<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, 1998

                         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, 1998



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

 Item 1.  Financial Statements

          Balance Sheets, June 30, 1998 and December 31, 1997 ................1

          Statements of Operations,
               Six and Three Months Ended June 30, 1998 and 1997 .............2

          Statement of Partners' Equity (Deficiency),
               Six Months Ended June 30, 1998 ................................3

          Statements of Cash Flows,
               Six Months Ended June 30, 1998 and 1997 .......................4

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

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


PART II.  OTHER INFORMATION

          Item 1.  Legal Proceedings ........................................12

 Item 6.  Exhibits and Reports on Form 8-K ..................................12

 Signatures .................................................................13

</TABLE>



<PAGE>   3


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                       JUNE 30, 1998 AND DECEMBER 31, 1997

<TABLE>
<CAPTION>
                                     ASSETS

                                                          1998                     
                                                      (Unaudited)             1997   
                                                      -----------         -----------

<S>                                                   <C>                 <C>        
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)          $ 1,803,267         $ 1,616,811

CASH AND CASH EQUIVALENTS (Note 1)                      2,154,276           2,178,637
                                                      -----------         -----------

   TOTAL ASSETS                                       $ 3,957,543         $ 3,795,448
                                                      ===========         ===========


              LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
  Accounts payable                                    $   116,558         $   176,735
                                                      -----------         -----------


COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)


PARTNERS' EQUITY (DEFICIENCY):
  General partners                                       (118,935)           (121,158)
  Limited partners                                      3,959,920           3,739,871
                                                      -----------         -----------

                                                        3,840,985           3,618,713
                                                      -----------         -----------

TOTAL LIABILITIES AND PARTNERS'
         EQUITY                                       $ 3,957,543         $ 3,795,448
                                                      ===========         ===========

</TABLE>


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


<PAGE>   4


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS
                SIX AND THREE MONTHS ENDED JUNE 30, 1998 AND 1997
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                  Six months        Three months      Six months        Three months
                                                    ended              ended            ended             ended
                                                June 30, 1998      June 30, 1998     June 30, 1997     June 30, 1997
                                                -------------      -------------     -------------     -------------
<S>                                             <C>                <C>               <C>               <C>      
INTEREST INCOME                                    $  49,937         $  23,085         $  44,802         $  23,224
                                                   ---------         ---------         ---------         ---------

OPERATING EXPENSES:
 Legal and accounting                                 43,898            25,713            39,252            19,364
 Management fees - general partner 
   (Notes 2 and 3)                                   127,224            63,612           127,224            63,612
 Administrative (Note 3)                             175,956            93,214            29,031            17,176
                                                   ---------         ---------         ---------         ---------

         Total operating expenses                    347,078           182,539           195,507           100,152
                                                   ---------         ---------         ---------         ---------

LOSS FROM OPERATIONS                                (297,141)         (159,454)         (150,705)          (76,928)

DISTRIBUTIONS FROM LIMITED
 PARTNERSHIPS RECOGNIZED AS
 INCOME (Note 2)                                     277,413           134,903            95,232            30,518

EQUITY IN INCOME OF LIMITED
 PARTNERSHIP AND AMORTI-
 ZATION OF ACQUISITION
 COSTS (Note 2)                                      242,000           121,000           194,000            97,000
                                                   ---------         ---------         ---------         ---------

NET INCOME                                         $ 222,272         $  96,449         $ 138,527         $ 129,701
                                                   =========         =========         =========         =========


NET INCOME PER LIMITED PARTNERSHIP
INTEREST (Note 1)                                  $      28         $      12         $      18         $      17
                                                   =========         =========         =========         =========

</TABLE>


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


<PAGE>   5


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY)
                     FOR THE SIX MONTHS ENDED JUNE 30, 1998
                                   (Unaudited)


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

PARTNERSHIP INTERESTS                                             7,808
                                                              ==========


EQUITY (DEFICIENCY),
      January 1, 1998                      $ (121,158)        $3,739,871        $3,618,713

      Net income for the six months
      ended June 30, 1998                       2,223            220,049           222,272
                                           ----------         ----------        ----------

EQUITY (DEFICIENCY),
      June 30, 1998                        $ (118,935)        $3,959,920        $3,840,985
                                           ==========         ==========        ==========

</TABLE>


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


<PAGE>   6

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
                 FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                     1998                1997
                                                                 -----------         -----------
<S>                                                              <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net income                                                $   222,272         $   138,527
       Adjustments to reconcile net income to
        net cash used in operating activities:
         Equity in income of limited partnerships
          and amortization of acquisition costs                     (242,000)           (194,000)
       Decrease in accounts payable                                  (60,177)             (6,831)
                                                                 -----------         -----------

       Net cash used in operating activities                         (79,905)            (62,304)

CASH FLOWS FROM INVESTING ACTIVITIES:
       Distributions from limited partnerships recognized
         as a return of capital                                       55,544             125,612
                                                                 -----------         -----------


NET INCREASE (DECREASE) IN CASH AND CASH
           EQUIVALENTS                                               (24,361)             63,308

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                     2,178,637           1,953,506
                                                                 -----------         -----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                         $ 2,154,276         $ 2,016,814
                                                                 ===========         ===========

</TABLE>


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

<PAGE>   7

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 1998


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, 1997 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 June 30, 1998, and the results of operations for the six and three
     months ended and changes in cash flows for the six months then ended.

     The general partners have a 1 percent interest in profits and losses of the
     Partnership. The limited partners have the remaining 99 percent interest
     which is allocated in proportion to their respective individual
     investments. National Partnership Investments Corp. (NAPICO) is the
     corporate general partner of the Partnership. NAPICO is a wholly owned
     subsidiary of Casden Investment Corporation, which is wholly owned by Alan
     I. Casden.

     USE OF ESTIMATES

     The preparation of financial statements in conformity with generally
     accepted accounting principles requires management to make estimates and
     assumptions that affect the reported amounts of assets and liabilities and
     disclosure of contingent assets and liabilities at the date of the
     financial statements and reported amounts of revenues and expenses during
     the reporting period. Actual results could differ from those estimates.

     METHOD OF ACCOUNTING FOR INVESTMENT IN LIMITED PARTNERSHIPS

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



                                       5
<PAGE>   8


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1998

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

     NET INCOME PER LIMITED PARTNERSHIP INTEREST

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

     CASH AND CASH EQUIVALENTS

     Cash and cash equivalents consist of cash and bank certificates of deposit
     with an original maturity of three months or less. The Partnership has its
     cash and cash equivalents on deposit primarily with two high credit quality
     financial institutions. Such cash and cash equivalents are in excess of the
     FDIC insurance limit.

     INCOME TAXES

     No provision has been made for income taxes in the accompanying financial
     statements since such taxes, if any, are the liability of the individual
     partners.

     IMPAIRMENT OF LONG-LIVED ASSETS

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

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

     The Partnership holds limited partnership interests in 19 limited
     partnerships. The partnerships own residential rental projects consisting
     of 1,319 apartment units. The mortgage loans of these projects are insured
     by the United States Department of Housing and Urban Development ("HUD") or
     state governmental agencies.

     The Partnership, as a limited partner, is entitled to 75 percent to 99
     percent of the profits and losses in these limited partnerships.

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

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



                                       6
<PAGE>   9

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1998


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

     The following is a summary of the investment in limited partnerships for 
     the six months ended June 30, 1998:      

<TABLE>
<CAPTION>                                                             1998
                                                                    ----------  
<S>                                                                 <C>       
        Balance, beginning of period                                $1,616,811
        Cash distributions recognized as a return of capital           (55,544)
        Amortization of acquisition costs                               (8,000)
        Equity in income of limited partnerships                       250,000
                                                                    ----------

        Balance, end of period                                      $1,803,267
                                                                    ==========
</TABLE>

     The following are unaudited combined estimated statements of operations for
     the six and three months ended June 30, 1998 and 1997 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, 1998       June 30, 1998         June 30, 1997        June 30, 1997
                                  -------------       -------------         -------------        -------------
<S>                               <C>                 <C>                   <C>                  <C>       
        REVENUES
           Rental income            $6,454,000         $3,227,000            $6,322,000            $3,161,000
                                    ----------         ----------            ----------            ----------

        EXPENSES
           Depreciation                956,000            478,000               952,000               476,000
           Interest                  2,640,000          1,320,000             2,680,000             1,340,000
           Operating                 2,724,000          1,362,000             2,720,000             1,360,000
                                   -----------       ------------           -----------           -----------

                                     6,320,000          3,160,000             6,352,000             3,176,000
                                   -----------       ------------           -----------           -----------

           Net loss                $   134,000       $     67,000           $   (30,000)          $   (15,000)
                                   ===========       ============           ===========           ===========
</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, HUD has determined not to renew
     housing assistance payments contracts ("HAP Contracts") on their existing
     terms. In connection with renewals of the HAP Contracts under such new law
     and policy, the amount of rental assistance payments under renewed HAP
     Contracts will be based on market rentals instead of above market rentals,
     which was generally the case under existing HAP Contracts. As a result,
     existing HAP Contracts that are renewed in the future on projects insured
     by the Federal Housing Administration of HUD ("FHA") will not provide
     sufficient cash flow to permit owners of properties to meet the debt
     service requirements of these existing FHA-insured mortgages.



                                       7
<PAGE>   10

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1998


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

     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 HAP Contracts that have been renewed under
     the new policy. The restructured loans will be held by the current lender
     or another lender. Under MAHRAA, an FHA-insured mortgage loan can be
     restructured to reduce the annual debt service on such loan. There can be
     no assurance that the Partnership will be permitted to restructure its
     mortgage indebtedness pursuant to the new HUD rules implementing MAHRAA or
     that the Partnership would choose to restructure such mortgage indebtedness
     if it were eligible to participate in the MAHRAA program. It should be
     noted that there are uncertainties as to 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. Accordingly, the General Partners are unable to predict with
     certainty their impact on the Partnership's future cash flow.

     As a result of the foregoing, the Partnership is undergoing an extensive
     review of the properties in which the limited partnerships have invested
     that are subject to HUD mortgages and which may be sold to the REIT as set
     forth below. The Partnership has incurred expenses in connection with this
     review by various third party professionals, including accounting, legal,
     valuation, structural review and engineering costs, which amounted to
     approximately $378,000 through June 30, 1998, including approximately
     $144,000 for the six months ended June 30, 1998, which are included in
     general and administrative expenses.

     A real estate investment trust ("REIT") organized by affiliates of NAPICO
     has advised the Partnership that it intends to make a proposal to purchase
     from the Partnership certain of the limited partnership interests held for
     investment by the Partnership.

     The REIT proposes to purchase such limited partnership interests for cash,
     which it plans to raise in connection with a private placement of its
     equity securities. The purchase is subject to, among other things, (i)
     consummation of such private placement by the REIT; (ii) the purchase of
     the general partnership interests in the local limited partnerships by the
     REIT; (iii) the approval of HUD and certain state housing finance agencies;
     (iv) the consent of the limited partners to the sale of the local limited
     partnership interests held for investment by REAL V; and (v) the
     consummation of a minimum number of purchase transactions with other NAPICO
     affiliated partnerships. As of June 30, 1998, the REIT had completed
     buy-out negotiations with a majority of the general partners of the local
     limited partnerships.

     A consent solicitation statement will be sent to the limited partners
     setting forth the terms and conditions of the purchase of the limited
     partners' interests held for investment by the Partnership, together with
     certain amendments to the Partnership Agreement and other disclosures of
     various conflicts of interest in connection with the proposed transaction.


                                       8

<PAGE>   11

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                  JUNE 30, 1998


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 $127,000 for the six months ended
     June 30, 1998 and 1997.

     The Partnership reimburses NAPICO for certain expenses. The reimbursement
     paid to NAPICO was approximately $10,500 and $9,800 for the six months
     ended June 30, 1998 and 1997, respectively, and is included in
     administrative expenses.

NOTE 4 - CONTINGENCIES

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

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

NOTE 5 - FAIR VALUE OF FINANCIAL INSTRUMENTS

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



                                       9
<PAGE>   12

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1998


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

     LIQUIDITY AND CAPITAL RESOURCES

     The Partnership's primary sources of funds include interest income earned
     from investing available cash and distributions from limited partnerships
     in which the Partnership has invested.

     RESULTS OF OPERATIONS

     Partnership revenues consist primarily of interest income earned on
     certificates of deposit and other temporary investment of funds not
     required for investment in local partnerships.

     Operating expenses consist primarily of recurring general and
     administrative expenses and professional fees for services rendered to the
     Partnership. In addition, an annual Partnership management fee in an amount
     equal to .4 percent of invested assets is payable to the corporate general
     partner.

     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 recently adopted law and policy, HUD has determined not to renew
     housing assistance payments contracts ("HAP Contracts") on their existing
     terms. In connection with renewals of the HAP Contracts under such new law
     and policy, the amount of rental assistance payments under renewed HAP
     Contracts will be based on market rentals instead of above market rentals,
     which was generally the case under existing HAP Contracts. As a result,
     existing HAP Contracts that are renewed in the future on projects insured
     by the Federal Housing Administration of HUD ("FHA") will not provide
     sufficient cash flow to permit owners of properties to meet the debt
     service requirements of these existing FHA-insured mortgages. 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



                                       10
<PAGE>   13

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1998


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

     RESULTS OF OPERATIONS (CONTINUED)

     respect to properties subject to HAP Contracts that have been renewed under
     the new policy. The restructured loans will be held by the current lender
     or another lender. Under MAHRAA, an FHA-insured mortgage loan can be
     restructured to reduce the annual debt service on such loan. There can be
     no assurance that the Partnership will be permitted to restructure its
     mortgage indebtedness pursuant to the new HUD rules implementing MAHRAA or
     that the Partnership would choose to restructure such mortgage indebtedness
     if it were eligible to participate in the MAHRAA program. It should be
     noted that there are uncertainties as to 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. Accordingly, the General Partners are unable to predict with
     certainty their impact on the Partnership's future cash flow.

     As a result of the foregoing, the Partnership is undergoing an extensive
     review of the properties in which the limited partnerships have invested
     that are subject to HUD mortgages and which may be sold to the REIT as set
     forth below. The Partnership has incurred expenses in connection with this
     review by various third party professionals, including accounting, legal,
     valuation, structural review and engineering costs, which amounted to
     approximately $378,000 through June 30, 1998, including approximately
     $144,000 for the six months ended June 30, 1998, which are included in
     general and administrative expenses.

     A real estate investment trust ("REIT") organized by affiliates of NAPICO
     has advised the Partnership that it intends to make a proposal to purchase
     from the Partnership certain of the limited partnership interests held for
     investment by the Partnership.

     The REIT proposes to purchase such limited partnership interests for cash,
     which it plans to raise in connection with a private placement of its
     equity securities. The purchase is subject to, among other things, (i)
     consummation of such private placement by the REIT; (ii) the purchase of
     the general partnership interests in the local limited partnerships by the
     REIT; (iii) the approval of HUD and certain state housing finance agencies;
     (iv) the consent of the limited partners to the sale of the local limited
     partnership interests held for investment by REAL V; and (v) the
     consummation of a minimum number of purchase transactions with other NAPICO
     affiliated partnerships. As of June 30, 1998, the REIT had completed
     buy-out negotiations with a majority of the general partners of the local
     limited partnerships.

     A consent solicitation statement will be sent to the limited partners
     setting forth the terms and conditions of the purchase of the limited
     partners' interests held for investment by the Partnership, together with
     certain amendments to the Partnership Agreement and other disclosures of
     various conflicts of interest in connection with the proposed transaction.



                                       11
<PAGE>   14

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1998


PART II.   OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

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


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

     (a) No exhibits are required per the provision of Item 7 of regulation S-K.




                                       12
<PAGE>   15


                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                  JUNE 30, 1998


                                   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:  8/14/98
                                      ------------------------------------------


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



                                 Date:  8/14/98
                                      ------------------------------------------

                                       13