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) ~~June~~January 2518, ~~2010~~2011

REAL ESTATE ASSOCIATES LIMITED V

(Exact name of Registrant as specified in its charter)

California	0-012438	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 8 5.0102 Departure ~~Other~~of ~~Events~~Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

~~Real~~The ~~Estate~~Partnership ~~Associates~~announces that effective ~~Limited~~January V18, a2011, ~~California~~Steven ~~limited~~D. ~~partnership~~Cordes (will no longer serve as the ~~“Registrant”),~~equivalent ~~owns~~of athe chief ~~99%~~executive officer of the Partnership. To fill this vacancy, the sole ~~limited~~stockholder ~~partnership~~of ~~interest~~the incorporate ~~Richland~~general ~~Senior~~partner ~~Associates~~of the Partnership has appointed John McGrath. Effective January 18, 2011, Mr. McGrath will serve as a ~~Washington~~Senior Vice ~~limited~~President of the corporate general partner of the Partnership and the ~~partnership~~equivalent (of the “chief executive officer of the Partnership”). Mr. ~~The~~McGrath was ~~Partnership~~appointed ~~owned~~Senior ~~Richland~~Vice ~~Three~~President ~~Rivers Retirement~~of ~~Apartments~~Apartment Investment and Management Company (“~~Three Rivers~~Aimco”) in January 2010, awith ~~40-unit~~responsibility ~~apartment~~for ~~complex~~Aimco’s ~~located~~third inparty ~~Richland,~~asset ~~Washington~~management and fund management businesses. Mr. McGrath joined Aimco in 2005 as a Vice President of Finance.

As previously disclosed, on June 25, 2009, the Partnership entered into a Purchase and Sale Agreement with a third party, American Baptist Homes of the West, a California nonprofit public benefit corporation (the “Purchaser”), relating to the sale of Three Rivers for a total sales price of $1,800,000.

On June 25, 2010, the Partnership sold Three Rivers to an affiliate of the Purchaser for a total sales price of $1,800,000. The Registrant received a distribution of approximately $500,000. The Registrant had no remaining investment balance in the Partnership at March 31, 2010 and December 31, 2009.

In accordance with the terms of the Registrant’s partnership agreement, the Registrant’s corporate general partner is currently evaluating the cash requirements of the Registrant to determine what portion of the sales distribution it received, if any, will be available to distribute to the Registrant’s partners.

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/Stephen B. Waters

Stephen B. Waters

Senior Director of Partnership Accounting

Date: ~~July 1,~~January ~~2010~~24, 2011

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