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

                                   Form 10-QSB

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

                     For the quarterly period ended September 30, 2002


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

                  For the transition period from __________ to __________

                         Commission file number 0-12438


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A California Limited Partnership)


          California                                              95-3768810
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization                               Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                                 (864) 239-1000
                           (Issuer's telephone number)


* While this Form 10-QSB has been filed on the  specified  due date, it does not
contain the certifications  required by the Sarbanes-Oxley Act of 2002 and Rules
13a-14 and 15d-14  promulgated under the Securities and Exchange Act of 1934, as
amended. The Securities and Exchange Commission thus will not consider this Form
10-QSB to be timely filed.

<PAGE>


                                Explanatory Note

The  Partnership  is in the  process  of  verifying  that the  equity  method of
accounting   has  been  properly   applied  for  its   investments   in  limited
partnerships.  Once the Partnership has completed its review,  Ernst & Young LLP
will  complete  its review of the interim  financial  statements  for the period
ended September 30, 2002. As a result,  this quarterly report includes financial
statements that have not been reviewed by an independent  accountant as required
by Rule 10-01(d) of Regulation  S-X. Once the  Partnership and Ernst & Young LLP
have completed their review related to this issue, the Partnership  expects that
Ernst & Young LLP will complete the quarterly  review  required by Rule 10-01(d)
of Regulation S-X.

As a result of the fact that Ernst & Young LLP has not  completed  its review of
the interim financial  statements as of and for the three months ended September
30, 2002, this Form 10-QSB is not accompanied by the certifications  required by
the Sarbanes-Oxley Act of 2002 and Rules 13a-14 and 15d-14 promulgated under the
Securities Exchange Act of 1934, as amended.  The Partnership expects that these
certifications will be filed by amendment to this Form 10-QSB upon completion of
Ernst & Young LLP's review.



<PAGE>



                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                              INDEX TO FORM 10-QSB

                    FOR THE QUARTER ENDED SEPTEMBER 30, 2002




PART I.     FINANCIAL INFORMATION

      ITEM 1.     FINANCIAL STATEMENTS

                  Balance Sheet September 30, 2002                             1

                  Statements of Operations,
                    Three and Nine Months Ended September 30, 2002 and 2001    2

                  Statement of Partners' (Deficit) Equity,
                    Nine Months Ended September 30, 2002                       3

                  Statements of Cash Flows,
                    Nine Months Ended September 30, 2002 and 2001              4

                  Notes to Financial Statements                                5

      ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN
                  OF OPERATION                                                 9

      ITEM 3.     CONTROLS AND PROCEDURES                                     10

PART II.    OTHER INFORMATION

      ITEM 1.     LEGAL PROCEEDINGS                                           11

      ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K                            11

      SIGNATURES                                                              12



<PAGE>




                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS



                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                                  BALANCE SHEET

                               SEPTEMBER 30, 2002
                                   (Unaudited)

<TABLE>
<CAPTION>


                       ASSETS

<S>                                       <C>                              <C>
Investments in limited partnerships (Note 2)                               $ 822,936
Cash and cash equivalents                                                    294,911

         Total assets                                                     $1,117,847

     LIABILITIES AND PARTNERS' (DEFICIT) EQUITY

Liabilities:
   Accounts payable and accrued expenses                                   $ 29,547

Contingencies (Note 4)

Partners' (deficit) equity:
  General partners                                      $ (146,460)
  Limited partners                                       1,234,760         1,088,300

         Total liabilities and partners' (deficit)
           equity                                                         $1,117,847

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

<PAGE>






                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                            STATEMENTS OF OPERATIONS

              FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                   (Unaudited)


<TABLE>
<CAPTION>

                                              Three Months Ended           Nine Months Ended
                                                 September 30,               September 30,
                                              2002          2001           2002          2001

<S>                                           <C>          <C>           <C>           <C>
interest income                               $ 601        $ 2,401       $ 1,821       $ 11,376

operating Expenses:
  Management fees - partners (Note 3)          10,479        10,479        31,437         31,438
  General and administrative (Note 3)           1,180         7,803        10,932         31,492
  Legal and accounting                         16,819        15,150        38,071         51,674
        Total operating expenses               28,478        33,432        80,440        114,604

Loss from Partnership operations              (27,877)      (31,031)      (78,619)      (103,228)
Distributions from limited partnerships
  recognized as income (Note 2)                    --         6,523         8,136          6,523
Equity in income of limited
  partnerships and amortization of
  acquisition costs (Note 2)                   64,203        69,745       160,946        194,447

Net income                                  $ 36,326      $ 45,237       $ 90,463      $ 97,742

Net income allocated to general
  partners (1%)                               $ 363         $ 452         $ 905          $ 977
Net income allocated to limited
  partners (99%)                               35,963        44,785        89,558         96,765

                                            $ 36,326      $ 45,237       $ 90,463      $ 97,742
Net income per limited partnership
  interest (Note 1)                            $ 5           $ 6           $ 11          $ 12

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

<PAGE>




                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                     STATEMENT OF PARTNERS' (DEFICIT) EQUITY

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002
                                   (Unaudited)


<TABLE>
<CAPTION>


                                        General          Limited
                                       Partners          Partners          Total

<S>                                                          <C>
Partnership interests                                        7,808

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

Net income for the nine months
  ended September 30, 2002                   905            89,558           90,463

Partners' (deficit) equity,
  September 30, 2002                  $ (146,460)       $1,234,760       $1,088,300

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


<PAGE>




                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                            STATEMENTS OF CASH FLOWS

                   FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                       2002            2001
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                  <C>             <C>
  Net income                                                         $ 90,463        $ 97,742
  Adjustments to reconcile net income to net cash used in
   operating activities:
     Equity in income of limited partnerships and amortization
      of acquisition costs                                           (160,946)       (194,447)
     Increase (decrease) in:
     Accounts payable and accrued expenses                            (14,740)         13,766
         Net cash used in operating activities                        (85,223)        (82,939)

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

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                  (85,223)         35,160
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                        380,134         386,033

CASH AND CASH EQUIVALENTS, END OF PERIOD                            $ 294,911       $ 421,193

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


<PAGE>


                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                          NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2002


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The information  contained in the following notes to the financial statements is
condensed  from  that  which  would  appear  in  the  annual  audited  financial
statements;  accordingly,  the financial  statements  included  herein should be
reviewed in conjunction with the financial  statements and related notes thereto
contained in the annual report for the year ended  December 31, 2001 prepared by
Real Estate Associates Limited V (the "Partnership"). Accounting measurements at
interim dates inherently involve greater reliance on estimates than at year end.
The results of operations for the interim period  presented are not  necessarily
indicative of the results for the entire year.

In  the  opinion  of  the  Partnership,  the  accompanying  unaudited  financial
statements  contain all adjustments  (consisting  primarily of normal  recurring
accruals) necessary to present fairly the financial position as of September 30,
2002,  and the results of operations and changes in cash flows for the three and
nine months then ended.

The general  partners  have a one percent  interest in profits and losses of the
Partnership.  The limited  partners have the remaining 99 percent interest which
is allocated in  proportion  to their  respective  individual  investments.  The
general partners of the Partnership are National  Partnership  Investments Corp.
("NAPICO"  or  the  "Corporate   General  Partner")  and  National   Partnership
Investment Associates II.

On December 3, 2001, Casden Properties Inc., entered into a merger agreement and
certain other  transaction  documents with  Apartment  Investment and Management
Company,  a Maryland  corporation  ("AIMCO")  and  certain of its  subsidiaries,
pursuant to which, on March 11, 2002, AIMCO acquired Casden  Properties Inc. and
its  subsidiaries,  including  100% of the stock of  NAPICO.  Prior to March 11,
2002, Casden  Properties Inc. owned a 95.25% economic  interest in NAPICO,  with
the balance owned by Casden Investment Corporation ("CIC"). CIC, which is wholly
owned by Alan I. Casden,  owned 95% of the voting common stock of NAPICO,  prior
to March 11, 2002.

Basis of Presentation

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

Cash and Cash Equivalents

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

Method of Accounting for Investment in Limited Partnerships

The  investment in limited  partnerships  is accounted for on the equity method.
Acquisition,  selection  and  other  costs  related  to the  acquisition  of the
projects  are  capitalized  as  part of the  investment  balance  and are  being
amortized on a straight  line basis over the estimated  lives of the  underlying
assets, which is generally 30 years.

Net Income Per Limited Partnership Interest

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

Impairment of Long-Lived Assets

The  Partnership  reviews  long-lived  assets to determine if there has been any
permanent  impairment whenever events or changes in circumstances  indicate that
the  carrying  amount  of the asset  may not be  recoverable.  If the sum of the
expected future cash flows is less than the carrying  amount of the assets,  the
Partnership recognizes an impairment loss.

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

As of September 30, 2002, the Partnership holds limited partnership interests in
three  limited  partnerships("Local  Limited  Partnerships").  The Local Limited
Partnerships  owned,  as of September  30, 2002,  residential  low income rental
projects consisting of 228 apartment units. The mortgage loans of these projects
are payable to or insured by various governmental agencies.

The Partnership,  as a limited partner, is entitled to 99 percent of the profits
and losses in these Local Limited Partnerships.

Equity in losses of Local  Limited  Partnerships  is recognized in the financial
statements until the limited partnership investment account is reduced to a zero
balance.  Losses incurred after the limited  partnership  investment  account is
reduced to zero are not recognized.

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

The following is a summary of the investments in Local Limited  Partnerships for
the nine months ended September 30, 2002:


           Balance, beginning of period                   $ 661,990
           Amortization of acquisition costs                 (4,188)
           Equity in income of Local Limited                165,134
             Partnerships

           Balance, end of period                         $ 822,936


The following are unaudited combined estimated  statements of operations for the
three and nine months ended  September  30, 2002 and 2001 for the Local  Limited
Partnerships in which the Partnership has invested:

<TABLE>
<CAPTION>

                               Three Months Ended              Nine Months Ended
                                 September 30,                   September 30,
                              2002           2001             2002            2001
Revenues
<S>                        <C>             <C>             <C>             <C>
  Rental and other         $ 774,000       $ 784,000       $2,322,000      $2,352,000

Expenses
  Depreciation                 82,000         78,000          248,000         234,000
  Interest                    299,000        303,000          899,000         909,000
  Operating                   305,000        283,000          913,000         849,000

                              686,000        664,000        2,060,000       1,992,000

Net income                  $ 88,000       $ 120,000       $ 262,000       $ 360,000
</TABLE>

Under recent adopted law and policy, the United States Department of Housing and
Urban  Development  ("HUD") has determined  not to renew the Housing  Assistance
Payment  ("HAP")  Contracts  on a long  term  basis on the  existing  terms.  In
connection with renewals of the HAP Contracts under such new law and policy, the
amount of rental  assistance  payments under renewed HAP Contracts will be based
on market rentals instead of above market  rentals,  which may be the case under
existing HAP Contracts.  The payments under the renewed HAP Contracts may not be
in an amount  that  would  provide  sufficient  cash  flow to  permit  owners of
properties  subject to HAP  Contracts to meet the debt service  requirements  of
existing  loans  insured by the Federal  Housing  Administration  ("FHA") of HUD
unless such mortgage loans are  restructured.  In order to address the reduction
in payments under HAP Contracts as a result of this new policy, the Multi-family
Assisted Housing Reform and  Affordability  Act of 1997 ("MAHRAA")  provides for
the  restructuring  of  mortgage  loans  insured  by the  FHA  with  respect  to
properties  subject  to the  Section 8 program.  Under  MAHRAA,  an  FHA-insured
mortgage  loan can be  restructured  into a first  mortgage  loan  which will be
amortized on a current basis and a low interest second mortgage loan, payable to
FHA,  which will only be payable on maturity of the first  mortgage  loan.  This
restructuring  results in a  reduction  in annual debt  service  payments by the
owner of the FHA-insured mortgage loan and is expected to result in an insurance
payment from FHA to the holder of the  FHA-insured  loan due to the reduction in
the principal amount. MAHRAA also phases out project-based subsidies on selected
properties  serving  families not located in rental markets with limited supply,
converting such subsidies to a tenant-based subsidy.

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



<PAGE>


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 original  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  $31,400 for both the nine month periods ended  September 30, 2002
and 2001.

The Partnership  reimburses NAPICO for certain expenses.  The reimbursement paid
to  NAPICO  was  approximately  $3,500  for both the nine  month  periods  ended
September  30, 2002 and 2001,  and is  included  in general  and  administrative
expense.

NOTE 4 - CONTINGENCIES

On August 27, 1998, two investors holding an aggregate of eight units of limited
partnership  interests  in Real Estate  Associates  Limited  III (an  affiliated
partnership in which NAPICO is the Corporate  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 Corporate General Partner) commenced an action in the United States District
Court for the Central District of California against the Partnership, NAPICO and
certain other  affiliated  entities.  The complaint  alleges that the defendants
breached their fiduciary duty to the limited  partners of certain NAPICO managed
partnerships and made materially false and misleading  statements in the consent
solicitation  statements  sent to the  limited  partners  of  such  partnerships
relating  to  approval  of the  transfer  of  partnership  interests  in limited
partnerships,  owning  certain  of  the  properties,  to  affiliates  of  Casden
Properties  Inc.,  organized  by an  affiliate of NAPICO.  The  plaintiffs  seek
equitable relief, as well as compensatory  damages and litigation related costs.
On August 4, 1999, one investor holding one unit of limited partnership interest
in Housing Programs Limited (another  affiliated  partnership in which NAPICO is
the Corporate  General  Partner)  commenced a virtually  identical action in the
United States District Court for the Central District of California  against the
Partnership, NAPICO and certain other affiliated entities. The second action has
been subsumed in the first action,  which has been  certified as a class action.
On August 21, 2001, plaintiffs filed a supplemental  complaint,  which added new
claims,  including a recission of the transfer of  partnership  interests and an
accounting.  The trial on these claims is in progress.  As of November 15, 2002,
the jury returned a special verdict against NAPICO and certain other  defendants
for violations of securities  laws and breaches of fiduciary duty.  However,  no
verdicts have been returned  against any of the NAPICO managed  partnerships and
no judgments have been entered in the case.

The Corporate General Partner of the Partnership is involved in various lawsuits
arising from transactions in the ordinary course of business.  In the opinion of
management and the Corporate General Partner,  the claims will not result in any
material liability to the Partnership.

NOTE 5 - FAIR VALUE OF FINANCIAL INSTRUMENTS

Statement of Financial  Accounting  Standards  No. 107,  "Disclosure  about Fair
Value of Financial  Instruments,"  requires disclosure of fair value information
about  financial  instruments.  The  carrying  amount of assets and  liabilities
reported on the balance  sheet that require such  disclosure  approximates  fair
value due to their short-term maturity.


<PAGE>






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

The Private  Securities  Litigation  Reform Act of 1995 provides a "safe harbor"
for forward-looking  statements in certain circumstances.  The matters discussed
in this report contain certain forward-looking  statements,  including,  without
limitation,  statements regarding future financial performance and the effect of
government  regulations.  The  discussions  of the  Partnership's  business  and
results of operations,  including forward-looking  statements pertaining to such
matters,   do  not  take  into  account  the  effects  of  any  changes  to  the
Partnership's  business  and results of  operations.  Actual  results may differ
materially  from those described in the  forward-looking  statements and will be
affected  by a  variety  of risks and  factors  including,  without  limitation:
national and local economic  conditions;  the terms of governmental  regulations
that  affect the  Partnership  and  interpretations  of those  regulations;  the
competitive  environment in which the  Partnership  operates;  financing  risks,
including the risk that cash flows from  operations may be  insufficient to meet
required  payments of  principal  and  interest;  real estate  risks,  including
variations  of real  estate  values and the  general  economic  climate in local
markets and competition for tenants in such markets; and possible  environmental
liabilities.   Readers  should  carefully  review  the  Partnership's  financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Partnership  files  from  time to time with the  Securities  and
Exchange Commission.

The Corporate  General  Partner  monitors  developments in the area of legal and
regulatory   compliance  and  is  studying  new  federal  laws,   including  the
Sarbanes-Oxley  Act of 2002. The Sarbanes-Oxley Act of 2002 mandates or suggests
additional compliance measures with regard to governance,  disclosure, audit and
other areas.  In light of these changes,  the  Partnership  expects that it will
incur higher expenses related to compliance, including increased legal and audit
fees.

Liquidity and Capital Resources

The  Partnership's  primary sources of funds include interest income earned from
investing  available cash and distributions  from Local Limited  Partnerships in
which the  Partnership  has  invested.  It is not expected that any of the Local
Limited  Partnerships  in which the  Partnership has invested will generate cash
flow sufficient to provide for distributions to limited partners in any material
amount.

Cash flow provided by investing  activities for the nine months ended  September
30, 2001  consisted of $118,099 of  distributions  received  from Local  Limited
Partnerships  recognized  as a return of capital.  No such amounts were received
for the nine months ended September 30, 2002.

Results of Operations

Partnership  revenues  consist  primarily of interest income earned on temporary
investment of funds not required for investment in Local Limited Partnerships.

An annual  management  fee is payable to the  Corporate  General  Partner of the
Partnership  and is  calculated  at 0.4  percent of the  Partnership's  invested
assets.  The  management  fee is paid to the Corporate  General  Partner for its
continuing  management of partnership affairs. The fee is payable beginning with
the month  following  the  Partnership's  initial  investment in a Local Limited
Partnerships. Management fees were approximately $31,400 for both the nine month
periods ended September 30, 2002 and 2001.

Operating expenses,  other than management fees, consist of legal and accounting
fees for services rendered to the Partnership and administrative expenses. Legal
and accounting fees were $38,071 and $51,674 for the nine months ended September
30,  2002 and 2001,  respectively.  General  and  administrative  expenses  were
$10,932  and  $31,492  for the  periods  ended  September  30,  2002  and  2001,
respectively.

The Partnership  accounts for its investments in the Local Limited  Partnerships
on  the  equity  method,   thereby  adjusting  its  investment  balance  by  its
proportionate  share of the  income or loss of the Local  Limited  Partnerships.
Losses incurred after the limited  partnership  investment account is reduced to
zero are not recognized in accordance  with the equity  accounting  method.  The
Partnership  recognized  equity  in  income  of Local  Limited  Partnerships  of
$160,946 and $194,447  for the nine months  ended  September  30, 2002 and 2001,
respectively,  from one and two Local Limited  Partnerships  in which it held an
investment balance.

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.  During the nine months ended  September 30,
2002 and 2001, the Partnership  recognized $8,136 and $6,523,  respectively,  in
distributions received as income from one Local Limited Partnership.

Except for money  market  funds,  the  Partnership's  investments  are  entirely
interests   in   other   Local    Limited    Partnerships    primarily    owning
government-assisted  projects.  Available cash is invested in these money market
funds earning  interest  income as reflected in the  statements  of  operations.
These funds can be converted to cash to meet obligations as they arise.

Under recent adopted law and policy, the United States Department of Housing and
Urban  Development  ("HUD") has determined  not to renew the Housing  Assistance
Payment  ("HAP")  Contracts  on a long- term  basis on the  existing  terms.  In
connection with renewals of the HAP Contracts under such new law and policy, the
amount of rental  assistance  payments under renewed HAP Contracts will be based
on market rentals instead of above market  rentals,  which may be the case under
existing HAP Contracts.  The payments under the renewed HAP Contracts may not be
in an amount  that  would  provide  sufficient  cash  flow to  permit  owners of
properties  subject to HAP  Contracts to meet the debt service  requirements  of
existing  loans  insured by the Federal  Housing  Administration  ("FHA") of HUD
unless such mortgage loans are  restructured.  In order to address the reduction
in payments under HAP Contracts as a result of this new policy, the Multi-family
Assisted Housing Reform and  Affordability  Act of 1997 ("MAHRAA")  provides for
the  restructuring  of  mortgage  loans  insured  by the  FHA  with  respect  to
properties  subject  to the  Section 8 program.  Under  MAHRAA,  an  FHA-insured
mortgage  loan can be  restructured  into a first  mortgage  loan  which will be
amortized on a current basis and a low interest  second mortgage loan payable to
FHA which will only be payable on  maturity  of the first  mortgage  loan.  This
restructuring  results in a  reduction  in annual debt  service  payments by the
owner of the FHA-insured mortgage loan and is expected to result in an insurance
payment from FHA to the holder of the  FHA-insured  loan due to the reduction in
the principal amount. MAHRAA also phases out project-based subsidies on selected
properties  serving  families not located in rental markets with limited supply,
converting such subsidies to a tenant-based subsidy.

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

AIMCO  and its  affiliates  as of  September  30,  2002  do not own any  limited
partnership  interests (the "Units") in the Partnership.  A Unit consists of two
limited partnership interests.  It is possible that AIMCO or its affiliates will
acquire units of limited partnership interest in the Partnership in exchange for
cash or a combination  of cash and units in the operating  partnership of AIMCO.
In this regard,  on September 16, 2002, an affiliate of AIMCO commenced a tender
offer to purchase any and all of the Partnership  interests for a purchase price
of $129.00 per Unit in cash.  The offer  expired on November 11, 2002,  at which
time an affiliate  of AIMCO had acquired a total of 652 Units (or 1,304  limited
partnership  interests),  representing  approximately  16.70% of the outstanding
Units. Under the Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  voting on certain  amendments to the  Partnership  Agreement and
voting to remove the Corporate  General Partner.  Although the Corporate General
Partner owes fiduciary duties to the limited  partners of the  Partnership,  the
Corporate  General  Partner  also  owes  fiduciary  duties  to AIMCO as its sole
stockholder.  As a result,  the  duties of the  Corporate  General  Partner,  as
Corporate General Partner,  to the Partnership and its limited partners may come
into conflict with the duties of the Corporate  General Partner to AIMCO, as its
sole stockholder.

ITEM 3.     CONTROLS AND PROCEDURES

The principal executive officer and principal financial officer of the Corporate
General Partner, who are the equivalent of the Partnership's principal executive
officer and principal financial officer,  respectively,  have, within 90 days of
the filing date of this quarterly  report,  evaluated the  effectiveness  of the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules  (13a-14(c)  and  (15d-14(c))  and have  determined  that such  disclosure
controls  and  procedures  are  adequate,  except  that,  as  indicated  in  the
Explanatory Note introducing  this quarterly  report,  the Partnership is in the
process of verifying  that the equity  method of  accounting  has been  properly
applied  to  its  investments  in  limited  partnerships.  There  have  been  no
significant  changes in the Partnership's  internal controls or in other factors
that could  significantly  affect the Partnership's  internal controls since the
date of evaluation.  However,  depending on the outcome of the review  currently
being  undertaken by the  Partnership as to the propriety of the  application of
the equity method of accounting with respect to the Partnership's investments in
limited  partnerships,  changes to the  Partnership's  internal  controls may be
warranted.



<PAGE>




                           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 Corporate  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 Corporate General Partner) commenced an action in the United States District
Court for the Central District of California against the Partnership, NAPICO and
certain other  affiliated  entities.  The complaint  alleges that the defendants
breached their fiduciary duty to the limited  partners of certain NAPICO managed
partnerships and made materially false and misleading  statements in the consent
solicitation  statements  sent to the  limited  partners  of  such  partnerships
relating  to  approval  of the  transfer  of  partnership  interests  in limited
partnerships,  owning  certain  of  the  properties,  to  affiliates  of  Casden
Properties  Inc.,  organized  by an  affiliate of NAPICO.  The  plaintiffs  seek
equitable relief, as well as compensatory  damages and litigation related costs.
On August 4, 1999, one investor holding one unit of limited partnership interest
in Housing Programs Limited (another  affiliated  partnership in which NAPICO is
the Corporate  General  Partner)  commenced a virtually  identical action in the
United States District Court for the Central District of California  against the
Partnership, NAPICO and certain other affiliated entities. The second action has
been subsumed in the first action,  which has been  certified as a class action.
On August 21, 2001, plaintiffs filed a supplemental  complaint,  which added new
claims,  including a recission of the transfer of  partnership  interests and an
accounting.  The trial on these claims is in progress.  As of November 15, 2002,
the jury returned a special verdict against NAPICO and certain other  defendants
for violations of securities  laws and breaches of fiduciary duty.  However,  no
verdicts have been returned  against any of the NAPICO managed  partnerships and
no judgments have been entered in the case.

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.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

   (a) Exhibits:

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

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

            Current  Report  on Form 8-K  dated  August  29,  2002 and  filed on
            September  6, 2002,  disclosing  the  dismissal of Deloitte & Touche
            LLP, as the Partnership's  certifying auditor and the appointment of
            Ernst & Young LLP,  as the  certifying  auditor  for the year ending
            December 31, 2002.



<PAGE>


                                   SIGNATURES



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


                                    REAL ESTATE ASSOCIATES LIMITED V
                                    (a California limited partnership)


                                    By:   National Partnership Investments Corp.
                                          Corporate General Partner


                                    By:   /s/David R. Robertson
                                          David R. Robertson
                                          President and Chief Executive Officer


                                     By: /s/Brian H. Shuman
                                          Brian H. Shuman
                                          Senior Vice President and
                                          Chief Financial Officer


                                    Date: November 19, 2002