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, 2008

For
the fiscal year ended March 31, 2009

For
the fiscal year ended March 31, 2010

For
the fiscal year ended March 31, 2011

For
the fiscal year ended March 31, 2012

For
the fiscal year ended March 31, 2013



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(zip
code)

(Address
of principal executive offices)



(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


















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.



2







The
Partnership originally invested in fourteen Local Limited Partnerships, 4, 3, 3, 0, 0 and 0, respectively, of which had been sold
or otherwise disposed as of March 31, 2013, 2012, 2011, 2010, 2009 and 2008. 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
    last year of
    credit delivery |  | 15-year
    
    Compliance
    Period
|-------------------------------------------------------------- |  | --------------------------------------------- |  | --------------------------------------
|                                                               |  |                                               |  |                                       
|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.                                |  | 2011                                          |  | 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              |  | 2011                                          |  | 2011                                  
|The
    North Central Limited Partnership                      |  | 2009                                          |  | 2014                                  
|Woodland,
    Ltd.                                             |  | 2008                                          |  | 2012                                  
|Wynwood
    Place, Limited Partnership                         |  | 2009                                          |  | 2013                                  





3







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, 2013.



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.



During
the year ended March 31, 2013, the Partnership sold its Local Limited Partnership interest in D. Hilltop Apartments, Ltd. (“D
Hilltop”). During the year ended March 31, 2011, the Partnership sold its Housing Complex of The North Central Limited Partnership
(“North Central”). The Partnership sold its Local Limited Partnership interest in Lamar Plaza Apartments, L.P. (“Lamar”),
and the Housing Complexes of Mesa Verde Apartments, L.P. (“Mesa Verde”) during the year ended March 31, 2011. The
Compliance Periods for North Central, Lamar and Mesa Verde 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 Compliance Period of D Hilltop has expired as the date
of the sale so there is no risk of tax credit recapture to the investors in the Partnership.The
investment balance was zero at the time of sale for each Local Limited Partnership listed below.



|Local
    Limited Partnership             |  | Debt
    at prior
    12/31 from
    sale date |           |  | Appraisal
    Value |   |           | Date
    of
    Sale |  | Sales
    Proceeds |  |   | Actual Sale
    Related
    Expenses |  |  | 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  
|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





4







The
following table represents the use of the cash proceeds from the disposition of the four Local Limited Partnerships that were
disposed of as of March 31, 2013:



|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 |                                              |  | $ | -                                                                | 
|Lamar
    Plaza Apartments, LP            |  |                   | 20,000  |  |                                                 |   | 14,000 |                                              |  |   | -                                                                | 
|The
    North Central Limited Partnership |  |                   | 225,967 |  |                                                 |   | 36,000 |                                              |  |   | 88,719                                                           | 
|D.
    Hilltop Apartments, Ltd.           |  |                   | 20,000  |  |                                                 |   | 11,775 |                                              |  |   | -                                                                | 



Subsequent
to March 31, 2013 the Partnership identified and sold its Local Limited Partnership interests in the following Local Limited
Partnerships. The Compliance Period for all Local Limited Partnerships has been completed so there is no risk of tax credit
recapture to the investors in the Partnership.



|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 |  
|------------------------------------------------------------- |  | ---------------------------------------------------- | --------- |  | ------------------- | - | --------- | -------------------- |  | ------------------ |  | - | ---------------------------------------- |  |  | ------------------------------------------ | ----- |  | --------------------------- | -
|Blessed
    Rock of El Monte, a CA Limited Partnership (*)    |  | $                                                    | 2,054,000 |  |                     | $ | 6,910,000 |                      |  | 4/12/2013          |  | $ | 2,355,384                                |  |  | $                                          | 2,250 |  |                             | $
|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 |  |                             |  



(*)
Proceeds in the amount of $2,355,384 were received from the sale of Blessed Rock, of which $250,000 was received in advance and
is included in prepaid disposition proceeds on the balance sheet as of March 31, 2013.



The
following table represents the use of the cash proceeds from the disposition of the Local Limited Partnerships that were disposed
of subsequent to March 31, 2013:



|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 | 
|------------------------------------------------------------- |  | ---------------------- | --------- |  | ---------------------------------------------------- | - | ------ | ---------------------------------------------------- |  | - | -------------------------------------------------------------------- | 
|Blessed
    Rock of El Monte, a CA Limited Partnership        |  | $                      | 2,355,384 |  |                                                      | $ | 25,852 |                                                      |  | $ | 966,695                                                              | 
|Woodland,
    Ltd.                                            |  |                        | 28,001    |  |                                                      |   | 23,000 |                                                      |  |   | -                                                                    | 
|Greyhound
    Associates I, L.P                               |  |                        | 5,000     |  |                                                      |   | -      |                                                      |  |   | -                                                                    | 
|Crescent
    City Apartment, a California Limited Partnership |  |                        | 50,000    |  |                                                      |   | -      |                                                      |  |   | 21,868                                                               | 





5







Subsequent
to March 31, 2013, the Partnership has identified two 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 will have expired at the expected date of the sale 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 Partnership 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.



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.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



6







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.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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.



7







|(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.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | 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.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





8







| | ● | 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.



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.



9







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, 2013, 2012, 2011, 2010, 2009 and 2008, the Partnership had reduced the carrying amount to $0 with respect to nine,
ten, thirteen, twelve, eight and seven, respectively, of its investments.



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, 2013, 2012, 2011, 2010,
2009, 2008, 2007 and 2006, impairment loss related to investments in Local Limited Partnerships was $0, $0, $87,338, $185,972
$957,996, $2,184,054, $1,186,381 and $1,459,091, respectively.



|(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.



10







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.



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.



11







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.



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.



12







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.



|(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.



13







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 area 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.



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, 2013, 2012,
2011, 2010, 2009, 2008 and 2007 had a net increase (decrease) of $50,000, $26,000, $(33,000), $60,000, $61,000, $28,000, and $10,000,
respectively. 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 year ended March 31, 2007, the Partnership made
payments toward asset management fees in excess of what was accrued in the amount of $7,281, which was included in prepaid expenses
on the balance sheet. The future annual asset management fees will equal approximately $33,000 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 those Housing Complexes as of the dates or for the periods indicated:



14







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



|                                                                   |  |                               |  |                                                                        |  | As
    of March 31, 2013                                         |           |  | As
    of December 31, 2012           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | ---------------------------------------------------------------------- |  | ---------------------------------------------------------------- | --------- |  | ------------------------------------- | -
|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 |  |                                       |  
|                                                                   |  |                               |  |                                                                        |  |                                                                  |           |  |                                       |  
|Greyhound
    Associates I, L.P.(2)                                |  | Windsor,
    Missouri         |  | WCM
    Community Development Corp.                                    |  |                                                                  | 642,000   |  |                                       |  





15







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



|                                                  |  |                             |  |                                                                      |  | As
    of March 31, 2013                                         |            |  | As
    of December 31, 2012           |  
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------------------------- |  | ---------------------------------------------------------------- | ---------- |  | ------------------------------------- | -
|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    |  |                                       |  
|                                                  |  |                             |  |                                                                      |  |                                                                  |            |  |                                       |  
|Woodland,
    Ltd.(2)                             |  | Marion,
    Alabama         |  | ACHR
    Corp.                                                       |  |                                                                  | 1,288,000  |  |                                       |  
|                                                  |  |                             |  |                                                                      |  |                                                                  |            |  |                                       |  
|Wynwood
    Place, Limited Partnership            |  | Raleigh,
    North Carolina |  | Greystone
    Affordable Housing                                     |  |                                                                  | 534,000    |  |                                       |  
|                                                  |  |                             |  |                                                                      |  |                                                                  |            |  |                                       |  
|                                                  |  |                             |  |                                                                      |  | $                                                                | 10,885,000 |  |                                       | $



(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. All 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, 2013.



(3)
Subsequent to March 31, 2013 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



16







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



|                                                                   |  | For
    the year ended December 31, 2012 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    LimitedPartnership Name                                  |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership (2)                       |  | $                                        | 541,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 469,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 987,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments                                       |  |                                          | 118,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 257,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 271,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 91,000   
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 328,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd.(1)                                              |  |                                          | 145,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 149,000  
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,356,000



(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2013.



(2)
Subsequent to March 31, 2013 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



|                                                                   |  |                               |  |                                                                        |  | As
    of March 31, 2012                                         |           |  | As
    of December 31, 2011           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | ---------------------------------------------------------------------- |  | ---------------------------------------------------------------- | --------- |  | ------------------------------------- | -
|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   |  |                                       |  





18







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



|                                                  |  |                             |  |                                                                      |  | As
    of March 31, 2012                                         |            |  | As
    of December 31, 2011           |  
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------------------------- |  | ---------------------------------------------------------------- | ---------- |  | ------------------------------------- | -
|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    |  |                                       |  
|                                                  |  |                             |  |                                                                      |  |                                                                  |            |  |                                       |  
|Woodland,
    Ltd.(2)                             |  | Marion,
    Alabama         |  | ACHR
    Corp.                                                       |  |                                                                  | 1,288,000  |  |                                       |  
|                                                  |  |                             |  |                                                                      |  |                                                                  |            |  |                                       |  
|Wynwood
    Place, Limited Partnership            |  | Raleigh,
    North Carolina |  | Greystone
    Affordable Housing                                     |  |                                                                  | 534,000    |  |                                       |  
|                                                  |  |                             |  |                                                                      |  |                                                                  |            |  |                                       |  
|                                                  |  |                             |  |                                                                      |  | $                                                                | 10,986,000 |  |                                       | $



(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. All 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, 2012.



(3)
Subsequent to March 31, 2012 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



19







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



|                                                                   |  | For
    the year ended December 31, 2011 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership (2)                       |  | $                                        | 368,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 462,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 974,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments, LP                                   |  |                                          | 119,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 268,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 252,000  
|                                                                   |  |                                          |          
|D.
    Hilltop Apartments Ltd.(1)                                  |  |                                          | 120,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 83,000   
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 303,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd.(1)                                              |  |                                          | 151,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 156,000  
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,256,000



(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2012.



(2)
Subsequent to March 31, 2012 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
report date.



20







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



|                                                                   |  |                               |  |                                                                        |  | As
    of March 31, 2011                                         |           |  | As
    of December 31, 2010           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | ---------------------------------------------------------------------- |  | ---------------------------------------------------------------- | --------- |  | ------------------------------------- | -
|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   |  |                                       |  





21







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



|                                                  |  |                             |  |                                                                      |  | As
    of March 31, 2011                                         |            |  | As
    of December 31, 2010           |  
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------------------------- |  | ---------------------------------------------------------------- | ---------- |  | ------------------------------------- | -
|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             |  | New
    York, New York      |  | City
    and Suburban Development Corp.                              |  |                                                                  | *          |  |                                       |  
|                                                  |  |                             |  |                                                                      |  |                                                                  |            |  |                                       |  
|Woodland,
    Ltd.(2)                             |  | Marion,
    Alabama         |  | ACHR
    Corp.                                                       |  |                                                                  | 1,288,000  |  |                                       |  
|                                                  |  |                             |  |                                                                      |  |                                                                  |            |  |                                       |  
|Wynwood
    Place, Limited Partnership            |  | Raleigh,
    North Carolina |  | Greystone
    Affordable Housing                                     |  |                                                                  | 534,000    |  |                                       |  
|                                                  |  |                             |  |                                                                      |  |                                                                  |            |  |                                       |  
|                                                  |  |                             |  |                                                                      |  | $                                                                | 10,986,000 |  |                                       | $



(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. All 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, 2011.



(3)
Subsequent to March 31, 2011 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



*
The Local Limited Partnership was disposed of subsequent to December 31, 2010 but prior to March 31, 2011.



22







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



|                                                                   |  | For
    the year ended December 31, 2010 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership (2)                       |  | $                                        | 466,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 438,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 978,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments                                       |  |                                          | 112,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 242,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 264,000  
|                                                                   |  |                                          |          
|D.
    Hilltop Apartments Ltd.(1)                                  |  |                                          | 122,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 65,000   
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 265,000  
|                                                                   |  |                                          |          
|North
    Central Limited Partnership (1)                          |  |                                          | 161,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd.(1)                                              |  |                                          | 146,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 149,000  
|                                                                   |  | $                                        | 3,408,000



(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2011.



(2)
Subsequent to March 31, 2011 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



|                                                                   |  |                               |  |                                                                        |  | As
    of March 31, 2010                                         |           |  | As
    of December 31, 2009           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | ---------------------------------------------------------------------- |  | ---------------------------------------------------------------- | --------- |  | ------------------------------------- | -
|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 |  |                                       |  





24







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



|                                                  |  |                            |  |                                                                      |  | As
    of March 31, 2010                                         |            |  | As
    of December 31, 2009           |  
|------------------------------------------------- |  | -------------------------- |  | -------------------------------------------------------------------- |  | ---------------------------------------------------------------- | ---------- |  | ------------------------------------- | -
|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 99% 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, 2010.



(3)
Subsequent to March 31, 2010 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



25







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



|                                                                   |  | For
    the year ended December 31, 2009 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership (2)                       |  | $                                        | 481,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 418,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 956,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments, LP                                   |  |                                          | 123,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 279,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 281,000  
|                                                                   |  |                                          |          
|D.
    Hilltop Apartments Ltd. (1)                                 |  |                                          | 112,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 89,000   
|                                                                   |  |                                          |          
|Lamar
    Plaza Apts., L.P. (1)                                    |  |                                          | 89,000   
|                                                                   |  |                                          |          
|Mesa
    Verde Apartments Limited Partnership (1)                  |  |                                          | 448,000  
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 264,000  
|                                                                   |  |                                          |          
|North
    Central Limited Partnership (1)                          |  |                                          | 139,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd.(1)                                              |  |                                          | 151,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 143,000  
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,973,000



(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2010.



(2)
Subsequent to March 31, 2010 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



|                                                                   |  |                               |  |                                                                        |  | As
    of March 31, 2009                                         |           |  | As
    of December 31, 2008           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | ---------------------------------------------------------------------- |  | ---------------------------------------------------------------- | --------- |  | ------------------------------------- | -
|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 |  |                                       |  





27







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



|                                                  |  |                             |  |                                                                      |  | As
    of March 31, 2009                                         |            |  | As
    of December 31, 2008           |  
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------------------------- |  | ---------------------------------------------------------------- | ---------- |  | ------------------------------------- | -
|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 98% 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, 2009.



(3)
Subsequent to March 31, 2009 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



28







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



|                                                                   |  | For
    the year ended December 31, 2008 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership(2)                        |  | $                                        | 461,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 415,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 946,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments, LP                                   |  |                                          | 115,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 267,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 259,000  
|                                                                   |  |                                          |          
|D.
    Hilltop Apartments Ltd.(1)                                  |  |                                          | 121,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 81,000   
|                                                                   |  |                                          |          
|Lamar
    Plaza Apts., L.P. (1)                                    |  |                                          | 92,000   
|                                                                   |  |                                          |          
|Mesa
    Verde Apartments Limited Partnership (1)                  |  |                                          | 540,000  
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 282,000  
|                                                                   |  |                                          |          
|North
    Central Limited Partnership (1)                          |  |                                          | 131,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd. (1)                                             |  |                                          | 136,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 164,000  
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 4,010,000



(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2009.



(2)
Subsequent to March 31, 2009 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



29







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



|                                                                   |  |                               |  |                                                                        |  | As
    of March 31, 2008                                         |           |  | As
    of December 31, 2007           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | ---------------------------------------------------------------------- |  | ---------------------------------------------------------------- | --------- |  | ------------------------------------- | -
|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 |  |                                       |  





30







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



|                                                  |  |                             |  |                                                                      |  | As
    of March 31, 2008                                         |            |  | As
    of December 31, 2007           |  
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------------------------- |  | ---------------------------------------------------------------- | ---------- |  | ------------------------------------- | -
|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
                                                                                                                                          95%
                                                                                                                                          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,
                                                                                                                                          2008.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(3) | Subsequent
                                                                                                                                          to
                                                                                                                                          March
                                                                                                                                          31,
                                                                                                                                          2008
                                                                                                                                          the
                                                                                                                                          Local
                                                                                                                                          Limited
                                                                                                                                          Partnership
                                                                                                                                          was
                                                                                                                                          identified
                                                                                                                                          for
                                                                                                                                          disposition
                                                                                                                                          but
                                                                                                                                          had
                                                                                                                                          not
                                                                                                                                          yet
                                                                                                                                          been
                                                                                                                                          sold
                                                                                                                                          as
                                                                                                                                          of
                                                                                                                                          the
                                                                                                                                          filing
                                                                                                                                          date.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



31







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



|                                                                   |  | For
    the year ended December 31, 2007 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership(2)                        |  | $                                        | 456,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 396,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 927,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments, LP                                   |  |                                          | 113,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 322,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 221,000  
|                                                                   |  |                                          |          
|D.
    Hilltop Apartments Ltd.(1)                                  |  |                                          | 110,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 79,000   
|                                                                   |  |                                          |          
|Lamar
    Plaza Apts., L.P. (1)                                    |  |                                          | 50,000   
|                                                                   |  |                                          |          
|Mesa
    Verde Apartments Limited Partnership (1)                  |  |                                          | 425,000  
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 268,000  
|                                                                   |  |                                          |          
|North
    Central Limited Partnership (1)                          |  |                                          | 131,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd.(1)                                              |  |                                          | 130,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 140,000  
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,768,000



|(1) | The
                                                                                                                                                              Local
                                                                                                                                                              Limited
                                                                                                                                                              Partnership
                                                                                                                                                              was
                                                                                                                                                              identified
                                                                                                                                                              for
                                                                                                                                                              sale
                                                                                                                                                              and
                                                                                                                                                              disposed
                                                                                                                                                              of
                                                                                                                                                              subsequent
                                                                                                                                                              to
                                                                                                                                                              March
                                                                                                                                                              31,
                                                                                                                                                              2008.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | Subsequent
                                                                                                                                                              to
                                                                                                                                                              March
                                                                                                                                                              31,
                                                                                                                                                              2008
                                                                                                                                                              the
                                                                                                                                                              Local
                                                                                                                                                              Limited
                                                                                                                                                              Partnership
                                                                                                                                                              was
                                                                                                                                                              identified
                                                                                                                                                              for
                                                                                                                                                              disposition
                                                                                                                                                              but
                                                                                                                                                              had
                                                                                                                                                              not
                                                                                                                                                              yet
                                                                                                                                                              been
                                                                                                                                                              sold
                                                                                                                                                              as
                                                                                                                                                              of
                                                                                                                                                              the
                                                                                                                                                              filing
                                                                                                                                                              date.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



32







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



|                                                               |  |                               |  |                                                                        |  | Occupancy
    Rates   
|-------------------------------------------------------------- |  | ----------------------------- |  | ---------------------------------------------------------------------- |  | ----------------------
|                                                               |  |                               |  |                                                                        |  | As
    of December 31,
|Local
    LimitedPartnership
    Name                          |  | Location                      |  | General
    Partner Name                                               |  | 2012                  
|                                                               |  |                               |  |                                                                        |  |                       
|Ashford
    Place, a Limited Partnership                       |  | Shawnee,
    Oklahoma         |  | WNC
    Oklahoma, LLC                                                  |  |                       
|                                                               |  |                               |  |                                                                        |  |                       
|Belen
    Vista Associates, Limited Partnership                |  | Belen,
    New Mexico         |  | Monarch
    Properties, Inc. and Low Income Housing Foundation of NM   |  |                       
|                                                               |  |                               |  |                                                                        |  |                       
|Blessed
    Rock of El Monte, a CA Limited Partnership         |  | El
    Monte, California      |  | Everland,
    Inc.                                                     |  |                       
|                                                               |  |                               |  |                                                                        |  |                       
|Bolivar
    Plaza Apartments                                   |  | Bolivar,
    Missouri         |  | MBL
    Development Co.                                                |  |                       
|                                                               |  |                               |  |                                                                        |  |                       
|Cleveland
    Apartments L.P.                                  |  | Coffeyville,
    Kansas       |  | Williams
    Management and Consulting, Inc. and Eastern Housing Corp. |  |                       
|                                                               |  |                               |  |                                                                        |  |                       
|Crescent
    City Apartments, a California Limited Partnership |  | Crescent
    City, California |  | Crescent
    City Surf, Inc.                                           |  |                       
|                                                               |  |                               |  |                                                                        |  |                       
|D.
    Hilltop Apartments Ltd.                                 |  | Prairie
    View, Texas       |  | Donald
    W. Sowell                                                   |  |                       
|                                                               |  |                               |  |                                                                        |  |                       
|Greyhound
    Associates I, L.P.                               |  | Windsor,
    Missouri         |  | WCM
    Community Development Corp.                                    |  |                       
|                                                               |  |                               |  |                                                                        |  |                       
|Lamar
    Plaza Apts., L.P.                                    |  | Lamar,
    Missouri           |  | MBL
    Development Co.                                                |  |                       





33







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



|                                                  |  |                             |  |                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Occupancy
    Rates |    
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------- | ---
|                                                  |  |                             |  |                                                                      | As
                                                                                                                                                                              of
                                                                                                                                                                              December
                                                                                                                                                                              31, |                    
|Local
    LimitedPartnership Name                 |  | Location                    |  | General
    Partner Name                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 2012                |    
|                                                  |  |                             |  |                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                     |    
|Mesa
    Verde Apartments Limited Partnership     |  | Roswell,
    New Mexico     |  | Shelter
    Resource Corporation                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                     | N/A
|                                                  |  |                             |  |                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                     |    
|Mountain
    Vista Associates Limited Partnership |  | Los
    Alamos, New Mexico  |  | Monarch
    Properties, Inc. and Low Income Housing Foundation of NM |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                     | 94 
|                                                  |  |                             |  |                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                     |    
|North
    Central Limited Partnership             |  | New
    York, New York      |  | City
    and Suburban Development Corp.                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                     | N/A
|                                                  |  |                             |  |                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                     |    
|Woodland,
    Ltd.                                |  | Marion,
    Alabama         |  | ACHR
    Corp.                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                     | 90 
|                                                  |  |                             |  |                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                     |    
|Wynwood
    Place, Limited Partnership            |  | Raleigh,
    North Carolina |  | Greystone
    Affordable Housing                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                     | 83 
|                                                  |  |                             |  |                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                     | 95 





34







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,
                                                                                                                                                                                                             2013,
                                                                                                                                                                                                             2012,
                                                                                                                                                                                                             2011,
                                                                                                                                                                                                             2010,
                                                                                                                                                                                                             2009
                                                                                                                                                                                                             and
                                                                                                                                                                                                             2008,
                                                                                                                                                                                                             there
                                                                                                                                                                                                             were
                                                                                                                                                                                                             1,326,
                                                                                                                                                                                                             1,323,
                                                                                                                                                                                                             1,325,
                                                                                                                                                                                                             1,323,
                                                                                                                                                                                                             1,315,
                                                                                                                                                                                                             and
                                                                                                                                                                                                             1,314,
                                                                                                                                                                                                             Limited
                                                                                                                                                                                                             Partners,
                                                                                                                                                                                                             respectively,
                                                                                                                                                                                                             and
                                                                                                                                                                                                             no
                                                                                                                                                                                                             assignees
                                                                                                                                                                                                             of
                                                                                                                                                                                                             Partnership
                                                                                                                                                                                                             Units
                                                                                                                                                                                                             who
                                                                                                                                                                                                             were
                                                                                                                                                                                                             not
                                                                                                                                                                                                             admitted
                                                                                                                                                                                                             as
                                                                                                                                                                                                             Limited
                                                                                                                                                                                                             Partners.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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,
                                                                                                                                                                                                             2013,
                                                                                                                                                                                                             2012,
                                                                                                                                                                                                             2011,
                                                                                                                                                                                                             2010,
                                                                                                                                                                                                             2009
                                                                                                                                                                                                             and
                                                                                                                                                                                                             2008.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Item
5b. Use of Proceeds



NOT
APPLICABLE



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



NONE



35







Item
6. Selected Financial Data



Selected
balance sheet information for the Partnership is as follows:



|                                                                    |  | March
    31, |        
|------------------------------------------------------------------- |  | ------------- | -------
|                                                                    |  | 2013          |        
|                                                                    |  |               |        
|ASSETS                                                              |  |               |        
|Cash                                                                |  | $             | 296,821
|Investments
    in Local Limited Partnerships, net                  |  |               | 650,468
|Due
    from affiliates                                             |  |               | -      
|Prepaid
    expenses                                                |  |               | -      
|Other
    assets                                                    |  |               | 17,775 
|                                                                    |  |               |        
|Total
    Assets                                                    |  | $             | 965,064
|                                                                    |  |               |        
|LIABILITIES                                                         |  |               |        
|Payables
    to Local Limited Partnerships                          |  | $             | 33,810 
|Accrued
    fees and expenses due to General Partner and affiliates |  |               | 194,984
|Accounts
    payable                                                |  |               | -      
|Prepaid
    disposition proceeds                                    |  |               | 260,000
|                                                                    |  |               |        
|Total
    Liabilities                                               |  |               | 488,794
|                                                                    |  |               |        
|PARTNERS’
    EQUITY                                                |  |               | 476,270
|                                                                    |  |               |        
|Total
    Liabilities and Partners’ Equity                          |  | $             | 965,064



36







Selected
results of operations for the Partnership are as follows:



|                                                              |  | For
    the Years EndedMarch
    31, |        
|------------------------------------------------------------- |  | ------------------------------------ | -------
|                                                              |  | 2013                                 |        
|                                                              |  |                                      |        
|Loss
    from operations (Note 1)                             |  | $                                    | (46,266
|Equity
    in income (losses) from Local Limited Partnerships |  |                                      | 38,184 
|Gain
    on sale of Local Limited Partnerships (Note 2)       |  |                                      | 16,953 
|Interest
    income                                           |  |                                      | 35     
|Net
    income (loss)                                         |  | $                                    | 8,906  
|                                                              |  |                                      |        
|Net
    income (loss) allocated to:                           |  |                                      |        
|General
    Partner                                           |  | $                                    | 89     
|                                                              |  |                                      |        
|Limited
    Partners                                          |  | $                                    | 8,817  
|                                                              |  |                                      |        
|Net
    income (loss) per Partnership Unit                    |  | $                                    | .40    
|                                                              |  |                                      |        
|Outstanding
    weighted Partnership Units                    |  |                                      | 21,952 



Note
1 - Loss from operations for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005 and 2004 include a
charge for impairment losses on investments in Local Limited Partnerships of $0, $0, $87,338, $185,972, $957,996, $2,184,054,
$1,186,381, $1,459,091, $547,547 and $237,163, respectively. (See Note 2 to the financial statements.)



37







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



|                                                                                                         |  | For
    the Years Ended March 31, |        
|-------------------------------------------------------------------------------------------------------- |  | --------------------------------- | -------
|                                                                                                         |  | 2013                              |        
|                                                                                                         |  |                                   |        
|Net
    cash provided by (used in):                                                                      |  |                                   |        
|                                                                                                         |  |                                   |        
|Operating
    activities                                                                                 |  | $                                 | (10,471
|Investing
    activities                                                                                 |  |                                   | 286,804
|                                                                                                         |  |                                   |        
|Net
    change in cash                                                                                   |  |                                   | 276,333
|                                                                                                         |  |                                   |        
|Cash,
    beginning of year                                                                              |  |                                   | 20,488 
|                                                                                                         |  |                                   |        
|Cash,
    end of year                                                                                    |  | $                                 | 296,821
|                                                                                                         |  |                                   |        
|Low
    Income Housing Tax Credits per Partnership Unit were as follows for the years ended December 31: |  |                                   |        
|                                                                                                         |  |                                   |        
|                                                                                                         |  | 2012                              |        
|                                                                                                         |  |                                   |        
|Federal                                                                                                  |  | $                                 | -      
|State                                                                                                    |  |                                   | -      
|                                                                                                         |  |                                   |        
|Total                                                                                                    |  | $                                 | -      





38







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 27.5 years. (See Notes 2 and 3 to the financial
statements.)



39







“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.



In
accordance with the accounting guidance for the consolidation of variable interest entities, the Partnership determines when it
should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when
it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity
should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold
assets, which must be consolidated by a company if it is the primary beneficiary because it 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 guidance requires continual reconsideration of the primary beneficiary of
a VIE.



Based
on this guidance, the Local Limited Partnerships in which the Partnership invests meet the definition of a VIE because the owners
of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate
the Partnership’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have
the power to direct the activities that are considered most significant to the economic performance of these entities. The Partnership
currently records the amount of its investment in these Local Limited Partnerships as an asset on its balance sheets, recognizes
its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of
these investments in its financial statements. The Partnership’s balance in investment in Local Limited Partnerships, plus
the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The
Partnership’s exposure to loss on these Local Limited Partnerships is mitigated by the condition and financial performance
of the underlying Housing Complexes as well as the strength of the Local General Partners and their guarantee against credit recapture
to the investors in the Partnership.



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.



40







Impact
of Recent Accounting Pronouncements



In
September 2010, 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, 2011 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 had no material impact on the Partnership’s financial statements.



In
February 2011, 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, 2011. 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 had no 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 did not 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
had no 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.



41







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 did not 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 did not 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 did not 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, 2013



The
Partnership’s assets at March 31, 2013 consisted of $297,000 in cash, other assets of $18,000 and aggregate investments
in 10 Local Limited Partnerships of $650,000 (See “Method of Accounting for Investments in Local Limited Partnerships”).
Liabilities at March 31, 2013 consisted of $195,000 of accrued fees and advances due to General Partner and/or its affiliates,
(See “Future Contractual Cash Obligations” below) prepaid disposition proceeds of $260,000 and $34,000 in payables
to Local Limited Partnerships.



As
of March 31, 2012



The
Partnership’s assets at March 31, 2012 consisted of $20,000 in cash and aggregate investments in 11 Local Limited Partnerships
of $629,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31, 2012
consisted of $204,000 of accrued fees and advances due to General Partner and/or its affiliates,(See “Future Contractual
Cash Obligations” below) and $34,000 in payables to Local Limited Partnerships.



42







As
of March 31, 2011



The
Partnership’s assets at March 31, 2011 consisted of $154,000 in cash,$28,000 in prepaid expenses and aggregate investments
in 11 Local Limited Partnerships of $607,000 (See “Method of Accounting for Investments in Local Limited Partnerships”).
Liabilities at March 31, 2011 consisted of$132,000 of accrued fees and advances due to General Partner and/or its affiliates,$1,000
in accounts payable (See “Future Contractual Cash Obligations” below) and $34,000 in payables to Local Limited Partnerships.



As
of March 31, 2010



The
Partnership’s assets at March 31, 2010 consisted of $26,000 in cash and aggregate investments in 14 Local Limited Partnerships
of $698,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31, 2010
consisted of $311,000 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, 2009



The
Partnership’s assets at March 31, 2009 consisted of $21,000 in cash, and aggregate investments in 14 Local Limited Partnerships
of $914,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31, 2009
consisted of $216,000 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, 2008



The
Partnership’s assets at March 31, 2008 consisted of $200 in cash and aggregate investments in 14 Local Limited Partnerships
of $2,016,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31,
2008 consisted of $131,000 of accrued fees and advances payable to the General Partner and/or its affiliates (See “Future
Contractual Cash Obligations” below) and $39,000 in payables to Local Limited Partnerships.



Results
of Operations



Year
Ended March 31, 2013 Compared to Year Ended March 31, 2012 The Partnership’s net income for the year ended March 31,
2013 was $9,000, reflecting an increase of $220,000 from the net loss experienced for the year ended March 31, 2012 of $(211,000).
That decrease in net loss was largely due to a decrease of $178,000 in write off of advances to Local Limited Partnerships. During
the year ended March 31, 2013 there were advances of $(2,000) made a Local Limited Partnership which were reserved for in full
as of March 31, 2013 compared to $(180,000) advanced and reserved for during the year ended March 31, 2012. 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 $(5,000) for the year ended March 31, 2013 compared to the year ended March 31, 2012
due to the timing of the accounting work performed. Reporting fees decreased by $(2,000) which was offset by an increase of $20,000
in distribution income for the year ended March 31, 2013 due to the fact that Local Limited Partnerships pay the reporting fees
and distribution income to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment. For
the year ended March 31, 2013 there was a gain on sale of Local Limited Partnership of $17,000 compared to no gain for the year
ended March 31, 2012. The gain recorded by the Partnership can vary depending on the sales prices and values of the Housing Complexes
being sold along with the number sold each year.



43







Year
Ended March 31, 2012 Compared to Year Ended March 31, 2011 The Partnership’s net loss for the year ended March 31, 2012
was $(211,000), reflecting a decrease of $(461,000) from the net income experienced for the year ended March 31, 2011 of $250,000.
That decrease in net income was largely due to a decrease of $(382,000) in gain on sale of Local Limited Partnerships. The gain
recorded by the Partnership can vary depending on the sales prices and values of the Housing Complexes being sold along with the
number sold each year. There was a decrease of $87,000 in impairment loss for the year ended March 31, 2012 compared to the year
ended March 31, 2011. 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 $(180,000) increase in write off of advances to Local Limited
Partnerships. During the year ended March 31, 2012 there were advances of $(180,000) made to several Local Limited Partnerships
which were reserved for in full as of March 31, 2012 compared to no advances made during the year ended March 31, 2011. 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 decreased by $17,000 for the year ended March 31, 2012 compared to the year ended
March 31, 2011 due to the timing of the accounting work performed. Reporting fees decreased by $(3,000) which was offset by the
$3,000 increase in distribution income for the year ended March 31, 2012 due to the fact that Local Limited Partnerships pay the
reporting fees and distribution income to the Partnership when the Local Limited Partnerships’ cash flow will allow for
the payment. There was also a $17,000 increase of equity in income of Local Limited Partnerships for the year ended March 31,
2012. The equity in income can vary each year depending on the operations of each of the Local Limited Partnerships. The asset
management fees decreased by $5,000 for the year ended March 31, 2012 due to the fact that the asset management fee is calculated
on the Invested Assets of the Local Limited Partnerships, which decreased due to the sales of the Local Limited Partnerships.
Other income decreased by $14,000 due to the fact that receivables previously written off were repaid for the year ending March
31, 2011. Other expenses increased by $(7,000) for the year ended March 31, 2012, primarily due to the increase of property inspection
expenses for the Local Limited Partnerships.



Year
Ended March 31, 2011 Compared to Year Ended March 31, 2010The Partnership’s net income for the year ended March 31,
2011 was $250,000, reflecting a change of $645,000 from the net loss experienced for the year ended March 31, 2010 of $(395,000).
That increase in net income was largely due to an increase of $382,000 in gain on sale of Local Limited Partnerships. The gain
recorded by the Partnership can vary depending on the sales prices and values of the Housing Complexes being sold along with the
number sold each year. There was also a $99,000 decrease in impairment loss for the year ended March 31, 2011. 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.
The equity in income of Local Limited Partnerships increased by $44,000 for the year ended March 31, 2011 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. Additionally, there was a decrease of $138,000 in write off of advances
to Local Limited Partnerships for the year ended March 31, 2011 compared to the year ended March 31, 2010. There were no advances
made during the year ended March 31, 2011 compared to advances of $(138,000) that were made and reserved for during the year ended
March 31, 2010. 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 $(4,000) for the year ended March 31, 2011
compared to the year ended March 31, 2010 due to the timing of the accounting work performed. The asset management fees decreased
by $5,000 for the year ended March 31, 2011 due to the fact that the asset management fee is calculated on the Invested Assets
of the Local Limited Partnerships, which decreased due to the sales of the Local Limited Partnerships. Reporting fees decreased
by $(24,000) and distribution income decreased by $(6,000) for the year ended March 31, 2011 due to the fact that Local Limited
Partnerships pay the reporting fees and distribution income to the Partnership when the Local Limited Partnerships’ cash
flow will allow for the payments. Other income increased by $14,000 for the year ended March 31, 2011 due to the fact that receivables
previously written off were repaid.



44







Year
Ended March 31, 2010 Compared to Year Ended March 31, 2009 The Partnership’s net loss for the year ended March 31, 2010
was $(395,000), reflecting a decrease of $943,000 from the net loss experienced for the year ended March 31, 2009 of $(1,338,000).
There was a $772,000 decrease in impairment loss for the year ended March 31, 2010. 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, 2010 there were advances of $(138,000) that were made and fully reserved for in the same year compared
to advances of $(164,000) made and reserved for during the year ended March 31, 2009. 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 $(26,000) which was partially offset by a $6,000 increase in distribution income for the year ended
March 31, 2010 due to the fact that Local Limited Partnerships pay the reporting fees and distribution income to the Partnership
when the Local Limited Partnership’s cash flow will allow for the payments. The amortization decreased by $2,000 for the
year ended March 31, 2010 due to the fact that intangibles were partially impaired during the year, thereby decreasing amortization
expense. The accounting and legal fees decreased by $59,000 for the year ended March 31, 2010 compared to the year ended March
31, 2009 due to the timing of the accounting work performed. The equity in losses also decreased by $90,000 for the year ended
March 31, 2010 compared to March 31, 2009 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.



Year
Ended March 31, 2009 Compared to Year Ended March 31, 2008 The Partnership’s net loss for the year ended March 31, 2009
was $(1,338,000), reflecting a decrease of $1,931,000 from the net loss of $(3,269,000) experienced for the year ended March 31,
2008. The change in net loss was largely due to a decrease of $1,226,000 in impairment loss for the year ended March 31, 2009.
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. The equity in losses of Local Limited Partnerships decreased by $590,000 for the year ended March 31, 2009
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, 2009 advances of
$(164,000) were made to Local Limited Partnerships and reserved for in full compared to advances of $(307,000) made and reserved
for during the year ended March 31, 2008. 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 $(63,000) increase in accounting and legal fees for
the year ended March 31, 2009 due to the timing of accounting work performed. The amortization decreased by $15,000 for the year
ended March 31, 2009 due to the fact intangibles were partially impaired during the year, thereby decreasing amortization expense.
Reporting fees increased by $31,000 as well as a $3,000 increase in distribution income for the year ended March 31, 2009 due
to the fact that Local Limited Partnerships pay the reporting fees and distribution income to the Partnership when the Local Limited
Partnerships’ cash flow will allow for the payments.



Year
Ended March 31, 2008 Compared to Year Ended March 31, 2007 The Partnership’s net loss for the year ended March 31, 2008
was $(3,269,000), reflecting an increase of $(1,050,000) from the net loss of $(2,219,000) experienced for the year ended March
31, 2007. The change in net loss was largely due to an increase of $(998,000) in impairment loss for the year ended March 31,
2009. 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. Equity in losses of Local Limited Partnerships decreased by $(105,000) for the year ended March
31, 2008 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, 2008 advances
of $(307,000) were made to Local Limited Partnerships and reserved for in full compared to $(110,000) in advances being made and
reserved for during the year ended March 31, 2007. The advances made to the troubled Local Limited Partnerships can vary each
year depending on the operations of the individual Local Limited Partnerships. The amortization decreased by $29,000 for the year
ended March 31, 2008 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. There was a
$(7,000) increase in accounting and legal fees for the year ended March 31, 2008 due to the timing of accounting work performed.
Reporting fees increased by $9,000 as well as a $3,000 increase for distribution income for the year ended March 31, 2008 due
to the fact that Local Limited Partnerships pay the reporting fees and distribution income to the Partnership when the Local Limited
Partnerships’ cash flow will allow for the payments.



45







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.



Liquidity
and Capital Resources



Year
Ended March 31, 2013 Compared to Year Ended March 31, 2012The net increase in cash during the year ended March 31, 2013 was
$276,000 compared to a net decrease in cash for the year ended March 31, 2012 of $(134,000). During the year ended March 31, 2013,
the Partnership did not pay any accrued asset management fees compared to $25,000 paid during the year ended March 31, 2012. During
the year ended March 31, 2013 the Partnership reimbursed the General Partner or an affiliate $47,000 for operating expenses paid
on its behalf compared to $8,000 paid during the year ended March 31, 2012. 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 $2,000
more in reporting fees and $22,000 more in distributions for the year ended March 31, 2013 compared to the year ended March 31,
2012 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. The Partnership advanced $2,000 to troubled Local Limited Partnerships
during the year ended March 31, 2013 compared to $180,000 advanced during the year ended March 31, 2012 as discussed above. During
the year ended March 31, 2013 the Partnership received $260,000 in prepaid disposition proceeds compared to no such fees collected
during the year ended March 31, 2012. The cash represented deposits for two dispositions that were anticipated to close subsequent
to March 31, 2013. During the year ended March 31, 2013 the Partnership received $17,000 in net proceeds from the disposition
of Local Limited Partnerships compared to no proceeds during the year ended March 31, 2012. The gain on sale of Local Limited
partnerships will vary from period to period, depending on the number of Housing Complexes that have been identified for disposition,
the values of such Housing Complexes and the closing dates of transactions.



46







Year
Ended March 31, 2012 Compared to Year Ended March 31, 2011The net decrease in cash during the year ended March 31, 2012 was
$(133,000) compared to a net increase in cash for the year ended March 31, 2011 of $128,000. During the year ended March 31, 2012,
the Partnership paid accrued asset management fees of $25,000 compared to $89,000 paid during the year ended March 31, 2011. During
the year ended March 31, 2012 the Partnership paid $8,000 to the General Partner or an affiliate for operating expenses paid on
its behalf compared to $167,000 reimbursed during the year ended March 31, 2011. 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 $3,000
less in reporting fees and $7,000 less in distributions for the year ended March 31, 2012 compared to the year ended March 31,
2011 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, 2012 the Partnership made no
payments of capital contributions to a Local Limited Partnership compared to $6,000 paid during the year ended March 31, 2011.
Capital contributions are paid when the Local Limited Partnership reaches certain benchmarks. The Partnership advanced $180,000
to troubled Local Limited Partnerships during the year ended March 31, 2012 compared to no advances during the year ended March
31, 2011 as discussed above. During the year ended March 31, 2011 the Partnership received $382,000 in net proceeds from the disposition
of certain Local Limited Partnerships compared to no proceeds during the year ended March 31, 2012.



Year
Ended March 31, 2011 Compared to Year Ended March 31, 2010 The net increase in cash during the year ended March 31, 2011 was
$128,000 compared to a net increase in cash for the year ended March 31, 2010 of $4,000. During the year ended March 31, 2011
the Partnership made no advances to the Local Limited Partnerships compared to $(138,000) advanced during the year ended March
31, 2010 as discussed above. The Partnership paid accrued asset management fees of $89,000 during the year ended March 31, 2011
compared to no fees paid during the year ended March 31, 2011. During the year ended March 31, 2011 the Partnership reimbursed
the General Partner or an affiliate $167,000 for operating expenses paid on its behalf compared to no reimbursements during the
year ended March 31, 2010. 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, 2011 the Partnership made $(6,000) in capital contributions
to a Local Limited Partnership compared to no payments to Local Limited Partnerships during the year ended March 31, 2010. Capital
contributions are paid when the Local Limited Partnership reaches certain benchmarks. The Partnership received $11,000 more in
distributions and had a $(24,000) decrease in reporting fees from Local Limited Partnerships for the year ended March 31, 2011
due to the fact that Local Limited Partnerships pay the distributions and reporting fees to the Partnership when the Local Limited
Partnerships’ cash flow will allow for the payment. During the year ended March 31, 2011 the Partnership received $382,000
in net proceeds from the disposition of certain Local Limited Partnerships compared to no proceeds during the year ended March
31, 2010.



Year
Ended March 31, 2010 Compared to Year Ended March 31, 2009 The net increase in cash during the year ended March 31, 2010 was
$4,000 compared to a net increase in cash for the year ended March 31, 2009 of $21,000. During the year ended March 31, 2010 the
Partnership advanced $(138,000) to the Local Limited Partnerships while the Partnership advanced $(164,000) during the year ended
March 31, 2009 as discussed above. The Partnership received $(15,000) less in distributions from Local Limited Partnerships for
the year ended March 31, 2010 as discussed above. During the year ended March 31, 2010 the Partnership did not reimburse the General
Partner or an affiliate compared to $(20,000) reimbursed for operating expenses during the year ended March 31, 2010. The reimbursements
of operating expenses are paid after management reviews the cash position of the Partnership.



47







Year
Ended March 31, 2009 Compared to Year Ended March 31, 2008 The net increase in cash during the year ended March 31, 2009 was
$21,000 compared to a net decrease in cash for the year ended March 31, 2008 of $(236,000). During the year ended March 31, 2009
the Partnership advanced $(164,000) to troubled Local Limited Partnerships while $(307,000) was advanced during the year ended
March 31, 2008 as discussed above. During the year ended March 31, 2009 the Partnership collected reporting fees of $60,000 from
Local Limited Partnerships compared to $29,000 collected during the year ended March 31, 2008. Additionally, the Partnership collected
$9,000 more in distributions from Local Limited Partnerships during the year ended March 31, 2009 compared to the year ended March
31, 2008. The Local Limited Partnerships pay the distributions and reporting fees to the Partnership when the Local Limited Partnerships’
cash flow will allow for the payment. For the year ended March 31, 2009 the Partnership paid the General Partner and affiliates
approximately $20,000 for reimbursement for expenses paid on behalf of the Partnership compared to $25,000 paid during the year
ended March 31, 2008. The Partnership did not pay any accrued asset management fees during the year ended March 31, 2009 compared
to fees of $25,000 paid during the year ended March 31, 2008. The reimbursements of operating expenses and accrued asset management
fees are paid after management reviews the cash position of the Partnership.



Year
Ended March 31, 2008 Compared to Year Ended March 31, 2007 The net decrease in cash during the year ended March 31, 2008 was
$(236,000) compared to a net decrease in cash for the year ended March 31, 2007 of $(126,000). During the year ended March 31,
2008 the Partnership advanced $(307,000) to troubled Local Limited Partnerships while advances of $(110,000) were paid during
the year ended March 31, 2007. Advances are made to Local Limited Partnerships if Local Limited Partnerships are experiencing
operational and cash flow issues and the Partnership deems it necessary to advance the cash. 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, 2008. During the year ended March 31, 2008 the Partnership collected $9,000 more in reporting fees and $(5,000)
less in distributions from Local Limited Partnerships compared to the year ended March 31, 2007. The Local Limited Partnerships
pay the distributions and reporting fees to the Partnership when the Local Limited Partnerships’ cash flow will allow for
the payment. For the year ended March 31, 2008 the Partnership paid the General Partner and affiliates approximately $(25,000)
for reimbursement for expenses paid on behalf of the Partnership compared to $(12,000) paid during the year ended March 31, 2007.
The Partnership paid $(25,000) in accrued asset management fees during the year ended March 31, 2008 compared to fees of $(50,000)
paid during the year ended March 31, 2007. The reimbursements of operating expenses and accrued asset management fees are paid
after management reviews the cash position of the Partnership.



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.



48







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 was 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%. The investment balance for Lamar Plaza as of March 31, 2010, 2009, 2008, and 2007 was $0, $0, $16,650,
and $179,043, respectively. No recapture of Low Income Housing Tax Credits was experience subsequent to the sale of this Local
Limited Partnership.



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, 2013, 2012, 2011, 2010, 2009, 2008, and 2007 was $0, $0, $0, $0, $12,976,
$19,028, and $76,925, 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.



49







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, 2013, 2012, 2011, 2010, 2009, 2008, and 2007 was $0, $0,$0,$0, $0, $0, and
$456,516, respectively . The Compliance Period for Ashford ends on December 31, 2012.



The
Partnership was advised during the year ended 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. The investment balance for Mesa
Verde as of March 31, 2010, 2009, 2008, and 2007 was $0, $0, $0, and $912,470, respectively. The Compliance Period for Mesa Verde
ended 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 was be written off for this
provision in accordance with the sale of the property.



50







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. No recapture of
Low Income Housing Tax Credits was experience subsequent to the sale of this Local Limited Partnership.



Partnership’s
Future Contractual Cash Obligations



The
following table summarizes the Partnership’s future contractual cash obligations as of March 31, 2013:





|                                          |  | 2014 |         |  | 2015 |   |        | 2016 |  |   | 2017   |  |  | 2018 |        |  | Thereafter |   |        | Total | 
|----------------------------------------- |  | ---- | ------- |  | ---- | - | ------ | ---- |  | - | ------ |  |  | ---- | ------ |  | ---------- | - | ------ | ----- | 
|                                          |  |      |         |  |      |   |        |      |  |   |        |  |  |      |        |  |            |   |        |       | 
|Asset
    management fees(1)              |  | $    | 228,046 |  |      | $ | 33,061 |      |  | $ | 33,061 |  |  | $    | 33,061 |  |            | $ | 33,061 |       | 
|Payable
    to Local Limited Partnerships |  |      | 33,811  |  |      |   | -      |      |  |   | -      |  |  |      | -      |  |            |   | -      |       | 
|Total
    contractual cash obligations    |  | $    | 261,857 |  |      | $ | 33,061 |      |  | $ | 33,061 |  |  | $    | 33,061 |  |            | $ | 33,061 |       | 



|(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,
                                                                                                                                                              2013
                                                                                                                                                              have
                                                                                                                                                              been
                                                                                                                                                              included
                                                                                                                                                              in
                                                                                                                                                              the
                                                                                                                                                              2014
                                                                                                                                                              column.
                                                                                                                                                              The
                                                                                                                                                              projected
                                                                                                                                                              asset
                                                                                                                                                              management
                                                                                                                                                              fees
                                                                                                                                                              do
                                                                                                                                                              not
                                                                                                                                                              include
                                                                                                                                                              Blessed
                                                                                                                                                              Rock
                                                                                                                                                              of
                                                                                                                                                              El
                                                                                                                                                              Monte,
                                                                                                                                                              a
                                                                                                                                                              CA
                                                                                                                                                              Limited
                                                                                                                                                              Partnership,
                                                                                                                                                              Woodland,
                                                                                                                                                              Ltd.,
                                                                                                                                                              Greyhound
                                                                                                                                                              Associates
                                                                                                                                                              I,
                                                                                                                                                              L.P.,
                                                                                                                                                              and
                                                                                                                                                              Crescent
                                                                                                                                                              City
                                                                                                                                                              Apartment,
                                                                                                                                                              a
                                                                                                                                                              CA
                                                                                                                                                              Limited
                                                                                                                                                              Partnership.
                                                                                                                                                              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.



51







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



52







Report
of Independent Registered Public Accounting Firm



To
the PartnersWNC 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 as of March 31, 2013, 2012, 2011,
2010, 2009, 2008 and 2007,and the related statements of operations, partners’ equity (deficit), and cash flows for the years
ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006. 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 $547,893, $519,559,
$489,810, $472,738, $686,190, $1,480,682 and $912,470 of the total Partnership assets as of March 31, 2013,
2012, 2011, 2010, 2009, 2008 and 2007, respectively, and $38,185, $37,677, $34,210, $30,188, $(72,717), $(470,304), $(322,216)
and $(398,116) of the total Partnership income (loss) for the yearsended March 31, 2013,
2012, 2011, 2010, 2009, 2008, 2007 and 2006, respectively. 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 audit 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,
2013, 2012, 2011, 2010, 2009, 2008 and 2007 and the results of its operations and its cash flows for the years ended March
31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006 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, 2013, 2012, 2011,
2010, 2009, 2008, 2007 and 2006is 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 audit 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-1















INDEPENDENT
AUDITOR’S REPORT



To
the Partners

ASHFORD
PLACE, A LIMITED PARTNERSHIP



We
have audited the accompanying balance sheets of ASHFORD PLACE, A LIMITED PARTNERSHIP, as of December 31, 2007 and 2006 and the
related statements of operations, changes in partner’s 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) and the
standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General
of the 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 ASHFORD
PLACE, A LIMITED PARTNERSHIP as of December 31, 2007 and 2006 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
    11, 2008      | 



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-2











REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To
the Partners

Bolivar
Plaza Apts, L.P.



We
have audited the accompanying balance sheet of Bolivar Plaza Apts, L.P., a Missouri LimitedPartnership,
as of December 31, 2007 and the related statements of operations, changes in partners’ capital 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 audit.



We
conducted our audit in accordance with the Standards of the Public 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. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit 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 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 Bolivar
Plaza Apts, L.P. as of December 31, 2007 and the results of its operations, changes in partners’ capital and cash flows
for the year then ended in conformity with accounting principles generally accepted in the United States of America.







Metairie,
Louisiana

February
26, 2008









F-3









INDEPENDENT
AUDITOR’S REPORT



To the Partners

Bolivar
Plaza Apts, L.P.



We
have audited the accompanying balance sheet of Bolivar Plaza Apts, L.P., as of December 31, 2008 and the related statements of
operations, changes in partners’ capital 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 audit.



We
conducted our audit in accordance with the Standards of the Public 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. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit 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 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 Bolivar
Plaza Apts, L.P. as of December 31, 2008 and the results of its operations, changes in partners’ capital and cash flows for
the year then ended in conformity with accounting principles generally accepted in the United States of America.







Metairie,
Louisiana

March
15, 2009









F-4









| |  | Reznick
                                                                                                   Group, RC.
                           7700
                           Old Georgetown Road
                           Suite
                           400Bethesda,
                                                                                                                               MD
                                                                                                                               20814-6224 | Tel:
    (301) 652-9100Fax:
(301) 652-1848



www.reznickgroup.com
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------





BOLIVAR
PLAZA APTS 2007

INDEPENDENT AUDITOR’S REPORT



To the Partners

Blessed Rock of El Monte



We have audited the accompanying
balance sheet of Blessed Rock of El Monte (a California Limited Partnership) as of December 31, 2007, 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 audit.



We conducted our audit in accordance
with the standards of the Public Company Accounting Oversight Board (United States) and the standards applicable to financial audits
contained in Government Auditing
Standards, issued by the Comptroller General of the 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. The Partnership
has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial
reporting. Our audit 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 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 Blessed Rock of El Monte as of
December 31, 2007, and the results of its operations and cash flows for the year then ended in conformity with accounting principles
generally accepted in the United States of America.



As discussed more fully in
note 8 of the financial statements, certain errors resulting principally in the overstatement of depreciation and amortization
due to misallocation of building, deferred fees and organization cost, in prior years, were discovered by management of the Partnership
during the current year. Accordingly, adjustments have been made to partners’ equity (deficit) as of January 1, 2007, to
correct the errors.



|                        |                               
|----------------------- | ------------------------------
|Skokie, Illinois        | Taxpayer Identification Number
|December 17, 2008       | 52-1088612                    
|                        |                               
|Lead Auditor: Jeff Dowd |                               



Atlanta
● Austin ● Baltimore ● Bethesda ● Birmingham ● Charlotte ● Chicago ● Los Angeles ●
Sacramento ● Tysons Corner



F-5











REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM



To the Partners

Blessed Rock of El Monte



We
have audited the accompanying balance sheet of Blessed Rock of El Monte, a California Limited Partnership, as of December 31, 2008
and the related statements of operations, changes in partners’ capital 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 audit.



We
conducted our audit in accordance with the Standards of the Public 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. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit 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 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 Blessed
Rock of El Monte as of December 31, 2008 and the results of its operations, changes in partners’ capital and cash flows for
the year then ended in conformity with accounting principles generally accepted in the United States of America.





Metairie, Louisiana

March 1, 2009



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-6











REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To
the Partners

Blessed
Rock of El Monte



We
have audited the accompanying balance sheet of Blessed Rock of El Monte, a California Limited Partnership, as of December 31,
2009 and the related statements of operations, changes in partners’ capital 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 audit.



We
conducted our audit in accordance with the Standards of the Public 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. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit 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 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 Blessed
Rock of El Monte as of December 31, 2009 and the results of its operations, changes in partners’ capital and cash flows
for the year then ended in conformity with accounting principles generally accepted in the United States of America.





|                        | 
|----------------------- | 
|Metairie,
    Louisiana | 
|February
    19, 2010   | 



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-7











REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To
the Partners

Blessed
Rock of El Monte



We
have audited the accompanying balance sheet of Blessed Rock of El Monte, a California Limited Partnership, as of December 31,
2010 and the related statements of operations, changes in partners’ capital 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 audit.



We
conducted our audit in accordance with the Standards of the Public 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. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit 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 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 Blessed
Rock of El Monte as of December 31, 2010 and the results of its operations, changes in partners’ capital and cash flows
for the year then ended in conformity with accounting principles generally accepted in the United States of America.



|                        | 
|----------------------- | 
|Metairie,
    Louisiana | 
|February
    4, 2011    | 



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-8











REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To
the Partners

Blessed
Rock of El Monte



We
have audited the accompanying balance sheet of Blessed Rock of El Monte, a California Limited Partnership, as of December 31,
2011 and the related statements of operations, changes in partners’ capital 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 audit.



We
conducted our audit in accordance with the Standards of the Public 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. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit 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 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 Blessed
Rock of El Monte as of December 31, 2011 and the results of its operations, changes in partners’ capital and cash flows
for the year then ended in conformity with accounting principles generally accepted in the United States of America.





|                        | 
|----------------------- | 
|Metairie,
    Louisiana | 
|January
    27, 2012    | 



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-9











REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To
the Partners

Blessed
Rock of El Monte



We
have audited the accompanying financial statements of Blessed Rock of El Monte, as of December 31, 2012 and the related statements
of operations, changes in partners’ equity and cash flows for the year ended December 31, 2012. Blessed Rock of El Monte’s
management is responsible for these financial statements. 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 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 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 Blessed
Rock of El Monte as of December 31, 2012 and the result of its operations and its cash flows for the year ended December 31, 2012
in conformity with accounting principles generally accepted in the United States of America.







|                        | 
|----------------------- | 
|Metairie,
    Louisiana | 
|January
    25, 2013    | 







F-10











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-11











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-12











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, 2007 and 2006 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, 2007 and 2006 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 25, 2008



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

Member
of

IGAF
Worldwide - Member Finns 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-13









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

(A
California Limited Partnership)



BALANCE
SHEETS





|                                                                                                                                                                    |  | March
    31, |        
|------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | -------
|                                                                                                                                                                    |  | 2013          |        
|ASSETS                                                                                                                                                              |  |               |        
|Cash                                                                                                                                                                |  | $             | 296,821
|Prepaid
    expenses                                                                                                                                                |  |               | -      
|Other
    assets                                                                                                                                                    |  |               | 17,775 
|Investments
    in Local Limited Partnerships, net (Notes 2 and 3)                                                                                                  |  |               | 650,468
|Due
    from affiliates                                                                                                                                             |  |               | -      
|                                                                                                                                                                    |  |               |        
|Total
    Assets                                                                                                                                                    |  | $             | 965,064
|                                                                                                                                                                    |  |               |        
|LIABILITIES
    AND PARTNERS’ EQUITY (DEFICIT)                                                                                                                      |  |               |        
|                                                                                                                                                                    |  |               |        
|Liabilities:                                                                                                                                                        |  |               |        
|Payables
    to Local Limited Partnerships (Note 5)                                                                                                                 |  | $             | 33,810 
|Accrued
    fees and advances due to General Partner and affiliates (Note 3)                                                                                        |  |               | 194,984
|Accounts
    payable                                                                                                                                                |  |               | -      
|Prepaid
    disposition proceeds                                                                                                                                    |  |               | 260,000
|                                                                                                                                                                    |  |               |        
|Total
    Liabilities                                                                                                                                               |  |               | 488,794
|                                                                                                                                                                    |  |               |        
|Partners’
    Equity (Deficit)                                                                                                                                      |  |               |        
|General
    Partner                                                                                                                                                 |  |               | 97,734 
|Limited
    Partners (25,000 Partnership Units authorized; 21,952, 21,955, 21,990, 21,990, 21,990, 21,990, and 21,990 Partnership Units
    issued and outstanding) |  |               | 378,536
|                                                                                                                                                                    |  |               |        
|Total
    Partners’ Equity (Deficit)                                                                                                                                |  |               | 476,270
|                                                                                                                                                                    |  |               |        
|Total
    Liabilities and Partners’ Equity (Deficit)                                                                                                                |  | $             | 965,064



See
accompanying notes to financial statements





F-14









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

(A
California Limited Partnership)



STATEMENTS
OF OPERATIONS





|                                                                     |  | For
    the Years Ended March 31, |        
|-------------------------------------------------------------------- |  | --------------------------------- | -------
|                                                                     |  | 2013                              |        
|                                                                     |  |                                   |        
|Reporting
    fees                                                   |  | $                                 | 6,000  
|Distribution
    income                                              |  |                                   | 29,216 
|Other
    income                                                     |  |                                   | -      
|Total
    operating income                                           |  |                                   | 35,216 
|                                                                     |  |                                   |        
|Operating
    expenses and loss:                                     |  |                                   |        
|Amortization
    (Notes 2 and 3)                                     |  |                                   | 7,200  
|Asset
    management fees (Note 3)                                   |  |                                   | 50,149 
|Impairment
    loss (Note 2)                                         |  |                                   | -      
|Accounting
    and legal fees                                        |  |                                   | 11,401 
|Write
    off of advances to Local Limited Partnerships (Note 5)     |  |                                   | 2,088  
|Other                                                                |  |                                   | 10,644 
|Total
    operating expenses and loss                                |  |                                   | 81,482 
|                                                                     |  |                                   |        
|Loss
    from operations                                             |  |                                   | (46,266
|Equity
    in income (losses) of Local Limited Partnerships (Note 2) |  |                                   | 38,184 
|Gain
    on sale of Local Limited Partnerships (Note 2)              |  |                                   | 16,953 
|Interest
    income                                                  |  |                                   | 35     
|                                                                     |  |                                   |        
|Net
    income (loss)                                                |  | $                                 | 8,906  
|                                                                     |  |                                   |        
|Net
    income (loss) allocated to:                                  |  |                                   |        
|General
    Partner                                                  |  | $                                 | 89     
|Limited
    Partners                                                 |  | $                                 | 8,817  
|                                                                     |  |                                   |        
|Net
    income (loss) per Partnership Unit                           |  | $                                 | .40    
|                                                                     |  |                                   |        
|Outstanding
    weighted Partnership Units                           |  |                                   | 21,952 



See
accompanying notes to financial statements





F-15







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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



|                                                 |  | General
    
    Partner |          |   | Limited
    
    Partners |   |            | Total | 
|------------------------------------------------ |  | ------------------------ | -------- | - | ------------------------- | - | ---------- | ----- | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|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  |       | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Net
    loss                                     |  |                          | (32,693  | ) |                           |   | (3,236,633 | )     | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Partners’
    equity (deficit) at March 31, 2008 |  |                          | (200,604 | ) |                           |   | 2,046,262  |       | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Net
    loss                                     |  |                          | (13,375  | ) |                           |   | (1,324,150 | )     | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Contributions
    (Note 7)                       |  |                          | 172,547  |   |                           |   | -          |       | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Partners’
    equity (deficit) at March 31, 2009 |  |                          | (41,432  | ) |                           |   | 722,112    |       | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Net
    loss                                     |  |                          | (3,951   | ) |                           |   | (391,168   | )     | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Contributions
    (Note 7)                       |  |                          | 87,154   |   |                           |   | -          |       | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Partners’
    equity (deficit) at March 31, 2010 |  |                          | 41,771   |   |                           |   | 330,944    |       | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Net
    income                                   |  |                          | 2,498    |   |                           |   | 247,328    |       | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Partners’
    equity (deficit) at March 31, 2011 |  |                          | 44,269   |   |                           |   | 578,272    |       | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Net
    loss                                     |  |                          | (2,107   | ) |                           |   | (208,553   | )     | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Partners’
    equity (deficit) at March 31, 2012 |  |                          | 42,162   |   |                           |   | 369,719    |       | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Net
    income                                   |  |                          | 89       |   |                           |   | 8,817      |       | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Contributions
    (Note 7)                       |  |                          | 55,483   |   |                           |   | -          |       | 
|                                                 |  |                          |          |   |                           |   |            |       | 
|Partners’
    equity (deficit) at March 31, 2013 |  | $                        | 97,734   |   |                           | $ | 378,536    |       | 



See
accompanying notes to financial statements





F-16









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

(A
California Limited Partnership)



STATEMENTS
OF CASH FLOWS



|                                                                                                                    |  | For
    The Years Ended March 31, |        
|------------------------------------------------------------------------------------------------------------------- |  | --------------------------------- | -------
|                                                                                                                    |  | 2013                              |        
|                                                                                                                    |  |                                   |        
|Cash
    flows from operating activities:                                                                           |  |                                   |        
|Net
    income (loss)                                                                                               |  | $                                 | 8,906  
|Adjustments
    to reconcile net income (loss) to net cash provided by (used in) operating activities:              |  |                                   |        
|Amortization                                                                                                        |  |                                   | 7,200  
|Impairment
    loss                                                                                                 |  |                                   | -      
|Equity
    in (income) losses of Local Limited Partnerships                                                         |  |                                   | (38,184
|(Increase)
    decrease in prepaid expenses                                                                         |  |                                   | -      
|Increase
    in other assets                                                                                        |  |                                   | (17,775
|Increase
    (decrease) in accounts payable                                                                         |  |                                   | -      
|Increase
    (decrease) in accrued fees and expenses due to General Partner and affiliates                          |  |                                   | 46,335 
|Gain
    on sale of Local Limited Partnerships                                                                      |  |                                   | (16,953
|                                                                                                                    |  |                                   |        
|Net
    cash provided by (used in) operating activities                                                             |  |                                   | (10,471
|                                                                                                                    |  |                                   |        
|Cash
    flows from investing activities:                                                                           |  |                                   |        
|Contributions
    to Local Limited Partnerships                                                                     |  |                                   | -      
|Distributions
    from Local Limited Partnerships                                                                   |  |                                   | 9,851  
|Advances
    to Local Limited Partnerships                                                                          |  |                                   | (2,088 
|Write
    off of advances to Local Limited Partnerships                                                             |  |                                   | 2,088  
|Prepaid
    disposition proceeds                                                                                    |  |                                   | 260,000
|Net
    proceeds from sale of Local Limited Partnerships                                                            |  |                                   | 16,953 
|                                                                                                                    |  |                                   |        
|Net
    cash provided by investing activities                                                                       |  |                                   | 286,804
|                                                                                                                    |  |                                   |        
|Net
    increase (decrease) in cash                                                                                 |  |                                   | 276,333
|                                                                                                                    |  |                                   |        
|Cash,
    beginning of year                                                                                         |  |                                   | 20,488 
|                                                                                                                    |  |                                   |        
|Cash,
    end of year                                                                                               |  | $                                 | 296,821
|                                                                                                                    |  |                                   |        
|SUPPLEMENTAL
    DISCLOSURE OF CASH FLOW INFORMATION                                                                |  |                                   |        
|                                                                                                                    |  |                                   |        
|Taxes
    paid                                                                                                      |  | $                                 | 800    
|                                                                                                                    |  |                                   |        
|NONCASH
    INVESTING AND FINANCING ACTIVITIES:                                                                     |  |                                   |        
|Advances
    made to the Partnership by the General partner in prior years were converted to General Partner equity |  | $                                 | 55,483 

.

See
accompanying notes to financial statements





F-17







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, |           
|------------------------------------------------------------------------------------------------------------------- |  | --------------------------------- | ----------
|                                                                                                                    |  | 2009                              |           
|                                                                                                                    |  |                                   |           
|Cash
    flows from operating activities:                                                                           |  |                                   |           
|Net
    loss                                                                                                        |  | $                                 | (1,337,525
|Adjustments
    to reconcile net loss to net cash used in operating activities:                                     |  |                                   |           
|Amortization                                                                                                        |  |                                   | 9,221     
|Impairment
    loss                                                                                                 |  |                                   | 957,996   
|Equity
    in losses of Local Limited Partnerships                                                                  |  |                                   | 113,083   
|Decrease
    in due from affiliates                                                                                 |  |                                   | -         
|(Increase)
    decrease in prepaid expenses                                                                         |  |                                   | -         
|Increase
    (decrease) in accrued fees and expenses due to General Partner and affiliates                          |  |                                   | 257,138   
|                                                                                                                    |  |                                   |           
|Net
    cash used in operating activities                                                                           |  |                                   | (87       
|                                                                                                                    |  |                                   |           
|Cash
    flows from investing activities:                                                                           |  |                                   |           
|Contributions
    to Local Limited Partnerships                                                                     |  |                                   | -         
|Distributions
    from Local Limited Partnerships                                                                   |  |                                   | 21,364    
|Advances
    to Local Limited Partnerships                                                                          |  |                                   | (163,811  
|Repayment
    of advances to Local Limited Partnerships                                                             |  |                                   | -         
|Write
    off of advances to Local Limited Partnerships                                                             |  |                                   | 163,811   
|                                                                                                                    |  |                                   |           
|Net
    cash provided by(used in) investing activities                                                              |  |                                   | 21,364    
|                                                                                                                    |  |                                   |           
|Net
    increase (decrease) in cash                                                                                 |  |                                   | 21,277    
|                                                                                                                    |  |                                   |           
|Cash,
    beginning of year                                                                                         |  |                                   | 166       
|                                                                                                                    |  |                                   |           
|Cash,
    end of year                                                                                               |  | $                                 | 21,443    
|                                                                                                                    |  |                                   |           
|SUPPLEMENTAL
    DISCLOSURE OF CASH FLOW INFORMATION                                                                |  |                                   |           
|                                                                                                                    |  |                                   |           
|Taxes
    paid                                                                                                      |  | $                                 | 800       
|                                                                                                                    |  |                                   |           
|NONCASH
    INVESTING AND FINANCING ACTIVITIES:                                                                     |  |                                   |           
|Advances
    made to the Partnership by the General partner in prior years were converted to General Partner equity |  | $                                 | 172,547   



See
accompanying notes to financial statements



F-18







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

(A
California Limited Partnership)



NOTES
TO FINANCIAL STATEMENTS



For
the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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. As of the years ended March 31, 2013, 2012, 2011, 2010, 2009,
2008, 2007 and 2006 a total of 21,952, 21,955, 21,990, 21,990, 21,990, 21,990, 21,990, and 21,990, respectively, Partnership
units remain outstanding 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-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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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-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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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
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 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, 2013.



Upon
management of the Partnership identifying a Local Limited Partnership for disposition, costs incurred by the Partnership in preparation
for the disposition are deferred. Upon the sale of the Local Limited Partnership, the Partnership nets the costs that had been
deferred against the proceeds from the sale in determining the gain or loss on sale of the Local Limited Partnership. Deferred
disposition costs are included in other assets on the balance sheets.



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.



During
the year ended March 31, 2013, the Partnership sold its Local Limited Partnership interest in D. Hilltop Apartments,
Ltd. (“D Hilltop”). During the year ended March 31, 2011, the Partnership sold its Housing Complexes of The
North Central Limited Partnership (“North Central”). The Partnership sold its Local Limited Partnership interest
in Lamar Plaza Apartments, L.P. Complex (“Lamar”), and the Housing Complexes of Mesa Verde Apartments, L.P.
(“Mesa Verde”) during the year ended March 31, 2011. The Compliance Periods for  North Central, Lamar and
Mesa Verde 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 Compliance Period of D Hilltop has expired as the date of the sales so there is no risk
of tax credit recapture to the investors in the Partnership.The
investment balance was zero at the time of sale for each Local Limited Partnership listed below.



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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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



|Local
    Limited Partnership             |  | Debt
    at prior 12/31 from sale date |           |  | Appraisal
    Value |   |           | Date
    of Sale |  | Sales
    Proceeds |  |   | Actual
    Sale Related Expenses |  |  | 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  
|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



The
following table represents the use of the cash proceeds from the disposition of the four Local Limited Partnerships that were
disposed of as of March 31, 2013:



|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 |                                              |  | $ | -                                                            | 
|Lamar
    Plaza Apartments, LP            |  |                   | 20,000  |  |                                             |   | 14,000 |                                              |  |   | -                                                            | 
|The
    North Central Limited Partnership |  |                   | 225,967 |  |                                             |   | 36,000 |                                              |  |   | 88,719                                                       | 
|D.
    Hilltop Apartments, Ltd.           |  |                   | 20,000  |  |                                             |   | 11,775 |                                              |  |   | -                                                            | 



Subsequent
to March 31, 2013 the Partnership identified and sold its Local Limited Partnership interests in the following Local Limited Partnerships.
The Compliance Period for all Local Limited Partnerships has been completed so there is no risk of tax credit recapture to the
investors in the Partnership.



|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 |  
|------------------------------------------------------------- |  | ---------------------------------------- | --------- |  | ------------------- | - | --------- | ---------------- |  | ------------------ |  | - | -------------------------------- |  |  | -------------------------------------- | ----- |  | ----------------------- | -
|Blessed
    Rock of El Monte, a CA Limited Partnership (*)    |  | $                                        | 2,054,000 |  |                     | $ | 6,910,000 |                  |  | 4/12/2013          |  | $ | 2,355,384                        |  |  | $                                      | 2,250 |  |                         | $
|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 |  |                         |  



(*)
Proceeds in the amount of $2,355,384 were received from the sale of Blessed Rock, of which $250,000 was received in advance and
is included in prepaid disposition proceeds on the balance sheet as of March 31, 2013.



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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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



The
following table represents the use of the cash proceeds from the disposition of the Local Limited Partnerships that were disposed
of subsequent to March 31, 2013:



|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 | 
|------------------------------------------------------------- |  | ----------------- | --------- |  | ------------------------------------------- | - | ------ | -------------------------------------------- |  | - | ------------------------------------------------------------ | 
|Blessed
    Rock of El Monte, a CA Partnership                |  | $                 | 2,355,384 |  |                                             | $ | 25,852 |                                              |  | $ | 966,695                                                      | 
|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, 2013, the Partnership has identified two 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 will have expired at the expected date of the sale 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 Partnership 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-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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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



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 27.5 years. (See Notes 2 and 3)



“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.



In
accordance with the accounting guidance for the consolidation of variable interest entities, the Partnership determines when it
should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when
it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity
should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold
assets, which must be consolidated by a company if it is the primary beneficiary because it 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 guidance requires continual reconsideration of the primary beneficiary of
a VIE.



Based
on this guidance, the Local Limited Partnerships in which the Partnership invests meet the definition of a VIE because the owners
of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate
the Partnership’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have
the power to direct the activities that are considered most significant to the economic performance
of these entities. The Partnership currently records the amount of its investment in these Local Limited Partnerships as
an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses
how it accounts for material types of these investments in its financial statements. The Partnership’s balance in investment
in Local Limited Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents
its maximum exposure to loss. The Partnership’s exposure to loss on these Local Limited Partnerships is mitigated by the
condition and financial performance of the underlying Housing Complexes as well as the strength of the Local General Partners
and their guarantee against credit recapture to the investors in the Partnership.



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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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



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, 2013, 2012, 2011,2010,2009, 2008 and 2007,
the Partnership had reduced the carrying amount to $0 with respect to nine, ten, thirteen, twelve, eight, seven and three, respectively,
of its investment accounts in Local Limited Partnerships that had reached zero.



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
certain periods presented, the Partnership maintained cash 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.



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.



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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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



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.



Amortization



Acquisition
fees and costs were being amortized over 30 years using the straight-line method. Amortization expense for the years ended March
31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006 was $7,200, $7,200, $7,200, $7,200, $9,221, $24,093, $53,399 and $54,358,
respectively. Estimated amortization for each of the ensuing years through March 31, 2018 is $7,200 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, 2013, 2012, 2011,
2010, 2009, 2008, 2007, and 2006 impairment expense related to investments in Local Limited Partnerships was $0, $0, $87,338,
$185,972, $601,888, $1,523,081, $1,186,381, and $1,459,091, respectively.



For
the years ended March 31, 2007 and 2006, 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 and 2006, $95,010 and $0, respectively, was written off.



For
the years ended March 31, 2013, 2012, 2011, 2010, 2009 and 2008, the Partnership also evaluated its intangibles for impairment
in connection with its investments in Local Limited Partnerships. Impairment on the intangibles is measured by comparing the Partnership’s
total investment balance after impairment of investments in Local Limited Partnerships to the sum of the total of remaining Low
Income Housing Tax Credits allocated to the Partnership and any estimated residual value of the investment. During the years ended
March 31, 2013, 2012, 2011, 2010, 2009 and 2008, an impairment loss of $0, $0, $0, $0, $356,108 and $660,973, respectively, was
recorded against the related intangibles.



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.



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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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



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.



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.



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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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



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, 2013, 2012, 2011, 2010, 2009, 2008 and 2007 the Partnership owned Limited Partnership interest in 10,11,11,14,14,14
and 14, respectively, Local Limited Partnerships, each of which owns one Housing complex, consisting of an aggregate of 573,597,597,785,785,785,
and 785 respectively, 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, 2013, 2012, 2011, 2010,
2009, 2008, and 2007 are approximately $(628,000), $(1,246,000), $(2,079,000), $(4,099,000), $(3,941,000), $(3,881,000), and $(2,010,000),
respectivelyless 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.



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, 2013, 2012, 2011,
2010, 2009, 2008, 2007, and 2006 impairment expense related to investments in Local Limited Partnerships was $0, $0, $87,338,
$185,972, $601,888, $1,523,081, $1,186,381, and $1,459,091, respectively.



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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



For
the years ended March 31, 2007 and 2006, 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 and 2006, $95,010 and $0, respectively, was written off.



For
the years ended March 31, 2013, 2012, 2011, 2010, 2009 and 2008, the Partnership also evaluated its intangibles for impairment
in connection with its investments in Local Limited Partnerships. Impairment on the intangibles is measured by comparing the Partnership’s
total investment balance after impairment of investments in Local Limited Partnerships to the sum of the total of remaining Low
Income Housing Tax Credits allocated to the Partnership and any estimated residual value of the investment. During the years ended
March 31, 2013, 2012, 2011, 2010, 2009 and 2008, an impairment loss of $0, $0, $0, $0, $356,108 and $660,973, respectively, was
recorded against the related intangibles.



At
March 31, 2013, 2012,2011, 2010, 2009, 2008 and 2007 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,
2013, 2012,2011, 2010, 2009, 2008,2007, and 2006 amounting to approximately$575,000, $527,000, $625,000, $28,000, $907,000, $334,000,
$149,000, and $199,000respectively, have not been recognized. As of March 31, 2013, the aggregate
share of net losses not recognized by the Partnership amounted to approximately $3,196,000.



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, |        
|----------------------------------------------------------- |  | --------------------------------- | -------
|                                                            |  | 2013                              |        
|                                                            |  |                                   |        
|Investments
    per balance sheet, beginning of year        |  | $                                 | 629,335
|Impairment
    loss                                         |  |                                   | -      
|Equity
    in income (losses) of Local Limited Partnerships |  |                                   | 38,184 
|Amortization
    of paid acquisition fees and costs         |  |                                   | (7,200 
|Distributions
    received from Local Limited Partnerships  |  |                                   | (9,851 
|                                                            |  |                                   |        
|Investment
    per balance sheet, end of year               |  | $                                 | 650,468





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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



|                                                                                                          |  | For
    The Years Ended March 31, |          
|--------------------------------------------------------------------------------------------------------- |  | --------------------------------- | ---------
|                                                                                                          |  | 2009                              |          
|                                                                                                          |  |                                   |          
|Investments
    per balance sheet, beginning of year                                                      |  | $                                 | 2,015,782
|Impairment
    loss                                                                                       |  |                                   | (957,996 
|Equity
    in losses of Local Limited Partnerships                                                        |  |                                   | (113,083 
|Amortization
    of paid acquisition fees and costs                                                       |  |                                   | (9,221   
|Distributions
    received from Local Limited Partnerships                                                |  |                                   | (21,364  
|                                                                                                          |  |                                   |          
|Investment
    per balance sheet, end of year                                                             |  | $                                 | 914,118  
|                                                                                                          |  |                                   |          
|                                                                                                          |  | For
    the Years Ended March 31, |          
|                                                                                                          |  | 2013                              |          
|                                                                                                          |  |                                   |          
|Investments
    in Local Limited Partnerships, net                                                        |  | $                                 | 547,889  
|Acquisition
    fees and costs, net of accumulated amortization of $34,200, $27,000, $19,800 and $12,600  |  |                                   | 102,579  
|                                                                                                          |  |                                   |          
|Investments
    per balance sheet, end of period                                                          |  | $                                 | 650,468  
|                                                                                                          |  |                                   |          
|                                                                                                          |  | For
    the Years Ended March 31, |          
|                                                                                                          |  | 2009                              |          
|                                                                                                          |  |                                   |          
|Investments
    in Local Limited Partnerships, net                                                        |  | $                                 | 782,739  
|Acquisition
    fees and costs, net of accumulated amortization of $5,400, $11,463, $818,633 and $670,224 |  |                                   | 131,379  
|                                                                                                          |  |                                   |          
|Investments
    per balance sheet, end of period                                                          |  | $                                 | 914,118  





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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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



|                                                                                                                                                                           |  | 2012 |            |  | 2011 |   |            | 2010 |  |   | 2009       | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ---------- |  | ---- | - | ---------- | ---- |  | - | ---------- | 
|ASSETS                                                                                                                                                                     |  |      |            |  |      |   |            |      |  |   |            | 
|Buildings
    and improvements (net of accumulated depreciation for 2012, 2011, 2010 and 2009 of $13,626,000, $12,975,000, $12,432,000,
    and $14,189,000, respectively) |  | $    | 15,298,000 |  |      | $ | 16,371,000 |      |  | $ | 19,188,000 | 
|Land                                                                                                                                                                       |  |      | 2,203,000  |  |      |   | 2,210,000  |      |  |   | 2,240,000  | 
|Other
    assets                                                                                                                                                           |  |      | 2,961,000  |  |      |   | 2,923,000  |      |  |   | 2,954,000  | 
|Total
    assets                                                                                                                                                           |  | $    | 20,462,000 |  |      | $ | 21,504,000 |      |  | $ | 24,382,000 | 
|                                                                                                                                                                           |  |      |            |  |      |   |            |      |  |   |            | 
|LIABILITIES                                                                                                                                                                |  |      |            |  |      |   |            |      |  |   |            | 
|Mortgage
    and construction loans payable                                                                                                                                |  | $    | 13,716,000 |  |      | $ | 14,812,000 |      |  | $ | 14,742,000 | 
|Due
    to affiliates                                                                                                                                                      |  |      | 1,450,000  |  |      |   | 1,049,000  |      |  |   | 872,000    | 
|Other
    liabilities                                                                                                                                                      |  |      | 875,000    |  |      |   | 629,000    |      |  |   | 1,674,000  | 
|                                                                                                                                                                           |  |      |            |  |      |   |            |      |  |   |            | 
|Total
    liabilities                                                                                                                                                      |  |      | 16,041,000 |  |      |   | 16,490,000 |      |  |   | 17,288,000 | 
|                                                                                                                                                                           |  |      |            |  |      |   |            |      |  |   |            | 
|PARTNERS’
    CAPITAL                                                                                                                                                      |  |      |            |  |      |   |            |      |  |   |            | 
|WNC
    Housing Tax Credit Fund V, L.P., Series 4                                                                                                                          |  |      | 1,278,000  |  |      |   | 1,875,000  |      |  |   | 2,686,000  | 
|Other
    partners                                                                                                                                                         |  |      | 3,143,000  |  |      |   | 3,139,000  |      |  |   | 4,408,000  | 
|Total
    partners’ equity                                                                                                                                                 |  |      | 4,421,000  |  |      |   | 5,014,000  |      |  |   | 7,094,000  | 
|Total
    liabilities and partners’ equity                                                                                                                                 |  | $    | 20,462,000 |  |      | $ | 21,504,000 |      |  | $ | 24,382,000 | 





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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



COMBINED
CONDENSED BALANCE SHEETS



|                                                                                                                                                    |  | 2008 |            |  | 2007 |   |            | 2006 | 
|--------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ---------- |  | ---- | - | ---------- | ---- | 
|ASSETS                                                                                                                                              |  |      |            |  |      |   |            |      | 
|Buildings
    and improvements (net of accumulated depreciation for 2008, 2007 and 2006 of $13,003,000, $11,831,000, and $10,675,000, respectively) |  | $    | 26,173,000 |  |      | $ | 27,116,000 |      | 
|Land                                                                                                                                                |  |      | 2,465,000  |  |      |   | 2,465,000  |      | 
|Other
    assets                                                                                                                                    |  |      | 3,197,000  |  |      |   | 3,285,000  |      | 
|Total
    assets                                                                                                                                    |  | $    | 31,835,000 |  |      | $ | 32,866,000 |      | 
|                                                                                                                                                    |  |      |            |  |      |   |            |      | 
|LIABILITIES                                                                                                                                         |  |      |            |  |      |   |            |      | 
|Mortgage
    and construction loans payable                                                                                                         |  | $    | 17,924,000 |  |      | $ | 18,121,000 |      | 
|Due
    to affiliates                                                                                                                               |  |      | 3,001,000  |  |      |   | 2,824,000  |      | 
|Other
    liabilities                                                                                                                               |  |      | 1,624,000  |  |      |   | 1,523,000  |      | 
|                                                                                                                                                    |  |      |            |  |      |   |            |      | 
|Total
    liabilities                                                                                                                               |  |      | 22,549,000 |  |      |   | 22,468,000 |      | 
|                                                                                                                                                    |  |      |            |  |      |   |            |      | 
|PARTNERS’
    CAPITAL                                                                                                                               |  |      |            |  |      |   |            |      | 
|WNC
    Housing Tax Credit Fund V, L.P., Series 4                                                                                                   |  |      | 4,855,000  |  |      |   | 5,897,000  |      | 
|Other
    partners                                                                                                                                  |  |      | 4,431,000  |  |      |   | 4,501,000  |      | 
|Total
    partners’ equity                                                                                                                          |  |      | 9,286,000  |  |      |   | 10,398,000 |      | 
|Total
    liabilities and partners’ equity                                                                                                          |  | $    | 31,835,000 |  |      | $ | 32,866,000 |      | 





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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



COMBINED
CONDENSED STATEMENTS OF OPERATIONS



|                                                  |  | 2012 |           |   | 2011 |   |           | 2010 |  |   | 2009      |  
|------------------------------------------------- |  | ---- | --------- | - | ---- | - | --------- | ---- |  | - | --------- | -
|                                                  |  |      |           |   |      |   |           |      |  |   |           |  
|Revenues                                          |  | $    | 3,443,000 |   |      | $ | 3,366,000 |      |  | $ | 3,481,000 |  
|                                                  |  |      |           |   |      |   |           |      |  |   |           |  
|Expenses:                                         |  |      |           |   |      |   |           |      |  |   |           |  
|Operating
    expenses                            |  |      | 2,439,000 |   |      |   | 2,288,000 |      |  |   | 2,452,000 |  
|Interest
    expense                              |  |      | 575,000   |   |      |   | 601,000   |      |  |   | 616,000   |  
|Depreciation
    and amortization                 |  |      | 930,000   |   |      |   | 933,000   |      |  |   | 987,000   |  
|                                                  |  |      |           |   |      |   |           |      |  |   |           |  
|Total
expenses                                    |  |      | 3,944,000 |   |      |   | 3,822,000 |      |  |   | 4,055,000 |  
|                                                  |  |      |           |   |      |   |           |      |  |   |           |  
|Net
    loss                                      |  | $    | (501,000  | ) |      | $ | (456,000  | )    |  | $ | (574,000  | )
|                                                  |  |      |           |   |      |   |           |      |  |   |           |  
|Net
    loss allocable to the Partnership         |  | $    | (537,000  | ) |      | $ | (489,000  | )    |  | $ | (604,000  | )
|                                                  |  |      |           |   |      |   |           |      |  |   |           |  
|Net
    income (loss) recorded by the Partnership |  | $    | 38,000    |   |      | $ | 38,000    |      |  | $ | 21,000    |  





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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



COMBINED
CONDENSED STATEMENTS OF OPERATIONS



|                                           |  | 2008 |            |   | 2007 |   |            | 2006 |  |   | 2005      |  
|------------------------------------------ |  | ---- | ---------- | - | ---- | - | ---------- | ---- |  | - | --------- | -
|                                           |  |      |            |   |      |   |            |      |  |   |           |  
|Revenues                                   |  | $    | 4,357,000  |   |      | $ | 3,992,000  |      |  | $ | 3,928,000 |  
|                                           |  |      |            |   |      |   |            |      |  |   |           |  
|Expenses:                                  |  |      |            |   |      |   |            |      |  |   |           |  
|Operating
    expenses                     |  |      | 3,340,000  |   |      |   | 2,925,000  |      |  |   | 2,688,000 |  
|Interest
    expense                       |  |      | 871,000    |   |      |   | 888,000    |      |  |   | 909,000   |  
|Depreciation
    and amortization          |  |      | 1,188,000  |   |      |   | 1,166,000  |      |  |   | 1,137,000 |  
|                                           |  |      |            |   |      |   |            |      |  |   |           |  
|Total
expenses                             |  |      | 5,399,000  |   |      |   | 4,979,000  |      |  |   | 4,734,000 |  
|                                           |  |      |            |   |      |   |            |      |  |   |           |  
|Net
    loss                               |  | $    | (1,042,000 | ) |      | $ | (987,000   | )    |  | $ | (806,000  | )
|                                           |  |      |            |   |      |   |            |      |  |   |           |  
|Net
    loss allocable to the Partnership, |  | $    | (1,020,000 | ) |      | $ | (1,037,000 | )    |  | $ | (813,000  | )
|                                           |  |      |            |   |      |   |            |      |  |   |           |  
|Net
    loss recorded by the Partnership   |  | $    | (113,000   | ) |      | $ | (703,000   | )    |  | $ | (808,000  | )



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.



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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



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 was 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%. The investment balance for Lamar Plaza as of March 31, 2010, 2009, 2008, and 2007 was $0, $0, $16,650,
and $179,043, respectively. No recapture of Low Income Housing Tax Credits was experience subsequent to the sale of this Local
Limited Partnership.



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, 2013, 2012, 2011, 2010, 2009, 2008, and 2007 was $0, $0, $0, $0, $12,976,
$19,028, and $76,925, 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.



F-35







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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



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, 2013, 2012, 2011, 2010, 2009, 2008, and 2007 was $0, $0,$0,$0, $0, $0, and
$456,516, respectively . The Compliance Period for Ashford ends on December 31, 2012.



The
Partnership was advised during the year ended 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. The investment balance for Mesa
Verde as of March 31, 2010, 2009, 2008, and 2007 was $0, $0, $0, and $912,470, respectively. The Compliance Period for Mesa Verde
ended 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.



F-36







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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



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 was 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. No recapture of
Low Income Housing Tax Credits was experience subsequent to the sale of this Local Limited Partnership.



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
                                                                                                                                                                                                        $34,200,
                                                                                                                                                                                                        $27,000,
                                                                                                                                                                                                        $19,800,
                                                                                                                                                                                                        $12,600,
                                                                                                                                                                                                        $5,400,
                                                                                                                                                                                                        $11,463,
                                                                                                                                                                                                        and
                                                                                                                                                                                                        $818,633
                                                                                                                                                                                                        as
                                                                                                                                                                                                        of
                                                                                                                                                                                                        March
                                                                                                                                                                                                        31,
                                                                                                                                                                                                        2013,
                                                                                                                                                                                                        2012,
                                                                                                                                                                                                        2011,
                                                                                                                                                                                                        2010,
                                                                                                                                                                                                        2009,
                                                                                                                                                                                                        2008,
                                                                                                                                                                                                        and
                                                                                                                                                                                                        2007,
                                                                                                                                                                                                        respectively.The
                                                                                                                                                                                                        Partnership
                                                                                                                                                                                                        evaluates
                                                                                                                                                                                                        its
                                                                                                                                                                                                        intangibles
                                                                                                                                                                                                        for
                                                                                                                                                                                                        impairment
                                                                                                                                                                                                        in
                                                                                                                                                                                                        connection
                                                                                                                                                                                                        with
                                                                                                                                                                                                        its
                                                                                                                                                                                                        investments
                                                                                                                                                                                                        in
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships.
                                                                                                                                                                                                        Impairment
                                                                                                                                                                                                        on
                                                                                                                                                                                                        the
                                                                                                                                                                                                        intangibles
                                                                                                                                                                                                        is
                                                                                                                                                                                                        measured
                                                                                                                                                                                                        by
                                                                                                                                                                                                        comparing
                                                                                                                                                                                                        the
                                                                                                                                                                                                        Partnership’s
                                                                                                                                                                                                        total
                                                                                                                                                                                                        investment
                                                                                                                                                                                                        balance
                                                                                                                                                                                                        after
                                                                                                                                                                                                        impairment
                                                                                                                                                                                                        of
                                                                                                                                                                                                        investments
                                                                                                                                                                                                        in
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships
                                                                                                                                                                                                        to
                                                                                                                                                                                                        the
                                                                                                                                                                                                        sum
                                                                                                                                                                                                        of
                                                                                                                                                                                                        the
                                                                                                                                                                                                        total
                                                                                                                                                                                                        of
                                                                                                                                                                                                        the
                                                                                                                                                                                                        remaining
                                                                                                                                                                                                        Low
                                                                                                                                                                                                        Income
                                                                                                                                                                                                        Housing
                                                                                                                                                                                                        Tax
                                                                                                                                                                                                        Credits
                                                                                                                                                                                                        allocated
                                                                                                                                                                                                        to
                                                                                                                                                                                                        the
                                                                                                                                                                                                        Partnership
                                                                                                                                                                                                        and
                                                                                                                                                                                                        any
                                                                                                                                                                                                        estimated
                                                                                                                                                                                                        residual
                                                                                                                                                                                                        value
                                                                                                                                                                                                        of
                                                                                                                                                                                                        the
                                                                                                                                                                                                        investments.
                                                                                                                                                                                                        If
                                                                                                                                                                                                        an
                                                                                                                                                                                                        impairment
                                                                                                                                                                                                        loss
                                                                                                                                                                                                        related
                                                                                                                                                                                                        to
                                                                                                                                                                                                        the
                                                                                                                                                                                                        acquisition
                                                                                                                                                                                                        fees
                                                                                                                                                                                                        is
                                                                                                                                                                                                        recorded,
                                                                                                                                                                                                        the
                                                                                                                                                                                                        accumulated
                                                                                                                                                                                                        amortization
                                                                                                                                                                                                        is
                                                                                                                                                                                                        reduced
                                                                                                                                                                                                        to
                                                                                                                                                                                                        zero
                                                                                                                                                                                                        at
                                                                                                                                                                                                        that
                                                                                                                                                                                                        time.
                                                                                                                                                                                                        During
                                                                                                                                                                                                        the
                                                                                                                                                                                                        years
                                                                                                                                                                                                        ended
                                                                                                                                                                                                        March
                                                                                                                                                                                                        31,
                                                                                                                                                                                                        2007
                                                                                                                                                                                                        and
                                                                                                                                                                                                        2006,
                                                                                                                                                                                                        $73,965,
                                                                                                                                                                                                        and
                                                                                                                                                                                                        $0,
                                                                                                                                                                                                        respectively,
                                                                                                                                                                                                        of
                                                                                                                                                                                                        the
                                                                                                                                                                                                        related
                                                                                                                                                                                                        expenses
                                                                                                                                                                                                        was
                                                                                                                                                                                                        reflected
                                                                                                                                                                                                        as
                                                                                                                                                                                                        equity
                                                                                                                                                                                                        in
                                                                                                                                                                                                        losses
                                                                                                                                                                                                        of
                                                                                                                                                                                                        Local
                                                                                                                                                                                                        Limited
                                                                                                                                                                                                        Partnerships,
                                                                                                                                                                                                        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
                                                                                                                                                                                                        for
                                                                                                                                                                                                        all
                                                                                                                                                                                                        periods
                                                                                                                                                                                                        presented.
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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 $50,149, $50,784, $55,541, $60,500, $60,500, $60,500, $60,500 and $60,500
were incurred during the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006, respectively, of which$0,
$25,000, $88,719, $0, $0, $25,000, $50,312, and $94,530was paid, respectively. During the
year ended March 31, 2007, the Partnership overpaid its management fees. The over payments are reflected as prepaid expenses on
the accompanying balance sheets.



F-37







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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



NOTE
3 - RELATED PARTY TRANSACTIONS, continued



| |  | 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 $46,682, $8,351, $166,935,
$0, $20,000, $24,671 $12,136, and $14,329, during the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006,
respectively. During the year ended March 2011, the Partnership overpaid the General Partner or its affiliates for operating expenses.
The over payments are reflected as prepaid expenses on the accompanying balance sheets.



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



|                                                                                      |  | March
    31, |        
|------------------------------------------------------------------------------------- |  | ------------- | -------
|                                                                                      |  | 2013          |        
|                                                                                      |  |               |        
|Asset
    management fee payable                                                      |  | $             | 191,924
|Expenses
    paid by the General Partner or an affiliate on behalf of the Partnership |  |               | 3,060  
|Advances
    made to the Partnership from the General Partner or affiliates           |  |               | -      
|                                                                                      |  |               |        
|Total                                                                                 |  | $             | 194,984





F-38







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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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                                                                                                                                 |  
|--------------------------------------------------- |  | ----------- | ---------------------------------------------------------------------------------------------------------------------------------------- | - | ---------------- | - | --------------------------------------------------------------------------------------------------------------------------------------------- | --------------- |  | - | -------------------------------------------------------------------------------------------------------------------------------------------- | -
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|2013                                                |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Income                                              |  | $           | 11,000                                                                                                                                   |   |                  | $ | 12,000                                                                                                                                        |                 |  | $ | -                                                                                                                                            |  
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Operating
    expenses                              |  |             | (21,000                                                                                                                                  | ) |                  |   | (23,000                                                                                                                                       | )               |  |   | (15,000                                                                                                                                      | )
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Loss
    from operations                            |  |             | (10,000                                                                                                                                  | ) |                  |   | (11,000                                                                                                                                       | )               |  |   | (15,000                                                                                                                                      | )
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Equity
    in income of Local Limited Partnerships  |  |             | 10,000                                                                                                                                   |   |                  |   | 10,000                                                                                                                                        |                 |  |   | 10,000                                                                                                                                       |  
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Gain
    on sale of Local Limited Partnerships      |  |             | -                                                                                                                                        |   |                  |   | 17,000                                                                                                                                        |                 |  |   | -                                                                                                                                            |  
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    income (loss)                               |  |             | -                                                                                                                                        |   |                  |   | 16,000                                                                                                                                        |                 |  |   | (5,000                                                                                                                                       | )
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    income (loss) available to Limited Partners |  |             | -                                                                                                                                        |   |                  |   | 16,000                                                                                                                                        |                 |  |   | (5,000                                                                                                                                       | )
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    income (loss) per Partnership Unit          |  |             | -                                                                                                                                        |   |                  |   | 1                                                                                                                                             |                 |  |   | -                                                                                                                                            |  
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|                                                    |  |             | June
                                                                                                                                 30 |   |                  |   | September
                                                                                                                                 30 |                 |  |   | December
                                                                                                                                 31 |  
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|2012                                                |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Income                                              |  | $           | 12,000                                                                                                                                   |   |                  | $ | 2,000                                                                                                                                         |                 |  | $ | -                                                                                                                                            |  
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Operating
    expenses                              |  |             | (23,000                                                                                                                                  | ) |                  |   | (26,000                                                                                                                                       | )               |  |   | (79,000                                                                                                                                      | )
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Loss
    from operations                            |  |             | (11,000                                                                                                                                  | ) |                  |   | (24,000                                                                                                                                       | )               |  |   | (79,000                                                                                                                                      | )
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Equity
    in income of Local Limited Partnerships  |  |             | 9,000                                                                                                                                    |   |                  |   | 9,000                                                                                                                                         |                 |  |   | 9,000                                                                                                                                        |  
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss                                        |  |             | (2,000                                                                                                                                   | ) |                  |   | (15,000                                                                                                                                       | )               |  |   | (70,000                                                                                                                                      | )
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss available to Limited Partners          |  |             | (2,000                                                                                                                                   | ) |                  |   | (15,000                                                                                                                                       | )               |  |   | (69,000                                                                                                                                      | )
|                                                    |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss per Partnership Unit                   |  |             | -                                                                                                                                        |   |                  |   | (1                                                                                                                                            | )               |  |   | (3                                                                                                                                           | )





F-39







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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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



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



|                                                            |  | June
    30 |                                                                                                                                          |   | September
    30 |   |                                                                                                                                               | December
    31 |  |   | March
    31                                                                                                                                 |  
|----------------------------------------------------------- |  | ----------- | ---------------------------------------------------------------------------------------------------------------------------------------- | - | ---------------- | - | --------------------------------------------------------------------------------------------------------------------------------------------- | --------------- |  | - | -------------------------------------------------------------------------------------------------------------------------------------------- | -
|2011                                                        |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Income                                                      |  | $           | 5,000                                                                                                                                    |   |                  | $ | 11,000                                                                                                                                        |                 |  | $ | -                                                                                                                                            |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Operating
    expenses                                      |  |             | (125,000                                                                                                                                 | ) |                  |   | (22,000                                                                                                                                       | )               |  |   | (18,000                                                                                                                                      | )
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Loss
    from operations                                    |  |             | (120,000                                                                                                                                 | ) |                  |   | (11,000                                                                                                                                       | )               |  |   | (18,000                                                                                                                                      | )
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Equity
    in income (losses) of Local Limited Partnerships |  |             | (5,000                                                                                                                                   | ) |                  |   | 8,000                                                                                                                                         |                 |  |   | 8,000                                                                                                                                        |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Gain
    on sale of Local Limited Partnerships              |  |             | 137,000                                                                                                                                  |   |                  |   | -                                                                                                                                             |                 |  |   | 20,000                                                                                                                                       |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Interest
    income                                         |  |             | 1,000                                                                                                                                    |   |                  |   | 1,000                                                                                                                                         |                 |  |   | -                                                                                                                                            |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    income (loss)                                       |  |             | 13,000                                                                                                                                   |   |                  |   | (2,000                                                                                                                                        | )               |  |   | 10,000                                                                                                                                       |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    income (loss) available to Limited Partners         |  |             | 13,000                                                                                                                                   |   |                  |   | (2,000                                                                                                                                        | )               |  |   | 10,000                                                                                                                                       |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    income (loss) per Partnership Unit                  |  |             | 1                                                                                                                                        |   |                  |   | -                                                                                                                                             |                 |  |   | -                                                                                                                                            |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|                                                            |  |             | June
                                                                                                                                 30 |   |                  |   | September
                                                                                                                                 30 |                 |  |   | December
                                                                                                                                 31 |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|2010                                                        |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Income                                                      |  | $           | 34,000                                                                                                                                   |   |                  | $ | 5,000                                                                                                                                         |                 |  | $ | -                                                                                                                                            |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Operating
    expenses                                      |  |             | (244,000                                                                                                                                 | ) |                  |   | (59,000                                                                                                                                       | )               |  |   | (84,000                                                                                                                                      | )
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Loss
    from operations                                    |  |             | (210,000                                                                                                                                 | ) |                  |   | (54,000                                                                                                                                       | )               |  |   | (84,000                                                                                                                                      | )
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Equity
    in losses of Local Limited Partnerships          |  |             | (22,000                                                                                                                                  | ) |                  |   | -                                                                                                                                             |                 |  |   | -                                                                                                                                            |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss                                                |  |             | (232,000                                                                                                                                 | ) |                  |   | (54,000                                                                                                                                       | )               |  |   | (84,000                                                                                                                                      | )
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss available to Limited Partners                  |  |             | (230,000                                                                                                                                 | ) |                  |   | (54,000                                                                                                                                       | )               |  |   | (84,000                                                                                                                                      | )
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss per Partnership Unit                           |  |             | (10                                                                                                                                      | ) |                  |   | (3                                                                                                                                            | )               |  |   | (4                                                                                                                                           | )





F-40







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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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



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



|                                                   |  | June
    30 |                                                                                                                                          |   | September
    30 |   |                                                                                                                                               | December
    31 |  |   | March
    31                                                                                                                                 |  
|-------------------------------------------------- |  | ----------- | ---------------------------------------------------------------------------------------------------------------------------------------- | - | ---------------- | - | --------------------------------------------------------------------------------------------------------------------------------------------- | --------------- |  | - | -------------------------------------------------------------------------------------------------------------------------------------------- | -
|2009                                               |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Income                                             |  | $           | 3,000                                                                                                                                    |   |                  | $ | 59,000                                                                                                                                        |                 |  | $ | 1,000                                                                                                                                        |  
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Operating
    expenses                             |  |             | (1,062,000                                                                                                                               | ) |                  |   | (145,000                                                                                                                                      | )               |  |   | (61,000                                                                                                                                      | )
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Loss
    from operations                           |  |             | (1,059,000                                                                                                                               | ) |                  |   | (86,000                                                                                                                                       | )               |  |   | (60,000                                                                                                                                      | )
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Equity
    in losses of Local Limited Partnerships |  |             | (37,000                                                                                                                                  | ) |                  |   | (25,000                                                                                                                                       | )               |  |   | (25,000                                                                                                                                      | )
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss                                       |  |             | (1,096,000                                                                                                                               | ) |                  |   | (111,000                                                                                                                                      | )               |  |   | (85,000                                                                                                                                      | )
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss available to Limited Partners         |  |             | (1,085,000                                                                                                                               | ) |                  |   | (110,000                                                                                                                                      | )               |  |   | (84,000                                                                                                                                      | )
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss per Partnership Unit                  |  |             | (49                                                                                                                                      | ) |                  |   | (5                                                                                                                                            | )               |  |   | (4                                                                                                                                           | )
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|                                                   |  |             | June
                                                                                                                                 30 |   |                  |   | September
                                                                                                                                 30 |                 |  |   | December
                                                                                                                                 31 |  
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|2008                                               |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Income                                             |  | $           | 3,000                                                                                                                                    |   |                  | $ | 29,000                                                                                                                                        |                 |  | $ | -                                                                                                                                            |  
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Operating
    expenses                             |  |             | (2,271,000                                                                                                                               | ) |                  |   | (114,000                                                                                                                                      | )               |  |   | (115,000                                                                                                                                     | )
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Loss
    from operations                           |  |             | (2,268,000                                                                                                                               | ) |                  |   | (85,000                                                                                                                                       | )               |  |   | (115,000                                                                                                                                     | )
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Equity
    in losses of Local Limited Partnerships |  |             | (190,000                                                                                                                                 | ) |                  |   | (184,000                                                                                                                                      | )               |  |   | (184,000                                                                                                                                     | )
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss                                       |  |             | (2,458,000                                                                                                                               | ) |                  |   | (269,000                                                                                                                                      | )               |  |   | (299,000                                                                                                                                     | )
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss available to Limited Partners         |  |             | (2,433,000                                                                                                                               | ) |                  |   | (266,000                                                                                                                                      | )               |  |   | (296,000                                                                                                                                     | )
|                                                   |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    loss per Partnership Unit                  |  |             | (111                                                                                                                                     | ) |                  |   | (12                                                                                                                                           | )               |  |   | (13                                                                                                                                          | )





F-41







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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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



|                                                            |  | 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 income (losses) of Local Limited Partnerships |  |             | (166,000                                                                                                                                 | ) |                  |   | (166,000                                                                                                                                      | )               |  |   | (166,000                                                                                                                                     | )
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Interest
    income                                         |  |             | 1,000                                                                                                                                    |   |                  |   | -                                                                                                                                             |                 |  |   |                                                                                                                                              |  
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    income (loss)                                       |  |             | (1,384,000                                                                                                                               | ) |                  |   | (200,000                                                                                                                                      | )               |  |   | (288,000                                                                                                                                     | )
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    income ( loss) available to Limited Partners        |  |             | (1,371,000                                                                                                                               | ) |                  |   | (198,000                                                                                                                                      | )               |  |   | (285,000                                                                                                                                     | )
|                                                            |  |             |                                                                                                                                          |   |                  |   |                                                                                                                                               |                 |  |   |                                                                                                                                              |  
|Net
    income (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-42







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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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, 2013, 2012, 2011, 2010, 2009, 2008, and 2007 the Partnership in total had advanced $462,514, $460,426, $280,031, $280,031,
$280,031, $280,031, and $260,031 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, 2013, 2012, 2011, 2010, 2009, 2008 and 2007 the Partnership in total had advanced $4,939 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, 2010, 2009, 2008, and 2007 the Partnership in total had advanced $966,123, $827,882, $664,071 and $377,805 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. All advances were written off during the year ended March 31, 2011 as the
Partnership sold the Housing Complex of Mesa Verde Apartments, L.P.



NOTE
6 - PAYABLES TO LOCAL LIMITED 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, 2013, 2012, 2011, 2010, 2009,2008, and 2007, $33,810, $33,810, $33,810, $39,310, $39,310, $39,310 and $39,310,
respectively, remain payable to the Local Limited Partnerships.



NOTE
7 -CONTRIBUTIONS



Expenses
paid by the General Partner or affiliates in prior periods were written off during the years ended March 31, 2013, 2010, and 2009
in the amount of $55,483, $87,154, and $172,547, respectively. The debt was a result
of advances that had previously been made to the Partnership by the General Partner or an affiliate to aid the Partnership in
providing funding to several Local Limited Partnerships which were experiencing operational issues. The
cancellation of debt is considered a capital contribution by the General Partner to the Partnership and as such it is reflected
in the Statement of Partners’ Equity (Deficit) in the Partnership’s financial statements.



NOTE
8 -SUBSEQUENT EVENTS



Subsequent
to March 31, 2013 the Partnership identified and sold its Local Limited Partnership interests in the following Local Limited Partnerships.
The Compliance Period for all Local Limited Partnerships has been completed so there is no risk of tax credit recapture to the
investors in the Partnership.



F-43







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, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



NOTE
8 -SUBSEQUENT EVENTS, continued



|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 |  
|------------------------------------------------------------- |  | ---------------------------------------- | --------- |  | ------------------- | - | --------- | ---------------- |  | ------------------ |  | - | -------------------------------- |  |  | -------------------------------------- | ----- |  | ----------------------- | -
|Blessed
    Rock of El Monte, a CA Limited Partnership (*)    |  | $                                        | 2,054,000 |  |                     | $ | 6,910,000 |                  |  | 4/12/2013          |  | $ | 2,355,384                        |  |  | $                                      | 2,250 |  |                         | $
|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 |  |                         |  



(*)
Proceeds in the amount of $2,355,384 were received from the sale of Blessed Rock, of which $250,000 was received in advance and
is included in prepaid disposition proceeds on the balance sheet as of March 31, 2013.



The
following table represents the use of the cash proceeds from the disposition of the Local Limited Partnerships that were disposed
of subsequent to March 31, 2013:



|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 | 
|------------------------------------------------------------- |  | ----------------- | --------- |  | ------------------------------------------- | - | ------ | -------------------------------------------- |  | - | ------------------------------------------------------------ | 
|Blessed
    Rock of El Monte, a CA Limited Partnership        |  | $                 | 2,355,384 |  |                                             | $ | 25,852 |                                              |  | $ | 966,695                                                      | 
|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, 2013, the Partnership has identified two 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 will have expired at the expected date of the sale 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 Partnership will stay in compliance with the Low Income Housing Tax Credit code, therefore there is no
risk of recapture to the investorsof the Partnership.



F-44







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 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 end of the period covered by this report, 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.



The
Partnership must rely on the Local Limited Partnerships to provide the Partnership with certain information necessary to the timely
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 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. 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, 2013, 2012, 2011, 2010, 2009 and 2008. 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.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



53







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, 2013,2012, 2011, 2010, 2009 and 2008.



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, 2013,2012, 2011, 2010, 2009 and 2008 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.



54







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.



55







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.



56







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.



57







Item
11. Executive Compensation



The
General Partner and its 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 $50,149, $50,784, $55,541, $60,500, $60,500, $60,500, $60,500
and $60,500 were incurred during the years ended March 31, 2013,2012, 2011, 2010, 2009, 2008, 2007 and 2006, respectively, of
which $0, $25,000, $88,719, $0, $0, $25,000, $50,312 and $94,530 was paid for the
years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006, respectively. During
the year ended March 31, 2007 the Partnership overpaid its management fees. The over payment is 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.



58







|(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 $3,060, $6,874, $0, $102,759, $76,425, $7,838,
$9,517, and $3,832 for the years ended March 31, 2013,2012, 2011, 2010, 2009, 2008, 2007 and 2006, respectively. The Partnership
reimbursed the General Partner or its affiliates for operating expenses of $46,682, $8,351, $166,935, $0, $20,000, $24,671,$12,136,
and $14.329 during the years ended March 31, 2013,2012, 2011, 2010, 2009, 2008, 2007, and 2006 respectively. During the year ended
March 31, 2011 the Partnership overpaid the General Partner for operating expenses. The over payment was reflected as prepaid
expenses on the accompanying balance sheets.



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



The
General Partner receives 1% of the Partnership’s allocated Low Income Housing Tax Credits, which approximated$0, $0, $1,520,
$3,989, $11,046, $21,067, and $26,143 for the years ended December 31, 2012, 2011, 2010, 2009, 2008, 2007, 2006 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, 2013, 2012, 2011, 2010, 2009, 2008, 2007, and 2006. 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, 2013,2012, 2011, 2010, 2009, 2008, 2007, and 2006.



59







|(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, 2011 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.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



60







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:



|                       |  | 2013 |       |  | 2012 |   |       | 2011 |  |   | 2010  | 
|---------------------- |  | ---- | ----- |  | ---- | - | ----- | ---- |  | - | ----- | 
|                       |  |      |       |  |      |   |       |      |  |   |       | 
|Audit
    Fees         |  | $    | -     |  |      | $ | -     |      |  | $ | -     | 
|Audit-related
    Fees |  |      | -     |  |      |   | -     |      |  |   | -     | 
|Tax
    Fees           |  |      | -     |  |      |   | 382   |      |  |   | 3,035 | 
|TOTAL                  |  | $    | -     |  |      | $ | 382   |      |  | $ | 3,035 | 
|                       |  |      |       |  |      |   |       |      |  |   |       | 
|                       |  |      | 2009  |  |      |   | 2008  |      |  |   | 2007  | 
|                       |  |      |       |  |      |   |       |      |  |   |       | 
|Audit
    Fees         |  | $    | -     |  |      | $ | -     |      |  | $ | -     | 
|Audit-related
    Fees |  |      | -     |  |      |   | -     |      |  |   | -     | 
|Tax
    Fees           |  |      | 2,890 |  |      |   | 2,755 |      |  |   | 2,625 | 
|TOTAL                  |  | $    | 2,890 |  |      | $ | 2,755 |      |  | $ | 2,625 | 



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



61







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, 2013, 2012, 2011, 2010, 2009, 2008 and 2007



Statements
of Operations for the years ended March 31, 2013,2012, 2011, 2010, 2009, 2008, 2007 and 2006



Statements
of Partners’ Equity (Deficit) for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



Statements
of Cash Flows for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006



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.                                               
|     |                                                                                                                                                                                                                                                   
|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                                      





62







|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.                                                                                                                                                                                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|99.8.1 | 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.                                                                                                                                                                                                                                                                                                                                                     
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|10.8   | 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.                                                                                                                                                                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|10.9   | 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.                                                                                                                                                                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|99.1   | Financial
    Statements of Mesa Verde Apartments Limited Partnership, as of and for the years ended December 31, 2006 and 2005 together
    with Independent Auditors Report thereon; a significant subsidiary of the Partnership. (filed herewith)                                                                                                                                                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|99.2   | Financial
    Statements of Blessed Rock of El Monte, as of and for the years ended December 31, 2012, 2011, 2010, 2009, 2008, 2007, 2006
    and     2005     together     with     Independent Auditors Report thereon; a significant subsidiary of the Partnership.
    (filed     herewith)                                                                                                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|99.3   | Financial statements
    of     Bolivar Plaza Apts, L.P., as of and for the years ended December 31, 2008 and 2007 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, 2013, 2012, 2011, 2010, 2009, 2008,
    2007 and 2006, (ii) the Statements of Operations for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and
    2006, (iii) the Statements of Partners’ Equity (Deficit) for the years ended March 31, 2013, 2012, 2011, 2010, 2009,
    2008, 2007 and 2006, (iv) the Statements of Cash Flows for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007
    and 2006 and (v) the Notes to Financial Statements





63







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2013



|                                                                   |  |                               |  | As
    of March 31, 2013                           |           |  | As
    of December 31, 2012           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | -------------------------------------------------- | --------- |  | ------------------------------------- | -
|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 |  |                                       |  
|                                                                   |  |                               |  |                                                    |           |  |                                       |  
|Greyhound
    Associates I, L.P.(1)                                |  | Windsor,
    Missouri         |  |                                                    | 642,000   |  |                                       |  





64







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2013





|                                                  |  |                             |  | As
    of March 31, 2013                           |            |  | As
    of December 31, 2012           |  
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | -
|Local
    Limited Partnership Name                |  | Location                    |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|Mountain
    Vista Associates Limited Partnership |  | Los
    Alamos, New Mexico  |  |                                                    | 315,000    |  |                                       |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|Woodland,
    Ltd.(1)                             |  | Marion,
    Alabama         |  |                                                    | 1,288,000  |  |                                       |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|Wynwood
    Place, Limited Partnership            |  | Raleigh,
    North Carolina |  |                                                    | 534,000    |  |                                       |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|                                                  |  |                             |  | $                                                  | 10,885,000 |  |                                       | $





(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2013.



(2)
Subsequent to March 31, 2013 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, 2013



|                                                                   |  | For
    the year ended December 31, 2012 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership (2)                       |  | $                                        | 541,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 469,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 987,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments                                       |  |                                          | 118,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 257,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 271,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 91,000   
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 328,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd. (1)                                             |  |                                          | 145,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 149,000  
|                                                                   |  | $                                        | 3,356,000



(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2013.



(2)
Subsequent to March 31, 2013 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



66







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2012



|                                                                   |  |                               |  | As
    of March 31, 2012                           |           |  | As
    of December 31, 2011           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | -------------------------------------------------- | --------- |  | ------------------------------------- | -
|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   |  |                                       |  





67







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2012





|                                                  |  |                             |  | As
    of March 31, 2012                           |            |  | As
    of December 31, 2011           |  
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | -
|Local
    LimitedPartnership Name                 |  | Location                    |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|Mountain
    Vista Associates Limited Partnership |  | Los
    Alamos, New Mexico  |  |                                                    | 315,000    |  |                                       |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|Woodland,
    Ltd.(1)                             |  | Marion,
    Alabama         |  |                                                    | 1,288,000  |  |                                       |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|Wynwood
    Place, Limited Partnership            |  | Raleigh,
    North Carolina |  |                                                    | 534,000    |  |                                       |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|                                                  |  |                             |  | $                                                  | 10,986,000 |  |                                       | $





(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2012.



(2)
Subsequent to March 31, 2012 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.





68







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2012



|                                                                   |  | For
    the year ended December 31, 2011 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership (2)                       |  | $                                        | 368,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 462,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 974,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments                                       |  |                                          | 119,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 268,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 252,000  
|                                                                   |  |                                          |          
|D.
    Hilltop Apartments Ltd. (1)                                 |  |                                          | 120,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 83,000   
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 303,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd. (1)                                             |  |                                          | 151,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 156,000  
|                                                                   |  | $                                        | 3,256,000



(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2012.



(2)
Subsequent to March 31, 2012 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



69







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2011



|                                                                   |  |                               |  | As
    of March 31, 2011                           |           |  | As
    of December 31, 2010           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | -------------------------------------------------- | --------- |  | ------------------------------------- | -
|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   |  |                                       |  





70







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2011





|                                                  |  |                             |  | As
    of March 31, 2011                           |            |  | As
    of December 31, 2010           |  
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | -
|Local
    LimitedPartnership Name                 |  | Location                    |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|Mountain
    Vista Associates Limited Partnership |  | Los
    Alamos, New Mexico  |  |                                                    | 315,000    |  |                                       |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|North
    Central LimitedPartnership              |  | New
    York, New York      |  |                                                    | *          |  |                                       |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|Woodland,
    Ltd.(1)                             |  | Marion,
    Alabama         |  |                                                    | 1,288,000  |  |                                       |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|Wynwood
    Place, Limited Partnership            |  | Raleigh,
    North Carolina |  |                                                    | 534,000    |  |                                       |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|                                                  |  |                             |  | $                                                  | 10,986,000 |  |                                       | $





(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2011.



(2)
Subsequent to March 31, 2011 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



| | ● | Sold
                                                                                                                                                                                                                       subsequent
                                                                                                                                                                                                                       to
                                                                                                                                                                                                                       December
                                                                                                                                                                                                                       31,2010
                                                                                                                                                                                                                       but
                                                                                                                                                                                                                       prior
                                                                                                                                                                                                                       to
                                                                                                                                                                                                                       March
                                                                                                                                                                                                                       31,
                                                                                                                                                                                                                       2011.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



71







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2011



|                                                                   |  | For
    the year ended December 31, 2010 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership (2)                       |  | $                                        | 466,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 438,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 978,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments                                       |  |                                          | 112,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 242,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 264,000  
|                                                                   |  |                                          |          
|D.
    Hilltop Apartments Ltd. (1)                                 |  |                                          | 122,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 65,000   
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 265,000  
|                                                                   |  |                                          |          
|North
    Central Limited Partnership (1)                          |  |                                          | 161,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd. (1)                                             |  |                                          | 146,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 149,000  
|                                                                   |  | $                                        | 3,408,000



(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2011.



(2)	Subsequent
to March 31, 2011 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.



72







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2010





|                                                                   |  |                               |  | As
    of March 31, 2010                           |           |  | As
    of December 31, 2009           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | -------------------------------------------------- | --------- |  | ------------------------------------- | -
|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 |  |                                       |  





73







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2010



|                                                  |  |                             |  | As
    of March 31, 2010                           |            |  | As
    of December 31, 2009           |  
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | -
|Local
    Limited Partnership Name                |  | Location                    |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|Mountain
    Vista Associates Limited Partnership |  | Los
    Alamos, New Mexic   |  |                                                    | 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, 2010.



(2)
Subsequent to March 31, 2010 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



74







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2010





|                                                                   |  | For
    the year ended December 31, 2009 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership (2)                       |  | $                                        | 481,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 418,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 956,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments                                       |  |                                          | 123,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 279,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 281,000  
|                                                                   |  |                                          |          
|D.
    Hilltop Apartments Ltd. (1)                                 |  |                                          | 112,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 89,000   
|                                                                   |  |                                          |          
|Lamar
    Plaza Apts., L.P. (1)                                    |  |                                          | 89,000   
|                                                                   |  |                                          |          
|Mesa
    Verde Apartments Limited Partnership (1)                  |  |                                          | 448,000  
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 264,000  
|                                                                   |  |                                          |          
|North
    Central Limited Partnership (1)                          |  |                                          | 139,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd. (1)                                             |  |                                          | 151,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 143,000  
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,973,000



(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2010.



(2)
Subsequent to March 31, 2010 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



75







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2009





|                                                                   |  |                               |  | As
    of March 31, 2009                           |           |  | As
    of December 31, 2008           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | -------------------------------------------------- | --------- |  | ------------------------------------- | -
|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   |  |                                       |  





76









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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2009





|                                                  |  |                             |  | As
    of March 31, 2009                           |            |  | As
    of December 31, 2008           |  
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | -
|Local
    Limited Partnership Name                |  | Location                    |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|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, 2009.



(2)
Subsequent to March 31, 2009 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.





77







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2009



|                                                                   |  | For
    the year ended December 31, 2008 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership (2)                       |  | $                                        | 461,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 415,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 946,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments                                       |  |                                          | 115,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 267,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 259,000  
|                                                                   |  |                                          |          
|D.
    Hilltop Apartments Ltd. (1)                                 |  |                                          | 121,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 81,000   
|                                                                   |  |                                          |          
|Lamar
    Plaza Apts., L.P. (1)                                    |  |                                          | 92,000   
|                                                                   |  |                                          |          
|Mesa
    Verde Apartments Limited Partnership (1)                  |  |                                          | 540,000  
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 282,000  
|                                                                   |  |                                          |          
|North
    Central Limited Partnership (1)                          |  |                                          | 131,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd. (1)                                             |  |                                          | 136,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 164,000  
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 4,010,000



(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2009.



(2)
Subsequent to March 31, 2009 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



78







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2008



|                                                                   |  |                               |  | As
    of March 31, 2008                           |           |  | As
    of December 31, 2007           |  
|------------------------------------------------------------------ |  | ----------------------------- |  | -------------------------------------------------- | --------- |  | ------------------------------------- | -
|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   |  |                                       |  





79







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2008



|                                                  |  |                             |  | As
    of March 31, 2008                           |            |  | As
    of December 31, 2007           |  
|------------------------------------------------- |  | --------------------------- |  | -------------------------------------------------- | ---------- |  | ------------------------------------- | -
|Local
    LimitedPartnership Name                 |  | Location                    |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|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, 2008.



(2)
Subsequent to March 31, 2008 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



80







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

Schedule
III

Real
Estate Owned by Local Limited Partnerships

March
31, 2008



|                                                                   |  | For
    the year ended December 31, 2007 |          
|------------------------------------------------------------------ |  | ---------------------------------------- | ---------
|Local
    Limited Partnership Name                                 |  | Rental
    Income                        |          
|                                                                   |  |                                          |          
|Ashford
    Place, a Limited Partnership (2)                       |  | $                                        | 456,000  
|                                                                   |  |                                          |          
|Belen
    Vista Associates, Limited Partnership                    |  |                                          | 396,000  
|                                                                   |  |                                          |          
|Blessed
    Rock of El Monte, a CA Limited Partnership (1)         |  |                                          | 927,000  
|                                                                   |  |                                          |          
|Bolivar
    Plaza Apartments                                       |  |                                          | 113,000  
|                                                                   |  |                                          |          
|Cleveland
    Apartments L.P.(2)                                   |  |                                          | 322,000  
|                                                                   |  |                                          |          
|Crescent
    City Apartments, a California Limited Partnership (1) |  |                                          | 221,000  
|                                                                   |  |                                          |          
|D.
    Hilltop Apartments Ltd. (1)                                 |  |                                          | 110,000  
|                                                                   |  |                                          |          
|Greyhound
    Associates I, L.P.(1)                                |  |                                          | 79,000   
|                                                                   |  |                                          |          
|Lamar
    Plaza Apts., L.P. (1)                                    |  |                                          | 50,000   
|                                                                   |  |                                          |          
|Mesa
    Verde Apartments Limited Partnership (1)                  |  |                                          | 425,000  
|                                                                   |  |                                          |          
|Mountain
    Vista Associates Limited Partnership                  |  |                                          | 268,000  
|                                                                   |  |                                          |          
|North
    Central Limited Partnership (1)                          |  |                                          | 131,000  
|                                                                   |  |                                          |          
|Woodland,
    Ltd. (1)                                             |  |                                          | 130,000  
|                                                                   |  |                                          |          
|Wynwood
    Place, Limited Partnership                             |  |                                          | 140,000  
|                                                                   |  |                                          |          
|                                                                   |  | $                                        | 3,768,000



(1)
The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2008.



(2)
Subsequent to March 31, 2008 the Local Limited Partnership was identified for disposition but had not yet been sold as of the
filing date.



81







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
    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 |  |                                       |  





82







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
    Limited Partnership Name                |  | Location                    |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|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, 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.



83







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.



84







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
    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                      |  | Roswell,
    New Mexico       |  |                                                    | 3,941,000 |  |                                       |  



85







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
    LimitedPartnership Name                 |  | Location                    |  | Total
    Investment in Local Limited Partnerships |            |  | Amount
    of Investment Paid to Date |  
|                                                  |  |                             |  |                                                    |            |  |                                       |  
|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, 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.



86







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



87







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                                                                                                                  | 





88