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

                                   Form 10-QSB

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

                 For the quarterly period ended September 30, 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 0-11574

                              SHELTER PROPERTIES V
             (Exact Name of Registrant 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

                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS



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

                               September 30, 2003


<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 732
   Receivables and deposits                                                      478
   Restricted escrows                                                            277
   Other assets                                                                1,534
   Investment properties:
      Land                                                    $ 4,054
      Buildings and related personal property                   83,777
                                                                87,831
      Less accumulated depreciation                            (55,368)       32,463
                                                                            $ 35,484

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 150
   Tenant security deposit liabilities                                           304
   Accrued property taxes                                                        509
   Other liabilities                                                             654
   Mortgage notes payable                                                     45,759

Partners' Deficit
   General partners                                           $   (371)
   Limited partners (52,538 units
      issued and outstanding)                                  (11,521)      (11,892)
                                                                            $ 35,484

            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      Nine Months Ended
                                            September 30,           September 30,
                                           2003       2002        2003        2002
Revenues:
<S>                                      <C>         <C>         <C>         <C>
   Rental income                         $ 3,201     $ 3,206     $ 9,366     $ 9,817
   Other income                              302         356       1,036       1,065
   Casualty gains (Note D)                    54          17         498         393
      Total revenues                       3,557       3,579      10,900      11,275

Expenses:
   Operating                               1,536       1,334       4,403       4,129
   General and administrative                114         129         346         391
   Depreciation                              823         785       2,499       2,395
   Interest                                  860         906       2,620       2,730
   Property taxes                            225         236         720         725
      Total expenses                       3,558       3,390      10,588      10,370

      Net (loss) income                    $ (1)      $ 189       $ 312       $ 905

Net (loss) income allocated to
   general partners (1%)                   $ --        $ 2         $ 3         $ 9
Net (loss) income allocated to
   limited partners (99%)                     (1)        187         309         896

                                           $ (1)      $ 189       $ 312       $ 905
Net (loss) income per limited
  partnership unit                       $ (0.02)    $ 3.56      $ 5.88      $ 17.05

Distributions per limited
   partnership unit                       $ 2.76      $ --       $ 9.61      $119.23


            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, 2002                    52,538        $ (374)    $(11,325)   $(11,699)

Distributions to partners                   --            --         (505)       (505)

Net income for the nine months
   ended September 30, 2003                 --             3          309         312

Partners' deficit at
   September 30, 2003                   52,538        $ (371)    $(11,521)   $(11,892)


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


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


<TABLE>
<CAPTION>

                                                              Nine Months Ended
                                                                September 30,
                                                                2003       2002
Cash flows from operating activities:
<S>                                                          <C>         <C>
  Net income                                                 $   312     $   905
  Adjustments to reconcile net income to net cash
    provided by operating activities:
      Casualty gain                                             (498)       (393)
      Depreciation                                             2,499       2,395
      Amortization of loan costs                                  63          63
      Change in accounts:
          Receivables and deposits                               202         291
          Other assets                                          (187)       (105)
          Accounts payable                                        81         (20)
          Tenant security deposit liabilities                     15          10
          Accrued property taxes                                 289         235
          Other liabilities                                      (42)        238
             Net cash provided by operating activities         2,734       3,619
Cash flows from investing activities:
  Property improvements and replacements                      (1,899)     (2,568)
  Net withdrawals from restricted escrows                        124         397
  Insurance proceeds received                                    460         545
             Net cash used in investing activities            (1,315)     (1,626)
Cash flows from financing activities:
  Payments on mortgage notes payable                            (949)       (871)
  Loan costs paid                                                 --          (4)
  Advance from affiliate                                         219          --
  Payments on advance from affiliate                            (239)         --
  Distributions to partners                                     (505)     (6,316)
             Net cash used in financing activities            (1,474)     (7,191)

Net decrease in cash and cash equivalents                        (55)     (5,198)

Cash and cash equivalents at beginning of period                 787       6,401

Cash and cash equivalents at end of period                   $   732     $ 1,203

Supplemental disclosure of cash flow information:
  Cash paid for interest                                     $ 2,622     $ 2,530

At December 31, 2002 and 2001 approximately $291,000 and $287,000, respectively,
of property improvements and replacements were included in accounts payable.

At September 30, 2003,  receivables and deposits include approximately  $208,000
of insurance  proceeds received from a casualty at Tar River Estates  Apartments
held on deposit with the mortgage lender.

            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 and nine month
periods ended September 30, 2003 are not  necessarily  indicative of the results
that may be expected for the fiscal year ending  December 31, 2003.  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,  2002.  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 income as an indicator of the  Partnership's
operating performance or to cash flows as a measure of liquidity.

                                                      Nine Months Ended
                                                        September 30,
                                                       (in thousands)
                                                       2003       2002
         Net cash provided by operating activities   $ 2,734    $ 3,619
         Payments on mortgage notes payable             (949)      (871)
         Property improvements and replacements       (1,899)    (2,568)
         Change in restricted escrows, net               124        397
         Changes in reserves for net operating
            liabilities                                 (358)      (649)

            Net cash used in operations               $ (348)    $ (72)

The  Corporate  General  Partner  believed it to be in the best  interest of the
Partnership to use cash from  operations of  approximately  $348,000 and $72,000
for the nine months ended  September  30, 2003 and 2002,  respectively,  to fund
continuing   capital   improvements  in  order  for  the  properties  to  remain
competitive.


<PAGE>

Note C - Transactions with Affiliated Parties

The  Partnership  has no employees  and is dependent  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 are entitled to receive 5% of gross
receipts from all of the Partnership's  properties as compensation for providing
property   management   services.   The  Partnership  paid  to  such  affiliates
approximately $511,000 and $555,000 for the nine months ended September 30, 2003
and 2002, respectively, which is included in operating expenses.

In accordance  with the  Partnership  Agreement,  the Corporate  General Partner
loaned  approximately  $219,000  to the  Partnership  to cover  real  estate tax
payments at Woodland Village  Apartments  during the nine months ended September
30, 2003.  Interest was accrued at the prime rate plus 2%. Interest  expense was
approximately  $1,000 for the nine months ended  September 30, 2003.  During the
nine months  ended  September  30,  2003,  the  Partnership  repaid  advances of
approximately  $239,000  and  related  interest of  approximately  $1,000 to the
Corporate  General  Partner with cash from  operations.  At September  30, 2003,
there were no outstanding  loans or accrued  interest.  There were no loans from
the Corporate  General  Partner or associated  interest  expense during the nine
months ended September 30, 2002.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $360,000 and
$508,000 for the nine months ended  September  30, 2003 and 2002,  respectively.
Included in these amounts are fees related to construction  management  services
provided by an  affiliate  of the  Corporate  General  Partner of  approximately
$106,000 and $212,000  for the nine months  ended  September  30, 2003 and 2002,
respectively. The construction management service fees are calculated based on a
percentage  of current  additions to  investment  properties.  These amounts are
included in general and administrative expenses and 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 nine months ended September 30, 2003 and
2002,  the  Partnership  was charged by AIMCO and its  affiliates  approximately
$192,000 and $232,000,  respectively, for insurance coverage and fees associated
with policy claims administration.

Note D - Casualty Events

On January 18, 2003,  there was a fire at Tar River Estates  Apartments  causing
damage to eight units. The property  incurred damages of approximately  $504,000
and lost rents of approximately $41,000.  During the nine months ended September
30,  2003,  the  Partnership  recognized a gain of  approximately  $369,000 as a
result  of  the  receipt  of  insurance  proceeds  of  approximately   $452,000,
approximately  $208,000  of which are on  deposit  with the  mortgage  lender at
September 30, 2003, offset by the write-off of the undepreciated  damaged assets
of approximately $83,000.

In June 2002,  Foxfire  Apartments  experienced a fire, causing damage to twelve
units. The property  incurred  damages of approximately  $677,000 as a result of
the fire and lost rents of approximately $61,000. During the year ended December
31, 2002,  insurance  proceeds of approximately  $494,000 were received to cover
the damage to the property,  including  approximately  $59,000 which was held on
deposit  with the  mortgage  lender at  December  31,  2002 and  released to the
Partnership  during the nine months ended  September 30, 2003.  The  Partnership
recognized  a casualty  gain of  approximately  $394,000  after  writing off the
undepreciated cost of the damaged units during the year ended December 31, 2002.
During the nine months  ended  September  30,  2003,  the  Partnership  received
additional  proceeds  of  approximately   $157,000  to  cover  the  damages  and
approximately  $61,000 to cover the lost  rents,  which are  included  in rental
income. The Partnership  recognized an additional gain of approximately $129,000
for the nine months ended  September  30,  2003,  after  writing off  additional
undepreciated damaged assets of approximately $28,000.

In September 2001,  Lexington Green  Apartments was damaged by a tropical storm.
There was  extensive  damage to two units in  addition  to 36 units  with  minor
damage.  The property  incurred damages of approximately  $69,000 as a result of
the  storm.   During  the  fourth  quarter  of  2001,   insurance   proceeds  of
approximately  $52,000 were received to cover the damage to the property,  which
were  held  on  deposit  with  the  mortgage  lender.   After  writing  off  the
undepreciated costs of the damaged units, the Partnership  recognized a casualty
gain of  approximately  $33,000 during the year ended December 31, 2001.  During
the nine months ended September 30, 2002,  insurance  proceeds of  approximately
$69,000 were received by the  Partnership,  which  included the proceeds held on
deposit with the mortgage lender.  The additional  insurance  proceeds  received
resulted in an additional  casualty gain of  approximately  $17,000 for the nine
months ended September 30, 2002.

In September  1999, Tar River Estates  Apartments was damaged by severe flooding
which affected certain areas of North Carolina. The property incurred damages of
approximately  $6,323,000  as a result of this  flooding.  During 2000 and 2001,
insurance proceeds of approximately $5,316,000 were received to cover lost rents
and  damage to the  property,  resulting  in a  casualty  gain of  approximately
$1,662,000 in 2000. In addition,  the  Partnership  negotiated an agreement with
the city of  Greenville,  North  Carolina,  whereby  a  portion  of the land was
condemned  and sold to the city on October 17, 2001.  Therefore,  the  apartment
units  previously  located on this land were not  reconstructed.  The  remaining
damaged  units  have  been  completely  reconstructed.  An  additional  gain  of
approximately  $376,000 was recorded  during the nine months ended September 30,
2002 as a result of receiving additional insurance proceeds.


<PAGE>

Note E - 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 (the "Heller action")
was filed  against  the same  defendants  that are named in the  Nuanes  action,
captioned  Heller v.  Insignia  Financial  Group.  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 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser. An affiliate of the Corporate General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Corporate   General  Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

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
filed an appeal  seeking  to vacate  and/or  reverse  the  order  approving  the
settlement and entering judgment thereto.  The Corporate General Partner intends
to file a respondent's  brief in support of the order  approving  settlement and
entering judgment thereto.

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.

On August 8, 2003 AIMCO Properties  L.P., an affiliate of the Corporate  General
Partner,  was served  with a  Complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  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 is styled as 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. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the Complaint denying the substantive  allegations.  Although the outcome of any
litigation is uncertain,  in the opinion of the  Corporate  General  Partner the
claims will not result in any material liability to the Partnership.

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.


<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
nine months ended September 30, 2003 and 2002:

                                                        September 30,
                  Property                              2003     2002

                  Foxfire Apartments
                     Atlanta, Georgia (1)               78%       90%

                  Old Salem Apartments
                     Charlottesville, Virginia (2)      91%       97%

                  Woodland Village Apartments
                     Columbia, South Carolina           91%       90%

                  Lake Johnson Mews Apartments
                     Raleigh, North Carolina (3)        92%       95%

                  The Lexington Green Apartments
                     Sarasota, Florida                  94%       96%

                  Millhopper Village Apartments
                     Gainesville, Florida               95%       96%

                  Tar River Estates Apartments
                     Greenville, North Carolina (4)     89%       86%


 (1)  The  Corporate  General  Partner  attributes  the decrease in occupancy at
      Foxfire Apartments to an increase in home purchases in the Atlanta area as
      a result of lower home mortgage  interest  rates and to the casualty which
      occurred in June 2002 (as discussed in "Results of Operations").

 (2)  The Corporate General Partner  attributes the decrease in occupancy at Old
      Salem  Apartments  to  unfavorable   economic   conditions  and  increased
      competition in the Charlottesville area.

 (3)  The Corporate General Partner attributes the decrease in occupancy at Lake
      Johnson Mews  Apartments to the slowdown in the economy and an increase in
      home  purchases  in the  Raleigh  area as a result of lower home  mortgage
      interest rates.

 (4)  The Corporate General Partner  attributes the increase in occupancy at Tar
      River  Estates  Apartments  to  completion  of property  amenities  and an
      increase in curb appeal.

Results of Operations

The  Partnership's  net loss for the three months ended  September  30, 2003 was
approximately  $1,000,  as compared to net income of approximately  $189,000 for
the three months ended September 30, 2002. The  Partnership's net income for the
nine months ended September 30, 2003 was  approximately  $312,000 as compared to
net income of  approximately  $905,000 for the nine months ended  September  30,
2002.  The decrease in net income for the three and nine months ended  September
30,  2003 is due to a  decrease  in  total  revenues  and an  increase  in total
expenses. The decrease in total revenues for the nine months ended September 30,
2003 is due to decreases in both rental and other income, partially offset by an
increase in the  recognition of casualty  gains.  The decrease in total revenues
for the three months ended September 30, 2003 is due to decrease in other income
partially  offset by an increase in the  recognition of casualty  gains.  Rental
income  remained  relatively  constant for the three months ended  September 30,
2003. The decrease in rental income for the nine months ended September 30, 2003
is  primarily  due to the  decrease in  occupancy  at five of the  Partnership's
investment  properties  and  the  decrease  in  average  rental  rates  at  four
properties,  partially  offset by increases  in  occupancy  at Woodland  Village
Apartments and Tar River Estates  Apartments,  average rental rates at Old Salem
Apartments,  Lexington Green Apartments,  and Tar River Estates Apartments,  and
insurance  proceeds  received to cover lost rents as a result of the casualty at
Foxfire  Apartments (as discussed below).  The casualty gains recognized in 2003
are the  result of  casualties  at  Foxfire  Apartments  and Tar  River  Estates
Apartments.  The casualty gains  recognized in 2002 are the result of casualties
at Tar River Estates  Apartments  and Lexington  Green  Apartments (as discussed
below).  Other income decreased primarily due to decreases in lease cancellation
fees at Millhopper  Village  Apartments and Lexington Green Apartments,  student
housing fees at Tar River Estates  Apartments,  and interest  income,  partially
offset by increases in utility  reimbursements  at Old Salem Apartments and late
charges at Foxfire Apartments.

The increase in total expenses for the three months ended  September 30, 2003 is
due to increases in both operating and depreciation expense, partially offset by
decreases in interest, property tax and general and administrative expenses. The
increase in total  expenses for the nine months ended  September 30, 2003 is due
to increases in both operating and  depreciation  expense,  partially  offset by
decreases in both interest and general and administrative expenses. Property tax
expense  remained  relatively  constant for the nine months ended  September 30,
2003.  The  increase in  operating  expenses is  primarily  due to  increases in
utility  expenses  at Old Salem  Apartments,  advertising  expenses  at  Foxfire
Apartments  and  contract  maintenance  expense  at  most  of the  Partnership's
investment  properties,  partially  offset by a decrease in property  management
fees  as a  result  of the  decrease  in  rental  income.  Depreciation  expense
increased  as a result of property  improvements  and  replacements  placed into
service during the past twelve months. Interest expense decreased as a result of
scheduled principal payments made on the mortgages encumbering the Partnership's
investment properties, which reduced the carrying balance of the loans. Property
tax expenses  decreased for the three months ended September 30, 2003 due to the
timing and  receipt of the tax  bills,  which  affected  the  estimation  of the
property tax accrual at Tar River Estates Apartments.

General and administrative expenses decreased for both the three and nine months
ended September 30, 2003 due to a decrease in management  reimbursements  to the
Corporate General Partner allowed under the Partnership Agreement.  In addition,
costs associated with the quarterly and annual communications with investors and
regulatory  agencies  and  the  annual  audit  and  appraisals  required  by the
Partnership  Agreement are also included in general and administrative  expenses
for the three and nine months ended September 30, 2003 and 2002.

On January 18, 2003,  there was a fire at Tar River Estates  Apartments  causing
damage to eight units. The property  incurred damages of approximately  $504,000
and lost rents of approximately $41,000.  During the nine months ended September
30,  2003,  the  Partnership  recognized a gain of  approximately  $369,000 as a
result  of  the  receipt  of  insurance  proceeds  of  approximately   $452,000,
approximately  $208,000  of which are on  deposit  with the  mortgage  lender at
September 30, 2003, offset by the write-off of the undepreciated  damaged assets
of approximately $83,000.

In June 2002,  Foxfire  Apartments  experienced a fire, causing damage to twelve
units. The property  incurred  damages of approximately  $677,000 as a result of
the fire and lost rents of approximately $61,000. During the year ended December
31, 2002,  insurance  proceeds of approximately  $494,000 were received to cover
the damage to the property,  including  approximately  $59,000 which was held on
deposit  with the  mortgage  lender at  December  31,  2002 and  released to the
Partnership  during the nine months ended  September 30, 2003.  The  Partnership
recognized  a casualty  gain of  approximately  $394,000  after  writing off the
undepreciated cost of the damaged units during the year ended December 31, 2002.
During the nine months  ended  September  30,  2003,  the  Partnership  received
additional  proceeds  of  approximately   $157,000  to  cover  the  damages  and
approximately  $61,000 to cover the lost  rents,  which are  included  in rental
income. The Partnership  recognized an additional gain of approximately $129,000
for the nine months ended  September  30,  2003,  after  writing off  additional
undepreciated damaged assets of approximately $28,000.

In September 2001,  Lexington Green  Apartments was damaged by a tropical storm.
There was  extensive  damage to two units in  addition  to 36 units  with  minor
damage.  The property  incurred damages of approximately  $69,000 as a result of
the  storm.   During  the  fourth  quarter  of  2001,   insurance   proceeds  of
approximately  $52,000 were received to cover the damage to the property,  which
were  held  on  deposit  with  the  mortgage  lender.   After  writing  off  the
undepreciated costs of the damaged units, the Partnership  recognized a casualty
gain of  approximately  $33,000 during the year ended December 31, 2001.  During
the nine months ended September 30, 2002,  insurance  proceeds of  approximately
$69,000 were received by the  Partnership,  which  included the proceeds held on
deposit with the mortgage lender.  The additional  insurance  proceeds  received
resulted in an additional  casualty gain of  approximately  $17,000 for the nine
months ended September 30, 2002.

In September  1999, Tar River Estates  Apartments was damaged by severe flooding
which affected certain areas of North Carolina. The property incurred damages of
approximately  $6,323,000  as a result of this  flooding.  During 2000 and 2001,
insurance proceeds of approximately $5,316,000 were received to cover lost rents
and  damage to the  property,  resulting  in a  casualty  gain of  approximately
$1,662,000 in 2000. In addition,  the  Partnership  negotiated an agreement with
the city of  Greenville,  North  Carolina,  whereby  a  portion  of the land was
condemned  and sold to the city on October 17, 2001.  Therefore,  the  apartment
units  previously  located on this land were not  reconstructed.  The  remaining
damaged  units  have  been  completely  reconstructed.  An  additional  gain  of
approximately  $376,000 was recorded  during the nine months ended September 30,
2002 as a result of receiving additional insurance proceeds.

As part of the ongoing business plan of the Partnership,  the Corporate  General
Partner  monitors  the  rental  market  environment  of each  of its  investment
properties  to assess  the  feasibility  of  increasing  rents,  maintaining  or
increasing  occupancy  levels and protecting the  Partnership  from increases in
expense. 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.

Liquidity and Capital Resources

At  September  30,  2003,  the  Partnership  had cash and  cash  equivalents  of
approximately  $732,000,  compared to approximately  $1,203,000 at September 30,
2002. The decrease in cash and cash equivalents of approximately $55,000 for the
nine months  ended  September  30,  2003,  from  December  31,  2002,  is due to
approximately  $1,315,000 of cash used in investing activities and approximately
$1,474,000  of  cash  used  in  financing   activities,   partially   offset  by
approximately $2,734,000 of cash provided by operating activities.  Cash used in
investing  activities  consisted  of  property  improvements  and  replacements,
partially offset by net receipts from escrow accounts maintained by the mortgage
lenders and the receipt of insurance proceeds. Cash used in financing activities
consisted of distributions  to partners,  payments of principal on the mortgages
encumbering  the  Partnership's  investment  properties and payments on advances
from an affiliate  of the  Corporate  General  Partner,  partially  offset by an
advance 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 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.  Capital
improvements  planned  for each of the  Partnership's  properties  are  detailed
below.

Millhopper Village Apartments:  During the nine months ended September 30, 2003,
the  Partnership  completed  approximately  $41,000 of capital  improvements  at
Millhopper Village Apartments,  consisting  primarily of roof and floor covering
replacements.  These  improvements were funded from operations.  The Partnership
evaluates  the capital  improvement  needs of the  property  during the year and
currently  expects to complete  an  additional  $11,000 in capital  improvements
during the remainder of 2003. The additional  capital  improvements will consist
primarily  of  additional  floor  covering   replacement.   Additional   capital
improvements may be considered and will depend on the physical  condition of the
property as well as the anticipated cash flow generated by the property.

Foxfire  Apartments:  During the nine  months  ended  September  30,  2003,  the
Partnership completed  approximately $710,000 of capital improvements at Foxfire
Apartments, consisting primarily of sewer upgrades, floor covering and appliance
replacements,  and  construction  related to the fire  discussed  in "Results of
Operations".  These  improvements  were funded  from  operations  and  insurance
proceeds.  The  Partnership  evaluates  the  capital  improvement  needs  of the
property  during  the year and  currently  expects  to  complete  an  additional
$165,000 in capital  improvements  during the remainder of 2003.  The additional
capital  improvements will consist primarily of construction related to the 2002
fire, HVAC upgrades,  and additional floor covering and appliance  replacements.
Additional  capital  improvements  may be  considered  and  will  depend  on the
physical  condition  of the  property  as  well  as the  anticipated  cash  flow
generated by the property.

Lake Johnson Mews  Apartments:  During the nine months ended September 30, 2003,
the Partnership completed approximately $156,000 of capital improvements at Lake
Johnson Mews Apartments, consisting primarily of swimming pool upgrades, parking
area upgrades,  and floor covering  replacement.  These improvements were funded
from operations.  The Partnership evaluates the capital improvement needs of the
property  during  the  year.  The   Partnership   expects  that  only  necessary
improvements  will be made  during the  remainder  of 2003 in order to  maintain
occupancy at the property.

Woodland  Village  Apartments:  During the nine months ended September 30, 2003,
the  Partnership  completed  approximately  $78,000 of capital  improvements  at
Woodland  Village  Apartments,  consisting  primarily  of  appliance  and  floor
covering  replacements.  These  improvements  were funded from  operations.  The
Partnership  evaluates the capital  improvement needs of the property during the
year and  currently  expects  to  complete  an  additional  $26,000  in  capital
improvements  during the remainder of 2003. The additional capital  improvements
will consist primarily of additional floor covering and appliance  replacements.
Additional  capital  improvements  may be  considered  and  will  depend  on the
physical  condition  of the  property  as  well  as the  anticipated  cash  flow
generated by the property.

The Lexington Green Apartments: During the nine months ended September 30, 2003,
the Partnership completed  approximately $142,000 of capital improvements at The
Lexington Green Apartments,  consisting primarily of exterior painting, plumbing
upgrades and floor covering  replacement.  These  improvements  were funded from
operations.  The  Partnership  evaluates  the capital  improvement  needs of the
property during the year and currently  expects to complete an additional $9,000
in capital  improvements  during the remainder of 2003. The  additional  capital
improvements  will consist  primarily of additional floor covering  replacement.
Additional  capital  improvements  may be  considered  and  will  depend  on the
physical  condition  of the  property  as  well  as the  anticipated  cash  flow
generated by the property and replacement reserves.

Tar River Estates  Apartments:  During the nine months ended September 30, 2003,
the Partnership completed  approximately $321,000 of capital improvements at Tar
River  Estates  Apartments,  consisting  primarily  of cabinet  upgrades,  floor
covering replacement, and construction related to the fire discussed in "Results
of Operations".  These  improvements  were funded from  operations,  replacement
reserves,   and  insurance  proceeds.  The  Partnership  evaluates  the  capital
improvement  needs of the  property  during  the year and  currently  expects to
complete an additional $78,000 in capital  improvements  during the remainder of
2003.   The  additional   capital   improvements   will  consist   primarily  of
communications   enhancements   and  additional   floor  covering   replacement.
Additional  capital  improvements  may be  considered  and  will  depend  on the
physical  condition  of the  property  as  well  as the  anticipated  cash  flow
generated by the property.

Old Salem  Apartments:  During the nine months ended  September  30,  2003,  the
Partnership  completed  approximately  $160,000 of capital  improvements  at Old
Salem  Apartments,  consisting  primarily of structural  improvements  and floor
covering  replacement.  These  improvements  were  funded from  operations.  The
Partnership  evaluates the capital  improvement needs of the property during the
year.  The  Partnership  expects that only necessary  improvements  will be made
during the remainder of 2003 in order to maintain occupancy at the property.

The additional  capital  expenditures will be incurred only if cash is available
from operations and from Partnership  reserves. To the extent that such budgeted
capital improvements are completed, the Registrant'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 Registrant. The mortgage indebtedness
encumbering  the  Partnership's  properties  of  approximately   $45,759,000  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.

The Partnership  distributed the following  amounts during the nine months ended
September 30, 2003 and 2002 (in thousands, except per unit data):

<TABLE>
<CAPTION>


                              Nine Months                   Nine Months
                                 Ended       Per Limited       Ended      Per Limited
                             September 30,   Partnership   September 30,  Partnership
                                 2003            Unit           2002          Unit

<S>                <C>          <C>            <C>             <C>           <C>
Financing Proceeds (1)          $  505         $  9.61         $3,785        $ 72.05
Sale Proceeds (2)                   --              --          2,479          47.18
Other (3)                           --              --             52             --
   Total                        $  505         $  9.61         $6,316        $119.23
</TABLE>

(1)   From  proceeds  from  the new  financing  obtained  on Tar  River  Estates
      Apartments in December 2001.
(2)   From  remaining  proceeds  from the sale of a portion of land at Tar River
      Estates Apartments in October 2001.
(3)   Distribution to the general partner of the majority owned sub-tier limited
      partnership  in  connection  with the  transfer of funds from the majority
      owned sub-tier limited partnership to the Partnership.

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability of cash reserves,  property  refinancings  and/or
property sales. The Partnership's cash available for distribution is reviewed on
a monthly basis. There can be no assurance,  however,  that the Partnership will
generate sufficient funds from operations,  after required capital expenditures,
to permit any  additional  distributions  to its partners in 2003 or  subsequent
periods.

<PAGE>

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 37,480 limited  partnership  units
(the "Units") in the Partnership representing 71.34% of the outstanding Units at
September  30,  2003. 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.  In this regard, on November
13, 2003,  AIMCO  Properties,  L.P.,  commenced a tender offer to acquire 15,058
Units for a purchase  price of $235.52 per Unit.  Such offer expires on December
12, 2003. 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  71.34% 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

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.
Rental income  attributable to leases is recognized  monthly as it is earned and
the Partnership  fully reserves all balances  outstanding  over thirty days. The
Partnership will offer rental concessions during  particularly slow months or in
response to heavy  competition  from other  similar  complexes in the area.  Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

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.


<PAGE>


                           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 (the "Heller action")
was filed  against  the same  defendants  that are named in the  Nuanes  action,
captioned  Heller v.  Insignia  Financial  Group.  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 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser. An affiliate of the Corporate General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Corporate   General  Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

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
filed an appeal  seeking  to vacate  and/or  reverse  the  order  approving  the
settlement and entering judgment thereto.  The Corporate General Partner intends
to file a respondent's  brief in support of the order  approving  settlement and
entering judgment thereto.

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.


<PAGE>


On August 8, 2003 AIMCO Properties  L.P., an affiliate of the Corporate  General
Partner,  was served  with a  Complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  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 is styled as 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. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the Complaint denying the substantive  allegations.  Although the outcome of any
litigation is uncertain,  in the opinion of 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:

               3    Amended and Restated  Certificate  and  Agreement of Limited
                    Partnership   (Exhibit  A  to  the  Prospectus  included  in
                    Registrant's  Amendment  No.  1 to  Registration  Statement,
                    filed  June 8, 1982  (File  No.  2-81308),  is  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 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:

               None filed during the quarter ended September 30, 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.



                              SHELTER PROPERTIES V

                                 By:     Shelter Realty V Corporation
                                         Corporate General Partner

                                 By:     /s/Patrick J. Foye
                                         Patrick J. Foye
                                         Executive Vice President

                                 By:     /s/Paul J. McAuliffe
                                         Paul J. McAuliffe
                                         Executive Vice President and
                                         Chief Financial Officer

                                 Date:  November 13, 2003


<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Patrick J. Foye, 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 registrant as of, and for, the periods presented in this report;

4.    The  registrant'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 registrant
      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
            registrant,  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 registrant'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  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5. The registrant's other certifying  officer(s) and I have disclosed,  based on
our most recent evaluation of internal control over financial reporting,  to the
registrant's  auditors  and the audit  committee  of the  registrant'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  registrant'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  registrant's
            internal control over financial reporting.

Date:  November 13, 2003

                                    /s/Patrick J. Foye
                                    Patrick J. Foye
                                    Executive Vice President of Shelter Realty V
                                    Corporation,   equivalent   of   the   chief
                                    executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Paul J. McAuliffe, 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 registrant as of, and for, the periods presented in this report;

4.    The  registrant'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 registrant
      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
            registrant,  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 registrant'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  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant'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  registrant'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 registrant's internal control over financial reporting.

Date:  November 13, 2003

                                    /s/Paul J. McAuliffe
                                    Paul J. McAuliffe
                                    Executive Vice President and Chief Financial
                                    Officer  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 September 30, 2003 as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
Patrick  J.  Foye,  as the  equivalent  of the chief  executive  officer  of the
Partnership,  and Paul J.  McAuliffe,  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/Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  November 13, 2003


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  November 13, 2003

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.