balance Sheets, September 30, 1999 and December 31, 1998 .........   1

             Statements of Operations,
                  Nine and Three Months Ended September 30, 1999 and 1998 .....   2

             Statement of Partners' Equity (Deficiency),
                  Nine Months Ended September 30, 1999 ........................   3

             Statements of Cash Flows,
                  Nine Months Ended September 30, 1999 and 1998 ...............   4

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

        Item 2.  Management's Discussion and Analysis of Financial
                  Condition and Results of Operations..........................  12

PART II.     OTHER INFORMATION

        Item 1.  Legal Proceedings   ..........................................  15

        Item 6.  Exhibits and Reports on Form 8-K .............................  15

        Signatures.............................................................  16
</TABLE>

<PAGE>   3

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                    SEPTEMBER 30, 1999 AND DECEMBER 31, 1998

                                     ASSETS

<TABLE>
<CAPTION>
                                                       1999
                                                    (Unaudited)             1998
                                                    -----------          ----------
<S>                                                 <C>                  <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)         $ 249,478           $  294,356
CASH AND CASH EQUIVALENTS (Note 1)                     434,440            1,728,900
CASH DUE FROM ESCROW (Note 2)                               --            1,063,235
                                                     ---------           ----------
          TOTAL ASSETS                               $ 683,918           $3,086,491
                                                     =========           ==========

                        LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
     Accounts payable (Note 2)                       $      --           $  195,141
                                                     ---------           ----------
COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)
PARTNERS' EQUITY (DEFICIENCY):
     General partners                                 (150,505)            (128,432)
     Limited partners                                  834,423            3,019,782
                                                     ---------           ----------
                                                       683,918            2,891,350
                                                     ---------           ----------
           TOTAL LIABILITIES AND PARTNERS'
                EQUITY                               $ 683,918           $3,086,491
                                                     =========           ==========
</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
             NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                            Nine months     Three months      Nine months       Three months
                                                               ended            ended            ended              ended
                                                           Sept 30, 1999    Sept 30, 1999    Sept 30, 1998      Sept 30, 1998
                                                           -------------    -------------    -------------      -------------
<S>                                                        <C>              <C>              <C>                <C>
INTEREST INCOME                                              $  15,047         $  5,234         $  74,158         $  24,221
                                                             ---------         --------         ---------         ---------
OPERATING EXPENSES:
    Legal and accounting                                        55,216            1,300            58,947            15,050
    Management fees - general partner (Notes 2 and 3)           49,977           16,659           190,836            63,612
    Administrative  (Note 3)                                    66,574           32,541           380,660           204,704
                                                             ---------         --------         ---------         ---------
             Total operating expenses                          171,767           50,500           630,443           283,366
                                                             ---------         --------         ---------         ---------
LOSS FROM OPERATIONS                                          (156,720)         (45,266)         (556,285)         (259,145)

DISTRIBUTIONS FROM LIMITED
      PARTNERSHIPS RECOGNIZED AS
      INCOME (Note 2)                                            6,523               --           309,813            32,400

EQUITY IN INCOME OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                                             6,000            2,000           363,000           121,000
                                                             ---------         --------         ---------         ---------
NET (LOSS) INCOME                                            $(144,197)        $(43,266)        $ 116,528         $(105,745)
                                                             =========         ========         =========         =========
NET (LOSS) INCOME PER LIMITED
      PARTNERSHIP INTEREST (Note 1)                          $     (18)        $     (6)        $      15         $     (14)
                                                             =========         ========         =========         =========
</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 NINE MONTHS ENDED SEPTEMBER 30, 1999
                                   (Unaudited)

<TABLE>
<CAPTION>
                                            General            Limited
                                            Partners           Partners              Total
                                            --------          -----------         -----------
<S>                                         <C>               <C>                 <C>
PARTNERSHIP INTERESTS                                               7,805
                                                              ===========
EQUITY (DEFICIENCY),
        January 1, 1999                     $(128,432)        $ 3,019,782         $ 2,891,350

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

        Net loss for the nine months
        ended September 30, 1999              (1,441)            (142,756)           (144,197)
                                            --------          -----------         -----------
EQUITY (DEFICIENCY),
        September 30, 1999                  $(150,505)        $   834,423         $   683,918
                                            ========          ===========         ===========
</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 SIX MONTHS ENDED JUNE 30, 1999 AND 1998
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                    1999                1998
                                                                 -----------         ---------
<S>                                                              <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net (loss) income                                         $  (144,197)        $ 116,528
       Adjustments to reconcile net income to
          net cash used in operating activities:
             Equity in income of limited partnerships
                 and amortization of acquisition costs                (6,000)         (363,000)
             Decrease in accounts payable                           (195,141)          (55,695)
                                                                 -----------         ---------
                Net cash used in operating activities               (345,338)         (302,167)
                                                                 -----------         ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
       Capital contributions to limited partnerships                                  (102,500)
       Distributions from limited partnerships recognized
          as a return of capital                                      50,878           112,306
       Sales proceeds                                              1,063,235                --
                                                                 -----------         ---------
                Net cash provided by investing activities          1,114,113             9,806
                                                                 -----------         ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
       Distributions to partners                                  (2,063,235)               --
                                                                 -----------         ---------
NET DECREASE IN CASH AND CASH
       EQUIVALENTS                                                (1,294,460)         (292,361)
CASH AND CASH EQUIVALENTS, beginning of period                     1,728,900         2,178,637
                                                                 -----------         ---------
CASH AND CASH EQUIVALENTS, end of period                         $   434,440         $1,886,276
                                                                 ===========         =========
</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

                               SEPTEMBER 30, 1999

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, 1998 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 September 30,
1999, and the results of operations for the nine and three months then ended and
changes in cash flows for the nine 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.


                                       5
<PAGE>   8

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1999

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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 (LOSS) PER LIMITED PARTNERSHIP INTEREST

Net income (loss) per limited partnership interest was computed by dividing the
limited partners' share of net income (loss) by the number of limited
partnership interests outstanding during the year. The number of limited
partnership interests was 7,805 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.


                                       6
<PAGE>   9

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1999

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

The Partnership holds limited partnership interests in 3 limited partnerships as
of September 30, 1999, after selling its interests in 16 limited partnerships in
1998. The limited partnerships owned as of September 30, 1999, 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 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.

The following is a summary of the investment in limited partnerships for the
nine months ended September 30, 1999:

<TABLE>
<CAPTION>
<S>                                                            <C>
Balance, beginning of period                                   $294,356
Distributions recognized as a return of capital                 (50,878)
Amortization of acquisition costs                                (9,000)
Equity in income of limited partnerships                         15,000
                                                               --------
Balance, end of period                                         $249,478
                                                               ========
</TABLE>


                                       7
<PAGE>   10

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1999

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

The following are unaudited combined estimated statements of operations for the
nine and three months ended September 30, 1999 and 1998 for the limited
partnerships in which the Partnership has investments:

<TABLE>
<CAPTION>
                         Nine months        Three months       Nine months        Three months
                            ended              ended              ended               ended
                        Sept. 30, 1999     Sept. 30, 1999     Sept. 30, 1998      Sept. 30, 1998
                        --------------     --------------     --------------      --------------
<S>                     <C>                <C>                <C>                 <C>
REVENUES
   Rental income          $2,325,000          $775,000          $9,681,000          $3,227,000
                          ----------          --------          ----------          ----------
EXPENSES
   Depreciation              255,000            85,000           1,434,000             478,000
   Interest                  912,000           304,000           3,960,000           1,320,000
   Operating                 834,000           278,000           4,086,000           1,362,000
                          ----------          --------          ----------          ----------
                           2,001,000           667,000           9,480,000           3,160,000
                          ----------          --------          ----------          ----------
   Net loss               $  324,000          $108,000          $  201,000          $   67,000
                          ==========          ========          ==========          ==========
</TABLE>

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

Under recently adopted law and policy, the United States Department of Housing
and Urban Development ("HUD") has determined not to renew the Housing Assistance
Payment ("HAP") Contracts on a long term basis on the existing terms. In
connection with renewals of the HAP Contracts under such new law and policy, the
amount of rental assistance payments under renewed HAP Contracts will be based
on market rentals instead of above market rentals, which 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


                                       8
<PAGE>   11

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1999

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

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.

MAHRAA provides that properties begin the restructuring process in federal
fiscal year 1999 (beginning October 1, 1998). On September 11, 1998, HUD issued
interim regulations implementing MAHRAA and final regulations are expected to be
issued in 1999. With respect to the local limited partnerships' expiring HAP
Contracts, it is expected that the HAP payments will be reduced or terminated
pursuant to the terms of MAHRAA.

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

As a result of the foregoing, the Partnership in 1997 undertook an extensive
review of disposition, refinancing or re-engineering alternatives for the
properties in which the limited partnerships have invested and are subject to
HUD mortgage and rental subsidy programs. The Partnership has incurred expenses
in connection with this review by various third party professionals, including
accounting, legal, valuation, structural and engineering costs, which amounted
to $624,048 through December 31, 1998, including approximately $327,000 for the
nine months ended September 30, 1998. Additional costs amounting to
approximately $41,000 were incurred in the first quarter of 1999. Accounts
payable at December 31, 1998 includes approximately $83,000 of such costs.

On December 30, 1998, the Partnership sold its limited partnership interests in
16 local limited partnerships to Affiliates of Casden Properties Inc. ("CPI
Affiliates"). The sale resulted in cash proceeds to the Partnership of
$1,063,235 and a net gain of $849,749, after deducting selling costs. The cash
proceeds were held in escrow at December 31, 1998 and were collected in 1999. In
March 1999, the Partnership made cash distributions of $2,042,603 to the limited
partners and


                                       9
<PAGE>   12

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1999

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED):

$20,632 to the general partners, which included using proceeds from the sale of
the partnership interests.

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

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

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
$50,000 and $191,000 for the nine months ended September 30, 1999 and 1998,
respectively.

The Partnership reimburses NAPICO for certain expenses. The reimbursement paid
to NAPICO was approximately $4,600 and $15,700 for the nine months ended
September 30, 1999 and 1998, 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


                                       10
<PAGE>   13

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1999

NOTE 4 - CONTINGENCIES (CONTINUED)

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 CPI Affiliates. 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 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.

The Partnership has assessed the potential impact of the Year 2000 computer
systems issue on its operations. The Partnership believes that no significant
actions are required to be taken by the Partnership to address the issue and
that the impact of the Year 2000 computer systems issue will not materially
affect the Partnership's future operating results or financial condition.

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.


                                       11
<PAGE>   14

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1999

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 1999, which included using proceeds from the disposition of its
investments in certain 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


                                       12
<PAGE>   15

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1999

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

RESULTS OF OPERATIONS (CONTINUED)

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.

MAHRAA provides that properties begin the restructuring process in federal
fiscal year 1999 (beginning October 1, 1998). On September 11, 1998, HUD issued
interim regulations implementing MAHRAA and final regulations are expected to be
issued in 1999. With respect to the local limited partnerships' expiring HAP
Contracts, it is expected that the HAP payments will be reduced or terminated
pursuant to the terms of MAHRAA.

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

As a result of the foregoing, the Partnership in 1997 undertook an extensive
review of disposition, refinancing or re-engineering alternatives for the
properties in which the limited partnerships have invested and are subject to
HUD mortgage and rental subsidy programs. The


                                       13
<PAGE>   16

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1999

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

RESULTS OF OPERATIONS (CONTINUED)

Partnership has incurred expenses in connection with this review by various
third party professionals, including accounting, legal, valuation, structural
and engineering costs, which amounted to $624,048 through December 31, 1998,
including approximately $327,000 for the nine months ended September 30, 1998.
Additional costs amounting to approximately $41,000 were incurred in the first
quarter of 1999. Accounts payable at December 31, 1998 includes approximately
$83,000 of such costs.

On December 30, 1998, the Partnership sold its limited partnership interests in
16 local limited partnerships to Affiliates of Casden Properties Inc. ("CPI
Affiliates"). The sale resulted in cash proceeds to the Partnership of
$1,063,235 and a net gain of $849,749, after deducting selling costs. The cash
proceeds were held in escrow at December 31, 1998 and were collected 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.

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

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


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<PAGE>   17

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1999

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 CPI Affiliates. 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 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 7 of regulation
S-K.


                                       15
<PAGE>   18

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1999

                                   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.,
                                         its General Partner


                                     By: /s/ BRUCE NELSON
                                        ----------------------------------------
                                        Bruce Nelson
                                        President


                                     Date: November 17, 1999
                                          --------------------------------------


                                     By: /s/ CHARLES H. BOXENBAUM
                                        ----------------------------------------
                                        Charles H. Boxenbaum
                                        Chief Executive Officer


                                     Date: November 17, 1999
                                          --------------------------------------




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