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 March 31, 2003

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

                    For the transition period from _________to _________

                         Commission file number 0-11574

                              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)

                                 March 31, 2003

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 745
   Receivables and deposits                                                      932
   Restricted escrows                                                            400
   Other assets                                                                1,356
   Investment properties:
      Land                                                    $ 4,054
      Buildings and related personal property                   82,740
                                                                86,794
      Less accumulated depreciation                            (53,754)       33,040
                                                                            $ 36,473

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 379
   Tenant security deposit liabilities                                           289
   Accrued property taxes                                                        248
   Other liabilities                                                             616
   Mortgage notes payable                                                     46,398

Partners' Deficit
   General partners                                           $   (372)
   Limited partners (52,538 units
      issued and outstanding)                                  (11,085)      (11,457)
                                                                            $ 36,473


                See Accompanying Notes to Consolidated Financial Statements
</TABLE>

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



                                                         Three Months Ended
                                                              March 31,
                                                            2003       2002
Revenues:
   Rental income                                         $ 3,101     $ 3,291
   Other income                                             371          376
   Casualty gain                                            369          376
      Total revenues                                      3,841        4,043

Expenses:
   Operating                                              1,522        1,418
   General and administrative                               126          136
   Depreciation                                             832          790
   Interest                                                 875          915
   Property taxes                                           244          251
      Total expenses                                      3,599        3,510

Net income                                               $   242      $ 533

Net income allocated to general partners (1%)           $     2        $ 5
Net income allocated to limited partners (99%)              240          528

                                                        $   242       $ 533

Net income per limited partnership unit                 $  4.57      $ 10.05


                See Accompanying Notes to Consolidated Financial Statements

                              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)

Net income for the three months
   ended March 31, 2003                     --             2          240        242

Partners' deficit at
   March 31, 2003                       52,538        $ (372)    $(11,085)   $(11,457)



                See Accompanying Notes to Consolidated Financial Statements
</TABLE>

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

<TABLE>
<CAPTION>

                                                              Three Months Ended
                                                                   March 31,
                                                                   2003      2002
Cash flows from operating activities:
<S>                                                           <C>         <C>
  Net income                                                  $   242     $   533
  Adjustments to reconcile net income
    to net cash provided by operating activities:
      Depreciation                                                832         790
      Amortization of loan costs                                   21          20
      Casualty gain                                              (369)       (376)
      Change in accounts:
          Receivables and deposits                                 51         363
          Other assets                                             33        (254)
          Accounts payable                                         95          66
          Tenant security deposit liabilities                      --          10
          Accrued property taxes                                   28         (41)
          Other liabilities                                       (80)        101
             Net cash provided by operating activities            853       1,212

Cash flows from investing activities:
  Property improvements and replacements                         (566)     (1,169)
  Net withdrawals from restricted escrows                           1         319

  Insurance proceeds received                                      --         376
             Net cash used in investing activities               (565)       (474)

Cash flows from financing activities:
  Payments on mortgage notes payable                             (310)       (278)
  Advance from affiliate                                          219          --
  Payments on advances from affiliate                            (239)         --
             Net cash used in financing activities               (330)       (278)

Net (decrease) increase in cash and cash equivalents              (42)        460
Cash and cash equivalents at beginning of period                  787       6,401
Cash and cash equivalents at end of period                    $   745     $ 6,861
Supplemental disclosure of cash flow information:
  Cash paid for interest                                      $   902     $   755
Supplemental disclosure of non-cash activity:
  Property improvements and replacements in accounts
   payable                                                    $   215     $   189

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

At March 31, 2003,  receivables and deposits include  approximately  $452,000 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>


                              SHELTER PROPERTIES V
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The  accompanying   unaudited   consolidated  financial  statements  of  Shelter
Properties  V  (the   "Partnership"  or  "Registrant")  have  been  prepared  in
accordance with generally accepted  accounting  principles for interim financial
information  and  with the  instructions  to Form  10-QSB  and  Item  310(b)  of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  The general  partner  responsible  for management of the
Partnership's  business is Shelter Realty V Corporation (the "Corporate  General
Partner").  In the opinion of the Corporate  General  Partner,  all  adjustments
(consisting  of  normal  recurring  accruals)  considered  necessary  for a fair
presentation  have been included.  Operating  results for the three month period
ended March 31, 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 a subsidiary of Apartment
Investment  and  Management  Company  ("AIMCO"),  a publicly  traded real estate
investment trust. The non-corporate general partner, 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.

                                                     Three Months Ended
                                                          March 31,
                                                       (in thousands)
                                                       2003       2002

         Net cash provided by operating activities    $ 853     $ 1,212
         Payments on mortgage notes payable             (310)      (278)
         Property improvements and replacements         (566)    (1,169)
         Change in restricted escrows, net                 1        319
         Changes in reserves for net operating
            liabilities                                 (127)      (245)

            Net cash from operations                  $ (149)    $ (161)

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 (i) certain
payments to affiliates for services and (ii)  reimbursement  of certain expenses
incurred by affiliates on behalf of the Partnership.

During  the three  months  ended  March 31,  2003 and  2002,  affiliates  of the
Corporate General Partner were entitled to receive 5% of gross receipts from all
of the Registrant's  properties for providing property management services.  The
Registrant paid to such affiliates  approximately  $172,000 and $188,000 for the
three months ended March 31, 2003 and 2002, respectively,  which are 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 three months ended March 31,
2003. Interest was accrued at the prime rate plus 2% or 6.25% at March 31, 2003.
Interest expense was  approximately  $1,000 for the three months ended March 31,
2003.  During the three  months  ended March 31, 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 March 31, 2003,
there were no outstanding  loans or accrued  interest.  There were no loans from
the Corporate  General Partner or associated  interest  expense during the three
months ended March 31, 2002.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $139,000 and
$197,000  for the three  months  ended  March 31,  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
$41,000  and  $98,000  for the  three  months  ended  March  31,  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 2003 and 2002, the  Partnership's  cost for
insurance  coverage  and  fees  associated  with  policy  claims  administration
provided  by  AIMCO  and its  affiliates  will  be  approximately  $192,000  and
$232,000, respectively.

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.  The Partnership  recognized a gain of
approximately  $369,000  as a result of the  receipt of  insurance  proceeds  of
approximately $452,000, which are on deposit with the mortgage lender, offset by
the write-off of the undepreciated damaged assets of approximately $83,000.

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 three months ended March 31, 2002
as a result of receiving additional insurance proceeds.

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
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which 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 which 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  seek  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Corporate General Partner filed a motion seeking dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended complaint.  The Corporate General Partner filed demurrers to the amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Corporate General Partner and affiliated defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.  The  Corporate  General  Partner  and  affiliated
defendants  oppose the motion.  On April 29,  2002,  the Court held a hearing on
plaintiffs' motion for class  certification and took the matter under submission
after further  briefing,  as ordered by the court, was submitted by the parties.
On July 10, 2002,  the Court entered an order vacating the trial date of January
13, 2003 (as well as the pre-trial and discovery  cut-off  dates) and stayed the
case in its entirety  through November 7, 2002 so that the parties could have an
opportunity  to discuss  settlement.  On October 30, 2002,  the court entered an
order extending the stay in effect through January 10, 2003.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action  described below. On April
4, 2003, the Court preliminarily approved the settlement and scheduled a hearing
on final approval for June 2, 2003.

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
a tender offer 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 provides 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.

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 first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Corporate  General Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the  complaint.  Before  completing  briefing on the appeal,  the parties stayed
further proceedings in the appeal pending the Court's review of the terms of the
proposed settlement described above.

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.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

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

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  The discussions of the  Registrant's
business  and  results  of  operations,   including  forward-looking  statements
pertaining to such matters,  do not take into account the effects of any changes
to the  Registrant's  business  and results of  operations.  Actual  results may
differ  materially  from those described in the  forward-looking  statements and
will  be  affected  by  a  variety  of  risks  and  factors  including,  without
limitation:  national and local economic  conditions;  the terms of governmental
regulations that affect the Registrant and interpretations of those regulations;
the competitive  environment in which the Registrant operates;  financing risks,
including the risk that cash flows from  operations may be  insufficient to meet
required  payments of  principal  and  interest;  real estate  risks,  including
variations  of real  estate  values and the  general  economic  climate in local
markets and competition for tenants in such markets; and possible  environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The Partnership's  investment  properties consist of seven apartment  complexes.
The following  table sets forth the average  occupancy of the properties for the
three months ended March 31, 2003 and 2002:

                                                          March 31,
                  Property                              2003     2002

                  Foxfire Apartments
                     Atlanta, Georgia (1)               69%       91%

                  Old Salem Apartments
                     Charlottesville, Virginia (2)      94%       97%

                  Woodland Village Apartments
                     Columbia, South Carolina           91%       89%

                  Lake Johnson Mews Apartments
                     Raleigh, North Carolina (3)        89%       96%

                  The Lexington Green Apartments
                     Sarasota, Florida (4)              94%       97%

                  Millhopper Village Apartments
                     Gainesville, Florida               96%       96%

                  Tar River Estates Apartments
                     Greenville, North Carolina (5)     95%       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 a casualty  which
      occurred in June 2002.

 (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 decrease in occupancy at The
      Lexington  Green  Apartments  to the slowdown in the economy and increased
      competition in the Sarasota area.

 (5)  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 income for the three  months  ended  March 31,  2003 was
approximately  $242,000 as compared to net income of approximately  $533,000 for
the three months  ended March 31,  2002.  The decrease in net income is due to a
decrease in total  revenues and an increase in total  expenses.  Total  revenues
decreased  primarily due to a decrease in rental income.  Other income  remained
relatively  constant  for  the  comparable  periods.   Rental  income  decreased
primarily due to the decreases in occupancy and the average  rental rate at four
of the Partnership's investment properties, partially offset by the increases in
occupancy and the average  rental rate at two of the  investment  properties and
reduced concessions at Woodland Village Apartments and Foxfire  Apartments.  The
casualty  gains  recognized  in 2003 and 2002 are the  result of two  casualties
which occurred at Tar River Estates Apartments (as discussed below).

Total  expenses  increased due to increases in both  operating and  depreciation
expense,   partially   offset  by  decreases   in  interest,   and  general  and
administrative expenses. Operating expenses increased primarily due to increases
in utility  expenses,  primarily at Old Salem Apartments and The Lexington Green
Apartments,  contract  maintenance expense at Lake Johnson Mews Apartments,  Old
Salem  Apartments,  and The Lexington  Green  Apartments,  and a decrease in the
capitalization  of certain direct and indirect costs,  primarily payroll related
costs, at most of the properties.  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  properties,  which
reduced the carrying balance of the loans.

General and  administrative  expenses  decreased  primarily due to a decrease in
professional  expenses  associated  with  the  management  of  the  Partnership.
Included in general and administrative expenses for the three months ended March
31, 2003 and 2002 are 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.

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.  The Partnership  recognized a gain of
approximately  $369,000  as a result of the  receipt of  insurance  proceeds  of
approximately $452,000, which are on deposit with the mortgage lender, offset by
the write-off of the undepreciated damaged assets of approximately $83,000.

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 three months ended March 31, 2002
as a result of receiving additional insurance proceeds.

As part of the ongoing  business plan of the Registrant,  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, 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.

Liquidity and Capital Resources

At  March  31,  2003,  the  Partnership   had  cash  and  cash   equivalents  of
approximately $745,000,  compared to approximately $6,861,000 at March 31, 2002.
The decrease in cash and cash equivalents of approximately $42,000 for the three
months ended March 31, 2003,  from  December 31, 2002,  is due to  approximately
$565,000 of cash used in investing activities and approximately $330,000 of cash
used in financing activities partially offset by approximately  $853,000 of cash
provided by operating activities. Cash used in financing activities consisted of
payments of principal on the mortgages  encumbering the Registrant's  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.  Cash used in investing activities  consisted of property  improvements
and  replacements,  partially  offset  by  net  receipts  from  escrow  accounts
maintained by the mortgage lender.  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 Registrant 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 three months ended March 31, 2003, the
Partnership   completed   approximately   $12,000  of  capital  improvements  at
Millhopper   Village   Apartments,   consisting   primarily  of  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  $29,000 in capital  improvements
during the remainder of 2003. The additional  capital  improvements will consist
primarily of exterior  improvements and 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  three  months  ended  March  31,  2003,  the
Partnership completed  approximately $241,000 of capital improvements at Foxfire
Apartments,   consisting   primarily  of  plumbing   upgrades,   floor  covering
replacement,  and  construction  related to a fire which occurred in 2002. 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 $85,000 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 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 three months ended March 31, 2003, the
Partnership  completed  approximately  $75,000 of capital  improvements  at Lake
Johnson Mews Village Apartments, consisting primarily of swimming pool upgrades,
interior  building   improvements,   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 $330,000 in capital  improvements during the remainder of
2003. The additional capital improvements will consist primarily of parking area
improvements,  electrical upgrades, structural improvements,  exterior painting,
and  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.

Woodland Village  Apartments:  During the three months ended March 31, 2003, the
Partnership completed  approximately $44,000 of capital improvements at Woodland
Village  Apartments,  consisting  primarily of interior  improvements  and floor
covering  and  appliance  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
$194,000 in capital  improvements  during the remainder of 2003.  The additional
capital  improvements  will consist  primarily of 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 three months ended March 31, 2003,
the Partnership  completed  approximately $32,000 of capital improvements at The
Lexington Green Apartments,  consisting primarily of 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 $48,000 in capital  improvements  during the remainder
of 2003. The additional  capital  improvements  will consist  primarily of 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 three months ended March 31, 2003, the
Partnership completed approximately $25,000 of capital improvements at Tar River
Estates Apartments,  consisting primarily of cabinet 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  $187,000 in capital  improvements
during the remainder of 2003. The additional  capital  improvements will consist
primarily  of  communications   enhancements  and  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.

Old Salem  Apartments:  During  the three  months  ended  March  31,  2003,  the
Partnership completed approximately $61,000 of capital improvements at Old Salem
Apartments,  consisting primarily of structural improvements. 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  $269,000 in capital  improvements  during the remainder of 2003. The
additional  capital  improvements  will consist  primarily of exterior  building
improvements and 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.

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  Registrant's  assets are thought to be sufficient  for any near-term  needs
(exclusive of capital improvements) of the Registrant. The mortgage indebtedness
of  approximately  $46,398,000 is amortized  over varying  periods with maturity
dates  ranging from November 1, 2019 to January 1, 2022, at which time the loans
will be fully amortized.

There were no  distributions  made to the partners during the three months ended
March 31, 2003 and 2002. 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  distributions to its partners in
2003 or subsequent periods.

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
March 31, 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 of limited partnership interest in the Partnership
in  exchange  for  cash or a  combination  of cash and  units  in the  operating
partnership of AIMCO either through  private  purchases or tender offers.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the Units are
entitled to take action with respect to a variety of matters which would include
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 is 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  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 an impairment in 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.
Concessions are charged to income as incurred.

ITEM 3.     CONTROLS AND PROCEDURES

The principal executive officer and principal financial officer of the Corporate
General Partner, who are the equivalent of the Partnership's principal executive
officer and principal financial officer,  respectively,  have, within 90 days of
the filing date of this quarterly  report,  evaluated the  effectiveness  of the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules 13a-14(c) and 15d-14(c)) and have determined that such disclosure controls
and  procedures  are  adequate.  There have been no  significant  changes in the
Partnership's  internal  controls or in other  factors that could  significantly
affect the  Partnership's  internal  controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.


                           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
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which 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 which 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  seek  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Corporate General Partner filed a motion seeking dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended complaint.  The Corporate General Partner filed demurrers to the amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Corporate General Partner and affiliated defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.  The  Corporate  General  Partner  and  affiliated
defendants  oppose the motion.  On April 29,  2002,  the Court held a hearing on
plaintiffs' motion for class  certification and took the matter under submission
after further  briefing,  as ordered by the court, was submitted by the parties.
On July 10, 2002,  the Court entered an order vacating the trial date of January
13, 2003 (as well as the pre-trial and discovery  cut-off  dates) and stayed the
case in its entirety  through November 7, 2002 so that the parties could have an
opportunity  to discuss  settlement.  On October 30, 2002,  the court entered an
order extending the stay in effect through January 10, 2003.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action  described below. On April
4, 2003, the Court preliminarily approved the settlement and scheduled a hearing
on final approval for June 2, 2003.

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
a tender offer 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 provides 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.

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 first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Corporate  General Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the  complaint.  Before  completing  briefing on the appeal,  the parties stayed
further proceedings in the appeal pending the Court's review of the terms of the
proposed settlement described above.

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.

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).

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

          b) Reports on Form 8-K:

               None filed during the quarter ended March 31, 2003.


                                   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/Thomas C. Novosel
                                         Thomas C. Novosel
                                         Senior Vice President
                                         and Chief Accounting Officer

                                 Date:   May 14, 2003

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


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


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


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


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


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


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


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


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


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


Date:  May 14, 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

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


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


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


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


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


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


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


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


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


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


Date:  May 14, 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

Exhibit 99


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



In connection with the Quarterly  Report on Form 10-QSB of Shelter  Properties V
(the "Partnership"), for the quarterly period ended March 31, 2003 as filed with
the  Securities  and  Exchange  Commission  on the date hereof  (the  "Report"),
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: May 14, 2003


                                     /s/Paul J. McAuliffe
                               Name: Paul J. McAuliffe
                               Date: May 14, 2003

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