UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-K



(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, 2004

For the fiscal year ended March, 31, 2005

For the fiscal year ended March, 31, 2006

For the fiscal year ended March, 31, 2007



OR



[  ] 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

(Exact name of registrant as specified in
its charter)



|California                                   |  | 33-0707612         
|-------------------------------------------- |  | -------------------
|(State or other jurisdiction
    of          |  | (I.R.S. Employer   
|incorporation or organization)               |  | Identification No.)
|                                             |  |                    
|17782 Sky Park Circle,                       |  |                    
|Irvine, CA                                   |  | 92614-6404         
|(Address of principal
    executive offices) |  | (zip code)         



(714) 662-5565

(Telephone Number)



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

(Title of Class)



Indicate by check mark if the registrant is
a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes [  ] No [X]



Indicate by check mark if the registrant is
not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes [  ] No [X]



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 [  ] No [X]



Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files).
Yes [  ] No [X]



Indicate by check mark if disclosure of delinquent
filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) 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. [X]



Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of
“large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2
of the Exchange Act.

Large accelerated filer [  ]   Accelerated filer [  ]   Non-accelerated filer
[X]   Smaller reporting company [  ]



Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
Yes [  ] No [X]



State the aggregate market value of the voting
and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold,
or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently
completed second fiscal quarter.



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


















TABLE OF CONTENTS



|             |                                                                                                                  |    | Page
|------------ | ---------------------------------------------------------------------------------------------------------------- | -- | ----
|PART I       |                                                                                                                  |    |     
|             |                                                                                                                  |    |     
|Item
    1.  | Business                                                                                                         |    | 3   
|Item
    1B. | Unresolved
    Staff Comments                                                                                    |    | 15  
|Item
    2.  | Properties                                                                                                       |    | 15  
|Item
    3.  | Legal
    Proceedings                                                                                            |    | 30  
|Item
    4.  | Mine
    Safety Disclosures                                                                                      |    | 30  
|             |                                                                                                                  |    |     
|PART II      |                                                                                                                  |    |     
|             |                                                                                                                  |    |     
|Item
    5.  | Market
    for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |    | 30  
|Item
    5B. | Use
    of Proceeds                                                                                              |    | 30  
|Item
    5C. | Purchases
    of Equity Securities by the Issuer and Affiliated Purchasers                                       |    | 30  
|Item
    6.  | Selected
    Financial Data                                                                                      |    | 31  
|Item
    7.  | Management’s
    Discussion and Analysis of Financial Condition and Results of Operations                        |    | 34  
|Item
    7A. | Quantitative
    and Qualitative Disclosures Above Market Risk                                                   |    | 44  
|Item
    8.  | Financial
    Statements and Supplementary Data                                                                  |    | 44  
|Item
    9.  | Changes
    in and Disagreements with Accountants on Accounting and Financial Disclosure                         |    | 45  
|Item
    9A. | Controls
    and Procedures                                                                                      |    | 45  
|Item
    9B. | Other
    Information                                                                                            |    | 46  
|             |                                                                                                                  |    |     
|PART
    III |                                                                                                                  |    |     
|             |                                                                                                                  |    |     
|Item
    10. | Directors,
    Executive Officers and Corporate Governance                                                       |    | 46  
|Item
    11. | Executive
                                                                                     Compensation      |    | 50  
|Item
    12. | Security
    Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters               |    | 52  
|Item
    13. | Certain
    Relationships and Related Transactions, and Director Independence                                    |    | 52  
|Item
    14. | Principal
    Accountant Fees and Services                                                                       |    | 53  
|             |                                                                                                                  |    |     
|PART IV      |                                                                                                                  |    |     
|             |                                                                                                                  |    |     
|Item
    15. | Exhibits
    and Financial Statement                                                                             |    | 53  
|             |                                                                                                                  |    |     
|Signatures   |                                                                                                                  | 67











2







PART I.



Item 1. Business



Organization



WNC Housing Tax Credit Fund V, L.P., Series
4 (the “Partnership”) is a California Limited Partnership formed under the laws of the State of California on July
26, 1995, and commenced operations on July 1, 1996. The Partnership was formed to acquire limited partnership interests in other
limited partnerships (“Local Limited Partnerships”) which own multi-family housing complexes (“Housing Complexes”)
that are eligible for Federal low income housing tax credits (“Low Income Housing Tax Credits”). The local general
partners (the “Local General Partners”) of each Local Limited Partnership retain responsibility for maintaining, operating
and managing the Housing Complex. Each Local Limited Partnership is governed by its agreement of limited partnership (the “Local
Limited Partnership Agreement”).



The general partner of the Partnership is
WNC & Associates, Inc. (the “General Partner” or “Associates”). The chairman and the president of
Associates own 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 (the “SEC”) on July 26, 1995, the Partnership commenced a public offering
of 25,000 units of limited partnership interest (“Partnership Units”) at a price of $1,000 per Partnership Unit. As
of the close of the public offering on July 11, 1997 a total of 22,000 Partnership Units representing subscriptions in the amount
of $21,914,830, net of dealer discounts of $5,620 and volume discounts of $79,550, had been sold. Holders of Partnership Units
are referred to herein as “Limited Partners”.



The Partnership
shall continue in full force and effect until December 31, 2050 unless terminated prior to that date pursuant to the Partnership
Agreement (as defined below) or law.



Description of Business



The Partnership’s principal business
objective is to provide its Limited Partners with Low Income Housing Tax 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 Housing Complex which will qualify for the Low Income Housing Tax Credits. In general, under Section 42 of the Internal Revenue
Code, an owner of low income housing can receive the Low Income Housing Tax Credits to be used to reduce Federal taxes otherwise
due in each year of a ten-year credit period. Each Housing Complex is subject to a 15-year compliance period (the “Compliance
Period”), and under state law may have to be maintained as low income housing for 30 or more years.



As a consequence of the provisions of tax
law in effect for dispositions of buildings prior to August 2008, in order to avoid recapture of Low Income Housing Credits, the
Partnership expected that it would not 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. That provision of law was amended in 2008 (i) to provide that there would be no recapture on sale of a
Low Income Housing Tax Credit building during the Compliance Period if it were reasonable to expect at the time of sale that the
building would continue to be operated as qualified low income housing (see “Exit Strategy” below) and (ii) to
eliminate the possibility of posting a bond against potential recapture. The Partnership is not seeking to sell its Local Limited
Partnership Interests. And, because of (i) the nature of the Housing Complexes and the Local Limited Partnership Interests, (ii)
the difficulty of predicting the resale market for low-income housing, (iii) the current economy, and (iv) the ability of lenders
to disapprove of transfer, it is not possible at this time to predict when 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 dated May
5, 1996 (the “Partnership Agreement”), would occur. Furthermore, the recent codification of the economic substance
doctrine as part of 2010 legislation has created some uncertainty about the deductibility of losses from low income housing that
is not generating Low Income Housing Tax Credits, and this could have an adverse effect on the resale market for Housing Complexes
and Local Limited Partnership Interests. Until a Local Limited Partnership Interest or the related Housing Complex is sold, it
is anticipated that the Local General Partner would continue to operate such Housing Complex. Notwithstanding the preceding, circumstances
beyond the control of the General Partner or the Local General Partners may occur during the ten-year credit period and/or the
Compliance Period, which would require the Partnership to approve the disposition of a Housing Complex prior to the end thereof,
possibly resulting in recapture of Low Income Housing Tax Credits.



3







The Partnership invested in fourteen Local
Limited Partnerships, none of which had been sold or otherwise disposed as of March 31, 2007, 2006, 2005 and 2004. Each of these
Local Limited Partnerships owns a single Housing Complex that was eligible for the Low Income Housing Tax Credits. Certain Local
Limited Partnerships may also benefit from additional government programs promoting low- or moderate-income housing.



Exit Strategy



The Compliance Period for a Housing Complex
is generally 15 years following construction or rehabilitation completion. Associates was one of the first in the industry to
offer syndicated investments in Low Income Housing Tax Credits. The initial programs have completed their Compliance Periods.



Upon the sale of a Local Limited Partnership
Interest or Housing Complex after the end of the Compliance Period, there would be no recapture of Low Income Housing Tax Credits.
A sale prior to the end of the Compliance Period must satisfy the “reasonable belief” test outlined above to avoid
recapture.



The following table reflects the end of the
ten-year credit period and the Compliance Period of each Housing Complex:



|Local
    Limited Partnership Name                             |  | Expected
    lastyear of creditdelivery |  | 15-yearCompliancePeriod
|-------------------------------------------------------------- |  | --------------------------------------- |  | -----------------------
|                                                               |  |                                         |  |                        
|Ashford Place
    Limited Partnership                          |  | 2008                                    |  | 2012                   
|Belen Vista Associates
    Limited Partnership                 |  | 2007                                    |  | 2012                   
|Blessed Rock of
    El Monte, a CA Limited Partnership         |  | 2007                                    |  | 2012                   
|Bolivar Plaza
    Apartments, LP                               |  | 2010                                    |  | 2014                   
|Cleveland Apartments,
    L.P.                                 |  | 2010                                    |  | 2014                   
|Crescent City
    Apartments, a California Limited Partnership |  | 2010                                    |  | 2011                   
|D. Hilltop Apartments,
    Ltd.                                |  | 2007                                    |  | 2012                   
|Greyhound Associates
    I, L.P.                               |  | 2008                                    |  | 2012                   
|Lamar Plaza Apartments,
    LP                                 |  | 2008                                    |  | 2012                   
|Mesa Verde Apartments,
    Limited Partnership                 |  | 2008                                    |  | 2012                   
|Mountain Vista
    Associates Limited Partnership              |  | 2007                                    |  | 2011                   
|The North Central
    Limited Partnership                      |  | 2009                                    |  | 2014                   
|Woodland, Ltd.                                                 |  | 2008                                    |  | 2012                   
|Wynwood Place,
    Limited Partnership                         |  | 2009                                    |  | 2013                   



With that in mind, the General Partner is
continuing its review of the Housing Complexes, with special emphasis on the more mature Housing Complexes such as any that have
satisfied the IRS compliance requirements. The review considers many factors, including extended use requirements (such as those
due to mortgage restrictions or state compliance agreements), the condition of the Housing Complexes, and the tax consequences
to the Limited Partners from the sale of the Housing Complexes.



The objective is to maximize the Limited Partners’
return wherever possible and, ultimately, to wind down the Partnership. Local Limited Partnership Interests may be disposed of
any time by the General Partner in its discretion. While liquidation of the Housing Complexes continues to be evaluated, the dissolution
of the Partnership was not imminent as of March 31, 2007.



4







The proceeds from the disposition of any of
the Housing Complexes will be used first to pay debts and other obligations per the respective Local Limited Partnership Agreement.
Any remaining proceeds will then be paid to the partners of the Local Limited Partnership, including the Partnership, in accordance
with the terms of the particular Local Limited Partnership Agreement. The sale of a Housing Complex may be subject to other restrictions
and obligations. Accordingly, there can be no assurance that a Local Limited Partnership will be able to sell its Housing Complex.
Even if it does so, there can be no assurance that any significant amounts of cash will be distributed to the Partnership. Should
such distributions occur, the Limited Partners will be entitled to receive distributions from the proceeds remaining after payment
of Partnership obligations and funding of reserves, equal to their capital contributions and their return on investment (as defined
in the Partnership Agreement). The General Partner would then be entitled to receive proceeds equal to their capital contributions
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.



Subsequent to March 31, 2007 and through the
date of this filing, the Partnership identified and sold the Housing Complexes of Mesa Verde Apartments, L.P. (“Mesa Verde”),
The North Central Limited Partnership (“The North Central”) and Blessed Rock of El Monte, A CA Limited Partnership
(“Blessed Rock). The Partnership also identified and sold its Local Limited Partnership interests in Lamar Plaza Apartments,
LP, D. Hilltop Apartments, Ltd., Woodland, Ltd., and Greyhound Associates I, L.P subsequent to March 31, 2007.



The following table reflects the dispositions
that occurred subsequent to March 31, 2007:



|Local
    Limited Partnership                             |  | Debt
    at
    prior 12/31
    before sale
    date |           |  | Appraisal
    Value |   |           | Date
    of
    Sale |  |  | Sales
    Proceeds |  |  | Actual
    Sale
    Related
    Expenses |           |  | Investment
    balance at
    date of sale |   |       | Gain (loss)
    on sale | 
|--------------------------------------------------------- |  | ---------------------------------------------------- | --------- |  | ------------------- | - | --------- | -------------------- |  |  | ------------------ |  |  | ---------------------------------------- | --------- |  | ------------------------------------------ | - | ----- | ----------------------- | 
|                                                          |  |                                                      |           |  |                     |   |           |                      |  |  |                    |  |  |                                          |           |  |                                            |   |       |                         | 
|Mesa Verde Apartments, L.P.(*)                            |  | $                                                    | 1,919,353 |  |                     | $ | 2,300,000 |                      |  |  | 4/23/2010          |  |  | $                                        | 137,413   |  |                                            | $ | -     |                         | 
|The North Central Limited Partnership(*)                  |  |                                                      | 313,264   |  |                     |   | 640,000   |                      |  |  | 3/23/2011          |  |  |                                          | 225,967   |  |                                            |   | 992   |                         | 
|Blessed Rock of El Monte, a CA Limited Partnership        |  |                                                      | 2,054,000 |  |                     |   | 6,910,000 |                      |  |  | 4/12/2013          |  |  |                                          | 2,355,384 |  |                                            |   | 2,250 |                         | 
|Lamar Plaza Apartments, LP(*)                             |  |                                                      | 651,285   |  |                     |   | 330,000   |                      |  |  | 12/31/2010         |  |  |                                          | 20,000    |  |                                            |   | -     |                         | 
|D. Hilltop Apartments, Ltd.                               |  |                                                      | 415,909   |  |                     |   | 220,000   |                      |  |  | 8/1/2012           |  |  |                                          | 20,000    |  |                                            |   | 3,047 |                         | 
|Woodland, Ltd                                             |  |                                                      | 1,341,720 |  |                     |   | 226,000   |                      |  |  | 7/31/2013          |  |  |                                          | 28,001    |  |                                            |   | 2,500 |                         | 
|Greyhound Associates I, L.P                               |  |                                                      | 435,203   |  |                     |   | 115,000   |                      |  |  | 8/31/2013          |  |  |                                          | 5,000     |  |                                            |   | 2,600 |                         | 
|Crescent City Apartment, a California Limited Partnership |  |                                                      | 2,681,206 |  |                     |   | 320,000   |                      |  |  | 10/1/2013          |  |  |                                          | 50,000    |  |                                            |   | 7,334 |                         | 



(*)The Compliance
Periods for the Local Limited Partnerships expired after the respective date of sale. The respective purchasers have guaranteed
that the Local Limited Partnerships will stay in compliance with the Low Income Housing Tax Credit code, therefore there is no
risk of recapture to the investors of the Partnership.



5







The following table represents the use of
the cash proceeds from the dispositions of the Local Limited Partnerships that were disposed of subsequent to March 31, 2007:



|Local
    Limited Partnership                             |  | Cash
    Proceeds |           |  | Reimburse GP
    
    or affiliates for
    expenses |   |        | Payment
    of
    accrued asset
    management fees |  |   | Remaining cash
    to 
    remain in reserves 
    for future expenses | 
|--------------------------------------------------------- |  | ----------------- | --------- |  | ---------------------------------------------------- | - | ------ | ---------------------------------------------------- |  | - | ---------------------------------------------------------------------- | 
|                                                          |  |                   |           |  |                                                      |   |        |                                                      |  |   |                                                                        | 
|Mesa Verde Apartments, L.P.                               |  | $                 | 137,413   |  |                                                      | $ | 90,900 |                                                      |  | $ | -                                                                      | 
|The North Central Limited Partnership                     |  |                   | 225,967   |  |                                                      |   | 36,000 |                                                      |  |   | 88,719                                                                 | 
|Blessed Rock of El Monte, a CA Limited Partnership        |  |                   | 2,355,384 |  |                                                      |   | 25,852 |                                                      |  |   | 966,695                                                                | 
|Lamar Plaza Apartments, LP                                |  |                   | 20,000    |  |                                                      |   | 14,000 |                                                      |  |   | -                                                                      | 
|D. Hilltop Apartments, Ltd.                               |  |                   | 20,000    |  |                                                      |   | 11,775 |                                                      |  |   | -                                                                      | 
|Woodland, Ltd                                             |  |                   | 28,001    |  |                                                      |   | 23,000 |                                                      |  |   | -                                                                      | 
|Greyhound Associates I, L.P                               |  |                   | 5,000     |  |                                                      |   | -      |                                                      |  |   | -                                                                      | 
|Crescent City Apartment, a California Limited Partnership |  |                   | 50,000    |  |                                                      |   | -      |                                                      |  |   | 21,868                                                                 | 



Subsequent
to March 31, 2007, the Partnership has identified the following Local Limited Partnerships for possible disposition as listed
in the table below. Once the sales are finalized, the Partnership will use the cash proceeds to reimburse the General Partner
or an affiliate for expenses paid on its behalf or pay accrued asset management fees. Any remaining proceeds will be placed in
the Partnership’s reserves for future operating expenses. No distributions will be made to the Limited Partners.



|Local
    Limited Partnership     |  | Expected
     closing date |  | Appraisal
    value |           |  | Mortgage
    balance of Local Limited Partnership |   |           | Estimated
     sales price |  |   | Appraisal
     expense |  |  | Estimated
    gain on  sale |      
|--------------------------------- |  | -------------------------- |  | ------------------- | --------- |  | ------------------------------------------------- | - | --------- | -------------------------- |  | - | ---------------------- |  |  | --------------------------- | -----
|                                  |  |                            |  |                     |           |  |                                                   |   |           |                            |  |   |                        |  |  |                             |      
|Ashford Place Limited Partnership |  | 1/31/2014                  |  | $                   | 2,560,000 |  |                                                   | $ | 2,612,803 |                            |  | $ | 5,000                  |  |  | $                           | 3,000
|                                  |  |                            |  |                     |           |  |                                                   |   |           |                            |  |   |                        |  |  |                             |      
|Cleveland Apartments, L.P         |  | 12/31/2013                 |  |                     | 1,070,000 |  |                                                   |   | 1,471,060 |                            |  |   | 50,000                 |  |  |                             | -    



The Compliance
Period for Ashford Place Limited Partnership has expired as the date of the sales so there is no risk of tax credit recapture
to the investors in the Partnership. The Compliance period for Cleveland Apartments expires December 31, 2014. The purchaser has
guaranteed that the Local Limited Partnerships will stay in compliance with the Low Income Housing Tax Credit code, therefore
there is no risk of recapture to the investors of the Partnership.



Item 1A. Risk Factors



Set forth below are the risks the Partnership
believes are the most significant material risks to the Limited Partners. The Partnership and the Local Limited Partnerships operate
in a continually changing business environment and, therefore, new risks emerge from time to time. This section contains some
forward-looking statements. For an explanation of the qualifications and limitations on forward-looking statements, see Item 7.



(a)     Risks
arising from the Internal Revenue Code rules governing Low Income Housing Tax Credits



Low
Income Housing Tax Credits might not be available. If a Housing Complex does not satisfy the requirements of Internal Revenue
Code Section 42, then the Housing Complex will not be eligible for Low Income Housing Tax Credits.



6







Low
Income Housing Tax Credits might be less than anticipated. The Local General Partners will calculate the amount of the Low
Income Housing Tax Credits. No opinion of counsel will cover the calculation of the amount of Low Income Housing Tax Credits.
The IRS could challenge the amount of the Low Income Housing Tax Credits claimed for any Housing Complex under any of a number
of provisions set forth in Internal Revenue Code Section 42. A successful challenge by the IRS would decrease the amount of the
Low Income Housing Tax Credits from the amount paid for by the Partnership.



Unless
a bond is posted or a Treasury Direct Account is established, Low Income Housing Tax Credits may be recaptured if Housing Complexes
are not owned and operated for 15 years. Housing Complexes must comply with Internal Revenue Code Section 42 for the 15-year
Compliance Period. Low Income Housing Tax Credits will be recaptured with interest to the extent that a Housing Complex is not
rented as low income housing or in some other way does not satisfy the requirements of Internal Revenue Code Section 42 during
the Compliance Period. For example, unless a bond is posted or a Treasury Direct Account is established, recapture with interest
would occur if:



|● |  | a
                                                                                                                                                           Local
                                                                                                                                                           Limited
                                                                                                                                                           Partnership
                                                                                                                                                           disposed
                                                                                                                                                           of
                                                                                                                                                           its
                                                                                                                                                           interest
                                                                                                                                                           in
                                                                                                                                                           a
                                                                                                                                                           Housing
                                                                                                                                                           Complex
                                                                                                                                                           during
                                                                                                                                                           the
                                                                                                                                                           Compliance
                                                                                                                                                           Period,
                                                                                                                                                           or
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | the
                                                                                           Partnership disposed of its interest
                                                                                           in a Local Limited Partnership during
                                                                                           the Compliance Period.
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



For these purposes, disposition includes transfer
by way of foreclosure.



It will be up to the Partnership to determine
whether to post a bond. There is no obligation under the agreements with the Local Limited Partnerships that the Local Limited
Partnerships must do so.



There can be no assurance that recapture will
not occur. If it does, recapture will be of a portion of all Low Income Housing Tax Credits taken in prior years for that Housing
Complex, plus interest. During the first 11 years of the Compliance Period, non-compliance results in one-third of the credits
up to that point for the particular Housing Complex being recaptured, plus interest. Between years 12 and 15, the recapture is
phased out ratably.



Sales
of Housing Complexes after 15 years are subject to limitations which may impact a Local Limited Partnership’s ability to
sell its Housing Complex. Each Local Limited Partnership executes an extended low income housing commitment with the state
in which the Housing Complex is located. The extended low income housing commitment states the number of years that the Local
Limited Partnership and any subsequent owners must rent the Housing Complex as low income housing. Under Federal law, the commitment
must be for at least 30 years. The commitment actually agreed to may be significantly longer than 30 years. In prioritizing applicants
for Low Income Housing Tax Credits, most states give additional points for commitment periods in excess of 30 years. On any sale
of the Housing Complex during the commitment period, the purchaser would have to agree to continue to rent the Housing Complex
as low income housing for the duration of the commitment period. This requirement reduces the potential market, and possibly the
sales price, for the Housing Complexes. The sale of a Housing Complex may be subject to other restrictions. For example, Federal
lenders or subsidizers may have the right to approve or disapprove a purchase of a Housing Complex. Accordingly, there can be
no assurance that a Local Limited Partnership will be able to sell its Housing Complex. Even if it does so, there can be no assurance
that any significant amount of cash will be distributed to the Limited Partners. As a result, a material portion of the Low Income
Housing Tax Credits may represent a return of the money originally invested in the Partnership.



As
part of the recently enacted health care legislation, Congress has codified the economic substance doctrine. Because of its recent
enactment, the full reach of this provision is unclear. Inasmuch as Housing Complexes might offer no benefit to a purchaser other
than tax benefits, it is possible that the economic substance doctrine could be interpreted to limit deduction of tax losses from
Housing Complexes, which would be expected to have a significant adverse effect on the sale value of the Housing Complexes and
the Local Limited Partnership Interests.



Limited
Partners can only use Low Income Housing Tax Credits in limited amounts. The ability of an individual or other non-corporate
Limited Partner to claim Low Income Housing Tax Credits on his individual tax return is limited. For example, an individual Limited
Partner can use Low Income Housing Tax Credits to reduce his tax liability on:



|● |  | an
                                                                                           unlimited amount of passive income,
                                                                                           which is income from entities such
                                                                                           as the Partnership, and
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | $25,000
                                                                                           in income from other sources.
|- |  | --------------------------------------------------------------------------------------------------------------------------------



7







However, the use of Low Income Housing Tax
Credits by an individual against these types of income is subject to ordering rules, which may further limit the use of Low Income
Housing Tax Credits. Some corporate Limited Partners are subject to similar and other limitations. They include corporations which
provide personal services, and corporations which are owned by five or fewer shareholders.



Any portion of a Low Income Housing Tax Credit
which is allowed to a Limited Partner under such rules is then aggregated with all of the Limited Partner’s other business
credits. The aggregate is then subject to the general limitation on all business credits. That limitation provides that a Limited
Partner can use business credits to offset the Limited Partner’s annual tax liability equal to $25,000 plus 75% of the Limited
Partner’s tax liability in excess of $25,000. However, business credits may not be used to offset any alternative minimum
tax. All of these concepts are extremely complicated.



(b)     Risks
related to investment in Local Limited Partnerships and Housing Complexes



Because
the Partnership has few investments, each investment will have a great impact on the Partnership’s results of operations.Any single Housing Complex experiencing poor operating performance, impairment of value or recapture of Low Income Housing
Tax Credits will have a significant impact upon the Partnership as a whole.



The
failure to pay mortgage debt could result in a forced sale of a Housing Complex. Each Local Limited Partnership leverages
the Partnership’s investment therein by incurring mortgage debt. A Local Limited Partnership’s revenues could be less
than its debt payments and taxes and other operating costs. If so, the Local Limited Partnership would have to use working capital
reserves, seek additional funds, or suffer a forced sale of its Housing Complex, which could include a foreclosure. The same results
could occur if government subsidies ceased. Foreclosure would result in a loss of the Partnership’s capital invested in
the Housing Complex. Foreclosure could also result in a recapture of Low Income Housing Tax Credits, and a loss of Low Income
Housing Tax Credits for the year in which the foreclosure occurs. If the Housing Complex is highly-leveraged, a relatively slight
decrease in the rental revenues could adversely affect the Local Limited Partnership’s ability to pay its debt service requirements.
Mortgage debt may be repayable in a self-amortizing series of equal installments or with a large balloon final payment. Balloon
payments maturing prior to the end of the anticipated holding period for the Housing Complex create the risk of a forced sale
if the debt cannot be refinanced. There can be no assurance that additional funds will be available to any Local Limited Partnership
if needed on acceptable terms or at all.



The
Partnership does not control the Local Limited Partnerships and must rely on the Local General Partners. The Local General
Partners will make all management decisions for the Local Limited Partnerships and the Housing Complexes. The Partnership has
very limited rights with respect to management of the Local Limited Partnerships. The Partnership will not be able to exercise
any control with respect to Local Limited Partnership business decisions and operations. Consequently, the success of the Partnership
will depend on the abilities of the Local General Partners.



Housing
Complexes subsidized by other government programs are subject to additional rules which may make it difficult to operate and sell
Housing Complexes. Some or all of the Housing Complexes receive or may receive government financing or operating subsidies
in addition to Low Income Housing Tax Credits. The following are risks associated with some such subsidy programs:



|● |  | Obtaining
                                                                                           tenants for the Housing Complexes.
                                                                                           Government regulations limit the types
                                                                                           of people who can rent subsidized housing.
                                                                                           These regulations may make it more
                                                                                           difficult to rent the residential units
                                                                                           in the Housing Complexes.
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | Obtaining
                                                                                           rent increases. In many cases rents
                                                                                           can only be increased with the prior
                                                                                           approval of the subsidizing agency.
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



8







|● |  | Limitations
                                                                                           on cash distributions. The amount of
                                                                                           cash that may be distributed to owners
                                                                                           of subsidized Housing Complexes is
                                                                                           less than the amount that could be
                                                                                           earned by the owners of non-subsidized
                                                                                           Housing Complexes.
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | Limitations
                                                                                           on sale or refinancing of the Housing
                                                                                           Complexes. A Local Limited Partnership
                                                                                           may be unable to sell its Housing Complex
                                                                                           or to refinance its mortgage loan without
                                                                                           the prior approval of the lender. The
                                                                                           lender may withhold such approval in
                                                                                           the discretion of the lender. Approval
                                                                                           may be subject to conditions, including
                                                                                           the condition that the purchaser continues
                                                                                           to operate the property as affordable
                                                                                           housing for terms which could be as
                                                                                           long as 30 years or more. In addition,
                                                                                           any prepayment of a mortgage may result
                                                                                           in the assessment of a prepayment penalty.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | Limitations
                                                                                           on transfers of interests in Local
                                                                                           Limited Partnerships. The Partnership
                                                                                           may be unable to sell its interest
                                                                                           in a Local Limited Partnership without
                                                                                           the prior approval of the lender. The
                                                                                           lender may withhold such approval in
                                                                                           the discretion of the lender. Approval
                                                                                           may be subject to conditions.
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | Limitations
                                                                                           on removal and admission of Local General
                                                                                           Partners. The Partnership may be unable
                                                                                           to remove a Local General Partner from
                                                                                           a Local Limited Partnership except
                                                                                           for cause, such as the violation of
                                                                                           the rules of the lender or state allocating
                                                                                           authority. Regulations may prohibit
                                                                                           the removal of a Local General Partner
                                                                                           or permit removal only with the prior
                                                                                           approval of the lender. Regulations
                                                                                           may also require approval of the admission
                                                                                           of a successor Local General Partner
                                                                                           even upon the death or other disability
                                                                                           of a Local General Partner.
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | Limitations
                                                                                           on subsidy payments. Subsidy payments
                                                                                           may be fixed in amount and subject
                                                                                           to annual legislative appropriations.
                                                                                           The rental revenues of a Housing Complex,
                                                                                           when combined with the maximum committed
                                                                                           subsidy, may be insufficient to meet
                                                                                           obligations. Congress or the state
                                                                                           legislature, as the case may be, may
                                                                                           fail to appropriate or increase the
                                                                                           necessary subsidy. In those events,
                                                                                           the mortgage lender could foreclose
                                                                                           on the Housing Complex unless a workout
                                                                                           arrangement could be negotiated.
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | Possible
                                                                                           changes in applicable regulations.
                                                                                           Legislation may be enacted which adversely
                                                                                           revises provisions of outstanding mortgage
                                                                                           loans. Such legislation has been enacted
                                                                                           in the past.
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | Limited
                                                                                           Partners may not receive distributions
                                                                                           if Housing Complexes are sold. There
                                                                                           is no assurance that Limited Partners
                                                                                           will receive any cash distributions
                                                                                           from the sale or refinancing of a Housing
                                                                                           Complex. The price at which a Housing
                                                                                           Complex is sold may not be high enough
                                                                                           to pay the mortgage and other expenses
                                                                                           at the Local Limited Partnership and
                                                                                           partnership levels which must be paid
                                                                                           at such time. If that happens, a Limited
                                                                                           Partner’s return would be derived
                                                                                           only from the Low Income Housing Tax
                                                                                           Credits and tax losses.
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Uninsured
casualties could result in losses and recapture. There are casualties which are either uninsurable or not economically insurable.
These include earthquakes, floods, wars and losses relating to hazardous materials or environmental matters. If a Housing Complex
experienced an uninsured casualty, the Partnership could lose both its invested capital and anticipated profits in such property.
Even if the casualty were an insured loss, the Local Limited Partnership might be unable to rebuild the destroyed property. A
portion of prior tax credits could be recaptured and future tax credits could be lost if the Housing Complex were not restored
within a reasonable period of time. Any liability judgments against the Local Limited Partnership could exceed available insurance
proceeds or otherwise materially and adversely affect the Local Limited Partnership. The cost of liability and casualty insurance
has increased in recent years. Casualty insurance has become more difficult to obtain and may require large deductible amounts.



Housing
Complexes without financing or operating subsidies may be unable to pay operating expenses. If a Local Limited Partnership
were unable to pay operating expenses, one result could be a forced sale of its Housing Complex. In this regard, some of the Local
Limited Partnerships may own Housing Complexes which have no subsidies other than Low Income Housing Tax Credits. Those Housing
Complexes do not have the benefit of below-market-interest-rate financing or operating subsidies which often are important to
the feasibility of low income housing. Those Housing Complexes rely solely on rents to pay expenses. However, in order for any
Housing Complex to be eligible for Low Income Housing Tax Credits, it must restrict the rent which may be charged to tenants.
Over time, the expenses of a Housing Complex will increase. If a Local Limited Partnership cannot increase its rents, it may be
unable to pay increased operating expenses.



9







The
Partnership’s investment protection policies will be worthless if the net worth of the Local General Partners is not sufficient
to satisfy their obligations. There is a risk that the Local General Partners will be unable to perform their financial obligations
to the Partnership. The General Partner has not established a minimum net worth requirement for the Local General Partners. Rather,
each Local General Partner demonstrates a net worth which the General Partner believes is appropriate under the circumstances.
The assets of the Local General Partners are likely to consist primarily of real estate holdings and similar assets. The fair
market value of these types of assets is difficult to estimate. These types of assets cannot be readily liquidated to satisfy
the financial guarantees and commitments which the Local General Partners make to the Partnership. Moreover, other creditors may
have claims on these assets. No escrow accounts or other security arrangements will be established to ensure performance of a
Local General Partner’s obligations. The cost to enforce a Local General Partner’s obligations may be high. If a Local
General Partner does not satisfy its obligations the Partnership may have no remedy, or the remedy may be limited to removing
the Local General Partner as general partner of the Local Limited Partnership.



Fluctuating
economic conditions can reduce the value of real estate. The Partnership’s principal business objective is providing
its Limited Partners with Low Income Housing Tax Credits, not the generation of gains from the appreciation of real estate held
by the Local Limited Partnerships. In its financial statements, the Partnership has carried its investments in Local Limited Partnerships
at values reflecting the sum of the total amount of the remaining future Low Income Housing Tax Credits estimated to be allocated
to the Partnership and the estimated residual value to the Partnership of its interests in the Local Limited Partnerships. As
of March 31, 2007, 2006, 2005, 2004, 2003, and 2002, the Partnership had reduced the carrying amount to $0 with respect to three,
two, two, one, one, and one of its investments, respectively.



Any
investment in real estate is subject to risks from fluctuating economic conditions. These conditions can adversely affect the
ability to realize a profit or even to recover invested capital. Among these conditions are:



|● |  | the
                                                                                           general and local job market,
|- |  | ----------------------------------------------------------------------------------------------------------------------------



|● |  | the
                                                                                           availability and cost of mortgage financing,
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------



|● |  | monetary
                                                                                           inflation,
|- |  | --------------------------------------------------------------------------------------------------------------



|● |  | tax,
                                                                                           environmental, land use and zoning
                                                                                           policies,
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | the
                                                                                           supply of and demand for similar properties,
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------



|● |  | neighborhood
                                                                                           conditions,
|- |  | -------------------------------------------------------------------------------------------------------------------



|● |  | the
                                                                                           availability and cost of utilities
                                                                                           and water.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



A loss in value of an
investment in a Local Limited Partnership, other than a temporary decline, is recorded by the Partnership in its financial statements
as an impairment loss. Impairment is measured by comparing the Partnership’s carrying amount in the investment to the sum
of the total amount of the remaining future Low Income Housing Tax Credits estimated to be allocated to the Partnership and the
estimated residual value to the Partnership. For the years ended March 31, 2007, 2006, 2005, 2004, 2003 and 2002, impairment loss
related to investments in Local Limited Partnerships was $1,186,381, $1,459,091 $547,547, $237,163, $0 and $0, respectively.



10







(c)     Tax
risks other than those relating to tax credits



In addition to the risks pertaining specifically
to Low Income Housing Tax Credits, there are other Federal income tax risks. Additional Federal income tax risks associated with
the ownership of Partnership Units and the operations of the Partnership and the Local Limited Partnerships include, but are not
limited to, the following:



No
opinion of counsel as to certain matters. No legal opinion is obtained regarding matters:



|● |  | the
                                                                                           determination of which depends on future
                                                                                           factual circumstances,
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | which
                                                                                           are peculiar to individual Limited
                                                                                           Partners, or
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | which
                                                                                           are not customarily the subject of
                                                                                           an opinion.
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The more
significant of these matters include:



|● |  | allocating
                                                                                           purchase price among components of
                                                                                           a property, particularly as between
                                                                                           buildings and fixtures, the cost of
                                                                                           which is depreciable, and the underlying
                                                                                           land, the cost of which is not depreciable,
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | characterizing
                                                                                           expenses and payments made to or by
                                                                                           the Partnership or a Local Limited
                                                                                           Partnership,
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | identifying
                                                                                           the portion of the costs of any Housing
                                                                                           Complex which qualify for historic
                                                                                           and other tax credits,
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | applying
                                                                                           to any specific Limited Partner the
                                                                                           limitation on the use of tax credits
                                                                                           and tax losses. Limited Partners must
                                                                                           determine for themselves the extent
                                                                                           to which they can use tax credits and
                                                                                           tax losses, and
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | the
                                                                                           application of the alternative minimum
                                                                                           tax to any specific Limited Partner,
                                                                                           or the calculation of the alternative
                                                                                           minimum tax by any Limited Partner.  The
                                                                                           alternative minimum tax could reduce
                                                                                           the tax benefits from an investment
                                                                                           in the Partnership.
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



There
can be no assurance, therefore, that the IRS will not challenge some of the tax positions adopted by the Partnership. The courts
could sustain an IRS challenge. An IRS challenge, if successful, could have a detrimental effect on the Partnership’s ability
to realize its investment objectives.



Passive
activity rules will limit deduction of the Partnership’s losses and impose tax on interest income. The Internal Revenue
Code imposes limits on the ability of most investors to claim losses from investments in real estate. An individual may claim
these so-called passive losses only as an offset to income from investments in real estate or rental activities. An individual
may not claim passive losses as an offset against other types of income, such as salaries, wages, dividends and interest. These
passive activity rules will restrict the ability of most Limited Partners to use losses from the Partnership as an offset of non-passive
income.



The
Partnership may earn interest income on its reserves and loans. The passive activity rules generally will categorize interest
as portfolio income, and not passive income. Passive losses cannot be used as an offset to portfolio income. Consequently, a Limited
Partner could pay tax liability on portfolio income from the Partnership.



At
risk rules might limit deduction of the Partnership’s losses. If a significant portion of the financing used to purchase
Housing Complexes does not consist of qualified nonrecourse financing, the “at risk” rules will limit a Limited Partner’s
ability to claim Partnership losses to the amount the Limited Partner invests in the Partnership. The “at risk” rules
of the Internal Revenue Code generally limit a Limited Partner’s ability to deduct Partnership losses to the sum of:



|● |  | the
                                                                                           amount of cash the Limited Partner
                                                                                           invests in the Partnership, and
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | the
                                                                                           Limited Partner’s share of Partnership
                                                                                           qualified nonrecourse financing.
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Qualified
nonrecourse financing is non-convertible, nonrecourse debt which is borrowed from a government, or with exceptions, any person
actively and regularly engaged in the business of lending money.



11







Tax
liability on sale of a Housing Complex or Local Limited Partnership Interest may exceed the cash available from the sale.
When a Local Limited Partnership sells a Housing Complex it may recognize gain. Such gain is equal to the difference between:



|● |  | the
                                                                                           sales proceeds plus the amount of indebtedness
                                                                                           secured by the Housing Complex, and
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | the
                                                                                           adjusted basis for the Housing Complex.
                                                                                           The adjusted basis for a Housing Complex
                                                                                           is its original cost, plus capital
                                                                                           expenditures, minus depreciation.
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Similarly,
when the Partnership sells an interest in a Local Limited Partnership the Partnership may recognize gain. Such gain is equal to
the difference between:



|● |  | the
                                                                                           sales proceeds plus the Partnership’s
                                                                                           share of the amount of indebtedness
                                                                                           secured by the Housing Complex, and
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | the
                                                                                           adjusted basis for the interest. The
                                                                                           adjusted basis for an interest in a
                                                                                           Local Limited Partnership is the amount
                                                                                           paid for the interest, plus income
                                                                                           allocations and cash distributions,
                                                                                           less loss allocations.
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Accordingly,
gain will be increased by the depreciation deductions taken during the holding period for the Housing Complex. In some cases,
a Limited Partner could have a tax liability from a sale greater than the cash distributed to the Limited Partner from the sale.



IRS
could audit the returns of the Partnership, the Local Limited Partnerships or the Limited Partners. The IRS can audit the
Partnership or a Local Limited Partnership at the entity level with regard to issues affecting the entity. The IRS does not have
to audit each Limited Partner in order to challenge a position taken by the Partnership or a Local Limited Partnership. Similarly,
only one judicial proceeding can be filed to contest an IRS determination. A contest by the Partnership of any IRS determination
might result in high legal fees.



An
audit of the Partnership or a Local Limited Partnership also could result in an audit of a Limited Partner. An audit of a
Limited Partner’s tax returns could result in adjustments both to items that are related to the Partnership and to unrelated
items. The Limited Partner could then be required to file amended tax returns and pay additional tax plus interest and penalties.



A
successful IRS challenge to tax allocations of the Partnership or a Local Limited Partnership would reduce the tax benefits of
an investment in the Partnership.Under the Internal Revenue Code, a partnership’s allocation of income, gains, deductions,
losses and tax credits must have substantial economic effect. Substantial economic effect is a highly-technical concept. The fundamental
principle is two-fold. If a partner will benefit economically from an item of partnership income or gain, that item must be allocated
to him so that he bears the correlative tax burden. Conversely, if a partner will suffer economically from an item of partnership
deduction or loss, that item must be allocated to him so that he bears the correlative tax benefit. If a partnership’s allocations
do not have substantial economic effect, then the partnership’s tax items are allocated in accordance with each partner’s
interest in the partnership. The IRS might challenge the allocations made by the Partnership:



|● |  | between
                                                                                           the Limited Partners and the General
                                                                                           Partner,
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | among
                                                                                           the Limited Partners, or
|- |  | -------------------------------------------------------------------------------------------------------------------------



|● |  | between
                                                                                           the Partnership and a Local General
                                                                                           Partner.
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



If any
allocations were successfully challenged, a greater share of the income or gain or a lesser share of the losses or tax credits
might be allocated to the Limited Partners. This would increase the tax liability or reduce the tax benefits to the Limited Partners.



12







Tax
liabilities could arise in later years of the Partnership. After a period of years following commencement of operations by
a Local Limited Partnership, the Local Limited Partnership may generate profits rather than losses. A Limited Partner would have
tax liability on his share of such profits unless he could offset the income with:



|● |  | unused
                                                                                           passive losses from the Partnership
                                                                                           or other investments, or
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | current
                                                                                           passive losses from other investments.
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------



In such
circumstances, the Limited Partner would not receive a cash distribution from the Partnership with which to pay any tax liability.



IRS
challenge to tax treatment of expenditures could reduce losses. The IRS may contend that fees and payments of the Partnership
or a Local Limited Partnership:



|● |  | should
                                                                                           be deductible over a longer period
                                                                                           of time or in a later year,
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | are
                                                                                           excessive and may not be capitalized
                                                                                           or deducted in full,
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | should
                                                                                           be capitalized and not deducted, or
|- |  | -------------------------------------------------------------------------------------------------------------------------------------



|● |  | may
                                                                                           not be included as part of the basis
                                                                                           for computing tax credits.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Any such
contention by the IRS could adversely impact, among other things:



|● |  | the
                                                                                           eligible basis of a Housing Complex
                                                                                           used to compute Low Income Housing
                                                                                           Tax Credits,
|- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | the
                                                                                           adjusted basis of a Housing Complex
                                                                                           used to compute depreciation,
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | the
                                                                                           correct deduction of fees,
|- |  | -------------------------------------------------------------------------------------------------------------------------



|● |  | the
                                                                                           amortization of organization and offering
                                                                                           expenses and start-up expenditures.
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



If the
IRS were successful in any such contention, the anticipated Low Income Housing Tax Credits and losses of the Partnership would
be reduced, perhaps substantially.



Changes
in tax law might reduce the value of Low Income Housing Tax Credits. Although all Low Income Housing Tax Credits are allocated
to a Housing Complex at commencement of the 10-year credit period, there can be no assurance that future legislation may not adversely
affect an investment in the Partnership. For example, legislation could reduce or eliminate the value of Low Income Housing Tax
Credits. In this regard, before 1986, the principal tax benefit of an investment in low income housing was tax losses. These tax
losses generally were used to reduce an investor’s income from all sources on a dollar-for-dollar basis. Investments in
low income housing were made in reliance on the availability of such tax benefits. However, tax legislation enacted in 1986 severely
curtailed deduction of such losses.



New
administrative or judicial interpretations of the law might reduce the value of tax credits. Many of the provisions of the
Internal Revenue Code related to low income housing and real estate investments have not been interpreted by the IRS in regulations,
rulings or public announcements, or by the courts. In the future, these provisions may be interpreted or clarified by the IRS
or the courts in a manner adverse to the Partnership or the Local Limited Partnerships. The IRS constantly reviews the Federal
tax rules, and can revise its interpretations of established concepts. Any such revisions could reduce or eliminate tax benefits
associated with an investment in the Partnership.



State
income tax laws may adversely affect the Limited Partners. A Limited Partner may be required to file income tax returns and
be subject to tax and withholding in each state or local taxing jurisdiction in which: a Housing Complex is located, the Partnership
or a Local Limited Partnership engages in business activities, or the Limited Partner is a resident. Corporate Limited Partners
may be required to pay state franchise taxes.



The
tax treatment of particular items under state or local income tax laws may vary materially from the Federal income tax treatment
of such items. Nonetheless, many of the Federal income tax risks associated with an investment in the Partnership may also
apply under state or local income tax law. The Partnership may be required to withhold state taxes from distributions or income
allocations to Limited Partners in some instances.



13







(d)     Risks
related to the Partnership and the Partnership Agreement



The
Partnership may be unable to timely provide financial reports to the Limited Partners which would adversely affect their ability
to monitor Partnership operations.Historically, the Partnership has been unable to timely file and provide investors with
all of its required periodic reports. In some instances, the delay has been significant. Each Local General Partner is
required to retain independent public accountants and to report financial information to the Partnership in a timely manner. There
cannot be any assurance that the Local General Partners will satisfy these obligations. If not, the Partnership would be unable
to provide to the Limited Partners in a timely manner its financial statements and other reports. That would impact the Limited
Partners’ ability to monitor Partnership operations. The Partnership’s failure to meet its filing requirements under
the Securities Exchange Act of 1934 could reduce the liquidity for the Partnership Units due to the unavailability of public information
concerning the Partnership. The failure to file could also result in sanctions imposed by the SEC. Any defense mounted by the
Partnership in the face of such sanctions could entail legal and other fees, which would diminish cash reserves.



Lack
of liquidity of investment. There is no public market for the purchase and sale of Partnership Units and it is unlikely that
one will develop. Accordingly, Limited Partners may not be able to sell their Partnership Units promptly or at a reasonable price.
Partnership Units should be considered as a long-term investment because the Partnership is unlikely to sell any Local Limited
Partnership Interests for at least 15 years. Partnership Units cannot be transferred to tax-exempt or foreign entities, or through
a secondary market. The General Partner can deny effectiveness of a transfer if necessary to avoid adverse tax consequences from
the transfer. The General Partner does not anticipate that any Partnership Units will be redeemed by the Partnership.



The
Limited Partners will not control the Partnership and must rely totally on the General Partner. The General Partner will make
all management decisions for the Partnership. Management decisions include exercising powers granted to the Partnership by a Local
Limited Partnership. Limited Partners have no right or power to take part in Partnership management.



Individual
Limited Partners will have no recourse if they disagree with actions authorized by a vote of the majority. The Partnership Agreement
grants to Limited Partners owning more than 50% of the Partnership Units the right to:



|● |  | remove
                                                                                           the General Partner and elect a replacement
                                                                                           general partner,
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|● |  | amend
                                                                                           the Partnership Agreement,
|- |  | ---------------------------------------------------------------------------------------------------------------------------



|● |  | terminate
                                                                                           the Partnership.
|- |  | ---------------------------------------------------------------------------------------------------------------------



Accordingly,
a majority-in-interest of the Limited Partners could cause any such events to occur, even if Limited Partners owning 49% of the
Partnership Units opposed such action.



Limitations
on liability of the General Partner to the Partnership. The ability of Limited Partners to sue the General Partner and its
affiliates is subject to limitations. The Partnership Agreement limits the liability of the General Partner and its affiliates
to the Limited Partners. The General Partner and its affiliates will not be liable to the Limited Partners for acts and omissions:
performed or omitted in good faith, and performed or omitted in a manner which the General Partner reasonably believed to be within
the scope of its authority and in the best interest of the Limited Partners, provided such conduct did not constitute negligence
or misconduct.



Therefore,
Limited Partners may be less able to sue the General Partner and its affiliates than would be the case if such provisions were
not included in the Partnership Agreement.



Associates
and its affiliates are serving as the general partners of many other partnerships. Depending on their corporate are a of responsibility,
the officers of Associates initially devote approximately 5% to 50% of their time to the Partnership. These individuals spend
significantly less time devoted to the Partnership after the investment of the Partnership’s capital in Local Limited Partnerships.



14







The
interests of Limited Partners may conflict with the interests of the General Partner and its affiliates. The General Partner
and its affiliates are committed to the management of more than 100 other limited partnerships that have investments similar to
those of the Partnership. The General Partner and its affiliates receive substantial compensation from the Partnership. The General
Partner decides how the Partnership’s investments in Housing Complexes are managed, and when the investments will be sold.
The General Partner may face a conflict in these circumstances because the General Partner’s share of fees and cash distributions
from the transaction may be more or less than their expected share of fees if a Housing Complex was not sold. The result of these
conflicts could be that the General Partner may make investments which are less desirable, or on terms which are less favorable,
to the Partnership than might otherwise be the case. The Partnership has not developed any formal process for resolving conflicts
of interest. However, the General Partner is subject to a fiduciary duty to exercise good faith and integrity in handling the
affairs of the Partnership, and that duty will govern its actions in all such matters. Furthermore, the manner in which the Partnership
can operate and sell investments is subject to substantial restrictions as outlined in the Partnership Agreement.



The
Partnership’s accrued payables consist primarily of the asset management fees payable to the General Partner and the capital
contributions payable to Local Limited Partnerships. The asset management fees payable for the years ended March 31, 2007, 2006,
2005, 2004 and 2003 had a net increase (decrease) of $100,000, $(17,000), $0, $0, and $0. The Partnership’s future contractual
cash obligations consist of its obligations to pay future annual asset management fees and the payables due to the Local Limited
Partnerships. For the years ended March 31, 2007 and 2006, the Partnership made payments toward asset management fees in excess
of what was accrued in the amount of $7,281 and $17,469, which was included in prepaid expenses on the balance sheets. The future
annual asset management fees will equal approximately $51,000 per year through the termination of the Partnership, which must
occur no later than December 31, 2050. Though the amounts payable to the General Partner and/or its affiliates are contractually
currently payable, the Partnership anticipates that the General Partner and/or its affiliates will not require the payment of
these contractual obligations until capital reserves are in excess of the aggregate of the existing contractual obligations and
anticipated future foreseeable obligations of the Partnership. The Partnership would be adversely affected should the General
Partner and/or its affiliates demand current payment of the existing contractual obligations and or suspend services for this
or any other reason.



Item 1B. Unresolved Staff
Comments



Not Applicable



Item 2. Properties



Through its investments in Local Limited Partnerships,
the Partnership holds indirect ownership interests in the Housing Complexes. The following table reflects the status of the 14
Housing Complexes as of the dates or for the periods indicated:



15







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



|                                                                   |  |                           |  |                                                                        |  | As
    of March 31, 2007                                                 |           |  | As
    of December 31, 2006                   |  
|------------------------------------------------------------------ |  | ------------------------- |  | ---------------------------------------------------------------------- |  | ------------------------------------------------------------------------ | --------- |  | --------------------------------------------- | -
|Local
    Limited
    Partnership Name                             |  | Location                  |  | General Partner Name                                                   |  | Partnership’s
    Total Investment
    in Local Limited
    Partnerships |           |  | Amount
    of
    Investment
    Paid to Date |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Ashford Place, a Limited Partnership (3)                           |  | Shawnee, Oklahoma         |  | WNC Oklahoma, LLC                                                      |  | $                                                                        | 2,317,000 |  |                                               | $
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Belen Vista Associates, Limited Partnership                        |  | Belen, New Mexico         |  | Monarch Properties, Inc. and Low Income Housing Foundation
    of NM   |  |                                                                          | 416,000   |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Blessed Rock of El Monte, a CA Limited Partnership
    (2)         |  | El Monte, California      |  | Everland, Inc.                                                         |  |                                                                          | 2,511,000 |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Bolivar Plaza Apartments, LP                                       |  | Bolivar, Missouri         |  | MBL Development Co.                                                    |  |                                                                          | 1,181,000 |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Cleveland Apartments L.P. (3)                                      |  | Coffeyville, Kansas       |  | Williams Management and Consulting, Inc. and Eastern
    Housing Corp. |  |                                                                          | 515,000   |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Crescent City Apartments, a California Limited Partnership
    (2) |  | Crescent City, California |  | Crescent City Surf, Inc.                                               |  |                                                                          | 1,166,000 |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|D. Hilltop Apartments Ltd.(2)                                      |  | Prairie View, Texas       |  | Donald W. Sowell                                                       |  |                                                                          | 101,000   |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Greyhound Associates I, L.P. (2)                                   |  | Windsor, Missouri         |  | WCM Community Development Corp.                                        |  |                                                                          | 642,000   |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Lamar Plaza Apts., L.P.(2)                                         |  | Lamar, Missouri           |  | MBL Development Co.                                                    |  |                                                                          | 738,000   |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Mesa Verde Apartments Limited Partnership (2)                      |  | Roswell, New Mexico       |  | Shelter Resource Corporation                                           |  |                                                                          | 3,941,000 |  |                                               |  





16







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



|                                              |  |                         |  |                                                                  |  | As of March
    31, 2007                                                 |            |  | As of December
    31, 2006               |  
|--------------------------------------------- |  | ----------------------- |  | ---------------------------------------------------------------- |  | ------------------------------------------------------------------------ | ---------- |  | ----------------------------------------- | -
|Local Limited
    Partnership Name            |  | Location                |  | General Partner Name                                             |  | Partnership’s
    Total Investment
    in Local Limited
    Partnerships |            |  | Amount of
    Investment
    Paid to Date |  
|                                              |  |                         |  |                                                                  |  |                                                                          |            |  |                                           |  
|Mountain Vista Associates Limited Partnership |  | Los Alamos, New Mexico  |  | Monarch Properties, Inc. and Low Income Housing Foundation of NM |  |                                                                          | 315,000    |  |                                           |  
|                                              |  |                         |  |                                                                  |  |                                                                          |            |  |                                           |  
|North Central Limited Partnership (2)         |  | New York, New York      |  | City and Suburban Development Corp.                              |  |                                                                          | 751,000    |  |                                           |  
|                                              |  |                         |  |                                                                  |  |                                                                          |            |  |                                           |  
|Woodland, Ltd.(2)                             |  | Marion, Alabama         |  | ACHR Corp.                                                       |  |                                                                          | 1,288,000  |  |                                           |  
|                                              |  |                         |  |                                                                  |  |                                                                          |            |  |                                           |  
|Wynwood Place, Limited Partnership            |  | Raleigh, North Carolina |  | Greystone Affordable Housing                                     |  |                                                                          | 534,000    |  |                                           |  
|                                              |  |                         |  |                                                                  |  |                                                                          |            |  |                                           |  
|                                              |  |                         |  |                                                                  |  | $                                                                        | 16,416,000 |  |                                           | $



(1) Represents aggregate anticipated
Low Income Housing Tax Credits to be received over the 10-year credit period if Housing Complexes are retained and rented in compliance
with credit rules for the 15-year Compliance Period. Approximately 88% of the anticipated Low Income Housing Credits have been
received from the Local Limited Partnerships and are no longer available to the Limited Partners.



(2) The Local Limited Partnership was identified
for sale and disposed of subsequent to March 31, 2007.



(3) Subsequent to March 31, 2007 the Local
Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



17







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



|                                                                   |  | For
    the year ended December 31, 2006 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited 
    Partnership Name                            |  | Rental Income                            |          
|                                                                   |  |                                          |          
|Ashford Place, a Limited Partnership (2)                           |  | $                                        | 442,000  
|                                                                   |  |                                          |          
|Belen Vista Associates, Limited Partnership                        |  |                                          | 391,000  
|                                                                   |  |                                          |          
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  |                                          | 872,000  
|                                                                   |  |                                          |          
|Bolivar Plaza Apartments                                           |  |                                          | 114,000  
|                                                                   |  |                                          |          
|Cleveland Apartments L.P. (2)                                      |  |                                          | 296,000  
|                                                                   |  |                                          |          
|Crescent City Apartments, a California Limited Partnership
    (1) |  |                                          | 212,000  
|                                                                   |  |                                          |          
|D. Hilltop Apartments Ltd.(1)                                      |  |                                          | 104,000  
|                                                                   |  |                                          |          
|Greyhound Associates I, L.P.(1)                                    |  |                                          | 85,000   
|                                                                   |  |                                          |          
|Lamar Plaza Apts., L.P. (1)                                        |  |                                          | 40,000   
|                                                                   |  |                                          |          
|Mesa Verde Apartments Limited Partnership (1)                      |  |                                          | 516,000  
|                                                                   |  |                                          |          
|Mountain Vista Associates Limited Partnership                      |  |                                          | 259,000  
|                                                                   |  |                                          |          
|North Central Limited Partnership (1)                              |  |                                          | 124,000  
|                                                                   |  |                                          |          
|Woodland, Ltd.(1)                                                  |  |                                          | 120,000  
|                                                                   |  |                                          |          
|Wynwood Place, Limited Partnership                                 |  |                                          | 135,000  
|                                                                   |  | $                                        | 3,710,000



(1) The Local Limited Partnership was identified
for sale and disposed of subsequent to March 31, 2007.



(2) Subsequent to March 31, 2007 the Local
Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



18







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



|                                                                   |  |                               |  |                                                                        |  | As
    of March 31, 2006                                                 |           |  | As
    of December 31, 2005                   |  
|------------------------------------------------------------------ |  | ----------------------------- |  | ---------------------------------------------------------------------- |  | ------------------------------------------------------------------------ | --------- |  | --------------------------------------------- | -
|Local
    Limited
    Partnership Name                             |  | Location                      |  | General Partner Name                                                   |  | Partnership’s
    Total Investment
    in Local Limited
    Partnerships |           |  | Amount
    of
    Investment
    Paid to Date |  
|                                                                   |  |                               |  |                                                                        |  |                                                                          |           |  |                                               |  
|Ashford
    Place, a Limited Partnership (3)                       |  | Shawnee,
    Oklahoma         |  | WNC
    Oklahoma, LLC                                                  |  | $                                                                        | 2,317,000 |  |                                               | $
|                                                                   |  |                               |  |                                                                        |  |                                                                          |           |  |                                               |  
|Belen Vista
    Associates, Limited Partnership                    |  | Belen, New Mexico             |  | Monarch Properties,
    Inc. and Low Income Housing Foundation of NM   |  |                                                                          | 416,000   |  |                                               |  
|                                                                   |  |                               |  |                                                                        |  |                                                                          |           |  |                                               |  
|Blessed Rock
    of El Monte, a CA Limited Partnership (2)         |  | El Monte, California          |  | Everland, Inc.                                                         |  |                                                                          | 2,511,000 |  |                                               |  
|                                                                   |  |                               |  |                                                                        |  |                                                                          |           |  |                                               |  
|Bolivar Plaza
    Apartments                                       |  | Bolivar, Missouri             |  | MBL Development
    Co.                                                |  |                                                                          | 1,181,000 |  |                                               |  
|                                                                   |  |                               |  |                                                                        |  |                                                                          |           |  |                                               |  
|Cleveland Apartments
    L.P. (3)                                  |  | Coffeyville,
    Kansas       |  | Williams Management
    and Consulting, Inc. and Eastern Housing Corp. |  |                                                                          | 515,000   |  |                                               |  
|                                                                   |  |                               |  |                                                                        |  |                                                                          |           |  |                                               |  
|Crescent City
    Apartments, a California Limited Partnership (2) |  | Crescent City,
    California |  | Crescent City
    Surf, Inc.                                           |  |                                                                          | 1,166,000 |  |                                               |  
|                                                                   |  |                               |  |                                                                        |  |                                                                          |           |  |                                               |  
|D. Hilltop Apartments
    Ltd. (2)                                 |  | Prairie View,
    Texas       |  | Donald W. Sowell                                                       |  |                                                                          | 101,000   |  |                                               |  
|                                                                   |  |                               |  |                                                                        |  |                                                                          |           |  |                                               |  
|Greyhound Associates
    I, L.P. (2)                               |  | Windsor, Missouri             |  | WCM Community
    Development Corp.                                    |  |                                                                          | 642,000   |  |                                               |  
|                                                                   |  |                               |  |                                                                        |  |                                                                          |           |  |                                               |  
|Lamar Plaza
    Apts., L.P.(2)                                     |  | Lamar, Missouri               |  | MBL Development
    Co.                                                |  |                                                                          | 738,000   |  |                                               |  
|                                                                   |  |                               |  |                                                                        |  |                                                                          |           |  |                                               |  
|Mesa Verde Apartments
    Limited Partnership  (2)                 |  | Roswell, New
    Mexico       |  | Shelter Resource
    Corporation                                       |  |                                                                          | 3,941,000 |  |                                               |  





19







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



|                                              |  |                         |  |                                                                      |  | As
    of March 31, 2006                                                 |            |  | As
    of December 31, 2005                   |  
|--------------------------------------------- |  | ----------------------- |  | -------------------------------------------------------------------- |  | ------------------------------------------------------------------------ | ---------- |  | --------------------------------------------- | -
|Local
    Limited
    Partnership Name        |  | Location                |  | General Partner Name                                                 |  | Partnership’s
    Total Investment
    in Local Limited
    Partnerships |            |  | Amount
    of
    Investment
    Paid to Date |  
|                                              |  |                         |  |                                                                      |  |                                                                          |            |  |                                               |  
|Mountain Vista Associates Limited Partnership |  | Los Alamos, New Mexico  |  | Monarch Properties, Inc. and Low Income
    Housing Foundation of NM |  |                                                                          | 315,000    |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                          |            |  |                                               |  
|North Central Limited Partnership (2)         |  | New York, New York      |  | City and Suburban Development Corp.                                  |  |                                                                          | 751,000    |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                          |            |  |                                               |  
|Woodland, Ltd. (2)                            |  | Marion, Alabama         |  | ACHR Corp.                                                           |  |                                                                          | 1,288,000  |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                          |            |  |                                               |  
|Wynwood Place, Limited Partnership            |  | Raleigh, North Carolina |  | Greystone Affordable Housing                                         |  |                                                                          | 534,000    |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                          |            |  |                                               |  
|                                              |  |                         |  |                                                                      |  | $                                                                        | 16,416,000 |  |                                               | $



(1) Represents aggregate anticipated Low Income
Housing Tax Credits to be received over the 10-year credit period if Housing Complexes are retained and rented in compliance with
credit rules for the 15-year Compliance Period. Approximately 80% of the anticipated Low Income Housing Credits have been received
from the Local Limited Partnerships and are no longer available to the Limited Partners.



(2) The Local Limited Partnership was identified
for sale and disposed of subsequent to March 31, 2006.



(3) Subsequent to March 31, 2006 the Local
Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



20







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



|                                                               |  | For the year ended December
    31, 2005 |          
|-------------------------------------------------------------- |  | ---------------------------------------- | ---------
|Local Limited Partnership Name                                 |  | Rental Income                            |          
|                                                               |  |                                          |          
|Ashford Place, a Limited Partnership (2)                       |  | $                                        | 439,000  
|                                                               |  |                                          |          
|Belen Vista Associates, Limited Partnership                    |  |                                          | 379,000  
|                                                               |  |                                          |          
|Blessed Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 861,000  
|                                                               |  |                                          |          
|Bolivar Plaza Apartments                                       |  |                                          | 112,000  
|                                                               |  |                                          |          
|Cleveland Apartments L.P. (2)                                  |  |                                          | 232,000  
|                                                               |  |                                          |          
|Crescent City Apartments, a California Limited Partnership (1) |  |                                          | 203,000  
|                                                               |  |                                          |          
|D. Hilltop Apartments Ltd. (1)                                 |  |                                          | 126,000  
|                                                               |  |                                          |          
|Greyhound Associates I, L.P. (1)                               |  |                                          | 91,000   
|                                                               |  |                                          |          
|Lamar Plaza Apts., L.P. (1)                                    |  |                                          | 87,000   
|                                                               |  |                                          |          
|Mesa Verde Apartments Limited Partnership (1)                  |  |                                          | 546,000  
|                                                               |  |                                          |          
|Mountain Vista Associates Limited Partnership                  |  |                                          | 267,000  
|                                                               |  |                                          |          
|North Central Limited Partnership (1)                          |  |                                          | 133,000  
|                                                               |  |                                          |          
|Woodland, Ltd.(1)                                              |  |                                          | 112,000  
|                                                               |  |                                          |          
|Wynwood Place, Limited Partnership                             |  |                                          | 85,000   
|                                                               |  | $                                        | 3,673,000



(1) The Local Limited
Partnership was identified for sale and disposed of subsequent to March 31, 2006.



(2) Subsequent to March
31, 2006 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



21







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



|                                                                   |  |                           |  |                                                                        |  | As
    of March 31, 2005                                                 |           |  | As
    of December 31, 2004                   |  
|------------------------------------------------------------------ |  | ------------------------- |  | ---------------------------------------------------------------------- |  | ------------------------------------------------------------------------ | --------- |  | --------------------------------------------- | -
|Local
    Limited
    Partnership Name                             |  | Location                  |  | General Partner Name                                                   |  | Partnership’s
    Total Investment
    in Local Limited
    Partnerships |           |  | Amount
    of
    Investment
    Paid to Date |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Ashford Place, a Limited Partnership(3)                            |  | Shawnee, Oklahoma         |  | WNC Oklahoma, LLC                                                      |  | $                                                                        | 2,317,000 |  |                                               | $
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Belen Vista Associates, Limited Partnership                        |  | Belen, New Mexico         |  | Monarch Properties, Inc. and Low Income Housing Foundation
    of NM   |  |                                                                          | 416,000   |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Blessed Rock of El Monte, a CA Limited Partnership
    (2)         |  | El Monte, California      |  | Everland, Inc.                                                         |  |                                                                          | 2,511,000 |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Bolivar Plaza Apartments                                           |  | Bolivar, Missouri         |  | MBL Development Co.                                                    |  |                                                                          | 1,181,000 |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Cleveland Apartments L.P. (3)                                      |  | Coffeyville, Kansas       |  | Williams Management and Consulting, Inc. and Eastern
    Housing Corp. |  |                                                                          | 515,000   |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Crescent City Apartments, a California Limited Partnership
    (2) |  | Crescent City, California |  | Crescent City Surf, Inc.                                               |  |                                                                          | 1,166,000 |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|D. Hilltop Apartments Ltd.(2)                                      |  | Prairie View, Texas       |  | Donald W. Sowell                                                       |  |                                                                          | 101,000   |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Greyhound Associates I, L.P. (2)                                   |  | Windsor, Missouri         |  | WCM Community Development Corp.                                        |  |                                                                          | 642,000   |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Lamar Plaza Apts., L.P.(2)                                         |  | Lamar, Missouri           |  | MBL Development Co.                                                    |  |                                                                          | 738,000   |  |                                               |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                               |  
|Mesa Verde Apartments Limited Partnership(2)                       |  | Roswell, New Mexico       |  | Shelter Resource Corporation                                           |  |                                                                          | 3,941,000 |  |                                               |  





22







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



|                                              |  |                         |  |                                                                      |  | As
    of March 31, 2005                                                 |            |  | As
    of December 31, 2004                   |  
|--------------------------------------------- |  | ----------------------- |  | -------------------------------------------------------------------- |  | ------------------------------------------------------------------------ | ---------- |  | --------------------------------------------- | -
|Local
    Limited
    Partnership Name        |  | Location                |  | General Partner Name                                                 |  | Partnership’s
    Total Investment
    in Local Limited
    Partnerships |            |  | Amount
    of
    Investment
    Paid to Date |  
|                                              |  |                         |  |                                                                      |  |                                                                          |            |  |                                               |  
|Mountain Vista Associates Limited Partnership |  | Los Alamos, New Mexico  |  | Monarch Properties, Inc. and Low Income
    Housing Foundation of NM |  |                                                                          | 315,000    |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                          |            |  |                                               |  
|North Central Limited Partnership(2)          |  | New York, New York      |  | City and Suburban Development Corp.                                  |  |                                                                          | 751,000    |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                          |            |  |                                               |  
|Woodland, Ltd.(2)                             |  | Marion, Alabama         |  | ACHR Corp.                                                           |  |                                                                          | 1,288,000  |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                          |            |  |                                               |  
|Wynwood Place, Limited Partnership            |  | Raleigh, North Carolina |  | Greystone Affordable Housing                                         |  |                                                                          | 534,000    |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                          |            |  |                                               |  
|                                              |  |                         |  |                                                                      |  | $                                                                        | 16,416,000 |  |                                               | $



(1) Represents aggregate anticipated Low Income
Housing Tax Credits to be received over the 10-year credit period if Housing Complexes are retained and rented in compliance with
credit rules for the 15-year Compliance Period. Approximately 72% of the anticipated Low Income Housing Credits have been received
from the Local Limited Partnerships and are no longer available to the Limited Partners.



(2) The Local Limited Partnership was identified
for sale and disposed of subsequent to March 31, 2005.



(3) Subsequent to March 31, 2005 the Local
Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



23







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



|                                                                   |  | For
    the year ended December 31, 2004 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited 
    Partnership Name                            |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford Place, a Limited Partnership (2)                           |  | $                                        | 428,000  
|                                                                   |  |                                          |          
|Belen Vista Associates, Limited Partnership                        |  |                                          | 380,000  
|                                                                   |  |                                          |          
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  |                                          | 847,000  
|                                                                   |  |                                          |          
|Bolivar Plaza Apartments                                           |  |                                          | 113,000  
|                                                                   |  |                                          |          
|Cleveland Apartments L.P. (2)                                      |  |                                          | 243,000  
|                                                                   |  |                                          |          
|Crescent City Apartments, a California Limited Partnership
    (1) |  |                                          | 198,000  
|                                                                   |  |                                          |          
|D. Hilltop Apartments Ltd.(1)                                      |  |                                          | 116,000  
|                                                                   |  |                                          |          
|Greyhound Associates I, L.P. (1)                                   |  |                                          | 82,000   
|                                                                   |  |                                          |          
|Lamar Plaza Apts., L.P. (1)                                        |  |                                          | 92,000   
|                                                                   |  |                                          |          
|Mesa Verde Apartments Limited Partnership (1)                      |  |                                          | 511,000  
|                                                                   |  |                                          |          
|Mountain Vista Associates Limited Partnership                      |  |                                          | 263,000  
|                                                                   |  |                                          |          
|North Central Limited Partnership (1)                              |  |                                          | 126,000  
|                                                                   |  |                                          |          
|Woodland, Ltd. (1)                                                 |  |                                          | 120,000  
|                                                                   |  |                                          |          
|Wynwood Place, Limited Partnership                                 |  |                                          | 88,000   
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,607,000



(1) The Local Limited Partnership was identified
for sale and disposed of subsequent to March 31, 2005.



(2) Subsequent to March 31, 2005 the Local
Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



24







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



|                                                                   |  |                           |  |                                                                        |  | As
    of March 31, 2004                                                 |           |  | As
    of December 31, 2003               |  
|------------------------------------------------------------------ |  | ------------------------- |  | ---------------------------------------------------------------------- |  | ------------------------------------------------------------------------ | --------- |  | ----------------------------------------- | -
|Local
    Limited
    Partnership Name                             |  | Location                  |  | General Partner Name                                                   |  | Partnership’s
    Total Investment
    in Local Limited
    Partnerships |           |  | Amount
    of
    Investment Paid to Date |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                           |  
|Ashford Place, a Limited Partnership(3)                            |  | Shawnee, Oklahoma         |  | WNC Oklahoma, LLC                                                      |  | $                                                                        | 2,317,000 |  |                                           | $
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                           |  
|Belen Vista Associates, Limited Partnership                        |  | Belen, New Mexico         |  | Monarch Properties, Inc. and Low Income Housing Foundation
    of NM   |  |                                                                          | 416,000   |  |                                           |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                           |  
|Blessed Rock of El Monte, a CA Limited Partnership
    (2)         |  | El Monte, California      |  | Everland, Inc.                                                         |  |                                                                          | 2,511,000 |  |                                           |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                           |  
|Bolivar Plaza Apartments                                           |  | Bolivar, Missouri         |  | MBL Development Co.                                                    |  |                                                                          | 1,181,000 |  |                                           |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                           |  
|Cleveland Apartments L.P. (3)                                      |  | Coffeyville, Kansas       |  | Williams Management and Consulting, Inc. and Eastern
    Housing Corp. |  |                                                                          | 515,000   |  |                                           |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                           |  
|Crescent City Apartments, a California Limited Partnership
    (2) |  | Crescent City, California |  | Crescent City Surf, Inc.                                               |  |                                                                          | 1,166,000 |  |                                           |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                           |  
|D. Hilltop Apartments Ltd. (2)                                     |  | Prairie View, Texas       |  | Donald W. Sowell                                                       |  |                                                                          | 101,000   |  |                                           |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                           |  
|Greyhound Associates I, L.P. (2)                                   |  | Windsor, Missouri         |  | WCM Community Development Corp.                                        |  |                                                                          | 642,000   |  |                                           |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                           |  
|Lamar Plaza Apts., L.P.(2)                                         |  | Lamar, Missouri           |  | MBL Development Co.                                                    |  |                                                                          | 738,000   |  |                                           |  
|                                                                   |  |                           |  |                                                                        |  |                                                                          |           |  |                                           |  
|Mesa Verde Apartments Limited Partnership(2)                       |  | Roswell, New Mexico       |  | Shelter Resource Corporation                                           |  |                                                                          | 3,941,000 |  |                                           |  



25







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



|                                              |  |                         |  |                                                                      |  | As
    of March 31, 2004                                                     |            |  | As
    of December 31, 2003                   |  
|--------------------------------------------- |  | ----------------------- |  | -------------------------------------------------------------------- |  | ---------------------------------------------------------------------------- | ---------- |  | --------------------------------------------- | -
|Local
    Limited
    Partnership Name        |  | Location                |  | General Partner Name                                                 |  | Partnership’s
    Total
    Investment in
    Local Limited
    Partnerships |            |  | Amount
    of
    Investment
    Paid to Date |  
|                                              |  |                         |  |                                                                      |  |                                                                              |            |  |                                               |  
|Mountain Vista Associates Limited Partnership |  | Los Alamos, New Mexico  |  | Monarch Properties, Inc. and Low Income
    Housing Foundation of NM |  |                                                                              | 315,000    |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                              |            |  |                                               |  
|North Central Limited Partnership(2)          |  | New York, New York      |  | City and Suburban Development Corp.                                  |  |                                                                              | 751,000    |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                              |            |  |                                               |  
|Woodland, Ltd.(2)                             |  | Marion, Alabama         |  | ACHR Corp.                                                           |  |                                                                              | 1,288,000  |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                              |            |  |                                               |  
|Wynwood Place, Limited Partnership            |  | Raleigh, North Carolina |  | Greystone Affordable Housing.                                        |  |                                                                              | 534,000    |  |                                               |  
|                                              |  |                         |  |                                                                      |  |                                                                              |            |  |                                               |  
|                                              |  |                         |  |                                                                      |  | $                                                                            | 16,416,000 |  |                                               | $



|(1) |  | Represents
                                                                                       aggregate anticipated Low Income Housing
                                                                                       Tax Credits to be received over the 10-year
                                                                                       credit period if Housing Complexes are
                                                                                       retained and rented in compliance with
                                                                                       credit rules for the 15-year Compliance
                                                                                       Period. Approximately 63% of the anticipated
                                                                                       Low Income Housing Credits have been received
                                                                                       from the Local Limited Partnerships and
                                                                                       are no longer available to the Limited
                                                                                       Partners.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) |  | The Local
                                                                                       Limited Partnership was identified for
                                                                                       sale and disposed of subsequent to March
                                                                                       31, 2004.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(3) |  | Subsequent
                                                                                       to March 31, 2004 the Local Limited Partnership
                                                                                       was identified for disposition but had
                                                                                       not yet been sold as of the filing date.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



26







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



|                                                                   |  | For
    the year ended December 31, 2003 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited 
    Partnership Name                            |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford Place, a Limited Partnership (2)                           |  | $                                        | 413,000  
|                                                                   |  |                                          |          
|Belen Vista Associates, Limited Partnership                        |  |                                          | 364,000  
|                                                                   |  |                                          |          
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  |                                          | 843,000  
|                                                                   |  |                                          |          
|Bolivar Plaza Apartments                                           |  |                                          | 111,000  
|                                                                   |  |                                          |          
|Cleveland Apartments L.P. (2)                                      |  |                                          | 201,000  
|                                                                   |  |                                          |          
|Crescent City Apartments, a California Limited Partnership
    (1) |  |                                          | 194,000  
|                                                                   |  |                                          |          
|D. Hilltop Apartments Ltd.(1)                                      |  |                                          | 123,000  
|                                                                   |  |                                          |          
|Greyhound Associates I, L.P. (1)                                   |  |                                          | 71,000   
|                                                                   |  |                                          |          
|Lamar Plaza Apts., L.P. (1)                                        |  |                                          | 92,000   
|                                                                   |  |                                          |          
|Mesa Verde Apartments Limited Partnership (1)                      |  |                                          | 463,000  
|                                                                   |  |                                          |          
|Mountain Vista Associates Limited Partnership                      |  |                                          | 248,000  
|                                                                   |  |                                          |          
|North Central Limited Partnership (1)                              |  |                                          | 77,000   
|                                                                   |  |                                          |          
|Woodland, Ltd.(1)                                                  |  |                                          | 102,000  
|                                                                   |  |                                          |          
|Wynwood Place, Limited Partnership                                 |  |                                          | 86,000   
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,388,000



(1) The Local Limited Partnership was identified
for sale and disposed of subsequent to March 31, 2004.



(2) Subsequent to March 31, 2004 the Local
Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



27







WNC Housing Tax Credit Fund V, L.P., Series 4March 31, 2007, 2006, 2005 and 2004



|                                                           |  |                           |  |                                                                        |  | Occupancy
    Rates    |    
|---------------------------------------------------------- |  | ------------------------- |  | ---------------------------------------------------------------------- |  | ---------------------- | ---
|                                                           |  |                           |  |                                                                        |  | As
    of December 31, |    
|Local
    Limited
    Partnership Name                     |  | Location                  |  | General Partner Name                                                   |  | 2006                   |    
|                                                           |  |                           |  |                                                                        |  |                        |    
|Ashford Place, a Limited Partnership                       |  | Shawnee, Oklahoma         |  | WNC Oklahoma, LLC                                                      |  |                        | 93 
|                                                           |  |                           |  |                                                                        |  |                        |    
|Belen Vista Associates, Limited Partnership                |  | Belen, New Mexico         |  | Monarch Properties, Inc. and Low Income Housing Foundation
    of NM   |  |                        | 100
|                                                           |  |                           |  |                                                                        |  |                        |    
|Blessed Rock of El Monte, a CA Limited Partnership         |  | El Monte, California      |  | Everland, Inc.                                                         |  |                        | 100
|                                                           |  |                           |  |                                                                        |  |                        |    
|Bolivar Plaza Apartments                                   |  | Bolivar, Missouri         |  | MBL Development Co.                                                    |  |                        | 97 
|                                                           |  |                           |  |                                                                        |  |                        |    
|Cleveland Apartments L.P.                                  |  | Coffeyville, Kansas       |  | Williams Management and Consulting, Inc. and Eastern
    Housing Corp. |  |                        | 96 
|                                                           |  |                           |  |                                                                        |  |                        |    
|Crescent City Apartments, a California Limited Partnership |  | Crescent City, California |  | Crescent City Surf, Inc.                                               |  |                        | 100
|                                                           |  |                           |  |                                                                        |  |                        |    
|D. Hilltop Apartments Ltd.                                 |  | Prairie View, Texas       |  | Donald W. Sowell                                                       |  |                        | 92 
|                                                           |  |                           |  |                                                                        |  |                        |    
|Greyhound Associates I, L.P.                               |  | Windsor, Missouri         |  | WCM Community Development Corp.                                        |  |                        | 88 
|                                                           |  |                           |  |                                                                        |  |                        |    
|Lamar Plaza Apts., L.P.                                    |  | Lamar, Missouri           |  | MBL Development Co.                                                    |  |                        | 36 



28







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

March 31, 2007, 2006, 2005 and 2004



|                                              |  |                         |  |                                                                      |  | Occupancy
    Rates    |   
|--------------------------------------------- |  | ----------------------- |  | -------------------------------------------------------------------- |  | ---------------------- | --
|                                              |  |                         |  |                                                                      |  | As
    of December 31, |   
|Local Limited
    Partnership Name            |  | Location                |  | General Partner Name                                                 |  | 2006                   |   
|                                              |  |                         |  |                                                                      |  |                        |   
|Mesa Verde Apartments Limited Partnership     |  | Roswell, New Mexico     |  | Shelter Resource Corporation                                         |  |                        | 69
|                                              |  |                         |  |                                                                      |  |                        |   
|Mountain Vista Associates Limited Partnership |  | Los Alamos, New Mexico  |  | Monarch Properties, Inc. and Low Income Housing Foundation
    of NM |  |                        | 92
|                                              |  |                         |  |                                                                      |  |                        |   
|North Central Limited Partnership             |  | New York, New York      |  | City and Suburban Development Corp.                                  |  |                        | 94
|                                              |  |                         |  |                                                                      |  |                        |   
|Woodland, Ltd.                                |  | Marion, Alabama         |  | ACHR Corp.                                                           |  |                        | 98
|                                              |  |                         |  |                                                                      |  |                        |   
|Wynwood Place, Limited Partnership            |  | Raleigh, North Carolina |  | Greystone Affordable Housing                                         |  |                        | 88
|                                              |  |                         |  |                                                                      |  |                        | 89



(1) Housing Complex was under construction
and the cost certification was not yet completed as of the respective year end.



29







Item 3. Legal Proceedings



NONE



Item 4. Mine Safety Disclosures



NOT APPLICABLE



PART II.



Item 5. Market for Registrant’s
Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities



Item 5a.



|a) |  | The Partnership
                                                                                     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 Partnership Units and none exists. Partnership
                                                                                     Units can be assigned or otherwise transferred
                                                                                     only if certain requirements in the Partnership
                                                                                     Agreement are satisfied.
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|b) |  | At March
                                                                                     31, 2007, 2006, 2005 and 2004, there were
                                                                                     1,313, 1,305, 1,303 and 1,292 Limited Partners,
                                                                                     respectively, and 58, 57, 54 and 41 assignees
                                                                                     of Partnership Units who were not admitted
                                                                                     as Limited Partners, respectively.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 

|c) |  | The Partnership
                                                                                     was not designed to provide operating cash
                                                                                     distributions to Limited Partners. It is
                                                                                     possible that the Partnership could make
                                                                                     distributions from sale proceeds, if the
                                                                                     Partnership is able to sell its Local Limited
                                                                                     Partnership Interests or Housing Complexes
                                                                                     for more than the related closing costs and
                                                                                     any then accrued obligations of the Partnership.
                                                                                     There can be no assurance in this regard.
                                                                                     Any distributions would be made in accordance
                                                                                     with the terms of the Partnership Agreement.
                                                                                     For all periods presented there were no cash
                                                                                     distributions to the Limited Partners.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|d) |  | No securities
                                                                                     are authorized for issuance by the Partnership
                                                                                     under equity compensation plans.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|e) |  | The Partnership
                                                                                     does not issue common stock.
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------



|f) |  | No unregistered
                                                                                     securities were sold by the Partnership during
                                                                                     the years ended March 31, 2007, 2006, 2005
                                                                                     and 2004.
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Item 5b. Use of Proceeds



NOT APPLICABLE



Item 5c. Purchases of
Equity Securities by the Issuer and Affiliated Purchasers



NONE





30







Item 6. Selected Financial Data



Selected balance sheet information for the Partnership is as follows:



|                                               |  | March
    31, |          
|---------------------------------------------- |  | ------------- | ---------
|                                               |  |               |          
|                                               |  | 2007          |          
|                                               |  |               |          
|ASSETS                                         |  |               |          
|Cash                                           |  | $             | 235,855  
|Investments in Local Limited Partnerships, net |  |               | 4,942,198
|Loans receivable                               |  |               | -        
|Due from affiliates                            |  |               | 574      
|Prepaid expenses                               |  |               | 7,281    
|                                               |  |               |          
|Total Assets                                   |  | $             | 5,185,908



|LIABILITIES                                                         |  |   |           |  |  |   |           |  |  |   |           |  |  |   |            |  |  |   |            |  |  |   |            |  |  |   |            |  |  |   |            | 
|------------------------------------------------------------------- |  | - | --------- |  |  | - | --------- |  |  | - | --------- |  |  | - | ---------- |  |  | - | ---------- |  |  | - | ---------- |  |  | - | ---------- |  |  | - | ---------- | 
|Payables to Local Limited Partnerships                              |  | $ | 39,310    |  |  | $ | 39,310    |  |  | $ | 74,625    |  |  | $ | 139,906    |  |  | $ | 154,741    |  |  | $ | 164,475    |  |  | $ | 257,889    |  |  | $ | 672,640    | 
|Accrued fees and expenses due to General Partner
    and affiliates |  |   | 31,614    |  |  |   | 25,929    |  |  |   | 43,619    |  |  |   | 40,454     |  |  |   | 18,451     |  |  |   | 18,143     |  |  |   | 1,664      |  |  |   | 1,936      | 
|                                                                    |  |   |           |  |  |   |           |  |  |   |           |  |  |   |            |  |  |   |            |  |  |   |            |  |  |   |            |  |  |   |            | 
|Total Liabilities                                                   |  |   | 70,924    |  |  |   | 65,239    |  |  |   | 118,244   |  |  |   | 180,360    |  |  |   | 173,192    |  |  |   | 182,618    |  |  |   | 259,553    |  |  |   | 674,576    | 
|                                                                    |  |   |           |  |  |   |           |  |  |   |           |  |  |   |            |  |  |   |            |  |  |   |            |  |  |   |            |  |  |   |            | 
|PARTNERS’ EQUITY                                                    |  |   | 5,114,984 |  |  |   | 7,333,615 |  |  |   | 9,772,522 |  |  |   | 11,581,503 |  |  |   | 13,071,074 |  |  |   | 14,311,125 |  |  |   | 15,142,535 |  |  |   | 16,306,218 | 
|                                                                    |  |   |           |  |  |   |           |  |  |   |           |  |  |   |            |  |  |   |            |  |  |   |            |  |  |   |            |  |  |   |            | 
|Total Liabilities and Partners’
    Equity                          |  | $ | 5,185,908 |  |  | $ | 7,398,854 |  |  | $ | 9,890,766 |  |  | $ | 11,761,863 |  |  | $ | 13,244,266 |  |  | $ | 14,493,743 |  |  | $ | 15,402,088 |  |  | $ | 16,980,794 | 





31









Selected results of operations for the Partnership
are as follows:



|                                                 |  | For
    the Years Ended 
    March 31, |           
|------------------------------------------------ |  | -------------------------------------- | ----------
|                                                 |  | 2007                                   |           
|                                                 |  |                                        |           
|Loss  from  operations  (Note
    1)             |  | $                                      | (1,411,533
|Equity in losses from Local Limited Partnerships |  |                                        | (808,469  
|Interest income                                  |  |                                        | 1,371     
|Net loss                                         |  | $                                      | (2,218,631
|                                                 |  |                                        |           
|Net loss allocated to:                           |  |                                        |           
|General Partner                                  |  | $                                      | (22,186   
|                                                 |  |                                        |           
|Limited Partners                                 |  | $                                      | (2,196,445
|                                                 |  |                                        |           
|Net loss per Partnership
    Unit                |  | $                                      | (99.88    
|                                                 |  |                                        |           
|Outstanding weighted Partnership
    Units       |  |                                        | 21,990    



Note 1 - Loss from operations for the years
ended March 31, 2007, 2006, 2005, 2004, 2003, 2002, 2001 and 2000 include a charge for impairment losses on investments in Local
Limited Partnerships of $1,186,381, $1,459,091, $547,547, $237,163, $0, $0, $0 and $0, respectively. (See Note 2 to the financial
statements.)



32







Selected results of cash flows for the Partnership are as follows:



|                                |  | For
    the Years Ended March 31,
|------------------------------- |  | ---------------------------------
|                                |  |                                  
|                                |  | 2007                             
|                                |  |                                  
|Net cash provided by (used in): |  |                                  
|                                |  |                                  
|Operating activities            |  | $                                
|Investing activities            |  |                                  
|                                |  |                                  
|Net change in cash              |  |                                  
|                                |  |                                  
|Cash, beginning of year         |  |                                  
|                                |  |                                  
|Cash, end of year               |  | $                                



Low Income Housing Tax Credits per Partnership
Unit were as follows for the years ended December 31:



|        |  |  |   | 2006 |  |  |   | 2005 |  |  |   | 2004 |  |  |   | 2003 |  |  |   | 2002 |  |  |   | 2001 |  |  |   | 2000 |  |  |   | 1999 | 
|------- |  |  | - | ---- |  |  | - | ---- |  |  | - | ---- |  |  | - | ---- |  |  | - | ---- |  |  | - | ---- |  |  | - | ---- |  |  | - | ---- | 
|        |  |  |   |      |  |  |   |      |  |  |   |      |  |  |   |      |  |  |   |      |  |  |   |      |  |  |   |      |  |  |   |      | 
|Federal |  |  | $ | 118  |  |  | $ | 121  |  |  | $ | 120  |  |  | $ | 121  |  |  | $ | 120  |  |  | $ | 121  |  |  | $ | 114  |  |  | $ | 104  | 
|State   |  |  |   | -    |  |  |   | -    |  |  |   | -    |  |  |   | -    |  |  |   | -    |  |  |   | -    |  |  |   | -    |  |  |   | -    | 
|        |  |  |   |      |  |  |   |      |  |  |   |      |  |  |   |      |  |  |   |      |  |  |   |      |  |  |   |      |  |  |   |      | 
|Total   |  |  | $ | 118  |  |  | $ | 121  |  |  | $ | 120  |  |  | $ | 121  |  |  | $ | 120  |  |  | $ | 121  |  |  | $ | 114  |  |  | $ | 104  | 



33







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, this “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, the Partnership’s future cash flows and ability to obtain sufficient
financing, level of operating expenses, conditions in the Low Income Housing Tax Credits property market and the economy in general,
changes in law rules and regulations, and 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 the Partnership or persons acting on its behalf are expressly qualified in their entirety by cautionary
statements in this Form 10-K and in other reports filed with the SEC. The following discussion should be read in conjunction with
the Financial Statements and the Notes thereto included elsewhere in this filing.



Critical Accounting Policies and Certain
Risks and Uncertainties



The Partnership believes that the following
discussion addresses the Partnership’s most significant accounting policies, which are the most critical to aid in fully
understanding and evaluating the Partnership’s reported financial results, and certain of the Partnership’s risks
and uncertainties.



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.



Method of Accounting for Investments in
Local Limited Partnerships



The Partnership accounts for its investments
in Local Limited Partnerships using the equity method of accounting, whereby the Partnership adjusts its investment balance for
its share of the Local Limited Partnerships’ results of operations and for any contributions made and distributions received.
The Partnership reviews the carrying amount of an individual investment in a Local Limited Partnership for possible impairment
at least annually or whenever events or changes in circumstances indicate that the carrying amount of such investment may not
be recoverable. Recoverability of such investment is measured by the estimated value derived by management, generally consisting
of the product of the remaining future Low Income Housing Tax Credits estimated to be allocable to the Partnership and the estimated
residual value to the Partnership. If an investment is considered to be impaired, the Partnership reduces the carrying value of
its investment in any such Local Limited Partnership. The accounting policies of the Local Limited Partnerships, generally, are
expected to be consistent with those of the Partnership. Costs incurred by the Partnership in acquiring the investments are capitalized
as part of the investment account and were being amortized over 30 years. (See Notes 2 and 3 to the financial statements.)



34







“Equity in losses of Local Limited Partnerships”
for each year ended March 31 has been recorded by the Partnership based on the twelve months of reported results provided by the
Local Limited Partnerships for each year ended December 31. Equity in losses from the Local Limited Partnerships allocated to
the Partnership is not recognized to the extent that the investment balance would be adjusted below zero. 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 the Local Limited
Partnerships are accounted for as a reduction of the investment balance. Distributions received after the investment has reached
zero are recognized as distribution income.



The Partnership does not consolidate the accounts
and activities of the Local Limited Partnerships which a Variable Interest Entities under Financial Accounting Standards Board
Interpretation No. 46-Revised, “Consolidation of Variable Interest Entities”, because the Partnership is not considered
the primary beneficiary. The Partnership’s balance in Investments in Local Limited Partnerships represents the maximum exposure
to loss in connection with such investments. The Partnership’s exposure to loss on the Local Limited Partnerships I mitigated
by the condition and financial performance of the underlying Housing Complexes as well as the strength of the Local General Partners.



Income Taxes



The Partnership has elected to be treated
as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income,
deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. 
The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly,
the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required
to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial
statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered
for disclosure. Income tax returns filed by the Partnership are subject to examination by the Internal Revenue Service for a period
of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009
remain open.



35







Impact of Recent Accounting Pronouncements



In September 2006, the Financial Accounting
Standards Board (“FASB”) issued accounting guidance for Fair Value Measurements, which defines fair value, establishes
a framework for measuring fair value and expands disclosure about fair value measurements. This guidance is effective for financial
statements issued for fiscal years beginning after November 15, 2007 and shall be applied prospectively except for very limited
transactions. In February 2008, the FASB delayed for one year implementation of the guidance as it pertains to certain non-financial
assets and liabilities. The Partnership adopted GAAP for Fair Value Measurements effective April 1, 2008, except as it applies
to those non-financial assets and liabilities, for which the effective date was April 1, 2009. The Partnership has determined
that adoption of this guidance is not expected to have a material impact on the Partnership’s financial statements.



In February 2007, the FASB issued accounting
guidance for The Fair Value Option for Financial Assets and Financial Liabilities. This guidance permits entities to choose to
measure many financial instruments and certain other items at fair value. The fair value election is designed to improve financial
reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets
and liabilities differently without having to apply complex hedge accounting provisions. It is effective for fiscal years beginning
after November 15, 2007. On April 1, 2008, the Partnership adopted GAAP for The Fair Value Option for Financial Assets and
Financial Liabilities and elected not to apply the provisions to its eligible financial assets and financial liabilities on the
date of adoption. Accordingly, the initial application of the guidance is not expected to have an effect on the Partnership.



In November 2008, the FASB issued accounting
guidance on Equity Method Investment Accounting Considerations that addresses how the initial carrying value of an equity method
investment should be determined, how an impairment assessment of an underlying indefinite-lived intangible asset of an equity
method investment should be performed, how an equity method investee’s issuance of shares should be accounted for, and how
to account for a change in an investment from the equity method to the cost method. This guidance is effective in fiscal years
beginning on or after December 15, 2008, and interim periods within those fiscal years. The Partnership adopted the
guidance for the interim quarterly period beginning April 1, 2009. The impact of adopting it is not expected to have a material
impact on the Partnership’s financial condition or results of operations.



In April 2009, the FASB issued accounting
guidance for Interim Disclosures about Fair Value of Financial Instruments.  This requires disclosure about the method
and significant assumptions used to establish the fair value of financial instruments for interim reporting periods as well as
annual statements.  It became effective for as of and for the interim period ended June 30, 2009 and is not expected
to have an impact on the Partnership’s financial condition or results of operations.



In May 2009, the FASB issued guidance regarding
subsequent events, which was subsequently updated in February 2010. This guidance established general standards of accounting
for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available
to be issued. In particular, this guidance sets forth the period after the balance sheet date during which management of a reporting
entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements,
the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its
financial statements, and the disclosures that an entity should make about events or transactions that occurred after the balance
sheet date. This guidance was effective for financial statements issued for fiscal years and interim periods ending after June 15,
2009, and was therefore adopted by the Partnership for the quarter ended June 30, 2009. The adoption did not have a significant
impact on the subsequent events that the Partnership reports, either through recognition or disclosure, in the financial statements.
In February 2010, the FASB amended its guidance on subsequent events to remove the requirement to disclose the date through which
an entity has evaluated subsequent events, alleviating conflicts with current SEC guidance. This amendment was effective immediately
and therefore the Partnership did not include the disclosure in this Form 10-K.



36







In June 2009, the FASB issued the Accounting
Standards Codification (Codification). Effective July 1, 2009, the Codification is the single source of authoritative accounting
principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity
with GAAP. The Codification is intended to reorganize, rather than change, existing GAAP. Accordingly, all references to currently
existing GAAP have been removed and have been replaced with plain English explanations of the Partnership’s accounting policies.
The adoption of the Codification is not expected have a material impact on the Partnership’s financial position or results
of operations.



In June 2009, the Financial Accounting Standards
Board (“FASB”) issued an amendment to the accounting and disclosure requirements for the consolidation of variable
interest entities (VIEs). The amended guidance modified the consolidation model to one based on control and economics, and replaced
quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that
has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and
(2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated
parties share such power, as defined, no party will be required to consolidate the VIE. Further, the amended guidance requires
continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of
whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment
was effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 is not expected
to have a material effect on the Partnership’s financial statements.



In May 2011, the FASB issued an update to
existing guidance related to fair value measurements on how to measure fair value and what disclosures to provide about fair value
measurements. For fair value measurements categorized as level 3, a reporting entity should disclose quantitative information
of the unobservable inputs and assumptions, a description of the valuation processes and narrative description of the sensitivity
of the fair value to changes in unobservable inputs. This update is effective for interim and annual periods beginning after December
15, 2011. The adoption of this update is not expected to materially affect the Partnership’s financial statements.



Certain Risks and Uncertainties



See Item 1A for a discussion of risks regarding
the Partnership.



To date, 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 Partners
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 lost, and the
loss and recapture of the related Low Income Housing Tax Credits could occur.



Financial Condition



As of March 31, 2007



The Partnership’s assets at March 31,
2007 consisted of $236,000 in cash, prepaid expenses of $7,000, due from affiliates of $1,000 and aggregate investments in 14
Local Limited Partnerships of $4,942,000 (See “Method of Accounting for Investments in Local Limited Partnerships”).
Liabilities at March 31, 2007 consisted of $32,000 of accrued fees and advances due to General Partner and/or its affiliates,
(See “Future Contractual Cash Obligations” below) and $39,000 in payables to Local Limited Partnerships.



As of March 31, 2006



The Partnership’s assets at March 31,
2006 consisted of $361,000 in cash, prepaid expenses of $17,000, due from affiliates of $9,000 and aggregate investments in 14
Local Limited Partnerships of $7,011,000 (See “Method of Accounting for Investments in Local Limited Partnerships”).
Liabilities at March 31, 2006 consisted of $26,000 of accrued fees and advances due to General Partner and/or its affiliates,
(See “Future Contractual Cash Obligations” below) and $39,000 in payables to Local Limited Partnerships.



37







As of March 31, 2005



The Partnership’s assets at March 31,
2005 consisted of $517,000 in cash, due from affiliates of $1,000 and aggregate investments in 14 Local Limited Partnerships of
$9,373,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31,
2005 consisted of $44,000 of accrued fees and advances due to General Partner and/or its affiliates, (See “Future Contractual
Cash Obligations” below) and $75,000 in payables to Local Limited Partnerships.



As of March 31, 2004



The Partnership’s assets at March 31,
2004 consisted of $837,000 in cash, due from affiliates of $1,000 and aggregate investments in 14 Local Limited Partnerships of
$10,924,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31,
2004 consisted of $40,000 of accrued fees and advances payable to the General Partner and/or its affiliates (See “Future
Contractual Cash Obligations” below) and $140,000 in payables to Local Limited Partnerships.



Results of Operations



Year Ended March 31, 2007 Compared to Year
Ended March 31, 2006The Partnership’s net loss for the year ended March 31, 2007 was $(2,219,000), reflecting a decrease
of $220,000 from the net loss experienced for the year ended March 31, 2006 of $(2,439,000). That decrease in net loss was largely
due to a decrease of $273,000 in impairment loss for the year ended March 31, 2007 compared to March 31, 2006. The impairment
loss can vary each year depending on the annual decrease in Low Income Housing Tax Credits allocated to the Partnership and the
current estimated residual value to the Partnership compared to the current carrying value of each of the investments to the Partnership.
That decrease was offset partially by an $(80,000) increase in write off of advances to Local Limited Partnerships. During the
year ended March 31, 2007 there were advances of $(110,000) made to several Local Limited Partnerships which were reserved for
in full as of March 31, 2007 compared to $(30,000) advanced and reserved for during the year ended March 31, 2006. The advances
made to the troubled Local Limited Partnerships can vary each year depending on the operations of the individual Local Limited
Partnerships. The accounting and legal fees increased by $(2,000) for the year ended March 31, 2007 compared to the year ended
March 31, 2006 due to the timing of the accounting work performed. The amortization expense decreased by $1,000 during the year
ended March 31, 2007 due to the fact that when a Local Limited Partnership’s investment balance reaches zero the acquisition
costs and fees associated with that investment are expensed, resulting in a decreased future amortization expense. Reporting fees
increased by $13,000 for the year ended March 31, 2007 due to the fact that Local Limited Partnerships pay the reporting fees
to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment. There was also a $22,000 decrease
of equity in losses of Local Limited Partnerships for the year ended March 31, 2007. The equity in losses can vary each year depending
on the operations of each of the Local Limited Partnerships.



Year Ended March
31, 2006 Compared to Year Ended March 31, 2005The Partnership’s net loss for the year ended March 31, 2006 was $(2,439,000),
reflecting an increase of $(630,000) from the net loss experienced for the year ended March 31, 2005 of $(1,809,000). There was
a $(912,000) increase in impairment loss for the year ended March 31, 2006. The impairment loss can vary each year depending on
the annual decrease in Low Income Housing Tax Credits allocated to the Partnership and the current estimated residual value to
the Partnership compared to the current carrying value of each of the investments to the Partnership. There was also a decrease
of $163,000 in write off of advances to Local Limited Partnerships for the year ended March 31, 2006 compared to the year ended
March 31, 2005. Advances of $(30,000) were made and reserved for during the year ended March 31, 2006 compared to $(193,000) advanced
and reserved for during the year ended March 31, 2005. The advances made to the troubled Local Limited Partnerships can vary each
year depending on the operations of the individual Local Limited Partnerships. Amortization decreased by $3,000 for the year ended
March 31, 2006 due to the fact that when a Local Limited Partnership’s investment balance reaches zero the acquisition costs
and fees associated with that investment are expensed, resulting in a decreased future amortization expense. The accounting and
legal fees decreased by $2,000 for the year ended March 31, 2006 compared to the year ended March 31, 2005 due to the timing of
the accounting work performed. Reporting fees increased by $1,000 for the year ended March 31, 2006 due to the fact that Local
Limited Partnerships pay the reporting fees to the Partnership when the Local Limited Partnerships’ cash flow will allow
for the payment. The equity in losses also decreased by $109,000 for the year ended March 31, 2006 compared to March 31, 2005
due to the fact that the operations of the underlying Housing Complexes of the Local Limited Partnerships will vary from year
to year depending on the operations of each of the Local Limited Partnerships.



38







Year Ended March 31, 2005 Compared to Year
Ended March 31, 2004The Partnership’s net loss for the year ended March 31, 2005 was $(1,809,000), reflecting an increase
of $(319,000) from the net loss experienced for the year ended March 31, 2004 of $(1,490,000). There was a $(310,000) increase
in impairment loss for the year ended March 31, 2005. The impairment loss can vary each year depending on the annual decrease
in Low Income Housing Tax Credits allocated to the Partnership and the current estimated residual value to the Partnership compared
to the current carrying value of each of the investments to the Partnership. Additionally, during the year ended March 31, 2005
there were advances of $(193,000) that were made and fully reserved for in the same year compared to advances of $(141,000) made
and reserved for during the year ended March 31, 2004. The advances made to the troubled Local Limited Partnerships can vary each
year depending on the operations of the individual Local Limited Partnerships. Additionally, reporting fees decreased by $(39,000)
for the year ended March 31, 2005 due to the fact that Local Limited Partnerships pay the reporting fees to the Partnership when
the Local Limited Partnership’s cash flow will allow for the payment. The amortization decreased by $2,000 for the year
ended March 31, 2005 due to the fact that when a Local Limited Partnership’s investment balance reaches zero the acquisition
costs and fees associated with that investment are expensed, resulting in a decreased future amortization expense. The accounting
and legal fees decreased by $13,000 for the year ended March 31, 2005 compared to the year ended March 31, 2004 due to the timing
of the accounting work performed. The equity in losses also decreased by $72,000 for the year ended March 31, 2005 compared to
March 31, 2004 due to the fact that the operations of the underlying Housing Complexes of the Local Limited Partnerships will
vary from year to year depending on the operations of each of the Local Limited Partnerships. Lastly interest income decreased
by $(4,000) for the year ended March 31, 2005 due to a decrease in the cash balance maintained by the Partnership along with decreasing
interest rates.



Year Ended March 31, 2004 Compared to Year
Ended March 31, 2003The Partnership’s net loss for the year ended March 31, 2004 was $(1,490,000), reflecting an increase
of $(250,000) from the net loss of $(1,240,000) experienced for the year ended March 31, 2003. The change in net loss is partially
due to equity in losses of Local Limited Partnerships increasing by $(54,000) for the year ended March 31, 2004 due to the fact
that the operations of the underlying Housing Complexes of the Local Limited Partnerships will vary from year to year depending
on the operations of each of the Local Limited Partnerships. There was an increase of $(237,000) in impairment loss for the year
ended March 31, 2004. The impairment loss can vary each year depending on the annual decrease in Low Income Housing Tax Credits
allocated to the Partnership and the current estimated residual value to the Partnership compared to the current carrying value
of each of the investments to the Partnership. There was a decrease in write off of advances to Local Limited Partnerships for
the year ended March 31, 2004. During the year ended March 31, 2004 advances of $(141,000) were made to Local Limited Partnerships
and reserved for in full compared to advances of $(168,000) made and reserved for during the year ended March 31, 2003. The advances
made to the troubled Local Limited Partnerships can vary each year depending on the operations of the individual Local Limited
Partnerships. There was a $(2,000) increase in accounting and legal fees for the year ended March 31, 2004 due to the timing of
accounting work performed. Reporting fees also increased by $28,000 for the year ended March 31, 2004 due to the fact that Local
Limited Partnerships pay the reporting fees to the Partnership when the Local Limited Partnerships’ cash flow will allow
for the payment. Lastly, interest income decreased by $(10,000) due to a decrease in the cash balance maintained by the Partnership
along with decreasing interest rates.



Year Ended March 31, 2003 Compared to Year
Ended March 31, 2002The Partnership’s net loss for the year ended March 31, 2003 was $(1,240,000), reflecting an increase
of $(409,000) from the net loss of $(831,000) experienced for the year ended March 31, 2002. The change in net loss is partially
due to equity in losses of Local Limited Partnerships increasing by $(212,000) for the year ended March 31, 2003 due to the fact
that the operations of the underlying Housing Complexes of the Local Limited Partnerships will vary from year to year depending
on the operations of each of the Local Limited Partnerships. During the year ended March 31, 2003 advances of $(168,000) were
made to Local Limited Partnerships and reserved for in full compared to advances no such advances being made and reserved for
during the year ended March 31, 2002. The advances made to the troubled Local Limited Partnerships can vary each year depending
on the operations of the individual Local Limited Partnerships. There was a $2,000 decrease in accounting and legal fees for the
year ended March 31, 2003 due to the timing of accounting work performed. Reporting fees decreased by $(2,000) for the year ended
March 31, 2003 due to the fact that Local Limited Partnerships pay the reporting fees to the Partnership when the Local Limited
Partnerships’ cash flow will allow for the payment. Lastly, interest income decreased by $(29,000) due to a decrease in
the cash balance maintained by the Partnership along with decreasing interest rates.



39







Liquidity and Capital Resources



Year Ended March 31, 2007 Compared to Year
Ended March 31, 2006The net decrease in cash during the year ended March 31, 2007 was $(126,000) compared to a net decrease
in cash for the year ended March 31, 2006 of $(156,000). During the year ended March 31, 2007, the Partnership paid accrued asset
management fees of $50,000 compared to $95,000 paid during the year ended March 31, 2006. During the year ended March 31, 2007
the Partnership reimbursed the General Partner or an affiliate $12,000 for operating expenses paid on its behalf compared to $14,000
reimbursed during the year ended March 31, 2006. The accrued asset management fees and reimbursement of operating expenses are
paid after management reviews the cash position of the Partnership. The Partnership also collected $13,000 more in reporting fees
and $4,000 more in distributions for the year ended March 31, 2007 compared to the year ended March 31, 2006 due to the fact that
Local Limited Partnerships pay the reporting fees and distributions to the Partnership when the Local Limited Partnerships’
cash flow will allow for the payment. During the year ended March 31, 2007 the Partnership made no payments of capital contributions
to a Local Limited Partnership compared to $35,000 paid during the year ended March 31, 2006. Capital contributions are paid when
the Local Limited Partnership reaches certain benchmarks. The Partnership advanced $110,000 to troubled Local Limited Partnerships
during the year ended March 31, 2007 compared to $38,000 advanced during the year ended March 31, 2006 as discussed above. During
the year ended March 31, 2007, repayments of advances to Local Limited Partnerships totaling $8,000 were received compared to
no such receipts during the year ended March 31, 2006.



Year Ended March 31, 2006 Compared to Year
Ended March 31, 2005The net decrease in cash during the year ended March 31, 2006 was $(156,000) compared to a net decrease
in cash for the year ended March 31, 2005 of $(320,000). During the year ended March 31, 2006 the Partnership advanced $(38,000)
to the Local Limited Partnerships compared to $(193,000) advanced during the year ended March 31, 2005 as discussed above. The
Partnership paid accrued asset management fees of $94,000 during the year ended March 31, 2006 compared to $61,000 paid during
the year ended March 31, 2006. During the year ended March 31, 2006 the Partnership reimbursed the General Partner or an affiliate
$14,000 for operating expenses paid on its behalf compared to $19,000 reimbursed during the year ended March 31, 2005. The accrued
asset management fees and reimbursement of operating expenses are paid after management reviews the cash position of the Partnership.
During the year ended March 31, 2006 the Partnership made $35,000 in capital contributions to a Local Limited Partnership compared
to $65,000 paid to Local Limited Partnerships during the year ended March 31, 2005. Capital contributions are paid when the Local
Limited Partnership reaches certain benchmarks. The Partnership received $11,000 more in distributions from Local Limited Partnerships
for the year ended March 31, 2006 due to the fact that Local Limited Partnerships pay the distributions to the Partnership when
the Local Limited Partnerships’ cash flow will allow for the payment.



Year Ended March 31, 2005 Compared to Year
Ended March 31, 2004The net decrease in cash during the year ended March 31, 2005 was $(320,000) compared to a net decrease
in cash for the year ended March 31, 2004 of $(169,000). During the year ended March 31, 2005 the Partnership advanced $(193,000)
to the Local Limited Partnerships while the Partnership advanced $(141,000) during the year ended March 31, 2004 as discussed
above. During the year ended March 31, 2005 the Partnership paid $(65,000) of capital contributions to a Local Limited Partnership
compared to $(15,000) in capital contributions paid to Local Limited Partnerships during the year ended March 31, 2004. Capital
contributions are paid when the Local Limited Partnership reaches certain benchmarks. The Partnership received $(39,000) less
in reporting fees from Local Limited Partnerships for the year ended March 31, 2005 as discussed above. During the year ended
March 31, 2005 the Partnership reimbursed the General Partner or an affiliate $19,000 for operating expenses paid on its behalf
compared to $29,000 reimbursed during the year ended March 31, 2004. The accrued asset management fees and reimbursement of operating
expenses are paid after management reviews the cash position of the Partnership.



40







Year Ended March 31, 2004 Compared to Year
Ended March 31, 2003The net decrease in cash during the year ended March 31, 2004 was $(169,000) compared to a net decrease
in cash for the year ended March 31, 2003 of $(216,000). During the year ended March 31, 2004 the Partnership advanced $(141,000)
to troubled Local Limited Partnerships while $(168,000) was advanced during the year ended March 31, 2003 as discussed above.
During the year ended March 31, 2004 the Partnership collected reporting fees of $45,000 from Local Limited Partnerships compared
to $18,000 collected during the year ended March 31, 2003 as discussed above.  For the year ended March 31, 2004 the Partnership
paid the General Partner and affiliates approximately $(29,000) for reimbursement for expenses paid on behalf of the Partnership
compared to $(28,000) paid during the year ended March 31, 2003. The reimbursements of operating expenses are paid after management
reviews the cash position of the Partnership.



Year Ended March 31, 2003 Compared to Year
Ended March 31, 2002The net decrease in cash during the year ended March 31, 2003 was $(216,000) compared to a net decrease
in cash for the year ended March 31, 2002 of $(94,000). During the year ended March 31, 2003 the Partnership advanced $(168,000)
to troubled Local Limited Partnerships while no cash was advanced during the year ended March 31, 2002. During the year ended
March 31, 2003 the Partnership paid $(10,000) of capital contributions to a Local Limited Partnership compared to $(93,000) in
capital contributions paid to Local Limited Partnerships during the year ended March 31, 2003. Capital contributions are paid
when the Local Limited Partnership reaches certain benchmarks. During the year ended March 31, 2003 the Partnership collected
reporting fees of $18,000 from Local Limited Partnerships compared to $20,000 collected during the year ended March 31, 2002 as
discussed above.  For the year ended March 31, 2003 the Partnership paid the General Partner and affiliates approximately
$(28,000) for reimbursement for expenses paid on behalf of the Partnership compared to $(33,000) paid during the year ended March
31, 2002. The reimbursements of operating expenses are paid after management reviews the cash position of the Partnership.



Other Matters



During the year ended March 31, 2006, Associates
was advised that Lamar Plaza Apartments, (“Lamar Plaza”) a Local Limited Partnership, was experiencing a significant
drop in occupancy and thereby cash flow due to three major employers discontinuing operations in the area. As a result of the
foregoing, the Local Limited Partnership was added to the watch list and classified as a secondary concern level property. In
December of 2006, Lamar Plaza’s occupancy dropped to its lowest level to date, 36% occupancy. The Local General Partner
continued to meet Lamar Plaza’s cash flow deficit requirements and changed management agents in April 2007. Subsequent to
this management change, occupancy had steadily rebounded through aggressive marketing techniques to reach 97% as of March 31,
2008 with corresponding cash deficits on the decline. Occupancy had continued to hold steady at 96% with slight cash flow deficits
that were funded from reserves up until its sale on December 31, 2010.



Although Lamar Plaza was sold on December
31, 2010 the Local Limited Partnership continued to be monitored since the Compliance Period was not completed until December
31, 2012. It was revealed in 2011 that the economic occupancy to be 94%, indicating a consistent occupancy of above 90%. However,
the asset experienced a temporary reduction in occupancy during the third quarter of 2012, but ended the year with 100%. No recapture
of Low Income Housing Tax Credits was experience subsequent to the sale of this Local Limited Partnership. The investment balance
for Lamar Plaza as of March 31, 2007, 2006, 2005, 2004, and 2003 was $179,043, $301,977, $424,911, $547,845, and $631,872. The
Compliance Period for Lamar Plaza ends on December 31, 2012.



Another Local Limited Partnership, Wynwood
Place, L.P. (“Wynwood Place”), in which the Partnership owns a 99.98% interest, struggled with occupancy and cash
flow beginning in early 2002. The original Local General Partner funded operating deficits through May 2006 totaling $42,198,
at which time they sought and brought forth an acceptable replacement Local General Partner, Greystone Affordable Housing, GP,
LLC (“Greystone”). Associates approved this substitute Local General Partner as well as a related management agent
of Greystone to manage the property. Through the year ended March 31, 2008, Greystone had advanced $155,266 to meet operating
deficits and fund necessary renovation work at Wynwood Place. Occupancy and overall performance of the property has continued
to improve with Greystone as both general partner and management agent. The property continued to not be able to generate enough
cash flows to meet its financial obligations. A large storm in 2011 resulted in damage to the property that exceeded budgeted
repairs and maintenance expenditures by $28,000. Wynwood Place will remain on the watch list until such time acceptable performance
has been achieved and cash flows have improved.



41







Additionally, the management company also
evicted several long term residents for non-payment and criminal activity during 2012. The combination of vacancy losses, associated
turnover costs and capital expenditures incurred throughout the year caused the property to operate below its requirements. The
General Partner funded the year-end cash flow deficit by temporarily suspending replacement reserve deposits, deferring management
fees and reimbursable expenses due to the affiliated management company. The security deposit and escrow accounts remain fully
funded. The management company is focused on reducing expenses to decrease operating deficits. However, the property is budgeted
to operate at a deficit in 2013 and the General Partner is expected to continue to fund shortfalls. The investment balance for
Wynwood Place as of March 31, 2007, 2006, 2005, 2004, and 2003 was $76,925, $121,639, $220,703, $305,575, and $374,534, respectively.
The Compliance Period for Wynwood Place ends on December 31, 2013.



In the first quarter of 2013, Wynwood Place
continues to recover from the excessive vacancy loss which began the previous quarter. The management company has cleared out
the non-paying and problem residents and returned the occupancy to 96%. Ten new residents, which equates to 42%, moved in during
the quarter. As the replacement reserve account is depleted, all expenditures must be funded from the operating account, which
had a balance of $5,273 at the end of the reporting period. Although the operating deficit guarantee period has expired, the Local
General Partner remains available to fund cash deficits as needed.



Ashford Place Limited Partnership (“Ashford”)
a Local Limited Partnership has struggled for several years with high turnover and a market which has increasingly become more
competitive. Several factors have led to poor, property specific results over the past several years. Occupancy historically has
been soft, never higher than 90% for any successive quarters for the past three years. Additionally, rents at Ashford have not
kept pace with the increase in expenses, and as a result of the soft market conditions, cash flow has been negative since 2002.
As this has been a factor from the onset of operations, the original Local General Partner, Cowen Properties, Inc., was unable
to meet its financial obligations to the Local Limited Partnership and, as a result, Associates removed the original Local General
Partner in March 2002 and substituted WNC Oklahoma, LLC, an affiliated entity. Since inception of Ashford, the Partnership and
the General Partner of the Partnership have advanced $462,514 and $258,567 respectively to meet operating deficits as well as
capital needs requirements. Ashford had also been subjected to restrictive reserve requirements imposed by the mortgage lender.
However, WNC Oklahoma, LLC has been successful in having these requirements reduced which has had a beneficial effect on Ashford’s
operating expenses. As of 2011, Ashford has been under the watch of WNC’s Structured Assets Group (“SAG”). During
that time, SAG removed the managing agent Western Property Management in November 2011 and they were replaced with Professional
Property Management. With a new management team in place along with a new advertising plan to attract more tenants, as of May
2013, Ashford was able to bring its occupancy level to 100%. As of this filing date, Ashford is now current on all past due debt
with funds that were provided by the Partnership and the General Partner of the Partnership. The investment balance for Ashford
as of March 31, 2007, 2006, 2005, 2004, and 2003 was $456,516, $561,042, $692,556, $916,961, and $1,186,919. The Compliance Period
for Ashford ends on December 31, 2012.



The Partnership was advised during the year
ending March 31, 2003 that the Local Limited Partnership, Mesa Verde Apartments Limited Partnership (“Mesa Verde”)
and its original Local General Partner, were not meeting their various guarantee requirements and partnership operational deficit
needs. As a result, the Local General Partner was removed, and Associates brought in a substitute Local General Partner, Medlock
Charitable Foundation, Inc. (“Medlock”) as managing general partner as well as Shelter Resource Corporation (“Shelter”)
as general partner in November 2003. Medlock was unable to perform the general partner duties; therefore, Shelter became the new
managing general partner in September 2004, and remains the Local General Partner as of the date of this report.



Since the Local Limited Partnership’s
inception, there have been four managing agents providing property management services for Mesa Verde. Mesa Verde is currently
being managed by Vantage Property Management and has been since November 2006.



42







During 2003, occupancy dropped into the 60%
range and rebounded in late 2004 into the low 80s. During 2005, occupancy did reach into the high 80%s but collections were approximately
10% lower; this trend continued into 2006. From 2007 until the date of sale of the Local Limited Partnership, April 23, 2010,
Mesa Verde Apartments had been continuously experiencing occupancy issues falling as low as the 50’s and no higher than
the low 70’s in occupancy. During 2007, there were several incidents involving local authorities that were prevalent throughout
the market area and Mesa Verde. These incidents further impacted Mesa Verde’s occupancy, which dropped even further into
the low 70%s to high 60%s. Since early 2002, this property has operated with insufficient cash flow due to lower than anticipated
occupancy, poor rental collections, and high tenant turnover. Due to the extended period of time Mesa Verde has experienced negative
cash flow, the Partnership has funded over $1,000,000 for operations, capital needs, capital improvements, and to refinance the
original mortgage as described below. Mesa Verde Apartments has been on the watch list since March 2002 and remained there until
the date of sale, which occurred on April 23, 2010. The investment balance for Mesa Verde as of March 31, 2007, 2006, 2005, 2004,
and 2003 was $912,470, $1,553,214, $2,136,950, $2,388,203, and $2,670,155. The Compliance Period for Mesa Verde ends on December
31, 2012.



In July 2005, the primary mortgage was refinanced
with US Bank at a lowered interest rate of 6.17% and a reduced principal balance of $1,750,000. With the new principal balance,
the annual debt service was lowered by approximately $60,000. US Bank had declared that the first mortgage was in technical default
due to the DCR not staying within mandatory levels. Through negotiations, Associates was able to reach an agreement with US Bank.
Associates offered a plan that cured the DCR default which was accepted by US Bank and they in turn waived their prepayment/yield
maintenance provision of the mortgage where $150,000 will be written off for this provision in accordance with the sale of the
property.



The tax credit benefit stream ended in June
2008 for Mesa Verde. The General Partner elected to have Mesa Verde listed for sale at $2,300,000 with a national brokerage firm
as of September 12, 2008. Mesa Verde appraised at $2,300,000 on June 26, 2008. The sale of the property closed on April 23, 2010
under the provision that the buyer would assume the HOME loan from NFMA and would hold the loan on their books until 2017. When
the HOME loan compliance period ends in 2017, the loan will then be able to be written off and deemed paid in full. The HOME loan
will carry an interest rate of 0% and require no monthly payments.



Partnership’s Future Contractual Cash Obligations



The following table summarizes the Partnership’s
future contractual cash obligations as of March 31, 2007:



|                                      |  | 2008 |         |  | 2009 |   |        | 2010 |  |   | 2011   |  |  | 2012 |        |  | Thereafter |   |        | Total | 
|------------------------------------- |  | ---- | ------- |  | ---- | - | ------ | ---- |  | - | ------ |  |  | ---- | ------ |  | ---------- | - | ------ | ----- | 
|                                      |  |      |         |  |      |   |        |      |  |   |        |  |  |      |        |  |            |   |        |       | 
|Asset management
    fees(1)          |  | $    | 99,395  |  |      | $ | 60,500 |      |  | $ | 60,500 |  |  | $    | 55,492 |  |            | $ | 50,785 |       | 
|Payable to Local Limited Partnerships |  |      | 39,310  |  |      |   | -      |      |  |   | -      |  |  |      | -      |  |            |   | -      |       | 
|Total contractual cash obligations    |  | $    | 138,705 |  |      | $ | 60,500 |      |  | $ | 60,500 |  |  | $    | 55,492 |  |            | $ | 50,785 |       | 



| | (1) | Asset
                                                                                                                                                                                                                                                       management
                                                                                                                                                                                                                                                       fees
                                                                                                                                                                                                                                                       are
                                                                                                                                                                                                                                                       payable
                                                                                                                                                                                                                                                       annually
                                                                                                                                                                                                                                                       until
                                                                                                                                                                                                                                                       termination
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       Partnership,
                                                                                                                                                                                                                                                       which
                                                                                                                                                                                                                                                       is
                                                                                                                                                                                                                                                       to
                                                                                                                                                                                                                                                       occur
                                                                                                                                                                                                                                                       no
                                                                                                                                                                                                                                                       later
                                                                                                                                                                                                                                                       than
                                                                                                                                                                                                                                                       December
                                                                                                                                                                                                                                                       31,
                                                                                                                                                                                                                                                       2050.
                                                                                                                                                                                                                                                       The
                                                                                                                                                                                                                                                       estimate
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       fees
                                                                                                                                                                                                                                                       payable
                                                                                                                                                                                                                                                       included
                                                                                                                                                                                                                                                       herein
                                                                                                                                                                                                                                                       assumes
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       retention
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       Partnership’s
                                                                                                                                                                                                                                                       interest
                                                                                                                                                                                                                                                       in
                                                                                                                                                                                                                                                       all
                                                                                                                                                                                                                                                       Housing
                                                                                                                                                                                                                                                       Complexes
                                                                                                                                                                                                                                                       until
                                                                                                                                                                                                                                                       December
                                                                                                                                                                                                                                                       31,
                                                                                                                                                                                                                                                       2050.
                                                                                                                                                                                                                                                       Amounts
                                                                                                                                                                                                                                                       due
                                                                                                                                                                                                                                                       to
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       General
                                                                                                                                                                                                                                                       Partner
                                                                                                                                                                                                                                                       as
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       March
                                                                                                                                                                                                                                                       31,
                                                                                                                                                                                                                                                       2007
                                                                                                                                                                                                                                                       have
                                                                                                                                                                                                                                                       been
                                                                                                                                                                                                                                                       included
                                                                                                                                                                                                                                                       in
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       2008
                                                                                                                                                                                                                                                       column.
                                                                                                                                                                                                                                                       The
                                                                                                                                                                                                                                                       projected
                                                                                                                                                                                                                                                       asset
                                                                                                                                                                                                                                                       management
                                                                                                                                                                                                                                                       fees
                                                                                                                                                                                                                                                       do
                                                                                                                                                                                                                                                       not
                                                                                                                                                                                                                                                       include
                                                                                                                                                                                                                                                       Blessed
                                                                                                                                                                                                                                                       Rock
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       El
                                                                                                                                                                                                                                                       Monte,
                                                                                                                                                                                                                                                       a
                                                                                                                                                                                                                                                       CA
                                                                                                                                                                                                                                                       Limited
                                                                                                                                                                                                                                                       Partnership,
                                                                                                                                                                                                                                                       D.
                                                                                                                                                                                                                                                       Hilltop
                                                                                                                                                                                                                                                       Apartments,
                                                                                                                                                                                                                                                       Ltd.,
                                                                                                                                                                                                                                                       Lamar
                                                                                                                                                                                                                                                       Plaza
                                                                                                                                                                                                                                                       Apartments,
                                                                                                                                                                                                                                                       LP,
                                                                                                                                                                                                                                                       Mesa
                                                                                                                                                                                                                                                       Verde
                                                                                                                                                                                                                                                       Apartments,
                                                                                                                                                                                                                                                       Limited
                                                                                                                                                                                                                                                       Partnership,
                                                                                                                                                                                                                                                       The
                                                                                                                                                                                                                                                       North
                                                                                                                                                                                                                                                       Central
                                                                                                                                                                                                                                                       Limited
                                                                                                                                                                                                                                                       Partnership,
                                                                                                                                                                                                                                                       and
                                                                                                                                                                                                                                                       Woodland
                                                                                                                                                                                                                                                       Ltd.
                                                                                                                                                                                                                                                       in
                                                                                                                                                                                                                                                       each
                                                                                                                                                                                                                                                       year
                                                                                                                                                                                                                                                       due
                                                                                                                                                                                                                                                       to
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       subsequent
                                                                                                                                                                                                                                                       dispositions
                                                                                                                                                                                                                                                       discussed
                                                                                                                                                                                                                                                       in
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       earlier
                                                                                                                                                                                                                                                       exit
                                                                                                                                                                                                                                                       strategy
                                                                                                                                                                                                                                                       section.
                                                                                                                                                                                                                                                       The
                                                                                                                                                                                                                                                       General
                                                                                                                                                                                                                                                       Partner
                                                                                                                                                                                                                                                       does
                                                                                                                                                                                                                                                       not
                                                                                                                                                                                                                                                       anticipate
                                                                                                                                                                                                                                                       that
                                                                                                                                                                                                                                                       these
                                                                                                                                                                                                                                                       fees
                                                                                                                                                                                                                                                       will
                                                                                                                                                                                                                                                       be
                                                                                                                                                                                                                                                       paid
                                                                                                                                                                                                                                                       until
                                                                                                                                                                                                                                                       such
                                                                                                                                                                                                                                                       time
                                                                                                                                                                                                                                                       as
                                                                                                                                                                                                                                                       capital
                                                                                                                                                                                                                                                       reserves
                                                                                                                                                                                                                                                       are
                                                                                                                                                                                                                                                       in
                                                                                                                                                                                                                                                       excess
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       aggregate
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       existing
                                                                                                                                                                                                                                                       contractual
                                                                                                                                                                                                                                                       obligations
                                                                                                                                                                                                                                                       and
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       anticipated
                                                                                                                                                                                                                                                       future
                                                                                                                                                                                                                                                       foreseeable
                                                                                                                                                                                                                                                       obligations
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       Partnership.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



For additional information regarding our asset
management fees and payables to Local Limited Partnerships, see Notes 2, 3 and 5 to the financial statements included elsewhere
herein.



43







Off-Balance Sheet Arrangements



The Partnership has no off-balance sheet arrangements.



Exit Strategy



See Item 1 for information in this regard.



Impact of New Accounting Pronouncements



See footnote 1 to the audited financial statements.



Item 7A. Quantitative
and Qualitative Disclosures Above Market Risk



NOT APPLICABLE



Item 8. Financial
Statements and Supplementary Data



44







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, 2003 and 2002, and the related statements of operations, partners’ equity (deficit) and cash flows for the years ended
March 31, 2003, 2002 and 2001. 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
79% and 80% of the total assets of the Partnership at March 31, 2003 and 2002, respectively, and 97%, 98% and 100% of the Partnership’s
equity in losses of limited partnerships for the years ended March 31, 2003, 2002 and 2001, respectively. 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, 2003 and 2002, and
the results of its operations and its cash flows for the years ended March 31, 2003, 2002 and 2001, in conformity with accounting
principles generally accepted in the United States of America.



|/s/
    BDO Seidman, LLP | 
|------------------------ | 
|                         | 
|Costa Mesa, California   | 
|July 10, 2003            | 



F-1







Report
of Independent Registered Public Accounting Firm



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 (the Partnership) as of March 31, 2007, 2006, 2005 and 2004, and
the related statements of operations, partners’ equity (deficit), and cash flows for the years then ended. The Partnership’s
management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements
based on our audits. We did not audit the financial statements of certain Local Limited Partnerships which investments represent
$912,470, $1,553,214, $2,136,950 and $0, respectively, of the total Partnership assets as of March 31, 2007, 2006, 2005 and 2004,
and $322,216, $398,116, $251,254 and $0, respectively, of the total Partnership loss for the years then ended. Those statements
were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to those Local
Limited Partnerships, is based solely on the reports of the other auditors.



We conducted our audits
in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.
The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.
Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s
internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements, 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 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 as of March 31, 2007, 2006, 2005 and 2004, and
the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted
in the United States of America.



Our audits were conducted
for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedule listed under Item 15(a)(2)
in the index related to the years ended March 31, 2007, 2006, 2005 and 2004 is presented for the purpose of complying with the
Securities and Exchange Commission’s rules and is not part of the basic financial statements. This schedule has been subjected
to the auditing procedures applied to the audits of the basic financial statements and, in our opinion, fairly states in all material
respects the financial statement data required to be set forth therein in relation to the basic financial statements taken as
a whole.



|/s/
    CohnReznick LLP | 
|----------------------- | 
|                        | 
|Bethesda,
    Maryland  | 
|November 4, 2013        | 



F-2







PAILET, MEUNIER and LeBLANC,
L.L.P.

Certified Public Accountants

Management Consultants



INDEPENDENT
AUDITOR’S REPORT



To the Partners

MESA VERDE
APARTMENTS, L.P.

Roswell,
New Mexico



We
have audited the accompanying balance sheet of MESA VERDE APARTMENTS, L.P., as of December 31, 2003 and the related statements
of operations, changes in partners’ equity (deficit) and cash flows for the year then ended. 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.



We
conducted our audit in accordance with the Standards of the Public Company Accounting Oversight Board (United States). 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 audit provides a reasonable basis for our opinion.



In
our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of MESA
VERDE APARTMENTS, L.P. as of December 31, 2003 and the results of its operations, changes in partners’ equity and cash flows
for the year then ended in conformity with accounting principles generally accepted in the United States of America.





Metairie,
Louisiana

June 13,
2007



3421 N. Causeway Blvd.,
Suite 701. Metairie, LA 70002.     Telephone (504) 837-0770. Fax (504) 837-7102

Member of

IGAF Worldwide - Member
Firms in Principal Cities. PCAOB - Public Company Accounting Oversight BoardAICPA Centers. Center for Public Company Audit Firms (SEC)Governmental Audit Quality Center. Private Companies Practice Section (PCPS)





F-3







PAILET,
MEUNIER and LeBLANC, L.L.P.

Certified
Public Accountants

Management
Consultants



INDEPENDENT
AUDITOR’S REPORT



To the Partners

MESA VERDE
APARTMENTS, L.P.

Roswell,
New Mexico



We
have audited the accompanying balance sheet of MESA VERDE APARTMENTS, L.P., as of December 31, 2004 and the related statements
of operations, changes in partners’ equity (deficit) and cash flows for the year then ended. 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.



We
conducted our audit in accordance with the Standards of the Public Company Accounting Oversight Board (United States). 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 audit provides a reasonable basis for our opinion.



In
our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of MESA
VERDE APARTMENTS, L.P. as of December 31, 2004 and the results of its operations, changes in partners’ equity and cash flows
for the year then ended in conformity with accounting principles generally accepted in the United States of America.





Metairie,
Louisiana

August
29, 2006



3421 N. Causeway Blvd.,
Suite 701. Metairie, LA 70002.        Telephone (504) 837-0770 . Fax (504) 837-7102

Member of

IGAF Worldwide - Member
Firms in Principal Cities. PCAOB - Public Company Accounting Oversight Board

AICPA Centers . Center for
Public Company Audit Firms (SEC)

Governmental Audit Quality
Center. Private Companies Practice Section (PCPS)



F-4









PAILET, MEUNIER and LeBLANC, L.L.P.

Certified Public Accountants

Management Consultants



INDEPENDENT AUDITOR’S
REPORT



To the Partners

MESA VERDE APARTMENTS, L.P.

Roswell, New Mexico



We have audited the
accompanying balance sheets of MESA VERDE APARTMENTS, L.P., as of December 31, 2005 and 2004 and the related statements of operations,
changes in partners’ equity (deficit) and cash flows for the years then ended. 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.



We conducted our audits
in accordance with the Standards of the Public Company Accounting Oversight Board (United States). 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 provide a reasonable basis for our opinion.



In our opinion, the
financial statements referred to above present fairly, in all material respects, the financial position of MESA VERDE APARTMENTS,
L.P. as of December 31, 2005 and 2004 and the results of its operations, changes in partners’ equity and cash flows for
the years then ended in conformity with accounting principles generally accepted in the United States of America.







Metairie, Louisiana

February 10, 2007



3421 N. Causeway Blvd., Suite 701. Metairie,
LA 70002.      Telephone (504) 837-0770 . Fax (504) 837-7102

Member of

IGAF Worldwide - Member Firms in Principal
Cities . PCAOB - Public Company Accounting Oversight Board

AICPA Centers . Center for Public Company
Audit Firms (SEC)

Governmental Audit Quality Center .
Private Companies Practice Section (PCPS)





F-5







PAILET, MEUNIER and LeBLANC,
L.L.P.

Certified Public Accountants

Management Consultants



INDEPENDENT AUDITOR’S
REPORT



To the Partners

MESA VERDE APARTMENTS, LP.

Roswell, New Mexico



We have audited the accompanying
balance sheets of MESA VERDE APARTMENTS, L.P., as of December 31, 2006 and 2005 and the related statements of operations, changes
in partners’ equity (deficit) and cash flows for the years then ended. 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.



We conducted our audits
in accordance with the Standards of the Public Company Accounting Oversight Board (United States). 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 provide a reasonable basis for our opinion.



In our opinion, the financial
statements referred to above present fairly, in ail material respects, the financial position of MESA VERDE APARTMENTS, L.P. as
of December 31, 2006 and 2005 and the results of its operations, changes in partners’ equity and cash flows for the years
then ended in conformity with accounting principles generally accepted in the United States of America.





Metairie, Louisiana

April 27, 2007



3421 N. Causeway Blvd.,
Suite 701. Metairie, LA 70002.     Telephone (504) 837-0770. Fax (504) 837-7102

Member of

IGAF Worldwide - Member
Firms in Principal Cities. PCAOB - Public Company Accounting Oversight BoardAICPA Centers. Center for Public Company Audit Firms (SEC)Governmental Audit Quality Center. Private Companies Practice Section (PCPS)



F-6









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

(A California Limited
Partnership)



BALANCE SHEETS



|                                                                                                                                                              |  | March
    31,
|------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------
|                                                                                                                                                              |  |              
|                                                                                                                                                              |  | 2007         
|ASSETS                                                                                                                                                        |  |              
|Cash                                                                                                                                                          |  | $            
|Prepaid expenses                                                                                                                                              |  |              
|Investments in Local Limited Partnerships, net (Notes 2 and 3)                                                                                                |  |              
|Due from affiliates                                                                                                                                           |  |              
|                                                                                                                                                              |  |              
|Total Assets                                                                                                                                                  |  | $            
|                                                                                                                                                              |  |              
|LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)                                                                                                                    |  |              
|                                                                                                                                                              |  |              
|Liabilities:                                                                                                                                                  |  |              
|Payables to Local Limited Partnerships (Note
    5)                                                                                                           |  | $            
|Accrued fees and advances due to General
    Partner and affiliates (Note 3)                                                                                  |  |              
|                                                                                                                                                              |  |              
|Total Liabilities                                                                                                                                             |  |              
|                                                                                                                                                              |  |              
|Partners’ Equity (Deficit)                                                                                                                                    |  |              
|General Partner                                                                                                                                               |  |              
|Limited Partners (25,000 Partnership Units
    authorized; 21,990, 21,990, 21,990, 21,990, and 22,000 Partnership Units issued and outstanding, respectively) |  |              
|                                                                                                                                                              |  |              
|Total Partners’ Equity (Deficit)                                                                                                                              |  |              
|                                                                                                                                                              |  |              
|Total Liabilities and Partners’
    Equity (Deficit)                                                                                                          |  | $            





See accompanying notes to financial statements



F-7







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

(A California Limited Partnership)



STATEMENTS OF OPERATIONS



|                                                                  |  | For
    the Years Ended March 31,
|----------------------------------------------------------------- |  | ---------------------------------
|                                                                  |  | 2007                             
|                                                                  |  |                                  
|Reporting fees                                                    |  | $                                
|                                                                  |  |                                  
|Operating expenses and loss:                                      |  |                                  
|Amortization (Notes 2 and 3)                                      |  |                                  
|Asset management fees (Note 3)                                    |  |                                  
|Impairment loss (Note 2)                                          |  |                                  
|Accounting and legal fees                                         |  |                                  
|Write off of advances to Local Limited  Partnerships
    (Note 5) |  |                                  
|Other                                                             |  |                                  
|Total operating expenses and loss                                 |  |                                  
|                                                                  |  |                                  
|Loss from operations                                              |  |                                  
|                                                                  |  |                                  
|Equity in losses of Local Limited Partnerships (Note
    2)       |  |                                  
|                                                                  |  |                                  
|Interest income                                                   |  |                                  
|                                                                  |  |                                  
|Net loss                                                          |  | $                                
|                                                                  |  |                                  
|Net loss allocated to:                                            |  |                                  
|General Partner                                                   |  | $                                
|Limited Partners                                                  |  | $                                
|                                                                  |  |                                  
|Net loss per Partnership Unit                                     |  | $                                
|                                                                  |  |                                  
|Outstanding weighted Partnership Units                            |  |                                  



See accompanying notes
to financial statements



F-8







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, 2007, 2006, 2005, 2004, 2003 and 2002



|                                             |  | General
    Partner |          |   | Limited
    Partners |   |            | Total | 
|-------------------------------------------- |  | ------------------- | -------- | - | -------------------- | - | ---------- | ----- | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Partners’ equity (deficit) at March 31, 2001 |  | $                   | (67,635  | ) |                      | $ | 15,210,170 |       | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Net loss                                     |  |                     | (8,314   | ) |                      |   | (823,096   | )     | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Partners’ equity (deficit) at March 31, 2002 |  |                     | (75,949  | ) |                      |   | 14,387,074 |       | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Net loss                                     |  |                     | (12,401  | ) |                      |   | (1,227,650 | )     | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Partners’ equity (deficit) at March 31, 2003 |  |                     | (88,350  | ) |                      |   | 13,159,424 |       | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Net loss                                     |  |                     | (14,896  | ) |                      |   | (1,474,675 | )     | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Partners’ equity (deficit) at March 31, 2004 |  |                     | (103,246 | ) |                      |   | 11,684,749 |       | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Net loss                                     |  |                     | (18,090  | ) |                      |   | (1,790,891 | )     | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Partners’ equity (deficit) at March 31, 2005 |  |                     | (121,336 | ) |                      |   | 9,893,858  |       | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Net loss                                     |  |                     | (24,389  | ) |                      |   | (2,414,518 | )     | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Partners’ equity (deficit) at March 31, 2006 |  |                     | (145,725 | ) |                      |   | 7,479,340  |       | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Net loss                                     |  |                     | (22,186  | ) |                      |   | (2,196,445 | )     | 
|                                             |  |                     |          |   |                      |   |            |       | 
|Partners’ equity (deficit) at March 31, 2007 |  | $                   | (167,911 | ) |                      | $ | 5,282,895  |       | 



See accompanying notes
to financial statements



F-9







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

(A California Limited Partnership)



STATEMENTS OF CASH FLOWS



|                                                                                           |  | For
    The Years Ended March 31,
|------------------------------------------------------------------------------------------ |  | ---------------------------------
|                                                                                           |  |                                  
|                                                                                           |  | 2007                             
|                                                                                           |  |                                  
|Cash flows from operating activities:                                                      |  |                                  
|Net loss                                                                                   |  | $                                
|Adjustments to reconcile net loss to net cash
    used in operating activities:            |  |                                  
|Amortization                                                                               |  |                                  
|Impairment loss                                                                            |  |                                  
|Equity in losses of Local Limited Partnerships                                             |  |                                  
|(Increase) decrease in prepaid expenses                                                    |  |                                  
|Increase (decrease) in accrued fees and
    expenses due to General Partner and affiliates |  |                                  
|                                                                                           |  |                                  
|Net cash used in operating activities                                                      |  |                                  
|                                                                                           |  |                                  
|Cash flows from investing activities:                                                      |  |                                  
|Contributions to Local Limited Partnerships                                                |  |                                  
|Distributions from Local Limited Partnerships                                              |  |                                  
|Advances to Local Limited Partnerships                                                     |  |                                  
|Repayment of advances to Local Limited Partnerships                                        |  |                                  
|Write off of advances to Local Limited Partnerships                                        |  |                                  
|                                                                                           |  |                                  
|Net cash provided by (used in) investing
    activities                                    |  |                                  
|                                                                                           |  |                                  
|Net decrease in cash                                                                       |  |                                  
|                                                                                           |  |                                  
|Cash, beginning of year                                                                    |  |                                  
|                                                                                           |  |                                  
|Cash, end of year                                                                          |  | $                                
|                                                                                           |  |                                  
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                                           |  |                                  
|                                                                                           |  |                                  
|Taxes paid                                                                                 |  | $                                



(continued)



F-10







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

(A California Limited Partnership)



STATEMENTS OF CASH FLOWS - CONTINUED



|                                                                                |  | For
    The Years Ended March 31,
|------------------------------------------------------------------------------- |  | ---------------------------------
|                                                                                |  |                                  
|                                                                                |  | 2004                             
|                                                                                |  |                                  
|Cash flows from operating activities:                                           |  |                                  
|Net loss                                                                        |  | $                                
|Adjustments to reconcile net loss to net cash
    used in operating activities: |  |                                  
|Amortization                                                                    |  |                                  
|Impairment loss                                                                 |  |                                  
|Equity in losses of Local Limited Partnerships                                  |  |                                  
|Decrease in due from affiliates                                                 |  |                                  
|Increase in accrued fees and expenses
    due to General Partner and affiliates |  |                                  
|                                                                                |  |                                  
|Net cash used in operating activities                                           |  |                                  
|                                                                                |  |                                  
|Cash flows from investing activities:                                           |  |                                  
|Contributions to Local Limited Partnerships                                     |  |                                  
|Distributions from Local Limited Partnerships                                   |  |                                  
|Advances to Local Limited Partnerships                                          |  |                                  
|Write off of advances to Local Limited Partnerships                             |  |                                  
|                                                                                |  |                                  
|Net cash used in investing activities                                           |  |                                  
|                                                                                |  |                                  
|Net decrease in cash                                                            |  |                                  
|                                                                                |  |                                  
|Cash, beginning of year                                                         |  |                                  
|                                                                                |  |                                  
|Cash, end of year                                                               |  | $                                
|                                                                                |  |                                  
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                                |  |                                  
|                                                                                |  |                                  
|Taxes paid                                                                      |  | $                                



See accompanying notes
to financial statements



F-11







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

(A California Limited
Partnership)



NOTES TO FINANCIAL
STATEMENTS



For the Years Ended
March 31, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 1 – ORGANIZATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES



Organization



WNC Housing Tax Credit Fund V, L.P., Series
4 (the “Partnership”) is a California Limited Partnership formed under the laws of the State of California on July
26, 1995, and commenced operations on July 1, 1996. The Partnership was formed to acquire limited partnership interests in other
limited partnerships (“Local Limited Partnerships”) which own multi-family or senior housing complexes (“Housing
Complexes”) that are eligible for Federal low income housing tax credits (“Low Income Housing Tax Credits”).
The local general partners (the “Local General Partners”) of each Local Limited Partnership retain responsibility
for maintaining, operating and managing the Housing Complex. Each Local Limited Partnership is governed by its agreement of limited
partnership (the “Local Limited Partnership Agreement”).



The general partner of the Partnership is
WNC & Associates, Inc. (the “General Partner” or “Associates”). The chairman and the president of
Associates owns 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.



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 of limited partnership interest (“Partnership Units”) at $1,000 per Partnership Unit. The offering
of Partnership Units had concluded in July 11, 1997, at which time 22,000 Partnership Units representing subscriptions in the
amount of $21,914,830, net of discounts 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, cash available for distribution
from the Partnership and Low Income Housing Tax Credits of the Partnership. The investors (the “Limited Partners”)
in the Partnership will be allocated the remaining 99% of these items in proportion to their respective investments.



The proceeds
from the disposition of any of the Housing Complexes will be used first to pay debts and other obligations per the respective
Local Limited Partnership Agreement. Any remaining proceeds will then be paid to the partners of the Local Limited Partnership,
including the Partnership, in accordance with the terms of the particular Local Limited Partnership Agreement.The sale
of a Housing Complex may be subject to other restrictions and obligations. Accordingly, there can be no assurance that a Local
Limited Partnership will be able to sell its Housing Complex. Even if it does so, there can be no assurance that any significant
amounts of cash will be distributed to the Partnership. Should such distributions occur, the Limited
Partners will be entitled to receive distributions from the proceeds remaining after payment of Partnership obligations and funding
reserves, equal to their capital contributions and their return on investment (as defined in the Partnership Agreement). The General
Partners would then be entitled to receive proceeds equal to their capital contributions 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.



F-12







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 1 – ORGANIZATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES, continued



Risks
and Uncertainties



An investment in the Partnership and the Partnership’s
investments in Local Limited Partnerships and their Housing Complexes are subject to risks. These risks may impact the tax benefits
of an investment in the Partnership, and the amount of proceeds available for distribution to the Limited Partners, if any, on
liquidation of the Partnership’s investments. Some of those risks include the following:



The Low Income Housing Tax Credits rules are
extremely complicated. Noncompliance with these rules results in the loss of future Low Income Housing Tax Credits and the fractional
recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that
an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income. The Local Limited
Partnerships may be unable to sell the Housing Complexes at a price which would result in the Partnership realizing cash distributions
or proceeds from the transaction. Accordingly, the Partnership may be unable to distribute any cash to its Limited Partners. Low
Income Housing Tax Credits may be the only benefit from an investment in the Partnership.



The Partnership has invested in a limited
number of Local Limited Partnerships. Such limited diversity means that the results of operation of each single Housing Complex
will have a greater impact on the Partnership. With limited diversity, poor performance of one Housing Complex could impair the
Partnership’s ability to satisfy its investment objectives. Each Housing Complex is subject to mortgage indebtedness. If
a Local Limited Partnership failed to pay its mortgage, it could lose its Housing Complex in foreclosure. If foreclosure were
to occur during the first 15 years, the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of
prior Low Income Housing Tax Credits, and a loss of the Partnership’s investment in the Housing Complex would occur. The
Partnership is a limited partner or non-managing member of each Local Limited Partnership. Accordingly, the Partnership will have
very limited rights with respect to management of the Local Limited Partnerships. The Partnership will rely totally on the Local
General Partners. Neither the Partnership’s investments in Local Limited Partnerships, nor the Local Limited Partnerships’
investments in Housing Complexes, are 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 interests in Local Limited Partnerships; limitations on removal of Local General
Partners; limitations on subsidy programs; and possible changes in applicable regulations. Uninsured casualties could result in
loss of property and Low Income Housing Tax Credits and recapture of Low Income Housing Tax Credits previously taken. The value
of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental,
land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among others.



The ability of Limited Partners to claim tax
losses from the Partnership is limited. The IRS may audit the Partnership or a Local Limited Partnership and challenge the tax
treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the Limited Partners could be
reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment
in the Partnership. Changes in tax laws could also impact the tax benefits from an investment in the Partnership and/or the value
of the Housing Complexes.



No trading market for the Partnership Units
exists or is expected to develop. Limited Partners may be unable to sell their Partnership Units except at a discount and should
consider their Partnership Units to be a long-term investment. Individual Limited Partners will have no recourse if they disagree
with actions authorized by a vote of the majority of Limited Partners.



F-13







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 1 – ORGANIZATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES, continued



Exit Strategy



The Compliance Period for a Housing Complex
is generally 15 years following construction or rehabilitation completion. Associates were one of the first in the industry to
offer syndicated investments in Low Income Housing Tax Credits. The initial programs have completed their Compliance Periods.



Upon the sale of a Local Limited Partnership
Interest or Housing Complex after the end of the Compliance Period, there would be no recapture of Low Income Housing Tax Credits.
A sale prior to the end of the Compliance Period could result in recapture if certain conditions are not met.



With that in mind, the General Partner is
continuing its review of the Housing Complexes. The review considers many factors, including extended use requirements (such as
those due to mortgage restrictions or state compliance agreements), the condition of the Housing Complexes, and the tax consequences
to the Limited Partners from the sale of the Housing Complexes.



Upon identifying those Housing Complexes with
the highest potential for a successful sale, refinancing or re-syndication, the Partnership expects to proceed with efforts to
liquidate them. The objective is to maximize the Limited Partners’ return wherever possible and, ultimately, to wind down
the Partnership as Low Income Housing Tax Credits are no longer available. Local Limited Partnership Interests may be disposed
of any time by the General Partner in its discretion. While liquidation of the Housing Complexes continues to be evaluated, the
dissolution of the Partnership was not imminent as of March 31, 2007.



The proceeds from the disposition of any of
the Housing Complexes will be used first to pay debts and other obligations per the respective Local Limited Partnership Agreement.
Any remaining proceeds will then be paid to the partners of the Local Limited Partnership, including the Partnership, in accordance
with the terms of the particular Local Limited Partnership Agreement. The sale of a Housing Complex may be subject to other restrictions
and obligations. Accordingly, there can be no assurance that a Local Limited Partnership will be able to sell its Housing Complex.
Even if it does so, there can be no assurance that any significant amounts of cash will be distributed to the Partnership, as
the proceeds first would be used to pay Partnership obligations and funding of reserves.



Subsequent to March 31, 2007 the Partnership
identified and sold the Housing Complexes of Mesa Verde Apartments, L.P. (“Mesa Verde”), The North Central Limited
Partnership (“The North Central”) and Blessed Rock of El Monte. A CA Limited Partnership (“Blessed Rock). The
Partnership also identified and sold its Local Limited Partnership interests in Lamar Plaza Apartments, LP, D. Hilltop Apartments,
Ltd., Woodland, Ltd., and Greyhound Associates I, L.P subsequent to March 31, 2007.



F-14







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 1 – ORGANIZATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES, continued



The following table reflects the dispositions
that occurred subsequent to March 31, 2007:



|Local
    Limited Partnership                             |  | Debt
    at
    prior 12/31
    before sale
    date |           |  | Appraisal
    Value |   |           | Date
    of
    Sale |  |           | Sales
    Proceeds |  |   | Actual
    Sale
    Related
    Expenses |           |  | Investment
    balance at
    date of sale |  |       | Gain
    (loss)
    on sale | 
|--------------------------------------------------------- |  | ---------------------------------------------------- | --------- |  | ------------------- | - | --------- | -------------------- |  | --------- | ------------------ |  | - | ---------------------------------------- | --------- |  | ------------------------------------------ |  | ----- | --------------------------- | 
|Mesa Verde Apartments, L.P. (*)                           |  | $                                                    | 1,919,353 |  |                     | $ | 2,300,000 |                      |  | 4/23/2010 |                    |  | $ | 137,413                                  |           |  | $              -                           |  |       | $                  -        | 
|The North Central Limited Partnership(*)                  |  |                                                      | 313,264   |  |                     |   | 640,000   |                      |  |           | 3/23/2011          |  |   |                                          | 225,967   |  |                                            |  | 992   |                             | 
|Blessed Rock of El Monte, a CA Limited Partnership        |  |                                                      | 2,054,000 |  |                     |   | 6,910,000 |                      |  |           | 4/12/2013          |  |   |                                          | 2,355,384 |  |                                            |  | 2,250 |                             | 
|Lamar Plaza Apartments, LP(*)                             |  |                                                      | 651,285   |  |                     |   | 330,000   |                      |  |           | 12/31/2010         |  |   |                                          | 20,000    |  |                                            |  | -     |                             | 
|D. Hilltop Apartments, Ltd.                               |  |                                                      | 415,909   |  |                     |   | 220,000   |                      |  |           | 8/1/2012           |  |   |                                          | 20,000    |  |                                            |  | 3,047 |                             | 
|Woodland, Ltd                                             |  |                                                      | 1,341,720 |  |                     |   | 226,000   |                      |  |           | 7/31/2013          |  |   |                                          | 28,001    |  |                                            |  | 2,500 |                             | 
|Greyhound Associates I, L.P                               |  |                                                      | 435,203   |  |                     |   | 115,000   |                      |  |           | 8/31/2013          |  |   |                                          | 5,000     |  |                                            |  | 2,600 |                             | 
|Crescent City Apartment, a California Limited Partnership |  |                                                      | 2,681,206 |  |                     |   | 320,000   |                      |  |           | 10/1/2013          |  |   |                                          | 50,000    |  |                                            |  | 7,334 |                             | 



(*)The Compliance
Periods for the Local Limited Partnerships expired after the respective date of sale. The respective purchasers have guaranteed
that the Local Limited Partnerships will stay in compliance with the Low Income Housing Tax Credit code, therefore there is no
risk of recapture to the investors of the Partnership.



The following table represents the use of
the cash proceeds from the dispositions of the Local Limited Partnerships that were disposed of subsequent to March 31, 2007:



|Local
    Limited Partnership                             |  | Cash
    Proceeds |           |  | Reimburse
    GP or affiliates
    for expenses |   |        | Payment
    of
    accrued asset
    management fees |  |   | Remaining cash
    to remain in  reserves for
    future expenses | 
|--------------------------------------------------------- |  | ----------------- | --------- |  | ----------------------------------------------- | - | ------ | ---------------------------------------------------- |  | - | ----------------------------------------------------------------- | 
|Mesa Verde Apartments, L.P.                               |  | $                 | 137,413   |  |                                                 | $ | 90,900 |                                                      |  | $ | -                                                                 | 
|The North Central Limited Partnership                     |  |                   | 225,967   |  |                                                 |   | 36,000 |                                                      |  |   | 88,719                                                            | 
|Blessed Rock of El Monte, a CA Limited Partnership        |  |                   | 2,355,384 |  |                                                 |   | 25,852 |                                                      |  |   | 966,695                                                           | 
|Lamar Plaza Apartments, LP                                |  |                   | 20,000    |  |                                                 |   | 14,000 |                                                      |  |   | -                                                                 | 
|D. Hilltop Apartments, Ltd.                               |  |                   | 20,000    |  |                                                 |   | 11,775 |                                                      |  |   | -                                                                 | 
|Woodland, Ltd                                             |  |                   | 28,001    |  |                                                 |   | 23,000 |                                                      |  |   | -                                                                 | 
|Greyhound Associates I, L.P                               |  |                   | 5,000     |  |                                                 |   | -      |                                                      |  |   | -                                                                 | 
|Crescent City Apartment, a California Limited Partnership |  |                   | 50,000    |  |                                                 |   | -      |                                                      |  |   | 21,868                                                            | 



F-15







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 1 – ORGANIZATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES, continued



Subsequent
to March 31, 2007, the Partnership has identified the following Local Limited Partnerships for possible disposition as listed
in the table below. Once the sales are finalized, the Partnership will use the cash proceeds to reimburse the General Partner
or an affiliate for expenses paid on its behalf or pay accrued asset management fees. Any remaining proceeds will be placed in
the Partnership’s reserves for future operating expenses. No distributions will be made to the Limited Partners.



|Local
    Limited  Partnership    |  | Expected
     closing date |  | Appraisal
    value |           |  | Mortgage
    balance of
    Local Limited
    Partnership |   |           | Estimated
     sales price |  |   | Appraisal
     expense |  |  | Estimated
     gain on  sale |      
|--------------------------------- |  | -------------------------- |  | ------------------- | --------- |  | --------------------------------------------------------- | - | --------- | -------------------------- |  | - | ---------------------- |  |  | ---------------------------- | -----
|Ashford Place Limited Partnership |  | 1/31/2014                  |  | $                   | 2,560,000 |  |                                                           | $ | 2,612,803 |                            |  | $ | 5,000                  |  |  | $                            | 3,000
|Cleveland Apartments, L.P         |  | 12/31/2013                 |  |                     | 1,070,000 |  |                                                           |   | 1,471,060 |                            |  |   | 50,000                 |  |  |                              | -    



The Compliance
Period for Ashford Place Limited Partnership has expired as the date of the sales so there is no risk of tax credit recapture
to the investors in the Partnership. The Compliance period for Cleveland Apartments expires December 31, 2014. The purchaser has
guaranteed that the Local Limited Partnerships will stay in compliance with the Low Income Housing Tax Credit code, therefore
there is no risk of recapture to the investors of the Partnership.



Method
of Accounting For Investments in Local Limited Partnerships



The Partnership accounts for its investments
in Local Limited Partnerships using the equity method of accounting, whereby the Partnership adjusts its investment balance for
its share of the Local Limited Partnerships’ results of operations and for any contributions made and distributions received.
The Partnership reviews the carrying amount of an individual investment in a Local Limited Partnership for possible impairment
at least annually or whenever events or changes in circumstances indicate that the carrying amount of such investment may not
be recoverable. Recoverability of such investment is measured by the estimated value derived by management, generally consisting
of the sum of the remaining future Low Income Housing Tax Credits estimated to be allocable to the Partnership and the estimated
residual value to the Partnership. If an investment is considered to be impaired, the Partnership reduces the carrying value of
its investment in any such Local Limited Partnership. The accounting policies of the Local Limited Partnerships, generally, are
expected to be consistent with those of the Partnership. Costs incurred by the Partnership in acquiring the investments are capitalized
as part of the investment account and were being amortized over 30 years. (See Notes 2 and 3)



F-16







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 1 – ORGANIZATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES, continued



“Equity in losses of Local Limited Partnerships”
for each year ended March 31 has been recorded by the Partnership based on the twelve months of reported results provided by the
Local Limited Partnerships for each year ended December 31. Equity in losses from the Local Limited Partnerships allocated to
the Partnership is not recognized to the extent that the investment balance would be adjusted below zero. 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. For all periods
presented, as soon as the investment balance reached zero, the related costs of acquiring the investment were impaired.



Distributions received from the Local Limited
Partners are accounted for as a reduction of the investment balance. Distributions received after the investment has reached zero
are recognized as distribution income. As of March 31, 2007, 2006, 2005, 2004 2003, and 2002, the Partnership had reduced the
carrying amount to $0 with respect to three, two, two, one, one, and one, respectively, of its investment accounts in Local Limited
Partnerships had reached zero.



The Partnership does not consolidate the accounts
and activities of the Local Limited Partnerships which a Variable Interest Entities under Financial Accounting Standards Board
Interpretation No. 46-Revised, “Consolidation of Variable Interest Entities”, because the Partnership is not considered
the primary beneficiary. The Partnership’s balance in Investments in Local Limited Partnerships represents the maximum exposure
to loss in connection with such investments. The Partnership’s exposure to loss on the Local Limited Partnerships I mitigated
by the condition and financial performance of the underlying Housing Complexes as well as the strength of the Local General Partners.



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 original maturities of three months or less when purchased to be cash equivalents.
For all periods presented, the Partnership had no cash equivalents.



Concentration of Credit Risk



For all periods presented, the Partnership
maintained cash and cash equivalent balances at certain financial institutions in excess of the federally insured maximum. The
Partnership believes it is not exposed to any significant financial risk on cash.



Reporting Comprehensive Income



The Partnership
had no items of other comprehensive income for all periods presented.



Net Loss
Per Partnership Unit



Net loss
per Partnership Unit includes no dilution and is computed by dividing loss allocated to Limited Partners by the weighted average
Partnership Units outstanding during the period. Calculation of diluted net loss per Partnership Unit is not required.



F-17







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES, continued



Income
Taxes



The Partnership has elected to be treated
as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income,
deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. 
The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly,
the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required
to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial
statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered
for disclosure. Income tax returns filed by the Partnership are subject to examination by the Internal Revenue Service for a period
of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009
remain open.



Revenue Recognition



The Partnership is entitled to receive reporting
fees from the Local Limited Partnerships. The intent of the reporting fees is to offset (in part) administrative costs incurred
by the Partnership in corresponding with the Local Limited Partnerships. Due to the uncertainty of the collection of these fees,
the Partnership recognizes reporting fees as collections are made.



Reclassifications



Certain
reclassifications have been made to the 2003 and 2002 financial statements to be consistent with the 2007, 2006, 2005 and 2004
presentation.



Amortization



Acquisition fees and costs are being amortized
over 30 years using the straight-line method. Amortization expense for the year ended March 31, 2007, 2006, 2005, 2004, 2003 and
2002 was $53,399, $54,358, $57,520, $59,275, $59,564 and $59,564, respectively. Estimated amortization for each of the ensuing
years through March 31, 2012 is $50,520 annually.



Impairment



The Partnership reviews its investments in
Local Limited Partnerships for impairment at least annually or whenever events or changes in circumstances indicate that the carrying
value of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment
to the sum of the total amount of the remaining Low Income Housing Tax Credits allocated to the Partnership and any estimated
residual value of the investment. For the years ended March 31, 2007, 2006, 2005, 2004, 2003 and 2002 impairment loss related
to investments in Local Limited Partnerships was $1,186,381, $1,459,091, $547,547, $237,163, $0 and $0, respectively.



For all periods presented, when the value
of the Partnership’s investment in a Local Limited Partnership had been reduced to zero, the respective net acquisition
fees and costs component of investments in Local Limited Partnerships were written off. For the years ended March 31, 2007, 2006,
2005, 2004, 2003 and 2002, $95,010, $0, $94,624, $25,476, $13,298 and $0, respectively, was written off and included in equity
in losses of Local Limited Partnerships.



F-18







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 1 – ORGANIZATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES, continued



Impact of Recent Accounting Pronouncements



In September 2006, the Financial Accounting
Standards Board (“FASB”) issued accounting guidance for Fair Value Measurements, which defines fair value, establishes
a framework for measuring fair value and expands disclosure about fair value measurements. This guidance is effective for financial
statements issued for fiscal years beginning after November 15, 2007 and shall be applied prospectively except for very limited
transactions. In February 2008, the FASB delayed for one year implementation of the guidance as it pertains to certain non-financial
assets and liabilities. The Partnership adopted GAAP for Fair Value Measurements effective April 1, 2008, except as it applies
to those non-financial assets and liabilities, for which the effective date was April 1, 2009. The Partnership has determined
that adoption of this guidance is not expected to have a material impact on the Partnership’s financial statements.



In February 2007, the FASB issued accounting
guidance for The Fair Value Option for Financial Assets and Financial Liabilities. This guidance permits entities to choose to
measure many financial instruments and certain other items at fair value. The fair value election is designed to improve financial
reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets
and liabilities differently without having to apply complex hedge accounting provisions. It is effective for fiscal years beginning
after November 15, 2007. On April 1, 2008, the Partnership adopted GAAP for The Fair Value Option for Financial Assets and
Financial Liabilities and elected not to apply the provisions to its eligible financial assets and financial liabilities on the
date of adoption. Accordingly, the initial application of the guidance is not expected to have an effect on the Partnership.



In November 2008, the FASB issued accounting
guidance on Equity Method Investment Accounting Considerations that addresses how the initial carrying value of an equity method
investment should be determined, how an impairment assessment of an underlying indefinite-lived intangible asset of an equity
method investment should be performed, how an equity method investee’s issuance of shares should be accounted for, and how
to account for a change in an investment from the equity method to the cost method. This guidance is effective in fiscal years
beginning on or after December 15, 2008, and interim periods within those fiscal years. The Partnership adopted the
guidance for the interim quarterly period beginning April 1, 2009. The impact of adopting it is not expected to have a material
impact on the Partnership’s financial condition or results of operations.



In April 2009, the FASB issued accounting
guidance for Interim Disclosures about Fair Value of Financial Instruments.  This requires disclosure about the method
and significant assumptions used to establish the fair value of financial instruments for interim reporting periods as well as
annual statements.  It became effective for as of and for the interim period ended June 30, 2009 and is not expected
to have an impact on the Partnership’s financial condition or results of operations.



In May 2009, the FASB issued guidance regarding
subsequent events, which was subsequently updated in February 2010. This guidance established general standards of accounting
for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available
to be issued. In particular, this guidance sets forth the period after the balance sheet date during which management of a reporting
entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements,
the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its
financial statements, and the disclosures that an entity should make about events or transactions that occurred after the balance
sheet date. This guidance was effective for financial statements issued for fiscal years and interim periods ending after June 15,
2009, and was therefore adopted by the Partnership for the quarter ended June 30, 2009. The adoption did not have a significant
impact on the subsequent events that the Partnership reports, either through recognition or disclosure, in the financial statements.
In February 2010, the FASB amended its guidance on subsequent events to remove the requirement to disclose the date through which
an entity has evaluated subsequent events, alleviating conflicts with current SEC guidance. This amendment was effective immediately
and therefore the Partnership did not include the disclosure in this Form 10-K.



F-19







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 1 – ORGANIZATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES, continued



In June 2009, the FASB issued the Accounting
Standards Codification (Codification). Effective July 1, 2009, the Codification is the single source of authoritative accounting
principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity
with GAAP. The Codification is intended to reorganize, rather than change, existing GAAP. Accordingly, all references to currently
existing GAAP have been removed and have been replaced with plain English explanations of the Partnership’s accounting policies.
The adoption of the Codification is not expected have a material impact on the Partnership’s financial position or results
of operations.



In June 2009, the Financial Accounting Standards
Board (“FASB”) issued an amendment to the accounting and disclosure requirements for the consolidation of variable
interest entities (VIEs). The amended guidance modified the consolidation model to one based on control and economics, and replaced
quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that
has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and
(2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated
parties share such power, as defined, no party will be required to consolidate the VIE. Further, the amended guidance requires
continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of
whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment
was effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 is not expected
to have a material effect on the Partnership’s financial statements.



In May 2011, the FASB issued an update to
existing guidance related to fair value measurements on how to measure fair value and what disclosures to provide about fair value
measurements. For fair value measurements categorized as level 3, a reporting entity should disclose quantitative information
of the unobservable inputs and assumptions, a description of the valuation processes and narrative description of the sensitivity
of the fair value to changes in unobservable inputs. This update is effective for interim and annual periods beginning after December
15, 2011. The adoption of this update is not expected to materially affect the Partnership’s financial statements.



NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS



As of March 31, 2007, 2006, 2005, 2004 and
2003 the Partnership owned Limited Partnership interest in 14 Local Limited Partnerships, each of which owns one Housing complex,
consisting of an aggregate of 785 apartment units. The respective Local 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 99%, as specified in the Local Limited Partnership
agreements, of the operating profits and losses, taxable income and losses and Low Income Housing Tax Credits of the Local Limited
Partnerships, except for one of the investments for which the Partnership is entitled to 49.49% of such amount.



The Partnership’s Investments in Local
Limited Partnerships as shown in the balance sheets at March 31, 2007, 2006, 2005, 2004 and 2003 are approximately $(2,010,000),
$(776,000), $524,000, $1,253,000 and $1,564,000 respectivelygreater than (less than) the Partnership’s
equity at the preceding December 31 as shown in the Local Limited Partnerships’ combined condensed 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, impairment losses recorded in the Partnership’s
investment account and capital contributions payable to the Local Limited Partnerships which were netted against partner capital
in the Local Limited Partnership’s financial statements. The Partnership’s equity in losses of Local Limited Partnerships
is also lower than the Partnership’s equity as shown in the Local Limited Partnership’s combined condensed financial
statements due to the estimated losses recorded by the Partnership for the three month period ended March 31.



F-20







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



The Partnership reviews its investments in
Local Limited Partnerships for impairment at least annually or whenever events or changes in circumstances indicate that the carrying
value of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment
to the sum of the total amount of the remaining Low Income Housing Tax Credits allocated to the Partnership and any estimated
residual value of the investment. For the years ended March 31, 2007, 2006, 2005, 2004, 2003 and 2002 impairment loss related
to investments in Local Limited Partnerships was $1,186,381, $1,459,091, $547,547, $237,163, $0 and $0, respectively.



For all periods presented, when the value
of the Partnership’s investment in a Local Limited Partnership had been reduced to zero, the respective net acquisition
fees and costs component of investments in Local Limited Partnerships were written off. For the years ended March 31, 2007, 2006,
2005, 2004, 2003 and 2002, $95,010, $0, $94,624, $25,476, $13,298 and $0, respectively, was written off and included in equity
in losses of Local Limited Partnerships.



At March 31, 2007, 2006, 2005, 2004
and 2003 the investment accounts in certain Local Limited Partnerships have reached a zero balance. Consequently, a portion of
the Partnership’s estimate of its share of losses for the years ended March 31, 2007, 2006, 2005, 2004 and 2003 amounting
to approximately $149,000 $199,000, $60,000, $32,000 and $13,000, respectively, have not been recognized. As of March 31, 2007,
the aggregate share of net losses not recognized by the Partnership amounted to approximately $453,000.



F-21







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



The following
is a summary of the equity method activity of the investments in the Local Limited Partnerships for the periods presented:



|                                                       |  | For
    The Years Ended March 31, |           
|------------------------------------------------------ |  | --------------------------------- | ----------
|                                                       |  |                                   |           
|                                                       |  | 2007                              |           
|                                                       |  |                                   |           
|Investments per balance sheet, beginning of year       |  | $                                 | 7,011,330 
|Impairment loss                                        |  |                                   | (1,186,381
|Equity in losses of Local Limited Partnerships         |  |                                   | (808,469  
|Amortization of paid acquisition fees and costs        |  |                                   | (53,399   
|Distributions received from Local Limited Partnerships |  |                                   | (20,883   
|                                                       |  |                                   |           
|Investment per balance sheet, end of year              |  | $                                 | 4,942,198 



|                                                       |  | For
    The Years Ended March 31, |           
|------------------------------------------------------ |  | --------------------------------- | ----------
|                                                       |  |                                   |           
|                                                       |  |                                   | 2004      
|                                                       |  |                                   |           
|Investments per balance sheet, beginning of year       |  | $                                 | 12,237,450
|Impairment loss                                        |  |                                   | (237,163  
|Equity in losses of Local Limited Partnerships         |  |                                   | (1,011,324
|Amortization of paid acquisition fees and costs        |  |                                   | (59,275   
|Distributions received from Local Limited Partnerships |  |                                   | (5,786    
|                                                       |  |                                   |           
|Investment per balance sheet, end of year              |  | $                                 | 10,923,902



F-22







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



|                                                                                                    |  | For
    the Years  Ended March 31, |          
|--------------------------------------------------------------------------------------------------- |  | ---------------------------------- | ---------
|                                                                                                    |  |                                    |          
|                                                                                                    |  | 2007                               |          
|                                                                                                    |  |                                    |          
|Investments in Local Limited Partnerships, net                                                      |  | $                                  | 3,962,923
|Acquisition fees and costs, net of accumulated amortization
    of $818,633, $ 670,224 and $615,866 |  |                                    | 979,275  
|Investments per balance sheet, end of year                                                          |  | $                                  | 4,942,198



|                                                                                                   |  | For
    the Years  Ended March 31, |           
|-------------------------------------------------------------------------------------------------- |  | ---------------------------------- | ----------
|                                                                                                   |  |                                    |           
|                                                                                                   |  | 2004                               |           
|                                                                                                   |  |                                    |           
|Investments in Local Limited Partnerships, net                                                     |  | $                                  | 9,589,716 
|Acquisition fees and costs, net of accumulated amortization
    of $463,722, $378,971 and $306,109 |  |                                    | 1,334,186 
|Investments per balance sheet, end of year                                                         |  | $                                  | 10,923,902



F-23







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 2 - INVESTMENTS IN LOCAL 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 Local Limited Partnerships as of December
31 and for the years then ended is as follows:



COMBINED CONDENSED
BALANCE SHEETS



|                                                                                                                                                                                           |  | 2006 |            |  | 2005 |   |            | 2004 |  |   | 2003       |  |  | 2002 |           
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---- | ---------- |  | ---- | - | ---------- | ---- |  | - | ---------- |  |  | ---- | ----------
|ASSETS                                                                                                                                                                                     |  |      |            |  |      |   |            |      |  |   |            |  |  |      |           
|Buildings and improvements (net of
    accumulated depreciation for 2006, 2005, 2004, 2003 and 2002 of $10,675,000, $9,553,000, $8,395,000,  $7,174,000,
    and $5,973,000, respectively) |  | $    | 28,165,000 |  |      | $ | 29,186,000 |      |  | $ | 30,263,000 |  |  | $    | 31,208,000
|Land                                                                                                                                                                                       |  |      | 2,465,000  |  |      |   | 2,465,000  |      |  |   | 2,465,000  |  |  |      | 2,465,000 
|Other assets                                                                                                                                                                               |  |      | 3,063,000  |  |      |   | 2,850,000  |      |  |   | 2,641,000  |  |  |      | 2,526,000 
|Total assets                                                                                                                                                                               |  | $    | 33,693,000 |  |      | $ | 34,501,000 |      |  | $ | 35,369,000 |  |  | $    | 36,199,000



|LIABILITIES                                       |  |   |            |  |  |   |            |  |  |   |            |  |  |   |           
|------------------------------------------------- |  | - | ---------- |  |  | - | ---------- |  |  | - | ---------- |  |  | - | ----------
|Mortgage and construction loans payable           |  | $ | 18,345,000 |  |  | $ | 18,555,000 |  |  | $ | 18,862,000 |  |  | $ | 19,067,000
|Due to affiliates                                 |  |   | 2,756,000  |  |  |   | 2,452,000  |  |  |   | 2,152,000  |  |  |   | 2,006,000 
|Other liabilities                                 |  |   | 1,306,000  |  |  |   | 1,297,000  |  |  |   | 1,188,000  |  |  |   | 1,103,000 
|                                                  |  |   |            |  |  |   |            |  |  |   |            |  |  |   |           
|Total liabilities                                 |  |   | 22,407,000 |  |  |   | 22,304,000 |  |  |   | 22,202,000 |  |  |   | 22,176,000
|                                                  |  |   |            |  |  |   |            |  |  |   |            |  |  |   |           
|PARTNERS’ CAPITAL                                 |  |   |            |  |  |   |            |  |  |   |            |  |  |   |           
|WNC Housing Tax Credit Fund V, L.P., Series
    4 |  |   | 6,952,000  |  |  |   | 7,787,000  |  |  |   | 8,849,000  |  |  |   | 9,671,000 
|Other partners                                    |  |   | 4,334,000  |  |  |   | 4,410,000  |  |  |   | 4,318,000  |  |  |   | 4,352,000 
|Total partners’
    equity                        |  |   | 11,286,000 |  |  |   | 12,197,000 |  |  |   | 13,167,000 |  |  |   | 14,023,000
|Total liabilities
    and partners’ equity        |  | $ | 33,693,000 |  |  | $ | 34,501,000 |  |  | $ | 35,369,000 |  |  | $ | 36,199,000



F-24







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



COMBINED
CONDENSED STATEMENTS OF OPERATIONS



|                                       |  | 2006 |           |   | 2005 |   |            | 2004 |  |   | 2003      |   |  | 2002 |            |   | 2001 |  
|-------------------------------------- |  | ---- | --------- | - | ---- | - | ---------- | ---- |  | - | --------- | - |  | ---- | ---------- | - | ---- | -
|                                       |  |      |           |   |      |   |            |      |  |   |           |   |  |      |            |   |      |  
|Revenues                               |  | $    | 3,928,000 |   |      | $ | 3,892,000  |      |  | $ | 3,768,000 |   |  | $    | 3,563,000  |   |      | $
|                                       |  |      |           |   |      |   |            |      |  |   |           |   |  |      |            |   |      |  
|Expenses:                              |  |      |           |   |      |   |            |      |  |   |           |   |  |      |            |   |      |  
|Operating expenses                     |  |      | 2,688,000 |   |      |   | 2,753,000  |      |  |   | 2,416,000 |   |  |      | 2,340,000  |   |      |  
|Interest expense                       |  |      | 909,000   |   |      |   | 1,045,000  |      |  |   | 903,000   |   |  |      | 975,000    |   |      |  
|Depreciation and amortization          |  |      | 1,137,000 |   |      |   | 1,200,000  |      |  |   | 1,255,000 |   |  |      | 1,238,000  |   |      |  
|                                       |  |      |           |   |      |   |            |      |  |   |           |   |  |      |            |   |      |  
|Total expenses                         |  |      | 4,734,000 |   |      |   | 4,998,000  |      |  |   | 4,574,000 |   |  |      | 4,553,000  |   |      |  
|                                       |  |      |           |   |      |   |            |      |  |   |           |   |  |      |            |   |      |  
|Net  loss                              |  | $    | (806,000  | ) |      | $ | (1,106,000 | )    |  | $ | (806,000  | ) |  | $    | (990,000   | ) |      | $
|                                       |  |      |           |   |      |   |            |      |  |   |           |   |  |      |            |   |      |  
|Net loss allocable to the Partnership, |  | $    | (813,000  | ) |      | $ | (1,102,000 | )    |  | $ | (868,000  | ) |  | $    | (1,011,000 | ) |      | $
|                                       |  |      |           |   |      |   |            |      |  |   |           |   |  |      |            |   |      |  
|Net loss recorded by the Partnership   |  | $    | (713,000  | ) |      | $ | (831,000   | )    |  | $ | (845,000  | ) |  | $    | (986,000   | ) |      | $





F-25







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 2 - INVESTMENTS IN LOCAL LIMITED
PARTNERSHIPS, continued



Certain Local Limited Partnerships have incurred
significant operating losses and/or 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 Low Income Housing Tax Credits could occur.



Troubled
Housing Complexes



During the year ended March 31, 2006, Associates
was advised that Lamar Plaza Apartments, (“Lamar Plaza”) a Local Limited Partnership, was experiencing a significant
drop in occupancy and thereby cash flow due to three major employers discontinuing operations in the area. As a result of the
foregoing, the Local Limited Partnership was added to the watch list and classified as a secondary concern level property. In
December of 2006, Lamar Plaza’s occupancy dropped to its lowest level to date, 36% occupancy. The Local General Partner
continued to meet Lamar Plaza’s cash flow deficit requirements and changed management agents in April 2007. Subsequent to
this management change, occupancy had steadily rebounded through aggressive marketing techniques to reach 97% as of March 31,
2008 with corresponding cash deficits on the decline. Occupancy had continued to hold steady at 96% with slight cash flow deficits
that were funded from reserves up until its sale on December 31, 2010.



Although Lamar Plaza was sold on December
31, 2010 the Local Limited Partnership continued to be monitored since the Compliance Period was not completed until December
31, 2012. It was revealed in 2011 that the economic occupancy to be 94%, indicating a consistent occupancy of above 90%. However,
the asset experienced a temporary reduction in occupancy during the third quarter of 2012, but ended the year with 100%. No recapture
of Low Income Housing Tax Credits was experience subsequent to the sale of this Local Limited Partnership. The investment balance
for Lamar Plaza as of March 31, 2007, 2006, 2005, 2004, and 2003 was $179,043, $301,977, $424,911, $547,845, and $631,872. The
Compliance Period for Lamar Plaza ends on December 31, 2012.



Another Local Limited Partnership, Wynwood
Place, L.P. (“Wynwood Place”), in which the Partnership owns a 99.98% interest, struggled with occupancy and cash
flow beginning in early 2002. The original Local General Partner funded operating deficits through May 2006 totaling $42,198,
at which time they sought and brought forth an acceptable replacement Local General Partner, Greystone Affordable Housing, GP,
LLC (“Greystone”). Associates approved this substitute Local General Partner as well as a related management agent
of Greystone to manage the property. Through the year ended March 31, 2008, Greystone had advanced $155,266 to meet operating
deficits and fund necessary renovation work at Wynwood Place. Occupancy and overall performance of the property has continued
to improve with Greystone as both general partner and management agent. The property continued to not be able to generate enough
cash flows to meet its financial obligations. A large storm in 2011 resulted in damage to the property that exceeded budgeted
repairs and maintenance expenditures by $28,000. Wynwood Place will remain on the watch list until such time acceptable performance
has been achieved and cash flows have improved.



Additionally, the management company also
evicted several long term residents for non-payment and criminal activity during 2012. The combination of vacancy losses, associated
turnover costs and capital expenditures incurred throughout the year caused the property to operate below its requirements. The
General Partner funded the year-end cash flow deficit by temporarily suspending replacement reserve deposits, deferring management
fees and reimbursable expenses due to the affiliated management company. The security deposit and escrow accounts remain fully
funded. The management company is focused on reducing expenses to decrease operating deficits. However, the property is budgeted
to operate at a deficit in 2013 and the General Partner is expected to continue to fund shortfalls. The investment balance for
Wynwood Place as of March 31, 2007, 2006, 2005, 2004, and 2003 was $76,925, $121,639, $220,703, $305,575, and $374,534. The Compliance
Period for Wynwood Place ends on December 31, 2013.



F-26







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 2 - INVESTMENTS IN LOCAL LIMITED
PARTNERSHIPS, continued



In the first quarter of 2013, Wynwood Place
continues to recover from the excessive vacancy loss which began the previous quarter. The management company has cleared out
the non-paying and problem residents and returned the occupancy to 96%. Ten new residents, which equates to 42%, moved in during
the quarter. As the replacement reserve account is depleted, all expenditures must be funded from the operating account, which
had a balance of $5,273 at the end of the reporting period. Although the operating deficit guarantee period has expired, the Local
General Partner remains available to fund cash deficits as needed.



Ashford Place Limited Partnership (“Ashford”)
a Local Limited Partnership has struggled for several years with high turnover and a market which has increasingly become more
competitive. Several factors have led to poor, property specific results over the past several years. Occupancy historically has
been soft, never higher than 90% for any successive quarters for the past three years. Additionally, rents at Ashford have not
kept pace with the increase in expenses, and as a result of the soft market conditions, cash flow has been negative since 2002.
As this has been a factor from the onset of operations, the original Local General Partner, Cowen Properties, Inc., was unable
to meet its financial obligations to the Local Limited Partnership and, as a result, Associates removed the original Local General
Partner in March 2002 and substituted WNC Oklahoma, LLC, an affiliated entity. Since inception of Ashford, the Partnership and
the General Partner of the Partnership have advanced $462,514 and $258,567 respectively to meet operating deficits as well as
capital needs requirements. Ashford had also been subjected to restrictive reserve requirements imposed by the mortgage lender.
However, WNC Oklahoma, LLC has been successful in having these requirements reduced which has had a beneficial effect on Ashford’s
operating expenses. As of 2011, Ashford has been under the watch of WNC’s Structured Assets Group (“SAG”). During
that time, SAG removed the managing agent Western Property Management in November 2011 and they were replaced with Professional
Property Management. With a new management team in place along with a new advertising plan to attract more tenants, as of May
2013, Ashford was able to bring its occupancy level to 100%. As of this filing date, Ashford is now current on all past due debt
with funds that were provided by the Partnership and the General Partner of the Partnership. The investment balance for Ashford
as of March 31, 2007, 2006, 2005, 2004, and 2003 was $456,516, $561,042, $692,556, $916,961, and $1,186,919. The Compliance Period
for Ashford ends on December 31, 2012.



The Partnership was advised during the year
ending March 31, 2003 that the Local Limited Partnership, Mesa Verde Apartments Limited Partnership (“Mesa Verde”)
and its original Local General Partner, were not meeting their various guarantee requirements and partnership operational deficit
needs. As a result, the Local General Partner was removed, and Associates brought in a substitute Local General Partner, Medlock
Charitable Foundation, Inc. (“Medlock”) as managing general partner as well as Shelter Resource Corporation (“Shelter”)
as general partner in November 2003. Medlock was unable to perform the general partner duties; therefore, Shelter became the new
managing general partner in September 2004, and remains the Local General Partner as of the date of this report.



Since the Local Limited Partnership’s
inception, there have been four managing agents providing property management services for Mesa Verde. Mesa Verde is currently
being managed by Vantage Property Management and has been since November 2006.



During 2003, occupancy dropped into the 60%
range and rebounded in late 2004 into the low 80s. During 2005, occupancy did reach into the high 80%s but collections were approximately
10% lower; this trend continued into 2006. From 2007 until the date of sale of the Local Limited Partnership, April 23, 2010,
Mesa Verde Apartments had been continuously experiencing occupancy issues falling as low as the 50’s and no higher than
the low 70’s in occupancy. During 2007, there were several incidents involving local authorities that were prevalent throughout
the market area and Mesa Verde. These incidents further impacted Mesa Verde’s occupancy, which dropped even further into
the low 70%s to high 60%s. Since early 2002, this property has operated with insufficient cash flow due to lower than anticipated
occupancy, poor rental collections, and high tenant turnover. Due to the extended period of time Mesa Verde has experienced negative
cash flow, the Partnership has funded over $1,000,000 for operations, capital needs, capital improvements, and to refinance the
original mortgage as described below. Mesa Verde Apartments has been on the watch list since March 2002 and remained there until
the date of sale, which occurred on April 23, 2010.



F-27







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 2 - INVESTMENTS
IN LOCAL LIMITED PARTNERSHIPS, continued



The investment balance for Mesa Verde as of
March 31, 2007, 2006, 2005, 2004, and 2003 was $912,470, $1,553,214, $2,136,950, $2,388,203, and $2,670,155. The Compliance Period
for Mesa Verde ends on December 31, 2012.



In July 2005, the primary mortgage was refinanced
with US Bank at a lowered interest rate of 6.17% and a reduced principal balance of $1,750,000. With the new principal balance,
the annual debt service was lowered by approximately $60,000. US Bank had declared that the first mortgage was in technical default
due to the DCR not staying within mandatory levels. Through negotiations, Associates was able to reach an agreement with US Bank.
Associates offered a plan that cured the DCR default which was accepted by US Bank and they in turn waived their prepayment/yield
maintenance provision of the mortgage where $150,000 will be written off for this provision in accordance with the sale of the
property.



The tax credit benefit stream ended in June
2008 for Mesa Verde. The General Partner elected to have Mesa Verde listed for sale at $2,300,000 with a national brokerage firm
as of September 12, 2008. Mesa Verde appraised at $2,300,000 on June 26, 2008. The sale of the property closed on April 23, 2010
under the provision that the buyer would assume the HOME loan from NFMA and would hold the loan on their books until 2017. When
the HOME loan compliance period ends in 2017, the loan will then be able to be written off and deemed paid in full. The HOME loan
will carry an interest rate of 0% and require no monthly payments.



NOTE 3 - RELATED PARTY TRANSACTIONS



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



| |  | Acquisition
                                                                                                                                                                                                        fees
                                                                                                                                                                                                        of
                                                                                                                                                                                                        up
                                                                                                                                                                                                        to
                                                                                                                                                                                                        7.5%
                                                                                                                                                                                                        of
                                                                                                                                                                                                        the
                                                                                                                                                                                                        gross
                                                                                                                                                                                                        proceeds
                                                                                                                                                                                                        from
                                                                                                                                                                                                        the
                                                                                                                                                                                                        sale
                                                                                                                                                                                                        of
                                                                                                                                                                                                        Partnership
                                                                                                                                                                                                        Units
                                                                                                                                                                                                        ascompensation
                                                                                                                                                                                                        for
                                                                                                                                                                                                        services
                                                                                                                                                                                                        rendered
                                                                                                                                                                                                        in
                                                                                                                                                                                                        connection
                                                                                                                                                                                                        with
                                                                                                                                                                                                        the
                                                                                                                                                                                                        acquisition
                                                                                                                                                                                                        of
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships.
                                                                                                                                                                                                        At
                                                                                                                                                                                                        the
                                                                                                                                                                                                        end
                                                                                                                                                                                                        of
                                                                                                                                                                                                        all
                                                                                                                                                                                                        periods
                                                                                                                                                                                                        presented
                                                                                                                                                                                                        the
                                                                                                                                                                                                        Partnership
                                                                                                                                                                                                        incurred
                                                                                                                                                                                                        total
                                                                                                                                                                                                        acquisition
                                                                                                                                                                                                        fees
                                                                                                                                                                                                        of
                                                                                                                                                                                                        $1,630,375,
                                                                                                                                                                                                        which
                                                                                                                                                                                                        have
                                                                                                                                                                                                        been
                                                                                                                                                                                                        included
                                                                                                                                                                                                        in
                                                                                                                                                                                                        investments
                                                                                                                                                                                                        in
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships.
                                                                                                                                                                                                        Accumulated
                                                                                                                                                                                                        amortization
                                                                                                                                                                                                        of
                                                                                                                                                                                                        these
                                                                                                                                                                                                        capitalized
                                                                                                                                                                                                        costs
                                                                                                                                                                                                        was
                                                                                                                                                                                                        $651,100,
                                                                                                                                                                                                        $524,488,
                                                                                                                                                                                                        $471,132,
                                                                                                                                                                                                        $417,778
                                                                                                                                                                                                        and
                                                                                                                                                                                                        $338,249
                                                                                                                                                                                                        as
                                                                                                                                                                                                        of
                                                                                                                                                                                                        March
                                                                                                                                                                                                        31,
                                                                                                                                                                                                        2007,
                                                                                                                                                                                                        2006,
                                                                                                                                                                                                        2005,
                                                                                                                                                                                                        2004
                                                                                                                                                                                                        and
                                                                                                                                                                                                        2003,
                                                                                                                                                                                                        respectively
                                                                                                                                                                                                        and
                                                                                                                                                                                                        $73,965,
                                                                                                                                                                                                        $0,
                                                                                                                                                                                                        $0,
                                                                                                                                                                                                        $25,476,
                                                                                                                                                                                                        $13,298,
                                                                                                                                                                                                        and
                                                                                                                                                                                                        $0
                                                                                                                                                                                                        of
                                                                                                                                                                                                        the
                                                                                                                                                                                                        related
                                                                                                                                                                                                        expense
                                                                                                                                                                                                        was
                                                                                                                                                                                                        reflected
                                                                                                                                                                                                        as
                                                                                                                                                                                                        equity
                                                                                                                                                                                                        in
                                                                                                                                                                                                        losses
                                                                                                                                                                                                        of
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships
                                                                                                                                                                                                        during
                                                                                                                                                                                                        the
                                                                                                                                                                                                        years
                                                                                                                                                                                                        ended
                                                                                                                                                                                                        March
                                                                                                                                                                                                        31,
                                                                                                                                                                                                        2007,
                                                                                                                                                                                                        2006,
                                                                                                                                                                                                        2005,
                                                                                                                                                                                                        2004,
                                                                                                                                                                                                        2003
                                                                                                                                                                                                        and
                                                                                                                                                                                                        2002,
                                                                                                                                                                                                        respectively,
                                                                                                                                                                                                        to
                                                                                                                                                                                                        reduce
                                                                                                                                                                                                        the
                                                                                                                                                                                                        respective
                                                                                                                                                                                                        net
                                                                                                                                                                                                        acquisition
                                                                                                                                                                                                        fee
                                                                                                                                                                                                        component
                                                                                                                                                                                                        of
                                                                                                                                                                                                        investments
                                                                                                                                                                                                        in
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships
                                                                                                                                                                                                        to
                                                                                                                                                                                                        zero
                                                                                                                                                                                                        for
                                                                                                                                                                                                        those
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships
                                                                                                                                                                                                        which
                                                                                                                                                                                                        would
                                                                                                                                                                                                        otherwise
                                                                                                                                                                                                        be
                                                                                                                                                                                                        below
                                                                                                                                                                                                        a
                                                                                                                                                                                                        zero
                                                                                                                                                                                                        balance.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | Reimbursement
                                                                                                                                                                                                        of
                                                                                                                                                                                                        costs
                                                                                                                                                                                                        incurred
                                                                                                                                                                                                        by
                                                                                                                                                                                                        of
                                                                                                                                                                                                        the
                                                                                                                                                                                                        General
                                                                                                                                                                                                        Partner
                                                                                                                                                                                                        or
                                                                                                                                                                                                        by
                                                                                                                                                                                                        an
                                                                                                                                                                                                        affiliate
                                                                                                                                                                                                        of
                                                                                                                                                                                                        Associates
                                                                                                                                                                                                        in
                                                                                                                                                                                                        connection
                                                                                                                                                                                                        with
                                                                                                                                                                                                        the
                                                                                                                                                                                                        acquisition
                                                                                                                                                                                                        of
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships.
                                                                                                                                                                                                        These
                                                                                                                                                                                                        reimbursements
                                                                                                                                                                                                        have
                                                                                                                                                                                                        not
                                                                                                                                                                                                        exceeded
                                                                                                                                                                                                        1%
                                                                                                                                                                                                        of
                                                                                                                                                                                                        the
                                                                                                                                                                                                        gross
                                                                                                                                                                                                        proceeds.
                                                                                                                                                                                                        At
                                                                                                                                                                                                        the
                                                                                                                                                                                                        end
                                                                                                                                                                                                        of
                                                                                                                                                                                                        all
                                                                                                                                                                                                        periods
                                                                                                                                                                                                        presented,
                                                                                                                                                                                                        the
                                                                                                                                                                                                        Partnership
                                                                                                                                                                                                        incurred
                                                                                                                                                                                                        acquisition
                                                                                                                                                                                                        costs
                                                                                                                                                                                                        of
                                                                                                                                                                                                        $167,533,
                                                                                                                                                                                                        which
                                                                                                                                                                                                        have
                                                                                                                                                                                                        been
                                                                                                                                                                                                        included
                                                                                                                                                                                                        in
                                                                                                                                                                                                        Investments
                                                                                                                                                                                                        in
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships.
                                                                                                                                                                                                        Accumulated
                                                                                                                                                                                                        amortization
                                                                                                                                                                                                        was
                                                                                                                                                                                                        $167,533,
                                                                                                                                                                                                        $145,736,
                                                                                                                                                                                                        $144,734,
                                                                                                                                                                                                        $45,944
                                                                                                                                                                                                        and
                                                                                                                                                                                                        $27,980
                                                                                                                                                                                                        as
                                                                                                                                                                                                        of
                                                                                                                                                                                                        March
                                                                                                                                                                                                        31,
                                                                                                                                                                                                        2007,
                                                                                                                                                                                                        2006,
                                                                                                                                                                                                        2005,
                                                                                                                                                                                                        2004
                                                                                                                                                                                                        and
                                                                                                                                                                                                        2003,
                                                                                                                                                                                                        respectively.
                                                                                                                                                                                                        Of
                                                                                                                                                                                                        the
                                                                                                                                                                                                        accumulated
                                                                                                                                                                                                        amortization
                                                                                                                                                                                                        recorded
                                                                                                                                                                                                        on
                                                                                                                                                                                                        the
                                                                                                                                                                                                        balance
                                                                                                                                                                                                        sheet
                                                                                                                                                                                                        at
                                                                                                                                                                                                        March
                                                                                                                                                                                                        31,
                                                                                                                                                                                                        2007,
                                                                                                                                                                                                        $21,045,
                                                                                                                                                                                                        $0,
                                                                                                                                                                                                        $94,
                                                                                                                                                                                                        624,
                                                                                                                                                                                                        $0,
                                                                                                                                                                                                        $13,298,
                                                                                                                                                                                                        and
                                                                                                                                                                                                        $0
                                                                                                                                                                                                        of
                                                                                                                                                                                                        the
                                                                                                                                                                                                        related
                                                                                                                                                                                                        expense
                                                                                                                                                                                                        was
                                                                                                                                                                                                        reflected
                                                                                                                                                                                                        as
                                                                                                                                                                                                        equity
                                                                                                                                                                                                        in
                                                                                                                                                                                                        losses
                                                                                                                                                                                                        of
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships
                                                                                                                                                                                                        during
                                                                                                                                                                                                        the
                                                                                                                                                                                                        years
                                                                                                                                                                                                        ended
                                                                                                                                                                                                        March
                                                                                                                                                                                                        31,
                                                                                                                                                                                                        2007,
                                                                                                                                                                                                        2006,
                                                                                                                                                                                                        2005,
                                                                                                                                                                                                        2004,
                                                                                                                                                                                                        2003
                                                                                                                                                                                                        and
                                                                                                                                                                                                        2002,
                                                                                                                                                                                                        respectively,
                                                                                                                                                                                                        to
                                                                                                                                                                                                        reduce
                                                                                                                                                                                                        the
                                                                                                                                                                                                        respective
                                                                                                                                                                                                        net
                                                                                                                                                                                                        acquisition
                                                                                                                                                                                                        fee
                                                                                                                                                                                                        component
                                                                                                                                                                                                        of
                                                                                                                                                                                                        investments
                                                                                                                                                                                                        in
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships
                                                                                                                                                                                                        to
                                                                                                                                                                                                        zero
                                                                                                                                                                                                        for
                                                                                                                                                                                                        those
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships
                                                                                                                                                                                                        which
                                                                                                                                                                                                        would
                                                                                                                                                                                                        otherwise
                                                                                                                                                                                                        be
                                                                                                                                                                                                        below
                                                                                                                                                                                                        a
                                                                                                                                                                                                        zero
                                                                                                                                                                                                        balance.
| |  | 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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



F-28







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, 2007, 2006, 2005, 2004, 2003 and 2002



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 gross proceeds.
In either case, the fee will be decreased or increased annually based on changes to the Consumer Price Index. However, in no event
will the maximum amount exceed 0.2% of the invested assets of the Local Limited Partnerships, including the Partnership’s
allocable share of the mortgages. Management fees of $60,500 was incurred during each of the years ended March 31, 2007, 2006,
2005, 2004, 2003 and 2002, respectively, of which $50,312, $94,530, $60,500, $60,500, $60,500 and $45,375 were paid, respectively.
During the years ended March 31, 2007 and 2006, the Partnership overpaid its management fees. The over payments are reflected
as prepaid expenses on the accompanying balance sheets.



A subordinated
disposition fee in an amount equal to 1% of the sale price may be received in connection with the sale or disposition of a Housing
Complex or Local Limited Partnership interest. 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. No such fee was incurred for all periods presented.



The Partnership
reimbursed the General Partner or its affiliates for operating expenses incurred by the Partnership and paid for by the General
Partner or its affiliates on behalf of the Partnership. Operating expense reimbursements were $12,136, $14,329, $18,743, $29,464,
$27,789 and $31,371, during the years ended March 31, 2007, 2006, 2005, 2004, 2003 and 2002, respectively.



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



|                                                                                      |  | March
    31, |       
|------------------------------------------------------------------------------------- |  | ------------- | ------
|                                                                                      |  | 2007          |       
|                                                                                      |  |               |       
|Asset management fee payable                                                          |  | $             | -     
|Expenses paid by the General Partner or an affiliate
    on behalf of the Partnership |  |               | 9,517 
|Advances made to the Partnership from the General
    Partner or affiliates           |  |               | 22,097
|                                                                                      |  |               |       
|Total                                                                                 |  | $             | 31,614



F-29







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE
4 – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)



The following
is a summary of the quarterly operations for the years ended March 31:



|                                               |  | June
    30 |                                                                                                     |   | September 30 |   |                                                                                                          | December
    31 |  |   | March
    31                                                                                            |  
|---------------------------------------------- |  | ----------- | --------------------------------------------------------------------------------------------------- | - | ------------ | - | -------------------------------------------------------------------------------------------------------- | --------------- |  | - | ------------------------------------------------------------------------------------------------------- | -
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|2007                                           |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Income                                         |  | $           | 2,000                                                                                               |   |              | $ | 19,000                                                                                                   |                 |  | $ | -                                                                                                       |  
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Operating expenses                             |  |             | (1,221,000                                                                                          | ) |              |   | (53,000                                                                                                  | )               |  |   | (122,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Loss from operations                           |  |             | (1,219,000                                                                                          | ) |              |   | (34,000                                                                                                  | )               |  |   | (122,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Equity in losses of Local Limited Partnerships |  |             | (166,000                                                                                            | ) |              |   | (166,000                                                                                                 | )               |  |   | (166,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Interest income                                |  |             | 1,000                                                                                               |   |              |   | -                                                                                                        |                 |  |   | -                                                                                                       |  
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss                                       |  |             | (1,384,000                                                                                          | ) |              |   | (200,000                                                                                                 | )               |  |   | (288,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss available to Limited Partners         |  |             | (1,371,000                                                                                          | ) |              |   | (198,000                                                                                                 | )               |  |   | (285,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss per Partnership Unit                  |  |             | (62                                                                                                 | ) |              |   | (9                                                                                                       | )               |  |   | (13                                                                                                     | )
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|                                               |  |             | June
                                                                                            30 |   |              |   | September
                                                                                            30 |                 |  |   | December
                                                                                            31 |  
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|2006                                           |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Income                                         |  | $           | 2,000                                                                                               |   |              | $ | 3,000                                                                                                    |                 |  | $ | 2,000                                                                                                   |  
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Operating expenses                             |  |             | (1,505,000                                                                                          | ) |              |   | (34,000                                                                                                  | )               |  |   | (46,000                                                                                                 | )
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Loss from operations                           |  |             | (1,503,000                                                                                          | ) |              |   | (31,000                                                                                                  | )               |  |   | (44,000                                                                                                 | )
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Equity in losses of Local Limited Partnerships |  |             | (222,000                                                                                            | ) |              |   | (222,000                                                                                                 | )               |  |   | (222,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Interest income                                |  |             | 1,000                                                                                               |   |              |   | 1,000                                                                                                    |                 |  |   | -                                                                                                       |  
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss                                       |  |             | (1,724,000                                                                                          | ) |              |   | (252,000                                                                                                 | )               |  |   | (266,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss available to Limited Partners         |  |             | (1,707,000                                                                                          | ) |              |   | (250,000                                                                                                 | )               |  |   | (263,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |              |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss per Partnership Unit                  |  |             | (78                                                                                                 | ) |              |   | (11                                                                                                      | )               |  |   | (12                                                                                                     | )



F-30







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE
4 – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED), CONTINUED



|                                               |  | June
    30 |                                                                                                     |   | September
    30 |   |                                                                                                          | December
    31 |  |   | March
    31                                                                                            |  
|---------------------------------------------- |  | ----------- | --------------------------------------------------------------------------------------------------- | - | ---------------- | - | -------------------------------------------------------------------------------------------------------- | --------------- |  | - | ------------------------------------------------------------------------------------------------------- | -
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|2005                                           |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Income                                         |  | $           | 2,000                                                                                               |   |                  | $ | 2,000                                                                                                    |                 |  | $ | 1,000                                                                                                   |  
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Operating expenses                             |  |             | (582,000                                                                                            | ) |                  |   | (63,000                                                                                                  | )               |  |   | (140,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Loss from operations                           |  |             | (580,000                                                                                            | ) |                  |   | (61,000                                                                                                  | )               |  |   | (139,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Equity in losses of Local Limited Partnerships |  |             | (205,000                                                                                            | ) |                  |   | (205,000                                                                                                 | )               |  |   | (205,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Interest income                                |  |             | 1,000                                                                                               |   |                  |   | 1,000                                                                                                    |                 |  |   | 1,000                                                                                                   |  
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss                                       |  |             | (784,000                                                                                            | ) |                  |   | (265,000                                                                                                 | )               |  |   | (343,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss available to Limited Partners         |  |             | (776,000                                                                                            | ) |                  |   | (262,000                                                                                                 | )               |  |   | (340,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss per Partnership Unit                  |  |             | (35                                                                                                 | ) |                  |   | (12                                                                                                      | )               |  |   | (16                                                                                                     | )
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|                                               |  |             | June
                                                                                            30 |   |                  |   | September
                                                                                            30 |                 |  |   | December
                                                                                            31 |  
|2004                                           |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Income                                         |  | $           | 4,000                                                                                               |   |                  | $ | 4,000                                                                                                    |                 |  | $ | 4,000                                                                                                   |  
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Operating expenses                             |  |             | (37,000                                                                                             | ) |                  |   | (47,000                                                                                                  | )               |  |   | (176,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Loss from operations                           |  |             | (33,000                                                                                             | ) |                  |   | (43,000                                                                                                  | )               |  |   | (172,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Equity in losses of Local Limited Partnerships |  |             | (218,000                                                                                            | ) |                  |   | (218,000                                                                                                 | )               |  |   | (244,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Interest income                                |  |             | 2,000                                                                                               |   |                  |   | 2,000                                                                                                    |                 |  |   | 2,000                                                                                                   |  
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss                                       |  |             | (249,000                                                                                            | ) |                  |   | (259,000                                                                                                 | )               |  |   | (414,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss available to Limited Partners         |  |             | (246,000                                                                                            | ) |                  |   | (257,000                                                                                                 | )               |  |   | (410,000                                                                                                | )
|                                               |  |             |                                                                                                     |   |                  |   |                                                                                                          |                 |  |   |                                                                                                         |  
|Net loss per Partnership Unit                  |  |             | (11                                                                                                 | ) |                  |   | (12                                                                                                      | )               |  |   | (19                                                                                                     | )



F-31







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE
4 – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) CONTINUED





|                                                        |  | June
    30 |                                                                                                     |   | September 30 |   |              | December
    31 |  |  | March
    31 |  
|------------------------------------------------------- |  | ----------- | --------------------------------------------------------------------------------------------------- | - | ------------ | - | ------------ | --------------- |  |  | ------------ | -
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|2003                                                    |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Operating expenses                                      |  | $           | (38,000                                                                                             | ) |              | $ | (41,000      | )               |  |  | (34,000      | )
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Loss from operations                                    |  |             | (38,000                                                                                             | ) |              |   | (41,000      | )               |  |  | (34,000      | )
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Equity in losses of Local Limited Partnerships          |  |             | (205,000                                                                                            | ) |              |   | (205,000     | )               |  |  | (205,000     | )
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Interest income                                         |  |             | 6,000                                                                                               |   |              |   | 5,000        |                 |  |  | 4,000        |  
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Net loss                                                |  |             | (237,000                                                                                            | ) |              |   | (241,000     | )               |  |  | (235,000     | )
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Net loss available to Limited Partners                  |  |             | (235,000                                                                                            | ) |              |   | (237,000     | )               |  |  | (233,000     | )
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Net loss per Partnership Unit                           |  |             | (11                                                                                                 | ) |              |   | (11          | )               |  |  | (11          | )
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|                                                        |  |             | June
                                                                                            30 |   |              |   | September 30 |                 |  |  | December 31  |  
|2002                                                    |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Operating expenses                                      |  | $           | (35,000                                                                                             | ) |              | $ | (43,000      | )               |  |  | (38,000      | )
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Loss  from operations                                   |  |             | (35,000                                                                                             | ) |              |   | (43,000      | )               |  |  | (38,000      | )
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Equity in income (losses) of Local Limited Partnerships |  |             | (278,000                                                                                            | ) |              |   | (278,000     | )               |  |  | (278,000     | )
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Interest income                                         |  |             | 14,000                                                                                              |   |              |   | 18,000       |                 |  |  | 9,000        |  
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Net income (loss)                                       |  |             | (299,000                                                                                            | ) |              |   | (302,000     | )               |  |  | (307,000     | )
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Net income ( loss) available to Limited Partners        |  |             | (296,000                                                                                            | ) |              |   | (299,000     | )               |  |  | (304,000     | )
|                                                        |  |             |                                                                                                     |   |              |   |              |                 |  |  |              |  
|Net income (loss per Partnership Unit                   |  |             | (13                                                                                                 | ) |              |   | (14          | )               |  |  | (14          | )







F-32











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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE 5 – ADVANCES
TO LOCAL LIMITED PARTNERSHIPS



The Partnership is not obligated to fund advances
to the Local Limited Partnerships. Occasionally, when Local Limited Partnerships encounter operational issues the Partnership
may decide to advance funds to assist the Local Limited Partnership with its operational issues.



As of March
31, 2007, 2006, 2005, 2004 and 2003 the Partnership in total had advanced $377,805, $267,375, $251,925, $ 60,000 and $0 to one
Local Limited Partnership, Mesa Verde Apartments Limited Partnership, in which the Partnership is a Limited Partner. These advances
were used to pay for the property taxes, mortgage payments and operational expenses. All advances were reserved in full in the
year they were advanced.



As of March
31, 2007, 2006, 2005, 2004 and 2003 the Partnership in total had advanced $260,031, $260,031, $250,031, $249,139 and $168,139
to one Local Limited Partnership, Ashford Place Limited Partnership, in which the Partnership is a Limited Partner. These advances
were used to pay for the property taxes, mortgage payments and operational expenses. All advances were reserved in full in the
year they were advanced.



As of March
31, 2007, 2006, 2005, 2004 and 2003 the Partnership in total had advanced $4,939, $4,939, $0, $0 and $0 to one Local Limited Partnership,
Wynwood Place Limited Partnership, in which the Partnership is a Limited Partner. These advances were used to pay for some operational
expenses. All advances were reserved in full in the year they were advanced.



As of March
31, 2006 the Partnership in total had advanced $8,012 to one Local Limited Partnership, Cleveland Apartments Limited Partnership,
in which the Partnership is a Limited Partner. This advance was used to pay for some operational expenses. All advances were repaid
in full as of March 31, 2007.



NOTE
6- PAYABLES TO LOCAL LIMTED PARTNERSHIPS



Payables to Local Limited Partnerships represent
amounts which are due at various times based on conditions specified in the Local Limited Partnership Agreements. These contributions
are payable in installments and are generally due upon the Local Limited Partnerships achieving certain operating and development
benchmarks (generally within two years of the Partnership’s initial investment). As of March 31, 2007, 2006, 2005, 2004,
and 2003, $39,310, $39,310, $74,625, $139,906, and $154,741, respectively, remain payable to the Local Limited Partnerships.



NOTE
7 –SUBSEQUENT EVENTS



Subsequent to March 31, 2007 the Partnership
identified and sold the Housing Complexes of Mesa Verde Apartments, L.P. (“Mesa Verde”), The North Central Limited
Partnership (“The North Central”) and Blessed Rock of El Monte. A CA Limited Partnership (“Blessed Rock). The
Partnership also identified and sold its Local Limited Partnership interests in Lamar Plaza Apartments, LP, D. Hilltop Apartments,
Ltd., Woodland, Ltd., and Greyhound Associates I, L.P subsequent to March 31, 2007.



F-33











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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE
7 –SUBSEQUENT EVENTS, continued



The following table reflects the dispositions
that occurred subsequent to March 31, 2007:



|Local Limited Partnership                                 |  | Debt
    at
    prior 12/31
    before sale
    date |           |  | Appraisal
    Value |   |           | Date
    of
    Sale |  |   | Sales
    Proceeds |  |  | Actual
    Sale
    Related
    Expenses |           |  | Investment
    balance at
    date of sale |   |       | Gain (loss)
    on sale | 
|--------------------------------------------------------- |  | ---------------------------------------------------- | --------- |  | ------------------- | - | --------- | -------------------- |  | - | ------------------ |  |  | ---------------------------------------- | --------- |  | ------------------------------------------ | - | ----- | ----------------------- | 
|                                                          |  |                                                      |           |  |                     |   |           |                      |  |   |                    |  |  |                                          |           |  |                                            |   |       |                         | 
|Mesa Verde Apartments, L.P. (*)                           |  | $                                                    | 1,919,353 |  |                     | $ | 2,300,000 |                      |  | $ | 4/23/2010          |  |  | $                                        | 137,413   |  |                                            | $ | -     |                         | 
|The North Central Limited Partnership(*)                  |  |                                                      | 313,264   |  |                     |   | 640,000   |                      |  |   | 3/23/2011          |  |  |                                          | 225,967   |  |                                            |   | 992   |                         | 
|Blessed Rock of El Monte, a CA Limited Partnership        |  |                                                      | 2,054,000 |  |                     |   | 6,910,000 |                      |  |   | 4/12/2013          |  |  |                                          | 2,355,384 |  |                                            |   | 2,250 |                         | 
|Lamar Plaza Apartments, LP(*)                             |  |                                                      | 651,285   |  |                     |   | 330,000   |                      |  |   | 12/31/2010         |  |  |                                          | 20,000    |  |                                            |   | -     |                         | 
|D. Hilltop Apartments, Ltd.                               |  |                                                      | 415,909   |  |                     |   | 220,000   |                      |  |   | 8/1/2012           |  |  |                                          | 20,000    |  |                                            |   | 3,047 |                         | 
|Woodland, Ltd                                             |  |                                                      | 1,341,720 |  |                     |   | 226,000   |                      |  |   | 7/31/2013          |  |  |                                          | 28,001    |  |                                            |   | 2,500 |                         | 
|Greyhound Associates I, L.P                               |  |                                                      | 435,203   |  |                     |   | 115,000   |                      |  |   | 8/31/2013          |  |  |                                          | 5,000     |  |                                            |   | 2,600 |                         | 
|Crescent City Apartment, a California Limited Partnership |  |                                                      | 2,681,206 |  |                     |   | 320,000   |                      |  |   | 10/1/2013          |  |  |                                          | 50,000    |  |                                            |   | 7,334 |                         | 



(*)The Compliance Periods for the Local Limited Partnerships expired after the respective date of sale. The respective purchasers
have guaranteed that the Local Limited Partnerships will stay in compliance with the Low Income Housing Tax Credit code, therefore
there is no risk of recapture to the investors of the Partnership.



The following table represents
the use of the cash proceeds from the dispositions of the Local Limited Partnerships that were disposed of subsequent to March
31, 2007:



|Local
    Limited Partnership                             |  | Cash Proceeds |           |  | Reimburse
    GP
    or affiliates for
    expenses |   |        | Payment
    of
    accrued asset
    management fees |  |   | Remaining cash
    to remain in
    reserves for
    future expenses | 
|--------------------------------------------------------- |  | ------------- | --------- |  | --------------------------------------------------- | - | ------ | ---------------------------------------------------- |  | - | -------------------------------------------------------------------- | 
|                                                          |  |               |           |  |                                                     |   |        |                                                      |  |   |                                                                      | 
|Mesa Verde Apartments, L.P.                               |  | $             | 137,413   |  |                                                     | $ | 90,900 |                                                      |  | $ | -                                                                    | 
|The North Central Limited Partnership                     |  |               | 225,967   |  |                                                     |   | 36,000 |                                                      |  |   | 88,719                                                               | 
|Blessed Rock of El Monte, a CA Limited Partnership        |  |               | 2,355,384 |  |                                                     |   | 25,852 |                                                      |  |   | 966,695                                                              | 
|Lamar Plaza Apartments, LP                                |  |               | 20,000    |  |                                                     |   | 14,000 |                                                      |  |   | -                                                                    | 
|D. Hilltop Apartments, Ltd.                               |  |               | 20,000    |  |                                                     |   | 11,775 |                                                      |  |   | -                                                                    | 
|Woodland, Ltd                                             |  |               | 28,001    |  |                                                     |   | 23,000 |                                                      |  |   | -                                                                    | 
|Greyhound Associates I, L.P                               |  |               | 5,000     |  |                                                     |   | -      |                                                      |  |   | -                                                                    | 
|Crescent City Apartment, a California Limited Partnership |  |               | 50,000    |  |                                                     |   | -      |                                                      |  |   | 21,868                                                               | 



F-34







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, 2007, 2006, 2005, 2004, 2003 and 2002



NOTE
7 –SUBSEQUENT EVENTS, continued



Subsequent
to March 31, 2007, the Partnership has identified the following Local Limited Partnerships for possible disposition as listed
in the table below. Once the sales are finalized, the Partnership will use the cash proceeds to reimburse the General Partner
or an affiliate for expenses paid on its behalf or pay accrued asset management fees. Any remaining proceeds will be placed in
the Partnership’s reserves for future operating expenses. No distributions will be made to the Limited Partners.



|Local
    Limited
    Partnership |  | Expected
    closing date |  | Appraisal
    value |           |  | Mortgage
    balance of Local
    Limited
    Partnership |   |           | Estimated
    sales price |  |   | Appraisal
    expense |  |  | Estimated
    gain on sale |      
|--------------------------------- |  | ------------------------- |  | ------------------- | --------- |  | --------------------------------------------------------- | - | --------- | ------------------------- |  | - | --------------------- |  |  | -------------------------- | -----
|Ashford Place Limited Partnership |  | 1/31/2014                 |  | $                   | 2,560,000 |  |                                                           | $ | 2,612,803 |                           |  | $ | 5,000                 |  |  | $                          | 3,000
|                                  |  |                           |  |                     |           |  |                                                           |   |           |                           |  |   |                       |  |  |                            |      
|Cleveland Apartments, L.P         |  | 12/31/2013                |  |                     | 1,070,000 |  |                                                           |   | 1,471,060 |                           |  |   | 50,000                |  |  |                            | -    



The
Compliance Period for Ashford Place Limited Partnership has expired as the date of the sales so there is no risk of tax credit
recapture to the investors in the Partnership. The Compliance period for Cleveland Apartments expires December 31, 2014. The purchaser
has guaranteed that the Local Limited Partnerships will stay in compliance with the Low Income Housing Tax Credit code, therefore
there is no risk of recapture to the investors of the Partnership.



F-35







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



NONE



Item 9A. Controls and
Procedures



|(a) |  | Evaluation
                                                                                        of disclosure controls and procedures
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------



As of the end of each of the periods
covered by this report, the Partnership’s General Partner, under the supervision and with the participation of the Chief
Executive Officer and Chief Financial Officer of Associates, carried out an evaluation of the effectiveness of the Partnership’s
“disclosure controls and procedures” as defined in Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based
on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the years ended March 31,
2007, 2006, 2005 and 2004, the Partnership’s disclosure controls and procedures were not effective to ensure that material
information required to be disclosed in the Partnership’s periodic report filings with SEC is recorded, processed, summarized
and reported within the time period specified by the SEC’s rules and forms, consistent with the definition of “disclosure
controls and procedures” under the Securities Exchange Act of 1934. As of the years ended March 31, 2003 and 2002, the Principal
Executive Officer and Principal Financial Officer believe that the disclosure controls and procedures were effective. There were
no significant changes in internal controls or in other factors that could significantly affect the internal controls subsequent
to the date of evaluation.



The Partnership must rely on the
Local Limited Partnerships to provide the Partnership with certain information necessary to the timely and complete filing of
the Partnership’s periodic reports. Factors in the accounting at the Local Limited Partnerships have caused delays in the
provision of such information during past reporting periods, and resulted in the Partnership’s inability to file its periodic
reports in a timely and complete manner.



Once the Partnership has received
the necessary information from the Local Limited Partnerships, the Chief Executive Officer and the Chief Financial Officer of
Associates believe that the material information required to be disclosed in the Partnership’s periodic report filings with
SEC is effectively recorded, processed, summarized and reported, albeit not in a timely manner. Moreover, in the case of the Local
Limited Partnership known as Mesa Verde Apartments, L.P., the audited financial statements delivered to the Partnership by the
Local Limited Partnership as of December 31, 2003 did not include a statement of operations, a cash flow statement, or a statement
of changes in partners’ equity, and the report thereon did not state that the audit was conducted in accordance with the
standards of the Public Company Accounting Oversight Board (United States). The Partnership’s interest in Mesa Verde Apartments
was sold in 2010. Going forward, the Partnership will use the means reasonably within its power to impose procedures designed
to obtain from the Local Limited Partnerships the information necessary to the timely filing of the Partnership’s periodic
reports.



|(b) |  | Management’s
                                                                                        annual report on internal control over
                                                                                        financial reporting
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The management of Associates is
responsible for establishing and maintaining for the Partnership adequate internal control over financial reporting as that term
is defined in Securities Exchange Act of 1934 Rules 13a-15(f) and 15d-15(f), and for performing an assessment of the effectiveness
of internal control over financial reporting as of March 31, 2007, 2006, 2005, and 2004. The internal control process of Associates,
as it is applicable to the Partnership, was designed to provide reasonable assurance to Associates regarding the preparation and
fair presentation of published financial statements, and includes those policies and procedures that:



| | (1) | Pertain
                                                                                                                                                                                                                to
                                                                                                                                                                                                                the
                                                                                                                                                                                                                maintenance
                                                                                                                                                                                                                of
                                                                                                                                                                                                                records
                                                                                                                                                                                                                that
                                                                                                                                                                                                                in
                                                                                                                                                                                                                reasonable
                                                                                                                                                                                                                detail
                                                                                                                                                                                                                accurately
                                                                                                                                                                                                                and
                                                                                                                                                                                                                fairly
                                                                                                                                                                                                                reflect
                                                                                                                                                                                                                the
                                                                                                                                                                                                                transactions
                                                                                                                                                                                                                and
                                                                                                                                                                                                                dispositions
                                                                                                                                                                                                                of
                                                                                                                                                                                                                the
                                                                                                                                                                                                                assets
                                                                                                                                                                                                                of
                                                                                                                                                                                                                the
                                                                                                                                                                                                                Partnership;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (2) | Provide
                                                                                                                                                                                                                reasonable
                                                                                                                                                                                                                assurance
                                                                                                                                                                                                                that
                                                                                                                                                                                                                transactions
                                                                                                                                                                                                                are
                                                                                                                                                                                                                recorded
                                                                                                                                                                                                                as
                                                                                                                                                                                                                necessary
                                                                                                                                                                                                                to
                                                                                                                                                                                                                permit
                                                                                                                                                                                                                preparation
                                                                                                                                                                                                                of
                                                                                                                                                                                                                financial
                                                                                                                                                                                                                statements
                                                                                                                                                                                                                in
                                                                                                                                                                                                                accordance
                                                                                                                                                                                                                with
                                                                                                                                                                                                                generally
                                                                                                                                                                                                                accepted
                                                                                                                                                                                                                accounting
                                                                                                                                                                                                                principles
                                                                                                                                                                                                                in
                                                                                                                                                                                                                the
                                                                                                                                                                                                                United
                                                                                                                                                                                                                States,
                                                                                                                                                                                                                and
                                                                                                                                                                                                                that
                                                                                                                                                                                                                the
                                                                                                                                                                                                                Partnership’s
                                                                                                                                                                                                                receipts
                                                                                                                                                                                                                and
                                                                                                                                                                                                                expenditures
                                                                                                                                                                                                                are
                                                                                                                                                                                                                being
                                                                                                                                                                                                                made
                                                                                                                                                                                                                only
                                                                                                                                                                                                                in
                                                                                                                                                                                                                accordance
                                                                                                                                                                                                                with
                                                                                                                                                                                                                authorization
                                                                                                                                                                                                                of
                                                                                                                                                                                                                the
                                                                                                                                                                                                                management
                                                                                                                                                                                                                of
                                                                                                                                                                                                                Associates;
                                                                                                                                                                                                                and
| | (3) | Provide
                                                                                                                                                                                                                reasonable
                                                                                                                                                                                                                assurance
                                                                                                                                                                                                                regarding
                                                                                                                                                                                                                prevention
                                                                                                                                                                                                                or
                                                                                                                                                                                                                timely
                                                                                                                                                                                                                detection
                                                                                                                                                                                                                of
                                                                                                                                                                                                                unauthorized
                                                                                                                                                                                                                acquisition,
                                                                                                                                                                                                                use
                                                                                                                                                                                                                or
                                                                                                                                                                                                                disposition
                                                                                                                                                                                                                of
                                                                                                                                                                                                                the
                                                                                                                                                                                                                Partnership’s
                                                                                                                                                                                                                assets
                                                                                                                                                                                                                that
                                                                                                                                                                                                                could
                                                                                                                                                                                                                have
                                                                                                                                                                                                                a
                                                                                                                                                                                                                material
                                                                                                                                                                                                                effect
                                                                                                                                                                                                                on
                                                                                                                                                                                                                the
                                                                                                                                                                                                                financial
                                                                                                                                                                                                                statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       





45









All internal control processes,
no matter how well designed, have inherent limitations. Therefore, even those processes determined to be effective can provide
only reasonable assurance with respect to the reliability of financial statement preparation and presentation. Further, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions or that the degree of compliance with the policies or procedures may deteriorate.



Management of Associates assessed
the effectiveness of its internal control over financial reporting, as it is applicable to the Partnership, as of the end of the
Partnership’s most recent fiscal year. In making this assessment, it used the criteria set forth in Internal Control –
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on its assessment,
management of Associates concluded that, for the reasons set forth above under “Disclosure controls and procedures,”
the internal control over financial reporting, as it is applicable to the Partnership, was not effective as of March 31,
2007, 2006, 2005, and 2004.



For purposes of the Securities Exchange
Act of 1934, the term “material weakness” is a deficiency, or a combination of deficiencies, in a reporting company’s
internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company’s
annual or interim financial statements will not be prevented or detected on a timely basis. For the reasons discussed above in
this Item 9A, sub-section (a) under the caption “Disclosure Controls and Procedures,” the Partnership’s internal
control over financial reporting has not been effective in permitting timely reporting of the Partnership’s financial information.
Accordingly, the management of Associates believes that this inability to generate timely reports constitutes a material weakness
in its internal control over financial reporting.

|(c) |  | Changes
                                                                                                                in internal controls
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------



There were no changes in the Partnership’s
internal control over financial reporting that occurred during the years ended March 31, 2007, 2006, 2005, and 2004 that materially
affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.



Item
9B. Other Information



NONE



PART III.



Item 10. Directors, Executive Officers and
Corporate Governance



| | (a) | Identification
                                                                                                                                                                                            of
                                                                                                                                                                                            Directors,
                                                                                                                                                                                            (b)
                                                                                                                                                                                            Identification
                                                                                                                                                                                            of
                                                                                                                                                                                            Executive
                                                                                                                                                                                            Officers,
                                                                                                                                                                                            (c)
                                                                                                                                                                                            Identification
                                                                                                                                                                                            of
                                                                                                                                                                                            Certain
                                                                                                                                                                                            Significant
                                                                                                                                                                                            Employees,
                                                                                                                                                                                            (d)
                                                                                                                                                                                            Family
                                                                                                                                                                                            Relationships,
                                                                                                                                                                                            and
                                                                                                                                                                                            (e)
                                                                                                                                                                                            Business
                                                                                                                                                                                            Experience
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Neither the General Partner nor the Partnership
has directors, executives officers or employees of its own.  The business of the Partnership is conducted primarily
through Associates.  Associates is a California corporation which was organized in 1971.  The following biographical
information is presented for the officers and employees of Associates with principal responsibility for the Partnership’s
affairs.



46







WNC & Associates, Inc.is
a California corporation which was organized in 1971. Its officers and significant employees as of the date of this filing are
included in the following list, which also includes certain officers of WNC Capital Corporation:



|Wilfred
    N. Cooper, Sr. | Chairman                                                
|-------------------------- | --------------------------------------------------------
|Wilfred N. Cooper, Jr.     | President, Chief Executive
    Officer and Secretary    
|Michael J. Gaber           | Executive Vice President
    and Chief Operating Officer
|David N. Shafer, Esq.      | Executive Vice President                                
|Melanie R. Wenk, CPA       | Vice President –
    Chief Financial Officer            
|Darrick Metz               | Senior Vice President
    – Originations                
|Christine A. Cormier       | Senior Vice President
    – Investor Relations          
|Kelly Henderson            | Senior Vice President
    – Legal Affairs               
|Anand Kannan               | Senior Vice President
    – Development                 
|Gregory S. Hand            | Senior Vice President
    – Underwriting                
|Anil Advani                | Senior Vice President
    – Private Label Funds         



In addition to Wilfred N. Cooper, Sr., the
directors of WNC & Associates, Inc. are Wilfred N. Cooper, Jr., Kay L. Cooper and Jennifer E. Cooper.



Wilfred N. Cooper, Sr. is the founder and
Chairman of the Board of Directors of WNC & Associates, Inc., a Director of WNC Capital Corporation, and a general partner
in some of the partnerships previously sponsored by WNC & Associates, Inc. Mr. Cooper has been actively involved in the affordable
housing industry since 1968. Previously, during 1970 and 1971, he was founder and a 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 before
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. He
has testified before committees of the U.S. Senate and the U.S. House of Representatives on matters pertaining to the affordable
housing industry. Mr. Cooper is a Life Director of the National Association of Home Builders (“NAHB”), a National
Trustee for NAHB’s Political Action Committee, and a past Chairman of NAHB’s Multifamily Council. He is a Life Trustee
of the National Housing Conference, and a co-founder and Director Emeritus of the California Housing Consortium. He is the husband
of Kay Cooper and the father of Wilfred N. Cooper, Jr. Mr. Cooper graduated from Pomona College in 1956 with a Bachelor of Arts
degree.



Wilfred N. Cooper, Jr. is President, Chief
Executive Officer, Secretary, a Director, and a member of the Investment Committee, of WNC & Associates, Inc. He is President
and a Director of, and a registered principal with, WNC Capital Corporation. He has been involved in real estate investment and
acquisition activities since 1988 when he joined WNC & Associates, Inc. Previously, he served as a Government Affairs Assistant
with Honda North America in Washington, D.C. Mr. Cooper serves on the Orange County Advisory Board of U.S. Bank, the Board of
Trustees of NHC, the Editorial Advisory Board of Tax Credit Advisor, and the Tax Policy Council of the National Trust for
Historic Preservation. He is a member of the Urban Land Institute and of Vistage International, a global network of business leaders
and chief executives. He is the son of Wilfred Cooper, Sr. and Kay Cooper. Mr. Cooper graduated from The American University in
1985 with a Bachelor of Arts degree.



Michael J. Gaber is an Executive Vice President,
Chief Operating Officer, chair of the Investment Committee, and oversees the Property Acquisition and Investment Management groups,
of WNC & Associates, Inc. Mr. Gaber has been involved in real estate acquisition, valuation and investment activities since
1989 and has been associated with WNC & Associates, Inc. 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 a large financial
institution. Mr. Gaber is a member of the Housing Credit Group of NAHB and of National Housing and Rehabilitation Association
(“NH&RA”). Mr. Gaber graduated from the California State University, Fullerton in 1991 with a Bachelor of Science
degree in business administration – finance.



47







David N. Shafer is an Executive Vice President,
a member of the Investment Committee, and oversees the New Markets Tax Credit group, of WNC & Associates, Inc. He is a registered
representative with WNC Capital Corporation. Mr. Shafer has been active in the real estate industry since 1984. Before joining
WNC & Associates, Inc. in 1990, he was engaged as an attorney in the private practice of law with a specialty in real estate
and taxation. Mr. Shafer is a Director and past President of the California Council of Affordable Housing, a Director of the Council
for Affordable and Rural 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 Laws degree in taxation.



Melanie R. Wenk is Vice President –
Chief Financial Officer of WNC & Associates, Inc. She oversees WNC’s corporate and partnership accounting group, which
is responsible for SEC reporting and New Markets Tax Credit compliance. Prior to joining WNC in 2003, Ms. Wenk was associated
as a public accountant with BDO Seidman, LLP. She graduated from the California Polytechnic State University, Pomona in 1999 with
a Bachelor of Science degree in accounting.



Darrick Metz is Senior Vice President –
Originations of WNC & Associates, Inc. He has been involved in multifamily property underwriting, acquisition and investment
activities since 1991. Prior to joining WNC in 1999, he was employed by a Minnesota development company specializing in tax credit
and market rate multifamily projects. Mr. Metz also worked with the Minnesota Housing Finance Agency (“MHFA”), where
he held the position of Senior Housing Development Officer. While at MHFA, he was responsible for the allocation of tax credits,
HOME funds and state loan products. Mr. Metz is active in the Qualified Allocation Plan Tax Credit Advisory Committee for the
Wisconsin Housing and Economic Development Authority, a member of MHFA’s Multifamily Technical Assistance and a board member
of NH&RA. He graduated from St. Cloud State University in 1993 with a Bachelor of Science degree in finance/economics.



Christine A. Cormier is Senior Vice President
– Investor Relations of WNC & Associates, Inc. and oversees multi-investor fund equity raising and closings as well
as the marketing group. She is a registered representative with WNC Capital Corporation. Ms. Cormier has been active in the real
estate industry since 1985. Prior to joining WNC in 2008, Ms. Cormier was with another major tax credit syndicator for over 12
years where she was the Managing Director of investor relations. Ms. Cormier graduated from Bentley University in 1982 with a
Bachelor of Science degree (summa cum laude) in accounting and computer science.



Kelly Henderson is Senior Vice President –
Legal Affairs of WNC & Associates, Inc. She is responsible for structuring local limited partnership letters of understanding
and local limited partnership agreements, coordinating closings with outside counsel and reviewing local limited partnership loan
documents. Prior to joining WNC in 2006, she was Vice President – Acquisitions and Senior Counsel with a national tax credit
syndicator. Ms. Henderson has been underwriting tax credit properties since 1999. She graduated from the State University of New
York at Geneseo in 1993 with a Bachelor of Arts degree in political science and from the New England School of Law in 1996 with
a Juris Doctor degree. She is licensed to practice law in the States of New York and Massachusetts.



Anand Kannan is Senior Vice President –
Development of WNC & Associates, Inc. and leads the preservation and development teams for Community Preservation Partners,
LLC. Prior to joining WNC in 2011, Mr. Kannan served as Associate Director at Vitus Group (previously Pacific Housing Advisors,
Inc.), where he developed or consulted on affordable housing projects across the country. His expertise is in the acquisition
and rehabilitation of existing low-income housing projects that are or will be financed by tax-exempt bonds, tax credits, and
other government subsidies. Prior to his tenure at Vitus Group, Mr. Kannan was associated with Novogradac & Company LLP. Mr.
Kannan graduated from the University of California at Berkeley in 2002 with a Bachelor of Arts degree in economics with an emphasis
in accounting.



Gregory S. Hand is Senior Vice President –
Underwriting of WNC & Associates, Inc. and oversees the property underwriting activities. Mr. Hand has been involved in real
estate analysis, development and management since 1987. Prior to joining WNC in 1998, he was a portfolio asset manager with a
national tax credit sponsor with responsibility for the management of $200 million in assets. Prior to that, he was a finance
manager with The Koll Company and a financial analyst with The Irvine Company. Mr. Hand graduated from Iowa State University in
1987 with a Bachelor of Business Administration degree in finance.



48







Anil Advani is Senior Vice President –
Private Label Funds of WNC & Associates, Inc. He oversees all activities pertaining to private label funds, including structuring,
originations, underwriting and acquisitions. Mr. Advani has 16 years of experience in affordable housing. Prior to joining WNC
in 2011 and rejoining WNC in 2013, he worked for major tax credit syndicators where he was involved in the originations, structuring,
and placement to institutional investors of local limited partnership investments. Prior to that, he was associated with a major
accounting firm performing due diligence reviews of tax credit investments on behalf of institutional investors. Mr. Advani graduated
from the University of Texas at Austin in 1993 with a Bachelor of Arts degree in economics and from The American University –
Washington College of Law in 1996 with a Juris Doctor degree.



|(f) |  | Involvement
                                                                                                                                                in
                                                                                                                                                Certain
                                                                                                                                                Legal
                                                                                                                                                Proceedings
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



None.



|(g) |  | Promoters
                                                                                                                                                and
                                                                                                                                                Control
                                                                                                                                                Persons
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Inapplicable.



|(h) |  | Audit
                                                                                                                                                Committee
                                                                                                                                                Financial
                                                                                                                                                Expert,
                                                                                                                                                and
                                                                                                                                                (i)
                                                                                                                                                Identification
                                                                                                                                                of
                                                                                                                                                the
                                                                                                                                                Audit
                                                                                                                                                Committee
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Neither the Partnership
nor the General Partners, has an audit committee.



|(j) |  | Changes
                                                                                                                                                to
                                                                                                                                                Nominating
                                                                                                                                                Procedures
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Inapplicable.



|(k) |  | Compliance
                                                                                                                                                With
                                                                                                                                                Section
                                                                                                                                                16(a)
                                                                                                                                                of
                                                                                                                                                the
                                                                                                                                                Exchange
                                                                                                                                                Act
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



None.



|(l) |  | Code
                                                                                                                                                of
                                                                                                                                                Ethics
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Associates has adopted
a Code of Ethics which applies to the Chief Executive Officer and Chief Financial Officer of Associates. The Code of Ethics will
be provided without charge to any person who requests it. Such requests should be directed to: Investor Relations at (714) 662-5565
extension 187.



49







Item 11. Executive Compensation









The General Partners and their Affiliates
are not permitted under Section 5.6 of the Partnership’s Agreement of Limited Partnership (the “Agreement,”
incorporated as Exhibit 3.1 to this report) to receive any salary, fees, profits, distributions or allocations from the Partnership
or any Local Limited Partnership in which the Partnership invests except as expressly allowed by the Agreement. The compensation
and other economic benefits to the General Partner and its Affiliates provided for in the Agreement are summarized below.



|(a) |  | Compensation
                                                                                                             for Services
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------



For services rendered by the Managing
General Partner or an Affiliate of the Managing General Partner in connection with the administration of the affairs of the Partnership,
the Managing General Partner or any such Affiliate may receive an annual Asset Management Fee equal to the greater of (i) $2,000
for each Housing Complex, or (ii) 0.275% of gross proceeds. In either case, the fee will be decreased or increased annually based
on changes to the Consumer Price Index. However, in no event will the maximum amount exceed 0.2% of the invested assets of the
Local Limited Partnerships, including the Partnership’s allocable share of the mortgages. The Asset Management Fee is payable
with respect to the previous calendar quarter on the first day of each calendar quarter during the year. Accrued but unpaid Asset
Management Fees for any year are deferred without interest and are payable in subsequent years from any funds available to the
Partnership after payment of all other costs and expenses of the Partnership, including any capital reserves then determined by
the Managing General Partner to no longer be necessary to be retained by the Partnership, or from the proceeds of a sale or refinancing
of Partnership assets. Fees of $60,500 were incurred during each of the years ended March 31, 2007, 2006, 2005, 2004, 2003 and
2002, of which $50,312, $94,530, $60,500, $60,500, $60,500 and $45,375were paid for
the years ended March 31, 2007, 2006, 2005, 2004, 2003 and 2002, respectively. During the
years ended March 31, 2007 and 2006, the Partnership overpaid its management fees. The over payments are reflected as prepaid
expenses on the accompanying balance sheets.



Subject to a number of terms and
conditions set forth in the Agreement, the General Partner and its Affiliates may be entitled to compensation for services actually
rendered or to be rendered in connection with (i) selecting, evaluating, structuring, negotiating and closing the Partnership’s
investments in Local Limited Partnership Interests, (ii) the acquisition or development of Properties for the Local Limited Partnerships,
or (iii) property management services actually rendered by the General Partners or their Affiliates respecting the Properties
owned by Local Limited Partnerships. The Partnership has completed its investment stage, so no compensation for the services in
(i) or (ii) has been paid during the period covered by this report and none will be paid in the future. None of the services described
in (iii) were rendered and no such compensation was payable for such services during the periods covered by this report.



50







|(b) |  | Operating
                                                                                                             Expenses
|--- |  | -------------------------------------------------------------------------------------------------------------------------------



Reimbursement to the General Partner
or any of its Affiliates of Operating Cash Expenses is subject to specific restrictions in Section 5.3.3 of the Partnership’s
Agreement of Limited Partnership (the “Agreement,” incorporated as Exhibit 3.1 to this report). The Agreement defines
“Operating Cash Expenses” as



“ . . . the amount
of cash disbursed by the Partnership . . . in the ordinary course of business for the payment of its operating expenses, such
as expenses for management, utilities, repair and maintenance, insurance, investor communications, legal, accounting, statistical
and bookkeeping services, use of computing or accounting equipment, travel and telephone expenses, salaries and direct expenses
of Partnership employees while engaged in Partnership business, and any other operational and administrative expenses necessary
for the prudent operation of the Partnership. Without limiting the generality of the foregoing, Operating Cash Expenses shall
include fees paid by the Partnership to any General Partner or any Affiliate of a General Partner permitted by this Agreement
and the actual cost of goods, materials and administrative services used for or by the Partnership, whether incurred by a General
Partner, an Affiliate of a General Partner or a non-Affiliated Person in performing the foregoing functions. As used in the preceding
sentence, actual cost of goods and materials means the actual cost of goods and materials used for or by the Partnership and obtained
from entities not Affiliated with a General Partner, and actual cost of administrative services means the pro rata cost of personnel
(as if such persons were employees of the Partnership) associated therewith, but in no event to exceed the Competitive amount.”



The Agreement provides that no
such reimbursement shall be permitted for services for which a General Partner or any of its Affiliates is entitled to compensation
by way of a separate fee. Furthermore, no such reimbursement is to be made for (a) rent or depreciation, utilities, capital equipment
or other such administrative items, and (b) salaries, fringe benefits, travel expenses and other administrative items incurred
or allocated to any “controlling person” of a General Partner or any Affiliate of a General Partner. For the purposes
of Section 5.3.4, “controlling person” includes, but is not limited to, any person, however titled, who performs functions
for a General Partner or any Affiliate of a General Partner similar to those of: (1) chairman or member of the board of directors;
(2) executive management, such as president, vice president or senior vice president, corporate secretary or treasurer; (3) senior
management, such as the vice president of an operating division who reports directly to executive management; or (4) those holding
5% or more equity interest in such General Partner or any such Affiliate of a General Partner or a person having the power to
direct or cause the direction of such General Partner or any such Affiliate of a General Partner, whether through the ownership
of voting securities, by contract or otherwise.



The unpaid operating expenses reimbursable
to the General Partner or its affiliates were $9,517, $3,832, $4,961, $2,687, $1,890 and $1,582 for the years ended March 31,
2007, 2006, 2005, 2004, 2003 and 2002, respectively. The Partnership reimbursed the General Partner or its affiliates for operating
expenses of $12,136, $14,329, $18,743, $29,464, $27,789 and $31,400, during the years ended March 31, 2007, 2006, 2005, 2004,
2003 and 2002, respectively.



|(c) |  | Interest in Partnership
|--- |  | -----------------------



The General Partner receives 1%
of the Partnership’s allocated Low Income Housing Tax Credits, which approximated $26,143, $26,846, $26,713, $26,856 and
$26,737 for the years ended December 31, 2006, 2005, 2004, 2003 and 2002, respectively. The General Partner is also entitled to
receive 1% of the Partnership’s operating income or losses, gain or loss from the sale of property and operating cash distributions.
There were no distributions of operating cash to the General Partner during the years ended March 31, 2007, 2006, 2005, 2004,
2003 and 2002. The General Partner has an interest in sale or refinancing proceeds as follows: after the Limited Partners have
received a return of their capital, General Partner may receive an amount equal to its capital contribution, less any prior distribution
of such proceeds, then the General Partner may receive 1% and the Limited Partners 99% of any remaining proceeds. There were no
such distributions of cash to the General Partner during the years ended March 31, 2007, 2006, 2005, 2004, 2003 and 2002.



51







|(d) |  | Subordinated
                                                                                                                Disposition Fee
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------



A subordinated disposition fee in an amount
equal to 1% of the sale price may be received in connection with the sale or disposition of a Housing Complex or Local Limited
Partnership interest. 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. No such fee was incurred for all periods presented.



Item 12.	Security
Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters



| | (a) | Securities
                                                                                                                                                       Authorized
                                                                                                                                                       for
                                                                                                                                                       Issuance
                                                                                                                                                       Under
                                                                                                                                                       Equity
                                                                                                                                                       Compensation
                                                                                                                                                       Plans
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | The
                                                                                                                                             Partnership
                                                                                                                                             has
                                                                                                                                             no
                                                                                                                                             compensation
                                                                                                                                             plans
                                                                                                                                             under
                                                                                                                                             which
                                                                                                                                             interests
                                                                                                                                             in
                                                                                                                                             the
                                                                                                                                             Partnership
                                                                                                                                             are
                                                                                                                                             authorized
                                                                                                                                             for
                                                                                                                                             issuance.
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Security
                                                                                                                                                       Ownership
                                                                                                                                                       of
                                                                                                                                                       Certain
                                                                                                                                                       Beneficial
                                                                                                                                                       Owners
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | (c) | Security
                                                                                                                                                       Ownership
                                                                                                                                                       of
                                                                                                                                                       Management
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | (d) | Changes
                                                                                                                                                       in
                                                                                                                                                       Control
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The management and control of Associates
may be changed at any time in accordance with their respective 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 Partners 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 Partners of the Partnership and elect a successor General Partner.



Item 13. Certain Relationships
and Related Transactions, and Director Independence



| | (a) | 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,
                                                                                                                                                                                                   reimbursement
                                                                                                                                                                                                   of
                                                                                                                                                                                                   expenses,
                                                                                                                                                                                                   and
                                                                                                                                                                                                   the
                                                                                                                                                                                                   General
                                                                                                                                                                                                   Partner’s
                                                                                                                                                                                                   interests
                                                                                                                                                                                                   in
                                                                                                                                                                                                   the
                                                                                                                                                                                                   Partnership,
                                                                                                                                                                                                   as
                                                                                                                                                                                                   discussed
                                                                                                                                                                                                   in
                                                                                                                                                                                                   Item
                                                                                                                                                                                                   11
                                                                                                                                                                                                   and
                                                                                                                                                                                                   in
                                                                                                                                                                                                   the
                                                                                                                                                                                                   notes
                                                                                                                                                                                                   to
                                                                                                                                                                                                   the
                                                                                                                                                                                                   Partnership’s
                                                                                                                                                                                                   financial
                                                                                                                                                                                                   statements.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                                                                                                                                            Partnership
                                                                                                                                                            has
                                                                                                                                                            no
                                                                                                                                                            directors.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



52







Item 14. Principal Accountant
Fees and Services



The following is a summary of fees paid to the Partnership’s
principal independent registered public accounting firm for the years ended March 31:



|                   |  | 2007 |       |  | 2006 |   |       | 2005 |  |   | 2004  |  |  | 2003 |      
|------------------ |  | ---- | ----- |  | ---- | - | ----- | ---- |  | - | ----- |  |  | ---- | -----
|                   |  |      |       |  |      |   |       |      |  |   |       |  |  |      |      
|Audit Fees         |  | $    | -     |  |      | $ | 5,000 |      |  | $ | 6,300 |  |  | $    | 1,000
|Audit-related Fees |  |      | -     |  |      |   | -     |      |  |   | -     |  |  |      | -    
|Tax Fees           |  |      | 2,625 |  |      |   | -     |      |  |   | -     |  |  |      | -    
|TOTAL              |  | $    | 2,625 |  |      | $ | 5,000 |      |  | $ | 6,300 |  |  | $    | 1,000



The Partnership has no Audit Committee. All
audit services and any permitted non-audit services performed by the Partnership’s independent auditors are pre approved
by the General Partner.



PART IV.



Item 15. Exhibits and
Financial Statement Schedules



List of financial statements included in Part II hereof





|       |  | Reports of Independent Registered Public Accounting Firms                                                                                                                                                                                         
|------ |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  | Balance Sheets, March 31, 2007, 2006, 2005, 2004 and 2003                                                                                                                                                                                         
|       |  | Statements of Operations for the years ended March 31, 2007, 2006, 2005, 2004, 2003
    and 2002                                                                                                                                                  
|       |  | Statements of Partners’ Equity (Deficit) for the years ended March 31, 2007,
    2006, 2005, 2004, 2003 and 2002                                                                                                                                  
|       |  | Statements of Cash Flows for the years ended March 31, 2007, 2006, 2005, 2004, 2003
    and 2002                                                                                                                                                  
|       |  | Notes to Financial Statements                                                                                                                                                                                                                     
|       |  |                                                                                                                                                                                                                                                   
|(a)(2) |  | List of financial statement schedules included in Part IV hereof:                                                                                                                                                                                 
|       |  |                                                                                                                                                                                                                                                   
|       |  | Schedule III, Real Estate Owned by Local Limited Partnerships                                                                                                                                                                                     
|       |  |                                                                                                                                                                                                                                                   
|(a)(3) |  | Exhibits.                                                                                                                                                                                                                                         
|       |  |                                                                                                                                                                                                                                                   
|3.1    |  | Articles of incorporation and by-laws: The registrant
    is not incorporated. The Partnership Agreement filed as Exhibit 28.1 to Form 10-K for fiscal year ended December 31, 1995
    is hereby incorporated herein by reference as Exhibit 3.1.
|       |  |                                                                                                                                                                                                                                                   
|31.1   |  | Certification of the Chief Executive Officer pursuant to Rule 13a-14 and 15d-14 (filed
    herewith)                                                                                                                                              
|       |  |                                                                                                                                                                                                                                                   
|31.2   |  | Certification of the Chief Financial Officer pursuant to Rule 13a-14 and 15d-14 (filed
    herewith)                                                                                                                                              
|       |  |                                                                                                                                                                                                                                                   
|32.1   |  | Section 1350 Certification of the Chief Executive Officer. (filed herewith)                                                                                                                                                                       
|       |  |                                                                                                                                                                                                                                                   
|32.2   |  | Section 1350 Certification of the Chief Financial Officer. (filed herewith)                                                                                                                                                                       
|       |  |                                                                                                                                                                                                                                                   
|99.1   |  | 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 99.1.                              
|       |  |                                                                                                                                                                                                                                                   
|99.2   |  | 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 99.2.                                                   





53







| | 99.3 | Agreement
                                                                                                                                                                                                                          of
                                                                                                                                                                                                                          Limited
                                                                                                                                                                                                                          Partnership
                                                                                                                                                                                                                          of
                                                                                                                                                                                                                          Ashford
                                                                                                                                                                                                                          Place,
                                                                                                                                                                                                                          a
                                                                                                                                                                                                                          Limited
                                                                                                                                                                                                                          Partnership
                                                                                                                                                                                                                          filed
                                                                                                                                                                                                                          as
                                                                                                                                                                                                                          exhibit
                                                                                                                                                                                                                          99.1
                                                                                                                                                                                                                          to
                                                                                                                                                                                                                          Form
                                                                                                                                                                                                                          8-K
                                                                                                                                                                                                                          Current
                                                                                                                                                                                                                          Report
                                                                                                                                                                                                                          dated
                                                                                                                                                                                                                          January
                                                                                                                                                                                                                          27,
                                                                                                                                                                                                                          1997
                                                                                                                                                                                                                          is
                                                                                                                                                                                                                          herein
                                                                                                                                                                                                                          incorporated
                                                                                                                                                                                                                          by
                                                                                                                                                                                                                          reference
                                                                                                                                                                                                                          as
                                                                                                                                                                                                                          exhibit
                                                                                                                                                                                                                          99.3
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.4 | Amended
                                                                                                                                                                                                                                                      and
                                                                                                                                                                                                                                                      Restated
                                                                                                                                                                                                                                                      Agreement
                                                                                                                                                                                                                                                      of
                                                                                                                                                                                                                                                      Limited
                                                                                                                                                                                                                                                      Partnership
                                                                                                                                                                                                                                                      of
                                                                                                                                                                                                                                                      Lamar
                                                                                                                                                                                                                                                      Plaza
                                                                                                                                                                                                                                                      Apts.,
                                                                                                                                                                                                                                                      L.
                                                                                                                                                                                                                                                      P.
                                                                                                                                                                                                                                                      filed
                                                                                                                                                                                                                                                      as
                                                                                                                                                                                                                                                      exhibit
                                                                                                                                                                                                                                                      99.2
                                                                                                                                                                                                                                                      to
                                                                                                                                                                                                                                                      Form
                                                                                                                                                                                                                                                      8-K
                                                                                                                                                                                                                                                      Current
                                                                                                                                                                                                                                                      Report
                                                                                                                                                                                                                                                      dated
                                                                                                                                                                                                                                                      January
                                                                                                                                                                                                                                                      27,
                                                                                                                                                                                                                                                      1997
                                                                                                                                                                                                                                                      is
                                                                                                                                                                                                                                                      herein
                                                                                                                                                                                                                                                      incorporated
                                                                                                                                                                                                                                                      by
                                                                                                                                                                                                                                                      reference
                                                                                                                                                                                                                                                      as
                                                                                                                                                                                                                                                      exhibit
                                                                                                                                                                                                                                                      99.4.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.5 | 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
                                                                                                                                                                                                                                                      99.5.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.6 | 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
                                                                                                                                                                                                                                                      99.6.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

| | 99.7 | 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
                                                                                                                                                                                                                                                      99.7.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.8 | 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
                                                                                                                                                                                                                                                      99.8.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.9 | 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
                                                                                                                                                                                                                                                      99.9.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.10 | 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
                                                                                                                                                                                                                                                       99.10.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.11 | Financial
                                                                                                                                                                                                                                                       Statements
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       Mesa
                                                                                                                                                                                                                                                       Verde
                                                                                                                                                                                                                                                       Apartments
                                                                                                                                                                                                                                                       Limited
                                                                                                                                                                                                                                                       Partnership,
                                                                                                                                                                                                                                                       as
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       and
                                                                                                                                                                                                                                                       for
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       years
                                                                                                                                                                                                                                                       ended
                                                                                                                                                                                                                                                       December
                                                                                                                                                                                                                                                       31,
                                                                                                                                                                                                                                                       2006,
                                                                                                                                                                                                                                                       2005,
                                                                                                                                                                                                                                                       2004
                                                                                                                                                                                                                                                       and
                                                                                                                                                                                                                                                       2003
                                                                                                                                                                                                                                                       together
                                                                                                                                                                                                                                                       with
                                                                                                                                                                                                                                                       Independent
                                                                                                                                                                                                                                                       Auditors
                                                                                                                                                                                                                                                       Report
                                                                                                                                                                                                                                                       thereon;
                                                                                                                                                                                                                                                       a
                                                                                                                                                                                                                                                       significant
                                                                                                                                                                                                                                                       subsidiary
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       Partnership.
                                                                                                                                                                                                                                                       (filed
                                                                                                                                                                                                                                                       herewith)
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.12 | Financial
                                                                                                                                                                                                                                                       Statements
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       Blessed
                                                                                                                                                                                                                                                       Rock
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       El
                                                                                                                                                                                                                                                       Monte,
                                                                                                                                                                                                                                                       as
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       and
                                                                                                                                                                                                                                                       for
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       years
                                                                                                                                                                                                                                                       ended
                                                                                                                                                                                                                                                       December
                                                                                                                                                                                                                                                       31,
                                                                                                                                                                                                                                                       2006,
                                                                                                                                                                                                                                                       2005,
                                                                                                                                                                                                                                                       and
                                                                                                                                                                                                                                                       2004
                                                                                                                                                                                                                                                       together
                                                                                                                                                                                                                                                       with
                                                                                                                                                                                                                                                       Independent
                                                                                                                                                                                                                                                       Auditors
                                                                                                                                                                                                                                                       Report
                                                                                                                                                                                                                                                       thereon;
                                                                                                                                                                                                                                                       a
                                                                                                                                                                                                                                                       significant
                                                                                                                                                                                                                                                       subsidiary
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       Partnership.
                                                                                                                                                                                                                                                       (filed
                                                                                                                                                                                                                                                       herewith)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | 101.  | Interactive
                                                                                                                                                                                                                                           data
                                                                                                                                                                                                                                           files
                                                                                                                                                                                                                                           pursuant
                                                                                                                                                                                                                                           to
                                                                                                                                                                                                                                           Rule
                                                                                                                                                                                                                                           405
                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                           Regulation
                                                                                                                                                                                                                                           S-T:
                                                                                                                                                                                                                                           (i)
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           Balance
                                                                                                                                                                                                                                           Sheets
                                                                                                                                                                                                                                           at
                                                                                                                                                                                                                                           March 31,
                                                                                                                                                                                                                                           2007,
                                                                                                                                                                                                                                           2006,
                                                                                                                                                                                                                                           2005,
                                                                                                                                                                                                                                           2004
                                                                                                                                                                                                                                           and
                                                                                                                                                                                                                                           2003,
                                                                                                                                                                                                                                           (ii)
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           Statements
                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                           Operations
                                                                                                                                                                                                                                           for
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           years
                                                                                                                                                                                                                                           ended
                                                                                                                                                                                                                                           March 31,
                                                                                                                                                                                                                                           2007,
                                                                                                                                                                                                                                           2006,
                                                                                                                                                                                                                                           2005,
                                                                                                                                                                                                                                           2004
                                                                                                                                                                                                                                           and
                                                                                                                                                                                                                                           2003,
                                                                                                                                                                                                                                           (iii)
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           Statements
                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                           Partner’s
                                                                                                                                                                                                                                           Equity
                                                                                                                                                                                                                                           (Deficit)
                                                                                                                                                                                                                                           for
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           years
                                                                                                                                                                                                                                           ended
                                                                                                                                                                                                                                           March
                                                                                                                                                                                                                                           31,
                                                                                                                                                                                                                                           2007,
                                                                                                                                                                                                                                           2006,
                                                                                                                                                                                                                                           2005,
                                                                                                                                                                                                                                           2004
                                                                                                                                                                                                                                           and
                                                                                                                                                                                                                                           2003,
                                                                                                                                                                                                                                           (iv)
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           Statements
                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                           Cash
                                                                                                                                                                                                                                           Flows
                                                                                                                                                                                                                                           for
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           years
                                                                                                                                                                                                                                           ended
                                                                                                                                                                                                                                           March 31,
                                                                                                                                                                                                                                           2007,
                                                                                                                                                                                                                                           2006,
                                                                                                                                                                                                                                           2005,
                                                                                                                                                                                                                                           2004
                                                                                                                                                                                                                                           and
                                                                                                                                                                                                                                           2003
                                                                                                                                                                                                                                           and
                                                                                                                                                                                                                                           (v)
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           Notes
                                                                                                                                                                                                                                           to
                                                                                                                                                                                                                                           Financial
                                                                                                                                                                                                                                           Statements



54







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2007



|                                                                   |  |                               |  | As
    of March 31, 2007                           |            |  | As
    of December 31, 2006           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | -
|Local
    LimitedPartnership Name                                  |  | Location                      |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Ashford
    Place, a Limited Partnership (2)                       |  | Shawnee,
    Oklahoma         |  | $                                                  | 2,317,000  |  |                                       | $
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Belen
    Vista Associates, Limited Partnership                    |  | Belen,
    New Mexico         |  |                                                    | 416,000    |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  | El
    Monte, California      |  |                                                    | 2,511,000  |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Bolivar
    Plaza Apartments                                       |  | Bolivar,
    Missouri         |  |                                                    | 1,181,000  |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Cleveland
    Apartments L.P. (2)                                  |  | Coffeyville,
    Kansas       |  |                                                    | 515,000    |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Crescent
    City Apartments, a California Limited Partnership (1) |  | Crescent
    City, California |  |                                                    | 1,166,000  |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|D.
    Hilltop Apartments Ltd. (1)                                 |  | Prairie
    View, Texas       |  |                                                    | 101,000    |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Greyhound
    Associates I, L.P. (1)                               |  | Windsor,
    Missouri         |  |                                                    | 642,000    |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Lamar
    Plaza Apts., L.P. (1)                                    |  | Lamar,
    Missouri           |  |                                                    | 738,000    |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Mesa
    Verde Apartments Limited Partnership (1)                  |  | Roswell,
    New Mexico       |  |                                                    | 3,941,000  |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Mountain
    Vista Associates Limited Partnership                  |  | Los
    Alamos, New Mexico    |  |                                                    | 315,000    |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|North
    Central LimitedPartnership (1)                           |  | New
    York, New York        |  |                                                    | 751,000    |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Woodland,
    Ltd.(1)                                              |  | Marion,
    Alabama           |  |                                                    | 1,288,000  |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|Wynwood
    Place, Limited Partnership                             |  | Raleigh,
    North Carolina   |  |                                                    | 534,000    |  |                                       |  
|                                                                   |  |                               |  |                                                    |            |  |                                       |  
|                                                                   |  |                               |  | $                                                  | 16,416,000 |  |                                       | $



(1) The Local Limited Partnership was identified
for sale and disposed of subsequent to March 31, 2007.



(2) Subsequent to March 31, 2007 the Local
Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



55







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2007



|                                                                   |  | For
    the year ended December 31, 2006 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford Place, a Limited Partnership (2)                           |  | $                                        | 442,000  
|                                                                   |  |                                          |          
|Belen Vista Associates, Limited Partnership                        |  |                                          | 391,000  
|                                                                   |  |                                          |          
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  |                                          | 872,000  
|                                                                   |  |                                          |          
|Bolivar Plaza Apartments                                           |  |                                          | 114,000  
|                                                                   |  |                                          |          
|Cleveland Apartments L.P. (2)                                      |  |                                          | 296,000  
|                                                                   |  |                                          |          
|Crescent City Apartments, a California Limited Partnership
    (1) |  |                                          | 212,000  
|                                                                   |  |                                          |          
|D. Hilltop Apartments Ltd. (1)                                     |  |                                          | 104,000  
|                                                                   |  |                                          |          
|Greyhound Associates I, L.P. (1)                                   |  |                                          | 85,000   
|                                                                   |  |                                          |          
|Lamar Plaza Apts., L.P. (1)                                        |  |                                          | 40,000   
|                                                                   |  |                                          |          
|Mesa Verde Apartments Limited Partnership (1)                      |  |                                          | 516,000  
|                                                                   |  |                                          |          
|Mountain Vista Associates Limited Partnership                      |  |                                          | 259,000  
|                                                                   |  |                                          |          
|North Central Limited Partnership (1)                              |  |                                          | 124,000  
|                                                                   |  |                                          |          
|Woodland, Ltd. (1)                                                 |  |                                          | 120,000  
|                                                                   |  |                                          |          
|Wynwood Place, Limited Partnership                                 |  |                                          | 135,000  
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,710,000



(1) The Local Limited Partnership was identified for sale and disposed
of subsequent to March 31, 2007.



(2) Subsequent to March 31, 2007 the Local
Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



56







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2006



|                                                                   |  |                           |  | As
    of March 31, 2006                           |            |  | As
    of December 31, 2005           |  
|------------------------------------------------------------------ |  | ------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | -
|Local
    Limited Partnership Name                                 |  | Location                  |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Ashford Place, a Limited Partnership (2)                           |  | Shawnee, Oklahoma         |  | $                                                  | 2,317,000  |  |                                       | $
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Belen Vista Associates, Limited Partnership                        |  | Belen, New Mexico         |  |                                                    | 416,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  | El Monte, California      |  |                                                    | 2,511,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Bolivar Plaza Apartments                                           |  | Bolivar, Missouri         |  |                                                    | 1,181,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Cleveland Apartments L.P. (2)                                      |  | Coffeyville, Kansas       |  |                                                    | 515,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Crescent City Apartments, a California Limited Partnership
    (1) |  | Crescent City, California |  |                                                    | 1,166,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|D. Hilltop Apartments Ltd. (1)                                     |  | Prairie View, Texas       |  |                                                    | 101,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Greyhound Associates I, L.P. (1)                                   |  | Windsor, Missouri         |  |                                                    | 642,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Lamar Plaza Apts., L.P. (1)                                        |  | Lamar, Missouri           |  |                                                    | 738,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Mesa Verde Apartments Limited Partnership                          |  | Roswell, New Mexico       |  |                                                    | 3,941,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Mountain Vista Associates Limited Partnership                      |  | Los Alamos, New Mexico    |  |                                                    | 315,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|North Central Limited Partnership (1)                              |  | New York, New York        |  |                                                    | 751,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Woodland, Ltd. (1)                                                 |  | Marion, Alabama           |  |                                                    | 1,288,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Wynwood Place, Limited Partnership                                 |  | Raleigh, North Carolina   |  |                                                    | 534,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|                                                                   |  |                           |  | $                                                  | 16,416,000 |  |                                       | $



(1) The Local Limited Partnership was identified for sale and disposed
of subsequent to March 31, 2006.



(2) Subsequent to March 31, 2006 the Local Limited Partnership
was identified for disposition but had not yet been sold as of the filing date.



57







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2006













|                                                                   |  | For
    the year ended December 31, 2005 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford Place, a Limited Partnership (2)                           |  | $                                        | 439,000  
|                                                                   |  |                                          |          
|Belen Vista Associates, Limited Partnership                        |  |                                          | 379,000  
|                                                                   |  |                                          |          
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  |                                          | 861,000  
|                                                                   |  |                                          |          
|Bolivar Plaza Apartments                                           |  |                                          | 112,000  
|                                                                   |  |                                          |          
|Cleveland Apartments L.P. (2)                                      |  |                                          | 232,000  
|                                                                   |  |                                          |          
|Crescent City Apartments, a California Limited Partnership
    (1) |  |                                          | 203,000  
|                                                                   |  |                                          |          
|D. Hilltop Apartments Ltd. (1)                                     |  |                                          | 126,000  
|                                                                   |  |                                          |          
|Greyhound Associates I, L.P. (1)                                   |  |                                          | 91,000   
|                                                                   |  |                                          |          
|Lamar Plaza Apts., L.P. (1)                                        |  |                                          | 87,000   
|                                                                   |  |                                          |          
|Mesa Verde Apartments Limited Partnership (1)                      |  |                                          | 546,000  
|Mountain Vista Associates Limited Partnership                      |  |                                          | 267,000  
|                                                                   |  |                                          |          
|North Central Limited Partnership (1)                              |  |                                          | 133,000  
|                                                                   |  |                                          |          
|Woodland, Ltd. (1)                                                 |  |                                          | 112,000  
|                                                                   |  |                                          |          
|Wynwood Place, Limited Partnership                                 |  |                                          | 85,000   
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,673,000





(1) The Local Limited Partnership was identified for sale and disposed
of subsequent to March 31, 2006.



(2) Subsequent to March 31, 2006 the Local
Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



58







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2005



|                                                                   |  |                           |  | As
    of March 31, 2005                           |            |  | As
    of December 31, 2004           |  
|------------------------------------------------------------------ |  | ------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | -
|Local Limited Partnership
    Name                                 |  | Location                  |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Ashford Place, a Limited Partnership (2)                           |  | Shawnee, Oklahoma         |  | $                                                  | 2,317,000  |  |                                       | $
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Belen Vista Associates, Limited Partnership                        |  | Belen, New Mexico         |  |                                                    | 416,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  | El Monte, California      |  |                                                    | 2,511,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Bolivar Plaza Apartments                                           |  | Bolivar, Missouri         |  |                                                    | 1,181,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Cleveland Apartments L.P. (2)                                      |  | Coffeyville, Kansas       |  |                                                    | 515,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Crescent City Apartments, a California Limited Partnership
    (1) |  | Crescent City, California |  |                                                    | 1,166,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|D. Hilltop Apartments Ltd. (1)                                     |  | Prairie View, Texas       |  |                                                    | 101,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Greyhound Associates I, L.P. (1)                                   |  | Windsor, Missouri         |  |                                                    | 642,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Lamar Plaza Apts., L.P. (1)                                        |  | Lamar, Missouri           |  |                                                    | 738,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Mesa Verde Apartments Limited Partnership (1)                      |  | Roswell, New Mexico       |  |                                                    | 3,941,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Mountain Vista Associates Limited Partnership                      |  | Los Alamos, New Mexico    |  |                                                    | 315,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|North Central Limited Partnership (1)                              |  | New York, New York        |  |                                                    | 751,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Woodland, Ltd. (1)                                                 |  | Marion, Alabama           |  |                                                    | 1,288,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Wynwood Place, Limited Partnership                                 |  | Raleigh, North Carolina   |  |                                                    | 534,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|                                                                   |  |                           |  | $                                                  | 16,416,000 |  |                                       | $



(1) The Local Limited Partnership was identified for sale and disposed
of subsequent to March 31, 2005.



(2) Subsequent to March 31, 2005 the Local Limited Partnership
was identified for disposition but had not yet been sold as of the filing date.



59







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2005



|                                                                   |  | For
    the year ended December 31, 2004 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford Place, a Limited Partnership (2)                           |  | $                                        | 428,000  
|                                                                   |  |                                          |          
|Belen Vista Associates, Limited Partnership                        |  |                                          | 380,000  
|                                                                   |  |                                          |          
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  |                                          | 847,000  
|                                                                   |  |                                          |          
|Bolivar Plaza Apartments                                           |  |                                          | 113,000  
|                                                                   |  |                                          |          
|Cleveland Apartments L.P.(2)                                       |  |                                          | 243,000  
|                                                                   |  |                                          |          
|Crescent City Apartments, a California Limited Partnership
    (1) |  |                                          | 198,000  
|                                                                   |  |                                          |          
|D. Hilltop Apartments Ltd. (1)                                     |  |                                          | 116,000  
|                                                                   |  |                                          |          
|Greyhound Associates I, L.P. (1)                                   |  |                                          | 82,000   
|                                                                   |  |                                          |          
|Lamar Plaza Apts., L.P. (1)                                        |  |                                          | 92,000   
|                                                                   |  |                                          |          
|Mesa Verde Apartments Limited Partnership (1)                      |  |                                          | 511,000  
|                                                                   |  |                                          |          
|Mountain Vista Associates Limited Partnership                      |  |                                          | 263,000  
|                                                                   |  |                                          |          
|North Central Limited Partnership (1)                              |  |                                          | 126,000  
|                                                                   |  |                                          |          
|Woodland, Ltd. (1)                                                 |  |                                          | 120,000  
|                                                                   |  |                                          |          
|Wynwood Place, Limited Partnership                                 |  |                                          | 88,000   
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,607,000



(1) The Local Limited Partnership was identified for sale and disposed
of subsequent to March 31, 2005.



(2) Subsequent to March 31, 2005 the Local Limited Partnership
was identified for disposition but had not yet been sold as of the filing date.



60







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2004



|                                                                   |  |                           |  | As
    of March 31, 2004                           |            |  | As
    of December 31, 2003           |  
|------------------------------------------------------------------ |  | ------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | -
|Local Limited
    Partnership Name                                 |  | Location                  |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Ashford Place, a Limited Partnership (2)                           |  | Shawnee, Oklahoma         |  | $                                                  | 2,317,000  |  |                                       | $
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Belen Vista Associates, Limited Partnership                        |  | Belen, New Mexico         |  |                                                    | 416,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  | El Monte, California      |  |                                                    | 2,511,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Bolivar Plaza Apartments                                           |  | Bolivar, Missouri         |  |                                                    | 1,181,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Cleveland Apartments L.P. (2)                                      |  | Coffeyville, Kansas       |  |                                                    | 515,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Crescent City Apartments, a California Limited Partnership
    (1) |  | Crescent City, California |  |                                                    | 1,166,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|D. Hilltop Apartments Ltd. (1)                                     |  | Prairie View, Texas       |  |                                                    | 101,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Greyhound Associates I, L.P. (1)                                   |  | Windsor, Missouri         |  |                                                    | 642,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Lamar Plaza Apts., L.P. (1)                                        |  | Lamar, Missouri           |  |                                                    | 738,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Mesa Verde Apartments Limited Partnership (1)                      |  | Roswell, New Mexico       |  |                                                    | 3,941,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Mountain Vista Associates Limited Partnership                      |  | Los Alamos, New Mexico    |  |                                                    | 315,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|North Central Limited Partnership (1)                              |  | New York, New York        |  |                                                    | 751,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Woodland, Ltd. (1)                                                 |  | Marion, Alabama           |  |                                                    | 1,288,000  |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|Wynwood Place, Limited Partnership                                 |  | Raleigh, North Carolina   |  |                                                    | 534,000    |  |                                       |  
|                                                                   |  |                           |  |                                                    |            |  |                                       |  
|                                                                   |  |                           |  | $                                                  | 16,416,000 |  |                                       | $



(1) The Local Limited Partnership was identified for sale and disposed
of subsequent to March 31, 2004.



(2) Subsequent to March 31, 2004 the Local Limited Partnership
was identified for disposition but had not yet been sold as of the filing date.



61







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2004



|                                                                   |  | For
    the year ended December 31, 2003 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford Place, a Limited Partnership (2)                           |  | $                                        | 413,000  
|                                                                   |  |                                          |          
|Belen Vista Associates, Limited Partnership                        |  |                                          | 364,000  
|                                                                   |  |                                          |          
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  |                                          | 843,000  
|                                                                   |  |                                          |          
|Bolivar Plaza Apartments                                           |  |                                          | 111,000  
|                                                                   |  |                                          |          
|Cleveland Apartments L.P. (2)                                      |  |                                          | 201,000  
|                                                                   |  |                                          |          
|Crescent City Apartments, a California Limited Partnership
    (1) |  |                                          | 194,000  
|                                                                   |  |                                          |          
|D. Hilltop Apartments Ltd. (1)                                     |  |                                          | 123,000  
|                                                                   |  |                                          |          
|Greyhound Associates I, L.P. (1)                                   |  |                                          | 71,000   
|                                                                   |  |                                          |          
|Lamar Plaza Apts., L.P. (1)                                        |  |                                          | 92,000   
|                                                                   |  |                                          |          
|Mesa Verde Apartments Limited Partnership (1)                      |  |                                          | 463,000  
|                                                                   |  |                                          |          
|Mountain Vista Associates Limited Partnership                      |  |                                          | 248,000  
|                                                                   |  |                                          |          
|North Central Limited Partnership (1)                              |  |                                          | 77,000   
|                                                                   |  |                                          |          
|Woodland, Ltd. (1)                                                 |  |                                          | 102,000  
|                                                                   |  |                                          |          
|Wynwood Place, Limited Partnership                                 |  |                                          | 86,000   
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,388,000



(1) The Local Limited Partnership was identified for sale and disposed
of subsequent to March 31, 2004.



(2) Subsequent to March 31, 2004 the Local
Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



62







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2003



|                                                                   |  |                           |  | As
    of March 31, 2003                           |            |  |                                       |   |            | As
    of December 31, 2002                         | 
|------------------------------------------------------------------ |  | ------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | - | ---------- | --------------------------------------------------- | 
|Local
    Limited Partnership Name                                 |  | Location                  |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |   |            | Mortgage
    Balances of Local Limited Partnerships | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Ashford Place, a Limited Partnership (2)                           |  | Shawnee, Oklahoma         |  | $                                                  | 2,317,000  |  |                                       | $ | 2,317,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Belen Vista Associates, Limited Partnership                        |  | Belen, New Mexico         |  |                                                    | 416,000    |  |                                       |   | 416,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  | El Monte, California      |  |                                                    | 2,511,000  |  |                                       |   | 2,511,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Bolivar Plaza Apartments                                           |  | Bolivar, Missouri         |  |                                                    | 1,181,000  |  |                                       |   | 1,181,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Cleveland Apartments L.P. (2)                                      |  | Coffeyville, Kansas       |  |                                                    | 515,000    |  |                                       |   | 440,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Crescent City Apartments, a California Limited Partnership
    (1) |  | Crescent City, California |  |                                                    | 1,166,000  |  |                                       |   | 1,166,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|D. Hilltop Apartments Ltd. (1)                                     |  | Prairie View, Texas       |  |                                                    | 101,000    |  |                                       |   | 101,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Greyhound Associates I, L.P. (1)                                   |  | Windsor, Missouri         |  |                                                    | 642,000    |  |                                       |   | 642,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Lamar Plaza Apts., L.P. (1)                                        |  | Lamar, Missouri           |  |                                                    | 738,000    |  |                                       |   | 738,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Mesa Verde Apartments Limited Partnership (1)                      |  | Roswell, New Mexico       |  |                                                    | 3,941,000  |  |                                       |   | 3,941,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Mountain Vista Associates Limited Partnership                      |  | Los Alamos, New Mexico    |  |                                                    | 315,000    |  |                                       |   | 315,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|North Central Limited Partnership (1)                              |  | New York, New York        |  |                                                    | 751,000    |  |                                       |   | 751,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Woodland, Ltd. (1)                                                 |  | Marion, Alabama           |  |                                                    | 1,288,000  |  |                                       |   | 1,288,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Wynwood Place, Limited Partnership                                 |  | Raleigh, North Carolina   |  |                                                    | 534,000    |  |                                       |   | 454,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|                                                                   |  |                           |  | $                                                  | 16,416,000 |  |                                       | $ | 16,261,000 |                                                     | 



(1) The Local Limited Partnership was identified for sale and disposed
of subsequent to March 31, 2003.



(2) Subsequent to March 31, 2003 the Local Limited Partnership
was identified for disposition but had not yet been sold as of the filing date.



63







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2003



|                                                                   |  | For
    the year ended December 31, 2002 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Partnership
    Name                                               |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford Place, a Limited Partnership (2)                           |  | $                                        | 416,000  
|                                                                   |  |                                          |          
|Belen Vista Associates, Limited Partnership                        |  |                                          | 354,000  
|                                                                   |  |                                          |          
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  |                                          | 796,000  
|                                                                   |  |                                          |          
|Bolivar Plaza Apartments                                           |  |                                          | 106,000  
|                                                                   |  |                                          |          
|Cleveland Apartments L.P. (2)                                      |  |                                          | 211,000  
|                                                                   |  |                                          |          
|Crescent City Apartments, a California Limited Partnership
    (1) |  |                                          | 185,000  
|                                                                   |  |                                          |          
|D. Hilltop Apartments Ltd. (1)                                     |  |                                          | 68,000   
|                                                                   |  |                                          |          
|Greyhound Associates I, L.P. (1)                                   |  |                                          | 80,000   
|                                                                   |  |                                          |          
|Lamar Plaza Apts., L.P. (1)                                        |  |                                          | 94,000   
|                                                                   |  |                                          |          
|Mesa Verde Apartments Limited Partnership (1)                      |  |                                          | 502,000  
|                                                                   |  |                                          |          
|Mountain Vista Associates Limited Partnership                      |  |                                          | 240,000  
|                                                                   |  |                                          |          
|North Central Limited Partnership (1)                              |  |                                          | 111,000  
|                                                                   |  |                                          |          
|Woodland, Ltd. (1)                                                 |  |                                          | 103,000  
|                                                                   |  |                                          |          
|Wynwood Place, Limited Partnership                                 |  |                                          | 103,000  
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,369,000



(1) The Local Limited Partnership was identified for sale and disposed
of subsequent to March 31, 2003.



(2) Subsequent to March 31, 2003 the Local Limited Partnership
was identified for disposition but had not yet been sold as of the filing date.



64







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2002



|                                                                   |  |                           |  | As
    of March 31, 2002                           |            |  |                                       |   |            | As
    of December 31, 2001                         | 
|------------------------------------------------------------------ |  | ------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | - | ---------- | --------------------------------------------------- | 
|Local
    Limited Partnership Name                                 |  | Location                  |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |   |            | Mortgage
    Balances of Local Limited Partnerships | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Ashford Place, a Limited Partnership (2)                           |  | Shawnee, Oklahoma         |  | $                                                  | 2,317,000  |  |                                       | $ | 2,317,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Belen Vista Associates, Limited Partnership                        |  | Belen, New Mexico         |  |                                                    | 416,000    |  |                                       |   | 416,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  | El Monte, California      |  |                                                    | 2,511,000  |  |                                       |   | 2,511,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Bolivar Plaza Apartments                                           |  | Bolivar, Missouri         |  |                                                    | 1,181,000  |  |                                       |   | 1,181,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Cleveland Apartments L.P. (2)                                      |  | Coffeyville, Kansas       |  |                                                    | 515,000    |  |                                       |   | 431,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Crescent City Apartments, a California Limited Partnership
    (1) |  | Crescent City, California |  |                                                    | 1,166,000  |  |                                       |   | 1,166,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|D. Hilltop Apartments Ltd. (1)                                     |  | Prairie View, Texas       |  |                                                    | 101,000    |  |                                       |   | 101,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Greyhound Associates I, L.P. (1)                                   |  | Windsor, Missouri         |  |                                                    | 642,000    |  |                                       |   | 642,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Lamar Plaza Apts., L.P. (1)                                        |  | Lamar, Missouri           |  |                                                    | 738,000    |  |                                       |   | 738,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Mesa Verde Apartments Limited Partnership (1)                      |  | Roswell, New Mexico       |  |                                                    | 3,941,000  |  |                                       |   | 3,941,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Mountain Vista Associates Limited Partnership                      |  | Los Alamos, New Mexico    |  |                                                    | 315,000    |  |                                       |   | 315,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|North Central Limited Partnership (1)                              |  | New York, New York        |  |                                                    | 751,000    |  |                                       |   | 751,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Woodland, Ltd. (1)                                                 |  | Marion, Alabama           |  |                                                    | 1,288,000  |  |                                       |   | 1,288,000  |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|Wynwood Place, Limited Partnership                                 |  | Raleigh, North Carolina   |  |                                                    | 534,000    |  |                                       |   | 454,000    |                                                     | 
|                                                                   |  |                           |  |                                                    |            |  |                                       |   |            |                                                     | 
|                                                                   |  |                           |  | $                                                  | 16,416,000 |  |                                       | $ | 16,252,000 |                                                     | 



(1) The Local Limited Partnership was identified for sale and disposed
of subsequent to March 31, 2002.



(2) Subsequent to March 31, 2002 the Local Limited Partnership
was identified for disposition but had not yet been sold as of the filing date.



65







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

Schedule III

Real Estate Owned by Local Limited Partnerships

March 31, 2002



|                                                                   |  | For
    the year ended December 31, 2001 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford Place, a Limited Partnership (2)                           |  | $                                        | 447,000  
|                                                                   |  |                                          |          
|Belen Vista Associates, Limited Partnership                        |  |                                          | 327,000  
|                                                                   |  |                                          |          
|Blessed Rock of El Monte, a CA Limited Partnership
    (1)         |  |                                          | 742,000  
|                                                                   |  |                                          |          
|Bolivar Plaza Apartments                                           |  |                                          | 101,000  
|                                                                   |  |                                          |          
|Cleveland Apartments L.P. (2)                                      |  |                                          | 194,000  
|                                                                   |  |                                          |          
|Crescent City Apartments, a California Limited Partnership
    (1) |  |                                          | 171,000  
|                                                                   |  |                                          |          
|D. Hilltop Apartments Ltd. (1)                                     |  |                                          | 71,000   
|                                                                   |  |                                          |          
|Greyhound Associates I, L.P. (1)                                   |  |                                          | 77,000   
|                                                                   |  |                                          |          
|Lamar Plaza Apts., L.P. (1)                                        |  |                                          | 90,000   
|                                                                   |  |                                          |          
|Mesa Verde Apartments Limited Partnership (1)                      |  |                                          | 509,000  
|                                                                   |  |                                          |          
|Mountain Vista Associates Limited Partnership                      |  |                                          | 244,000  
|                                                                   |  |                                          |          
|North Central Limited Partnership (1)                              |  |                                          | 113,000  
|                                                                   |  |                                          |          
|Woodland, Ltd. (1)                                                 |  |                                          | 93,000   
|                                                                   |  |                                          |          
|Wynwood Place, Limited Partnership                                 |  |                                          | 120,000  
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,299,000



(1) The Local Limited Partnership was identified for sale and disposed
of subsequent to March 31, 2002.



(2) Subsequent to March 31, 2002 the Local Limited Partnership
was identified for disposition but had not yet been sold as of the filing date.



66







SIGNATURES



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 of WNC & Associates,
    Inc. | 
|                       |                                         | 
|Date: November 4, 2013 |                                        



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, Jr.                                                                                                        | 
|----- | ------------------------------------------------------------------------------------------------------------------------------------- | 
|      | Wilfred N. Cooper, Jr.,                                                                                                               | 
|      | Chief Executive
    Officer, President and Director of WNC & Associates, Inc. (principal executive officer)                          
|      |                                                                                                                                       | 
|Date: | November 4, 2013                                                                                                                      | 
|      |                                                                                                                                       | 
|By:   | /s/
    Melanie R. Wenk                                                                                                               | 
|      | Melanie R. Wenk,                                                                                                                      | 
|      | Vice-President
    - Chief Financial Officer of WNC & Associates, Inc. (principal financial officer and principal accounting officer)
|      |                                                                                                                                       | 
|Date: | November 4, 2013                                                                                                                      | 
|      |                                                                                                                                       | 
|By:   | /s/
    Wilfred N. Cooper, Sr.                                                                                                        | 
|      | Wilfred N. Cooper, Sr.,                                                                                                               | 
|      | Chairman of the Board of WNC & Associates,
    Inc.                                                                                   | 
|      |                                                                                                                                       | 
|Date: | November 4, 2013                                                                                                                      | 
|      |                                                                                                                                       | 
|By:   | /s/
    Kay L. Cooper                                                                                                                 | 
|      | Kay L. Cooper                                                                                                                         | 
|      | Director of WNC & Associates, Inc.                                                                                                    | 
|      |                                                                                                                                       | 
|Date: | November 4, 2013                                                                                                                      | 



67