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

                                   Form 10-QSB

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

                   For the quarterly period ended March 31, 2003


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


                For the transition period from _________to _________

                         Commission file number 0-14458


                        REAL ESTATE ASSOCIATES LIMITED V
             (Exact name of registrant as specified in its charter)


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

                         55 Beattie Place, P.O. Box 1089
                        Greenville, South Carolina 29601
                    (Address of principal executive offices)

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

<PAGE>



                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS


                        REAL ESTATE ASSOCIATES LIMITED V
                                  Balance Sheet
                                   (Unaudited)
                        (in thousands, except unit data)

                                 March 31, 2003


                         ASSETS
Cash and cash equivalents                                                 $ 307
Investments in and advances to Local Limited
  Partnerships (Note 2)                                                     670
Due from affiliates                                                           9

                                                                          $ 986
       LIABILITIES AND PARTNERS' (DEFICIT) CAPITAL

Liabilities
  Accounts Payable and accrued expenses                                    $ 12


Partners' (deficit) capital
  General Partners                                           $ (147)
  Limited Partners                                             1,121        974

                                                                          $ 986

                   See Accompanying Notes to Financial Statements


<PAGE>




                        REAL ESTATE ASSOCIATES LIMITED V
                            Statements of Operations
                                   (Unaudited)
                      (in thousands, except per unit data)


                                                            Three Months Ended
                                                                 March 31,
                                                             2003        2002
Revenues:
  Interest and other income                                  $ --        $ 1

Operating Expenses:
  Legal and accounting                                          24         18
  Management fees - general partner (Note 3)                    11         11
  Administrative (Note 3)                                        2          8
      Total operating expenses                                  37         37

Loss from partnership operations                               (37)       (36)

Distributions in excess of investment in Local
  Limited Partnerships (Note 2)                                 15         --

Equity in income of Local Limited Partnerships and
  amortization of acquisition costs (Note 2)                    --         39
Net (loss) income                                            $ (22)       $ 3

Net (loss) income allocated to general partners (1%)         $ --        $ --
Net (loss) income allocated to limited partners (99%)          (22)         3
                                                             $ (22)       $ 3

Net (loss) income per limited partnership
  interest (Note 1)                                         $(2.83)     $ 0.38

                   See Accompanying Notes to Financial Statements


<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                    Statement of Partners' (Deficit) Capital
                                   (Unaudited)
                                 (in thousands)


                                        General          Limited
                                       Partners          Partners        Total

Partnership interests                                      7,777

Partners' (deficit) capital,
  December 31, 2002                     $ (147)           $1,143         $ 996

Net loss for the three months
  ended March 31, 2003                      --               (22)          (22)

Partners' deficit (capital),
  March 31, 2003                        $ (147)           $1,121         $ 974


                   See Accompanying Notes to Financial Statements

<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                            Statements of Cash Flows
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                    Three Months Ended
                                                                        March 31,
                                                                   2003            2002
Cash flows from operating activities:
<S>                                                               <C>              <C>
  Net (loss) income                                               $ (22)           $ 3
  Adjustments to reconcile net (loss) income to net cash
    used in operating activities:
      Equity in income of limited partnerships and
        amortization of acquisition costs                             --             (39)
      Increase in due from affiliates                                 (7)             --
      Increase in accounts payable and accrued
        expenses                                                      12              12
         Net cash used in operating activities                       (17)            (24)


Cash flows provided by investing activities:
  Distributions from Local Limited Partnerships recognized
    as a reduction of investment balance                              89              --

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                  72             (24)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                       235             380

CASH AND CASH EQUIVALENTS, END OF PERIOD                          $ 307           $ 356

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED V
                       (a California limited partnership)

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

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, 2002 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 March 31,
2003,  and the  results of  operations  and  changes in cash flows for the three
months then ended.

The general  partners share a one percent  interest in profits and losses of the
Partnership.  The limited partners share the remaining 99 percent interest which
is allocated in proportion to their respective 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 publicly traded real estate investment trust ("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.

Method of Accounting for Investments in Limited Partnerships

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

Net (Loss) Income Per Limited Partnership Interest

Net (loss)  income per limited  partner  interest  was  computed by dividing the
limited  partners'  share  of  net  (loss)  income  by  the  number  of  limited
partnership  interests  outstanding  during  the  period.  The number of limited
partnership  interests  was 7,777 and 7,808 for each of the three month  periods
ended March 31, 2003 and 2002, respectively.

Recent Accounting Pronouncements

In January 2003,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Interpretation  No. 46 ("FIN46"),  "Consolidation of Variable Interest Entities,
an  Interpretation  of ARB No. 51." FIN46  requires  certain  variable  interest
entities  to be  consolidated  by the primary  beneficiary  of the entity if the
equity investors in the entity do not have the  characteristics of a controlling
financial  interest or do not have  sufficient  equity at risk for the entity to
finance its activities  without additional  subordinated  financial support from
other parties. FIN46 is effective for all new variable interest entities created
or acquired after January 31, 2003. For variable  interest  entities  created or
acquired  prior to February 1, 2003, the provisions of FIN46 must be applied for
the  first  interim  or  annual  period  beginning  after  June  15,  2003.  The
Partnership  is currently  evaluating  the effect,  if any, that the adoption of
FIN46 will have on its results of operations and financial condition.

NOTE 2 - INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

As of March 31, 2003, the  Partnership  holds limited  partnership  interests in
three limited  partnerships  ("Local Limited  Partnerships").  The Local Limited
Partnerships owned, as of March 31, 2003, 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,  does not  exercise  control  over the
activities and operations,  including  refinancing or selling decisions,  of the
Local  Limited  Partnerships.  Accordingly,  the  Partnership  accounts  for its
investments  in the Local  Limited  Partnerships  using the equity  method.  The
Partnership  is allocated  profits and losses of the Local Limited  Partnerships
based upon its respective ownership percentage of 99%.  Distributions of surplus
cash  from  operations  from two of the three  Local  Limited  Partnerships  are
restricted by the Local Limited  Partnerships'  Regulatory  Agreements  with the
United  States  Department  of  Housing  and Urban  Development  ("HUD").  These
restrictions  limit the distribution to 6% of the initial invested capital.  The
excess surplus cash is deposited into a residual receipts reserve,  of which the
ultimate  realization by the Partnership is uncertain as HUD frequently  retains
it upon sale or  dissolution  of the Local  Limited  Partnership.  For the third
Local Limited Partnership distributions of surplus cash are not restricted.  The
Partnership  is  allocated  profits and losses and receives  distributions  from
refinancings  and  sales in  accordance  with the  Local  Limited  Partnerships'
partnership  agreements.   These  agreements  usually  limit  the  Partnership's
distributions to an amount  substantially less than its ownership  percentage in
the Local Limited Partnership.

The individual  investments are carried at cost plus the Partnership's  share of
the Local  Limited  Partnership's  profits less the  Partnership's  share of the
Local Limited  Partnership's  losses,  distributions and impairment charges. The
Partnership  is not  legally  liable for the  obligations  of the Local  Limited
Partnerships  and is not otherwise  committed to provide  additional  support to
them. Therefore, it does not recognize losses once its investment in each of the
Local Limited  Partnerships  reaches zero.  Distributions from the Local Limited
Partnerships  are accounted for as a reduction of the  investment  balance until
the investment  balance is reduced to zero. When the investment balance has been
reduced to zero, subsequent  distributions  received are recognized as income in
the accompanying statements of operations.

For those  investments  where the  Partnership  has determined that the carrying
value  of its  investments  approximates  the  estimated  fair  value  of  those
investments,  the  Partnership's  policy is to recognize equity in income of the
Local  Limited  Partnerships  only to the extent of  distributions  received and
amortization  of  acquisition  costs  from  those  Local  Limited  Partnerships.
Therefore,  the  Partnership  limits its  recognition of equity  earnings to the
amount it expects to ultimately realize.

As of March 31, 2003, the  investment  balance in two of the three Local Limited
Partnerships had been reduced to zero.

The following is a summary of the investments in Local Limited  Partnerships for
the three months ended March 31, 2003 (in thousands):

               Balance, beginning of period                    $ 759
               Amortization of acquisition costs                  (1)
               Equity in income of Local Limited
                 Partnerships                                      1
               Distribution received recognized as a
                 reduction in investment balance                 (89)

               Balance, end of period                          $ 670


The following are unaudited combined estimated  statements of operations for the
three months ended March 31, 2003 and 2002 of the Local Limited  Partnerships in
which the Partnership has invested:


                    COMBINED ESTIMATED STATEMENTS OF OPERATIONS

                                                   Three Months Ended
                                                        March 31,
                                                   2003           2002
                                                     (in thousands)
Revenues
  Rental and other income                          $ 752          $ 774

Expenses
  Depreciation                                        83             83
  Interest                                           307            300
  Operating                                          302            304
                                                     692            687
Net income                                         $ 60           $ 87

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 not 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")  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.

NOTE 3 - TRANSACTIONS WITH AFFILIATED PARTIES

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  $11,000 for each of the three month  periods ended March 31, 2003
and 2002.

The Partnership  reimburses NAPICO for certain expenses.  The reimbursement paid
to NAPICO was  approximately  $1,000 for each of the three month  periods  ended
March 31, 2003 and 2002 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 corporate  general partner) and two investors
holding an  aggregate  of five units of limited  partnership  interests  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  defendants.  The complaint  alleged that the defendants  breached
their  fiduciary  duty  to  the  limited  partners  of  certain  NAPICO  managed
partnerships  and  violated  securities  laws by  making  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  sought  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
entities.  The second action was subsumed in the first action, and was certified
as a  class  action.  On  August  21,  2001,  plaintiffs  filed  a  supplemental
complaint,  which added new claims,  including a  rescission  of the transfer of
partnership  interests and an  accounting.  In November  2002, the jury returned
special  verdicts  against NAPICO and certain other  defendants in the amount of
approximately $25.2 million for violations of securities laws and against NAPICO
for approximately $67.3 million for breaches of fiduciary duty. In addition, the
jury awarded the plaintiffs  punitive  damages  against NAPICO of  approximately
$92.5 million.  On April 29, 2003, the Court entered judgment against NAPICO and
certain  other  defendants  in the amount of $25.2  million  for  violations  of
securities  laws and against  NAPICO for $67.3 million for breaches of fiduciary
duty,  both amounts plus  interest of $25.6  million,  and for punitive  damages
against NAPICO in the amount of $2.6 million.  NAPICO has appealed the judgment.
Since the  amount of the  judgment  substantially  exceeds  NAPICO's  net worth,
NAPICO  cannot post a bond for the full amount of the  judgment in order to stay
execution of the  judgment  during the appeal  process.  NAPICO has asserted its
right to  indemnification  from the prior shareholders of Casden Properties Inc.
pursuant to documents,  including the Master Indemnification  Agreement dated as
of December 3, 2001, related to the NAPICO  acquisition,  which was completed in
March 2002. On May 13, 2003,  NAPICO commenced an action in New York against the
former  shareholders  of Casden  Properties  Inc.  for  damages  relating to the
litigation.  In connection  with the  judgment,  the  plaintiffs  issued a press
release  indicating  their  intention  to  file  a  motion  to  seek  to  have a
court-appointed receiver take possession of all of NAPICO's assets, liquidate or
operate NAPICO's assets, recover assets that allegedly may have been conveyed by
NAPICO for improper or inadequate  consideration prior to the receivership,  and
enforce NAPICO's rights under the Master Indemnification Agreement.  NAPICO will
vigorously  oppose the motion.  The Corporate General Partner cannot predict the
outcome  of  these  matters,  what  other  actions  that may be  pursued  by the
plaintiffs to satisfy the judgment, or the impact, if any, on the Partnership.

The  Corporate  General  Partner 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.


<PAGE>




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

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  Registrant'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  Registrant'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 Registrant and interpretations of those regulations;
the competitive  environment in which the Registrant 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  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

This item should be read in conjunction with the financial  statements and other
items contained elsewhere in this report.

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. No distributions  were made during the three months ended March 31, 2003
and 2002.

The properties in which the Partnership has invested, through its investments in
the Local Limited Partnerships, receive one or more forms of assistance from the
Federal  Government.  As a result,  the Local Limited  Partnerships'  ability to
transfer  funds either to the  Partnership  or among  themselves  in the form of
distributions,  loans or advances is generally  restricted  by these  government
assistance programs. These restrictions, however, are not expected to impact the
Partnership's  ability  to meet  its cash  obligations.  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.

Distributions  received from Local 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 three months ended
March 31, 2003, the Partnership received a distribution of approximately $89,000
from the Local Limited Partnership in which it has a positive investment balance
which was recognized as a return of capital.

As of March 31, 2003 and 2002, the Partnership has cash and cash  equivalents of
approximately  $307,000 and $356,000,  respectively.  Substantially all of these
amounts are on deposit with a high credit quality financial institution, earning
interest.  The amount of interest  income varies with market rates  available on
deposits and with the amount of funds available for investment. Cash equivalents
can be converted to cash to meet  obligations of the  Partnership as they arise.
The Partnership intends to continue investing available funds in this manner.

Results of Operations

At  March  31,  2003,  the   Partnership   has   investments  in  three  limited
partnerships,  all of which own housing  projects  that were  substantially  all
rented. The Partnership, as a limited partner, is entitled to 99% of the profits
and losses of the Local  Limited  Partnerships.  The  Partnership,  as a limited
partner, does not exercise control over the activities and operations, including
refinancing   or  selling   decisions,   of  the  Local  Limited   Partnerships.
Accordingly,  the  Partnership  accounts for its investment in the Local Limited
Partnerships  using the  equity  method.  Thus the  individual  investments  are
carried at cost plus the Partnership's share of the Local Limited  Partnership's
profits less the Partnership's share of the Local Limited  Partnership's losses,
distributions  and impairment  charges.  However,  since the  Partnership is not
legally liable for the obligations of the Local Limited Partnerships,  or is not
otherwise committed to provide additional support to them, it does not recognize
losses once its  investment  in each of the Local Limited  Partnerships  reaches
zero.  Distributions from the Local Limited  Partnerships are accounted for as a
reduction of the investment  balance until the investment  balance is reduced to
zero.  Subsequent  distributions  received  are  recognized  as  income  in  the
accompanying   statements  of  operations.   For  those  investments  where  the
Partnership   has  determined   that  the  carrying  value  of  its  investments
approximates the estimated fair value of those  investments,  the  Partnership's
policy is to recognize equity in income of the Local Limited  Partnerships  only
to the extent of distributions  received and  amortization of acquisition  costs
from those Local Limited Partnerships.  At March 31, 2003, the Partnership has a
positive investment balance in only one Local Limited Partnership.

For those  investments  where the  Partnership  has determined that the carrying
value  of its  investments  approximates  the  estimated  fair  value  of  those
investments,  the  Partnership's  policy is to recognize equity in income of the
Local  Limited  Partnerships  only to the extent of  distributions  received and
amortization  of  acquisition  costs  from  those  Local  Limited  Partnerships.
Therefore,  the  Partnership  limits its  recognition of equity  earnings to the
amount it expects to ultimately  realize.  The Partnership  recognized equity in
income of Local Limited  Partnerships,  substantially all from the Local Limited
Partnership  with a  positive  investment  balance,  of  approximately  zero and
$39,000 for the three months ended March 31, 2003 and 2002, respectively.

Distributions  from the Local Limited  Partnerships  in which the  Partnership's
investment  in the  Local  Limited  Partnership  has been  reduced  to zero were
approximately  $15,000  and zero for the three  months  ended March 31, 2003 and
2002, respectively.  These amounts were recognized as income on the accompanying
statements of operations, in accordance with the equity method of accounting.

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")  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.

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 approximately  $24,000 and $18,000 for the three months
ended  March  31,  2003 and  2002,  respectively.  The  increase  in  legal  and
accounting  fees  is due  primarily  to an  increase  in  legal  costs  incurred
associated with previously dismissed cases.

Administrative  expenses  were  approximately  $2,000  and  $8,000 for the three
months   ended  March  31,  2003  and  2002,   respectively.   The  decrease  in
administrative  expenses is attributable  to a decrease in the costs  associated
with  the  preparation  and  filing  of the  Partnership's  quarterly  financial
statements. Included in administrative expenses are reimbursements to NAPICO for
certain expenses, which totaled approximately $1,000 for both of the three month
periods ended March 31, 2003 and 2002.

A recurring partnership expense is the annual management fee. The fee is payable
to the Corporate  General  Partner of the  Partnership  and is calculated at 0.4
percent of the Partnership's  original remaining 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 Partnership. Management fees
were  approximately  $11,000 for both of the three month periods ended March 31,
2003 and 2002.

The Partnership, as a limited partner in the Local Limited Partnerships in which
it has  invested,  is  subject  to the  risks  incident  to the  management  and
ownership of improved real estate. The Partnership  investments are also subject
to adverse general  economic  conditions,  and,  accordingly,  the status of the
national  legislation  which  could  increase  vacancy  levels,  rental  payment
defaults, and operating expenses, which in turn could substantially increase the
risk of operating losses for the projects.

Other

AIMCO and its affiliates owned 679 limited  partnership  units ("the units") (or
1,358 limited partnership  interests) in the Partnership  representing 17.46% of
the  outstanding  units as of March 31,  2003.  A unit  consists  of two limited
partnership  interests. A number of these Units were acquired pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire additional 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  either  through  private  purchases  or tender
offers. 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  without   limitation,   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.

Recent Accounting Pronouncements

In January 2003, the Financial  Accounting  Standards Board ("FASB") issued FASB
Interpretation  No. 46 ("FIN46"),  "Consolidation of Variable Interest Entities,
and  Interpretation  of ARB No. 51." FIN46 requires  certain  variable  interest
entities  to be  consolidated  by the primary  beneficiary  of the entity if the
equity investors in the entity do not have the  characteristics of a controlling
financial  interest  or do no have  sufficient  equity at risk for the entity to
finance its activities  without additional  subordinated  financial support from
other parties. FIN46 is effective for all new variable interest entities created
or acquired after January 31, 2003. For variable  interest  entities  created or
acquired  prior to February 1, 2003, the provisions of FIN46 must be applied for
the  first  interim  or  annual  period  beginning  after  June  15,  2003.  The
Partnership  is currently  evaluating  the effect,  if any, that the adoption of
FIN46 will have on its results of operations and financial condition.

Critical Accounting Policies and Estimates

The financial  statements are prepared in accordance with accounting  principles
generally  accepted in the United States which require the  Partnership  to make
estimates  and  assumptions.  The  Partnership  believes  that  of its  critical
accounting  policies,  the following may involve a higher degree of judgment and
complexity.

Method of Accounting for Investments in Limited Partnerships

The  Partnership,  as a limited  partner,  does not  exercise  control  over the
activities and operations,  including  refinancing or selling decisions,  of the
Local  Limited  Partnerships.  Accordingly,  the  Partnership  accounts  for its
investments  in the Local  Limited  Partnerships  using the equity  method.  The
Partnership  is allocated  profits and losses of the Local Limited  Partnerships
based upon its respective ownership percentage of 99%.  Distributions of surplus
cash  from  operations  from two of the three  Local  Limited  Partnerships  are
restricted by the Local Limited  Partnerships'  Regulatory  Agreements  with the
United  States  Department  of  Housing  and Urban  Development  ("HUD").  These
restrictions  limit the distribution to 6% of the initial invested capital.  The
excess surplus cash is deposited into a residual receipts reserve,  of which the
ultimate  realization by the Partnership is uncertain as HUD frequently  retains
it upon sale or  dissolution  of the Local  Limited  Partnership.  For the third
Local Limited Partnership distributions of surplus cash are not restricted.  The
Partnership  is  allocated  profits and losses and receives  distributions  from
refinancings  and  sales in  accordance  with the  Local  Limited  Partnerships'
partnership  agreements.   These  agreements  usually  limit  the  Partnership's
distributions to an amount  substantially less than its ownership  percentage in
the Local Limited Partnership.

The individual  investments are carried at cost plus the Partnership's  share of
the Local  Limited  Partnership's  profits less the  Partnership's  share of the
Local Limited  Partnership's  losses,  distributions and impairment charges. The
Partnership  is not  legally  liable for the  obligations  of the Local  Limited
Partnerships  and is not otherwise  committed to provide  additional  support to
them. Therefore, it does not recognize losses once its investment in each of the
Local Limited  Partnerships  reaches zero.  Distributions from the Local Limited
Partnerships  are accounted for as a reduction of the  investment  balance until
the investment  balance is reduced to zero. When the investment balance has been
reduced to zero, subsequent  distributions  received are recognized as income in
the accompanying statements of operations.

For those  investments  where the  Partnership  has determined that the carrying
value  of its  investments  approximates  the  estimated  fair  value  of  those
investments,  the  Partnership's  policy is to recognize equity in income of the
Local  Limited  Partnerships  only to the extent of  distributions  received and
amortization  of  acquisition  costs  from  those  Local  Limited  Partnerships.
Therefore,  the  Partnership  limits its  recognition of equity  earnings to the
amount it expects to ultimately realize.

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.  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.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.



<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  interests  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  defendants.  The complaint  alleged that the defendants  breached
their  fiduciary  duty  to  the  limited  partners  of  certain  NAPICO  managed
partnerships  and  violated  securities  laws by  making  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  sought  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
entities.  The second action was subsumed in the first action, and was certified
as a  class  action.  On  August  21,  2001,  plaintiffs  filed  a  supplemental
complaint,  which added new claims,  including a  rescission  of the transfer of
partnership  interests and an  accounting.  In November  2002, the jury returned
special  verdicts  against NAPICO and certain other  defendants in the amount of
approximately $25.2 million for violations of securities laws and against NAPICO
for approximately $67.3 million for breaches of fiduciary duty. In addition, the
jury awarded the plaintiffs  punitive  damages  against NAPICO of  approximately
$92.5 million.  On April 29, 2003, the Court entered judgment against NAPICO and
certain  other  defendants  in the amount of $25.2  million  for  violations  of
securities  laws and against  NAPICO for $67.3 million for breaches of fiduciary
duty,  both amounts plus  interest of $25.6  million,  and for punitive  damages
against NAPICO in the amount of $2.6 million.  NAPICO has appealed the judgment.
Since the  amount of the  judgment  substantially  exceeds  NAPICO's  net worth,
NAPICO  cannot post a bond for the full amount of the  judgment in order to stay
execution of the  judgment  during the appeal  process.  NAPICO has asserted its
right to  indemnification  from the prior shareholders of Casden Properties Inc.
pursuant to documents,  including the Master Indemnification  Agreement dated as
of December 3, 2001, related to the NAPICO  acquisition,  which was completed in
March 2002. On May 13, 2003,  NAPICO commenced an action in New York against the
former  shareholders  of Casden  Properties  Inc.  for  damages  relating to the
litigation.  In connection  with the  judgment,  the  plaintiffs  issued a press
release  indicating  their  intention  to  file  a  motion  to  seek  to  have a
court-appointed receiver take possession of all of NAPICO's assets, liquidate or
operate NAPICO's assets, recover assets that allegedly may have been conveyed by
NAPICO for improper or inadequate  consideration prior to the receivership,  and
enforce NAPICO's rights under the Master Indemnification Agreement.  NAPICO will
vigorously  oppose the motion.  The Corporate General Partner cannot predict the
outcome  of  these  matters,  what  other  actions  that may be  pursued  by the
plaintiffs to satisfy the judgment, or the impact, if any, on the Partnership.

The  Corporate  General  Partner 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.

            Exhibit 99,  Certification  Pursuant to 18 U.S.C.  Section  1350, as
            Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

     (b)    Reports on Form 8-K:

            No reports on Form 8-K were filed for the  quarter  ended  March 31,
            2003.

<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: May 15, 2003



<PAGE>



                                  CERTIFICATION


I, David R. Robertson, certify that:


1. I have  reviewed  this  quarterly  report  on  Form  10-QSB  of  Real  Estate
Associates Limited V;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  May 15, 2003

                                    /s/David R. Robertson
                                    David R. Robertson
                                    President and Chief Executive Officer of
                                    National Partnership Investments Corp.,
                                    equivalent of the chief executive officer of
                                    the Partnership


<PAGE>




                                  CERTIFICATION


I, Brian H. Shuman, certify that:


1. I have  reviewed  this  quarterly  report  on  Form  10-QSB  of  Real  Estate
Associates Limited V;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  May 15, 2003

                                    /s/Brian H. Shuman
                                    Brian H. Shuman
                                    Senior Vice President and Chief Financial
                                    Officer of National Partnership Investments
                                    Corp., equivalent of the chief financial
                                    officer of the Partnership


<PAGE>

Exhibit 99


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002



In connection with the Quarterly Report on Form 10-QSB of Real Estate Associates
Limited V (the "Partnership"),  for the quarterly period ended March 31, 2003 as
filed with the  Securities  and  Exchange  Commission  on the date  hereof  (the
"Report"),  David R. Robertson, as the equivalent of the chief executive officer
of the  Partnership,  and  Brian  H.  Shuman,  as the  equivalent  of the  chief
financial  officer of the  Partnership,  each hereby  certifies,  pursuant to 18
U.S.C.  Section 1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley
Act of 2002, that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/David R. Robertson
                                    Name:  David R. Robertson
                                    Date:  May 15, 2003


                                           /s/Brian H. Shuman
                                    Name:  Brian H. Shuman
                                    Date:  May 15, 2003


This  certification  accompanies  the  Report  pursuant  to  Section  906 of the
Sarbanes-Oxley  Act of 2002 and shall not,  except to the extent required by the
Sarbanes-Oxley  Act of 2002, be deemed filed by the  Partnership for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended.