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




                                    FORM 8-K


                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported) October 29, 2004

                       REAL ESTATE ASSOCIATES LIMITED V
            (Exact name of Registrant as specified in its charter)


            California                0-12438                 95-3768810
      (State or other jurisdiction  (Commission            (I.R.S. Employer
           of incorporation)        File Number)        Identification Number)

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


                                 (864) 239-1000
                           (Issuer's telephone number)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously satisfy the filing obligations of the registrant under any of the
following provisions:

[ ]   Written  communications  pursuant to Rule 425 under the  Securities  Act
      (17 CFR 230.425)

[ ]   Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)

[ ]   Pre-commencement  communications  pursuant  to Rule  14d-2(b)  under the
      Exchange Act (17 CFR 240.14d-2(b))

[ ]   Pre-commencement  communications  pursuant  to Rule  13e-4(c)  under the
      Exchange Act (17 CFR 240.13e-4(c))









Item 5.02   Departures  of  Directors  or  Principal  Officers;   Election  of
            Directors; Appointment of Principal Officers.

Real Estate  Associates  Limited V (the  "Partnership")  and Peter K.  Kompaniez
announce that effective October 29, 2004, Mr. Kompaniez  resigned from the Board
of  Directors  (the  "Board") of National  Partnership  Investments  Corp.,  the
corporate general partner of the Partnership (the "General Partner").

To fill the vacancy created by Mr. Kompaniez's resignation, the sole stockholder
of the General Partner has elected Harry Alcock.  Mr. Alcock joined the Board of
the General Partner on October 29, 2004 immediately  following the effectiveness
of Mr.  Kompaniez's  resignation.  Mr. Alcock is currently  the  Executive  Vice
President of the General Partner.







                                    SIGNATURE


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 hereunto duly authorized.



                                REAL ESTATE ASSOCIATES LIMITED V


                                By: National Partnership Investments Corp.
                                    Corporate General Partner

                                By: /s/Brian S. Shuman
                                    Brian S. Shuman
                                    Senior Vice President and Chief  Financial
                                     Officer


                             Date: November 4, 2004