<PAGE>

                       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, 2001

                         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>

                        REAL ESTATE ASSOCIATES LIMITED V

                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               INDEX TO FORM 10-Q

                    FOR THE QUARTER ENDED SEPTEMBER 30, 2001

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

Item 1. Financial Statements

        Balance Sheets, September 30, 2001 and December 31, 2000 ............................  1

        Statements of Operations,
             Nine and Three Months Ended September 30, 2001 and 2000 ........................  2

        Statement of Partners' Equity (Deficiency),
             Nine Months Ended September 30, 2001 ...........................................  3

        Statements of Cash Flows,
             Nine Months Ended September 30, 2001 and 2000 ..................................  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 ................................................................... 14

Item 6. Exhibits and Reports on Form 8-K .................................................... 14

Signatures .................................................................................. 15
</TABLE>


<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                    SEPTEMBER 30, 2001 AND DECEMBER 31, 2000

                                     ASSETS

<TABLE>
<CAPTION>
                                                      2001
                                                   (Unaudited)           2000
                                                   -----------       -----------
<S>                                                <C>               <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)       $   687,965       $   611,617

CASH AND CASH EQUIVALENTS                              421,193           386,033
                                                   -----------       -----------
          TOTAL ASSETS                             $ 1,109,158       $   997,650
                                                   ===========       ===========

                        LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
     Accounts payable                              $    25,830       $    12,064
                                                   -----------       -----------

COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)

PARTNERS' EQUITY (DEFICIENCY):
     General partners                                 (146,510)         (147,488)
     Limited partners                                1,229,838         1,133,074
                                                   -----------       -----------
                                                     1,083,328           985,586
                                                   -----------       -----------
           TOTAL LIABILITIES AND PARTNERS'
                EQUITY                             $ 1,109,158       $   997,650
                                                   ===========       ===========
</TABLE>


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


                                       1
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS
            NINE AND THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                   Nine months     Three months    Nine months     Three months
                                                      ended           ended           ended           ended
                                                  Sept 30, 2001   Sept 30, 2001   Sept 30, 2000   Sept 30, 2000
                                                  -------------   -------------   -------------   -------------
<S>                                               <C>             <C>             <C>             <C>
INTEREST INCOME                                     $  11,376       $   2,401       $  14,059       $   4,900
                                                    ---------       ---------       ---------       ---------

OPERATING EXPENSES:
    Legal and accounting                               51,674          15,150          64,415           7,700
    Management fees - general partner (Note 3)         31,438          10,479          31,440           5,463
    Administrative  (Note 3)                           31,492           7,803          41,093          13,751
                                                    ---------       ---------       ---------       ---------

       Total operating expenses                       114,604          33,432         136,948          26,914
                                                    ---------       ---------       ---------       ---------

LOSS FROM OPERATIONS                                 (103,228)        (31,031)       (122,889)        (22,014)

DISTRIBUTIONS FROM LIMITED
      PARTNERSHIPS RECOGNIZED AS
      INCOME (Note 2)                                   6,523           6,523           6,523              --

EQUITY IN INCOME OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                                  194,447          69,745           6,000           2,000
                                                    ---------       ---------       ---------       ---------
NET INCOME (LOSS)                                   $  97,742       $  45,237       $(110,366)      $ (20,014)
                                                    =========       =========       =========       =========
NET INCOME (LOSS) PER LIMITED PARTNERSHIP
      INTEREST (Note 1)                             $      12       $       6       $     (14)      $      (3)
                                                    =========       =========       =========       =========
</TABLE>


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


                                       2
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   STATEMENT OF PARTNERS' EQUITY (DEFICIENCY)
                      NINE MONTHS ENDED SEPTEMBER 30, 2001
                                   (Unaudited)

<TABLE>
<CAPTION>
                                           General          Limited
                                           Partners         Partners          Total
                                          ----------       ----------      ----------
<S>                                       <C>              <C>             <C>
PARTNERSHIP INTERESTS                                           7,808
                                                           ==========
EQUITY (DEFICIENCY),

      January 1, 2001                     $ (147,488)      $1,133,074      $  985,586

      Net income for the nine months
         ended September 30, 2001                978           96,764          97,742
                                          ----------       ----------      ----------

EQUITY (DEFICIENCY),
      September 30, 2001                  $ (146,510)      $1,229,838      $1,083,328
                                          ==========       ==========      ==========
</TABLE>


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


                                       3
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
                 NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                2001            2000
                                                             ---------       ---------
<S>                                                          <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income (loss)                                       $  97,742       $(110,366)
     Adjustments to reconcile net income (loss) to
        net cash used in operating activities:
           Equity in income of limited partnerships
               and amortization of acquisition costs          (194,447)         (6,000)
           Decrease in due from general partner                     --          24,716
           Increase (decrease) in accounts payable              13,766          (6,730)
                                                             ---------       ---------
              Net cash used in operating activities            (82,939)        (98,380)
                                                             ---------       ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Distributions from limited partnerships recognized
        as a return of capital                                 118,099          12,111
                                                             ---------       ---------
              Net cash provided by investing activities        118,099          12,111
                                                             ---------       ---------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS            35,160         (86,269)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                 386,033         398,889
                                                             ---------       ---------
CASH AND CASH EQUIVALENTS, END OF PERIOD                     $ 421,193       $ 312,620
                                                             =========       =========
</TABLE>


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


                                       4
<PAGE>


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001

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, 2000 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 periods 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, 2001, and the results of operations and changes in cash
       flows for the nine and 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
       managing 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.

       BASIS OF PRESENTATION

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

       RECENT ACCOUNTING PRONOUNCEMENTS

       In July 2001, the Financial Accounting Standards Board issued SFAS No.
       141, "Business Combinations" and SFAS No. 142, "Goodwill and Other
       Intangible Assets." SFAS No. 141 was effective immediately and SFAS 142
       will be effective January 2002. The new standards are not expected to
       have a significant impact on the Partnership's financial statements.


                                       5
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2001

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

       USE OF ESTIMATES

       The preparation of financial statements in conformity with accounting
       principles generally accepted in the United States of America 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 (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 period. The
       number of limited partnership interests was 7,808 for the periods
       presented.

       CASH AND CASH EQUIVALENTS

       Cash and cash equivalents consist of cash and bank certificates of
       deposit with an original maturity of three months or less. The
       Partnership has its cash and cash equivalents on deposit with 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.


                                       6
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2001

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

       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.

       The Partnership holds limited partnership interests in 3 limited
       partnerships, located in 3 different states. The limited partnerships
       owned as of September 30, 2001, 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, 2001:

<TABLE>
<S>                                                  <C>
Balance, beginning of period                         $ 611,617
Equity in income of limited partnerships               199,118
Amortization of acquisition costs                       (4,671)
Distributions recognized as a return of capital       (118,099)
                                                     ---------
Balance, end of period                               $ 687,965
                                                     =========
</TABLE>


                                       7
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2001

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, 2001 and 2000 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, 2001   Sept. 30, 2001  Sept. 30, 2000  Sept. 30, 2000
                  --------------   --------------  --------------  --------------
<S>               <C>              <C>             <C>             <C>
REVENUES
  Rental income      $2,352,000      $  784,000      $2,353,000      $  784,000
                     ----------      ----------      ----------      ----------
EXPENSES
  Depreciation          234,000          78,000         234,000          78,000
  Interest              909,000         303,000         907,000         303,000
  Operating             849,000         283,000         907,000         283,000
                     ----------      ----------      ----------      ----------
                      1,992,000         664,000       1,991,000         664,000
                     ----------      ----------      ----------      ----------
  Net income         $  360,000      $  120,000      $  362,000      $  120,000
                     ==========      ==========      ==========      ==========
</TABLE>

       Under recently adopted law and policy, the United States Department of
       Housing and Urban Development ("HUD") has determined not to renew the
       Housing Assistance Payment ("HAP") Contracts on a long term basis on the
       existing terms. In connection with renewals of the HAP Contracts under
       such new law and policy, the amount of rental assistance payments under
       renewed HAP Contracts will be based on market rentals instead of above
       market rentals, which may be the case under existing HAP Contracts. The
       payments under the renewed HAP Contracts may not be in an amount that
       would provide sufficient cash flow to permit owners of properties subject
       to HAP Contracts to meet the debt service requirements of existing loans
       insured by the Federal Housing Administration of HUD ("FHA") unless such
       mortgage loans are restructured. In order to address the reduction in
       payments under HAP Contracts as a result of this new policy, the
       Multi-family Assisted Housing Reform and Affordability Act of 1997
       ("MAHRAA"), which was adopted in October 1997, provides for


                                       8
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2001

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

       the restructuring of mortgage loans insured by the FHA with respect to
       properties subject to mortgage loan can be restructured into a first
       mortgage loan the Section 8 program. Under MAHRAA, an FHA-insured which
       will be amortized on a current basis and a low interest second mortgage
       loan payable to FHA which will only be payable on maturity of the first
       mortgage loan. This restructuring results in a reduction in annual debt
       service payable by the owner of the FHA-insured mortgage loan and is
       expected to result in an insurance payment from FHA to the holder of the
       FHA-insured loan due to the reduction in the principal amount. MAHRAA
       also phases out project-based subsidies on selected properties serving
       families not located in rental markets with limited supply, converting
       such subsidies to a tenant-based subsidy.

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

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

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 .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 $31,000 for the
       nine months ended September 30, 2001 and 2000.


                                       9
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2001

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

       The Partnership reimburses NAPICO for certain expenses. The expense
       incurred to NAPICO was approximately $3,500 and $3,000 for the nine
       months ended September 30, 2001 and 2000, respectively, and is included
       in administrative expenses.

NOTE 4 - CONTINGENCIES

       In April 2001, a lawsuit was filed against the Partnership by a limited
       partner. The lawsuit seeks equitable relief for access to the
       Partnership's books and records and unspecified damages for breach of
       fiduciary duty. The Partnership has provided the plaintiff access to the
       requested books and records and the matter is schedule for trial on May
       15, 2002.

       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
       Casden Properties Inc., which was 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.
       NAPICO, the managing general partner of such partnerships, and the other
       defendants believe that the plaintiffs' claims are without merit and are
       to contesting the actions vigorously.

       The managing general partner of the Partnership is involved in various
       lawsuits arising from transactions in the ordinary course of business.


                                       10
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 2001

NOTE 4 - CONTINGENCIES (CONTINUED)

       In the opinion of management and the corporate general partner, the above
       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 amounts of assets
       and liabilities reported on the balance sheets that require such
       disclosure approximate fair value due to their short-term maturity.


                                       11
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 2001

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


                                       12
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 2001

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

       RESULTS OF OPERATIONS (CONTINUED)

       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 AP Contracts may not be in an
       amount that would provide sufficient cash flow to permit owners of
       properties subject to HAP Contracts to meet the debt service requirements
       of existing loans insured by the Federal Housing Administration of HUD
       ("FHA") unless such mortgage loans are restructured. In order to address
       the reduction in payments under HAP Contracts as a result of this new
       policy, the Multi-family Assisted Housing Reform and Affordability Act of
       1997 ("MAHRAA"), 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.

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

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


                                       13
<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 2001

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In April 2001, a lawsuit was filed against the Partnership by a limited partner.
The lawsuit seeks equitable relief for access to the Partnership's books and
records and unspecified damages for breach of fiduciary duty. The Partnership
has provided the plaintiff access to the requested books and records and the
matter is schedule for trial on May 15, 2002.

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 Casden Properties Inc., which
was 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.
NAPICO, the managing general partner of such partnerships, and the other
defendants believe that the plaintiffs' claims are without merit and are
contesting the action vigorously.

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

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

       (a)    No exhibits are required per the provision of Item 6 of regulation
              S-K and no reports on Form 8-K were filed during the quarter ended
              September 30, 2001.


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<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 2001

                                   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


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



                                   Date: November 13, 2001
                                        ----------------------------------------


                                       /s/ BRIAN H. SHUMAN
                                       -----------------------------------------
                                       Brian H. Shuman
                                       Chief Financial Officer



                                   Date: November 13, 2001
                                        ----------------------------------------


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