<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 JUNE 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>   2


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               INDEX TO FORM 10-Q

                       FOR THE QUARTER ENDED JUNE 30, 2001



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

 Item 1. Financial Statements

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

        Statements of Operations,
             Six and Three Months Ended June 30, 2001 and 2000 .......       2

        Statement of Partners' Equity (Deficiency),
             Six Months Ended June 30, 2001 ..........................       3

        Statements of Cash Flows,
             Six Months Ended June 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>   3

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                       JUNE 30, 2001 AND DECEMBER 31, 2000

                                     ASSETS

<TABLE>
<CAPTION>
                                                        2001
                                                     (Unaudited)           2000
                                                     -----------       -----------
<S>                                                  <C>               <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)         $   626,263       $   611,617

CASH AND CASH EQUIVALENTS                                462,102           386,033

DUE FROM NAPICO (Note 3)                                   1,815                --
                                                     -----------       -----------

          TOTAL ASSETS                               $ 1,090,180       $   997,650
                                                     ===========       ===========


                          LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
     Accounts payable                                $    21,197       $    12,064
                                                     -----------       -----------


COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)


PARTNERS' EQUITY (DEFICIENCY):
     General partners                                   (146,654)         (147,488)
     Limited partners                                  1,215,637         1,133,074
                                                     -----------       -----------

                                                       1,068,983           985,586
                                                     -----------       -----------

           TOTAL LIABILITIES AND PARTNERS'
                EQUITY                               $ 1,090,180       $   997,650
                                                     ===========       ===========
</TABLE>


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



                                       1
<PAGE>   4

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS
            FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 2001 AND 2000
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                   Six months     Three months    Six months     Three months
                                                      ended           ended          ended          ended
                                                  June 30, 2001  June 30, 2001   June 30, 2000   June 30, 2000
                                                    ---------       --------       ---------       --------
<S>                                               <C>            <C>             <C>             <C>
INTEREST INCOME                                     $   6,817       $  2,401       $   9,159       $  4,658
                                                    ---------       --------       ---------       --------

OPERATING EXPENSES:
    Legal and accounting                               27,125         15,150          56,715         23,830
    Management fees - general partner (Note 3)         20,959         10,479          25,977         15,497
    Administrative  (Note 3)                           14,604          7,803          27,342         22,020
                                                    ---------       --------       ---------       --------

        Total operating expenses                       62,688         33,432         110,034         61,347
                                                    ---------       --------       ---------       --------

LOSS FROM OPERATIONS                                  (55,871)       (31,031)       (100,875)       (56,689)

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

EQUITY IN INCOME OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                                  132,745         69,745           4,000          2,000
                                                    ---------       --------       ---------       --------

NET INCOME (LOSS)                                   $  83,397       $ 45,237       $ (90,352)      $(48,166)
                                                    =========       ========       =========       ========


NET INCOME (LOSS) PER LIMITED PARTNERSHIP
      INTEREST (Note 1)                             $      11       $      6       $     (11)      $     (6)
                                                    =========       ========       =========       ========
</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)
                     FOR THE SIX MONTHS ENDED JUNE 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 six months
     ended June 30, 2001                      834           82,563          83,397
                                        ---------       ----------      ----------

EQUITY (DEFICIENCY),
     June 30, 2001                      $(146,654)      $1,215,637      $1,068,983
                                        =========       ==========      ==========
</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, 2001 AND 2000
                                  (Unaudited)


<TABLE>
<CAPTION>
                                                                          2001           2000
                                                                       ---------       ---------
<S>                                                                    <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income (loss)                                                 $  83,397       $ (90,352)
     Adjustments to reconcile net income (loss) to
        net cash used in operating activities:
           Equity in income of limited partnerships
               and amortization of acquisition costs                    (132,745)         (4,000)
           (Decrease) increase in due from General Partner                (1,815)         42,184
           Increase (decrease) in accounts payable                         9,133          (2,536)
                                                                       ---------       ---------

              Net cash used in operating activities                      (42,030)        (54,704)
                                                                       ---------       ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Distributions from limited partnerships recognized
        as a return of capital                                           118,099          12,110
     Advances to limited partnership                                          --         (17,467)
                                                                       ---------       ---------
              Net cash provided by (used in) investing activities        118,099          (5,357)
                                                                       ---------       ---------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                      76,069         (60,061)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                           386,033         398,889
                                                                       ---------       ---------

CASH AND CASH EQUIVALENTS, END OF PERIOD                               $ 462,102       $ 338,828
                                                                       =========       =========
</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

                                  JUNE 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 June 30, 2001, and the results of operations and changes in cash
        flows for the six 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.

        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



                                       5
<PAGE>   8

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2001


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

        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 LOSS PER LIMITED PARTNERSHIP INTEREST

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

        CASH AND CASH EQUIVALENTS

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

        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)

                                  JUNE 30, 2001


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

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

<TABLE>
<S>                                                  <C>
Balance, beginning of period                         $ 611,617
Equity in income of limited partnerships               132,745
Distributions recognized as a return of capital       (118,099)
                                                     ---------

Balance, end of period                               $ 626,263
                                                     =========
</TABLE>



                                       7
<PAGE>   10

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2001


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

        The following are unaudited combined estimated statements of operations
        for the six and three months ended June 30, 2001 and 2000 for the
        limited partnerships in which the Partnership has investments:

<TABLE>
<CAPTION>
                         Six months     Three months     Six months    Three months
                            ended           ended           ended          ended
                        June 30, 2001   June 30, 2001   June 30, 2000  June 30, 2000
                          ----------      ----------      ----------      --------
<S>                     <C>             <C>             <C>            <C>
REVENUES
 Rental income            $1,586,000      $  793,000      $1,568,000      $784,000
                          ----------      ----------      ----------      --------

EXPENSES
 Depreciation                162,000          81,000         156,000        78,000
 Interest                    600,000         300,000         606,000       303,000
 Operating                   620,000         310,000         566,000       283,000
                          ----------      ----------      ----------      --------

                           1,382,000         691,000       1,328,000       664,000
                          ----------      ----------      ----------      --------

 Net income               $  204,000      $  102,000      $  240,000      $120,000
                          ==========      ==========      ==========      ========
</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 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>   11

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 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 0.4 percent of the invested assets of the
        limited partnerships. Invested assets are defined as the costs of
        acquiring project interests, including the proportionate amount of the
        mortgage loans related to the Partnership's interests in the capital
        accounts of the respective partnerships. The fee was approximately
        $20,959 and $25,977 for the six months ended June 30, 2001 and 2000,
        respectively.



                                       9
<PAGE>   12

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 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 $2,310 and $1,900 for the six
        months ended June 30, 2001 and 2000, respectively, and is included in
        administrative expenses.

NOTE 4 - CONTINGENCIES

        On August 27, 1998, two investors holding an aggregate of eight units of
        limited partnership interests in Real Estate Associates Limited III (an
        affiliated partnership in which NAPICO is the managing general partner)
        and two investors holding an aggregate of five units of limited
        partnership interest in Real Estate Associates Limited VI (another
        affiliated partnership in which NAPICO is the managing general partner)
        commenced an action in the United States District Court for the Central
        District of California against the Partnership, NAPICO and certain other
        affiliated entities. The complaint alleges that the defendants breached
        their fiduciary duty to the limited partners of certain NAPICO managed
        partnerships and made materially false and misleading statements in the
        consent solicitation statements sent to the limited partners of such
        partnerships relating to approval of the transfer of partnership
        interests in limited partnerships, owning certain of the properties, to
        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. 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.
        In the opinion of management and the corporate general partner, the
        claims will not result in any material liability to the Partnership.



                                       10
<PAGE>   13

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 2001


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>   14

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 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>   15

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 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>   16

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 2001


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 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. 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 June 30, 2001.



                                       14
<PAGE>   17

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 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:  August 14, 2001
                                       -------------------------------------




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


                                  Date:  August 14, 2001
                                       -------------------------------------



                                       15