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

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FORM 10-Q

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

For the quarterly period ended September 30, 2002

OR

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

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Commission File Number 0-13400

NTS-PROPERTIES V,
A MARYLAND LIMITED PARTNERSHIP

Incorporated pursuant to the Laws of the State of Maryland

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Internal Revenue Service - Employer Identification No. 61-1051452

10172 Linn Station Road, Louisville, Kentucky 40223

(502) 426-4800

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Indicate by check mark whether the registrant  (1) has filed all reports  required to be filed by Section 13 or 15(d) of the Securities
Exchange  Act of 1934  during the  preceding  12 months (or for such  shorter  period  that the  registrant  was  required to file such
reports) and (2) has been subject to such filing requirements for the past 90 days.               Yes |X|      No  |   |

TABLE OF CONTENTS

PART I

|        |  |                                                            |  |      
|------- |  | ---------------------------------------------------------- |  | -----
|        |  |                                                            |  | Pages
|       
|Item 1. |  | Financial Statements                                      
|       
|        |  | Consolidated Balance Sheets as of September 30, 2002       |  |      
|        |  | and December 31, 2001                                      |  | 3    
|       
|        |  | Consolidated Statement of Partners' Equity                 |  |      
|        |  | as of September 30, 2002                                   |  | 3    
|       
|        |  | Consolidated Statements of Operations for the Three Months |  |      
|        |  | and Nine Months Ended September 30, 2002 and 2001          |  | 4    
|       
|        |  | Consolidated Statements of Cash Flows for the Nine Months  |  |      
|        |  | Ended September 30, 2002 and 2001                          |  | 5    
|       
|        |  | Notes to Consolidated Financial Statements                 |  | 6-14 
|       
|Item 2. |  | Management's Discussion and Analysis of Financial          |  |      
|        |  | Condition and Results of Operations                        |  | 15-22
|       
|Item 3. |  | Quantitative and Qualitative Disclosures About Market Risk |  | 22   
|       
|Item 4. |  | Controls and Procedures                                    |  | 22   

PART II

|               |  |                                                     |  |      
|-------------- |  | --------------------------------------------------- |  | -----
|              
|Item 1.        |  | Legal Proceedings                                   |  | 23   
|              
|Item 2.        |  | Changes in Securities                               |  | 23   
|              
|Item 3.        |  | Defaults Upon Senior Securities                     |  | 23   
|              
|Item 4.        |  | Submission of Matters to a Vote of Security Holders |  | 23   
|              
|Item 5.        |  | Other Information                                   |  | 23   
|              
|Item 6.        |  | Exhibits and Reports on Form 8-K                    |  | 23   
|              
|Signatures     |  |                                                     |  | 24   
|              
|Certifications |  |                                                     |  | 25-26

2

PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements

NTS-PROPERTIES V,
A MARYLAND LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS

`As of                       As of
                                                                 September 30,                December 31,
                                                                     2002                        2001*
                                                              --------------------        --------------------
                                                                  (UNAUDITED)
ASSETS
------
Cash and equivalents                                        $              758,943      $              682,448
Cash and equivalents - restricted                                          390,392                     120,424
Accounts receivable, net of allowance for doubtful
  accounts of $9,116 at September 30, 2002 and $0 at
  December 31, 2001                                                        334,187                     237,700
Land, buildings and amenities, net                                      21,061,613                  21,435,471
Other assets                                                               825,343                     792,410
                                                              --------------------        --------------------

      TOTAL ASSETS                                          $           23,370,478      $           23,268,453
                                                              ====================        ====================

LIABILITIES AND PARTNERS' EQUITY
--------------------------------
Mortgages and notes payable                                 $           13,834,123      $           13,792,816
Accounts payable                                                           538,814                     586,621
Security deposits                                                          194,832                     214,132
Other liabilities                                                          593,439                     117,440
                                                              --------------------        --------------------

      TOTAL LIABILITIES                                                 15,161,208                  14,711,009

MINORITY INTEREST                                                          998,720                     879,371

COMMITMENTS AND CONTINGENCIES (Note 11)

PARTNERS' EQUITY                                                         7,210,550                   7,678,073
                                                              --------------------        --------------------

TOTAL LIABILITIES AND PARTNERS' EQUITY                      $           23,370,478      $           23,268,453
                                                              ====================        ====================`

CONSOLIDATED STATEMENT OF PARTNERS' EQUITY
(UNAUDITED)

`Limited              General
                                                      Partners              Partner                Total
                                                 -------------------   ------------------    -----------------
PARTNERS' EQUITY/(DEFICIT)
--------------------------
Capital contributions, net of offering costs   $          30,582,037 $                100 $         30,582,137
Net (loss) income - prior years                           (5,121,151)              62,069           (5,059,082)
Net loss - current year                                     (462,848)              (4,675)            (467,523)
Cash distributions declared to date                      (16,641,480)            (168,177)         (16,809,657)
Repurchase of limited partnership Interests               (1,035,325)                  --           (1,035,325)
                                                 -------------------   ------------------    -----------------

BALANCES AT SEPTEMBER 30, 2002                 $           7,321,233 $           (110,683)$          7,210,550
                                                 ===================   ==================    =================`

*     Reference is made to the audited financial statements in the Annual Report on Form 10-K as filed with the
       Securities and Exchange Commission on April 1, 2002.

The accompanying notes to consolidated financial statements are an integral part of these statements.

3

NTS PROPERTIES V,
A MARYLAND LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

`Three Months Ended             Nine Months Ended
                                                      September 30,                  September 30,
                                               ----------------------------  -----------------------------
                                                   2002           2001           2002            2001
                                               -------------  -------------  -------------   -------------
REVENUES
--------
Rental income                                 $    1,274,980 $    1,297,257 $    3,788,652  $    3,803,804
Interest and other income                              4,021         15,185         25,385          51,085
Gain on sale of assets                                   280             --            559              --
                                               -------------  -------------  -------------   -------------

     TOTAL REVENUES                                1,279,281      1,312,442      3,814,596       3,854,889
                                               -------------  -------------  -------------   -------------

EXPENSES
--------
Operating expenses                                   386,282        325,569      1,073,576       1,079,380
Operating expenses - affiliated                      166,703        137,214        515,830         454,356
Loss on disposal of assets                             4,657             --         60,029           2,518
Interest expense                                     260,086        282,093        782,575         865,251
Management fees                                       71,884         72,402        213,859         214,072
Real estate taxes                                    182,728        181,684        435,561         441,767
Professional and administrative expenses              57,523         27,864        134,576          87,560
Professional and administrative expenses -
  affiliated                                          38,343         45,064        120,250         121,633
Depreciation and amortization                        332,852        323,330      1,001,200         917,817
                                               -------------  -------------  -------------   -------------

     TOTAL EXPENSES                                1,501,058      1,395,220      4,337,456       4,184,354
                                               -------------  -------------  -------------   -------------

Loss before minority interest                       (221,777)       (82,778)      (522,860)       (329,465)
Minority interest                                    (25,986)       (12,228)       (55,337)        (42,564)
                                               -------------  -------------  -------------   -------------

Net loss                                      $     (195,791)$      (70,550)$     (467,523) $     (286,901)
                                               =============  =============  =============   =============

Net loss allocated to the limited partners    $     (193,833)$      (69,845)$     (462,848) $     (284,032)
                                               =============  =============  =============   =============

Net loss per limited partnership Interest     $        (6.35)$        (2.29)$       (15.16) $        (9.31)
                                               =============  =============  =============   =============
Weighted average number of limited
  partnership Interests                               30,521         30,521         30,521          30,521
                                               =============  =============  =============   =============`

The accompanying notes to consolidated financial statements are an integral part of these statements.

4

NTS-PROPERTIES V,
A MARYLAND LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

`Nine Months Ended
                                                                               September 30,
                                                               ----------------------------------------------
                                                                      2002                       2001
                                                               -------------------        -------------------
CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
Net loss                                                     $            (467,523)     $            (286,901)
Adjustments to reconcile net loss to net cash
  provided by operating activities:
    Provision for doubtful accounts                                         21,341                         --
    Write-off of uncollectible accounts receivable                         (12,225)                        --
    Loss on disposal of assets                                              60,029                      2,518
    Gain on sale of assets                                                    (559)                        --
    Depreciation and amortization                                        1,184,635                  1,085,619
    Minority interest loss                                                 (55,337)                   (42,564)
    Changes in assets and liabilities:
      Cash and equivalents - restricted                                   (269,968)                  (359,662)
      Accounts receivable                                                 (105,603)                   (59,755)
      Other assets                                                        (217,219)                  (201,872)
      Accounts payable                                                     (47,807)                   112,872
      Security deposits                                                    (19,300)                   (10,272)
      Other liabilities                                                    475,999                    391,071
                                                               -------------------        -------------------

     Net cash provided by operating activities                             546,463                    631,054
                                                               -------------------        -------------------

CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------
Additions to land, buildings and amenities                                (681,995)                  (452,480)
Proceeds from sale of land, buildings and amenities                            559                         --
Joint Ventures, net                                                        174,686                     63,340
                                                               -------------------        -------------------

     Net cash used in investing activities                                (506,750)                  (389,140)
                                                               -------------------        -------------------

CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
Proceeds from mortgages and notes payable                                  955,974                    412,876
Principal payments on mortgages and notes payable                         (914,667)                  (816,785)
Additions to loan costs                                                     (4,525)                    (1,350)
                                                               -------------------        -------------------

     Net cash provided by (used in) financing activities                    36,782                   (405,259)
                                                               -------------------        -------------------

     Net increase (decrease) in cash and equivalents                        76,495                   (163,345)

CASH AND EQUIVALENTS, beginning of period                                  682,448                  1,096,857
                                                               -------------------        -------------------

CASH AND EQUIVALENTS, end of period                          $             758,943      $             933,512
                                                               ===================        ===================

Interest paid on a cash basis                                $             743,388      $             830,956
                                                               ===================        ===================`

The accompanying notes to consolidated financial statements are an integral part of these statements.

5

NTS-PROPERTIES V,
A MARYLAND LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The unaudited consolidated financial statements included herein should be read in conjunction with
NTS-Properties V's (the "Partnership") 2001 Annual Report on Form 10-K as filed with the
Securities and Exchange Commission on April 1, 2002. In the opinion of the General Partner, all
adjustments (only consisting of normal recurring accruals) necessary for a fair presentation have
been made to the accompanying consolidated financial statements for the three months and nine
months ended September 30, 2002 and 2001.  As used in this Quarterly Report on Form 10-Q the
terms "we," "us" or "our," as the context requires, may refer to the Partnership or its interests in this
property and joint ventures.

The consolidated financial statements include the accounts of all wholly-owned properties and
majority-owned joint ventures. Intercompany transactions and balances have been eliminated.  Less
than 50% owned joint ventures are accounted for under the equity method.

The preparation of financial statements in accordance with accounting principles generally accepted
in the United States ("GAAP") requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

We own and operate or have a joint venture investment in commercial properties in Louisville,
Kentucky and Ft. Lauderdale, Florida. We also have a joint venture investment in a residential
property in Louisville, Kentucky.

Our financial instruments that are exposed to concentrations of credit risk consist of cash and
equivalents.  We maintain our cash accounts primarily with banks located in Kentucky. The total
cash balances are insured by the FDIC up to $100,000 per bank account. We may at times, in certain
accounts, have deposits in excess of $100,000.

Cash and equivalents include cash on hand and short-term, highly liquid investments with initial
maturities of three months or less.  We have a cash management program which provides for the
overnight investment of excess cash balances. Per an agreement with a bank, excess cash is invested
in a repurchase agreement for U.S. government or agency securities on a nightly basis. As of

6

September 30, 2002, approximately $430,000 of said investment was included in cash and cash
equivalents.

Cash and equivalents - restricted represents funds received for residential security deposits and funds
which have been escrowed with mortgage companies for property taxes in accordance with the loan
agreements with said mortgage companies.

Land, buildings and amenities are stated at historical cost, less accumulated depreciation. Costs
directly associated with the acquisition, development and construction of a project are capitalized.
Depreciation is computed using the straight-line method over the estimated useful lives of the assets
which are 5-30 years for land improvements, 3-30 years for buildings and improvements, 3-7 years
for amenities and the applicable lease term for tenant improvements. The aggregate cost of our
properties for federal tax purposes is approximately $40,909,000.

Statement of Financial Accounting Standards ("SFAS") No. 144, "Accounting for the Impairment
or Disposal of Long-Lived Assets," became effective January 1, 2002, and specifies circumstances
in which certain long-lived assets must be reviewed for impairment. If such review indicates that the
carrying amount of an asset exceeds the sum of its expected future cash flows, the asset's carrying
value must be written down to fair value. Application of this standard by management during the
period ended September 30, 2002 did not result in an impairment loss.

On May 10, 2002, ORIG, LLC, ("ORIG") an affiliate of ours, commenced a tender offer to purchase
up to 2,000 Interests at a price of $230 per Interest. ORIG had the option to acquire additional
Interests on a pro rata basis if more than 2,000 Interests were tendered.  The tender offer was
scheduled to expire on August 9, 2002.

On July 31, 2002, ORIG amended its tender offer to extend the expiration date from August 9, 2002,
to September 9, 2002.

ORIG's tender offer expired September 9, 2002.  A total of 1,586 Interests were tendered. ORIG
accepted all Interests tendered at a purchase price of $230 per Interest for a total of  $364,780.  We
did not participate in this tender offer.

Detailed information on ORIG's tender offer, including the amendment to the offer and the final
results of the offer, is available from the various filings made by ORIG with the Securities and
Exchange Commission in connection with the offer.

7

Mortgages and notes payable consist of the following:

`September 30,             December 31,
                                                                2002                     2001
                                                         ------------------       ------------------
Mortgage payable to an insurance company, bearing
interest at a fixed rate of 8.125%, due August 1, 2008,
secured by land and a building.                         $         3,689,884      $         4,043,630

Mortgage payable to an insurance company, bearing
interest at a fixed rate of 8.125%, due August 1, 2008,
secured by land and buildings.                                    3,429,601                3,758,395

Mortgage payable to an insurance company, bearing
interest at a fixed rate of 7.2%, due January 5, 2013,
secured by land, buildings and amenities.                         2,536,421                2,657,319

Mortgage payable to an insurance company, bearing
interest at a fixed rate of 7.2%, due January 5, 2013,
secured by land, buildings and amenities.                         1,514,862                1,587,068

Mortgage payable to a bank, bearing interest at a
variable rate based on LIBOR daily rate plus 2.3%,
currently  4.17%, due on September 8, 2003, secured
by land and a building.                                           1,852,149                1,720,475

Mortgage payable to a bank, bearing interest at a
variable rate based on LIBOR one-month rate plus
2.75%, currently 4.57%, due on August 1, 2003,
secured by land and a building.                                     800,000                       --

Note payable to a bank, bearing interest at the Prime
Rate, but not less than 6.0%, due April 5, 2003.  At
September 30, 2002, the interest rate was 6.0%.                      10,199                   23,599

Note payable to a bank, bearing interest at the Prime
Rate, but not less than 6.0%, due April 5, 2003.  At
September 30, 2002, the interests rate was  6.0%.                     1,007                    2,330
                                                         ------------------       ------------------

                                                        $        13,834,123      $        13,792,816
                                                         ==================       ==================`

As of September 30, 2002, the fair value of long-term debt is approximately $14,376,000, based on
the borrowing rates currently available to us for mortgages and notes with similar terms and average
maturities.

We expect to refinance outstanding balances on any mortgage loans or notes payable coming due
in the next twelve months.

8

Certain reclassifications have been made to the September 2001 financial statements to conform to
the September 2002 classifications.  These reclassifications have no effect on previously reported
operations.

Pursuant to an agreement with us, NTS Development Company, an affiliate of our General Partner,
receives property management fees on a monthly basis. The fees are paid in an amount equal to 5%
of the gross revenues from our residential property and 6% of the gross revenues from our
commercial properties. Also pursuant to an agreement, NTS Development Company receives a
repair and maintenance fee equal to 5.9% of costs incurred which relate to capital improvements.
These repair and maintenance fees are capitalized as part of land, buildings and amenities.

We were charged the following amounts from NTS Development Company for the nine months
ended September 30, 2002 and 2001. These charges include items which have been expensed as
operating expenses - affiliated or professional and administrative expenses - affiliated and items
which have been capitalized as other assets or as land, buildings and amenities.

`Nine Months Ended
                                                                        September 30,
                                                         -------------------------------------------
                                                                2002                    2001
                                                         ------------------      -------------------

Property management fees                               $            213,859    $             214,072
                                                         ------------------      -------------------

Property management                                                 338,476                  268,453
Leasing                                                             105,447                  116,115
Administrative - operating                                           71,162                   66,679
Other                                                                   745                    3,109
                                                         ------------------      -------------------

     Total operating expenses - affiliated                          515,830                  454,356
                                                         ------------------      -------------------

Professional and administrative expenses - affiliated               120,250                  121,633
                                                         ------------------      -------------------

Repairs and maintenance fee                                          31,547                   23,951
Leasing commissions                                                  77,760                   77,066
Construction management                                               6,060                       --
                                                         ------------------      -------------------

     Total related party transactions capitalized                   115,367                  101,017
                                                         ------------------      -------------------

Total related party transactions                       $            965,306    $             891,078
                                                         ==================      ===================`

9

We, as an owner of real estate, are subject to various environmental laws of federal, state and local
governments. Compliance by us with existing laws has not had a material adverse effect on our
financial condition or results of operations. However, we cannot predict the impact of new or
changed laws or regulations on our current properties or properties that we may acquire in the future.

On December 12, 2001, three individuals filed an action in the Superior Court of the State of
California for the County of Contra Costa against our General Partner, the general partners of four
public partnerships affiliated with us and several individuals and entities affiliated with us.  The
action purports to bring claims on behalf of a class of limited partners based on, among other things,
tender offers made by the public partnership and an affiliate of our General Partner.  The plaintiffs
allege, among other things, that the prices at which Interests were purchased in these tender offers
were too low.  The plaintiffs are seeking monetary damages and equitable relief, including an order
directing the disposition of the properties owned by the public partnerships and the proceeds
distributed.  Our General Partner believes that this action is without merit, and is vigorously
defending it.  No amounts have been accrued as a liability for this action in our financial statements
at September 30, 2002.  Under an indemnification agreement with our General Partner, we are
responsible for the costs of the defense of this action.  During the nine months ended September 30,
2002, our share of these legal costs was approximately $48,000, which was expensed.

On September 24, 2002, in a lawsuit filed in December 2001 against our General Partner, the general
partners of four public partnerships affiliated with us and several individuals and entities affiliated
with us, the plaintiffs voluntarily dismissed two of the individuals and one of the entities that had
objected to the lawsuit on personal jurisdiction grounds.  This dismissal was the result of an
agreement under which some defendants agreed not to contest jurisdiction and plaintiffs agreed to
dismiss other defendants.  For a description of the lawsuit, see Part I, Item 3 of our Annual Report
on Form 10-K for the year ended December 31, 2001, filed with the SEC on April 1, 2002.  For
information on a development in the lawsuit occurring after September 30, 2002, see Part II, Item
5 of this Quarterly Report on Form 10-Q (see Note 13 - Subsequent Event).

We do not believe there is any other litigation threatened against us other than routine litigation
arising out of the ordinary course of business, some of which is expected to be covered by insurance,
none of which is expected to have a material effect on our financial position or results of operations
except as discussed herein.

Our reportable operating segments include Residential and Commercial Real Estate Operations. The
residential operations represent our ownership and operating results relative to an apartment
community known as The Willows of Plainview Phase II. The commercial operations represent our
ownership and operating results relative to suburban commercial office space known as
Commonwealth Business Center Phase II and Lakeshore Business Center Phases I, II and III. The
financial information of the operating segments has been prepared using a management approach,

10

which is consistent with the basis and manner in which our management internally reports financial
information for the purposes of assisting in making internal operating decisions. Our management
evaluates performance based on stand-alone operating segment net income.

`Three Months Ended September 30, 2002
                                        ---------------------------------------------------------

                                           Residential         Commercial             Total
                                        ------------------  -----------------   -----------------
Rental income                          $           318,523 $          956,457  $        1,274,980
Interest and other income                              507              2,829               3,336
Gain on sale of assets                                 280                 --                 280
                                        ------------------  -----------------   -----------------

     Total net revenues                $           319,310 $          959,286  $        1,278,596
                                        ==================  =================   =================

Operating expenses and operating
  expenses -affiliated                 $           150,129 $          404,956  $          555,085
Loss on disposal of assets                              --              4,657               4,657
Interest expense                                    74,013            180,982             254,995
Management fees                                     16,131             55,753              71,884
Real estate taxes                                   16,333            166,395             182,728
Depreciation and amortization                       57,331            270,867             328,198
                                        ------------------  -----------------   -----------------

     Total expenses                                313,937          1,083,610           1,397,547
                                        ==================  =================   =================

     Net income (loss)                 $             5,373 $         (124,324) $         (118,951)
                                        ==================  =================   =================`

`Three Months Ended September 30, 2001
                                        ---------------------------------------------------------

                                           Residential         Commercial             Total
                                        ------------------  -----------------   -----------------
Rental income                          $           322,822 $          974,435  $        1,297,257
Interest and other income                             (356)             9,448               9,092
                                        ------------------  -----------------   -----------------

     Total net revenues                $           322,466 $          983,883  $        1,306,349
                                        ==================  =================   =================

Operating expenses and operating
  expenses - affiliated                $           127,346 $          335,437  $          462,783
Interest expense                                    78,939            198,063             277,002
Management fees                                     16,619             55,783              72,402
Real estate taxes                                   16,425            165,259             181,684
Depreciation and amortization                       55,532            263,144             318,676
                                        ------------------  -----------------   -----------------

     Total expenses                                294,861          1,017,686           1,312,547
                                        ==================  =================   =================

     Net income (loss)                 $            27,605 $          (33,803) $           (6,198)
                                        ==================  =================   =================`

11

`Nine Months Ended September 30, 2002
                                        ---------------------------------------------------------

                                           Residential         Commercial             Total
                                        ------------------  -----------------   -----------------
Rental income                          $           901,108 $        2,887,544  $        3,788,652
Interest and other income                            1,430             21,255              22,685
Gain on sale of assets                                 559                 --                 559
                                        ------------------  -----------------   -----------------

     Total net revenues                $           903,097 $        2,908,799  $        3,811,896
                                        ==================  =================   =================

Operating expenses and operating
  expenses -affiliated                 $           448,739 $        1,142,667  $        1,591,406
Loss on disposal of assets                          55,372              4,657              60,029
Interest expense                                   225,756            541,547             767,303
Management fees                                     46,299            167,560             213,859
Real estate taxes                                   49,000            386,561             435,561
Depreciation and amortization                      168,660            818,576             987,236
                                        ------------------  -----------------   -----------------

     Total expenses                                993,826          3,061,568           4,055,394
                                        ==================  =================   =================

     Net loss                          $           (90,729)$         (152,769) $         (243,498)
                                        ==================  =================   =================`

`Nine Months Ended September 30, 2001
                                        ---------------------------------------------------------

                                           Residential         Commercial             Total
                                        ------------------  -----------------   -----------------
Rental income                          $           947,462 $        2,856,342  $        3,803,804
Interest and other income                            3,428             19,494              22,922
                                        ------------------  -----------------   -----------------

     Total net revenues                $           950,890 $        2,875,836  $        3,826,726
                                        ==================  =================   =================

Operating expenses and operating
  expenses - affiliated                $           437,227 $        1,096,509  $        1,533,736
Loss on disposal of assets                           2,518                 --               2,518
Interest expense                                   239,390            610,589             849,979
Management fees                                     47,706            166,366             214,072
Real estate taxes                                   49,276            392,491             441,767
Depreciation and amortization                      165,565            738,288             903,853
                                        ------------------  -----------------   -----------------

     Total expenses                                941,682          3,004,243           3,945,925
                                        ==================  =================   =================

     Net income (loss)                 $             9,208 $         (128,407) $         (119,199)
                                        ==================  =================   =================`

12

A reconciliation of the totals reported for the operating segments to the applicable line items in the
consolidated financial statements for the three months and nine months ended September 30, 2002
and 2001 is necessary given amounts recorded at the Partnership level and not allocated to the
operating properties for internal reporting purposes.

`Three Months Ended
                                                                        September 30,
                                                         -------------------------------------------
                                                                2002                    2001
                                                         ------------------      -------------------
NET REVENUES
------------
Total revenues for reportable segments                 $          1,278,596    $           1,306,349
Other income for Partnership                                            685                    6,093
                                                         ------------------      -------------------

     Total consolidated net revenues                   $          1,279,281    $           1,312,442
                                                         ==================      ===================

OPERATING EXPENSES
------------------
Operating expenses for reportable segments             $            555,085    $             462,783
Operating expenses for Partnership                                   (2,100)                      --
                                                         ------------------      -------------------

     Total operating expenses                          $            552,985    $             462,783
                                                         ==================      ===================

INTEREST EXPENSE
----------------
Interest expense for reportable segments               $            254,995    $             277,002
Interest expense for Partnership                                      5,091                    5,091
                                                         ------------------      -------------------

     Total interest expense                            $            260,086    $             282,093
                                                         ==================      ===================

DEPRECIATION AND AMORTIZATION
-----------------------------
Total depreciation and amortization for
  reportable segments                                  $            328,198    $             318,676
Depreciation and amortization for Partnership                         4,654                    4,654
                                                         ------------------      -------------------

     Total depreciation and amortization               $            332,852    $             323,330
                                                         ==================      ===================

NET LOSS
--------
Total net loss for reportable segments                 $           (118,951)   $              (6,198)
Net loss for Partnership                                           (102,826)                 (76,580)
Minority interest                                                    25,986                   12,228
                                                         ------------------      -------------------

     Total net loss                                    $           (195,791)   $             (70,550)
                                                         ==================      ===================`

13

`Nine Months Ended
                                                                        September 30,
                                                         -------------------------------------------
                                                                2002                    2001
                                                         ------------------      -------------------
NET REVENUES
------------
Total revenues for reportable segments                 $          3,811,896    $           3,826,726
Other income for Partnership                                          2,700                   28,163
                                                         ------------------      -------------------

     Total consolidated net revenues                   $          3,814,596    $           3,854,889
                                                         ==================      ===================

OPERATING EXPENSES
------------------
Operating expenses for reportable segments             $          1,591,406    $           1,533,736
Operating expenses for Partnership                                   (2,000)                      --
                                                         ------------------      -------------------

     Total operating expenses                          $          1,589,406    $           1,533,736
                                                         ==================      ===================

INTEREST EXPENSE
----------------
Interest expense for reportable segments               $            767,303    $             849,979
Interest expense for Partnership                                     15,272                   15,272
                                                         ------------------      -------------------

     Total interest expense                            $            782,575    $             865,251
                                                         ==================      ===================

DEPRECIATION AND AMORTIZATION
-----------------------------
Total depreciation and amortization for
  reportable segments                                  $            987,236    $             903,853
Depreciation and amortization for Partnership                        13,964                   13,964
                                                         ------------------      -------------------

     Total depreciation and amortization               $          1,001,200    $             917,817
                                                         ==================      ===================

NET LOSS
--------
Total net loss for reportable segments                 $           (243,498)   $            (119,199)
Net loss for Partnership                                           (279,362)                (210,266)
Minority interest                                                    55,337                   42,564
                                                         ------------------      -------------------

     Total net loss                                    $           (467,523)   $            (286,901)
                                                         ==================      ===================`

On October 22, 2002, in a lawsuit filed in December 2001 against our General Partner, the general
partners of four public partnerships affiliated with us and several individuals and entities affiliated
with us, the court issued an order overruling the demurrer of our General Partner, the general partner
of a limited partnership affiliated with us, and two other entities and one individual affiliated with
us.  On the same date the court sustained the demurrer of the general partners of three limited
partnerships affiliated with us.  These three limited partners are no longer parties to the lawsuit.  The
individuals and entities whose demurrer was overruled, including our General Partner, remain parties
to the lawsuit and intend to continue to vigorously defend it.  For a description of the lawsuit, see
Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2001, filed with
the SEC on April 1, 2002.  For information on another development in this lawsuit, see Part II, Item
1 of this Quarterly Report on Form 10-Q (see Note 11 - Commitments and Contingencies).

14

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of
Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations
("MD&A") should be read in conjunction with the Consolidated Financial Statements in Item 1 and
the Cautionary Statements below.

A critical accounting policy, for our business, is the assumption that our properties' occupancy will
remain at a level which provides for debt payments and adequate working capital, currently and in
the future.  If occupancy were to fall below that level and remain at or below that level for a
significant period of time, then our ability to make payments  due under our debt agreements and to
continue paying daily operational costs would be greatly affected.  This would result in the
impairment of the respective properties' assets in accordance with Statement of Financial
Accounting Standards ("SFAS") No. 144, "Accounting for the Impairment or Disposal of Long-
Lived Assets."

Some of the statements included in this Item 2 may be considered "forward-looking statements"
since such statements relate to matters which have not yet occurred. For example, phrases such as
"we anticipate," "believe" or "expect," indicate that it is possible that the event anticipated, believed
or expected may not occur. Should such event not occur, then the result which we expected also may
not occur or occur in a different manner, which may be more or less favorable to us. We do not
undertake any obligations to publicly release the result of any revisions to these forward-looking
statements that may be made to reflect any future events or circumstances.

Any forward-looking statements included in the MD&A section, or elsewhere in this report, which
reflect management's best judgment, based on factors known, involve risks and uncertainties. Actual
results could differ materially from those anticipated in any forward-looking statements as a result
of a number of factors including, but not limited to, those discussed below. Any forward-looking
information provided by us pursuant to the safe harbor established by recent securities legislation
should be evaluated in the context of these factors.

Our liquidity, capital resources and results of operations are subject to a number of risks and
uncertainties including, but not limited to the following:

- our ability to achieve planned revenues;
- our ability to make payments due under our debt agreements;
- our ability to negotiate and maintain terms with vendors and service providers for
operating expenses;
- competitive pressures from other real estate companies, including large commercial
and residential real estate companies, which may affect the nature and viability of our
business strategy;

15

- trends in the economy as a whole which may affect consumer confidence and
demand for the types of rental property held by us;
- our ability to predict the demand for specific rental properties;
- our ability to attract and retain tenants;
- availability and costs of management and labor employed;
- real estate occupancy and development costs, including the substantial fixed
investment costs associated with renovations necessary to obtain new tenants and
retain existing tenants;
- the risk of a major commercial tenant defaulting on its lease due to risks generally
associated with real estate, many of which are beyond our control, including general
or local economic conditions, competition, interest rates, real estate tax rates, other
operating expenses and acts of God; and
- the risk of revised zoning laws, taxes and utilities regulations as well as municipal
mergers of local governmental entities.

The occupancy levels at our properties and joint ventures as of September 30, 2002 and 2001 were
as follows:

`Nine Months Ended
                                                                          September 30,
                                                           --------------------------------------------
                                                                  2002                     2001
                                                           -------------------      -------------------
Wholly-Owned Properties
-----------------------

Commonwealth Business Center Phase II (1) (2)                      76%                      81%

Joint Venture Properties
------------------------
(Ownership % at September 30, 2002)
-----------------------------------

The Willows of Plainview Phase II (90.30%) (1)                     93%                      81%
Lakeshore Business Center Phase I (81.19%) (1) (2)                 80%                      85%
Lakeshore Business Center Phase II (81.19%) (1) (2)                85%                      86%
Lakeshore Business Center Phase III (81.19%) (3)                   37%                      28%`

1. Current occupancy levels are considered adequate to continue the operation of our properties.
2. In our opinion, the decrease in period ending occupancy is only a temporary fluctuation and does not represent a
permanent downward occupancy trend.
3. We expect occupancy levels to stabilize near those of Phases I and II over the next two years, as Phase III completes
its lease up phase of operations.

16

The average occupancy levels at our properties and joint ventures during the three months and nine
months ended September 30, 2002 and 2001 were as follows:

`Three Months                    Nine Months
                                                                  Ended                          Ended
                                                              September 30,                  September 30,
                                                        -------------------------      -------------------------
                                                           2002           2001            2002           2001
                                                        ----------     ----------      ----------     ----------
Wholly-Owned Properties
-----------------------

Commonwealth Business Center Phase II (1)                  77%            81%             79%            73%

Joint Venture Properties
------------------------
(Ownership % at September 30, 2002)
-----------------------------------

The Willows of Plainview Phase II (90.30%) (1)             90%            86%             83%            85%
Lakeshore Business Center Phase I (81.19%) (1)             80%            86%             82%            83%
Lakeshore Business Center Phase II (81.19%)                85%            85%             85%            82%
Lakeshore Business Center Phase III (81.19%) (2)           37%            28%             36%            26%`

1. In our opinion, the decrease in average occupancy is only a temporary fluctuation and does not represent a
permanent downward occupancy trend.
2. We expect occupancy levels to stabilize near those of Phases I and II over the next two years.

Rental and other income generated by our properties and joint ventures for the three months and nine
months ended September 30, 2002 and 2001 were as follows:

`Three Months Ended            Nine Months Ended
                                                              September 30,                September 30,
                                                        -------------------------   ---------------------------
                                                           2002          2001           2002           2001
                                                        -----------   -----------   -------------  ------------
Wholly-Owned Properties
-----------------------

Commonwealth Business Center Phase II                $      129,770 $     148,928 $       413,487 $     438,096

Joint Venture Properties
------------------------
(Ownership % at September 30, 2002)
-----------------------------------

The Willows of Plainview II (90.30%)                 $      319,310 $     322,466 $       903,097 $     950,890
Lakeshore Business Center Phase I (81.19%)           $      400,292 $     404,067 $     1,210,294 $   1,181,934
Lakeshore Business Center Phase II (81.19%)          $      355,482 $     377,153 $     1,068,140 $   1,096,082
Lakeshore Business Center Phase III (81.19%)         $       73,742 $      53,735 $       216,878 $     159,724`

On June 25, 2002, NTS-Properties Plus Ltd. merged with ORIG, LLC, ("ORIG") an affiliate of our
General Partner.  ORIG is the surviving entity as a result of this merger.  NTS-Properties V
continues to hold a 81.19% interest in the Lakeshore/University II Joint Venture after the completion
of the NTS-Properties Plus, Ltd./ORIG Merger. ORIG now holds a 7.69% interest in the
Lakeshore/University Joint Venture.

17

If there has not been a material change in an item from September 30, 2001 to September 30,
2002, we have omitted any discussion concerning that item.

Other income decreased approximately $11,000, or 74%, and $26,000, or 50%, for the three months
and nine months ended September 30, 2002, respectively, as compared to the same periods in 2001,
primarily as a result of a decrease in cash reserves available for investment as a result of funding the
Lakeshore University II Joint Venture capital contributions.

Operating expenses increased approximately $61,000, or 19%, for the three months ended September
30, 2002, as compared to the same period in 2001, primarily as the result of increased landscaping
expense and repairs and maintenance at Lakeshore Business Center Phases I, II, and III and The
Willows of Plainview Phase II.

Operating expenses - affiliated increased approximately $29,000, or 22%, and $61,000 or 14%,   for
the three months and nine months ended September 30, 2002, respectively, as compared to the same
periods in 2001, primarily as a result of increased personnel costs at Lakeshore Business Center
Phases I, II, and III and The Willows of Plainview Phase II.  Operating expenses - affiliated are
expenses for services performed by employees of NTS Development Company, an affiliate of our
General Partner.  These employee services include property management, leasing, maintenance,
security and other services necessary to manage and operate the properties.

The loss on disposal of assets for 2002 can be attributed to the retirement of assets at The Willows
of Plainview Phase II as the result of clubhouse renovations and Lakeshore Business Center Phase
I as the result of paint and carpet replacements.  The 2001 retirements are primarily the result of
exterior lighting replacements at The Willows of Plainview Phase II .  The loss represents the cost
to retire assets, which were not fully depreciated at the time of replacement.

Interest expense decreased approximately $22,000, or 8%, and $83,000, or 10%, for the three months
and nine months ended September 30, 2002, respectively, as compared to the same periods in 2001.
The decrease is primarily a result of a decrease in funds drawn on the Lakeshore Business Center
Phase III construction loan and continued principal payments on the debt of The Willows of
Plainview Phase II and Lakeshore Business Center Phases I and II.  The decrease is partially offset

18

by the short-term mortgage payable obtained on Commonwealth Business Center Phase II in August
2002.

Professional and administrative expenses increased approximately $30,000 and $47,000, for the
three months and nine months ended September 30, 2002, respectively, as compared to the same
periods in 2001, primarily as a result of increased legal fees paid under and indemnification
agreement with our General Partner.

Depreciation and amortization increased approximately $83,000, or 9%,  for the nine months ended
September 30, 2002, as compared to the same period in 2001, primarily due to management's change
in the estimated useful life of all of the roof assets at Lakeshore Business Center Phase I.  The
estimated useful life was reduced from 30 years to 16.5 years in anticipation of replacing the roofs
in 2003. The aggregate cost of our properties for federal tax purposes is approximately $40,909,000.

In the next 12 months, we expect the demand on future liquidity to increase as a result of replacing
the roofs at Lakeshore Business Center Phase I and of future leasing activity at Commonwealth
Business Center Phase II and Lakeshore Business Center Phases I, II and III. There may be
significant demands on future liquidity due to the lease up of Lakeshore Business Center Phase III.
At this time, the future leasing and tenant finish costs which will be required to renew the current
leases or obtain new tenants are not certain. It is anticipated that the cash flow from operations and
cash reserves will be sufficient to meet most of our needs, while additional financing may be
required.

Cash flows provided by (used in):

`Nine Months Ended
                                                                       September 30,
                                                        --------------------------------------------
                                                               2002                     2001
                                                        ------------------       -------------------
Operating activities                                 $             546,463     $             631,054
Investing activities                                              (506,750)                 (389,140)
Financing activities                                                36,782                  (405,259)
                                                        ------------------       -------------------

     Net change in cash and equivalents              $              76,495     $            (163,345)
                                                        ==================       ===================`

Net cash provided by operating activities decreased approximately $85,000, or 13%,  for the nine
months ended September 30, 2002, as compared to the same period in 2001. This decrease was
primarily a result of the change in accounts payable, partially offset by the loss on disposal.

19

Net cash used in investing activities increased approximately $118,000, or 30%, for the nine months
ended September 30, 2002 as compared to the same period in 2001. The increase is primarily the
result of increased capital expenditures, primarily for clubhouse renovations at The Willows of
Plainview Phase II and tenant improvements.

Net cash provided by financing activities increased approximately $442,000 for the nine months
ended September 30, 2002, as compared to the same period in 2001, primarily as a result of an
increase in proceeds from the short-term mortgage on Commonwealth Business Center Phase II.

Due to the fact that no distributions were paid during the nine months ended September 30, 2002 or
2001, the table which presents that portion of the distributions that represents a return of capital in
accordance with GAAP basis has been omitted.

We anticipate having to continue to fund the working capital deficit of the L/U II Joint Venture. Due
to the extended time necessary to lease the Lakeshore Business Center Phase III addition, it is
unknown at this time how much working capital we will need to fund the operations of the L/U II
Joint Venture.

Currently, our plans for renovations and other major capital expenditures include tenant
improvements at our properties as required by lease negotiations at our commercial properties.
Changes to current tenant finish improvements are a typical part of any lease negotiation.
Improvements generally include a revision to the current floor plan to accommodate a tenant's needs,
new carpeting and paint and/or wallcovering. The extent and cost of the improvements are
determined by the size of the space being leased and whether the improvements are for a new tenant
or incurred because of a lease renewal. The tenant finish improvements are expected to be funded
by cash flow from operations, cash reserves or additional financing where necessary.

As of September 30, 2002 we have a commitment for approximately $47,000 at Lakeshore Business
Center Phase II for tenant improvements, which will be funded from additional financing and
existing working capital.  We also anticipate replacing the roofs at Lakeshore Business Center Phase
I in 2003, which is expected to cost approximately $200,000.  Management reassessed the useful
lives of the existing roofs at Lakeshore Business Center Phase I and adjusted them accordingly.

We have no other material commitments for renovations or capital improvements as of September
30, 2002.

The following describes the efforts being taken by us to increase the occupancy levels at our
properties. At Commonwealth Business Center Phase II, the leasing and renewal negotiations are
conducted by leasing agents, who are employees of NTS Development Company, located in
Louisville, Kentucky. The leasing agents are located in the same city as the property. All advertising
is coordinated by NTS Development Company's marketing staff located in Louisville, Kentucky.
A leasing agent, an employee of NTS Development Company, located at Lakeshore Business Center,
manages the leasing and renewal negotiations at Lakeshore Business Center Phases I, II and III. At
The Willows of Plainview Phase II, we have an on-site leasing staff, who are employees of NTS

20

Development Company. The staff facilitates all on-site visits from potential tenants, makes visits to
local companies to promote fully furnished apartments, negotiates lease renewals with current
residents and coordinates all local advertising with NTS Development Company's marketing staff.
Leases at our commercial properties provide for tenants to contribute toward the payment of
common area maintenance expenses, insurance and real estate taxes. These lease provisions, along
with the fact that residential leases are generally for a period of one year, should protect our
operations from the impact of inflation and changing prices.

Across the United States there have been recent reports of lawsuits against owners and managers of
multi-family and commercial properties asserting claims of personal injury and property damage
caused by the asserted presence of mold and other microbial organisms in residential units and
commercial space.  Some of these lawsuits have resulted in substantial monetary judgments or
settlements.  We have not, at present, been named as a defendant in any lawsuit that has alleged the
presence of mold or other microbial organisms.  Prior to September 13, 2002, we were insured
against claims arising from the presence of mold due to water intrusion.  However, since September
13, 2002, certain of our insurance carriers have excluded from insurance coverage property damage
loss claims arising from the presence of mold, although certain of our insurance carriers do provide
some coverage for personal injury claims.  We are in the process of implementing protocols and
procedures to prevent the build-up of mold and other microbial organisms in our properties, and are
in the process of implementing more stringent maintenance, housekeeping and notification
requirements for tenants in our properties.  We believe that these measures will eliminate, or at least,
minimize any effect that mold or other microbial organisms could have on our tenants.  To date, we
have not incurred any material costs or liabilities relating to claims of mold exposure or to abate
mold conditions.  Because the law regarding mold is unsettled and subject to change, however, we
can make no assurance that liabilities resulting from the presence of, or exposure to, mold or other
microbial organisms will not have a material adverse effect on our consolidated financial condition
or results of operations and our subsidiaries taken as a whole.

Our General Partner, along with the general partners of four other public limited partnerships
affiliated with us, is investigating a consolidation of us with other entities affiliated with us.  In
addition to these entities, the consolidation would likely involve several private partnerships and
other entities affiliated with us and our General Partner.  The new combined entity would own all
of the properties currently owned by the public limited partnerships, and the limited partners or other
owners of these entities would receive an ownership interest in the combined entity.  The number
of ownership interests to be received by limited partners and the other owners of the entities
participating in the consolidation would likely be determined based on the relative value of the assets
contributed to the combined entity by each public limited partnership, reduced by any indebtedness
assumed by the entity.  The majority of the contributed assets would consist of real estate properties,
whose relative values would be based on appraisals obtained at or near the consolidation date.  The
potential benefits of consolidating the entities include: reducing the administrative costs as a
percentage of assets and revenues by reducing the number of public entities; diversifying limited
partners' investments in real estate to include additional markets and types of properties; and

21

creating an asset base and capital structure that may enable greater access to the capital markets.
There are, however, also a number of potential adverse consequences, such as the expenses
associated with a consolidation and the fact that the duration of the new entity would likely exceed
our anticipated duration, and that the interests of our limited partners in the combined entity would
be smaller on a percentage basis than their interests in us.  Further, the new entity may adopt
investment and management policies that are different from those presently used by our General
Partner for us.  A consolidation also requires approval of our limited partners and owners of the other
proposed participants.  Accordingly, there is no assurance that the consolidation will occur.

Our primary market risk exposure with regard to financial instruments is changes in interest rates.
All of our debt bears interest at a fixed rate with the exception of the $1,852,149  mortgage payable
on Lakeshore Business Center Phase III, the $800,000 mortgage payable on Commonwealth
Business Center Phase II,  and the $10,199 and $1,007  notes payable on The Willows of Plainview
Phase II.  At September 30, 2002, a hypothetical 100 basis point increase in interest rates would
result in an approximate $419,000 decrease in the fair value of the debt and would increase interest
expense on the variable rate mortgages and notes by approximately $27,000 annually.

The Chief Executive Officer and Chief Financial Officer of NTS Capital Corporation, the General
Partner of our General Partner, have concluded, based on their evaluation within 90 days of the filing
date of this report, that our disclosure controls and procedures are effective for gathering, analyzing
and disclosing the information we are required to disclose in our reports filed under the Securities
Exchange Act of 1934. There have been no significant changes in our internal controls or in other
factors that could significantly affect these controls subsequent to the date of the previously
mentioned evaluation.

22

PART II - OTHER INFORMATION

On September 24, 2002, in a lawsuit filed in December 2001 against our General Partner, the general
partners of four public partnerships affiliated with us and several individuals and entities affiliated
with us, the plaintiffs voluntarily dismissed two of the individuals and one of the entities that had
objected to the lawsuit on personal jurisdiction grounds.  This dismissal was the result of an
agreement under which some defendants agreed not to contest jurisdiction and plaintiffs agreed to
dismiss other defendants.  For a description of the lawsuit, see Part I, Item 3 of our Annual Report
on Form 10-K for the year ended December 31, 2001, filed with the SEC on April 1, 2002.  For
information on a development in the lawsuit occurring after September 30, 2002, see Part II, Item
5 of this Quarterly Report on Form 10-Q.

Item 2 -  Changes in Securities
None.

Item 3 -  Defaults Upon Senior Securities
None.

Item 4 -  Submission of Matters to a Vote of Security Holders
None.

On October 22, 2002, in a lawsuit filed in December 2001 against our General Partner, the general
partners of four public partnerships affiliated with us and several individuals and entities affiliated
with us, the court issued an order overruling the demurrer of our General Partner, the general partner
of a limited partnership affiliated with us, and two other entities and one individual affiliated with
us.  On the same date the court sustained the demurrer of the general partners of three limited
partnerships affiliated with us.  These three limited partners are no longer parties to the lawsuit.  The
individuals and entities whose demurrer was overruled, including our General Partner, remain parties
to the lawsuit and intend to continue to vigorously defend it.  For a description of the lawsuit, see
Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2001, filed with
the SEC on April 1, 2002.  For information on another development in this lawsuit, see Part II, Item
1 of this Quarterly Report on Form 10-Q.

a)     Exhibits:
       99.1   Certification of Chief Executive Officer and Chief Financial Officer.

b)     Reports on Form 8-K:
       None.

23

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.

|NTS-PROPERTIES V,
|-----------------
|
|
|                 
|By:              
|                 
|                 
|                 
|                 
|                 
|                 
|                 

|/s/ Gregory A. Wells      
|--------------------------
|                          
|Gregory A. Wells          
|Senior Vice President and 
|Chief Financial Officer of
|NTS Capital Corporation   
|                          
|                          
|Date: November 14, 2002   

24

CERTIFICATION

Pursuant to Section 302 of the Sarbanes Oxley Act of 2002



1. I have reviewed this Quarterly Report on Form 10-Q of NTS-Properties V, a Maryland Limited Partnership;
2. Based on my knowledge,  this  quarterly  report does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;
3. Based on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The  registrant's  other  certifying  officer and I (herein the "Certifying
Officers") are responsible for establishing and maintaining  disclosure controls
and  procedures  (as  defined in Exchange  Act Rules  13a-14 and 15d-14) for the
registrant and we have:
designed  such  disclosure  controls  and  procedures  to  ensure  that
     material information relating to the registrant, including its consolidated
     subsidiaries,  (collectively the "Partnership") is made known to the Certifying
     Officers by others  within the Partnership,  particularly  during the period in
     which this quarterly report is being prepared;evaluated the effectiveness of the registrant's disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); andpresented  in this quarterly  report the  conclusions of the Certifying
     Officers about the effectiveness of the disclosure  controls and procedures
     based on our evaluation as of the Evaluation Date;
5. designed  such  disclosure  controls  and  procedures  to  ensure  that
     material information relating to the registrant, including its consolidated
     subsidiaries,  (collectively the "Partnership") is made known to the Certifying
     Officers by others  within the Partnership,  particularly  during the period in
     which this quarterly report is being prepared;
6. evaluated the effectiveness of the registrant's disclosure controls and
     procedures  as of a date  within 90 days prior to the  filing  date of this
     quarterly report (the "Evaluation Date"); and
7. presented  in this quarterly  report the  conclusions of the Certifying
     Officers about the effectiveness of the disclosure  controls and procedures
     based on our evaluation as of the Evaluation Date;
8. The  registrant's  Certifying  Officers have  disclosed,  based on our most
recent evaluation,  to the registrant's  auditors and the audit committee of the
registrant's board of directors:
all  significant  deficiencies  (if any) in the design or operation of
     internal controls which could adversely affect the registrant's  ability to
     record,  process,  summarize and report  financial data and have identified
     for the registrant's auditors any material weaknesses in internal controls;
     andany fraud,  whether or not material,  that involves management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and
9. all  significant  deficiencies  (if any) in the design or operation of
     internal controls which could adversely affect the registrant's  ability to
     record,  process,  summarize and report  financial data and have identified
     for the registrant's auditors any material weaknesses in internal controls;
     and
10. any fraud,  whether or not material,  that involves management or other
     employees  who  have  a  significant  role  in  the  registrant's  internal
     controls; and
11. The  registrant's  Certifying  Officers  have  indicated in this  quarterly
report whether or not there were significant  changes in internal controls or in
other factors that could  significantly  affect internal controls  subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date: November 14, 2002

/s/     J.D. Nichols
Chief  Executive  Officer of NTS Capital  Corporation,  General  Partner of
NTS-Properties Associates V, General Partner of NTS-Properties V, a Maryland Limited Partnership

See also the certification  pursuant to Section 906 of the Sarbanes Oxley Act of
2002, which is also attached to this report.

25

CERTIFICATION

Pursuant to Section 302 of the Sarbanes Oxley Act of 2002



1. I have reviewed this Quarterly Report on Form 10-Q of NTS-Properties V, a Maryland Limited Partnership;
2. Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;
3. Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;
4. The  registrant's  other  certifying  officer and I (herein the "Certifying
     Officers") are responsible  for  establishing  and  maintaining  disclosure
     controls  and  procedures  (as  defined in  Exchange  Act Rules  13a-14 and
     15d-14) for the registrant and we have:
designed  such  disclosure  controls  and  procedures  to ensure that
     material information relating to the registrant, including its consolidated
     subsidiaries,  (collectively the "Partnership") is made known to the Certifying
     Officers by others  within the Partnership,  particularly  during the period in
     which this quarterly report is being prepared;evaluated the  effectiveness of the registrant's  disclosure  controls
     and procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); andpresented in this quarterly  report the  conclusions of the Certifying
          Officers  about  the  effectiveness  of the  disclosure  controls  and
          procedures based on our evaluation as of the Evaluation Date;
5. designed  such  disclosure  controls  and  procedures  to ensure that
     material information relating to the registrant, including its consolidated
     subsidiaries,  (collectively the "Partnership") is made known to the Certifying
     Officers by others  within the Partnership,  particularly  during the period in
     which this quarterly report is being prepared;
6. evaluated the  effectiveness of the registrant's  disclosure  controls
     and procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); and
7. presented in this quarterly  report the  conclusions of the Certifying
          Officers  about  the  effectiveness  of the  disclosure  controls  and
          procedures based on our evaluation as of the Evaluation Date;
8. The  registrant's  Certifying  Officers have  disclosed,  based on our most
     recent evaluation,  to the registrant's auditors and the audit committee of
     the registrant's board of directors:
all  significant  deficiencies  (if any) in the design or operation of
          internal  controls  which  could  adversely  affect  the  registrant's
          ability to record,  process,  summarize and report  financial data and
          have identified for the registrant's  auditors any material weaknesses
          in internal controls; andany fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and
9. all  significant  deficiencies  (if any) in the design or operation of
          internal  controls  which  could  adversely  affect  the  registrant's
          ability to record,  process,  summarize and report  financial data and
          have identified for the registrant's  auditors any material weaknesses
          in internal controls; and
10. any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and
11. The  registrant's  Certifying  Officers  have  indicated in this  quarterly
     report whether or not there were significant  changes in internal  controls
     or in other  factors  that could  significantly  affect  internal  controls
     subsequent  to the  date  of our  most  recent  evaluation,  including  any
     corrective  actions with regard to  significant  deficiencies  and material
     weaknesses.

Date:    November 14, 2002

/s/      Gregory A. Wells
Chief  Financial  Officer  of  NTS  Capital  Corporation,   General  Partner  of
NTS-Properties Associates V, General Partner of NTS-Properties V, a Maryland Limited Partnership

See also the certification  pursuant to Section 906 of the Sarbanes Oxley Act
of 2002, which is also attached to this report.

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