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

                                   Form 10-QSB

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

                 For the quarterly period ended June 30, 2004

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

             For the transition period from _________to _________

                         Commission file number 0-11574

                              SHELTER PROPERTIES V
      (Exact Name of Small Business Issuer as Specified in Its Charter)

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

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

                                 (864) 239-1000
                            Issuer's telephone number



Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the  registrant  was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.
Yes  X   No ___


                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS



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

                                  June 30, 2004

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 607
   Receivables and deposits                                                      405
   Restricted escrows                                                            277
   Other assets                                                                1,674
   Investment properties:
      Land                                                    $ 4,054
      Buildings and related personal property                   84,931
                                                               88,985
      Less accumulated depreciation                            (57,859)       31,126
                                                                            $ 34,089

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 163
   Tenant security deposit liabilities                                           277
   Accrued property taxes                                                        457
   Other liabilities                                                             693
   Mortgage notes payable                                                     44,755

Partners' Deficit
   General partners                                           $   (375)
   Limited partners (52,538 units
      issued and outstanding)                                  (11,881)      (12,256)
                                                                            $ 34,089

         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      Six Months Ended
                                               June 30,               June 30,
                                           2004       2003        2004        2003
Revenues:
<S>                                      <C>         <C>         <C>         <C>
   Rental income                         $ 3,002     $ 3,064     $ 6,061     $ 6,165
   Other income                              374         363         749         734
   Casualty gains (Note D)                    38          75          38         444
      Total revenues                       3,414       3,502       6,848       7,343

Expenses:
   Operating                               1,518       1,345       3,051       2,867
   General and administrative                110         106         192         232
   Depreciation                              860         844       1,713       1,676
   Interest                                  862         885       1,731       1,760
   Property taxes                            258         251         518         495
      Total expenses                       3,608       3,431       7,205       7,030

      Net (loss) income                   $ (194)     $ 71       $ (357)      $ 313

Net (loss) income allocated to
   general partners (1%)                   $ (2)       $ 1        $ (4)        $ 3
Net (loss) income allocated to
   limited partners (99%)                   (192)         70        (353)        310

                                          $ (194)     $ 71       $ (357)      $ 313
Net (loss) income per limited
  partnership unit                       $ (3.65)    $ 1.33      $ (6.72)    $ 5.90

Distributions per limited
   partnership unit                        $ --      $ 6.85       $ --       $ 6.85

         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, 2003                    52,538        $ (371)    $(11,528)  $(11,899)

Net loss for the six months
   ended June 30, 2004                      --            (4)        (353)      (357)

Partners' deficit at
   June 30, 2004                        52,538        $ (375)    $(11,881)  $(12,256)

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


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


<TABLE>
<CAPTION>

                                                                Six Months Ended
                                                                    June 30,
                                                                 2004      2003
Cash flows from operating activities:
<S>                                                          <C>         <C>
  Net (loss) income                                          $  (357)    $   313
  Adjustments to reconcile net (loss) income to net cash
    provided by operating activities:
      Casualty gains                                             (38)       (444)
      Depreciation                                             1,713       1,676
      Amortization of loan costs                                  38          42
      Change in accounts:
          Receivables and deposits                               (63)        225
          Other assets                                          (283)       (210)
          Accounts payable                                       (58)         76
          Tenant security deposit liabilities                    (22)         --
          Accrued property taxes                                 220         219
          Other liabilities                                       43         (15)
             Net cash provided by operating activities         1,193       1,882
Cash flows from investing activities:
  Property improvements and replacements                        (455)     (1,168)
  Net withdrawals from restricted escrows                         --         124
  Insurance proceeds received                                     45         162
             Net cash used in investing activities              (410)       (882)
Cash flows from financing activities:
  Payments on mortgage notes payable                            (634)       (642)
  Advances from affiliate                                        150         219
  Payments on advances from affiliate                           (150)       (239)
  Distributions to partners                                       --        (360)
             Net cash used in financing activities              (634)     (1,022)

Net increase (decrease) in cash and cash
     equivalents                                                 149         (22)

Cash and cash equivalents at beginning of period                 458         787
Cash and cash equivalents at end of period                   $   607     $   765
Supplemental disclosure of cash flow information:
  Cash paid for interest                                     $ 1,588     $ 1,738
Supplemental disclosure of non-cash activity:
  Property improvements and replacements in accounts
    payable                                                  $    76     $   109

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


         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>







                              SHELTER PROPERTIES V
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Basis of Presentation

The  accompanying   unaudited   consolidated  financial  statements  of  Shelter
Properties  V  (the   "Partnership"  or  "Registrant")  have  been  prepared  in
accordance with generally accepted  accounting  principles for interim financial
information  and  with the  instructions  to Form  10-QSB  and  Item  310(b)  of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  The general  partner  responsible  for management of the
Partnership's  business is Shelter Realty V Corporation (the "Corporate  General
Partner").  In the opinion of the Corporate  General  Partner,  all  adjustments
(consisting  of  normal  recurring  accruals)  considered  necessary  for a fair
presentation  have been included.  Operating results for the three and six month
periods ended June 30, 2004 are not  necessarily  indicative of the results that
may be expected  for the fiscal  year  ending  December  31,  2004.  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,  2003.  The  Corporate  General  Partner is a
subsidiary of Apartment Investment and Management Company ("AIMCO"),  a publicly
traded  real  estate   investment  trust.  The  other  general  partner  of  the
Partnership, AIMCO Properties, L.P., is also an affiliate of AIMCO.

Note B - Reconciliation of Cash Flows

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

                                                      Six months Ended
                                                          June 30,
                                                       (in thousands)
                                                       2004       2003

         Net cash provided by operating activities   $ 1,193    $ 1,882
         Payments on mortgage notes payable             (634)      (642)
         Property improvements and replacements         (455)    (1,168)
         Change in restricted escrows, net                --        124
         Changes in reserves for net operating
            liabilities                                  163       (295)
         Additional reserves                            (267)        --

            Net cash from operations                   $ --      $ (99)

For the six months ended June 30, 2004, the Corporate  General Partner  reserved
approximately   $267,000  to  fund  capital  improvements  and  repairs  at  the
Partnership's properties.  Distributions made from reserves no longer considered
necessary by the Corporate  General  Partner are considered to be additional net
cash from operations for allocation purposes.


<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 investment properties as compensation for
providing property management services.  The Partnership paid to such affiliates
approximately  $353,000  and $344,000 for the six months ended June 30, 2004 and
2003, respectively, which is included in operating expenses.

In accordance  with the  Partnership  Agreement,  the Corporate  General Partner
loaned  approximately  $150,000  and $219,000 to the  Partnership  to cover real
estate tax payments at Woodland Village  Apartments  during the six months ended
June 30,  2004 and 2003,  respectively.  Interest  was accrued at the prime rate
plus 2%. Interest  expense was  approximately  $1,000 for each of the six months
ended June 30,  2004 and 2003.  During the six  months  ended June 30,  2004 and
2003, the Partnership  repaid advances of  approximately  $150,000 and $239,000,
respectively,  and related interest of approximately  $1,000 for each of the six
months ended June 30, 2004 and 2003 to the Corporate  General  Partner with cash
from operations.  At June 30, 2004,  there were no outstanding  loans or accrued
interest due to the Corporate General Partner.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $161,000 and
$267,000 for the six months ended June 30, 2004 and 2003, respectively. Included
in these amounts are fees related to construction  management  services provided
by an affiliate of the Corporate  General Partner of  approximately  $21,000 and
$98,000  for the six months  ended  June 30,  2004 and 2003,  respectively.  The
construction  management  service fees are  calculated  based on a percentage of
current additions to investment properties.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers'  compensation,  property  casualty  and vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Corporate  General Partner.  During the six months ended June 30, 2004 and 2003,
the Partnership was charged by AIMCO and its affiliates  approximately  $113,000
and $192,000,  respectively,  for insurance  coverage and fees  associated  with
policy claims administration.

Note D - Casualty Events

On September 18, 2003, Old Salem Apartments  suffered hurricane damage,  causing
minor  damage  to 29 units.  The  property  incurred  damages  of  approximately
$46,000.  During the three and six months ended June 30, 2004,  the  Partnership
recognized a casualty gain of  approximately  $38,000 as a result of the receipt
of insurance proceeds of approximately  $45,000,  offset by the write-off of the
undepreciated damaged assets of approximately $7,000.

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 six months ended June 30,
2003, the Partnership recognized a gain of approximately $369,000 as a result of
the receipt of insurance proceeds of approximately $452,000,  which were held on
deposit with the mortgage  lender at June 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 $43,000. 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  six  months  ended  June  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 six months ended June 30, 2003, the Partnership  received  additional
proceeds  of  approximately  $103,000  to cover the  damages  and  approximately
$43,000  to cover the lost  rents,  which are  included  in rental  income.  The
Partnership recognized an additional gain of approximately $75,000 for the three
and six months ended June 30, 2003,  after writing off additional  undepreciated
damaged assets of approximately $28,000.

Note E - Contingencies

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition, during the third quarter of 2001, a complaint (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
("Objector")  filed an  appeal  seeking  to  vacate  and/or  reverse  the  order
approving the settlement and entering  judgment  thereto.  On November 24, 2003,
the Objector filed an  application  requesting the Court order AIMCO to withdraw
settlement  tender offers it had  commenced,  refrain from making further offers
pending the appeal and auction any units tendered to third  parties,  contending
that the offers did not conform  with the terms of the  Settlement.  Counsel for
the Objector (on behalf of another  investor)  had  alternatively  requested the
Court take certain  action  purportedly  to enforce the terms of the  settlement
agreement.  On December 18, 2003,  the Court heard oral  argument on the motions
and denied them both in their entirety.

On January 28, 2004,  Objector filed his opening brief in his pending appeal. On
April 23,  2004,  the  Corporate  General  Partner  and its  affiliates  filed a
response brief in support of the settlement and the judgment thereto. Plaintiffs
have also filed a brief in support of the settlement.  On June 4, 2004, Objector
filed a reply to the briefs  submitted  by the  Corporate  General  Partner  and
Plaintiffs. No hearing has been scheduled in the matter.

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.  On March 5, 2004  Plaintiffs
filed an amended complaint also naming NHP Management Company,  which is also an
affiliate  of the  Corporate  General  Partner.  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 defendants have filed an answer to the amended complaint denying
the  substantive  allegations.  Some  discovery  has taken place and  settlement
negotiations  continue.  Although the outcome of any  litigation  is  uncertain,
AIMCO  Properties,  L.P. does not believe that the ultimate  outcome will have a
material  adverse  effect on its  financial  condition or results of  operations
taken as a whole. Similarly, the Corporate General Partner does not believe that
the ultimate  outcome will have a material  adverse effect on the  Partnership's
financial condition or results of operations taken as a whole.

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.

As  previously  disclosed,  the  Central  Regional  Office of the United  States
Securities and Exchange  Commission is conducting an  investigation  relating to
certain  matters.  AIMCO  believes the areas of  investigation  include  AIMCO's
miscalculated   monthly  net  rental  income  figures  in  third  quarter  2003,
forecasted  guidance,  accounts payable,  rent concessions,  vendor rebates, and
capitalization of expenses and payroll.  AIMCO is cooperating  fully. AIMCO does
not believe that the ultimate outcome will have a material adverse effect on its
consolidated  financial  condition  or results of  operations  taken as a whole.
Similarly,  the  Corporate  General  Partner  does not believe that the ultimate
outcome will have a material  adverse effect on the  Partnership's  consolidated
financial condition or results of operations taken as a whole.


<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
six months ended June 30, 2004 and 2003:

                                                          June 30,
                  Property                              2004     2003

                  Foxfire Apartments
                     Atlanta, Georgia (1)               90%       74%

                  Old Salem Apartments
                     Charlottesville, Virginia          91%       91%

                  Woodland Village Apartments
                     Columbia, South Carolina (2)       86%       91%

                  Lake Johnson Mews Apartments
                     Raleigh, North Carolina (3)        87%       91%

                  The Lexington Green Apartments
                     Sarasota, Florida                  93%       94%

                  Millhopper Village Apartments
                     Gainesville, Florida (4)           90%       95%

                  Tar River Estates Apartments
                     Greenville, North Carolina (5)     89%       92%


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

 (2)  The  Corporate  General  Partner  attributes  the decrease in occupancy at
      Woodland  Village  Apartments to  unfavorable  economic  conditions in the
      Columbia area.

<PAGE>

 (3)  The Corporate General Partner attributes the decrease in occupancy at Lake
      Johnson Mews Apartments to increased competition in the Raleigh area.

 (4)  The  Corporate  General  Partner  attributes  the decrease in occupancy at
      Millhopper Village Apartments to increased  competition in the Gainesville
      area.

 (5)  The Corporate General Partner  attributes the decrease in occupancy at Tar
      River Estates Apartments to increased competition in the Greenville area.

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

Results of Operations

The  Partnership's net loss for the three and six months ended June 30, 2004 was
approximately $194,000 and $357,000,  respectively, as compared to net income of
approximately  $71,000 and  $313,000 for the three and six months ended June 30,
2003, respectively. The decrease in net income for both the three and six months
ended June 30, 2004 is due to an increase  in total  expenses  and a decrease in
total revenues.

The  increase  in  total  expenses  for  both  periods  is due to  increases  in
operating,  depreciation  and  property  tax  expenses.  The  increase  in total
expenses  for the three  months  ended June 30, 2004 was  partially  offset by a
decrease in interest expense.  The increase in total expenses for the six months
ended June 30,  2004 was  partially  offset by  decreases  in both  general  and
administrative  and  interest  expenses.  General  and  administrative  expenses
remained  relatively  constant for the three  months  ended June 30,  2004.  The
increase in  operating  expenses for both periods is due to increases in payroll
related  expenses at all of the  Partnership's  investment  properties,  utility
expenses  at five  properties,  and  interior  maintenance  expense  at  Foxfire
Apartments.  Depreciation expense increased as a result of property improvements
and  replacements  placed into service at the properties  during the past twelve
months.  The increase in property  tax expense is primarily  due to increases in
the assessed value of four  properties and in the tax rate for Woodland  Village
Apartments.  Interest  expense  decreased  primarily  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.  The
decrease in general and  administrative  expenses  for the six months ended June
30, 2004 is  primarily  due to  decreases in  management  reimbursements  to the
Corporate  General  Partner  as  allowed  under the  Partnership  Agreement  and
professional expenses associated with the administration of the Partnership.  In
addition,  costs  associated with the quarterly and annual  communications  with
investors  and  regulatory  agencies  and  the  annual  audit  required  by  the
Partnership  Agreement are also included in general and administrative  expenses
for the three and six months ended June 30, 2004 and 2003.

The decrease in total  revenues for both the three and six months ended June 30,
2004 is due to decreases in rental income and the recognition of casualty gains,
partially  offset by an increase in other income.  The decrease in rental income
for both periods is primarily due to decreases in occupancy  and average  rental
rates at five of the Partnership's  investment  properties,  partially offset by
increases  in  occupancy  at Foxfire  Apartments  and  average  rental  rates at
Woodland Village  Apartments and Tar River Estates  Apartments.  The increase in
other  income  for  both  periods  is  primarily   due  to  increases  in  lease
cancellation  fees at five  properties  and  utility  reimbursements  at Foxfire
Apartments and The Lexington Green Apartments.

On September 18, 2003, Old Salem Apartments  suffered hurricane damage,  causing
minor  damage  to 29 units.  The  property  incurred  damages  of  approximately
$46,000.  During the three and six months ended June 30, 2004,  the  Partnership
recognized a casualty gain of  approximately  $38,000 as a result of the receipt
of insurance proceeds of approximately  $45,000,  offset by the write-off of the
undepreciated damaged assets of approximately $7,000.

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 six months ended June 30,
2003, the Partnership recognized a gain of approximately $369,000 as a result of
the receipt of insurance proceeds of approximately $452,000,  which were held on
deposit with the mortgage  lender at June 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 $43,000. 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  six  months  ended  June  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 six months ended June 30, 2003, the Partnership  received  additional
proceeds  of  approximately  $103,000  to cover the  damages  and  approximately
$43,000  to cover the lost  rents,  which are  included  in rental  income.  The
Partnership recognized an additional gain of approximately $75,000 for the three
and six months ended June 30, 2003,  after writing off additional  undepreciated
damaged assets of approximately $28,000.

Liquidity and Capital Resources

At June 30, 2004, the Partnership had cash and cash equivalents of approximately
$607,000,  compared to approximately  $765,000 at June 30, 2003. The increase in
cash and cash equivalents of approximately $149,000, from the Partnership's year
ended December 31, 2003, is due to approximately  $1,193,000 of cash provided by
operating activities, partially offset by approximately $634,000 of cash used in
financing  activities  and  approximately  $410,000  of cash  used in  investing
activities. Cash used in financing activities consisted of payments of principal
made on the mortgages  encumbering the Partnership's  investment  properties and
payment  on an advance  from an  affiliate  of the  Corporate  General  Partner,
partially offset by the receipt of an advance from an affiliate of the Corporate
General  Partner.  Cash  used in  investing  activities  consisted  of  property
improvements and replacements,  partially offset by insurance  proceeds received
related to the casualty at Old Salem  Apartments.  The  Partnership  invests its
working capital reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the investment  properties to adequately  maintain the
physical  assets and other operating needs of the Partnership and to comply with
Federal,  state,  and local legal and  regulatory  requirements.  The  Corporate
General  Partner  monitors  developments  in the  area of legal  and  regulatory
compliance.  For example,  the  Sarbanes-Oxley  Act of 2002 mandates or suggests
additional compliance measures with regard to governance,  disclosure, audit and
other areas.  In light of these changes,  the  Partnership  expects that it will
incur higher expenses related to compliance, including increased legal and audit
fees. Capital improvements planned for each of the Partnership's  properties are
detailed below.

Millhopper  Village  Apartments:  During the six months ended June 30, 2004, the
Partnership   completed   approximately   $16,000  of  capital  improvements  at
Millhopper   Village   Apartments,   consisting   primarily  of  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  $59,000 in capital  improvements
during the remainder of 2004.  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 six months ended June 30, 2004, the Partnership
completed  approximately  $85,000 of capital improvements at Foxfire Apartments,
consisting  primarily  of exterior  painting 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  $62,000 in capital  improvements
during the remainder of 2004.  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 six months ended June 30, 2004,  the
Partnership  completed  approximately  $70,000 of capital  improvements  at Lake
Johnson Mews  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 and  currently  expects  to  complete  an  additional  $64,000  in  capital
improvements during the remainder of 2004.  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 six months ended June 30,  2004,  the
Partnership completed approximately $107,000 of capital improvements at Woodland
Village Apartments,  consisting  primarily of furniture upgrades,  swimming pool
enhancements,  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 $63,000
in  capital  improvements  during  the  remainder  of 2004.  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 six months ended June 30, 2004, the
Partnership  completed  approximately  $86,000  of capital  improvements  at The
Lexington Green  Apartments,  consisting  primarily of structural  improvements,
plumbing  upgrades  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 $82,000 in capital  improvements  during the remainder of
2004.  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 six months ended June 30, 2004,  the
Partnership completed approximately $50,000 of capital improvements at Tar River
Estates 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 and  currently  expects  to  complete  an  additional  $71,000  in  capital
improvements during the remainder of 2004.  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 six months ended June 30, 2004, the Partnership
completed   approximately   $117,000  of  capital   improvements  at  Old  Salem
Apartments,  consisting  primarily of sewer upgrades,  fitness equipment,  floor
covering  replacement,  and  construction  related to the hurricane  damage,  as
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 $83,000 in capital  improvements  during the remainder of
2004.  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 Partnership's  distributable cash flow,
if any, may be adversely affected at least in the short term.

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive  of  capital   improvements)   of  the   Partnership.   The  mortgage
indebtedness  encumbering  all of the  Partnership's  investment  properties  of
approximately  $44,755,000 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 six months ended
June 30, 2004 and 2003 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                              Six Months     Per Limited     Six Months   Per Limited
                                 Ended       Partnership       Ended      Partnership
                             June 30, 2004       Unit      June 30, 2003      Unit

<S>                <C>          <C>            <C>             <C>           <C>
Financing Proceeds (1)          $  --          $    --         $ 360         $ 6.85
</TABLE>

(1)   From  proceeds  from  the new  financing  obtained  on Tar  River  Estates
      Apartments in December 2001.

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 2004 or subsequent periods.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 38,191 limited  partnership  units
(the "Units") in the Partnership representing 72.69% of the outstanding Units at
June 30, 2004. A number of these Units were  acquired  pursuant to tender offers
made by AIMCO or its  affiliates.  It is possible  that AIMCO or its  affiliates
will acquire  additional Units in exchange for cash or a combination of cash and
units in AIMCO  Properties,  L.P., the operating  partnership  of AIMCO,  either
through  private  purchases  or  tender  offers.  Pursuant  to  the  Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Corporate General Partner.  As a result of its ownership of 72.69% of
the outstanding Units, AIMCO and its affiliates are in a position to control all
voting decisions with respect to the Partnership. Although the Corporate General
Partner owes fiduciary duties to the limited  partners of the  Partnership,  the
Corporate  General  Partner  also  owes  fiduciary  duties  to AIMCO as its sole
stockholder.  As a result,  the  duties of the  Corporate  General  Partner,  as
corporate general partner,  to the Partnership and its limited partners may come
into conflict with the duties of the Corporate  General Partner to AIMCO, as its
sole stockholder.

Critical Accounting Policies and Estimates

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

Impairment of Long-Lived Assets

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

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

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. The
Partnership  evaluates all accounts receivable from residents and establishes an
allowance, after the application of security deposits, for accounts greater than
30 days past due on current tenants and all receivables due from former tenants.
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
("Objector")  filed an  appeal  seeking  to  vacate  and/or  reverse  the  order
approving the settlement and entering  judgment  thereto.  On November 24, 2003,
the Objector filed an  application  requesting the Court order AIMCO to withdraw
settlement  tender offers it had  commenced,  refrain from making further offers
pending the appeal and auction any units tendered to third  parties,  contending
that the offers did not conform  with the terms of the  Settlement.  Counsel for
the Objector (on behalf of another  investor)  had  alternatively  requested the
Court take certain  action  purportedly  to enforce the terms of the  settlement
agreement.  On December 18, 2003,  the Court heard oral  argument on the motions
and denied them both in their entirety.

On January 28, 2004,  Objector filed his opening brief in his pending appeal. On
April 23,  2004,  the  Corporate  General  Partner  and its  affiliates  filed a
response brief in support of the settlement and the judgment thereto. Plaintiffs
have also filed a brief in support of the settlement.  On June 4, 2004, Objector
filed a reply to the briefs  submitted  by the  Corporate  General  Partner  and
Plaintiffs. No hearing has been scheduled in the matter.

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.  On March 5, 2004  Plaintiffs
filed an amended complaint also naming NHP Management Company,  which is also an
affiliate  of the  Corporate  General  Partner.  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 defendants have filed an answer to the amended complaint denying
the  substantive  allegations.  Some  discovery  has taken place and  settlement
negotiations  continue.  Although the outcome of any  litigation  is  uncertain,
AIMCO  Properties,  L.P. does not believe that the ultimate  outcome will have a
material  adverse  effect on its  financial  condition or results of  operations
taken as a whole. Similarly, the Corporate General Partner does not believe that
the ultimate  outcome will have a material  adverse effect on the  Partnership's
financial condition or results of operations taken as a whole.


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K


         a) Exhibits:

               See Exhibit Index.

         b) Reports on Form 8-K:

               None filed during the quarter ended June 30, 2004.


<PAGE>



                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                 SHELTER PROPERTIES V

                                 By:     Shelter Realty V Corporation
                                         Corporate General Partner

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


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


                                 Date:   August 12, 2004


<PAGE>


                                  EXHIBIT INDEX

Exhibit


      3           See Exhibit 4(a)

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

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

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

            (c)   Promissory  Notes and Deed of  Trust;  Assignment  of  Leases,
                  Rents & Profits;  and  Security  Agreement  between The Mutual
                  Benefit  Life  Insurance  Company  and Shelter  Properties  V.
                  (Filed  as  Exhibit  4(c) to Form  10-K  of  Registrant  filed
                  February 26, 1998 and incorporated herein by reference).

            (d)   Registrant  agrees to furnish to the  Securities  and Exchange
                  Commission  upon request a copy of any instrument with respect
                  to long  term  debt  which  does not  exceed  10% of the total
                  assets of the Registrant.

      10(i) Contracts related to acquisition of properties.

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

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

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

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

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

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

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

            (g)   Purchase  Agreement dated November 21, 1983 between  Southwest
                  Realty,   Ltd.  and  U.S.   Shelter   Corporation  to  acquire
                  Greenspoint Apartments. (Filed as Exhibit 10(A) to Form 8-K of
                  Registrant dated December 8, 1983 and  incorporated  herein by
                  reference).

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

            (i)   Promissory  Note dated December 10, 1991 and Deed of Trust and
                  Security Agreement dated December 18, 1991 for the refinancing
                  of Old Salem  Apartments.  (Filed as Exhibit 3(d) to Form 10-K
                  of Registrant filed February 28, 1992 and incorporated  herein
                  by reference).

      (ii)  Form  of  Management   Agreement  with  U.S.   Shelter   Corporation
            subsequently  assigned to Shelter  Management Group, L.P. (now known
            as Insignia  Management Group,  L.P.).  (Filed as Exhibit 10 (ii) to
            Form 10-K of  Registrant  filed  February 26, 1988 and  incorporated
            herein by reference).

      (iii) Contracts related to refinancing of debt:

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

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

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

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

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

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

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

      (iv) Contracts related to sale of property:

            (a)   Purchase and Sale Contract for the parcel of land at Tar River
                  Estates   Apartments   between  Registrant  and  the  City  of
                  Greenville,  North Carolina. (Filed as Exhibit 10(iv)a on Form
                  8-K of Registrant  filed on November 1, 2001 and  incorporated
                  herein by reference).

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

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

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



<PAGE>


Exhibit 31.1
                                  CERTIFICATION

I, Martha L. Long, certify that:


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

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

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

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

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

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

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

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

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

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

Date:  August 12, 2004

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


<PAGE>


Exhibit 31.2
                                  CERTIFICATION

I, Stephen B. Waters, certify that:


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

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

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

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

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

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

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

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

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

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

Date:  August 12, 2004

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


<PAGE>


Exhibit 32.1


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



In connection with the Quarterly  Report on Form 10-QSB of Shelter  Properties V
(the "Partnership"),  for the quarterly period ended June 30, 2004 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"), Martha
L. Long, as the equivalent of the chief  executive  officer of the  Partnership,
and Stephen B. Waters,  as the equivalent of the chief financial  officer of the
Partnership,  each hereby  certifies,  pursuant to 18 U.S.C.  Section  1350,  as
adopted pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002, that, to the
best of his knowledge:

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

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


                                           /s/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  August 12, 2004


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  August 12, 2004

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.