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

                                   Form 10-QSB

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

                For the quarterly period ended March 31, 2005

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

             For the transition period from _________to _________

                         Commission file number 0-11574

                              SHELTER PROPERTIES V
      (Exact name of small business issuer as specified in its charter)

      South Carolina                                            57-0721855
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

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

                                 (864) 239-1000
                            Issuer's telephone number


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 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 ___

                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS


                              SHELTER PROPERTIES V
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                        (in thousands, except unit data)

                                 March 31, 2005

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 444
   Receivables and deposits                                                      402
   Restricted escrows                                                            278
   Other assets                                                                1,655
   Investment properties:
      Land                                                    $ 4,054
      Buildings and related personal property                   89,078
                                                               93,132
      Less accumulated depreciation                            (60,314)       32,818
                                                                            $ 35,597

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 586
   Tenant security deposit liabilities                                           283
   Accrued property taxes                                                        271
   Other liabilities                                                             661
   Due to affiliates (Note C)                                                  3,207
   Mortgage notes payable                                                     43,694

Partners' Deficit
   General partners                                            $ (383)
   Limited partners (52,538 units
      issued and outstanding)                                  (12,722)      (13,105)
                                                                            $ 35,597

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>





                              SHELTER PROPERTIES V
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (in thousands, except per unit data)


<TABLE>
<CAPTION>

                                                                    Three Months Ended
                                                                         March 31,
                                                                        2005     2004
Revenues:
<S>                                                                 <C>         <C>
   Rental income                                                    $ 3,211     $ 3,059
   Other income                                                         368         375
      Total revenues                                                  3,579       3,434

Expenses:
   Operating                                                          1,651       1,533
   General and administrative                                           105          82
   Depreciation                                                         832         853
   Interest                                                             904         869
   Property taxes                                                       321         260
      Total expenses                                                  3,813       3,597

Net loss                                                            $  (234)     $  (163)

Net loss allocated to general partners (1%)                        $    (2)     $    (2)
Net loss allocated to limited partners (99%)                          (232)        (161)

                                                                   $  (234)     $  (163)

Net loss per limited partnership unit                              $ (4.42)     $ (3.06)

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>


<PAGE>



                             SHELTER PROPERTIES V
            CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
                        (in thousands, except unit data)


<TABLE>
<CAPTION>

                                       Limited
                                     Partnership     General      Limited
                                        Units        Partners    Partners     Total

<S>                                     <C>            <C>        <C>        <C>
Original capital contributions          52,538         $ 2        $52,538    $52,540

Partners' deficit at
   December 31, 2004                    52,538        $ (381)    $(12,490)  $(12,871)

Net loss for the three months
   ended March 31, 2005                     --            (2)        (232)      (234)

Partners' deficit at
   March 31, 2005                       52,538        $ (383)    $(12,722)   $(13,105)

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>



                              SHELTER PROPERTIES V
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>


                                                              Three Months Ended
                                                                   March 31,
                                                                  2005    2004
Cash flows from operating activities:
<S>                                                           <C>         <C>
  Net loss                                                    $  (234)    $  (163)
  Adjustments to reconcile net loss
    to net cash provided by operating activities:
      Depreciation                                                832         853
      Amortization of loan costs                                   18          19
      Casualty loss                                               (16)         --
      Change in accounts:
          Receivables and deposits                                 66          56
          Other assets                                           (177)       (319)
          Accounts payable                                        (17)         99
          Tenant security deposit liabilities                      10         (13)
          Accrued property taxes                                  177          23
          Due to affiliates                                       (70)         --
          Other liabilities                                       (39)         47
             Net cash provided by operating activities            550         602

Cash flows from investing activities:
  Property improvements and replacements                       (1,167)       (193)
  Net deposits to restricted escrows                               (1)         --
             Net cash used in investing activities             (1,168)       (193)

Cash flows from financing activities:
  Payments on mortgage notes payable                             (360)       (293)
  Advances from affiliate                                         318         150
  Payments on advances from affiliate                             (34)       (150)
             Net cash used in financing activities                (76)       (293)

Net (decrease) increase in cash and cash equivalents             (694)        116
Cash and cash equivalents at beginning of period                1,138         458
Cash and cash equivalents at end of period                    $   444     $   574

Supplemental disclosure of cash flow information:
  Cash paid for interest                                      $   889     $   744
Supplemental disclosure of non-cash activity:
  Property improvements and replacements in accounts
   payable                                                    $   442     $    40

At December  31,  2004,  approximately  $726,000 of  property  improvements  and
replacements were included in accounts payable.

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>

                              SHELTER PROPERTIES V
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The  accompanying   unaudited   consolidated  financial  statements  of  Shelter
Properties  V  (the   "Partnership"  or  "Registrant")  have  been  prepared  in
accordance with generally accepted  accounting  principles for interim financial
information  and  with the  instructions  to Form  10-QSB  and  Item  310(b)  of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  The general  partner  responsible  for management of the
Partnership's  business is Shelter Realty V Corporation (the "Corporate  General
Partner").  In the opinion of the Corporate  General  Partner,  all  adjustments
(consisting  of  normal  recurring  accruals)  considered  necessary  for a fair
presentation  have been included.  Operating  results for the three month period
ended March 31, 2005 are not  necessarily  indicative of the results that may be
expected for the fiscal year ending December 31, 2005. For further  information,
refer to the consolidated financial statements and footnotes thereto included in
the  Partnership's  Annual  Report on Form  10-KSB  for the  fiscal  year  ended
December 31, 2004.  The Corporate  General  Partner is a subsidiary of Apartment
Investment  and  Management  Company  ("AIMCO"),  a publicly  traded real estate
investment   trust.  The  other  general  partner  of  the  partnership,   AIMCO
Properties, L.P., is also an affiliate of AIMCO.

Note B - Reconciliation of Cash Flows

As required by the Partnership  Agreement,  the following is a reconciliation of
"Net cash provided by operating  activities"  in the  accompanying  consolidated
statements  of cash  flows to "Net  cash from  operations",  as  defined  in the
Partnership  Agreement.  However,  "Net  cash  from  operations"  should  not be
considered  an  alternative  to net loss as an  indicator  of the  Partnership's
operating performance or to cash flows as a measure of liquidity.

                                                     Three Months Ended
                                                          March 31,
                                                       (in thousands)
                                                       2005       2004

         Net cash provided by operating activities    $ 550      $ 602
         Payments on mortgage notes payable             (360)      (293)
         Property improvements and replacements       (1,167)      (193)
         Change in restricted escrows, net                (1)        --
         Changes in reserves for net operating
            liabilities                                   50        107

            Net cash (used in) from operations        $ (928)    $ 223

Note C - Transactions with Affiliated Parties

The  Partnership  has no employees and depends on the Corporate  General Partner
and its  affiliates for the management  and  administration  of all  Partnership
activities.   The  Partnership   Agreement  provides  for  certain  payments  to
affiliates  for  services  and  reimbursement  of certain  expenses  incurred by
affiliates on behalf of the Partnership.

Affiliates of the Corporate  General  Partner  receive 5% of gross receipts from
all of the  Partnership's  investment  properties as compensation  for providing
property   management   services.   The  Partnership  paid  to  such  affiliates
approximately  $176,000  and  $185,000 for the three months ended March 31, 2005
and 2004, respectively, which are included in operating expenses.

In accordance with the Partnership Agreement, during the fourth quarter of 2004,
the  Corporate  General  Partner  advanced   approximately   $1,949,000  to  the
Partnership to fund the  redevelopment  project at Lake Johnson Mews  Apartments
and approximately  $954,000 to fund operating  expenses and real estate taxes at
four of the Partnership's  investment properties.  During the three months ended
March 31, 2005, the Corporate General Partner loaned  approximately  $199,000 to
the  Partnership  to  fund  the  redevelopment  project  at  Lake  Johnson  Mews
Apartments  and  approximately  $119,000 to fund real  estate  taxes and capital
expenditures  at Lake  Johnson  Mews  Apartments  and  Foxfire  Apartments.  The
Corporate  General Partner loaned  approximately  $150,000 to the Partnership to
fund real estate taxes at Woodland  Village  Apartments  during the three months
ended March 31, 2004. Interest is accrued at 10.0% on the redevelopment advances
and the prime  rate plus 2%  (7.75% at March 31,  2005) for all other  advances.
Interest expense was approximately $65,000 and $1,000 for the three months ended
March 31, 2005 and 2004,  respectively.  During the three months ended March 31,
2005 and 2004,  the  Partnership  made  payments on  advances  of  approximately
$34,000 and $150,000,  respectively, and related interest of $66,000 and $1,000,
respectively,   with  cash  from  operations.  At  March  31,  2005,  the  total
outstanding  advances and accrued  interest due to an affiliate of the Corporate
General  Partner  is  approximately   $3,207,000  and  is  included  in  due  to
affiliates.  An affiliate of the Corporate General Partner has committed to fund
additional  redevelopment  costs for the  redevelopment  project at Lake Johnson
Mews Apartments of approximately $1,911,000 (see Item 2. Management's Discussion
and Analysis or Plan of Operation).

Affiliates  of  the  Corporate  General  Partner  charged  the  Partnership  for
reimbursement of accountable  administrative expenses amounting to approximately
$111,000  and  $70,000  for the three  months  ended  March  31,  2005 and 2004,
respectively,  which are  included in general and  administrative  expenses  and
investment  properties.   The  portion  of  these  reimbursements   included  in
investment  properties  for the three  months  ended March 31, 2005 and 2004 are
fees related to construction management services provided by an affiliate of the
Corporate  General Partner of approximately  $31,000 and $14,000,  respectively.
The construction management service fees are calculated based on a percentage of
current additions to investment properties.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers'  compensation,  property  casualty  and vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Corporate  General  Partner.  During the three months ended March 31, 2005,  the
Partnership was charged by AIMCO and its affiliates  approximately  $126,000 for
hazard insurance coverage and fees associated with policy claims administration.
Additional  charges  will be  incurred by the  Partnership  during 2005 as other
insurance policies renew later in the year. The Partnership was charged by AIMCO
and its  affiliates  approximately  $193,000  for  insurance  coverage  and fees
associated with policy claims  administration during the year ended December 31,
2004.

Note D - Casualty Events

In September  2004,  Millhopper  Apartments  experienced  damage from  Hurricane
Frances.  At March 31,  2005,  the  Partnership  estimates  damage costs of this
casualty  will  be  approximately   $78,000.   The  Corporate   General  Partner
anticipates  that insurance  proceeds to be received will be sufficient to cover
estimated repairs and no casualty loss will result from this event. In addition,
the Partnership incurred clean up costs of approximately $60,000, which were not
covered by  insurance,  for the year ended  December 31, 2004.  The  Partnership
incurred  additional  clean up  costs of  approximately  $9,000  which  were not
covered by  insurance,  for the three  months  ended March 31,  2005,  which are
reflected in operating expenses.

The Partnership incurred clean up costs of approximately $9,000 at The Lexington
Green  Apartments  for  Hurricanes  Frances and Jeanne which were not covered by
insurance  for the year  ended  December  31,  2004.  The  Partnership  incurred
additional  clean up costs of approximately  $11,000,  which were not covered by
insurance,  for the three months ended March 31,  2005,  which are  reflected in
operating  expenses.   The  Partnership  also  recognized  a  casualty  gain  of
approximately  $16,000 due to a change in the estimated  building damages at The
Lexington Green Apartments, which is reflected in operating expenses.

Note E - Property Taxes

During  the  three  months  ended  March  31,  2005,  the  Partnership  received
notification  that its appeal of the 2004 assessed value of The Lexington  Green
Apartments was denied.  The Partnership  recorded  property tax expense for 2004
based upon its best  estimate of the  property  tax as provided by a third party
property tax specialist. The Partnership paid the billed property tax amount and
at December 31, 2004  established  a receivable  in the amount of  approximately
$50,000.  This  receivable was reversed  during the three months ended March 31,
2005, with a resulting increase to property tax expense.

Note F - Contingencies

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial  dissolution.  On January 28, 2002, the trial court granted  defendants
motion to strike the complaint.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering judgment thereto. On May 4, 2004 the
Objector filed a second appeal  challenging the court's use of a referee and its
order requiring Objector to pay those fees.

On March 21, 2005, the Court of Appeals issued opinions in both pending appeals.
With regard to the settlement and judgment entered thereto, the Court of Appeals
vacated  the trial  court's  order and  remanded  to the trial court for further
findings  on the basis that the "state of the record is  insufficient  to permit
meaningful  appellate  review".  With regard to the second appeal,  the Court of
Appeals  reversed the order requiring the Objector to pay referee fees. On April
26, 2005,  the Court of Appeals  lifted the stay of a pending  appeal related to
the Heller action and the trial court's order striking the  complaint.  On April
28, 2005, the Objector  filed a Petition for Review with the California  Supreme
Court in connection with the opinion vacating the order approving settlement and
remanding for further findings. The Corporate General Partner and its affiliates
are  currently  scheduled  to file an answer to  Objector's  petition on May 18,
2005.

The  Corporate  General  Partner  does  not  anticipate  that  any  costs to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

AIMCO  Properties  L.P.  and NHP  Management  Company,  both  affiliates  of the
Corporate  General  Partner,  are  defendants  in a lawsuit  alleging  that they
willfully  violated  the Fair Labor  Standards  Act  ("FLSA")  by failing to pay
maintenance  workers  overtime for all hours worked in excess of forty per week.
The complaint  attempts to bring a collective action under the FLSA and seeks to
certify state subclasses in California,  Maryland, and the District of Columbia.
Specifically,  the  plaintiffs  contend  that  AIMCO  Properties  L.P.  and  NHP
Management Company failed to compensate  maintenance  workers for time that they
were  required  to be  "on-call."  Additionally,  the  complaint  alleges  AIMCO
Properties  L.P. and NHP  Management  Company  failed to comply with the FLSA in
compensating  maintenance  workers for time that they worked in  responding to a
call  while  "on-call."  The  defendants  have  filed an answer  to the  amended
complaint  denying the substantive  allegations.  Oral argument  relating to the
certification  of the  collective  action  took  place  on May 12,  2005 and the
parties await a ruling from the Court. Although the outcome of any litigation is
uncertain,  AIMCO  Properties,  L.P. does not believe that the ultimate  outcome
will have a material  adverse  effect on its  financial  condition or results of
operations.  Similarly,  the Corporate General Partner does not believe that the
ultimate  outcome  will have a  material  adverse  effect  on the  Partnership's
consolidated financial condition or results of operations.

The  Partnership  is unaware  of any other  pending  or  outstanding  litigation
matters  involving  it or its  investment  properties  that are not of a routine
nature arising in the ordinary course of business.

Environmental

Various  Federal,  state and local laws subject  property owners or operators to
liability for management,  and the costs of removal or  remediation,  of certain
hazardous  substances  present on a property.  Such laws often impose  liability
without regard to whether the owner or operator knew of, or was responsible for,
the release or presence of the  hazardous  substances.  The  presence of, or the
failure to manage or remedy properly,  hazardous substances may adversely affect
occupancy at affected  apartment  communities and the ability to sell or finance
affected properties.  In addition to the costs associated with investigation and
remediation  actions brought by government  agencies,  the presence of hazardous
substances  on a  property  could  result in claims by  private  plaintiffs  for
personal injury,  disease,  disability or other  infirmities.  Various laws also
impose  liability for the cost of removal,  remediation or disposal of hazardous
substances  through a  licensed  disposal  or  treatment  facility.  Anyone  who
arranges for the disposal or treatment of hazardous  substances  is  potentially
liable  under such laws.  These laws often impose  liability  whether or not the
person arranging for the disposal ever owned or operated the disposal  facility.
In  connection  with  the  ownership  and  operation  of  its  properties,   the
Partnership could  potentially be liable for environmental  liabilities or costs
associated with its properties.

Mold

The Partnership is aware of lawsuits  against owners and managers of multifamily
properties asserting claims of personal injury and property damage caused by the
presence of mold, some of which have resulted in substantial  monetary judgments
or settlements. The Partnership has only limited insurance coverage for property
damage loss claims  arising from the  presence of mold and for  personal  injury
claims related to mold  exposure.  Affiliates of the Corporate  General  Partner
have  implemented a national  policy and procedures to prevent or eliminate mold
from its  properties  and the  Corporate  General  Partner  believes  that these
measures will eliminate,  or at least minimize, the effects that mold could have
on residents.  To date, the  Partnership  has not incurred any material costs or
liabilities  relating to claims of mold  exposure  or to abate mold  conditions.
Because the law regarding  mold is unsettled and subject to change the Corporate
General  Partner  can make no  assurance  that  liabilities  resulting  from the
presence of or exposure to mold will not have a material  adverse  effect on the
Partnership's consolidated financial condition or results of operations.

SEC Investigation

The  Central  Regional  Office of the  United  States  Securities  and  Exchange
Commission (the "SEC") is conducting a formal investigation  relating to certain
matters.  Although  the staff of the SEC is not limited in the areas that it may
investigate,   AIMCO  believes  the  areas  of  investigation   include  AIMCO's
miscalculated   monthly  net  rental  income  figures  in  third  quarter  2003,
forecasted  guidance,  accounts  payable,  rent  concessions,   vendor  rebates,
capitalization of payroll and certain other costs, and tax credit  transactions.
At the end of the first quarter of 2005, the SEC added certain tender offers for
limited partnership interests as an area of investigation.  AIMCO is cooperating
fully.  AIMCO is not able to predict  when the  investigation  will be resolved.
AIMCO does not believe  that the ultimate  outcome will have a material  adverse
effect  on its  consolidated  financial  condition  or  results  of  operations.
Similarly,  the  Corporate  General  Partner  does not believe that the ultimate
outcome will have a material  adverse effect on the  Partnership's  consolidated
financial condition or results of operations.

Note G - Subsequent Event

Subsequent to March 31, 2005, the  Partnership  entered into a Purchase and Sale
Contract to sell The Lexington Green  Apartments to a third party for a purchase
price  of  approximately  $19,200,000.  The  anticipated  closing  date  for the
transaction  is June 13, 2005.  At March 31, 2005,  the carrying  amounts of the
mortgage note payable and investment property for The Lexington Green Apartments
are approximately $6,257,000 and $4,675,000, respectively. The operating results
of The Lexington Green  Apartments for the three months ended March 31, 2005 and
2004 were income of  approximately  $17,000  and  $13,000,  respectively,  which
included revenues of approximately $667,000 and $567,000, respectively.


<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.  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;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   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.

The Partnership's  investment  properties consist of seven apartment  complexes.
The following  table sets forth the average  occupancy of the properties for the
three months ended March 31, 2005 and 2004:

                                                          March 31,
                  Property                              2005     2004

                  Foxfire Apartments
                     Atlanta, Georgia                   90%       90%

                  Old Salem Apartments
                     Charlottesville, Virginia          89%       91%

                  Woodland Village Apartments
                     Columbia, South Carolina (1)       94%       88%

                  Lake Johnson Mews Apartments
                     Raleigh, North Carolina            87%       89%

                  The Lexington Green Apartments
                     Sarasota, Florida (2)              98%       94%

                  Millhopper Village Apartments
                     Gainesville, Florida (3)           97%       89%

                  Tar River Estates Apartments
                     Greenville, North Carolina (4)     98%       88%


 (1)  The  Corporate  General  Partner  attributes  the increase in occupancy at
      Woodland Village Apartments to increased  marketing and resident retention
      efforts.

 (2)  The Corporate General Partner  attributes the increase in occupancy at The
      Lexington Green Apartments to improved economic conditions in the Sarasota
      area and increased resident retention efforts.

 (3)  The  Corporate  General  Partner  attributes  the increase in occupancy at
      Millhopper  Village  Apartments  to improved  economic  conditions  in the
      Gainesville area.

 (4)  The Corporate General Partner  attributes the increase in occupancy at Tar
      River Estates Apartments to increased resident retention efforts.

The  Partnership's  financial  results depend upon a number of factors including
the  ability to attract  and  maintain  tenants  at the  investment  properties,
interest  rates on mortgage  loans,  costs  incurred  to operate the  investment
properties,  general  economic  conditions  and weather.  As part of the ongoing
business plan of the  Partnership,  the Corporate  General Partner  monitors the
rental market environment of its investment properties to assess the feasibility
of increasing rents,  maintaining or increasing  occupancy levels and protecting
the Partnership from increases in expenses.  As part of this plan, the Corporate
General  Partner  attempts  to  protect  the  Partnership  from  the  burden  of
inflation-related  increases in expenses by increasing  rents and  maintaining a
high overall  occupancy level.  However,  the Corporate  General Partner may use
rental  concessions  and  rental  rate  reductions  to offset  softening  market
conditions;  accordingly,  there  is no  guarantee  that the  Corporate  General
Partner will be able to sustain such a plan.  Further,  a number of factors that
are outside the control of the  Partnership,  such as the local economic climate
and weather can  adversely  or  positively  affect the  Partnership's  financial
results.

Results of Operations

The  Partnership's  net loss for the  three  months  ended  March  31,  2005 was
approximately  $234,000 as compared to a net loss of approximately  $163,000 for
the three  months  ended March 31,  2004.  The increase in net loss is due to an
increase in total expenses,  partially  offset by an increase in total revenues.
The  increase in total  expenses is due to  increases  in  operating,  interest,
property tax, and general and  administrative  expenses,  partially  offset by a
decrease  in  depreciation  expense.  The  increase  in  operating  expenses  is
primarily due to increases in payroll related expenses at Foxfire Apartments and
Tar River Estates  Apartments and utility expenses at four of the  Partnership's
investment  properties.  Interest expense increased primarily due to an increase
in interest  expense on advances  from an  affiliate  of the  Corporate  General
Partner,  partially offset by scheduled principal payments made on the mortgages
encumbering the Partnership's investment properties,  which reduced the carrying
balances of the loans.  The increase in property tax expense is primarily due to
an  increase  in the  assessed  value of Tar River  Estates  Apartments  and the
unsuccessful  appeal of the assessed value of Lexington  Green  Apartments  that
resulted in approximately  $50,000 of additional property tax expense related to
2004 being recognized during the three months ended March 31, 2005. The decrease
in  depreciation   expense  is  primarily  due  to  property   improvements  and
replacements  placed into  service in prior  years  becoming  fully  depreciated
during the past twelve months.

The  increase in general and  administrative  expenses  is  primarily  due to an
increase in the management  reimbursements  to the Corporate  General Partner as
allowed under the Partnership Agreement. Costs associated with the quarterly and
annual  communications  with  investors and  regulatory  agencies and the annual
audit  required by the  Partnership  Agreement  are also included in general and
administrative expenses for the three months ended March 31, 2005 and 2004.

The increase in total revenues is primarily due to an increase in rental income,
partially  offset  by a  decrease  in  other  income.  Rental  income  increased
primarily due to increases in occupancy at four of the Partnership's  investment
properties  and average  rental rates at five  properties,  partially  offset by
decreases in occupancy at Old Salem Apartments and Lake Johnson Mews and average
rental  rates at  Woodland  Village  Apartments  and Old Salem  Apartments.  The
decrease in other  income is primarily  due to a decrease in lease  cancellation
fees at most of the Partnership's investment properties.

In September  2004,  Millhopper  Apartments  experienced  damage from  Hurricane
Frances.  At  March  31,  2005,  the  Partnership   estimates  damage  costs  of
approximately  $78,000. The Corporate General Partner anticipates that insurance
proceeds to be received  will be sufficient  to cover  estimated  repairs and no
casualty loss will result from this event. In addition, the Partnership incurred
clean up costs of  approximately  $60,000,  which were not covered by insurance,
for the year ended December 31, 2004. The Partnership  incurred additional clean
up costs of  approximately  $9,000 which were not covered by insurance,  for the
three months ended March 31, 2005, which are reflected in operating expenses.

The Partnership incurred clean up costs of approximately $9,000 at The Lexington
Green  Apartments  for  Hurricanes  Frances and Jeanne which were not covered by
insurance  for the year  ended  December  31,  2004.  The  Partnership  incurred
additional  clean up costs of approximately  $11,000,  which were not covered by
insurance,  for the three months ended March 31,  2005,  which are  reflected in
operating expenses.

During the year ended December 31, 2004, the Corporate  General  Partner began a
major  redevelopment  project at Lake Johnson Mews Apartments.  The property has
had difficulty  staying  competitive and needs to be updated.  Therefore,  in an
effort to increase  occupancy  and remain  competitive  in the local  market,  a
significant  redevelopment  project  has  been  started  and is  expected  to be
completed  in January  2006 at a total  cost of  approximately  $4,059,000.  The
project is being funded from advances from an affiliate of the Corporate General
Partner.  The Corporate  General Partner  anticipates that all units will remain
available to lease during the redevelopment period.

Liquidity and Capital Resources

At  March  31,  2005,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $444,000,  compared to approximately  $574,000 at March 31, 2004.
The decrease in cash and cash  equivalents of approximately  $694,000,  from the
Partnership's  year ended December 31, 2004, is due to approximately  $1,168,000
of cash used in investing  activities and approximately  $76,000 of cash used in
financing  activities,  partially  offset  by  approximately  $550,000  of  cash
provided by operating activities. Cash used in investing activities consisted of
property  improvements  and  replacements  and net  deposits to escrow  accounts
maintained by the mortgage lenders.  Cash used in financing activities consisted
of  payments  of  principal  on  the  mortgages  encumbering  the  Partnership's
investment properties and payment on advances from an affiliate of the Corporate
General  Partner,  partially offset by the receipt of advances from an affiliate
of the Corporate  General Partner.  The Partnership  invests its working capital
reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the investment  properties to adequately  maintain the
physical  assets and other operating needs of the Partnership and to comply with
Federal,  state,  and local legal and  regulatory  requirements.  The  Corporate
General  Partner  monitors  developments  in the  area of legal  and  regulatory
compliance.  For example,  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.  Capital  improvements  planned for
each of the Partnership's properties are detailed below.

Millhopper Village Apartments: During the three months ended March 31, 2005, the
Partnership  completed   approximately   $219,000  of  capital  improvements  at
Millhopper Village Apartments, consisting primarily of roof replacement, siding,
exterior   painting,   parking  area   improvements,   gutter   replacement  and
construction   resulting   from  the   casualty  as  discussed  in  "Results  of
Operations".  These  improvements  were funded from operations.  The Partnership
regularly  evaluates the capital  improvement  needs of the property.  While the
Partnership  has no other material  commitments  for property  improvements  and
replacements,  certain routine capital expenditures are anticipated during 2005.
Such capital  expenditures will depend on the physical condition of the property
as well as anticipated cash flow generated by the property.

Foxfire  Apartments:   During  the  three  months  ended  March  31,  2005,  the
Partnership  completed  approximately $40,000 of capital improvements at Foxfire
Apartments,  consisting  primarily of recreational  facility  upgrades and floor
covering  replacement.  These  improvements  were funded from  operations and an
advance from an affiliate of the  Corporate  General  Partner.  The  Partnership
regularly  evaluates the capital  improvement  needs of the property.  While the
Partnership  has  no  material   commitments  for  property   improvements   and
replacements,  certain routine capital expenditures are anticipated during 2005.
Such capital  expenditures will depend on the physical condition of the property
as well as anticipated cash flow generated by the property.

Lake Johnson Mews Apartments:  During the three months ended March 31, 2005, the
Partnership  completed  approximately  $263,000 of capital  improvements at Lake
Johnson  Mews  Apartments  arising  from  the  redevelopment  of  the  property.
Additional capital improvements of approximately  $41,000 consisted primarily of
floor covering  replacement.  These improvements were funded from operations and
an advance from an affiliate of the Corporate  General Partner.  The property is
currently undergoing a redevelopment project in order to remain competitive with
other  properties  in the  area  in the  effort  to  increase  occupancy  at the
property.  Based on current  redevelopment  plans, the Corporate General Partner
anticipates the  redevelopment to be complete in January 2006 at a total cost of
approximately  $4,059,000.  The project is being  funded from  advances  from an
affiliate  of the  Corporate  General  Partner  and cash  from  operations.  The
Partnership  regularly  evaluates the capital improvement needs of the property.
The  Partnership  currently  expects  to  budget  approximately  $1,328,000  for
property  redevelopment during 2005. While the Partnership has no other material
commitments for property improvements and replacements,  certain routine capital
expenditures are anticipated during 2005. Such capital  expenditures will depend
on the  physical  condition  of the  property as well as  anticipated  cash flow
generated by the property.

Woodland Village  Apartments:  During the three months ended March 31, 2005, the
Partnership completed  approximately $60,000 of capital improvements at Woodland
Village  Apartments,  consisting  primarily of swimming  pool upgrades and floor
covering  replacement.  These  improvements  were  funded from  operations.  The
Partnership  regularly  evaluates the capital improvement needs of the property.
While the Partnership has no material commitments for property  improvements and
replacements,  certain routine capital expenditures are anticipated during 2005.
Such capital  expenditures will depend on the physical condition of the property
as well as anticipated cash flow generated by the property.

The Lexington  Green  Apartments:  During the three months ended March 31, 2005,
the Partnership completed  approximately $118,000 of capital improvements at The
Lexington Green Apartments,  consisting  primarily of balcony upgrades and floor
covering  replacement.  These  improvements  were  funded from  operations.  The
Partnership  regularly  evaluates the capital improvement needs of the property.
While the Partnership has no material commitments for property  improvements and
replacements,  certain routine capital expenditures are anticipated during 2005.
Such capital  expenditures will depend on the physical condition of the property
as well as  replacement  reserves  and  anticipated  cash flow  generated by the
property.

Tar River Estates Apartments:  During the three months ended March 31, 2005, the
Partnership completed approximately $24,000 of capital improvements at Tar River
Estates Apartments,  consisting primarily of floor covering  replacement.  These
improvements were funded from operations.  The Partnership  regularly  evaluates
the capital  improvement  needs of the property.  While the  Partnership  has no
material commitments for property improvements and replacements, certain routine
capital expenditures are anticipated during 2005. Such capital expenditures will
depend on the physical  condition of the  property as well as  anticipated  cash
flow generated by the property.

Old Salem  Apartments:  During  the three  months  ended  March  31,  2005,  the
Partnership  completed  approximately  $118,000 of capital  improvements  at Old
Salem  Apartments,  consisting  primarily of furniture and fixtures,  structural
improvements,  plumbing upgrades,  heating upgrades, floor covering replacement,
and construction related to the May 2004 fire, as discussed in the Partnership's
10-KSB for the year ended December 31, 2004. These improvements were funded from
operations. The Partnership regularly evaluates the capital improvement needs of
the property.  While the  Partnership  has no material  commitments for property
improvements  and  replacements,   certain  routine  capital   expenditures  are
anticipated  during 2005. Such capital  expenditures will depend on the physical
condition  of the  property as well as  anticipated  cash flow  generated by the
property.

The  capital  expenditures  will be  incurred  only if  cash is  available  from
operations  and  from   Partnership   reserves.   To  the  extent  that  capital
improvements are completed,  the Partnership's  distributable cash flow, if any,
may be adversely affected at least in the short term.

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive  of  capital   improvements)   of  the   Partnership.   The  mortgage
indebtedness  encumbering  all of the  Partnership's  investment  properties  of
approximately  $43,694,000 is amortized over varying periods with maturity dates
ranging  from  November 1, 2019 to January 1, 2022,  at which time the loans are
scheduled to be fully amortized.

Subsequent to March 31, 2005, the  Partnership  entered into a Purchase and Sale
Contract to sell The Lexington Green  Apartments to a third party for a purchase
price  of  approximately  $19,200,000.  The  anticipated  closing  date  for the
transaction  is June 13, 2005.  At March 31, 2005,  the carrying  amounts of the
mortgage note payable and investment property for The Lexington Green Apartments
are approximately $6,257,000 and $4,675,000, respectively. The operating results
of The Lexington Green  Apartments for the three months ended March 31, 2005 and
2004 were income of  approximately  $17,000  and  $13,000,  respectively,  which
included revenues of approximately $667,000 and $567,000, respectively.

There were no  distributions  made to the partners during the three months ended
March 31, 2005 and 2004. Future cash  distributions will depend on the levels of
net cash  generated  from  operations  and the timing of  property  refinancings
and/or  property sales.  The  Partnership's  cash available for  distribution is
reviewed  on a monthly  basis.  In light of the  amounts  accrued and payable to
affiliates of the Corporate  General Partner at March 31, 2005,  there can be no
assurance that the Partnership  will generate  sufficient funds from operations,
after required capital improvement expenditures,  to permit any distributions to
its partners in 2005 or subsequent periods.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 39,234 limited  partnership  units
(the "Units") in the Partnership representing 74.68% of the outstanding Units at
March 31, 2005. 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 in exchange for cash or a combination of cash and
units in AIMCO  Properties,  L.P., the operating  partnership  of AIMCO,  either
through  private  purchases  or  tender  offers.  Pursuant  to  the  Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Corporate General Partner.  As a result of its ownership of 74.68% of
the outstanding Units, AIMCO and its affiliates are in a position to control all
voting decisions with respect to the Partnership. 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.

Critical Accounting Policies and Estimates

The consolidated 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 significant  accounting policies,  the following may involve a higher degree
of judgment and complexity.

Impairment of Long-Lived Assets

The Partnership's  investment  properties are recorded at cost, less accumulated
depreciation,  unless considered impaired.  If events or circumstances  indicate
that the carrying  amount of a property may be impaired,  the  Partnership  will
make an assessment of its  recoverability by estimating the undiscounted  future
cash flows,  excluding interest charges, of the property. If the carrying amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's investment properties.  These factors include, but are not limited
to,  changes  in the  national,  regional  and  local  economic  climate;  local
conditions,  such as an oversupply of multifamily  properties;  competition from
other available  multifamily property owners and changes in market rental rates.
Any adverse changes in these factors could cause impairment of the Partnership's
assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
The Partnership will offer rental concessions during particularly slow months or
in response  to heavy  competition  from other  similar  complexes  in the area.
Rental income attributable to leases, net of any concessions, is recognized on a
straight-line  basis over the term of the lease.  The Partnership  evaluates all
accounts  receivable  from  residents and  establishes  an allowance,  after the
application of security deposits,  for accounts greater than 30 days past due on
current tenants and all receivables due from former tenants.

ITEM 3.     CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of 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,  has
evaluated  the  effectiveness  of  the  Partnership's  disclosure  controls  and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) as of the end
of the period covered by this report.  Based on such  evaluation,  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 concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.

                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial  dissolution.  On January 28, 2002, the trial court granted  defendants
motion to strike the complaint.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering judgment thereto. On May 4, 2004 the
Objector filed a second appeal  challenging the court's use of a referee and its
order requiring Objector to pay those fees.

On March 21, 2005, the Court of Appeals issued opinions in both pending appeals.
With regard to the settlement and judgment entered thereto, the Court of Appeals
vacated  the trial  court's  order and  remanded  to the trial court for further
findings  on the basis that the "state of the record is  insufficient  to permit
meaningful  appellate  review".  With regard to the second appeal,  the Court of
Appeals  reversed the order requiring the Objector to pay referee fees. On April
26, 2005,  the Court of Appeals  lifted the stay of a pending  appeal related to
the Heller action and the trial court's order striking the  complaint.  On April
28, 2005, the Objector  filed a Petition for Review with the California  Supreme
Court in connection with the opinion vacating the order approving settlement and
remanding for further findings. The Corporate General Partner and its affiliates
are  currently  scheduled  to file an answer to  Objector's  petition on May 18,
2005.

The  Corporate  General  Partner  does  not  anticipate  that  any  costs to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

AIMCO  Properties  L.P.  and NHP  Management  Company,  both  affiliates  of the
Corporate  General  Partner,  are  defendants  in a lawsuit  alleging  that they
willfully  violated  the Fair Labor  Standards  Act  ("FLSA")  by failing to pay
maintenance  workers  overtime for all hours worked in excess of forty per week.
The complaint  attempts to bring a collective action under the FLSA and seeks to
certify state subclasses in California,  Maryland, and the District of Columbia.
Specifically,  the  plaintiffs  contend  that  AIMCO  Properties  L.P.  and  NHP
Management Company failed to compensate  maintenance  workers for time that they
were  required  to be  "on-call."  Additionally,  the  complaint  alleges  AIMCO
Properties  L.P. and NHP  Management  Company  failed to comply with the FLSA in
compensating  maintenance  workers for time that they worked in  responding to a
call  while  "on-call."  The  defendants  have  filed an answer  to the  amended
complaint  denying the substantive  allegations.  Oral argument  relating to the
certification  of the  collective  action  took  place  on May 12,  2005 and the
parties await a ruling from the Court. Although the outcome of any litigation is
uncertain,  AIMCO  Properties,  L.P. does not believe that the ultimate  outcome
will have a material  adverse  effect on its  financial  condition or results of
operations.  Similarly,  the Corporate General Partner does not believe that the
ultimate  outcome  will have a  material  adverse  effect  on the  Partnership's
consolidated financial condition or results of operations.

ITEM 5.     OTHER INFORMATION

            None.

ITEM 6.     EXHIBITS

            See Exhibit Index.



<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.



                                 SHELTER PROPERTIES V

                                 By:     Shelter Realty V Corporation
                                         Corporate General Partner

                                 By:      /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President


                                 By:      /s/Stephen B. Waters
                                          Stephen B. Waters
                                          Vice President


                                 Date:   May 13, 2005


<PAGE>


                              SHELTER PROPERTIES V
                                  EXHIBIT INDEX

Exhibit


      3           See Exhibit 4(a)

      3.1         Second  Amended and Restated  Bylaws of IPT,  dated October 2,
                  1998 (incorporated by reference to Current Report on Form 8-K,
                  dated October 1, 1998).

      4     (a)   Amended and Restated  Certificate  and  Agreement of Limited
                  Partnership  (included  as  Exhibit A to the  Prospectus  of
                  Registrant  dated May 27, 1983  contained in Amendment No. 1
                  to Registration  Statement No. 2-81308,  of Registrant filed
                  June 8, 1982 (the  "Prospectus") and incorporated  herein by
                  reference.)

            (b)   Subscription   Agreement  and  Signature   Page  (included  as
                  Exhibits  4(A)  and  4  (B)  to  the  Registration  Statement,
                  incorporated herein by reference).

      10(i) Contracts related to acquisition of properties.

            (a)   Purchase  Agreement  dated  May  23,  1983  between  CFC  1978
                  Partnership C and U.S. Shelter  Corporation to acquire Foxfire
                  Apartments.*

            (b)   Purchase  Agreement  dated May 14, 1983  between Old Salem and
                  U.S. Shelter Corporation to acquire Old Salem Apartments.*

            (c)   Purchase  Agreement  dated  April  21,  1983  between  Europco
                  Management Company of America and U.S. Shelter  Corporation to
                  acquire Woodland Village Apartments.*

            (d)   Purchase   Agreement   dated  May  6,  1983  between   Europco
                  Management Company of America and U.S. Shelter Corporation
                  to acquire Lake Johnson Mews.*

                     *Filed as Exhibits 12(a) through 12(d), respectively,  to
                     Amendment No. 1 of Registration  Statement No. 2-81308 of
                     Registrant filed May 24, 1983 and incorporated  herein by
                     reference.

            (e)   Purchase  Agreement  dated June 17, 1983 between The Lexington
                  Apartments  and  U.S.  Shelter   Corporation  to  acquire  The
                  Lexington    Apartments.    (Filed   as   Exhibit   12(E)   to
                  Post-Effective  Amendment No. 1 of Registration  Statement No.
                  2-81308 of  Registrant  filed June 27,  1983 and  incorporated
                  herein by reference).

            (f)   Purchase  Agreement  dated  August 26, 1983  between  James S.
                  Quincey and U.S.  Shelter  Corporation  to acquire  Millhopper
                  Village Apartments.  (Filed as Exhibit 12(F) to Post-Effective
                  Amendment  No. 1 of  Registration  Statement  No.  2-81308  of
                  Registrant filed October 13, 1983 and  incorporated  herein by
                  reference).

            (h)   Purchase  Agreement  dated December 14, 1983 between  Virginia
                  Real Estate Investors and U.S. Shelter  Corporation to acquire
                  Tar  River  Estates.  (Filed as  Exhibit  10(B) to Form 8-K of
                  Registrant dated December 8, 1983 and  incorporated  herein by
                  reference).

 (iii) Contracts related to refinancing of debt:

            (l)   Multifamily  Note secured by a Mortgage or Deed of Trust dated
                  October  25,  1999,   between  Foxfire  Apartments  V  Limited
                  Partnership and GMAC Commercial Mortgage  Corporation relating
                  to Foxfire Apartments.  (Filed as Exhibit 10(1) to Form 10-KSB
                  of  Registrant   for  period  ended   November  30,  1999  and
                  incorporated herein by reference).

            (m)   Multifamily  Note secured by a Mortgage or Deed of Trust dated
                  November  10,  1999,  between  Shelter  Properties  V  Limited
                  Partnership and GMAC Commercial Mortgage  Corporation relating
                  to Old  Salem  Apartments.  (Filed  as  Exhibit  10(m) to Form
                  10-KSB of  Registrant  for period ended  November 30, 1999 and
                  incorporated herein by reference).

            (n)   Multifamily  Note secured by a Mortgage or Deed of Trust dated
                  December  15, 2000  between New Shelter  Properties  V Limited
                  Partnership  and  Reilly  Mortgage  Group,  Inc.  relating  to
                  Lexington Green Apartments. (Filed as Exhibit 10(iii)n to Form
                  10-KSB of Registrant  filed on April 2, 2001 and  incorporated
                  herein by reference).

            (o)   Multifamily  Note dated June 28, 2001, by and between  Shelter
                  Properties V Limited  Partnership,  a South  Carolina  limited
                  partnership,   and  GMAC  Commercial   Mortgage   Corporation,
                  relating to Lake  Johnson Mews  Apartments.  (Filed as Exhibit
                  10(iii)o to Form 10-QSB of Registrant filed on August 13, 2001
                  and incorporated herein by reference).

            (p)   Multifamily  Note dated June 28, 2001, by and between  Shelter
                  Properties V Limited  Partnership,  a South  Carolina  limited
                  partnership,   and  GMAC  Commercial   Mortgage   Corporation,
                  relating to Millhopper Village  Apartments.  (Filed as Exhibit
                  10(iii)p to Form 10-QSB of Registrant filed on August 13, 2001
                  and incorporated herein by reference).

            (q)   Multifamily Note dated August 30, 2001, by and between Shelter
                  Properties V Limited  Partnership,  a South  Carolina  limited
                  partnership,   and  GMAC  Commercial   Mortgage   Corporation,
                  relating to  Woodland  Village  Apartments.  (Filed as Exhibit
                  10(iii)q to Form 10-QSB of  Registrant  filed on November  13,
                  2001 and incorporated herein by reference).

            (r)   Multifamily  Note dated  December 28, 2001, by and between New
                  Shelter  V  Limited  Partnership,  a  South  Carolina  limited
                  partnership,  and Lend  Lease  Mortgage  Capital,  LP, a Texas
                  limited partnership. (Filed as Exhibit 10(iii)r to Form 8-K of
                  Registrant filed on January 14, 2002 and  incorporated  herein
                  by reference).

    31.1          Certification  of  equivalent  of  Chief  Executive  Officer
                  pursuant     to     Securities     Exchange     Act    Rules
                  13a-14(a)/15d-14(a),  as Adopted  Pursuant to Section 302 of
                  the Sarbanes-Oxley Act of 2002.

     31.2 Certification  of equivalent of Chief  Financial  Officer  pursuant to
          Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant
          to Section 302 of the Sarbanes-Oxley Act of 2002.


    32.1          Certification of the equivalent of the Chief Executive
                  Officer and Chief Financial Officer Pursuant to 18 U.S.C.
                  Section 1350, as Adopted Pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.





<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of Shelter Properties
      V;

2.    Based on my knowledge,  this 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
      report;

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

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  May 13, 2005

                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior   Vice    President   of
                                    Shelter  Realty V  Corporation,
                                    equivalent    of   the    chief
                                    executive    officer   of   the
                                    Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of Shelter Properties
      V;

2.    Based on my knowledge,  this 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
      report;

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

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  May 13, 2005

                                    /s/Stephen B. Waters
                                    Stephen B. Waters
                                    Vice    President   of   Shelter
                                    Realty      V       Corporation,
                                    equivalent    of    the    chief
                                    financial    officer    of   the
                                    Partnership


<PAGE>


Exhibit 32.1


                          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 Shelter  Properties V
(the "Partnership"), for the quarterly period ended March 31, 2005 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"), Martha
L. Long, as the equivalent of the chief  executive  officer of the  Partnership,
and Stephen B. Waters,  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/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  May 13, 2005


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  May 13, 2005

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