BLESSED ROCK OF EL MONTE
                        A California Limited Partnership





                               ANNUAL EXAMINATION


                                -----------------
                                December 31, 2002
                                -----------------






















<PAGE>




                                    CONTENTS






                                                                            Page
                                                                          ------
INDEPENDENT AUDITOR'S REPORT                                                   1

FINANCIAL STATEMENTS:

    Balance Sheets
                                                                             2-3
    Statements of Operations and Changes in Partners' Equity                   4
    Statements of Cash Flows                                                 5-6
    Notes to Financial Statements                                           7-11

SUPPLEMENTARY INFORMATION:

    Supplemental Schedule of Expenses                                         12
    Supplemental Schedule of Changes in Partners' Equity                      13



























<PAGE>


1730 Havens Point Place
Carlsbad, California 92008-3611

Telephone: 760.434.8845
Facsimile: 760.434.8865
Email: jack@gilkcpa.com








     Partners
     Blessed Rock of El Monte
     Costa Mesa, California



                          INDEPENDENT AUDITOR'S REPORT

          I have audited the  accompanying  balance  sheet of Blessed Rock of El
     Monte, a California  Limited  Partnership as of December 31, 2001 and 2002,
     and the related  statements of operations and changes in partners'  equity,
     and  operating  cash  flows  for the  years  then  ended.  These  financial
     statements  are the  responsibility  of the  partnership's  management.  My
     responsibility is to express an opinion on these financial statements based
     on my audits.

          I conducted my audits in accordance with auditing standards  generally
     accepted in the United  States.  Those  standards  require  that I plan and
     perform  the  audit  to  obtain  reasonable  assurance  about  whether  the
     financial statements are free of material  misstatement.  An audit includes
     examining, on a test basis, evidence supporting the amounts and disclosures
     in  the  financial  statements.   An  audit  also  includes  assessing  the
     accounting principles used and significant estimates made by management, as
     well as evaluating the overall financial statement presentation.  I believe
     that my audits provide a reasonable basis for my opinion.

          In my opinion,  the  financial  statements  referred to above  present
     fairly, in all material respects, the financial position of Blessed Rock of
     El Monte as of December 31, 2001 and 2002 and the results of its operations
     and its operating  cash flows for the years then ended in  conformity  with
     accounting principles generally accepted in the United States.

          My audit was  conducted  for the  purpose of forming an opinion on the
     financial  statements  taken as a  whole.  The  accompanying  supplementary
     information  shown  on  page 12 and 13 is  presented  for  the  purpose  of
     additional  analysis  and is not a  required  part of the  basic  financial
     statements of Blessed Rock of El Monte. Such information has been subjected
     to the  auditing  procedures  applied  in the audit of the basic  financial
     statements and, in my opinion, is fairly stated in all material respects in
     relation to the financial statements taken as a whole.



                                                     /s/ Jack Gilk

     January 14, 2003
                                                     33-0724657
<PAGE>


<TABLE>
<CAPTION>
                            BLESSED ROCK OF EL MONTE
                       (A California Limited Partnership)
--------------------------------------------------------------------------------------------------------------
                   BALANCE SHEETS, DECEMBER 31, 2001 AND 2002
--------------------------------------------------------------------------------------------------------------



                                     ASSETS




                                                                              2002                    2001
                                                                       ---------------        ----------------
<S>                                                                    <C>                    <C>
Current Assets:
     Operating cash and equivalents                                    $      46,102          $       27,108
     Security deposit cash                                                    24,823                  24,620
     Tenant accounts receivable                                                1,742                   1,609
     Prepaid expenses                                                         30,075                  11,344
                                                                       ---------------        ----------------
              Total current assets                                           102,742                  64,681
                                                                       ---------------        ----------------

Property, Building, and Equipment, At Cost:
     Land                                                                  1,271,162               1,271,162
     Building and improvements                                             7,982,536               7,982,536
     Equipment                                                                54,657                  46,190
                                                                       ---------------        ----------------
                                                                           9,308,355               9,299,888
     Accumulated depreciation                                             (1,108,894)               (900,818)
                                                                       ---------------        ----------------
             Property, building, and equipment - net                       8,199,461               8,399,070
                                                                       ---------------        ----------------

Other Assets:
     Replacement reserve                                                      93,475                  72,260
     Tax and insurance restricted accounts                                    53,541                  28,524
     Unamortized deferred costs                                               24,572                  58,164
                                                                       ---------------        ----------------
             Total other assets                                              171,588                 158,948
                                                                       ---------------        ----------------

                                                                       $   8,473,791          $    8,622,699
                                                                       ===============        ================


               See the accompanying notes to financial statements.
--------------------------------------------------------------------------------------------------------------
</TABLE>
                                       2
<PAGE>
<TABLE>
<CAPTION>

Blessed Rock of El Monte
Balance Sheets, December 31, 2000 and 2001
Page 2
--------------------------------------------------------------------------------------------------------------



                        LIABILITIES AND PARTNERS' EQUITY




                                                                              2002                    2001
                                                                       ---------------        ----------------
<S>                                                                    <C>                    <C>
Current Liabilities:
     Current portion of long-term debt                                 $      37,547          $       34,998
     Accounts payable                                                         12,627                   6,703
     Security trust liability                                                 24,560                  24,560
     Accrued interest                                                         15,158                  15,364
     Other accruals                                                                -                   8,608
     Unearned rental income                                                    1,189                   1,536
                                                                       ---------------        ----------------
             Total current liabilities                                        91,081                  91,769
                                                                       ---------------        ----------------


Long-term Debt:
     Mortgage payable, less current portion
         included above                                                    2,542,639               2,580,186
     Notes payable                                                           706,213                 706,213
     Accrued interest payable                                                195,453                 172,619
     Grant loan payable                                                      400,000                 400,000
     Advance payable to general partner                                        1,000                   1,000
     Developer fee payable                                                     98,719                 182,719
                                                                       ---------------        ----------------
             Total long-term debt                                          3,944,024               4,042,737
                                                                       ---------------        ----------------

Partners' equity                                                           4,438,686               4,488,193
                                                                       ---------------        ----------------

                                                                       $   8,473,791          $    8,622,699
                                                                       ===============        ================








               See the accompanying notes to financial statements.
--------------------------------------------------------------------------------------------------------------
</TABLE>
                                       3
<PAGE>
<TABLE>
<CAPTION>


                            BLESSED ROCK OF EL MONTE
                       (A California Limited Partnership)
--------------------------------------------------------------------------------------------------------------
                      STATEMENTS OF OPERATIONS AND CHANGES
       IN PARTNERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
--------------------------------------------------------------------------------------------------------------


                                                                              2002                   2001
                                                                       ---------------        ----------------
<S>                                                                    <C>                    <C>
Revenue:
    Gross potential rents                                              $     711,504          $      657,912
    Excess rents                                                              85,938                  87,052
    Less vacancies                                                            (1,855)                 (2,702)
                                                                       ---------------        ----------------
    Net rental income                                                        795,587                 742,262
    Laundry and vending                                                       12,146                  11,122
    Tenant charges                                                             1,217                     961
    Interest income                                                            1,571                   2,731
    Other income                                                                 229                       -
                                                                       ---------------        ----------------
             Total revenues                                                  810,750                 757,076
                                                                       ---------------        ----------------


Expenses:
    Administrative                                                           143,592                 179,102
    Utilities                                                                 55,162                  56,044
    Operating and maintenance                                                 64,248                  49,233
    Taxes and insurance                                                      141,226                 119,286
    Interest                                                                 214,361                 216,750
    Depreciation and amortization                                            241,668                 239,295
                                                                       ---------------        ----------------
             Total expenses                                                  860,257                 859,710
                                                                       ---------------        ----------------

Net loss                                                                     (49,507)               (102,634)

Partners' equity - beginning                                               4,488,193               4,590,827
                                                                       ---------------        ----------------

Partners' equity - ending                                              $   4,438,686          $    4,488,193
                                                                       ===============        ================





               See the accompanying notes to financial statements.
--------------------------------------------------------------------------------------------------------------
</TABLE>
                                        4
<PAGE>


<TABLE>
<CAPTION>
                            BLESSED ROCK OF EL MONTE
                                     (A California Limited Partnership)
--------------------------------------------------------------------------------------------------------------
                            STATEMENTS OF CASH FLOWS
                 FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2002
--------------------------------------------------------------------------------------------------------------




                                                                              2002                   2001
                                                                       ---------------        ----------------


<S>                                                                    <C>                    <C>
 Cash flows from operating activities:
      Rental receipts                                                  $     783,655          $      733,529
      Operating interest receipts                                                790                   1,300
      Other operating receipts                                                13,592                  12,083
      Payments to suppliers and employees:
         Administrative expenses                                             (32,612)                (15,247)
         Management fees                                                     (59,553)                (89,358)
         Utilities                                                           (53,047)                (54,877)
         Salaries and wages                                                  (47,711)                (53,116)
         Operating and maintenance                                           (50,322)                (35,799)
         Real estate taxes                                                  (112,101)                (99,496)
         Payroll taxes                                                        (5,000)                 (5,069)
         Property insurance                                                  (25,180)                (16,901)
         Miscellaneous taxes and insurance                                   (28,665)                (14,604)
         Interest on mortgage                                               (183,255)               (185,629)
         Interest on other notes                                              (8,478)                      -
         Funding security deposit account                                       (203)                  1,158
                                                                       ---------------        ----------------
            Net cash provided by (used in)
               operating activities                                          191,910                 177,974
                                                                       ---------------        ----------------
 Cash flows from investing activities:
      Net tax and insurance impounds                                         (25,017)                 (7,631)
      Net reserve deposits, including interest                               (21,215)                 (8,949)
      Reserve interest                                                           781                   1,168
      Capital expenditures                                                    (8,467)                      -
                                                                       ---------------        ----------------
         Net cash used in investing activities                               (53,918)                (15,412)

 Cash flows from financing activities:
      Mortgage principal payments                                            (34,998)                (32,622)
      Developer fee payments                                                 (84,000)               (163,737)
                                                                       ---------------        -----------------
         Net cash used in financing activities                              (118,998)               (196,359)
                                                                       ---------------        -----------------
Net increase (decrease) in cash                                               18,994                 (33,797)
 Cash at beginning of year                                                    27,108                  60,905

 Cash at end of year                                                   $      46,102          $       27,108
                                                                       ===============        ================




               See the accompanying notes to financial statements.
--------------------------------------------------------------------------------------------------------------
</TABLE>
                                        5
<PAGE>

<TABLE>
<CAPTION>

 Blessed Rock of El Monte
 Statements of Cash Flows, December 31, 2001 and 2002
 Page 2
 -------------------------------------------------------------------------------------------------------------




                           Reconciliation of Net Loss
             to Net Cash Provided by (Used in) Operating Activities




                                                                              2002                    2001
                                                                       ---------------        ----------------


<S>                                                                    <C>                    <C>
  Net Loss                                                             $     (49,507)         $      (102,634)
  Adjustments to reconcile net loss to net cash
      Provided by (used in) operating activities:
           Depreciation and amortization                                     241,668                  239,294
           Decrease (increase) in:
               Security deposit cash                                            (203)                   1,184
               Receivables                                                      (133)                   1,257
               Prepaids                                                      (18,731)                     787
           Increase (decrease) in:
               Payables                                                        5,216                     (967)
               Security deposit liability                                          -                      (25)
               Accrued expenses                                               14,728                   38,973
               Unearned rental income                                           (347)                   1,536
           Reserve interest earned                                              (781)                  (1,431)
                                                                       ---------------        ----------------
  Net cash provided by (used in) operating activities                  $     191,910          $       177,974
                                                                       ===============        ================
              See the accompanying notes to financial statements.
--------------------------------------------------------------------------------------------------------------
</TABLE>
                                       6
<PAGE>



                            BLESSED ROCK OF EL MONTE
                       (A California Limited Partnership)
--------------------------------------------------------------------------------
                          NOTES TO FINANCIAL STATEMENTS
                                DECEMBER 31, 2002
--------------------------------------------------------------------------------


1.   ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Organization:  Blessed Rock of El Monte, a California limited  partnership,
     was formed on November 22, 1995 by and between Everland, Inc., a California
     Corporation,  as the general partner and Tom Y. Lee as the limited partner.
     The Partnership Agreement was amended and restated on September 17, 1996 to
     replace Tom Y. Lee with WNC Housing Tax Credit Fund V, L.P.  Series 3 and 4
     as limited partners and WNC Housing, L.P. as a special limited partner.

     The  Partnership  was  formed  to  acquire,  construct,  own and  operate a
     137-unit elderly facility  apartment complex for low income residents in El
     Monte,  California.  The  Partnership  also  generates  tax  credits to the
     partners  in  accordance  with the  provisions  of the code and  applicable
     Treasury regulations.  The Partnership has qualified for low income housing
     tax credits as currently allowable under Section 42 of the Internal Revenue
     Code.

     The  Partnership  received  HOME  funds  from  the  City  of El  Monte  and
     redevelopment  funds from the El Monte  Community  Redevelopment  Agency as
     part of a public  program to ensure  affordable  housing for senior citizen
     tenants.  In addition,  the El Monte  Community  Redevelopment  Agency paid
     various  project  impact fees to the City of El Monte  associated  with the
     construction and development of the Project on behalf of the Partnership.

     Capitalization   and   Depreciation:   Assets  are  recorded  at  cost  and
     depreciated  for  financial  accounting  purposes  using the  straight-line
     method over their estimated  useful lives.  The principal  estimated useful
     lives used in computing the depreciation  provisions are 10 to 40 years for
     building and  improvements,  and 3 to 10 years for  equipment The policy of
     the project is to charge amounts  expended for  maintenance,  repairs,  and
     minor  replacements to expense,  and to capitalize  expenditures  for major
     replacements and betterments.

     Cash and Cash  Equivalents:  For  purposes of  reporting  cash flows,  cash
     includes unrestricted cash in bank, cash on hand, savings accounts, and all
     certificates of deposit with original maturities of three months or less.

     The Partnership maintains its cash in bank deposit accounts, which at times
     may exceed  federally  insured limits.  The Partnership has not experienced
     any losses in such accounts.  The Partnership believes it is not exposed to
     any significant credit risk on cash and cash equivalents.

     Deferred  Costs:   Deferred  costs,   comprised  of  tax  credit  fees  and
     organization costs are being amortized over five years.


--------------------------------------------------------------------------------
                                       7
 <PAGE>


<TABLE>
<CAPTION>

Blessed Rock of El Monte
Notes to Financial Statements, December 31, 2002
Page 2
--------------------------------------------------------------------------------

     Estimates:  The  preparation  of financial  statements in  conformity  with
     generally  accepted  accounting  principles  requires  management  to  make
     estimates and assumptions  that affect:  (1) the reported amounts of assets
     and  liabilities  and  disclosure  of  contingencies  at  the  date  of the
     financial statements, and (2) the reported amounts of revenues and expenses
     during  the  reporting  period.  Actual  results  could  differ  from those
     estimates.

     Rental Income and Unearned Rents: The Partnership  rents apartment units on
     a month to  month  basis  and  recognizes  revenues  when  earned.  Advance
     receipts of rents are classified as liabilities until earned.

     Income  Taxes:  No provision is made for income taxes since such taxes,  if
     any, are the liability of the individual partners.

2.   RESTRICTED FUNDS

     The  Partnership  is required  to make  monthly  impound  deposits to cover
     insurance   premiums,   property  taxes  and  to  maintain  a  reserve  for
     replacements.  These  restricted  funds are held by, and  expenditures  are
     subject to supervision and approval by, GMAC Commercial Mortgage.

3.   MORTGAGE PAYABLE
<S>                                                                                            <C>
     Mortgage payable consists of a 7.05% real estate mortgage,  payable to GMAC
     Commercial  Mortgage,  collateralized  by a  deed  of  trust  on  the  real
     property.  The  obligation  is payable in aggregate  monthly  principal and
     interest  installments  of  $18,188  beginning  July 1, 1998 with a balloon
     payment in the amount of $2,017,000 payable June 1, 2013.                                 $2,580,186

     Less current portion                                                                         (37,547)
                                                                                               ------------
                                                                                               $2,542,639
                                                                                               ============
</TABLE>
         The amounts maturing for the next five years are:

                  2003               $37,547
                  2004                40,281
                  2005                43,214
                  2006                46,361
                  2007                49,737


--------------------------------------------------------------------------------
                                       8
<PAGE>






 Blessed Rock of El Monte
 Notes to Financial Statements, December 31, 2002 Page 3
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S>                                                                                           <C>

4.   NOTES PAYABLE

     Notes payable at December 31, 2002 consist of the following:

     4% note  payable  with a term of 15 years,  payable  to El Monte  Community
     Redevelopment  Agency  (RDA),  secured  by deed of  trust  and  rents  from
     Project.  Note  subject to  prepayment  in whole or in part based on events
     constituting default under terms of promissory note agreement. No events of
     default have occurred through  December 31, 2002.  Payments of interest and
     principal made annually beginning on April 1, 2003, and thereafter on April
     1 until outstanding principal balance of note and all accrued interest paid
     in full.  Payments paid from 50% of the residual rental income,  as defined
     in the  promissory  note  agreement.  Payments,  if any,  applied  first to
     accrued  interest and second to principal of note. No payments made on note
     through 2002. At December 31, 2002, accrued interest on note was $75,303.                $ 275,000

     1% note payable with a term of 30 years beginning April 3, 1996, payable to
     RDA for various development fees, secured by a deed of trust and rents from
     the Project.  Commencing  April 3, 1997,  and thereafter on April 3 for the
     following  6  succeeding  years,  payment of $4,239 due each year.  Payment
     increases  to $8,478  April 3,  2004 and  continues  the next 7  succeeding
     years.  April 3, 2012,  payment increases to $32,534 and continues the next
     14 succeeding years, or until paid in full. Payments to be paid from 50% of
     residual rental income,  as defined in promissory note agreement.  Payments
     first  applied to interest.  $8,478 paid in 1999 for 1997 and 1998.  $8,478
     paid in 2000 for 1999 and 2000.  No payments were made in 2002. At December
     31, 2002 accrued interest on note was $12,150.                                             431,213
                                                                                              ----------
                                                                                              $ 706,213
                                                                                              ==========
</TABLE>




--------------------------------------------------------------------------------
                                       9

<PAGE>


Blessed Rock of El Monte
Notes to Financial Statements, December 31, 2002
Page 4
--------------------------------------------------------------------------------

5.   GRANT LOAN PAYABLE



     The Partnership  received a loan of $400,000 on April 3, 1996 from the City
     of El Monte as part of a public  program to ensure  affordable  housing for
     senior citizen  tenants.  Interest  accrues on the principal  amount at 4%,
     with a term of 55 years.  Loan is secured by a deed of trust and rents from
     the Project. At maturity,  the principal amount of the loan and all accrued
     interest shall be deemed  discharged and waived by the City unless there is
     an  occurrence  of an  event  of  default,  as  specified  under  the  loan
     agreement.  If default occurs, the City of El Monte is entitled to exercise
     its rights and the entire  principal  amount  outstanding  and any  accrued
     interest  could  become  due and  payable  at the  option of the City of El
     Monte. Accrued interest at December 31, 2002 was $108,000.

6.   RELATED PARTY TRANSACTIONS

     Capital Contributions: The limited partners, WNC Housing Tax Credit Fund V,
     L.P.  Series III and IV, 49.495% limited  partners,  are required to make a
     capital  contribution  of $5,162,171,  which shall be made equally  between
     them,  in  amounts  and at  times  as  stated  in the  Limited  Partnership
     Agreement.  The  limited  partners'  cash  contributions  may be reduced to
     account for reduced tax benefits, if any. At December 31, 2002, the limited
     partners have contributed $5,021,578.

     Project or Loss  Allocations:  All items  included  in the  calculation  of
     income or loss not arising from a sale or refinancing, and all tax credits,
     shall be  allocated  98.99% to the  limited  partners,  .01% to the special
     limited partner and 1% to the general partner.

     Developer  Fee Payable and Advance  Payable to General  Partner:  Under the
     terms of the Partnership Agreement,  Everland,  Inc., the developer,  is to
     receive a developer fee totaling  $1,050,416.  This  developer fee bears no
     interest  and is  payable  upon  additional  capital  contributions  by the
     limited  partners.  During the periods  ended  December  31, 2002 and 2001,
     $84,000  and  $163,737  of  payments  of  the  developer  fees  were  made,
     respectively.

     Management Fee: A monthly property  management fee in an amount computed at
     5% of the  collected  gross  revenue is payable  to the  management  agent.
     Property  management  services  to  the  Partnership  are  provided  by  an
     affiliate of the limited  partners.  Property  management fees were $39,920
     and $37,113 for the years 2002 and 2001, respectively.




--------------------------------------------------------------------------------
                                       10




<PAGE>


Blessed Rock of El Monte
Notes to Financial Statements, December 31, 2002
Page 5
--------------------------------------------------------------------------------

     Incentive  Management  and  Other  Fees:  Under  the  terms of the  Limited
     Partnership  Agreement,  incentive  management  fees  shall  be paid to the
     general  partner  for  services  incidental  to the  administration  of the
     business  and  affairs of the  Partnership,  reporting  fees to the limited
     partners  for  services  performed  in  monitoring  the  operations  of the
     Partnership,  services  in  connection  with the  Partnership's  accounting
     matters and assisting with the preparation of tax returns.  $60,442 of fees
     for the years 1998, 1999 and 2000 were recorded for year ended December 31,
     2001.  $55,013 of the fees were paid in year 2001.  None were paid in prior
     years.  The general  partner  earned $12,000 in reporting fees for 2002 and
     was paid $29,647, resulting in $12,218 in prepaid fees.

7.   CURRENT VULNERABILITY DUE TO CERTAIN CONCENTRATIONS

     The  Partnership's  sole  asset  is  a  137-unit  apartment  complex.   The
     Partnership's  operations are  concentrated in the multifamily  real estate
     market  In  addition,  the  Partnership  operates  in a  heavily  regulated
     environment.   The   operations   of  the   project   are  subject  to  the
     administrative  directives,  rules  and  regulations  of  local  regulatory
     agencies. Such administrative directives, rules and regulations are subject
     to change.  Such changes may occur with little notice or inadequate funding
     to pay for related costs,  including the additional  administrative burden,
     to comply with a change.




















--------------------------------------------------------------------------------
                                       11
<PAGE>






















                            SUPPLEMENTARY INFORMATION


























































<PAGE>

<TABLE>
<CAPTION>

                            BLESSED ROCK OF EL MONTE
                       (A California Limited Partnership)
-------------------------------------------------------------------------------------------------------------
                        SUPPLEMENTAL SCHEDULE OF EXPENSES
                      FOR THE YEAR ENDED DECEMBER 31, 2002
-------------------------------------------------------------------------------------------------------------
<S>                                                                       <C>                      <C>

Site management payroll                                                   $ 36,698
Manager's rent-free apartment                                               11,452
Management fee                                                              39,920
Reporting fee                                                               12,000
Audit fee                                                                    5,200
Advertising                                                                     40
Telephone and answering service                                              3,612
Office supplies                                                              3,101
Educational and social programs                                             11,520
Health insurance and other employee benefits                                 7,439
Payroll taxes                                                                5,000
Workers' compensation                                                        5,063
Other administration                                                         2,547
                                                                          ---------
       Subtotal administrative expenses                                                            $ 143,592

Electricity                                                                 20,709
Water and sewer                                                             17,185
Fuel                                                                        12,518
Garbage and trash removal                                                    4,750
                                                                          ---------
       Subtotal utilities                                                                             55,162

Maintenance and repairs payroll                                             13,565
Maintenance and repairs supply13,565                                         5,277
Maintenance and repairs contract                                            13,705
Painting and decorating                                                      6,969
Grounds                                                                     10,673
Services                                                                     2,276
Furniture and furnishings replacement                                        9,186
Other maintenance expenses                                                   2,597
                                                                          ---------
       Subtotal maintenance expenses                                                                  64,248
Property taxes                                                             112,101
Other taxes and licenses                                                     3,945
Property and liability insurance                                            25,180
                                                                          ---------
       Subtotal tax and insurance                                                                    141,226

Interest                                                                                             214,361
Depreciation and amortization                                                                        241,668
                                                                                                   ----------
       Total expenses                                                                              $ 860,257
                                                                                                   ==========



-------------------------------------------------------------------------------------------------------------
</TABLE>
                                       12

<PAGE>

<TABLE>
<CAPTION>

                            BLESSED ROCK OF EL MONTE
                       (A California Limited Partnership)
-----------------------------------------------------------------------------------------------------------------------------
              SUPPLEMENTAL SCHEDULE OF CHANGES IN PARTNERS' EQUITY
                 FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2002
-----------------------------------------------------------------------------------------------------------------------------



                                          WNC Housing          WNC Housing
                                           Tax Credit           Tax Credit
                                          Fund V, L.P.         Fund V, L.P.        WNC            Everland
                                            Series 3             Series 4       Housing L.P.        Inc.            Total
                                            -----------          -----------    -----------    ------------     -------------


<S>                                         <C>                  <C>            <C>            <C>              <C>
Balance - December 31, 2000                 $2,272,486           $2,272,486     $      (47)    $   45,902       $ 4,590,827

Net Loss - 2001                                (50,799)             (50,799)           (10)        (1,026)         (102,634)
                                            -----------          -----------    -----------    ------------     -------------


Balance - December 31, 2001                  2,221,687            2,221,687            (57)        44,876         4,488,193

Net Loss - 2002                                (24,503)             (24,503)            (6)          (495)          (49,507)
                                            -----------          -----------    -----------    ------------     -------------

Balance - December 31, 2002                 $2,197,184           $2,197,184     $      (63)        $   44,381   $ 4,438,686
                                            ===========          ===========    ===========    ============     =============

Profit and loss percentage at
      December 31, 2002                         49.495%              49.495%     0.010%             1.000%          100.000%
                                            ===========          ===========    ===========    ============     =============



-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
                                       13