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



                      U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

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

                   For the quarterly period ended March 31, 2002


[ ] 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 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, P.O. Box 1089
                        Greenville, South Carolina 29602
                      (Address of principal executive offices)

                    Issuer's telephone number (864) 239-1000


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  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


a)

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

                                 March 31, 2002

<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 6,861
   Receivables and deposits                                                      217
   Restricted escrows                                                            500
   Other assets                                                                1,721
   Investment properties:
      Land                                                     $ 4,054
      Buildings and related personal property                   81,000
                                                                85,054
      Less accumulated depreciation                            (50,901)       34,153
                                                                            $ 43,452

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 386
   Tenant security deposit liabilities                                           295
   Accrued property taxes                                                        244
   Other liabilities                                                             699
   Mortgage notes payable                                                     47,606

Partners' Deficit
   General partners                                           $   (330)
   Limited partners (52,538 units
      issued and outstanding)                                   (5,448)       (5,778)
                                                                            $ 43,452


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>




b)

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



                                                         Three Months Ended
                                                              March 31,
                                                          2002        2001
Revenues:
   Rental income                                         $3,291      $3,291
   Other income                                             376         373
   Casualty gain                                            376         121
      Total revenues                                      4,043       3,785

Expenses:
   Operating                                              1,418       1,452
   General and administrative                               136         135
   Depreciation                                             790         732
   Interest                                                 915         770
   Property taxes                                           251         208
      Total expenses                                      3,510       3,297

      Net income                                          $ 533       $ 488

Net income allocated to general partners (1%)              $ 5         $ 5
Net income allocated to limited partners (99%)              528         483

                                                          $ 533       $ 488
Net income per limited partnership unit                  $10.05      $ 9.19


Distributions per limited partnership unit                $ --       $14.41

            See Accompanying Notes to Consolidated Financial Statements


<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, 2001                    52,538        $ (335)     $(5,976)   $(6,311)

Net income for the three months
   ended March 31, 2002                     --             5          528        533

Partners' deficit at
   March 31, 2002                       52,538        $ (330)     $(5,448)    $(5,778)



            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


d)

                              SHELTER PROPERTIES V
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)
<TABLE>
<CAPTION>

                                                              Three Months Ended
                                                                   March 31,
                                                               2002        2001
Cash flows from operating activities:
<S>                                                           <C>         <C>
  Net income                                                  $   533     $   488
  Adjustments to reconcile net income
    to net cash provided by operating activities:
      Depreciation                                                790         732
      Amortization of discounts and loan costs                     20          38
      Casualty gain                                              (376)       (121)
      Change in accounts:
          Receivables and deposits                                363         409
          Other assets                                           (254)       (199)
          Accounts payable                                         66        (207)
          Tenant security deposit liabilities                      10          --
          Accrued property taxes                                  (41)        (32)
          Due to Corporate General Partner                         --         119
          Other liabilities                                       101         104
             Net cash provided by operating activities          1,212       1,331
Cash flows from investing activities:
  Property improvements and replacements                       (1,169)     (1,155)
  Net withdrawals from restricted escrows                         319         138
  Settlement for defective property improvements                   --         153
  Insurance proceeds received                                     376          95
             Net cash used in investing activities               (474)       (769)
Cash flows from financing activities:
  Payments on mortgage notes payable                             (278)       (169)
  Loan costs paid                                                  --        (171)
  Partners' distributions                                          --        (800)
             Net cash used in financing activities               (278)     (1,140)
Net increase (decrease) in cash and cash equivalents              460        (578)
Cash and cash equivalents at beginning of period                6,401       2,544
Cash and cash equivalents at end of period                    $ 6,861     $ 1,966
Supplemental disclosure of cash flow information:
  Cash paid for interest                                      $   755     $   727
Supplemental disclosure of non-cash activity:
  Property improvements and replacements in accounts
   payable                                                    $   189     $    --

At  December  31,  2001  and  2000,   approximately   $287,000   and   $221,000,
respectively,  of  property  improvements  and  replacements  were  included  in
accounts payable.


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>



e)

                              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, 2002 are not  necessarily  indicative of the results that may be
expected for the year ending December 31, 2002. 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,  2001.  The  Corporate  General  Partner  is  a a  subsidiary  of  Apartment
Investment  and  Management  Company  ("AIMCO"),  a publicly  traded real estate
investment trust.

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)
                                                       2002       2001

         Net cash provided by operating activities   $ 1,212    $ 1,331
         Payments on mortgage notes payable             (278)      (169)
         Property improvements and replacements       (1,169)    (1,155)
         Change in restricted escrows, net               319        138
         Changes in reserves for net operating
            liabilities                                 (245)      (194)
         Releases from operating reserves                161        659

            Net cash from operations                   $ --      $ 610

For the three  months  ended  March 31,  2002 and 2001,  the  Corporate  General
Partner  released  previously  reserved  funds  of  approximately  $161,000  and
$659,000, respectively.

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,  2002 and  2001,  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  $188,000 and $179,000 for the
three months ended March 31, 2002 and 2001, respectively,  which are included in
operating expenses.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $197,000 and
$99,000  for the  three  months  ended  March 31,  2002 and 2001,  respectively.
Included in these amounts are fees related to construction  management  services
provided by an  affiliate  of the  Corporate  General  Partner of  approximately
$98,000  and  $2,000  for the  three  months  ended  March  31,  2002 and  2001,
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.

For  services  provided  in  connection  with  the  refinancing  of  two  of the
Partnership's  investment  properties  between  October 1999 and March 2001, the
Corporate  General  Partner  was paid  approximately  $170,000  during the three
months ended March 31, 2001.  These costs were  capitalized  and are included in
other assets.

Beginning in 2001, the  Partnership  began insuring its properties up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability. The Partnership insures its properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated with the Corporate  General Partner.  During the three months ended
March 31, 2002 and 2001, the Partnership was charged by AIMCO and its affiliates
approximately  $165,000 and $217,000,  respectively,  for insurance coverage and
fees associated with policy claims administration.

Note D - Casualty Events

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.  As part of the reconstruction
process,  the  Partnership  capitalized  the  portion  of the  interest  expense
associated  with the assets  which  were  under  construction  during  2001.  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.

In July 1999, Woodland Village Apartments  experienced a fire, which resulted in
the  destruction of eight  apartment  units.  The property  incurred  damages of
approximately  $448,000  and  estimated  lost  rents of  approximately  $36,000.
Insurance proceeds of approximately  $332,000 were received during 1999 to cover
the damages and lost rents resulting in a casualty gain in 1999 of approximately
$210,000.  The repairs were  completed and an additional  gain of  approximately
$121,000 was  recorded  during the three months ended March 31, 2001 as a result
of receiving additional insurance proceeds.

Note E - Distributions

The Partnership  distributed the following amounts during the three months ended
March 31, 2002 and 2001 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                     Three Months     Per Limited      Three Months     Per Limited
                        Ended         Partnership         Ended         Partnership
                    March 31, 2002        Unit        March 31, 2001        Unit


<S>                    <C>              <C>              <C>               <C>
Operations             $   --           $   --           $  800            $14.41
</TABLE>

In  connection  with the  transfer  of funds from the  majority  owned  sub-tier
limited partnership to the Partnership, approximately $38,000 was distributed to
the general partner of the majority owned sub-tier  limited  partnership  during
the  three  months  ended  March 31,  2001.  No  distributions  were paid to the
partners  during the three months ended March 31, 2002.  Subsequent to March 31,
2002,  the  Partnership  declared  and  paid  a  distribution  of  approximately
$5,764,000  ($109.71  per limited  partnership  unit) to the  limited  partners,
consisting of approximately  $2,479,000 ($47.18 per limited partnership unit) of
the  remaining  proceeds  from the sale of a  portion  of the land at Tar  River
Estates Apartments and approximately  $3,285,000 ($62.53 per limited partnership
unit)  of  proceeds  from  the  new  financing  obtained  on Tar  River  Estates
Apartments.

Note F - 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 heard argument on the
motion and ordered  further  briefing  after which time the matter will be taken
under submission. The Court has set the matter for trial in January 2003.

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.

The Corporate General Partner does not anticipate that any costs,  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.


<PAGE>




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

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussions of the  Registrant's  business and results of operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operation.  Accordingly,  actual  results  could  differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

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, 2002 and 2001:

                                                          March 31,
                  Property                              2002     2001

                  Foxfire Apartments
                     Atlanta, Georgia (2)               91%       94%

                  Old Salem Apartments
                     Charlottesville, Virginia          97%       98%

                  Woodland Village Apartments
                     Columbia, South Carolina (3)       89%       95%

                  Lake Johnson Mews Apartments
                     Raleigh, North Carolina (4)        96%       92%

                  The Lexington Green Apartments
                     Sarasota, Florida                  97%       98%

                  Millhopper Village Apartments
                     Gainesville, Florida               96%       96%

                  Tar River Estates Apartments
                     Greenville, North Carolina (1)     86%       54%


(1)   During September 1999, Tar River Estates  Apartments was damaged by severe
      flooding  which  affected  certain areas of North  Carolina.  The property
      incurred  extensive damage as a result of the flooding causing portions of
      the property to be unavailable  for occupancy  since  September  1999. The
      occupancy  for the units not damaged at the  property was 87% at March 31,
      2001. The Partnership completed  reconstruction of the 220 remaining units
      at the property by December 2001, therefore occupancy for the three months
      ended March 31, 2002 as shown above is for the 220  remaining  units.  The
      Partnership  negotiated an agreement  with the city of  Greenville,  North
      Carolina, whereby a portion of the land containing 182 units was condemned
      and sold to the city on October 17,  2001.  Therefore,  the 182  apartment
      units previously located on this land were not reconstructed.

(2)   The  Corporate  General  Partner  attributes  the decrease in occupancy at
      Foxfire Apartments to increased market competition in the Atlanta area.

(3)   The  Corporate  General  Partner  attributes  the decrease in occupancy at
      Woodland  Village  Apartments  to an  increase  in home  purchases  in the
      Columbia area as a result of lower home mortgage interest rates.

(4)   The Corporate General Partner attributes the increase in occupancy at Lake
      Johnson Mews  Apartments  to increased  marketing  efforts at the property
      along with pricing rents to be very  competitive  with other properties in
      the Raleigh area.

Results of Operations

The  Partnership's  net income for the three  months  ended  March 31,  2002 was
approximately  $533,000 as compared to net income of approximately  $488,000 for
the three months  ended March 31, 2001.  The increase in net income is due to an
increase in total revenues,  partially  offset by an increase in total expenses.
Total  revenues  increased  primarily due to an increase in the  recognition  of
casualty  gains.  The casualty gain recognized in 2002 is a result of a casualty
at Tar  River  Estates  Apartments  (as  discussed  below).  The  casualty  gain
recognized in 2001 is a result of a casualty at Woodland Village  Apartments (as
discussed below).  Rental income remained relatively constant for the comparable
periods as a  decrease  in  occupancy  at four of the  Partnership's  investment
properties  was  offset  by the  increase  in  occupancy  at Tar  River  Estates
Apartments  and Lake  Johnson  Mews  Apartments  and an  increase in the average
rental rate at four of the  Partnership's  investment  properties.  Other income
remained relatively constant for the comparable periods as an increase in tenant
utility reimbursements offset a decrease in interest income.

Total expenses increased  primarily due to increases in depreciation,  interest,
and  property  tax  expenses.  Depreciation  expense  increased  at  all  of the
Partnership's  investment  properties as a result of property  improvements  and
replacements  being placed into service during the past twelve months.  Interest
expense increased at Woodland Village Apartments, Millhopper Village Apartments,
Lake Johnson Mews Apartments and Tar River Estates  Apartments as a result of an
increase in their  respective  loan  balances due to  refinancings  in 2001.  In
addition interest expense increased for Tar River Estates Apartments as a result
of a portion of interest  costs  being  capitalized  during  2001 (as  discussed
below).  The increase in property tax expense is primarily due to an increase in
the  assessed  value at five of the  Partnership's  investment  properties.  The
increase in total  expenses  was  partially  offset by a decrease  in  operating
expenses.  The decrease in operating  expenses is primarily  due to decreases in
utility  expenses  at Old Salem  Apartments,  maintenance  and  payroll  related
expenses at most of the  Partnership's  investment  properties and a decrease in
professional  fees at  Lexington  Green  Apartments  related to a dispute with a
contractor  which was settled in 2001.  The decrease in  operating  expenses was
partially   offset  by  an  increase  in  insurance   premiums  at  all  of  the
Partnership's  investment  properties and an increase in advertising  expense at
Millhopper  Village  Apartments.  General and  administrative  expenses remained
relatively  constant  for  the  comparable  periods.  Included  in  general  and
administrative  expenses  at  both  March  31,  2002  and  2001  are  management
reimbursements  to the Corporate  General  Partner allowed under the Partnership
Agreement.  Also  included  in  general  and  administrative  expense  are costs
associated  with the  quarterly  and annual  communications  with  investors and
regulatory  agencies  and the  annual  audits  and  appraisals  required  by the
Partnership Agreement.

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
reconstruction  process, the Partnership capitalized the portion of the interest
expense  associated  with the assets under  reconstruction  during 2001. For the
three months ended March 31,  2001,  approximately  $37,000 of interest had been
capitalized.

In July 1999, Woodland Village Apartments  experienced a fire, which resulted in
the  destruction of eight  apartment  units.  The property  incurred  damages of
approximately  $448,000  and  estimated  lost  rents of  approximately  $36,000.
Insurance proceeds of approximately  $332,000 were received during 1999 to cover
the damages and lost rents resulting in a casualty gain in 1999 of approximately
$210,000.  The repairs were  completed and an additional  gain of  approximately
$121,000 was  recorded  during the three months ended March 31, 2001 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,  2002,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $6,861,000,  compared to  approximately  $1,966,000  at March 31,
2001. The increase in cash and cash  equivalents of  approximately  $460,000 for
the three months ended March 31, 2002, from the Partnership's calendar year end,
is due to  approximately  $1,212,000 of cash  provided by operating  activities,
partially offset by approximately  $474,000 of cash used in investing activities
and approximately  $278,000 of cash used in financing  activities.  Cash used in
financing  activities  consisted  of  payments  of  principal  on the  mortgages
encumbering  the  Registrant's  properties.  Cash used in  investing  activities
consisted  of  property  improvements  and  replacements,  partially  offset  by
insurance proceeds received for the casualty at Tar River Estates Apartments and
net  receipts  from escrow  accounts  maintained  by the  mortgage  lender.  The
Registrant 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.   Capital
improvements planned for each of the Registrant's properties are detailed below.

Millhopper   Village   Apartments:   For  2002,  the  Partnership  has  budgeted
approximately  $50,000 for capital  improvements,  consisting primarily of floor
covering replacement, appliances and office computers. The Partnership completed
approximately  $17,000 in capital  expenditures at Millhopper Village Apartments
for the  three  months  ended  March 31,  2002,  consisting  primarily  of floor
covering replacement. These improvements were funded from operations. Additional
improvements may be considered and will depend on the physical  condition of the
property as well as replacement  reserves and anticipated cash flow generated by
the property.

Foxfire Apartments: For 2002, the Partnership has budgeted approximately $97,000
for capital  improvements,  consisting primarily of floor covering  replacement.
The Partnership  completed  approximately  $122,000 in budgeted and non-budgeted
capital  expenditures at Foxfire Apartments for the three months ended March 31,
2002,  consisting  primarily of construction related to a fire which occurred in
2001, plumbing upgrades, and floor covering replacement. These improvements were
funded from operations and insurance  proceeds.  Additional  improvements may be
considered and will depend on the physical  condition of the property as well as
replacement reserves and anticipated cash flow generated by the property.

Lake  Johnson  Mews   Apartments:   For  2002,  the   Partnership  has  budgeted
approximately $251,000 for capital improvements, consisting primarily of parking
area  improvements,  electrical  upgrades,  structural  improvements,  and floor
covering  replacement.  The  Partnership  completed  approximately  $141,000  in
capital  expenditures at Lake Johnson Mews Apartments for the three months ended
March 31, 2002,  consisting  primarily  of interior  building  improvements  and
structural  upgrades.  These improvements were funded from replacement  reserves
and operations. Additional improvements may be considered and will depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

Woodland   Village   Apartments:   For  2002,  the   Partnership   has  budgeted
approximately  $100,000 for capital  improvements,  consisting  primarily of air
conditioning  unit  upgrades,  interior  improvements  and  floor  covering  and
appliance  replacements.  The  Partnership  completed  approximately  $48,000 in
capital  expenditures at Woodland Village  Apartments for the three months ended
March  31,  2002,   consisting   primarily  of  exterior  painting,   structural
improvements,  and floor covering  replacement.  These  improvements were funded
from  replacement  reserves  and  operations.  Additional  improvements  may  be
considered and will depend on the physical  condition of the property as well as
replacement reserves and anticipated cash flow generated by the property.

The  Lexington  Green  Apartments:   For  2002,  the  Partnership  has  budgeted
approximately  $203,000  for  capital  improvements,   consisting  primarily  of
structural  improvements,  plumbing upgrades,  cabinet and air conditioning unit
replacements  and floor  covering and appliance  replacements.  The  Partnership
completed  approximately  $98,000 in capital expenditures at The Lexington Green
Apartments  for the three months ended March 31, 2002,  consisting  primarily of
cabinet and floor covering  replacements.  These  improvements  were funded from
operations.  Additional  improvements  may be considered  and will depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

Tar  River  Estates   Apartments:   For  2002,  the   Partnership  has  budgeted
approximately $169,000 for capital improvements, consisting primarily of cabinet
upgrades  and  appliance  and  floor  covering  replacements.   The  Partnership
completed   approximately   $598,000  in  budgeted  and   non-budgeted   capital
expenditures  at Tar River Estates  Apartments  for the three months ended March
31, 2002,  consisting primarily of swimming pool and clubhouse  construction and
floor covering  replacement.  These improvements were funded from operations and
insurance proceeds. Additional improvements may be considered and will depend on
the  physical  condition  of the  property as well as  replacement  reserves and
anticipated cash flow generated by the property.


<PAGE>



Old Salem  Apartments:  For 2002,  the  Partnership  has budgeted  approximately
$131,000  for  capital  improvements,  consisting  primarily  of floor  covering
replacement.   The  Partnership  completed   approximately  $47,000  in  capital
expenditures at Old Salem  Apartments for the three months ended March 31, 2002,
consisting  primarily of floor covering  replacement.  These  improvements  were
funded from  operations.  Additional  improvements  may be  considered  and will
depend on the physical condition of the property as well as replacement reserves
and 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  current assets are thought to be sufficient for any near-term
needs  (exclusive of capital  improvements)  of the Registrant.  On December 28,
2001, the  Partnership  obtained new financing on Tar River Estates  Apartments.
Gross proceeds from the new financing  were  approximately  $5,200,000.  The new
note requires monthly  principal and interest  payments at a fixed rate of 7.23%
and matures January 1, 2022, at which time it will be fully  amortized.  The old
debt of approximately  $4,342,000 carried a fixed interest rate of 7.60% and was
repaid with proceeds from the  condemnation and sale of a portion of the land to
the city of Greenville, North Carolina (as discussed above).

On August 31, 2001,  the  Partnership  refinanced  the mortgage note at Woodland
Village Apartments. Gross proceeds from the refinancing were $8,050,000 of which
approximately  $4,950,000 was used to repay the existing  mortgage note. The new
note requires monthly  principal and interest  payments at a fixed rate of 7.11%
and matures  September 1, 2021, at which time the loan will be fully  amortized.
The old debt carried a fixed interest rate of 7.33%.

On June 28, 2001, the Partnership refinanced the mortgage notes encumbering Lake
Johnson Mews  Apartments and Millhopper  Village  Apartments.  The  refinancings
replaced   indebtedness  of  approximately   $4,350,000  at  Lake  Johnson  Mews
Apartments and $2,700,000 at Millhopper Village Apartments with new mortgages in
the amounts of $7,117,000 and $4,225,000,  respectively.  The new mortgages both
carry a  stated  interest  rate of 7.43% as  compared  to 7.33% on the  previous
loans.  Payments of principal  and  interest on the new  mortgage  loans are due
monthly until the loans mature on July 1, 2021, at which time they will be fully
amortized.

The remaining  mortgage  indebtedness of approximately  $23,295,000 is amortized
over  varying  periods with  maturity  dates  ranging  from  November 1, 2019 to
January 1, 2021, at which time the loans will be fully amortized.

The Partnership  distributed the following amounts during the three months ended
March 31, 2002 and 2001 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                     Three Months     Per Limited      Three Months     Per Limited
                        Ended         Partnership         Ended         Partnership
                    March 31, 2002        Unit        March 31, 2001        Unit


<S>                    <C>              <C>              <C>               <C>
Operations             $   --           $   --           $  800            $14.41
</TABLE>

In  connection  with the  transfer  of funds from the  majority  owned  sub-tier
limited partnership to the Partnership, approximately $38,000 was distributed to
the general partner of the majority owned sub-tier  limited  partnership  during
the  three  months  ended  March 31,  2001.  No  distributions  were paid to the
partners  during the three months ended March 31, 2002.  Subsequent to March 31,
2002,  the  Partnership  declared  and  paid  a  distribution  of  approximately
$5,764,000  ($109.71  per limited  partnership  unit) to the  limited  partners,
consisting of approximately  $2,479,000 ($47.18 per limited partnership unit) of
the  remaining  proceeds  from the sale of a  portion  of the land at Tar  River
Estates Apartments and approximately  $3,285,000 ($62.53 per limited partnership
unit)  of  proceeds  from  the  new  financing  obtained  on Tar  River  Estates
Apartments.  Future  cash  distributions  will  depend on the levels of net cash
generated from operations,  the availability of cash reserves, and the timing of
debt  maturities,  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  improvement  expenditures,  to permit any
additional  distributions  to its  partners  during  the  remainder  of  2002 or
subsequent periods.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 36,981 limited partnership units in
the Partnership  representing 70.39% of the outstanding units at March 31, 2002.
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  limited  partnership  interests  in the  Partnership  for cash or in
exchange for 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 70.39% of the outstanding  units, AIMCO is in a position to control
all such  voting  decisions  with  respect  to the  Registrant.  When  voting on
matters,  AIMCO would in all  likelihood  vote the units it acquired in a manner
favorable  to the  interest  of the  Corporate  General  Partner  because of its
affiliation with the Corporate General Partner.


<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
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 heard argument on the
motion and ordered  further  briefing  after which time the matter will be taken
under submission. The Court has set the matter for trial in January 2003.

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.

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


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K:

                  Current  report  on Form 8-K  filed  on  January  14,  2002 in
                  connection  with  the  new  financing  obtained  on Tar  River
                  Estates Apartments on December 28, 2001.


<PAGE>



                                   SIGNATURES



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



                              SHELTER PROPERTIES V

                                 By:     Shelter Realty V Corporation
                                         Corporate General Partner

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

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

                                 Date:   May 14, 2002