FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

        x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                    For the fiscal year ended March 31, 2002

                                       OR


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

             For the transition period from __________ to __________

                         Commission file number: 0-21897


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4


California                                                           33-0707612
(State or other jurisdiction of                                (I.R.S. Employer
incorporation or organization)                               Identification No.)

              3158 Redhill Avenue, Suite 120, Costa Mesa, CA 92626

                                 (714) 662-5565

           Securities registered pursuant to Section 12(b) of the Act:

                                      NONE

           Securities registered pursuant to section 12(g) of the Act:

                      UNITS OF LIMITED PARTNERSHIP INTEREST

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 ___

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. <060>o<048><057><057><062>


                                       1
<PAGE>


State the aggregate market value of the voting and non-voting common equity held
by non-affiliates of the registrant.

                                  INAPPLICABLE

                       DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the Part
of the Form 10-K  (e.g.,  Part I, Part II,  etc.)  into  which the  document  is
incorporated:  (1) Any  annual  report  to  security  holders;  (2) Any proxy or
information  statement;  and (3) Any prospectus filed pursuant to Rule 424(b) or
(c) under the  Securities Act of 1933.  The listed  documents  should be clearly
described for identification  purposes (e.g.,  annual report to security holders
for fiscal year ended December 24, 1980).

                                      NONE


                                       2
<PAGE>



Item 1.  Business

PART I.
-------

Organization

WNC Housing Tax Credit Fund, V, L.P.,  Series 4 (the  "Partnership") or ("Series
4") was formed under the California Revised Limited  Partnership Act on July 26,
1995 and commenced  operations on July 1, 1996.  The  Partnership  was formed to
acquire  limited  partnership  interests  in  limited  partnerships  or  limited
liability  companies  ("Local  Limited  Partnerships")  which  own  multi-family
housing  complexes  that are eligible  for  low-income  housing  federal and, in
certain cases, California income tax credits ("Low Income Housing Credit").

The general partner of the  Partnership is WNC & Associates,  Inc. (the "General
Partner" or  "Associates".)  The chairman and president own substantially all of
the  outstanding  stock  of  Associates.  The  business  of the  Partnership  is
conducted  primarily  through  the  General  Partner as the  Partnership  has no
employees of its own.

Pursuant to a  registration  statement  filed with the  Securities  and Exchange
Commission, on July 26, 1995, on July 1, 1996 the Partnership commenced a public
offering of 25,000 Units of Limited Partnership Interests ("Units"),  at a price
of $1,000 per Unit.  The  Partnership's  offering  terminated  on July 11, 1997.
Since inception a total of 22,000 Units representing  approximately  $21,915,000
were sold throughout the offering.

Description of Business

The  Partnership's  principal  business  objective  is to  provide  its  Limited
Partners with Low Income Housing Credits.  The Partnership's  principal business
therefore  consists of investing as a limited partner or non-managing  member in
Local  Limited  Partnerships  each of which will own and operate a  multi-family
housing  complex (the "Housing  Complex")  which will qualify for the Low Income
Housing Credit.  In general,  under Section 42 of the Internal  Revenue Code, an
owner of low-income housing can receive the Low Income Housing Credit to be used
to reduce  Federal  taxes  otherwise due in each year of a ten-year  period.  In
general,  under Section 17058 of the  California  Revenue and Taxation  Code, an
owner of low-income housing can receive the Low Income Housing Credit to be used
against  California taxes otherwise due in each year of a four-year period.  The
Housing Complex is subject to a fifteen-year  compliance period (the "Compliance
Period"),  and under state law may have to be maintained  as low income  housing
for 30 or more years.

In general,  in order to avoid  recapture  of Low Income  Housing  Credits,  the
Partnership  does not  expect  that it will  dispose of its  interests  in Local
Limited Partnerships ("Local Limited Partnership Interests") or approve the sale
by any Local Limited  Partnership of its Housing Complex prior to the end of the
applicable  Compliance  Period.  Because  of  (i)  the  nature  of  the  Housing
Complexes,  (ii) the  difficulty of predicting  the resale market for low-income
housing  15 or more years in the  future,  and (iii) the  ability of  government
lenders to  disapprove  of transfer,  it is not possible at this time to predict
whether the liquidation of the  Partnership's  assets and the disposition of the
proceeds,  if any, in  accordance  with the  Partnership's  Agreement of Limited
Partnership,   as  amended  by  Supplements  to  the  Prospectus   thereto  (the
"Partnership Agreement"), will be able to be accomplished promptly at the end of
the 15-year period. If a Local Limited Partnership is unable to sell its Housing
Complex,  it is  anticipated  that the local  general  partner  ("Local  General
Partner")  will either  continue to operate  such  Housing  Complex or take such
other actions as the Local General  Partner  believes to be in the best interest
of the Local Limited Partnership.  Notwithstanding the preceding,  circumstances
beyond the  control of the General  Partner or the Local  General  Partners  may
occur during the  Compliance  Period,  which would  require the  Partnership  to
approve the disposition of an Housing Complex prior to the end thereof, possibly
resulting in recapture of Low Income Housing Credits.

As of March 31, 2002 the  Partnership  had  invested in fourteen  Local  Limited
Partnerships.  Each of these Local Limited  Partnerships  owns a Housing Complex
that is eligible  for the  federal  Low Income  Housing  Credit.  Certain  Local
Limited Partnerships may also benefit from government programs promoting low- or
moderate-income housing.

                                       3
<PAGE>

The Partnership's  investments in Local Limited  Partnerships are subject to the
risks incident to the management and ownership of low-income  housing and to the
management and ownership of multi-unit  residential  real estate.  Some of these
risks  are that the Low  Income  Housing  Credit  could be  recaptured  and that
neither the  Partnership's  investments  nor the Housing  Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the Housing
Complexes  receive  government  financing  or operating  subsidies,  they may be
subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations
on cash distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of Local Limited Partnership Interests;  limitations on
removal of Local General Partners; limitations on subsidy programs; and possible
changes in applicable regulations. The Housing Complexes are subject to mortgage
indebtedness.  If a  Local  Limited  Partnership  does  not  make  its  mortgage
payments,  the lender could foreclose resulting in a loss of the Housing Complex
and Low Income Housing Credits.  As a limited partner or non-managing  member of
the Local Limited  Partnerships,  the Partnership  will have very limited rights
with respect to  management  of the Local  Limited  Partnerships,  and will rely
totally  on the  general  partners  or  managing  members  of the Local  Limited
Partnerships for management of the Local Limited Partnerships.  The value of the
Partnership's  investments  will be subject to  changes  in  national  and local
economic conditions,  including unemployment  conditions,  which could adversely
impact vacancy levels, rental payment defaults and operating expenses.  This, in
turn, could substantially  increase the risk of operating losses for the Housing
Complexes and the Partnership.  In addition,  each Local Limited  Partnership is
subject to risks relating to environmental hazards and natural disasters,  which
might be uninsurable.  Because the Partnership's operations will depend on these
and other  factors  beyond the  control  of the  General  Partner  and the Local
General  Partners,  there can be no assurance  that the  anticipated  Low Income
Housing Credits will be available to Limited Partners.

In addition,  Limited  Partners are subject to risks in that the rules governing
the Low Income  Housing  Credit are  complicated,  and the use of credits can be
limited.  The only  material  benefit from an investment in Units may be the Low
Income Housing Credits. There are limits on the transferability of Units, and it
is unlikely that a market for Units will  develop.  All  Partnership  management
decisions are made by the General Partner.

As a limited partner or non-managing member, the Partnership's liability for
obligations of each Local Limited Partnership is limited to its investment. The
Local General Partners of each Local Limited Partnership retain responsibility
for developing, constructing, maintaining, operating and managing the Housing
Complexes.

Item 2.  Properties

Through its  investment in Local Limited  Partnerships,  the  Partnership  holds
limited  partnership  interests in the Housing  Complexes.  The following  table
reflects  the status of the fourteen  Housing  Complexes as of the dates and for
the periods indicated.

                                       4
<PAGE>

<TABLE>
<CAPTION>

                                                         -------------------------   -----------------------------------------------
                                                            As of March 31, 2002               As of December 31, 2001
                                                         -------------------------   -----------------------------------------------
                                                           Partnership's                                    Estimated   Encumbrances
                                                          Total Investment   Amount of                      Low Income      of Local
                                   General Partner         In Local Limited  Investment  Number              Housing        Limited
 Partnership Name      Location        Name                Partnerships    Paid to Date  Of Units Occupancy  Credits    Partnerships
------------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>          <C>                   <C>           <C>                 <C>      <C>  <C>            <C>

Ashford Place, a       Shawnee,     The Cowen
Limited Partnership    Oklahoma     Group, LLC           $  2,317,000   $ 2,317,000         100       95% $  3,931,000   $ 2,280,000

Belen Vista            Belen,       Monarch Properties, Inc.
Associates, Limited    New          and Low Income Housing
Partnership            Mexico       Foundation of NM          416,000       416,000          57      100%      714,000     1,527,000

Blessed Rock of        El Monte,    Everland,
El Monte               California   Inc.                    2,511,000     2,511,000         137      100%    8,899,000     3,721,000

Bolivar Plaza          Boliver,     MBL Development Co.
Apartments             Missouri                             1,181,000     1,181,000          32       94%    1,658,000       556,000

Cleveland              Coffeyville, Williams Management and
Apartments L.P.        Kansas       Consulting, Inc. and
                                    Eastern Housing Corp.     515,000       431,000          48       73%      737,000     1,595,000

                       Crescent     Crescent
Crescent City          City,        City
Apartments             California   Surf, Inc.              1,166,000     1,166,000          56      100%    2,221,000     1,960,000

D. Hilltop             Prairie      Donald W.
Apartments Ltd.        View,Texas   Sowell                    101,000       101,000          24      100%      187,000       464,000

Greyhound Associates   Windsor,     WCM Community
I,L.P.                 Missouri     Development Corp.         642,000       642,000          24       88%    1,128,000       593,000

Lamar Plaza            Lamar,       MBL Development
Apts., L.P.            Missouri     Co.                       738,000       738,000          28       82%    1,230,000       808,000

Mesa Verde Apartments  Roswell, New Trianon-Mesa
Limited Partnership    Mexico       Verde, LLC              3,941,000     3,941,000         142       91%    6,472,000     2,160,000

</TABLE>
                                       5
<PAGE>

<TABLE>
<CAPTION>

                                                         -------------------------   -----------------------------------------------
                                                            As of March 31, 2002               As of December 31, 2001
                                                         -------------------------   -----------------------------------------------
                                                           Partnership's                                    Estimated   Encumbrances
                                                          Total Investment   Amount of                      Low Income      of Local
                                   General Partner         In Local Limited  Investment  Number              Housing        Limited
 Partnership Name      Location        Name                Partnerships    Paid to Date  Of Units Occupancy  Credits    Partnerships
------------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>          <C>                  <C>           <C>                 <C>       <C>  <C>           <C>

Mountain Vista         Los Alamos,  Monarch Properties, Inc.
Associates Limited     New Mexico   and Low Income Housing
Partnership                         Foundation of NM          315,000       315,000          53       96%      543,000     1,433,000

North Central Limited  New York,    City and Suburban
Partnership            New York     Development Corp.         751,000       751,000          18       94%    1,054,000       454,000

Woodland,              Marion,
Ltd.                   Alabama      ACHR Corp.              1,288,000     1,288,000          42      100%    2,112,000     1,292,000

Wynwood                             Regency Investment
Place,                 North        Associates, Inc., ATO,
Limited                Raleigh,     Inc., a Non-Profit Corp.
Partnership            Carolina     and Gordon Blackwell.     534,000       454,000          24       71%      780,000       566,000
                                                         ------------- ------------         -----     --- ------------  ------------

                                                         $ 16,416,000  $ 16,252,000         785       92% $ 31,666,000  $ 19,409,000
                                                         ============= ============         ===       === ============  ============
</TABLE>
                                       6

<PAGE>

<TABLE>
<CAPTION>

                                       -----------------------------------------------------------------------------
                                                           For the year ended December 31, 2001
                                       ----------------------------------------------------------------------------
                                                                                             Low Income Housing
                                                                                            Credits Allocated to
           Partnership Name                Rental Income      Net (Loss) Income                  Partnership
-------------------------------------------------------------------------------------------------------------------

<S>                                                <C>                <C>                                   <C>
Ashford Place, a Limited Partnership               $ 447,000          $ (174,000)                           98.99%

Belen Vista Associates, Limited
Partnership                                          327,000              (1,000)                           98.99%

Blessed Rock of El Monte                             742,000            (103,000)                           49.50%

Bolivar Plaza Apartments                             101,000             (21,000)                           98.98%

Cleveland Apartments L.P.                            194,000             (61,000)                           99.98%

Crescent City Apartments                             171,000            (146,000)                           99.00%

D. Hilltop Apartments Ltd.                            71,000             (15,000)                           99.00%

Greyhound Associates I, L.P.                          77,000             (29,000)                           99.00%

Lamar Plaza Apts., L.P.                               90,000              (9,000)                           99.97%

Mesa Verde Apartments Limited
Partnership                                          509,000            (143,000)                           99.00%

Mountain Vista Associates Limited
Partnership                                          244,000              (8,000)                           98.99%

North Central Limited Partnership                    113,000             (68,000)                           99.89%

Woodland, Ltd.                                        93,000             (65,000)                           99.98%

Wynwood Place, Limited Partnership                   120,000             (32,000)                           99.98%
                                                 -----------           ----------
                                                 $ 3,299,000           $(875,000)
                                                 ===========           ==========
</TABLE>
                                       7

<PAGE>


Item 3.  Legal Proceedings

NONE

Item 4.  Submission of Matters to a Vote of Security Holders

NONE

PART II.
--------

Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters

Item 5a.

(a)  The  Units  are not  traded on a public  exchange  but were sold  through a
     public offering.  It is not anticipated that any public market will develop
     for the  purchase  and  sale of any  Unit and  none  exists.  Units  can be
     assigned  only if certain  requirements  in the  Partnership  Agreement are
     satisfied.

(b)  At March 31, 2002, there were 1,326 Limited Partners.

(c)  The Partnership was not designed to provide cash  distributions  to Limited
     Partners in  circumstances  other than  refinancing  or  disposition of its
     investments in Local Limited Partnerships.

(d)  No unregistered  securities  were sold by the  Partnership  during the year
     ended March 31, 2002.

Item 5b.

NOT APPLICABLE

Item 6.  Selected Financial Data

Selected balance sheet information for the Partnership is as follows:
<TABLE>
<CAPTION>

                                                               March 31                                December 31
                                         -----------------------------------------------------   -------------------------
                                            2002          2001          2000          1999          1998          1997
                                         -----------   -----------   -----------   -----------   -----------   -----------

<S>                                    <C>           <C>           <C>           <C>           <C>           <C>
ASSETS
Cash and cash equivalents              $  1,221,951  $  1,316,217  $  1,725,133  $  3,460,935  $  3,817,546  $  5,906,978
Due from affiliates                           9,732         9,732             -        52,835        52,835       276,775
Investments in limited partnerships,
net                                      13,261,486    14,075,565    15,243,007    15,345,027    15,573,510    14,894,897
Interest receivable                               -             -             -             -             -        76,622
Loans receivable                                  -             -        12,080        12,080        91,000       301,226
Other assets                                    574           574           574           500           500           500
                                         -----------   -----------   -----------   -----------   -----------   -----------
                                       $ 14,493,743  $ 15,402,088  $ 16,980,794  $ 18,871,377  $ 19,535,391  $ 21,456,998
                                         ===========   ===========   ===========   ===========   ===========   ===========
LIABILITIES
Due to limited partnerships            $    164,475  $    257,889  $    672,640  $  1,182,870  $  1,657,666  $  2,880,839
Accrued fees and expenses due to
   general
  partner and affiliates                     18,143         1,664         1,936       181,131       121,498        52,203

PARTNERS' EQUITY                         14,311,125    15,142,535    16,306,218    17,507,376    17,756,227    18,523,956
                                         -----------   -----------   -----------   -----------   -----------   -----------
                                       $ 14,493,743  $ 15,402,088  $ 16,980,794  $ 18,871,377  $ 19,535,391  $ 21,456,998
                                         ===========   ===========   ===========   ===========   ===========   ===========
</TABLE>
                                       8


<PAGE>


Selected results of operations, cash flows, and other information for the
Partnership as follows:
<TABLE>
<CAPTION>

                                          For the Years                         For the                For the Years Ended
                                                                          Three Months Ended
                                         Ended March 31                        March 31                    December 31
                              --------------------------------------   --------------------------   --------------------------

                                2002          2001          2000          1999           1998          1998          1997
                              ----------   -----------   -----------    ----------    -----------   -----------   -----------
                                                                                      (Unaudited)
<S>                         <C>         <C>           <C>            <C>          <C>           <C>            <C>
Income (loss) from
  operations                $   (86,263)$     (60,248)$     (54,888) $       586  $     18,142  $      95,280  $    97,369
Equity in losses of
  limited partnerships         (745,147)   (1,103,435)   (1,146,270)    (249,437)     (153,500)    (1,010,334)    (334,756)
                              ----------   -----------   -----------    ----------    -----------   -----------   -----------
Net loss                    $  (831,410)$  (1,163,683)$  (1,201,158) $  (248,851) $   (135,358) $    (915,054) $  (237,387)
                              ==========   ===========   ===========    ==========    ===========   ===========   ===========
Net loss allocated to:
   General partner          $    (8,314)$     (11,637)$     (12,012) $    (2,489) $     (1,354) $      (9,151) $    (2,374)
                              ==========   ===========   ===========    ==========    ===========   ===========   ===========
   Limited partners         $  (823,096)$  (1,152,046)$  (1,189,146) $  (246,362) $   (134,004) $    (905,903) $  (235,013)
                              ==========   ===========   ===========    ==========    ===========   ===========   ===========
Net loss per limited
  partner unit              $    (37.41)$      (52.37)$      (54.05) $    (11.20) $      (6.09) $      (41.18) $    (13.01)
                              ==========   ===========   ===========    ==========    ===========   ===========   ===========
Outstanding weighted
  limited partner units          22,000        22,000        22,000       22,000        22,000         22,000       18,063
                              ==========   ===========   ===========    ==========    ===========   ===========   ===========
</TABLE>
<TABLE>
<CAPTION>

                                         For the Years                          For the                 For the Years Ended
                                                                           Three Months Ended
                                         Ended March 31                         March 31                    December 31
                             ---------------------------------------   ---------------------------   --------------------------

                                2002          2001          2000          1999           1998          1998          1997
                              ----------   -----------   -----------   ------------   ------------   ----------   ------------
                                                                                      (Unaudited)
<S>                         <C>          <C>           <C>           <C>            <C>            <C>          <C>
Net cash provided by
  (used in):
   Operating activities     $   (10,220) $      1,392  $   (121,756) $      75,111  $      77,854  $   297,891  $      94,732
   Investing activities         (84,046)     (410,308)   (1,614,046)      (431,722)      (814,796)  (2,534,648)   (10,409,130)
   Financing activities               -             -             -              -        148,448      147,325     12,304,718
                              ----------   -----------   -----------   ------------   ------------   ----------   ------------
Net change in cash and
  cash equivalents              (94,266)     (408,916)   (1,735,802)      (356,611)      (588,494)  (2,089,432)     1,990,320

Cash and cash
  equivalents, beginning
  of period                   1,316,217     1,725,133     3,460,935      3,817,546      5,906,978    5,906,978      3,916,658
                              ----------   -----------   -----------   ------------   ------------   ----------   ------------
Cash and cash
  equivalents, end of
  period                    $ 1,221,951  $  1,316,217  $  1,725,133  $   3,460,935  $   5,318,484  $ 3,817,546  $   5,906,978
                              ==========   ===========   ===========   ============   ============   ==========   ============
</TABLE>
<TABLE>
<CAPTION>

Low Income Housing Credits Per Unit was as follows for the years ended December 31:

                                                       2001          2000           1999           1998          1997
                                                    -----------   ------------   -----------    -----------   -----------
<S>                                               <C>           <C>            <C>            <C>           <C>
Federal                                           $        121  $         114  $        104   $         81  $         20
State                                                        -              -             -              -             -
                                                    -----------   ------------   -----------    -----------   -----------
Total                                             $        121  $         114  $        104   $         81  $         20
                                                    ===========   ============   ===========    ===========   ===========
</TABLE>
                                       9


<PAGE>


Item 7. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations

Forward Looking Statements

With  the  exception  of  the  discussion  regarding   historical   information,
"Management's  Discussion  and  Analysis of Financial  Condition  and Results of
Operations"  and other  discussions  elsewhere in this Form 10-K contain forward
looking statements. Such statements are based on current expectations subject to
uncertainties  and other  factors which may involve known and unknown risks that
could  cause  actual  results  of  operations  to differ  materially  from those
projected or implied. Further, certain forward-looking statements are based upon
assumptions about future events which may not prove to be accurate.

Risks and uncertainties  inherent in forward looking statements include, but are
not  limited  to,  our  future  cash  flows and  ability  to  obtain  sufficient
financing, level of operating expenses, conditions in the low income housing tax
credit property market and the economy in general, as well as legal proceedings.
Historical  results are not necessarily  indicative of the operating results for
any future period.

Subsequent  written and oral forward  looking  statements  attributable to us or
persons  acting on our behalf  are  expressly  qualified  in their  entirety  by
cautionary  statements  in this Form 10-K and in other reports we filed with the
Securities and Exchange  Commission.  The following discussion should be read in
conjunction  with the  Consolidated  Financial  Statements and the Notes thereto
included elsewhere in this filing.

Financial Condition

The Partnership's  assets at March 31, 2002 consisted primarily of $1,222,000 in
cash and cash  equivalents  and  aggregate  investments  in the  fourteen  Local
Limited Partnerships of $13,262,000. Liabilities at March 31, 2002 were $164,000
due to limited  partnerships,  $18,000 of accrued  annual  management  fees, and
expenses  paid by an  affiliate  of the  General  Partner or due to the  General
Partner or affiliate.

Results of Operations

Year  Ended  March  31,  2002  Compared  to  Year  Ended  March  31,  2001.  The
Partnership's  net  loss for the  year  ended  March  31,  2002 was  $(831,000),
reflecting  a decrease of $333,000  from the net loss  experienced  for the year
ended  March 31,  2001.  The decline in net loss is  primarily  due to equity in
losses of limited partnerships which decreased by $358,000 to $(745,000) for the
year ended March 31, 2002 from  $(1,103,000)  for the year ended March 31, 2001,
offset by an increase in loss from operations of $26,000. The decrease in equity
in losses of limited  partnerships  was mainly due to the  increase in occupancy
rate in certain Local Limited Partnerships.

Year  Ended  March  31,  2001  Compared  to  Year  Ended  March  31, 2000.   The
Partnership's  net loss for the year  ended  March  31,  2001 was  $(1,164,000),
reflecting  a decrease  of $37,000  from the net loss  experienced  for the year
ended  March 31,  2000.  The decline in net loss is  primarily  due to equity in
losses of limited  partnerships  which decreased by $43,000 to $(1,103,000)  for
the year ended  March 31,  2001 from  $(1,146,000)  for the year ended March 31,
2000,  offset by an increase in loss from operations of $5,000.  The decrease in
equity in losses of  limited  partnerships  was mainly  due to the  increase  in
occupancy  rate in certain  Local Limited  Partnerships  offset by the increased
loss  of  one  Local  Limited  Partnership  which  experienced  a full  year  of
operations in 2000 compared with two months of operations in 1999.

In  addition,  the  Partnership  experienced  a  decrease  in income of  $23,000
resulting from a decrease in cash balance due to capital  contributions  paid to
Local Limited  Partnerships  of $410,000.  The  Partnership  also  experienced a
decrease in operating expenses paid to third parties of $18,000.





                                       10
<PAGE>


Cash Flows

Year Ended March 31, 2002  Compared to Year Ended March 31, 2001.  Net cash used
during the year ended  March 31, 2002 was  $(94,000),  compared to net cash used
for the  year  ended  March  31,  2001 of  $(409,000).  Net cash  flows  used in
investing activities decreased by $326,000 to $(84,000) for the year ended March
31, 2002 from  $(410,000)  due primarily to a decrease in capital  contributions
paid to Local Limited  Partnerships  of $324,000.  Net cash flows from operating
activities  decreased  by $11,000 to net cash used in  operating  activities  of
$(10,000)  for the year ended March 31, 2001 from net cash provided by operating
activities  of $1,000 for the year ended March 31, 2001. No cash was provided by
or used in financing activities for the years ended March 31, 2002 or 2001.

Year Ended March 31, 2001  Compared to Year Ended March 31, 2002.  Net cash used
during the year ended March 31, 2001 was  $(409,000),  compared to net cash used
for the year ended March 31, 2000 of $(1,736,000). Net cash flows from operating
activities  increased by $123,000 to net cash provided  operating  activities of
$1,000 for the year ended March 31, 2001  compared to net cash used by operating
activities  of $(122,000)  for the year ended March 31, 2000.  This increase was
primarily due to a decrease in cash paid to the General  Partner for  management
fees and other accrued fees and costs of $179,000 offset by a decrease in income
of $23,000, a decrease in cash due from affiliates of $53,000 and an increase in
cash paid to third  parties for  operating  expenses of $18,000.  Net cash flows
used in investing  activities decreased by $1,204,000 to $(410,000) for the year
ended March 31, 2001 from  $(1,614,000)  due  primarily to a decrease in capital
contributions  paid to Local Limited  Partnerships  of  $1,202,000.  No cash was
provided by or used in financing  activities  for the years ended March 31, 2001
or 2000.

The Partnership  expects its future cash flows,  together with its net available
assets at March 31, 2002, to be  sufficient  to meet all  currently  foreseeable
future cash requirements.

New Accounting Pronouncement
----------------------------

In October 2001, the FASB issued Statement of Financial Accounting Standards No.
144,  "Accounting  for the  Impairment or Disposal of Long-Lived  Assets" ("SFAS
144"), which addresses  accounting and financial reporting for the impairment or
disposal of long-lived assets.  SFAS 144 is effective for fiscal years beginning
after  December 15, 2001,  and generally,  is to be applied  prospectively.  The
Partnership  has not yet completed  its  evaluation of the impact of SFAS 144 on
its financial position or results of operations.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

NOT APPLICABLE

Item 8.  Financial Statements and Supplementary Data



                                       11
<PAGE>










               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
               --------------------------------------------------



To the Partners
WNC Housing Tax Credit Fund V, L.P., Series 4


We have audited the  accompanying  balance sheets of WNC Housing Tax Credit Fund
V, L.P., Series 4 (a California Limited  Partnership) (the  "Partnership") as of
March 31, 2002 and 2001,  and the related  statements of  operations,  partners'
equity  (deficit)  and cash flows for the years ended March 31,  2002,  2001 and
2000. These financial  statements are the  responsibility  of the  Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements  based  on  our  audits.  A  significant  portion  of  the  financial
statements of the limited  partnerships  in which the  Partnership  is a limited
partner were audited by other  auditors whose reports have been furnished to us.
As discussed in Note 2 to the financial statements, the Partnership accounts for
its investments in limited  partnerships using the equity method. The portion of
the Partnership's  investment in limited  partnerships audited by other auditors
represented 80% and 79% of the total assets of the Partnership at March 31, 2002
and 2001.  Our  opinion,  insofar as it relates to the  amounts  included in the
financial  statements for the limited partnerships which were audited by others,
is based solely on the reports of the other auditors.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we 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.  We believe that our audits and the reports of
the other auditors provide a reasonable basis for our opinion.

In our opinion,  based on our audits and the reports of the other auditors,  the
financial statements referred to above present fairly, in all material respects,
the  financial  position of WNC  Housing  Tax Credit  Fund V, L.P.,  Series 4 (a
California  Limited  Partnership) as of March 31, 2002 and 2001, and the results
of its  operations  and its cash flows for the years ended March 31, 2002,  2001
and 2000, in conformity with  accounting  principles  generally  accepted in the
United States of America.




                                                    /s/BDO SEIDMAN, LLP


Orange County, California
June 11, 2002

                                       12
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                                 BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                                     March 31
                                                                        -----------------------------------
                                                                             2002               2001
                                                                        ---------------    ----------------

<S>                                                                   <C>                <C>
ASSETS

Cash and cash equivalents                                             $      1,221,951   $       1,316,217
Due from affiliate (Note 3)                                                      9,732               9,732
Investments in limited partnerships, net (Notes 2 and 3)                    13,261,486          14,075,565
Other assets                                                                       574                 574
                                                                        ---------------    ----------------
                                                                      $     14,493,743   $      15,402,088
                                                                        ===============    ================

LIABILITIES AND PARTNERS' EQUITY
  (DEFICIT)

Liabilities:
   Payables to limited partnerships (Note 5)                          $        164,475   $         257,889
   Accrued fees and expenses due to General
     Partner and affiliates (Note 3)                                            18,143               1,664
                                                                        ---------------    ----------------
     Total liabilities                                                         182,618             259,553
                                                                        ---------------    ----------------
Commitments and contingencies

Partners' equity (deficit)
   General partner                                                             (75,949)            (67,635)
   Limited partners (25,000 units authorized,
     22,000 units issued and outstanding)                                   14,387,074          15,210,170
                                                                        ---------------    ----------------

     Total partners' equity                                                 14,311,125          15,142,535
                                                                        ---------------    ----------------
                                                                      $     14,493,743   $      15,402,088
                                                                        ===============    ================
</TABLE>


                 See accompanying notes to financial statements
                                       13
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>


                                                             For The Years
                                                             Ended March 31
                                            ------------------------------------------------
                                                2002             2001             2000
                                            -------------    -------------    --------------
<S>                                       <C>             <C>              <C>
Interest income                           $       47,072  $        78,942  $        108,385
Reporting fee income                              20,255           12,422             6,100
                                            -------------    -------------    --------------
Total income                                      67,327           91,364           114,485
                                            -------------    -------------    --------------
Operating expenses:
   Amortization (Notes 2 and 3)                   59,564           59,564            59,566
   Asset management fees
     (Note 3)                                     60,500           60,500            60,500
   Other                                          33,526           31,548            49,307
                                            -------------    -------------    --------------
    Total operating expenses                     153,590          151,612           169,373
                                            -------------    -------------    --------------
Income (loss) from operations                    (86,263)         (60,248)          (54,888)

Equity in income losses of
  limited partnerships (Note 2)                 (745,147)      (1,103,435)       (1,146,270)
                                            -------------    -------------    --------------
Net loss                                  $     (831,410) $    (1,163,683) $     (1,201,158)
                                            =============    =============    ==============
Net loss allocated to:
   General partner                        $       (8,314) $       (11,637) $        (12,012)
                                            =============    =============    ==============
   Limited partners                       $     (823,096) $    (1,152,046) $     (1,189,146)
                                            =============    =============    ==============
Net loss per limited partner unit         $       (37.41) $        (52.37) $         (54.05)
                                            =============    =============    ==============
Outstanding weighted limited
  partner units                                   22,000           22,000            22,000
                                            =============    =============    ==============
</TABLE>

                 See accompanying notes to financial statements
                                       14

<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

                For The Years Ended March 31, 2002, 2001 and 2000
<TABLE>
<CAPTION>


                                                               General            Limited
                                                               Partner            Partners             Total
                                                            ---------------    ---------------     ---------------

<S>                                                       <C>               <C>                  <C>
Partners' equity (deficit) at March 31, 1999              $        (43,986) $      17,551,362    $     17,507,376

Net loss                                                           (12,012)        (1,189,146)         (1,201,158)
                                                            ---------------    ---------------     ---------------

Partners' equity (deficit) at March 31, 2000                       (55,998)        16,362,216          16,306,218

Net loss                                                           (11,637)        (1,152,046)         (1,163,683)
                                                            ---------------    ---------------     ---------------
Partners' equity (deficit) at March 31, 2001                       (67,635)        15,210,170          15,142,535

Net loss                                                            (8,314)          (823,096)           (831,410)
                                                            ---------------    ---------------     ---------------
Partners' equity (deficit) at March 31, 2002              $        (75,949) $      14,387,074    $     14,311,125
                                                            ===============    ===============     ===============
</TABLE>

                 See accompanying notes to financial statements
                                       15

<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
                                                                    For the Years Ended March 31
                                                             --------------------------------------------
                                                                2002            2001            2000
                                                             ------------    ------------    ------------
<S>                                                        <C>            <C>              <C>
Cash flows from operating activities:
  Net loss                                                 $    (831,410) $   (1,163,683)  $  (1,201,158)
  Adjustments to reconcile net
    loss to net cash provided by (used in)
    operating activities:
   Amortization                                                   59,564          59,564          59,566
   Equity in losses of limited
     partnerships                                                745,147       1,103,435       1,146,270
   Change in due from affiliates                                       -               -          52,835
   Change in accrued fees and
     expenses due to General
     Partner and affiliate                                        16,479            (272)       (179,195)
   Change in other assets                                              -           2,348             (74)
                                                             ------------    ------------    ------------
  Net cash provided by (used in) operating
    activities                                                   (10,220)          1,392        (121,756)
                                                             ------------    ------------    ------------
Cash flows from investing
  activities:
  Investments in limited
    partnerships, net                                            (93,414)       (416,901)     (1,618,687)
  Distributions from limited
    partnerships                                                   9,368           6,593           4,641
                                                             ------------    ------------    ------------
  Net cash used in investing
    activities                                                   (84,046)       (410,308)     (1,614,046)
                                                             ------------    ------------    ------------
Net decrease in cash
  and cash equivalents                                           (94,266)       (408,916)     (1,735,802)

Cash and cash equivalents,
  beginning of period                                          1,316,217       1,725,133       3,460,935
                                                             ------------    ------------    ------------

Cash and cash equivalents, end
  of period                                                $   1,221,951  $    1,316,217   $   1,725,133
                                                             ============    ============    ============
SUPPLEMENTAL
  DISCLOSURE OF CASH
  FLOW INFORMATION:
  Taxes paid                                               $         800   $         800   $         800
                                                             ============    ============    ============
</TABLE>


                                       16
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                For The Years Ended March 31, 2002, 2001 and 2000



NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
---------------------------------------------------

Organization
------------

WNC Housing Tax Credit Fund V, L.P., Series 4, a California Limited  Partnership
(the "Partnership"),  was formed on July 26, 1995 under the laws of the state of
California, and commenced operations on July 1, 1996. The Partnership was formed
to  invest  primarily  in  other  limited  partnerships  and  limited  liability
companies (the "Local Limited  Partnerships") which own and operate multi-family
housing  complexes  (the  "Housing  Complex")  that are  eligible for low income
housing credits.  The local general  partners (the "Local General  Partners") of
each Local Limited Partnership retain responsibility for maintaining,  operating
and managing the Housing Complex.

The general partner is WNC & Associates, Inc. ("WNC") (the "General Partner"), a
California limited partnership. The chairman and president own substantially all
of the outstanding stock of WNC.


The Partnership shall continue in full force and effect until December 31, 2050,
unless terminated prior to that date, pursuant to the partnership agreement or
law.

The financial  statements  include only activity relating to the business of the
Partnership,  and do not give  effect to any assets that the  partners  may have
outside of their interests in the Partnership, or to any obligations,  including
income taxes, of the partners.

The  partnership  agreement  authorized the sale of up to 25,000 units at $1,000
per Unit  ("Units").  The offering of Units  concluded on July 11, 1997 at which
time 22,000 Units representing  subscriptions in the amount of $21,914,830,  net
of discount of $79,550 for volume purchases and $5,620 for dealer discounts, had
been accepted.  The General  Partner has a 1% interest in operating  profits and
losses,  taxable income and losses and in cash available for  distribution  from
the  Partnership  and tax credits.  The limited  partners  will be allocated the
remaining 99% of these items in proportion to their respective investments.

After the limited  partners  have received  proceeds from a sale or  refinancing
equal to their capital  contributions and their return on investment (as defined
in the  Partnership  Agreement)  and the General  Partner has received  proceeds
equal  to its  capital  contribution  and a  subordinated  disposition  fee  (as
described in Note 3) from the  remainder,  any  additional  sale or  refinancing
proceeds will be distributed 90% to the limited partners (in proportion to their
respective investments) and 10% to the General Partner.



                                       17
<PAGE>



                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

               For The Years Ended March 31, 2002, 2001 and 2000,


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
--------------------------------------------------------------

Risks and Uncertainties
-----------------------

The Partnership's  investments in Local Limited  Partnerships are subject to the
risks incident to the management and ownership of low-income  housing and to the
management and ownership of multi-unit  residential  real estate.  Some of these
risks  are that the low  income  housing  credit  could be  recaptured  and that
neither the  Partnership's  investments  nor the Housing  Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the Housing
Complexes  receive  government  financing  or operating  subsidies,  they may be
subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations
on cash distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of Local Limited Partnership Interests;  limitations on
removal of Local General Partners; limitations on subsidy programs; and possible
changes in applicable regulations.  The Housing Complexes are or will be subject
to  mortgage  indebtedness.  If a Local  Limited  Partnership  does not make its
mortgage payments, the lender could foreclose resulting in a loss of the Housing
Complex  and  low-income  housing  credits.  As a limited  partner  of the Local
Limited Partnerships, the Partnership will have very limited rights with respect
to management of the Local  Limited  Partnerships,  and will rely totally on the
Local General  Partners of the Local Limited  Partnerships for management of the
Local Limited Partnerships.  The value of the Partnership's  investments will be
subject  to  changes  in  national  and  local  economic  conditions,  including
unemployment  conditions,  which could adversely  impact vacancy levels,  rental
payment  defaults and operating  expenses.  This, in turn,  could  substantially
increase  the  risk of  operating  losses  for  the  Housing  Complexes  and the
Partnership.  In addition,  each Local Limited  Partnership  is subject to risks
relating  to  environmental  hazards  and  natural  disasters,  which  might  be
uninsurable. Because the Partnership's operations will depend on these and other
factors  beyond  the  control  of the  General  Partner  and the  Local  General
Partners,  there can be no assurance  that the  anticipated  low income  housing
credits will be available to Limited Partners.

In addition,  Limited  Partners are subject to risks in that the rules governing
the low income  housing  credit are  complicated,  and the use of credits can be
limited.  The only  material  benefit from an investment in Units may be the low
income housing credits. There are limits in the transferability of Units, and it
is unlikely that a market for Units will develop.  All management decisions will
be made by the General Partner.

Method of Accounting for Investments in Limited Partnerships
------------------------------------------------------------

The Partnership  accounts for its investments in limited  partnerships using the
equity method of  accounting,  whereby the  Partnership  adjusts its  investment
balance for its share of the Local Limited  Partnership's  results of operations
and for any distributions received. The accounting policies of the Local Limited
Partnerships are consistent with those of the Partnership. Costs incurred by the
Partnership  in  acquiring  the  investments  are  capitalized  as  part  of the
investment account and are being amortized over 30 years (see Note 2).

Losses from Local Limited  Partnerships for the years ended March 31, 2002, 2001
and 2000 have been recorded by the Partnership  based on nine months of reported
results  provided  by the  Local  Limited  Partnerships  and on three  months of
results  estimated by management of the  Partnership.  Losses from Local Limited
Partnerships  allocated to the Partnership are not recognized to the extent that
the  investment  balance would be adjusted below zero. As soon as the investment
balance  reaches  zero,  amortization  of the  related  costs of  acquiring  the
investment are accelerated to the extent of losses available.

Offering Expenses
-----------------

Offering  expenses consist of underwriting  commissions,  legal fees,  printing,
filing and recordation fees, and other costs incurred in connection with selling
limited  partnership  interests  in the  Partnership.  The  General  Partner  is
obligated  to pay all  offering  and  organization  costs  in  excess  of  14.5%
(including sales commissions) of the total offering proceeds.  Offering expenses
are  reflected  as a reduction  of limited  partners'  capital  and  amounted to
$2,960,328 at the end of all periods presented.

                                       18
<PAGE>

                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

               For The Years Ended March 31, 2002, 2001 and 2000,


NOTE 1 - SUMMARY OF SIGNIFICANTACCOUNTING POLICIES, continued
-------------------------------------------------------------

Use of Estimates
----------------

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America 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 materially differ from those
estimates.

Cash and Cash Equivalents
-------------------------

The  Partnership   considers  all  highly  liquid   investments  with  remaining
maturities of three months or less when purchased to be cash equivalents.  As of
March  31,  2002  and  2001,  the  Partnership  had cash  equivalents  of $0 and
$840,000, respectively.

Concentration of Credit Risk
----------------------------

At March 31,  2002 and 2001,  the  Partnership  maintained  cash  balances  at a
certain financial institution in excess of the federally insured maximum.

Net Loss Per Limited Partner Unit
---------------------------------

Net loss per  limited  partner  unit is  calculated  pursuant  to  Statement  of
Financial  Accounting  Standards No. 128,  Earnings Per Share. Net loss per unit
includes no dilution  and is computed  by  dividing  loss  available  to limited
partners by the weighted average number of units outstanding  during the period.
Calculation of diluted net loss per unit is not required.

Reporting Comprehensive Income
------------------------------

The  Statement of Financial  Accounting  Standards  ("SFAS") No. 130,  Reporting
Comprehensive  Income  established  standards  for the  reporting and display of
comprehensive  income (loss) and its components in a full set of general-purpose
financial statements. The Partnership had no items of other comprehensive income
during the years ended  March 31,  2002,  2001 and 2000,  as defined by SFAS No.
130.

New Accounting Pronouncement
----------------------------

In October 2001, the FASB issued Statement of Financial Accounting Standards No.
144,  "Accounting  for the  Impairment or Disposal of Long-Lived  Assets" ("SFAS
144"), which addresses  accounting and financial reporting for the impairment or
disposal of long-lived assets.  SFAS 144 is effective for fiscal years beginning
after  December 15, 2001,  and generally,  is to be applied  prospectively.  The
Partnership  has not yet completed  its  evaluation of the impact of SFAS 144 on
its financial position or results of operations.

Reclassification
----------------

Certain prior year balances have been reclassified to conform to 2002
presentation.

                                       19
<PAGE>

                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

               For The Years Ended March 31, 2002, 2001 and 2000,

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS
--------------------------------------------

As of the periods  presented,  the Partnership has acquired limited  partnership
interests  in 14 Local  Limited  Partnerships,  each of which  owns one  Housing
Complex  consisting of an aggregate of 785 apartment units. As of March 31, 2002
construction or rehabilitation of all of the Housing Complexes was complete. The
respective  general  partners  of the  Local  Limited  Partnerships  manage  the
day-to-day  operations of the entities.  Significant  Local Limited  Partnership
business decisions require approval from the Partnership.  The Partnership, as a
limited partner, is generally entitled to approximately 99%, as specified in the
Local  Limited  Partnership  agreements,  of the  operating  profits and losses,
taxable  income and losses and tax  credits of the Local  Limited  Partnerships,
except  for one of the  investments  in  which it is  entitled  to 49.5% of such
amounts.

The  Partnership's  investments  in limited  partnerships  as  reflected  in the
balance  sheets  at March 31,  2002 and 2001 are  approximately  $1,653,000  and
$1,739,000, respectively, greater than the Partnership's equity at the preceding
December  31 as shown in the  Local  Limited  Partnerships'  combined  financial
statements  presented  below.  This  difference is primarily due to acquisition,
selection,  and other costs related to the acquisition of the investments  which
have been  capitalized in the  Partnership's  investment  account and to capital
contributions  payable to the limited  partnerships  which were  netted  against
partner  capital in the Local Limited  Partnerships'  financial  statements (see
Note 5). The  Partnership's  investment  is also  lower  than the  Partnership's
equity as shown in the Local Limited Partnership's combined financial statements
due to the  estimated  losses  recorded by the  Partnership  for the three month
period ended March 31.

Equity  in  losses  of the  Local  Limited  Partnerships  is  recognized  in the
financial  statements until the related  investment account is reduced to a zero
balance. Losses incurred after the investment account is reduced to zero are not
recognized. If the Local Limited Partnerships report net income in future years,
the  Partnership  will resume applying the equity method only after its share of
such net  income  equals  the share of net  losses  not  recognized  during  the
period(s) the equity method was suspended.

Distributions  received from Local Limited  Partnerships  are accounted for as a
reduction of the investment balance. Distributions received after the investment
has reached zero are  recognized as income.  As of March 31, 2002, no investment
accounts in Local Limited Partnerships had reached a zero balance.

The following is a summary of the equity method  activity of the  investments in
limited partnerships for the periods presented:
<TABLE>
<CAPTION>

                                                                    For the Years Ended March 31
                                                           -----------------------------------------------
                                                               2002            2001             2000
                                                           -------------   -------------    --------------
<S>                                                      <C>             <C>              <C>
Investments per balance sheet, beginning of period       $   14,075,565  $   15,243,007   $    15,345,027
Capital contributions paid, net                                       -               -           766,262
Capital contributions payable                                         -               -           342,195
Tax credit adjustment                                                 -           2,151                 -
Distributions received                                           (9,368)         (6,594)           (4,641)
Equity in losses of limited partnerships                       (745,147)     (1,103,435)       (1,146,270)
Amortization of capitalized acquisition fees and costs          (59,564)        (59,564)          (59,566)
                                                           -------------   -------------    --------------
Investments in limited partnerships, end of period       $   13,261,486  $   14,075,565   $    15,243,007
                                                           =============   =============    ==============
</TABLE>
                                       20

<PAGE>

                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

               For The Years Ended March 31, 2002, 2001 and 2000,

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
-------------------------------------------------------

The financial  information from the individual financial statements of the Local
Limited Partnerships include rental and interest subsidies. Rental subsidies are
included in total  revenues  and  interest  subsidies  are  generally  netted in
interest expense.  Approximate combined condensed financial information from the
individual  financial  statements of the individual  financial statements of the
Local Limited  Partnerships as of December 31 and for the years then ended is as
follows:

                        COMBINED CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                                     2001               2000
                                                                                ---------------    ---------------

<S>                                                                           <C>                <C>
ASSETS

Land                                                                          $      2,465,000   $      2,465,000
Buildings and improvements, net of accumulated depreciation for
  2001 and 2000 of $4,744,000 and $3,543,000, respectively                          33,460,000         34,641,000
Other assets                                                                         2,220,000          2,096,000
                                                                                ---------------    ---------------

                                                                              $     38,145,000   $     39,202,000
                                                                                ===============    ===============

LIABILITIES

Mortgage and construction loans payable                                       $     19,409,000   $     19,581,000
Due to related parties                                                               1,858,000          2,123,000
Other liabilities                                                                      903,000            745,000
                                                                                ---------------    ---------------

                                                                                    22,170,000         22,449,000
                                                                                ---------------    ---------------

PARTNERS' CAPITAL

WNC Housing Tax Credit Fund V, L.P., Series 4                                       11,608,000         12,337,000
WNC Housing Tax Credit Fund V, L.P., Series 3                                        2,222,000          2,272,000
Other partners                                                                       2,145,000          2,144,000
                                                                                ---------------    ---------------

                                                                                    15,975,000         16,753,000
                                                                                ---------------    ---------------

                                                                              $     38,145,000   $     39,202,000
                                                                                ===============    ===============
</TABLE>

                                       21

<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

               For The Years Ended March 31, 2002, 2001 and 2000,


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
-------------------------------------------------------

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                                 2001                2000               1999
                                                            ---------------     ---------------    ---------------

<S>                                                       <C>                 <C>                <C>
Revenues                                                  $      3,446,000    $      3,139,000   $      2,716,000
                                                            ---------------     ---------------    ---------------

Expenses:
  Operating expenses                                             2,128,000           2,117,000          1,754,000
  Interest expense                                                 941,000             953,000            988,000
  Depreciation and amortization                                  1,252,000           1,267,000          1,160,000
                                                            ---------------     ---------------    ---------------

Total expenses                                                   4,321,000           4,337,000          3,902,000
                                                            ---------------     ---------------    ---------------

Net loss                                                  $       (875,000)   $     (1,198,000)  $     (1,186,000)
                                                            ===============     ===============    ===============

Net loss allocable to the Partnership                     $       (818,000)   $     (1,110,000)  $     (1,137,000)
                                                            ===============     ===============    ===============

Net loss recorded by the Partnership                      $       (745,000)   $     (1,103,000)  $     (1,137,000)
                                                            ===============     ===============    ===============
</TABLE>

Certain Local Limited  Partnerships have incurred  significant  operating losses
and  have  working  capital  deficiencies.  In the  event  these  Local  Limited
Partnerships continue to incur significant operating losses,  additional capital
contributions  by the  Partnership  and/or  the  Local  General  Partner  may be
required  to sustain  the  operations  of such Local  Limited  Partnerships.  If
additional  capital  contributions  are not made  when  they are  required,  the
Partnership's  investment in certain of such Local Limited Partnerships could be
impaired, and the loss and recapture of the related tax credits could occur.

NOTE 3 - RELATED PARTY TRANSACTIONS
-----------------------------------

As of March 31, 2002 and 2001, due from affiliate consists of an advance to a
certain Local Limited Partnership for operations.

Under the terms of the Partnership Agreement, the Partnership has paid or is
obligated to the General Partner or their affiliates for the following items:

          Acquisition  fees of up to 7.5% of the gross proceeds from the sale of
          Units as  compensation  for services  rendered in connection  with the
          acquisition  of interests in Local Limited  Partnerships.  As of March
          31,  2002 and  2001,  the  Partnership  incurred  acquisition  fees of
          $1,630,375.  Accumulated  amortization of these  capitalized costs was
          $270,605 and $216,261 as of March 31, 2002 and 2001, respectively.

          Reimbursement  of costs incurred by the General  Partner in connection
          with the acquisition of interests in Local Limited Partnerships. These
          reimbursements have not exceeded 1% of the gross proceeds. As of March
          31,  2002 and 2001,  the  Partnership  incurred  acquisition  costs of
          $156,589,   which  have  been  included  in   investments  in  limited
          partnerships.  Accumulated  amortization was $24,560 and $19,340 as of
          March 31, 2002 and 2001, respectively.


                                       22
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

               For The Years Ended March 31, 2002, 2001 and 2000,


NOTE 3 - RELATED PARTY TRANSACTIONS, continued
----------------------------------------------

          An annual  asset  management  fee equal to the  greater  amount of (i)
          $2,000 for each housing complex, or (ii) 0.275% of the gross proceeds.
          In either case, the fee will be decreased or increased  annually based
          on changes in the Consumer Price Index.  However, in no event will the
          maximum  amount  exceed 0.2% of the  invested  assets  (defined as the
          Partnership's  capital  contributions plus reserves of the Partnership
          of up to 5% of gross  proceeds  plus its  allocable  percentage of the
          mortgage debt encumbering the housing  complexes) of the Local Limited
          Partnerships. Management fees of $60,500 were incurred for each of the
          years ended March 31, 2002,  2001 and 2000, of which $45,375 , $60,500
          and $176,880 were paid during the years ended March 31, 2002, 2001 and
          2000, respectively.

          A subordinated  disposition  fee in an amount equal to 1% of the sales
          price of real estate sold.  Payment of this fee is subordinated to the
          limited partners  receiving a preferred return of 14% through December
          31, 2006 and 6% thereafter (as defined in the  Partnership  Agreement)
          and is payable only if the General  Partner or its  affiliates  render
          services in the sales effort.

The accrued fees and expenses due to General  Partner and affiliates  consist of
the following at:
<TABLE>
<CAPTION>

                                                                                March 31
                                                                     --------------------------------
                                                                         2002              2001
                                                                     --------------    --------------

<S>                                                                <C>               <C>
Asset management fees payable                                      $        16,561   $         1,436

Advances from WNC                                                            1,582               228
                                                                     --------------    --------------

Total                                                              $        18,143   $         1,664
                                                                     ==============    ==============
</TABLE>

NOTE 4 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
----------------------------------------------------

The following is a summary of the quarterly operations for the years ended March
31, 2002 and 2001:
<TABLE>
<CAPTION>

                                           June 30           September 30       December 31           March 31
                                        ---------------     ---------------    ---------------     ---------------

               2002
               ----

<S>                                   <C>                 <C>                <C>                 <C>
Income                                $         14,000    $         18,000   $          9,000    $         26,000

Operating expenses                             (35,000)            (43,000)           (38,000)            (37,000)

Equity in losses of limited
     partnerships                             (278,000)           (278,000)          (278,000)             89,000

Net loss                                      (299,000)           (302,000)          (307,000)             77,000

Loss available to limited partners            (296,000)           (299,000)          (304,000)             76,000

Loss per limited partner unit                      (13)                (14)               (14)                  3
</TABLE>

                                       23
<PAGE>


                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

               For The Years Ended March 31, 2002, 2001 and 2000,



NOTE 4 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED), continued
---------------------------------------------------------------
<TABLE>
<CAPTION>

                                           June 30           September 30       December 31           March 31
                                        ---------------     ---------------    ---------------     ---------------

               2001
               ----

<S>                                   <C>                 <C>                <C>                 <C>
Income                                $         32,000    $         20,000   $         14,000    $         25,000

Operating expenses                             (37,000)            (34,000)           (45,000)            (36,000)

Equity in losses of limited
     partnerships                             (284,000)           (284,000)          (284,000)           (251,000)

Net loss                                      (289,000)           (298,000)          (315,000)           (261,000)

Loss available to limited partners            (286,000)           (295,000)          (312,000)           (259,000)

Loss available per limited
     partner unit                                  (13)                (13)               (14)                (12)

</TABLE>

NOTE 5 - PAYABLES TO LIMITED PARTNERSHIPS
-----------------------------------------

Payables  to limited  partnerships  represent  amounts  which are due at various
times based on conditions specified in the limited partnership agreements. These
contributions are payable in installments and are generally due upon the limited
partnerships  achieving certain development and operating benchmarks  (generally
within two years of the Partnership's initial investment).

NOTE 6 - INCOME TAXES
---------------------

No provision for income taxes has been recorded in the accompanying financial
statements as any liability for income taxes is the obligation of the partners
of the Partnership.


                                       24
<PAGE>




Item  9.  Changes  in and  Disagreements  With  Accountants  on  Accounting  and
          Financial Disclosure

NOT APPLICABLE

PART III.
---------

Item 10. Directors and Executive Officers of the Registrant

The Partnership has no directors or executive officers of its own. The following
biographical  information is presented for the directors and executive  officers
of Associates which has principal responsibility for the Partnership's affairs.

Directors and Executive Officers of WNC & Associates, Inc.

The directors of WNC & Associates,  Inc. are Wilfred N. Cooper,  Sr., who serves
as Chairman of the Board,  David N. Shafer,  Wilfred N.  Cooper,  Jr. and Kay L.
Cooper.  The  principal  shareholder  of  WNC  &  Associates,  Inc.  is a  trust
established by Wilfred N. Cooper, Sr.

Wilfred N.  Cooper,  Sr.,  age 71, is the  founder,  Chairman,  Chief  Executive
Officer  and a Director  of WNC &  Associates,  Inc.,  a Director of WNC Capital
Corporation,  and a general partner in some of the programs previously sponsored
by the  Sponsor.  Mr.  Cooper has been  involved in real estate  investment  and
acquisition  activities  since 1968.  Previously,  during 1970 and 1971,  he was
founder and principal of Creative Equity Development Corporation,  a predecessor
of WNC & Associates,  Inc., and of Creative  Equity  Corporation,  a real estate
investment firm. For 12 years prior to that, Mr. Cooper was employed by Rockwell
International  Corporation,  last  serving as its  manager of housing  and urban
developments where he had  responsibility  for factory-built  housing evaluation
and project  management  in urban  planning  and  development.  Mr.  Cooper is a
Director of the  National  Association  of Home  Builders  (NAHB) and a National
Trustee  for NAHB's  Political  Action  Committee,  a Director  of the  National
Housing  Conference  (NHC)  and a member  of  NHC's  Executive  Committee  and a
Director of the National Multi-Housing Council (NMHC). Mr. Cooper graduated from
Pomona College in 1956 with a Bachelor of Arts degree.

Wilfred N.  Cooper,  Jr.,  age 39, is  President,  Chief  Operating  Officer,  a
Director and a member of the Acquisition Committee of WNC & Associates,  Inc. He
is President of, and a registered  principal  with, WNC Capital  Corporation,  a
member firm of the NASD, and is a Director of WNC  Management,  Inc. He has been
involved in investment and  acquisition  activities  with respect to real estate
since he joined the  Sponsor  in 1988.  Prior to this,  he served as  Government
Affairs  Assistant with Honda North America in Washington,  D.C. Mr. Cooper is a
member of the Advisory Board for LIHC Monthly Report,  a Director of NMHC and an
Alternate  Director of NAHB. He graduated  from The American  University in 1985
with a Bachelor of Arts degree.

David N.  Shafer,  age 50, is  Executive  Vice  President,  a Director,  General
Counsel,  and a member of the Acquisition  Committee of WNC & Associates,  Inc.,
and a  Director  and  Secretary  of WNC  Management,  Inc.  Mr.  Shafer has been
involved in real estate investment and acquisition  activities since 1984. Prior
to joining the Sponsor in 1990, he was  practicing  law with a specialty in real
estate and taxation.  Mr.  Shafer is a Director and President of the  California
Council of Affordable  Housing and a member of the State Bar of California.  Mr.
Shafer graduated from the University of California at Santa Barbara in 1978 with
a Bachelor of Arts  degree,  from the New  England  School of Law in 1983 with a
Juris  Doctor  degree (cum laude) and from the  University  of San Diego in 1986
with a Master of Law degree in Taxation.

Thomas J. Riha, age 47, became Chief Financial  Officer  effective January 2001.
Prior to his  appointment  as Chief  Financial  Officer he was Vice  President -
Asset Management and a member of the Acquisition  Committee of WNC & Associates,
Inc. and a Director and Chief Executive Officer of WNC Management, Inc. Mr. Riha
has been involved in acquisition and investment  activities with respect to real
estate since 1979.  Prior to joining the Sponsor in 1994,  Mr. Riha was employed
by Trust Realty Advisor, a real estate acquisition and management company,  last
serving as Vice  President - Operations.  Mr. Riha graduated from the California
State  University,  Fullerton in 1977 with a Bachelor of Arts degree (cum laude)
in Business Administration with a concentration in Accounting and is a Certified
Public  Accountant  and a member of the American  Institute of Certified  Public
Accountants.

                                       25
<PAGE>

Sy P. Garban,  age 56, is Vice  President - National  Sales of WNC & Associates,
Inc.  and has been  employed by the  Sponsor  since  1989.  Mr.  Garban has been
involved in real estate  investment  activities since 1978. Prior to joining the
Sponsor he served as  Executive  Vice  President  of MRW,  Inc.,  a real  estate
development  and management  firm.  Mr. Garban is a member of the  International
Association of Financial  Planners.  He graduated from Michigan State University
in 1967 with a Bachelor of Science degree in Business Administration.

Michael J. Gaber,  age 36, is Vice President - Acquisitions  and a member of the
Acquisitions Committee of WNC & Associates,  Inc. Mr. Gaber has been involved in
real estate acquisition,  valuation and investment activities since 1989 and has
been employed with WNC since 1997.  Prior to joining WNC & Associates,  Inc., he
was involved in the valuation and classification of major assets,  restructuring
of debt and analysis of real estate taxes with the H.F. Ahmanson company, parent
to Home  Savings of America.  Mr.  Gaber  graduated  from the  California  State
University,  Fullerton  in 1991 with a Bachelor  of Science  degree in  Business
Administration - Finance.

David Turek, age 47 finance activities since 1976 and has been employed by WNC &
Associates, Inc. since 1996. From 1995 to 1996, Mr. Turek served as a consultant
for a  national  Tax  Credit  sponsor  where  he  was  responsible  for  on-site
feasibility  studies and due diligence analyses of Tax Credit  properties.  From
1990 to 1995, he was involved in the development of conventional  and tax credit
multi-family  housing.  He is a Director with the Texas  Council for  Affordable
Rural Housing and graduated  from Southern  Methodist  University in 1976 with a
Bachelor of Business Administration degree.

Kay L. Cooper,  age 65, is a Director of WNC & Associates,  Inc. Mrs. Cooper was
the founder and sole  proprietor  of Agate 108, a  manufacturer  and retailer of
home  accessory  products,  from 1975 until 1998.  She is the wife of Wilfred N.
Cooper,  Sr., and the mother of Wilfred N. Cooper, Jr. Ms. Cooper graduated from
the University of Southern California in 1958 with a Bachelor of Science degree.

Item 11.  Executive Compensation

The Partnership has no officers,  employees,  or directors.  However,  under the
terms of the  Partnership  Agreement the Partnership is obligated to the General
Partner or Associates for the following fees:

(a)  Acquisition Fees.  Acquisition fees in an amount equal to 7.5% of the gross
     proceeds of the Partnership's Offering ("Gross Proceeds") allocable to each
     of the Local Limited Partnerships. As of March 31, 2002, 2001 and 2000, the
     aggregate  amount of  acquisition  fees paid or accrued  was  approximately
     $1,630,000.

(b)  Annual Asset  Management Fee. An annual asset management fee of the greater
     of (i)  $2,000 per  multi-family  housing  complex or (ii)  0.275% of Gross
     Proceeds. The base fee amount will be adjusted annually based on changes in
     the  Consumer  Price  Index,  however  in no event  will the  annual  asset
     management fee exceed 0.2% of Invested Assets.  "Invested Assets" means the
     sum of the Partnership's  Investment in Local Limited  Partnerships and the
     Partnership's  allocable share of the amount of indebtedness related to the
     Housing Complexes.  Asset management fees of $60,500 were incurred for each
     of the years ended March 31, 2002, 2001 and 2000, of which $45,375, $60,500
     and  $176,880  were paid during the years ended  March 31,  2002,  2001 and
     2000, respectively.

(c)  Subordinated  Disposition Fee. A subordinated  disposition fee in an amount
     equal to 1% of the  sale  price  received  in  connection  with the sale or
     disposition  of a Housing  Complex or Local Limited  Partnership  Interest.
     Subordinated  disposition  fees will be subordinated to the prior return of
     the Limited  Partners'  capital  contributions and payment of the Return on
     Investment to the Limited Partners. "Return on Investment" means an annual,
     cumulative but not compounded,  "return" to the Limited Partners (including
     Low  Income  Housing   Credits)  as  a  class  on  their  adjusted  capital
     contributions  commencing  for each Limited  Partner on the last day of the
     calendar quarter during which the Limited Partner's capital contribution is
     received by the  Partnership,  calculated at the following  rates:  (i) 14%
     through  December 31, 2006, and (ii) 6% for the balance of the Partnerships
     term. No disposition fees have been paid.

                                     26
<PAGE>


(d)  Acquisition  Expense.  Acquisition  expenses are  reimbursed to the General
     Partner for  expenses  associated  with the  acquisition  of Local  Limited
     Partnerships.   The  reimbursements  will  not  exceed  1%  of  the  "Gross
     Proceeds". As of March 31, 2002, 2001 and 2000 the Partnership had incurred
     acquisition expense reimbursements of $156,589.

(e)  Interest in  Partnership.  The General  Partner  will receive 1% of the Low
     Income  Housing  Credits.  The  General  Partner was  allocated  Low Income
     Housing  Credits  of  $26,875,  $25,684  and  $23,177  for the years  ended
     December 31, 2001, 2000 and 1999. The General Partners are also entitled to
     receive 1% of cash  distributions.  There were no  distributions of cash to
     the General Partner during the years ended March 31, 2002, 2001 and 2000.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

(a)  Security Ownership of Certain Beneficial Owners
     -----------------------------------------------

     No person is known to own  beneficially  in excess of 5% of the outstanding
     Units.

(b)  Security Ownership of Management
     --------------------------------

     Neither the General  Partner,  its  affiliates,  nor any of the officers or
     directors  of  the  General  Partner  or its  affiliates  own  directly  or
     beneficially any Units in the Partnership.

(c)  Changes in Control
     ------------------

     The  management  and control of the  General  Partner may be changed at any
     time in accordance with its organizational  documents,  without the consent
     or approval of the Limited Partners. In addition, the Partnership Agreement
     provides for the admission of one or more additional and successor  General
     Partners in certain circumstances.

     First,   with  the   consent   of  any  other   General   Partners   and  a
     majority-in-interest  of the  Limited  Partners,  any  General  Partner may
     designate  one or  more  persons  to be  successor  or  additional  General
     Partners. In addition,  any General Partner may, without the consent of any
     other General Partner or the Limited Partners,  (i) substitute in its stead
     as General  Partner  any  entity  which has,  by merger,  consolidation  or
     otherwise,  acquired  substantially  all  of its  assets,  stock  or  other
     evidence of equity interest and continued its business, or (ii) cause to be
     admitted to the Partnership an additional General Partner or Partners if it
     deems such  admission to be necessary or desirable so that the  Partnership
     will be classified a partnership for Federal income tax purposes.  Finally,
     a  majority-in-interest  of the Limited Partners may at any time remove the
     General Partner of the Partnership and elect a successor General Partner.

Item 13.  Certain Relationships and Related Transactions

The General Partner manages all of the Partnership's  affairs.  The transactions
with  the  General  Partner  are  primarily  in the  form  of  fees  paid by the
Partnership for services  rendered to the Partnership and the General  Partner's
interest in the  Partnership,  as  discussed  in Item 11 and in the notes to the
Partnership's financial statements.


                                       27
<PAGE>


PART IV

Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K

Financial Statements

(a)(1)   Financial statements included in Part II hereof:
         ------------------------------------------------

          Report of Independent  Certified  Public  Accountants
          Balance Sheets, March 31, 2002 and 2001
          Statements of Operations  for the years ended March 31, 2002, 2001
            and 2000
          Statements of Partners' Equity (Deficit)for the years ended
            March 31, 2002,  2001 and 2000

          Statements of Cash Flows  for the years  ended  March 31,  2002,
            2001 and 2000
          Notes to Financial Statements

(a)(2)    Financial statement schedules included in Part IV hereof:
          --------------------------------------------------------

          Report  of  Independent  Certified  Public  Accountants  on  Financial
          Statement  Schedules
          Schedule III - Real Estate Owned by Local Limited
          Partnerships

(b)       Reports on Form 8-K.
          -------------------

1.        NONE

(c)       Exhibits.
          ---------

3.1      Articles  of   incorporation   and  by-laws:   The  registrant  is  not
         incorporated.  The Partnership  Agreement is included as Exhibit 2.1 to
         the Form 8-A12G dated May 5, 1996.

3.2      First Amendment to Agreement of Limited Partnership included as Exhibit
         2.2 to the Form 8-A12G dated May 5, 1996.

10.1     Amended and Restated  Agreement of Limited  Partnership of Blessed Rock
         of El Monte  filed as exhibit  10.1 to Form 8-K  Current  Report  dated
         September 19, 1996 is herein incorporated by reference as exhibit 10.1.

10.2     Agreement of Limited  Partnership of Crescent City Apartments  filed as
         exhibit  10.1 to Form 8-K Current  Report dated  September  25, 1996 is
         herein incorporated by reference as exhibit 10.2.

10.3     Agreement  of  Limited   Partnership   of  Ashford   Place,  a  Limited
         Partnership  filed as exhibit  10.1 to Form 8-K  Current  Report  dated
         January 27, 1997 is herein incorporated by reference as exhibit 10.3

10.4     Amended and Restated  Agreement of Limited  Partnership  of Lamar Plaza
         Apts.,  L. P. filed as exhibit  10.2 to Form 8-K Current  Report  dated
         January 27, 1997 is herein incorporated by reference as exhibit 10.4.

10.5     Amended and  Restated  Agreement of Limited  Partnership  of Woodland ,
         Ltd. filed as exhibit 10.3 to Form 8-K Current Report dated January 27,
         1997 is herein incorporated by reference as exhibit 10.5.

10.6     Amended and  Restated  Agreement of Limited  Partnership  of Mesa Verde
         Apartments  Limited  Partnership  filed  as  exhibit  10.1 to Form  8-K
         Current Report dated March 6, 1997 is herein  incorporated by reference
         as exhibit 10.6.

10.7     Amended  and  Restated  Agreement  of  Limited  Partnership  of Hilltop
         Apartments, Ltd. filed as exhibit 10.1 to Form 8-K Current Report dated
         April 27, 1997 is herein incorporated by reference as exhibit 10.7.

                                       28

<PAGE>

10.8     Amended and Restated Agreement of Limited Partnership of Mountain Vista
         Associates  Limited  Partnership  filed  as  exhibit  10.1 to Form  8-K
         Current Report dated May 27, 1997 is herein  incorporated  by reference
         as exhibit 10.8.

10.9     Amended and Restated  Agreement of Limited  Partnership  of Belen Vista
         Associates  Limited  Partnership  filed  as  exhibit  10.1 to Form  8-K
         Current Report dated May 5, 1997 is here in  incorporated  by reference
         as exhibit 10.9.

10.10    Amended and  Restated  Agreement  of Limited  Partnership  of Greyhound
         Associates  I,  Limited  Partnership  filed as exhibit 10.1 to Form 8-K
         Current Report dated May 20, 1997 is herein  incorporated  by reference
         as exhibit 10.10.

20.1     Financial  Statements of Ashford  Place,  as of and for the years ended
         December 31, 2001 and 2000 together with  Independent  Auditors  Report
         thereon;  filed as exhibit  20.1 on Form 10-K dated March 31,  2002;  a
         significant subsidiary of the Partnership.

(d)      Financial  statement  schedules  follow, as set forth in subsection
         -------------------------------------------
         (a)(2) hereof.


                                       29
<PAGE>


         Report  of  Independent   Certified  Public  Accountants  on  Financial
         Statement Schedules



To the Partners
WNC Housing Tax Credit Fund V, L.P., Series 4


The audits  referred to in our report dated June 11, 2002  relating to the 2002,
2001 and 2000  financial  statements  of WNC  Housing  Tax Credit  Fund V, L.P.,
Series 4 (the  "Partnership"),  which are contained in Item 8 of this Form 10-K,
included  the  audit of the  accompanying  financial  statement  schedules.  The
financial  statement  schedules  are  the  responsibility  of the  Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statement schedules based upon our audits.

In our opinion,  such  financial  statement  schedules  present  fairly,  in all
material respects, the financial information set forth therein.




                                             /S/BDO SEIDMAN, LLP


Orange County, California
June 11, 2002

                                       30
<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2002
 <TABLE>
<CAPTION>
                                          --------------------------------------  --------------------------------------------------
                                                 As of March 31, 2002                        As of December 31, 2001
                                          --------------------------------------  --------------------------------------------------
                                             Partnership's
                                           Total Investment   Amount of    Encumbrances
                                           in Local Limited   Investment  of Local Limited  Property and    Accumulated     Net Book
          Partnership Name      Location     Partnerships     Paid to Date  Partnerships    Equipment       Depreciation       Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>          <C>           <C>               <C>            <C>             <C>         <C>
Ashford Place, a Limited        Shawnee,
Partnership                     Oklahoma     $  2,317,000  $  2,317,000      $ 2,280,000    $ 5,066,000     $ (783,000) $  4,283,000

Belen Vista Associates,         Belen,
Limited Partnership             New Mexico        416,000       416,000        1,527,000      1,795,000       (323,000)    1,472,000

Blessed Rock                    El Monte,
of El Monte                     California      2,511,000     2,511,000        3,721,000      9,300,000       (901,000)    8,399,000

Bolivar Plaza                   Bolivar,
Apartments                      Missouri        1,181,000     1,181,000          556,000      2,142,000        (76,000)    2,066,000

Cleveland                       Coffeyville,
Apartments L.P.                 Kansas            515,000       431,000        1,595,000      1,643,000       (176,000)    1,467,000

Crescent City                   Crescent City,
Apartments                      California      1,166,000     1,166,000        1,960,000      3,118,000       (610,000)    2,508,000

D. Hilltop                      Prairie View,
Apartments Ltd.                 Texas             101,000       101,000          464,000        587,000        (76,000)      511,000

Greyhound                       Windsor,
Associates I, L.P.              Missouri          642,000       642,000          593,000      1,362,000       (136,000)    1,226,000

Lamar Plaza Apts., L.P.         Lamar, Missouri   738,000       738,000          808,000      1,696,000       (178,000)    1,518,000

Mesa Verde Apartments Limited   Roswell,
Partnership                     New Mexico      3,941,000     3,941,000        2,160,000      6,298,000       (748,000)    5,550,000

Mountain Vista
Associates Limited              Los Alamos, New
Partnership                     Mexico            315,000       315,000        1,433,000      1,608,000       (243,000)    1,365,000

North Central                   New York,
Limited Partnership             New York          751,000       751,000          454,000      2,388,000       (128,000)    2,260,000
</TABLE>

                                       31
<PAGE>

WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2002
 <TABLE>
<CAPTION>
                                          --------------------------------------  --------------------------------------------------
                                                 As of March 31, 2002                        As of December 31, 2001
                                          -------------------------------------   --------------------------------------------------
                                             Partnership's
                                           Total Investment   Amount of    Encumbrances
                                           in Local Limited   Investment  of Local Limited  Property and    Accumulated     Net Book
          Partnership Name      Location     Partnerships     Paid to Date  Partnerships    Equipment       Depreciation       Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>          <C>           <C>               <C>            <C>             <C>         <C>

Woodland,                       Marion,
Ltd.                            Alabama         1,288,000     1,288,000        1,292,000      2,537,000       (297,000)    2,240,000

Wynwood Place, Limited          Raleigh, North
Partnership                     Carolina          534,000       454,000          566,000      1,129,000        (69,000)    1,060,000
                                              -----------  ------------    -------------   -------------  ------------- ------------
                                              $16,416,000  $ 16,252,000    $  19,409,000   $ 40,669,000   $ (4,744,000) $ 35,925,000
                                              ===========  ============    =============   =============  ============= ============
</TABLE>
                                       32

<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2002
<TABLE>
<CAPTION>

                            ----------------------------------------------------------------------------------------
                                                     For the year ended December 31, 2001
                            ----------------------------------------------------------------------------------------

                                                                         Year
                                                                      Investment                 Estimated Useful
     Partnership Name         Rental Income         Net(Loss) Income   Acquired       Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                  <C>                <C>              <C>        <C>                <C>
Ashford Place, a Limited
Partnership                          $ 447,000          $ (174,000)      1996       Completed           40

Belen Vista Associates,
Limited Partnership                    327,000              (1,000)      1997       Completed          27.5

Blessed Rock of
El Monte                               742,000            (103,000)      1996       Completed           40

Bolivar Plaza Apartments               101,000             (21,000)      2000       Completed           30

Cleveland Apartments L.P.              194,000             (61,000)      1998       Completed          27.5

Crescent City Apartments               171,000             146,000       1996       Completed          27.5

D. Hilltop Apartments Ltd.              71,000             (15,000)      1997       Completed           30

Greyhound Associates I,
L.P.                                    77,000             (29,000)      1997       Completed           40

Lamar Plaza Apts., L.P.                 90,000              (9,000)      1997       Completed           40

Mesa Verde Apartments
Limited Partnership                    509,000            (143,000)      1997       Completed           40

Mountain Vista Associates
Limited Partnership                    244,000              (8,000)      1997       Completed          27.5

North Central Limited
Partnership                            113,000             (68,000)      1998       Completed           40

Woodland, Ltd.                          93,000             (65,000)      1997       Completed           40

Wynwood Place, Limited
Partnership                            120,000             (32,000)      1998       Completed           50
                                  ------------          -----------
                                  $  3,299,000           $ (875,000)
                                  ============          ===========
</TABLE>
                                       33


<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2001
 <TABLE>
<CAPTION>
                                          --------------------------------------  --------------------------------------------------
                                                 As of March 31, 2001                        As of December 31, 2000
                                          --------------------------------------  --------------------------------------------------
                                             Partnership's
                                           Total Investment   Amount of    Encumbrances
                                           in Local Limited   Investment  of Local Limited  Property and    Accumulated     Net Book
          Partnership Name      Location     Partnerships     Paid to Date  Partnerships    Equipment       Depreciation       Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>          <C>           <C>               <C>            <C>             <C>         <C>
Ashford Place, a Limited        Shawnee,
Partnership                     Oklahoma     $  2,317,000  $  2,317,000      $ 2,305,000    $ 5,065,000     $   564,000 $  4,501,000

Belen Vista Associates,         Belen,
Limited Partnership             New Mexico        416,000       416,000        1,532,000      1,790,000         256,000    1,534,000

Blessed Rock                    El Monte,
of El Monte                     California      2,511,000     2,511,000        3,754,000      9,300,000         695,000    8,605,000

Bolivar Plaza                   Bolivar,
Apartments                      Missouri        1,181,000     1,087,000          573,000      2,141,000          25,000    2,116,000

Cleveland                       Coffeyville,
Apartments L.P.                 Kansas            515,000       431,000        1,602,000      1,643,000         117,000    1,526,000

Crescent City                   Crescent City,
Apartments                      California      1,166,000     1,166,000        1,960,000      3,119,000         497,000    2,622,000

D. Hilltop                      Prairie View,
Apartments Ltd.                 Texas             101,000       101,000          466,000        585,000          58,000      527,000

Greyhound                       Windsor,
Associates I, L.P.              Missouri          642,000       642,000          607,000      1,362,000         102,000    1,260,000

Lamar Plaza Apts., L.P.         Lamar, Missouri   738,000       738,000          840,000      1,697,000         138,000    1,559,000

Mesa Verde Apartments Limited   Roswell,
Partnership                     New Mexico      3,941,000     3,941,000        2,174,000      6,289,000         558,000    5,731,000

Mountain Vista
Associates Limited              Los Alamos, New
Partnership                     Mexico            315,000       315,000        1,437,000      1,606,000         192,000    1,414,000

North Central                   New York,
Limited Partnership             New York          751,000       751,000          463,000      2,389,000          69,000    2,320,000
</TABLE>

                                       34
<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2001
 <TABLE>
<CAPTION>
                                          --------------------------------------  --------------------------------------------------
                                                 As of March 31, 2001                        As of December 31, 2000
                                          -------------------------------------   --------------------------------------------------
                                             Partnership's
                                           Total Investment   Amount of    Encumbrances
                                           in Local Limited   Investment  of Local Limited  Property and    Accumulated     Net Book
          Partnership Name      Location     Partnerships     Paid to Date  Partnerships    Equipment       Depreciation       Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>          <C>           <C>               <C>            <C>             <C>         <C>

Woodland,                       Marion,
Ltd.                            Alabama         1,288,000     1,288,000        1,294,000      2,535,000        229,000     2,306,000

Wynwood Place, Limited          Raleigh, North
Partnership                     Carolina          534,000       454,000          574,000      1,128,000         43,000     1,085,000
                                              -----------  ------------    -------------   -------------  ------------- ------------
                                              $16,416,000  $ 16,158,000    $  19,581,000   $ 40,649,000   $  3,543,000  $ 37,106,000
                                              ===========  ============    =============   =============  ============= ============
</TABLE>
                                       35

<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2001
<TABLE>
<CAPTION>

                            ----------------------------------------------------------------------------------------
                                                     For the year ended December 31, 2000
                            ----------------------------------------------------------------------------------------

                                                                         Year
                                                                      Investment                 Estimated Useful
     Partnership Name         Rental Income         Net(Loss) Income   Acquired       Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                  <C>                <C>              <C>        <C>                <C>
Ashford Place, a Limited
Partnership                          $ 398,000          $ (184,000)      1996       Completed           40

Belen Vista Associates,
Limited Partnership                    324,000             (12,000)      1997       Completed          27.5

Blessed Rock of
El Monte                               693,000            (160,000)      1996       Completed           40

                                                                                                      Under
Bolivar Plaza Apartments                33,000             (40,000)      2000          2001       Construction

Cleveland Apartments L.P.              139,000            (117,000)      1998       Completed          27.5

Crescent City Apartments               174,000            (142,000)      1996       Completed          27.5

D. Hilltop Apartments Ltd.              71,000              (3,000)      1997       Completed           30

Greyhound Associates I,
L.P.                                    76,000             (30,000)      1997       Completed           40

Lamar Plaza Apts., L.P.                 78,000             (18,000)      1997       Completed           40

Mesa Verde Apartments
Limited Partnership                    460,000            (271,000)      1997       Completed           40

Mountain Vista Associates
Limited Partnership                    227,000               2,000       1997       Completed          27.5

North Central Limited
Partnership                            111,000            (125,000)      1998       Completed           40

Woodland, Ltd.                          87,000             (71,000)      1997       Completed           40

Wynwood Place, Limited
Partnership                            127,000             (27,000)      1998       Completed           50
                                  ------------          -----------
                                  $  2,998,000        $ (1,198,000)
                                  ============          ===========
</TABLE>
                                       36


<PAGE>>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000
 <TABLE>
<CAPTION>
                                          --------------------------------------  --------------------------------------------------
                                                 As of March 31, 2000                        As of December 31, 1999
                                          --------------------------------------  --------------------------------------------------
                                             Partnership's
                                           Total Investment   Amount of    Encumbrances
                                           in Local Limited   Investment  of Local Limited  Property and    Accumulated     Net Book
          Partnership Name      Location     Partnerships     Paid to Date  Partnerships    Equipment       Depreciation       Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>          <C>           <C>               <C>            <C>             <C>         <C>
Ashford Place, a Limited        Shawnee,
Partnership                     Oklahoma     $  2,317,000  $  2,317,000      $ 2,329,000    $ 5,065,000     $   346,000 $  4,719,000

Belen Vista Associates,         Belen,
Limited Partnership             New Mexico        416,000       416,000        1,536,000      1,790,000         188,000    1,602,000

Blessed Rock                    El Monte,
of El Monte                     California      2,511,000     2,511,000        3,784,000      9,291,000         489,000    8,802,000

Bolivar Plaza                   Bolivar,
Apartments                      Missouri        1,181,000       839,000                -        913,000               -      913,000

Cleveland                       Coffeyville,
Apartments L.P.                 Kansas            516,000       422,000        1,541,000      1,643,000          58,000    1,585,000

Crescent City                   Crescent City,
Apartments                      California      1,134,000     1,133,000        1,960,000      3,115,000         383,000    2,732,000

D. Hilltop                      Prairie View,
Apartments Ltd.                 Texas             102,000       102,000          468,000        585,000          40,000      545,000

Greyhound                       Windsor,
Associates I, L.P.              Missouri          642,000       642,000          620,000      1,362,000          68,000    1,294,000

Lamar Plaza Apts., L.P.         Lamar, Missouri   738,000       738,000          846,000      1,697,000          97,000    1,600,000

Mesa Verde Apartments Limited   Roswell,
Partnership                     New Mexico      3,941,000     3,846,000        2,410,000      6,289,000         369,000    5,920,000

Mountain Vista
Associates Limited              Los Alamos, New
Partnership                     Mexico            315,000       315,000        1,440,000      1,606,000         141,000    1,465,000

North Central                   New York,
Limited Partnership             New York          748,000       720,000        1,300,000      2,389,000          10,000    2,379,000
</TABLE>

                                       37
<PAGE>

W
WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000
 <TABLE>
<CAPTION>
                                          --------------------------------------  --------------------------------------------------
                                                 As of March 31, 2000                        As of December 31, 1999
                                          -------------------------------------   --------------------------------------------------
                                             Partnership's
                                           Total Investment   Amount of    Encumbrances
                                           in Local Limited   Investment  of Local Limited  Property and    Accumulated     Net Book
          Partnership Name      Location     Partnerships     Paid to Date  Partnerships    Equipment       Depreciation       Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>          <C>           <C>               <C>            <C>             <C>         <C>

Woodland,                       Marion,
Ltd.                            Alabama         1,288,000     1,288,000        1,294,000      2,533,000        160,000     2,373,000

Wynwood Place, Limited          Raleigh, North
Partnership                     Carolina          534,000       454,000          682,000      1,127,000         17,000     1,110,000
                                              -----------  ------------    -------------   -------------  ------------- ------------
                                              $16,383,000  $ 15,743,000    $  20,210,000   $ 39,405,000   $  2,366,000  $ 37,039,000
                                              ===========  ============    =============   =============  ============= ============
</TABLE>
                                       38

<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000


<TABLE>
<CAPTION>

                            ----------------------------------------------------------------------------------------
                                                     For the year ended December 31, 1999
                            ----------------------------------------------------------------------------------------

                                                                         Year
                                                                      Investment                 Estimated Useful
     Partnership Name         Rental Income         Net(Loss) Income   Acquired       Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                  <C>                <C>              <C>        <C>                <C>
Ashford Place, a Limited
Partnership                          $ 353,000          $ (276,000)      1996       Completed           40

Belen Vista Associates,
Limited Partnership                    329,000             (25,000)      1997       Completed          27.5

Blessed Rock of
El Monte                               660,000             (80,000)      1996       Completed           40

                                                                                                       Under
Bolivar Plaza Apartments                     -               8,000       2000          2001         Construction

Cleveland Apartments L.P.               71,000            (207,000)      1998       Completed          27.5

Crescent City Apartments               152,000            (149,000)      1996       Completed          27.5

D. Hilltop Apartments Ltd.              74,000             (21,000)      1997       Completed           30

Greyhound Associates I,
L.P.                                    74,000             (27,000)      1997       Completed           40

Lamar Plaza Apts., L.P.                 80,000             (10,000)      1997       Completed           40

Mesa Verde Apartments
Limited Partnership                    400,000            (273,000)      1997       Completed           40

Mountain Vista Associates
Limited Partnership                    223,000             (11,000)      1997       Completed          27.5

North Central Limited
Partnership                             11,000             (18,000)      1998       Completed           40

Woodland, Ltd.                          80,000             (65,000)      1997       Completed           40

Wynwood Place, Limited
Partnership                             62,000             (32,000)      1998       Completed           50
                                  ------------          -----------
                                  $  2,569,000        $ (1,186,000)
                                  ============          ===========
</TABLE>
                                       39


<PAGE>>




Pursuant to the requirements of Section 13 or 15(d) 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.

WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4


By:    WNC & Associates, Inc.       General Partner



By:  /s/ Wilfred N. Cooper, Jr.
     -------------------------
Wilfred N. Cooper, Jr.
President - Chief Operating Officer of WNC & Associates, Inc.

Date:  June 21, 2002



By:  /s/ Thomas J. Riha
     ------------------
Thomas J. Riha
President - Chief Operating Officer of WNC & Associates, Inc.

Date:  June 21, 2002



Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.



By  /s/ Wilfred N. Cooper, Sr.
    --------------------------
Wilfred N. Cooper, Sr.     Chairman of the Board of WNC & Associates, Inc.

Date:  June 21, 2002



By:  /s/ David N. Shafer
     -------------------
David N. Shafer            Director of WNC & Associates, Inc.

Date:  June 21, 2002