FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
                       QUARTERLY OR TRANSITIONAL REPORT

                   U. S. 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 May 31, 1997

                                      or

[ ]  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 LIMITED PARTNERSHIP
      (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.)

One Insignia Financial Plaza, P.O. Box 1089
      Greenville, South Carolina                            29602
(Address of principal executive offices)                  (Zip Code)

                   Issuer's telephone number (864) 239-1000

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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


a)                    SHELTER PROPERTIES V LIMITED PARTNERSHIP

                           CONSOLIDATED BALANCE SHEET
                                  (Unaudited)
                        (in thousands, except unit data)
                                  May 31, 1997



Assets
  Cash:
     Unrestricted                                                $ 3,190
     Restricted--tenant security deposits                            395
  Accounts receivable                                                 26
  Escrow for taxes and insurance                                     443
  Restricted escrows                                               1,127
  Other assets                                                       859
  Investment properties:
    Land                                          $  4,242
    Buildings and related personal property         70,438
                                                    74,680
    Less accumulated depreciation                  (38,929)       35,751

                                                                 $41,791

Liabilities and Partners' Capital (Deficit)
Liabilities
  Accounts payable                                               $   140
  Tenant security deposits                                           395
  Accrued taxes                                                      305
  Other liabilities                                                  374
  Mortgage notes payable                                          31,703

Partners' Capital (Deficit)                       $   (319)
  General partners
  Limited partners (52,538 units
       issued and outstanding)                       9,193         8,874

                                                                 $41,791


          See Accompanying Notes to Consolidated Financial Statements

b)                  SHELTER PROPERTIES V LIMITED PARTNERSHIP

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



                                   Three Months Ended     Six Months Ended
                                        May 31,               May 31,
                                   1997        1996       1997      1996
Revenues:
  Rental income                   $3,163     $2,973      $6,271    $5,973
  Interest income                     40         51          97        97
  Other income                       190        121         343       240
     Total revenues                3,393      3,145       6,711     6,310

Expenses:
  Operating                        1,147      1,001       2,197     1,986
  General and administrative          96        107         167       181
  Maintenance                        473        465         948       840
  Depreciation                       747        754       1,482     1,494
  Interest                           694        670       1,389     1,348
  Property taxes                     203        205         412       407
     Total expenses                3,360      3,202       6,595     6,256

     Net (loss) income            $   33     $  (57)     $  116    $   54

Net (loss) income allocated to
  general partners (1%)           $   --     $   (1)     $    1    $    1
Net (loss) income allocated to
  limited partners (99%)              33        (56)        115        53
                                  $   33     $  (57)     $  116    $   54

Net (loss) income per limited
  partnership unit                $ 0.63     $(1.08)     $ 2.19    $ 1.01

          See Accompanying Notes to Consolidated Financial Statements


c)                        SHELTER PROPERTIES V LIMITED PARTNERSHIP

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


                                 Limited
                               Partnership General   Limited
                                  Units    Partners Partners    Total

Original capital contributions   52,538     $   2    $52,538   $52,540

Partners' (deficit) capital
  at November 30, 1996           52,538      (315)    12,593    12,278

Net income for the six
  months ended May 31, 1997          --         1        115       116

Partners' distributions paid         --        (5)    (3,515)   (3,520)

Partners' (deficit) capital
  at May 31, 1997                52,538     $(319)   $ 9,193   $ 8,874


                See Accompanying Notes to Consolidated Financial Statements

d)                      SHELTER PROPERTIES V LIMITED PARTNERSHIP

                         CONSOLIDATED STATEMENTS OF CASH FLOWS
                                      (Unaudited)
                                     (in thousands)


                                                      Six Months Ended
                                                           May 31,
                                                       1997      1996
Cash flows from operating activities:
  Net income                                         $   116    $   54
  Adjustments to reconcile net income to net
    cash provided by operating activities:
    Depreciation                                       1,482     1,494
    Amortization of discounts and loan costs              89        69
    Change in accounts:
      Restricted cash                                    (24)      (33)
      Accounts receivable                                 (1)       15
      Escrows for taxes and insurance                    (29)     (193)
      Other assets                                       (12)       80
      Accounts payable                                  (227)     (256)
      Tenant security deposit liabilities                 24        31
      Accrued taxes                                       37       146
      Other liabilities                                 (165)      (11)

         Net cash provided by operating activities     1,290     1,396

Cash flows from investing activities:
  Property improvements and replacements                (619)     (454)
  Deposits to restricted escrows investments            (123)      (55)
  Receipts from restricted escrows                       280        63

         Net cash used in investing activities          (462)     (446)

Cash flows from financing activities:
  Payments on mortgage notes payable                    (214)     (401)
  Loan costs paid                                        (12)       --
  Partners' distributions                             (3,520)     (500)

         Net cash used in financing activities        (3,746)     (901)

Net increase in cash                                  (2,918)       49

Cash at beginning of period                            6,108     3,256
Cash at end of period                                $ 3,190    $3,305
Supplemental disclosure of cash flow information:
  Cash paid for interest                             $ 1,266    $1,278

          See Accompanying Notes to Consolidated Financial Statements

e)                    SHELTER PROPERTIES V LIMITED PARTNERSHIP

                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                    (Unaudited)


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited financial statements 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.
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 six month period ended May 31, 1997,
are not necessarily indicative of the results that may be expected for the
fiscal year ending November 30, 1997.  For further information, refer to the
financial statements and footnotes thereto included in the Partnership's annual
report on Form 10-KSB for the year ended November 30, 1996.

Certain reclassifications have been made to the 1996 information to conform to
the 1997 presentation.

NOTE B - RECONCILIATION OF CASH FLOWS

The following is a reconciliation of the subtotal on the accompanying statements
of cash flows captioned "net cash provided by operating activities" to "net cash
used in operations," as defined in the partnership agreement.  However, "net
cash used in 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.


                                                     Six Months Ended
                                                         May 31,
                                                      1997    1996
                                                     (in thousands)


Net cash provided by operating activities         $ 1,290     $1,396
  Payments on mortgage notes payable                 (214)      (401)
  Property improvements and replacements             (619)      (454)
  Change in restricted escrows, net                   157          8
  Changes in reserves for net operating
   liabilities                                        398        221
  Additional reserves                              (1,015)      (771)
      Net cash used in operations                 $    (3)    $   (1)

The Corporate General Partner reserved an additional $1,015,000 at May 31, 1997,
to fund the capital improvement projects at Woodland Village, Lake Johnson Mews
and Millhopper Village as required pursuant to the terms of the refinancings in
November 1996.  Also, the Corporate General Partner reserved this amount to fund
the continuing capital improvements and repairs at the four other properties.
At May 31, 1996, the Corporate General Partner reserved an additional $771,000
to fund continuing capital improvements and prepare for the refinancings of
Woodland Village, Lake Johnson Mews and Millhopper Village.

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 payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership. The following transactions with
Insignia Financial Group, Inc. and its affiliates were incurred in 1997 and 1996
(in thousands):


                                                  For the Six Months Ended
                                                          May 31,
                                                     1997         1996

Property management fees                           $330           $313
Reimbursement for services of affiliates            156            104

Included in "Reimbursement for services of affiliates" for the six months ended
May 31, 1997, is approximately $39,000 in reimbursements for construction
oversight costs.

The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the Corporate General Partner.  An affiliate of
the Corporate General Partner acquired, in the acquisition of a business,
certain financial obligations from an insurance agency which was later acquired
by the agent who placed the current year's master policy.  The current agent
assumed the financial obligations to the affiliate of the Corporate General
Partner, who receives payments on these obligations from the agent.  The amount
of the Partnership's insurance premiums accruing to the benefit of the affiliate
of the Corporate General Partner by virtue of the agent's obligations is not
significant.

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

The Partnership's investment properties consist of seven apartment complexes.
The following table sets forth the average occupancy of the properties for the
quarters ended May 31, 1997 and 1996:


                                                      Average
                                                     Occupancy
                                               1997            1996

Foxfire Apartments
  Atlanta, Georgia                              92%            94%

Old Salem Apartments
  Charlottesville, Virginia                     94%            83%

Woodland Village Apartments
  Columbia, South Carolina                      87%            92%

Lake Johnson Mews
  Raleigh, North Carolina                       93%            95%

The Lexington Apartments
  Sarasota, Florida                             97%            96%

Millhopper Village Apartments
  Gainesville, Florida                          93%            98%

Tar River Estates
  Greenville, North Carolina                    92%            88%

The Corporate General Partner attributes the increase in occupancy at Old Salem
Apartments as a result of management's intensified marketing efforts.  The
decrease in occupancy at Woodland Village Apartments is primarily due to tenants
purchasing homes in the area.  The decrease in occupancy at Lake Johnson Mews is
attributed to new apartment construction in the area which has resulted in
increased competition.  The occupancy at Tar River Estates increased in response
to a greater amenity package at the complex as compared to that of the local
competition.  The decrease in occupancy at Millhopper Village Apartments is due
to aggressive rental rate increases which are now being slightly offset by
concessions.

The Partnership's net income for the six months ended May 31, 1997, was
approximately $116,000 with the second quarter having net income of
approximately $33,000.  The Partnership reported net income of approximately
$54,000 and a net loss of approximately $57,000 for the corresponding periods of
1996.  The increases in net income were due to increased rental rates at all of
the investment properties and increased occupancy at three of the seven
investment properties.  Also contributing to the increase in net income were
increases in other income due to increased collection of utilities and lease
cancellation fees as a result of an increased effort by management.  Partially
offsetting the increases in net income were increases in operating expense and
maintenance expense for the three and six month periods ended May 31, 1997. The
increase in maintenance expense occurred at six of the seven properties within
the Partnership.  The majority of the increase resulted from extensive
landscaping improvements at Foxfire and Lake Johnson Mews that included sod and
new landscaping timbers.  These improvements were done in an effort to improve
curb appeal and increase occupancy at these two properties.  In addition to the
landscaping, the exterior patios and balconies were also repaired at Lexington
Apartments.  The increase in operating expense was due to increased concessions
and advertising at five of the seven investment properties in hopes of
maintaining or improving current occupancy levels.

Included in maintenance expense in 1997 and 1996 are approximately $233,000 and
$157,000, respectively, of major repairs and maintenance comprised mainly
exterior building improvements, major landscaping and exterior painting
expenses.

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
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, due to changing market conditions, which can result in the use of
rental concessions and rental reductions to offset softening market conditions,
there is no guarantee that the Corporate General Partner will be able to sustain
such a plan.

At May 31, 1997, the Partnership reported unrestricted cash of approximately
$3,190,000 compared to approximately $3,305,000 at May 31, 1996.  Net cash
provided by operating activities decreased as a result of decreases in accrued
taxes and other liabilities due to the timing of payments to taxing authorities
and vendors.  Net cash used in investing activities remained consistent with the
prior year.  However, capital expenditures increased by approximately $165,000,
which was offset by increased net receipts from restricted escrows.  Net cash
used in financing activities increased as a result of the distribution which was
made in the first quarter of 1997.

As required by the 1996 refinancings of Woodland Village, Lake Johnson Mews and
Millhopper Village, certain improvements will be performed in 1997.  These
projects include repaving and restriping the parking lots, resurfacing the
pools, exterior painting, new roofs, floor covering replacement, appliance
replacement and various ADA conversions.  These projects will be funded out of
the capital reserve accounts.  The Partnership has no material capital programs
scheduled to be performed in 1997 at the other four properties, although certain
routine capital and maintenance expenditures have been budgeted.

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 property to adequately maintain the physical assets
and other operating needs of the Partnership.  Such assets are currently thought
to be sufficient for any near-term needs of the Partnership.  The mortgage
indebtedness of approximately $31,703,000, net of discount, is amortized over
varying periods with required balloon payments ranging from February 1, 1999, to
December 10, 2016, at which time the properties will either be refinanced or
sold.  During the first six months of 1997 the Partnership made a distribution
of approximately $3,520,000.  The Partnership made no distributions during the
corresponding period of 1996.  Future cash distributions will depend on the
levels of net cash generated from operations, property sales, and the
availability of cash reserves.

                            PART II - OTHER INFORMATION



ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

 a)     Exhibits:

        Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
        report.

 b)     Reports on Form 8-K filed during the quarter ended May 31, 1996:

        None.


                                     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 LIMITED PARTNERSHIP

                             By: Shelter Realty V Corporation
                                 Corporate General Partner

  
                             By:/s/William H. Jarrard, Jr.
                                William H. Jarrard, Jr.
                                President


                             By:/s/Ronald Uretta       
                                Ronald Uretta
                                Principal Financial Officer
                                and Principal Accounting Officer


                             Date:  July 7, 1997