FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

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

                    For the fiscal year ended March 31, 2003

                                       OR

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

                  For the period from __________ to __________

                         Commission file number: 0-21897


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

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


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

                                 (714) 662-5565

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


                                      NONE

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

                      UNITS OF LIMITED PARTNERSHIP INTEREST

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
Yes     X      No
    ----------    ----------

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




<PAGE>




Indicate by check mark whether the registrant is an accelerated filer.
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







                                       2
<PAGE>





Item 1.  Business

PART I.
-------

Organization

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

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

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

Description of Business

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

In general,  in order to avoid  recapture  of Low Income  Housing  Credits,  the
Partnership  does not  expect  that it will  dispose of its  interests  in Local
Limited Partnerships ("Local Limited Partnership Interests") or approve the sale
by any Local Limited  Partnership of its Housing Complex prior to the end of the
applicable  Compliance  Period.  Because  of  (i)  the  nature  of  the  Housing
Complexes,  (ii) the  difficulty of predicting  the resale market for low-income
housing  15 or more years in the  future,  and (iii) the  ability of  government
lenders to  disapprove  of transfer,  it is not possible at this time to predict
whether the liquidation of the  Partnership's  assets and the disposition of the
proceeds,  if any, in  accordance  with the  Partnership's  Agreement of Limited
Partnership, dated May 5, 1996 (the "Partnership Agreement"), will be able to be
accomplished  promptly  at the end of the  15-year  period.  If a Local  Limited
Partnership is unable to sell its Housing  Complex,  it is anticipated  that the
local general partner ("Local General  Partner") will either continue to operate
such Housing  Complex or take such other  actions as the Local  General  Partner
believes  to  be  in  the  best  interest  of  the  Local  Limited  Partnership.
Notwithstanding the preceding,  circumstances  beyond the control of the General
Partner or the Local General  Partners may occur during the  Compliance  Period,
which would require the  Partnership  to approve the  disposition  of an Housing
Complex prior to the end thereof,  possibly resulting in recapture of Low Income
Housing Credits.

As of March 31, 2003 the  Partnership  had  invested in fourteen  Local  Limited
Partnerships.  Each of these Local Limited  Partnerships  owns a Housing Complex
that is eligible  for the  federal  Low Income  Housing  Credit.  Certain  Local
Limited Partnerships may also benefit from government programs promoting low- or
moderate-income housing.


Certain Risks and Uncertainties



                                       3
<PAGE>

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  Credit rules are extremely  complicated.  Noncompliance
with these rules results in the loss of future Low Income  Housing  Credit s and
the fractional  recapture of Low Income Housing  Credits  already taken. In most
cases the annual amount of Low Income Housing 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 profit. Accordingly,  the Partnership may be unable to distribute
any cash to its investors.  Low Income  Housing  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  Credits,  a fractional  recapture of prior Low Income
Housing  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
Credits and recapture of Low Income Housing 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
Credits and tax losses  allocable to the  investors  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 Units exists or is expected to develop.  Investors may
be unable to sell their Units  except at a discount  and should  consider  their
Units to be a long-term  investment.  Individual investors will have no recourse
if they  disagree  with actions  authorized by a vote of the majority of Limited
Partners.

Exit Strategy

The IRS  compliance  period for  low-income  housing  tax credit  properties  is
generally  15 years from  occupancy  following  construction  or  rehabilitation
completion.  WNC was one of the first in the industry to offer investments using
the tax credit.  Now these very first programs are completing  their  compliance
period.

With that in mind, we are continuing our review of the  Partnership's  holdings,
with special  emphasis on the more mature  properties  including those that have
satisfied the IRS compliance requirements. Our review will consider many factors
including  extended  use  requirements  on the  property  (such as those  due to
mortgage  restrictions  or state  compliance  agreements),  the condition of the
property,  and  the tax  consequences  to the  investors  from  the  sale of the
property.





                                       4
<PAGE>

Upon identifying  those  properties with the highest  potential for a successful
sale, refinancing or syndication, we expect to proceed with efforts to liquidate
those  properties.  Our objective is to maximize the investors'  return wherever
possible and,  ultimately,  to wind down those funds that no longer  provide tax
benefits  to  investors.  To date no  properties  in the  Partnership  have been
selected.

Item 2.  Properties

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




                                        5
<PAGE>


<TABLE>
<CAPTION>
                                                  ---------------------------------- -----------------------------------------------
                                                        As of March 31, 2003                       As of December 31, 2002
                                                  ---------------------------------- -----------------------------------------------
                                                      Partnership's                                        Original
                                                      Total Original                                     Estimated Low  Encumbrances
                                                      Investment in       Amount of                        Income           of Local
                                    General Partner   Local Limited       Investment    Number             Housing           Limited
Partnership Name     Location          Name            Partnerships      Paid to Date   of Units Occupancy Credits      Partnerships
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>            <C>                   <C>           <C>                <C>     <C>    <C>            <C>
Ashford Place,
a Limited            Shawnee,       The Cowen
Partnership          Oklahoma       Group, LLC            $  2,317,000  $ 2,317,000        100      76%   $ 3,931,000    $ 2,255,000

Belen Vista                         Monarch Properties,
Associates,          Belen,         Inc. and Low Income
Limited              New            Housing Foundation
Partnership          Mexico         of NM                      416,000      416,000         57      98%       714,000      1,524,000

Blessed Rock         El Monte,      Everland,
of El Monte          California     Inc.                     2,511,000    2,511,000        137     100%     8,899,000      3,686,000

Bolivar                             MBL
Plaza                Boliver,       Development
Apartments           Missouri       Co.                      1,181,000    1,181,000         32      97%     1,658,000        539,000

                                    Williams
                                    Management and
                                    Consulting,
Cleveland                           Inc. and
Apartments           Coffeyville,   Eastern Housing
L.P.                 Kansas         Corp.                      515,000      440,000         48      75%       737,000      1,587,000

Crescent             Crescent       Crescent
City                 City,          City Surf,
Apartments           California     Inc.                     1,166,000    1,166,000         56      96%     2,221,000      1,960,000

D. Hilltop           Prairie
Apartments           View,          Donald W.
Ltd.                 Texas          Sowell                     101,000      101,000         24     100%       187,000        460,000

Greyhound                           WCM Community
Associates I,        Windsor,       Development
L.P.                 Missouri       Corp.                      642,000      642,000         24      83%     1,128,000        579,000

Lamar Plaza          Lamar,         MBL Development
Apts., L.P.          Missouri       Co.                        738,000      738,000         28      93%     1,230,000        789,000

Mesa Verde
Apartments           Roswell,       Trianon-Mesa
Limited              New            Verde,
Partnership          Mexico         LLC                      3,941,000    3,941,000        142      86%     6,472,000      2,147,000
</TABLE>



                                       6
<PAGE>


<TABLE>
<CAPTION>
                                                  ---------------------------------- -----------------------------------------------
                                                        As of March 31, 2003                       As of December 31, 2002
                                                  ---------------------------------- -----------------------------------------------
                                                      Partnership's                                        Original
                                                      Total Original                                     Estimated Low  Encumbrances
                                                      Investment in       Amount of                        Income           of Local
                                    General Partner   Local Limited       Investment    Number             Housing           Limited
Partnership Name     Location          Name            Partnerships      Paid to Date   of Units Occupancy Credits      Partnerships
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>            <C>                   <C>          <C>                 <C>      <C>  <C>            <C>
Mountain                            Monarch Properties,
Vista                Los            Inc.and Low
Associates           Alamos,        Income Housing
Limited              New            Foundation
Partnership          Mexico         of NM                      315,000      315,000         53      96%       543,000      1,428,000

North                New            City and
Central              York,          Suburban
Limited              New            Development
Partnership          York           Corp.                      751,000      751,000         18      94%     1,054,000        443,000

Woodland,            Marion,        ACHR
Ltd.                 Alabama        Corp.                    1,288,000    1,288,000         42      95%     2,112,000      1,288,000

                                    Regency
                                    Investment
                                    Associates,
Wynwood                             Inc., ATO,
Place,               Raleigh,       Inc., a Non-Profit
Limited              North          Corp. and
Partnership          Carolina       Gordon Blackwell.          534,000      454,000         24      75%       780,000        558,000
                                                          ------------  -----------        ---      ---  ------------   ------------
                                                          $ 16,416,000 $ 16,261,000        785      90%  $ 31,666,000   $ 19,243,000
                                                          ============= ===========        ===      ===  ============   ============
</TABLE>


                                       7
<PAGE>

<TABLE>
<CAPTION>

                                       -----------------------------------------------------------------------------
                                                           For the year ended December 31, 2002
                                       ----------------------------------------------------------------------------
                                                                                             Low Income Housing
                                                                                            Credits Allocated to
           Partnership Name                Rental Income           Net Loss                      Partnership
-------------------------------------------------------------------------------------------------------------------
<S>                                                <C>                <C>                                   <C>
Ashford Place, a Limited Partnership               $ 416,000          $ (229,000)                           98.99%

Belen Vista Associates, Limited
Partnership                                          354,000             (16,000)                           98.99%

Blessed Rock of El Monte                              79,000             (50,000)                           49.50%

Bolivar Plaza Apartments                             106,000             (45,000)                           98.98%

Cleveland Apartments L.P.                            211,000             (56,000)                           99.98%

Crescent City Apartments                             185,000            (164,000)                           99.00%

D. Hilltop Apartments Ltd.                            68,000             (19,000)                           99.00%

Greyhound Associates I, L.P.                          80,000             (15,000)                           99.00%

Lamar Plaza Apts., L.P.                               94,000              (2,000)                           99.97%

Mesa Verde Apartments Limited
Partnership                                          502,000            (159,000)                           99.00%

Mountain Vista Associates Limited
Partnership                                          240,000             (18,000)                           98.99%

North Central Limited Partnership                    111,000             (55,000)                           99.89%

Woodland, Ltd.                                       103,000             (84,000)                           99.98%

Wynwood Place, Limited Partnership                   103,000             (49,000)                           99.98%
                                                 -----------           ----------
                                                 $ 3,369,000           $(961,000)
                                                 ===========           ==========
</TABLE>


                                       8
<PAGE>


Item 3.  Legal Proceedings

NONE

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

NONE

PART II.
--------

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

Item 5a.

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

(b)  At March 31, 2003, there were 1,285 Limited Partners.

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

(d)  No unregistered  securities  were sold by the  Partnership  during the year
     ended March 31, 2003.

Item 5b.

NOT APPLICABLE

Item 6.  Selected Financial Data

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


                                                                     March 31                                 December 31
                                         ------------------------------------------------------------------   -----------
                                           2003          2002          2001          2000          1999          1998
                                         ----------   -----------   -----------   -----------   -----------   -----------

<S>                                    <C>          <C>           <C>           <C>            <C>           <C>
ASSETS
Cash and cash equivalents              $  1,006,242 $  1,221,951  $  1,316,217  $  1,725,133  $  3,460,935  $  3,817,546
Due from affiliates                               -        9,732         9,732             -        52,835        52,835
Investments in limited partnerships,
net                                      12,237,450   13,261,486    14,075,565    15,243,007    15,345,027    15,573,510
Loans receivable                                  -            -             -        12,080        12,080        91,000
Other assets                                    574          574           574           574           500           500
                                         ----------   -----------   -----------   -----------   -----------   -----------


                                       $ 13,244,266 $ 14,493,743  $ 15,402,088  $ 16,980,794  $ 18,871,377  $ 19,535,391
                                         ==========   ===========   ===========   ===========   ===========   ===========

LIABILITIES
Due to limited partnerships            $    154,741 $    164,475  $    257,889  $    672,640  $  1,182,870  $  1,657,666
Accrued fees and expenses due to
   general
  partner and affiliates                     18,451       18,143         1,664         1,936       181,131       121,498

PARTNERS' EQUITY                         13,071,074   14,311,125    15,142,535    16,306,218    17,507,376    17,756,227
                                         ----------   -----------   -----------   -----------   -----------   -----------

                                       $ 13,244,266 $ 14,493,743  $ 15,402,088  $ 16,980,794  $ 18,871,377  $ 19,535,391
                                         ==========   ===========   ===========   ===========   ===========   ===========
</TABLE>


                                       9
<PAGE>

<TABLE>
<CAPTION>

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

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

                                2003         2002          2001          2000          1999           1998            1998
                              ----------   ----------    ----------   ------------   ----------    -----------    -------------
                                                                                                   (Unaudited)
<S>                         <C>          <C>           <C>         <C>             <C>           <C>          <C>
Income (loss) from
  operations                $  (282,566) $   (86,263)  $   (60,248)$      (54,888)$        586   $     18,142 $         95,280
Equity in losses of
  limited partnerships         (957,485)    (745,147)   (1,103,435)    (1,146,270)    (249,437)      (153,500)      (1,010,334)
                              ----------   ----------    ----------   ------------   ----------    -----------    -------------

Net loss                    $(1,240,051) $  (831,410)  $(1,163,683)$   (1,201,158)$   (248,851)  $   (135,358)$       (915,054)
                              ==========   ==========    ==========   ============   ==========    ===========    =============

Net loss allocated to:
   General partner          $   (12,401) $    (8,314)  $   (11,637)$      (12,012)$     (2,489)  $     (1,354)$         (9,151)
                              ==========   ==========    ==========   ============   ==========    ===========    =============

   Limited partners         $(1,227,650) $  (823,096)  $(1,152,046)$   (1,189,146)$   (246,362)  $   (134,004)$       (905,903)
                              ==========   ==========    ==========   ============   ==========    ===========    =============
 Net loss per limited
 partner unit               $    (55.80) $    (37.41)  $    (52.37)$       (54.05)$     (11.20)  $      (6.09)$         (41.18)
                              ==========   ==========    ==========   ============   ==========    ===========    =============

Outstanding weighted
  limited partner units          22,000       22,000        22,000         22,000       22,000         22,000           22,000
                              ==========   ==========    ==========   ============   ==========    ===========    =============
</TABLE>
<TABLE>
<CAPTION>

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

                                2003         2002          2001          2000          1999           1998            1998
                              ----------   ----------    ----------   ------------   ----------    -----------    -------------
                                                                                                   (Unaudited))
<S>                         <C>          <C>           <C>           <C>          <C>              <C>            <C>
Net cash provided by
  (used in):
   Operating activities     $  (212,962) $    (10,220)$       1,392 $    (121,756)$      75,111   $     77,854   $       297,891
   Investing activities          (2,747)      (84,046)     (410,308)   (1,614,046)     (431,722)      (814,796)       (2,534,648)
   Financing activities               -             -             -             -             -        148,448           147,325
                              ----------   -----------   -----------  ------------   -----------    -----------    --------------

Net change in cash and
  cash equivalents             (215,709)      (94,266)     (408,916)   (1,735,802)     (356,611)      (588,494)       (2,089,432)

Cash and cash
  equivalents, beginning
  of period                   1,221,951     1,316,217     1,725,133     3,460,935     3,817,546      5,906,978         5,906,978
                              ----------   -----------   -----------  ------------   -----------    -----------    --------------

Cash and cash
  equivalents, end of
  period                    $ 1,006,242  $  1,221,951  $  1,316,217 $   1,725,133  $  3,460,935   $  5,318,484   $     3,817,546
                              ==========   ===========   ===========  ============   ===========    ===========    ==============

Low Income Housing Credits Per Unit was as follows for the years ended December 31:
</TABLE>
<TABLE>
<CAPTION>

                                                       2002          2001           2000          1999            1998
                                                    -----------   ------------   -----------   ------------    -----------

<S>                                               <C>           <C>            <C>           <C>             <C>
Federal                                           $        120  $         121  $        114  $         104   $         81
State                                                        -              -             -              -              -
                                                    -----------   ------------   -----------   ------------    -----------

Total                                             $        120  $         121  $        114  $         104   $         81
                                                    ===========   ============   ===========   ============    ===========
</TABLE>



                                     10
<PAGE>


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

Forward Looking Statements

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

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

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

Critical Accounting Policies and Certain Risks and Uncertainties

The Company 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 Company'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 Limited Partnerships

The Partnership  accounts for its investments in limited  partnerships using the
equity method of  accounting,  whereby the  Partnership  adjusts its  investment
balance for its share of the Local Limited  Partnerships'  results of operations
and for  any  contributions  made or  distributions  received.  The  Partnership
reviews the  carrying  amount of an  individual  investment  in a Local  Limited
Partnership for possible  impairment 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 a comparison of the carrying
amount to future  undiscounted  net cash flows  expected to be generated.  If an
investment  is  considered  to be impaired,  the  impairment to be recognized is
measured by the amount by which the carrying  amount of the  investment  exceeds
fair value.  The  accounting  policies  of the Local  Limited  Partnerships  are
generally  consistent  with  those of the  Partnership.  Costs  incurred  by the
Partnership  in  acquiring  the  investments  are  capitalized  as  part  of the
investment account and are being amortized over 30 years.

Equity in losses of the Local Limited  Partnerships for each year ended March 31
have been recorded by the Partnership  based on nine months of reported  results
provided by the Local Limited  Partnerships  for each year ended December 31 and
on three months of results  estimated by management of the  Partnership for each
three-month  period ended March 31.  Management's  estimate for the  three-month
period is based on either actual unaudited results reported by the Local Limited
Partnerships  or  historical  trends  in the  operations  of the  Local  Limited
Partnerships.  Equity in losses of the Local Limited Partnerships are recognized
in the financial statements until the related investment account is reduced to a
zero balance.  Losses  incurred after the investment  account is reduced to zero
are not  recognized.  If the Local  Limited  Partnerships  report  net income in
future years, the Partnership will


                                       11
<PAGE>

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 income.

Income Taxes

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

Certain 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  Credit rules are extremely  complicated.  Noncompliance
with these rules results in the loss of future Low Income  Housing  Credit s and
the fractional  recapture of Low Income Housing  Credits  already taken. In most
cases the annual amount of Low Income Housing 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 profit. Accordingly,  the Partnership may be unable to distribute
any cash to its investors.  Low Income  Housing  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  Credits,  a fractional  recapture of prior Low Income
Housing  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
Credits and recapture of Low Income Housing 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
Credits and tax losses  allocable to the  investors  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 Units exists or is expected to develop.  Investors may
be unable to sell their Units  except at a discount  and should  consider  their
Units to be a long-term  investment.  Individual investors will have no recourse
if they  disagree  with actions  authorized by a vote of the majority of Limited
Partners.


                                       12
<PAGE>

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  Partner  may be
required  to sustain  the  operations  of such Local  Limited  Partnerships.  If
additional  capital  contributions  are not made  when  they are  required,  the
Partnership's  investment in certain of such Local Limited Partnerships could be
impaired, and the loss and recapture of the related tax credits could occur.


Financial Condition

The Partnership's  assets at March 31, 2003 consisted primarily of $1,006,000 in
cash  and  cash  equivalents  and  investments  in the  fourteen  Local  Limited
Partnerships of $12,237,000.  Liabilities at March 31, 2003 were $155,000 due to
limited  partnerships,  $18,000 of accrued annual  management  fees and expenses
paid by an  affiliate  of the General  Partner or due to the General  Partner or
affiliate.

Results of Operations

Year  Ended  March  31,  2003  Compared  to  Year  Ended  March  31  2002.   The
Partnership's  net loss for the year  ended  March  31,  2003 was  $(1,240,000),
reflecting an increase of $(409,000) from the net loss  experienced for the year
ended March 31, 2002.  The  increase in net loss is  primarily  due to equity in
losses of limited  partnerships  which increased by $(212,000) to $(957,000) for
the year ended March 31, 2003 from $(745,000) for the year ended March 31, 2002,
along with an increase in loss from  operations of  $(197,000).  The increase in
equity in losses of  limited  partnerships  was mainly  due to the  decrease  in
occupancy rate in certain Local Limited Partnerships.  The increase in loss from
operations  was  due  primarily  to  the  write-off  of  advances  to a  limited
partnership and a decrease in interest income.

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

Liquidity and Capital Resources

Year Ended March 31, 2003  Compared to Year Ended March 31, 2002.  Net cash used
during the year ended March 31, 2003 was  $(216,000),  compared to net cash used
for the year ended March 31, 2002 of $(94,000). Net cash flows used in investing
activities  decreased  by $81,000 to $(3,000)  for the year ended March 31, 2003
from  $(84,000)  due  primarily to a decrease in capital  contributions  paid to
Local  Limited  Partnerships  of  $83,000.  Net  cash  flows  used in  operating
activities  increased by $(203,000) to net cash used in operating  activities of
$(213,000)  for the year ended  March 31,  2003 from net cash used in  operating
activities of $(10,000) for the year ended March 31, 2002 as a result of certain
advances to a Local Limited Partnership that were expensed. No cash was provided
by or used in financing activities for the years ended March 31, 2003 or 2002.

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

During  the  fiscal  year  ended  March  31,  2003,  the  Partnership   advanced
approximately  $168,000 to one Local Limited Partnership,  Ashford Place, LP, in
which the Partnership is a limited partner.  These advances were used to pay for
repairs and fund certain  recurring and  nonrecurring  operating  expenses.  The
Partnership  determined the recoverability of these advances to be doubtful and,
accordingly,  has fully  reserved the amounts due from the affiliate as of March
31, 2003.

                                       13
<PAGE>

The Partnership  expects its future cash flows,  together with its net available
assets at March 31, 2003, to be  sufficient  to meet all  currently  foreseeable
future cash  requirements.  This  excludes  amounts  owed to  Associates  by the
Partnership disclosed below.

Future Contractual Cash Obligations

<TABLE>
<CAPTION>


The following table summarizes our future contractual cash obligations as of March 31, 2003:

                                   2004        2005        2006        2007        2008       Thereafter     Total

                                 ---------   ---------   ---------   ---------   ----------  -----------   -----------
<S>                            <C>         <C>         <C>         <C>         <C>         <C>           <C>
Asset Management Fees          $   77,061  $   60,500  $   60,500  $   60,500  $    60,500 $  2,541,000  $  2,860,061
Capital Contributions
   Payable to Lower Tier
   Partnerships                   154,741           -           -           -            -            -       154,741
                                 ---------   ---------   ---------   ---------   ----------  -----------   -----------
Total contractual cash
   obligations                 $  231,802  $   60,500  $   60,500  $   60,500  $    60,500 $  2,541,000  $  3,014,802
                                 =========   =========   =========   =========   ==========  ===========   ===========
</TABLE>

(1)  Asset  Management  Fees  are  payable  annually  until  termination  of the
     Partnership, which is to occur no later than 2050. The estimate of the fees
     payable included herein assumes the retention of the Partnership's interest
     in all Housing Complexes until 2050. Amounts due to the General Partners as
     of March 31, 2003 have been included in the 2004 column.

For   additional   information  on  our  Asset   Management   Fees  and  Capital
Contributions  Payable  to Lower  Tier  Partnerships,  see  Notes 3 and 5 to the
financial statements included elsewhere herein.

Exit Strategy

The IRS  compliance  period for  low-income  housing  tax credit  properties  is
generally  15 years from  occupancy  following  construction  or  rehabilitation
completion.  WNC was one of the first in the industry to offer investments using
the tax credit.  Now these very first programs are completing  their  compliance
period.

With that in mind, we are continuing our review of the  Partnership's  holdings,
with special  emphasis on the more mature  properties  including those that have
satisfied the IRS compliance requirements. Our review will consider many factors
including  extended  use  requirements  on the  property  (such as those  due to
mortgage  restrictions  or state  compliance  agreements),  the condition of the
property,  and  the tax  consequences  to the  investors  from  the  sale of the
property.

Upon identifying  those  properties with the highest  potential for a successful
sale, refinancing or syndication, we expect to proceed with efforts to liquidate
those  properties.  Our objective is to maximize the investors'  return wherever
possible and,  ultimately,  to wind down those funds that no longer  provide tax
benefits  to  investors.  To date no  properties  in the  Partnership  have been
selected.

New Accounting Pronouncements

In June 2001, the Financial Accounting Standards Board ("FASB") issued Statement
of  Financial  Accounting  Standards  ("SFAS")  No. 143,  "Accounting  for Asset
Retirement  Obligations",  which requires that the fair value of a liability for
an asset  retirement  obligation  be  recognized  in the  period  in which it is
incurred with the associated asset retirement costs being  capitalized as a part
of the  carrying  amount of the  long-lived  asset.  SFAS No. 143 also  includes
disclosure   requirements   that  provide  a  description  of  asset  retirement
obligations   and   reconciliation   of  changes  in  the  components  of  those
obligations.  The statement is effective for fiscal years  beginning  after June
15,  2002.  The  adoption of SFAS No. 143 did not have a material  impact on the
Partnership's financial position or results of operations.

In August  2001,  the FASB  issued  SFAS No.  144,  "Impairment  or  Disposal of
Long-Lived  Assets," which addresses  accounting and financial reporting for the
impairment or disposal of long-lived assets. This standard was effective for the


                                       14
<PAGE>

Partnership's financial statements beginning January 1, 2002. The implementation
of SFAS No. 144 did not have a material  impact on the  Partnership's  financial
position or results of operations.

In April 2002, the FASB issued SFAS No. 145,  "Rescission of FASB Statements No.
4, 44, and 64,  Amendment of FASB Statement No. 13, and Technical  Corrections."
SFAS No. 145 rescinded three previously  issued  statements and amended SFAS No.
13, "Accounting for Leases." The statement provides reporting standards for debt
extinguishments   and   provides   accounting   standards   for  certain   lease
modifications that have economic effects similar to sale-leaseback transactions.
The statement is effective for certain lease  transactions  occurring  after May
15,  2002 and all other  provisions  of the  statement  shall be  effective  for
financial statements issued on or after May 15, 2002. The implementation of SFAS
No. 145 did not have a material impact on the Partnership's  financial  position
or results of operations.

In June 2002,  the FASB issued SFAS No. 146,  "Accounting  for Costs  Associated
with Exit or  Disposal  Activities,"  which  updates  accounting  and  reporting
standards for personnel and operational restructurings.  The Partnership adopted
SFAS No. 146 for exit,  disposal  or other  restructuring  activities  initiated
after  December 31,  2002.  The adoption of SFAS No. 146 did not have a material
effect on the Partnership's financial position or results of operations.

In November 2002, the FASB issued Interpretation No. 45 ("FIN 45"), "Guarantor's
Accounting  and  Disclosure  Requirements  for  Guarantees,  Including  Indirect
Guarantees  of  Indebtedness  of Others."  The adoption of FIN 45 did not have a
material impact on the Partnership's finacial position or results of operations.

In December  2002,  the FASB issued SFAS No. 148,  "Accounting  for  Stock-Based
Compensation  - Transition  and Disclosure - an Amendment to SFAS No. 123." SFAS
No. 148 provides alternative methods of transition for a voluntary change to the
fair value based method on accounting for stock-based employee compensation. The
adoption  of SFAS No.  148 did not have a material  impact on the  Partnership's
financial position or results of operations.

In  January   2003,   the  FASB  issued   Interpretation   No.  46  ("FIN  46"),
"Consolidation  of Variable  Interest  Entities." The adoption of FIN 46 did not
have a material  impact on the  Partnership's  financial  position or results of
operations.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

NOT APPLICABLE

Item 8. Financial Statements and Supplementary Data


                                       15
<PAGE>










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



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


We have audited the  accompanying  balance sheets of WNC Housing Tax Credit Fund
V, L.P., Series 4 (a California Limited  Partnership) (the  "Partnership") as of
March 31, 2003 and 2002,  and the related  statements of  operations,  partners'
equity  (deficit)  and cash flows for the years ended March 31,  2003,  2002 and
2001. These financial  statements are the  responsibility  of the  Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements  based  on  our  audits.  A  significant  portion  of  the  financial
statements of the limited  partnerships  in which the  Partnership  is a limited
partner were audited by other  auditors whose reports have been furnished to us.
As discussed in Note 2 to the financial statements, the Partnership accounts for
its investments in limited  partnerships using the equity method. The portion of
the Partnership's  investment in limited  partnerships audited by other auditors
represented 79% and 80% of the total assets of the Partnership at March 31, 2003
and 2002,  respectively,  and 97%, 98% and 100% of the  Partnership's  equity in
losses of limited  partnerships  for the years  ended March 31,  2003,  2002 and
2001,  respectively.  Our opinion, insofar as it relates to the amounts included
in the financial  statements for the limited  partnerships which were audited by
others, is based solely on the reports of the other auditors.

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

In our opinion,  based on our audits and the reports of the other auditors,  the
financial statements referred to above present fairly, in all material respects,
the  financial  position of WNC  Housing  Tax Credit  Fund V, L.P.,  Series 4 (a
California  Limited  Partnership) as of March 31, 2003 and 2002, and the results
of its  operations  and its cash flows for the years ended March 31, 2003,  2002
and 2001, in conformity with  accounting  principles  generally  accepted in the
United States of America.




                                          /s/  BDO SEIDMAN, LLP


Costa Mesa, California
July 10, 2003

                                       16
<PAGE>


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

                                 BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                                     March 31
                                                                        -----------------------------------
                                                                             2003               2002
                                                                        ---------------    ----------------

<S>                                                                   <C>                 <C>
ASSETS

Cash and cash equivalents                                             $      1,006,242   $       1,221,951
Due from affiliate (Note 7)                                                          -               9,732
Investments in limited partnerships, net (Notes 2 and 3)                    12,237,450          13,261,486
Other assets                                                                       574                 574
                                                                        ---------------    ----------------

                                                                      $     13,244,266   $      14,493,743
                                                                        ===============    ================

LIABILITIES AND PARTNERS' EQUITY
  (DEFICIT)

Liabilities:
   Payables to limited partnerships (Note 5)                          $        154,741   $         164,475
   Accrued fees and expenses due to General
     Partner and affiliates (Note 3)                                            18,451              18,143
                                                                        ---------------    ----------------

     Total liabilities                                                         173,192             182,618
                                                                        ---------------    ----------------

Commitments and contingencies

Partners' equity (deficit)
   General partner                                                             (88,350)            (75,949)
   Limited partners (25,000 units authorized,
     22,000 units issued and outstanding)                                   13,159,424          14,387,074
                                                                        ---------------    ----------------

     Total partners' equity                                                 13,071,074          14,311,125
                                                                        ---------------    ----------------

                                                                      $     13,244,266   $      14,493,743
                                                                        ===============    ================
</TABLE>
                 See accompanying notes to financial statements
                                       17

<PAGE>


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

                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>


                                                            For The Years
                                                            Ended March 31
                                            ------------------------------------------------

                                                2003             2002             2001
                                            -------------    -------------    --------------
<S>                                       <C>              <C>              <C>
Interest income                           $       17,660   $       47,072   $        78,942
Reporting fee income                              17,673           20,255            12,422
                                            -------------    -------------    --------------

Total income                                      35,333           67,327            91,364
                                            -------------    -------------    --------------

Operating expenses:
   Amortization (Notes 2 and 3)                   59,564           59,564            59,564
   Asset management fees
     (Note 3)                                     60,500           60,500            60,500
   Write-off of advances to a limited
    partnership (Note 7)                         168,139                -                 -
   Other                                          29,696           33,526            31,548
                                            -------------    -------------    --------------

    Total operating expenses                     317,899          153,590           151,612
                                            -------------    -------------    --------------

Loss from operations                            (282,566)         (86,263)          (60,248)

Equity in losses of
  limited partnerships (Note 2)                 (957,485)        (745,147)       (1,103,435)
                                            -------------    -------------    --------------
Net loss                                  $   (1,240,051) $      (831,410)$      (1,163,683)
                                            =============    =============    ==============

Net loss allocated to:
   General partner                        $      (12,401) $        (8,314)$         (11,637)
                                            =============    =============    ==============
   Limited partners                       $   (1,227,650) $      (823,096)$      (1,152,046)
                                            =============    =============    ==============
Net loss per limited partner unit         $       (55.80) $        (37.41)$          (52.37)
                                            =============    =============    ==============

Outstanding weighted limited
  partner units                                   22,000           22,000            22,000
                                            =============    =============    ==============
</TABLE>
                 See accompanying notes to financial statements
                                       18

<PAGE>


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

                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

                For The Years Ended March 31, 2003, 2002 and 2001
<TABLE>
<CAPTION>


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

<S>                                 <C> <C>               <C>               <C>                  <C>
Partners' equity (deficit) at March 31, 2000              $        (55,998) $      16,362,216    $     16,306,218

Net loss                                                           (11,637)        (1,152,046)         (1,163,683)
                                                            ---------------    ---------------     ---------------

Partners' equity (deficit) at March 31, 2001                       (67,635)        15,210,170          15,142,535

Net loss                                                            (8,314)          (823,096)           (831,410)
                                                            ---------------    ---------------     ---------------

Partners' equity (deficit) at March 31, 2002                       (75,949)        14,387,074          14,311,125

Net loss                                                           (12,401)        (1,227,650)         (1,240,051)
                                                            ---------------    ---------------     ---------------

Partners' equity (deficit) at March 31, 2003              $        (88,350) $      13,159,424    $     13,071,074
                                                            ===============    ===============     ===============
</TABLE>
                 See accompanying notes to financial statements
                                       19

<PAGE>


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

                            STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>

                                                                      For the Years Ended March 31
                                                             -----------------------------------------------
                                                                2003              2002             2001
                                                             ------------     -------------    -------------
<S>                                                        <C>              <C>             <C>
Cash flows from operating activities:
  Net loss                                                 $  (1,240,051)   $     (831,410) $    (1,163,683)
  Adjustments to reconcile net
    loss to net cash provided by (used in)
    operating activities:
   Amortization                                                   59,564            59,564           59,564
   Equity in losses of limited
     partnerships                                                957,485           745,147        1,103,435
   Change in due from affiliates                                   9,732                 -                -
   Change in accrued fees and
     expenses due to General
     Partner and affiliate                                           308            16,479             (272)
   Change in other assets                                              -                 -            2,348
                                                             ------------     -------------    -------------
  Net cash provided by (used in) operating
    activities                                                  (212,962)          (10,220)           1,392
                                                             ------------     -------------    -------------
Cash flows from investing
  activities:
  Investments in limited
    partnerships, net                                             (9,734)          (93,414)        (416,901)
  Distributions from limited
    partnerships                                                   6,987             9,368            6,593
                                                             ------------     -------------    -------------

  Net cash used in investing
    activities                                                    (2,747)          (84,046)        (410,308)
                                                             ------------     -------------    -------------

Net decrease in cash
  and cash equivalents                                          (215,709)          (94,266)        (408,916)

Cash and cash equivalents,
  beginning of period                                          1,221,951         1,316,217        1,725,133
                                                             ------------     -------------    -------------
Cash and cash equivalents, end
  of period                                                $   1,006,242    $    1,221,951   $    1,316,217
                                                             ============     =============    =============
SUPPLEMENTAL
  DISCLOSURE OF CASH
  FLOW INFORMATION:
  Taxes paid                                               $         800    $          800   $          800
                                                             ============     =============    =============
</TABLE>

                 See accompanying notes to financial statements
                                       20
<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                For The Years Ended March 31, 2003, 2002 and 2001



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

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

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

The general partner is WNC & Associates, Inc. ("WNC") (the "General Partner"), a
California limited partnership. The chairman and president own substantially all
of the  outstanding  stock of WNC. The business of the  Partnership is conducted
primarily through WNC, 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 at $1,000
per Unit  ("Units").  The offering of Units  concluded on July 11, 1997 at which
time 22,000 Units representing  subscriptions in the amount of $21,914,830,  net
of discounts of $79,550 for volume  purchases  and $5,620 for dealer  discounts,
had been accepted.  The General  Partner has a 1% interest in operating  profits
and losses,  taxable  income and losses and in cash  available for  distribution
from the Partnership and tax credits. The limited partners will be allocated the
remaining 99% of these items in proportion to their respective investments.

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



                                       21
<PAGE>



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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

               For The Years Ended March 31, 2003, 2002 and 2001,


NOTE 1 - 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  Credit rules are extremely  complicated.  Noncompliance
with these rules results in the loss of future Low Income  Housing  Credit s and
the fractional  recapture of Low Income Housing  Credits  already taken. In most
cases the annual amount of Low Income Housing 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 profit. Accordingly,  the Partnership may be unable to distribute
any cash to its investors.  Low Income  Housing  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  Credits,  a fractional  recapture of prior Low Income
Housing  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
Credits and recapture of Low Income Housing 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
Credits and tax losses  allocable to the  investors  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 Units exists or is expected to develop.  Investors may
be unable to sell their Units  except at a discount  and should  consider  their
Units to be a long-term  investment.  Individual investors will have no recourse
if they  disagree  with actions  authorized by a vote of the majority of Limited
Partners.


                                       22
<PAGE>

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

                          NOTES TO FINANCIAL STATEMENTS

                For The Years Ended March 31, 2003, 2002 and 2001


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

Exit Strategy
-------------

The IRS  compliance  period for  low-income  housing  tax credit  properties  is
generally  15 years from  occupancy  following  construction  or  rehabilitation
completion.  WNC was one of the first in the industry to offer investments using
the tax credit.  Now these very first programs are completing  their  compliance
period.

With that in mind,  the  Partnership  is continuing to review the  Partnership's
holdings,  with special emphasis on the more mature  properties  including those
that have satisfied the IRS compliance  requirements.  The Partnership's  review
will consider many factors  including  extended use requirements on the property
(such as those due to mortgage restrictions or state compliance agreements), the
condition of the property,  and the tax  consequences  to the investors from the
sale of the property.

Upon identifying  those  properties with the highest  potential for a successful
sale,  refinancing  or  syndication,  the  Partnership  expects to proceed  with
efforts  to  liquidate  those  properties.  The  Partnership's  objective  is to
maximize the investors' return wherever possible and,  ultimately,  to wind down
those  funds  that no longer  provide  tax  benefits  to  investors.  To date no
properties in the Partnership have been selected.

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

The Partnership  accounts for its investments in limited  partnerships using the
equity method of  accounting,  whereby the  Partnership  adjusts its  investment
balance for its share of the Local Limited  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 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 a comparison of the carrying
amount to future  undiscounted  net cash flows  expected to be generated.  If an
investment  is  considered  to be impaired,  the  impairment to be recognized is
measured by the amount by which the carrying  amount of the  investment  exceeds
fair value.  The  accounting  policies  of the Local  Limited  Partnerships  are
generally  consistent  with  those of the  Partnership.  Costs  incurred  by the
Partnership  in  acquiring  the  investments  are  capitalized  as  part  of the
investment account and are being amortized over 30 years (see Note 2).

Losses from Local Limited  Partnerships for the years ended March 31, 2003, 2002
and 2001 have been recorded by the Partnership  based on nine months of reported
results  provided  by the  Local  Limited  Partnerships  and on three  months of
results  estimated by management of the Partnership.  Management's  estimate for
the three-month  period is based on either actual unaudited  results reported by
the Local Limited  Partnerships  or historical  trends in the  operations of the
Local Limited Partnerships.  Losses from Local Limited Partnerships allocated to
the  Partnership  are not recognized to the extent that the  investment  balance
would be adjusted  below zero. As soon as the investment  balance  reaches zero,
amortization of the related costs of acquiring the investment are accelerated to
the extent of losses available.

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

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


                                       23
<PAGE>






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

                          NOTES TO FINANCIAL STATEMENTS

                For The Years Ended March 31, 2003, 2002 and 2001


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

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

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the  financial  statements,  and the  reported  amounts of revenues and expenses
during the reporting  period.  Actual results could materially differ from those
estimates.

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

The  Partnership   considers  all  highly  liquid   investments  with  remaining
maturities of three months or less when purchased to be cash equivalents.  As of
March 31, 2003 and 2002, the Partnership had no cash equivalents.

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

At March 31,  2003 and 2002,  the  Partnership  maintained  cash  balances  at a
certain financial institution in excess of the federally insured maximum.

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

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

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

The  Statement of Financial  Accounting  Standards  ("SFAS") No. 130,  Reporting
Comprehensive  Income  established  standards  for the  reporting and display of
comprehensive  income (loss) and its components in a full set of general-purpose
financial statements. The Partnership had no items of other comprehensive income
during the years ended  March 31,  2003,  2002 and 2001,  as defined by SFAS No.
130.

New Accounting Pronouncements
-----------------------------

In June 2001, the Financial Accounting Standards Board ("FASB") issued Statement
of  Financial  Accounting  Standards  ("SFAS")  No. 143,  "Accounting  for Asset
Retirement  Obligations",  which requires that the fair value of a liability for
an asset  retirement  obligation  be  recognized  in the  period  in which it is
incurred with the associated asset retirement costs being  capitalized as a part
of the  carrying  amount of the  long-lived  asset.  SFAS No. 143 also  includes
disclosure   requirements   that  provide  a  description  of  asset  retirement
obligations   and   reconciliation   of  changes  in  the  components  of  those
obligations.  The statement is effective for fiscal years  beginning  after June
15,  2002.  The  adoption of SFAS No. 143 did not have a material  impact on the
Partnerhip's financial position or results of operations.

In August  2001,  the FASB  issued  SFAS No.  144,  "Impairment  or  Disposal of
Long-Lived  Assets," which addresses  accounting and financial reporting for the
impairment or disposal of long-lived assets. This standard was effective for the
Partnership's financial statements beginning January 1, 2002. The implementation
of SFAS No. 144 did not have a material  impact on the  Partnership's  financial
position or results of operations.


                                       24
<PAGE>



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

                          NOTES TO FINANCIAL STATEMENTS

                For The Years Ended March 31, 2003, 2002 and 2001


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

In April 2002, the FASB issued SFAS No. 145,  "Rescission of FASB Statements No.
4, 44, and 64,  Amendment of FASB Statement No. 13, and Technical  Corrections."
SFAS No. 145 rescinded three previously  issued  statements and amended SFAS No.
13, "Accounting for Leases." The statement provides reporting standards for debt
extinguishments   and   provides   accounting   standards   for  certain   lease
modifications that have economic effects similar to sale-leaseback transactions.
The statement is effective for certain lease  transactions  occurring  after May
15,  2002 and all other  provisions  of the  statement  shall be  effective  for
financial statements issued on or after May 15, 2002. The implementation of SFAS
No. 145 did not have a material impact on the Partnership's  financial  position
or results of operations.

In June 2002,  the FASB issued SFAS No. 146,  "Accounting  for Costs  Associated
with Exit or  Disposal  Activities,"  which  updates  accounting  and  reporting
standards for personnel and operational restructurings.  The Partnership adopted
SFAS No. 146 for exit,  disposal  or other  restructuring  activities  initiated
after  December 31,  2002.  The adoption of SFAS No. 146 did not have a material
effect on the Partnership's financial position or results of operations.

In November 2002, the FASB issued Interpretation No. 45 ("FIN 45"), "Guarantor's
Accounting  and  Disclosure  Requirements  for  Guarantees,  Including  Indirect
Guarantees  of  Indebtedness  of Others."  The adoption of FIN 45 did not have a
material impact on the Partnership's finacial position or results of operations.

In December  2002,  the FASB issued SFAS No. 148,  "Accounting  for  Stock-Based
Compensation  - Transition  and Disclosure - an Amendment to SFAS No. 123." SFAS
No. 148 provides alternative methods of transition for a voluntary change to the
fair value based method on accounting for stock-based employee compensation. The
adoption  of SFAS No.  148 did not have a material  impact on the  Partnership's
financial position or results of operations.

In  January   2003,   the  FASB  issued   Interpretation   No.  46  ("FIN  46"),
"Consolidation  of Variable  Interest  Entities." The adoption of FIN 46 did not
have a material  impact on the  Partnership's  financial  position or results of
operations.


                                       25
<PAGE>





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

                          NOTES TO FINANCIAL STATEMENTS

                For The Years Ended March 31, 2003, 2002 and 2001


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

As of the periods  presented,  the Partnership has acquired limited  partnership
interests in fourteen Local Limited Partnerships, each of which owns one Housing
Complex consisting of an aggregate of 785 apartment units. As of March 31, 2003,
construction or rehabilitation of all of the Housing Complexes was complete. The
respective  general  partners  of the  Local  Limited  Partnerships  manage  the
day-to-day  operations of the entities.  Significant  Local Limited  Partnership
business decisions require approval from the Partnership.  The Partnership, as a
limited partner, is generally entitled to approximately 99%, as specified in the
Local  Limited  Partnership  agreements,  of the  operating  profits and losses,
taxable  income and losses and tax  credits of the Local  Limited  Partnerships,
except  for one of the  investments  in  which it is  entitled  to 49.5% of such
amounts.

The  Partnership's  investments  in limited  partnerships  as  reflected  in the
balance  sheets  at March 31,  2003 and 2002 are  approximately  $1,564,000  and
$1,653,000, respectively, greater than the Partnership's equity at the preceding
December  31 as shown in the  Local  Limited  Partnerships'  combined  financial
statements  presented  below.  This  difference is primarily due to acquisition,
selection,  and other costs related to the acquisition of the investments  which
have been  capitalized in the  Partnership's  investment  account and to capital
contributions  payable to the limited  partnerships  which were  netted  against
partner  capital in the Local Limited  Partnerships'  financial  statements (see
Note 5). The  Partnership's  investment  is also  lower  than the  Partnership's
equity as shown in the Local Limited Partnership's combined financial statements
due to the  estimated  losses  recorded by the  Partnership  for the three month
period ended March 31.

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

Distributions  received from Local Limited  Partnerships  are accounted for as a
reduction of the investment balance. Distributions received after the investment
has reached zero are recognized as income.

At  March  31,  2003,  the  investment  account  in one  certain  Local  Limited
Partnership  had  reached  a  zero  balance.  Consequently,  a  portion  of  the
Partnership's  estimate of its share of losses for the year ended March 31, 2003
amounted to approximately $13,000, has not been recognized.

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

                                                                    For the Years Ended March 31
                                                           -----------------------------------------------
                                                               2003            2002             2001
                                                           -------------   -------------    --------------
<S>                                                      <C>             <C>              <C>
Investments per balance sheet, beginning of period       $   13,261,486  $   14,075,565   $    15,243,007
Tax credit adjustment                                                                 -             2,151
Distributions received                                           (6,987)         (9,368)           (6,594)
Equity in losses of limited partnerships                       (957,485)       (745,147)       (1,103,435)
Amortization of capitalized acquisition fees and costs          (59,564)        (59,564)          (59,564)
                                                           -------------   -------------    --------------
Investments per balance sheet, end of period             $   12,237,450  $   13,261,486   $    14,075,565
                                                           =============   =============    ==============
</TABLE>


                                       26
<PAGE>

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

                          NOTES TO FINANCIAL STATEMENTS

                For The Years Ended March 31, 2003, 2002 and 2001


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

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

                        COMBINED CONDENSED BALANCE SHEETS

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

<S>                                                                           <C>                <C>
ASSETS

Land                                                                          $      2,465,000   $      2,465,000
Buildings and improvements, net of accumulated depreciation for
  2002 and 2001 of $5,973,000 and $4,744,000, respectively                          32,329,000         33,460,000
Other assets                                                                         2,405,000          2,220,000
                                                                                ---------------    ---------------

                                                                              $     37,199,000   $     38,145,000
                                                                                ===============    ===============

LIABILITIES

Mortgage and construction loans payable                                       $     19,243,000   $     19,409,000
Due to related parties                                                               1,779,000          1,858,000
Other liabilities                                                                    1,174,000            903,000
                                                                                ---------------    ---------------

                                                                                    22,196,000         22,170,000
                                                                                ---------------    ---------------

PARTNERS' CAPITAL

WNC Housing Tax Credit Fund V, L.P., Series 4                                       10,673,000         11,608,000
WNC Housing Tax Credit Fund V, L.P., Series 3                                        2,197,000          2,222,000
Other partners                                                                       2,133,000          2,145,000
                                                                                ---------------    ---------------

                                                                                    15,003,000         15,975,000
                                                                                ---------------    ---------------

                                                                              $     37,199,000   $     38,145,000
                                                                                ===============    ===============
</TABLE>


                                       27
<PAGE>


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

                          NOTES TO FINANCIAL STATEMENTS

                For The Years Ended March 31, 2003, 2002 and 2001
<TABLE>
<CAPTION>





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

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS

                                                                 2002                2001               2000
                                                            ---------------     ---------------    ---------------

<S>                                                       <C>                 <C>                <C>
Revenues                                                  $      3,498,000    $      3,446,000   $      3,139,000
                                                            ---------------     ---------------    ---------------

Expenses:
  Operating expenses                                             2,268,000           2,128,000          2,117,000
  Interest expense                                                 912,000             941,000            953,000
  Depreciation and amortization                                  1,279,000           1,252,000          1,267,000
                                                            ---------------     ---------------    ---------------

Total expenses                                                   4,459,000           4,321,000          4,337,000
                                                            ---------------     ---------------    ---------------

Net loss                                                  $       (961,000)   $       (875,000) $      (1,198,000)
                                                            ===============     ===============    ===============

Net loss allocable to the Partnership                     $       (930,000)   $       (818,000) $      (1,110,000)
                                                            ===============     ===============    ===============

Net loss recorded by the Partnership                      $       (957,000)   $       (745,000) $      (1,103,000)
                                                            ===============     ===============    ===============
</TABLE>

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

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

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

          Acquisition  fees of up to 7.5% of the gross proceeds from the sale of
          Units as  compensation  for services  rendered in connection  with the
          acquisition  of interests in Local Limited  Partnerships.  As of March
          31,  2003 and  2002,  the  Partnership  incurred  acquisition  fees of
          $1,630,375.  Accumulated  amortization of these  capitalized costs was
          $338,249 and $270,605 as of March 31, 2003 and 2002, respectively.  Of
          the  accumulated  amortization  recorded on the balance sheet at March
          31, 2003,  $13,298,  $0 and $0 of the related expense was reflected as
          equity in losses of limited  partnerships during the years ended March
          31, 2003,  2002 and 2001,  respectively,  to reduce the respective net
          acquisition fee component of investments in Local Limited Partnerships
          to zero for those Local Limited  Partnerships which would otherwise be
          below a zero balance.

          Reimbursement  of costs incurred by the General  Partner in connection
          with the acquisition of interests in Local Limited Partnerships. These
          reimbursements have not exceeded 1% of the gross proceeds. As of March
          31,  2003 and 2002,  the  Partnership  incurred  acquisition  costs of
          $156,589,   which  have  been  included  in   investments  in  limited
          partnerships.  Accumulated  amortization was $29,780 and $24,560 as of
          March 31, 2003 and 2002, respectively.

                                       28
<PAGE>




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

                          NOTES TO FINANCIAL STATEMENTS

                For The Years Ended March 31, 2003, 2002 and 2001




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

          An annual  asset  management  fee equal to the  greater  amount of (i)
          $2,000 for each housing complex, or (ii) 0.275% of the gross proceeds.
          In either case, the fee will be decreased or increased  annually based
          on changes in the Consumer Price Index.  However, in no event will the
          maximum  amount  exceed 0.2% of the  invested  assets  (defined as the
          Partnership's  capital  contributions plus reserves of the Partnership
          of up to 5% of gross  proceeds  plus its  allocable  percentage of the
          mortgage debt encumbering the housing  complexes) of the Local Limited
          Partnerships. Management fees of $60,500 were incurred for each of the
          years ended March 31, 2003,  2002 and 2001, of which $60,500,  $45,375
          and $60,500 were paid during the years ended March 31, 2003,  2002 and
          2001, respectively.

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

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

                                                                                March 31
                                                                     --------------------------------
                                                                         2003              2002
                                                                     --------------    --------------

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

Advances from WNC                                                            1,890             1,582
                                                                     --------------    --------------

Total                                                              $        18,451   $        18,143
                                                                     ==============    ==============
</TABLE>

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

The following is a summary of the quarterly operations for the years ended March 31, 2003 and 2002:

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

               2003
               ----

<S>                                   <C>                 <C>                <C>                 <C>
Income                                $          6,000    $          5,000   $          4,000    $         20,000

Operating expenses                             (38,000)            (41,000)           (34,000)           (205,000)

Equity in losses of limited
     partnerships                             (205,000)           (205,000)          (205,000)           (342,000)

Net loss                                      (237,000)           (241,000)          (235,000)           (527,000)

Loss available to limited partners            (235,000)           (237,000)          (233,000)           (523,000)

Loss available per limited
     partner unit                                  (11)                (11)               (11)                (23)
</TABLE>



                                       29
<PAGE>



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

                          NOTES TO FINANCIAL STATEMENTS

                For The Years Ended March 31, 2003, 2002 and 2001
<TABLE>
<CAPTION>



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

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

               2002
               ----

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

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

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

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

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

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

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

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

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

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

NOTE 7 - DUE FROM AFFILIATE
---------------------------

During  the  fiscal  year  ended  March  31,  2003,  the  Partnership   advanced
approximately  $168,000 to one Local Limited Partnership,  Ashford Place, LP, in
which the Partnership is a limited partner.  These advances were used to pay for
repairs and fund certain  recurring and  nonrecurring  operating  expenses.  The
Partnership  determined the recoverability of these advances to be doubtful and,
accordingly,  has fully  reserved the amounts due from the affiliate as of March
31, 2003.


                                       30
<PAGE>



<TABLE>
<CAPTION>

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

NOT APPLICABLE

PART III.

Item 10. Directors and Executive Officers of the Registrant

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

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

Associates is a California corporation which was organized in 1971. Its officers
and significant employees are:
<S>                                   <C>
Wilfred N. Cooper, Sr.                Chairman of the Board
Wilfred N. Cooper, Jr.                President and Chief Executive Officer
David N. Shafer, Esq.                 Executive Vice President and Director of Asset Management
Sylvester P. Garban                   Senior Vice President - Institutional Investments
David C. Turek                        Senior Vice President - Originations
Thomas J. Riha, CPA                   Vice President - Chief Financial Officer
Michael J. Gaber                      Vice President - Acquisitions
Diemmy T. Tran                        Vice President - Portfolio Management
J. Brad Hurlbut                       Director of Syndications
</TABLE>

In addition to Wilfred N. Cooper,  Sr., the directors of Associates  are Wilfred
N. Cooper, Jr., David N. Shafer, and Kay L. Cooper. The principal shareholder of
Associates is a trust established by Wilfred N. Cooper, Sr.

Wilfred N.  Cooper,  Sr.,  age 72, is the founder  and  Chairman of the Board of
Directors of Associates,  a Director of WNC Capital  Corporation,  and a general
partner in some of the  partnerships  previously  sponsored  by  Associates  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 Associates,  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.  Mr.  Cooper  is a Life  Director  of  the  National
Association of Home Builders and a National  Trustee for NAHB's Political Action
Committee,  and the Chairman of NAHB's Multifamily  Council. He is a Director of
the National Housing Conference and a member of NHC's Executive Committee, and a
founder and Director 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., age 40, is President, Chief Executive Officer, Secretary
and a Director and a member of the  Acquisition  Committee of  Associates  He is
President of, and a registered principal with, WNC Capital Corporation, and is a
Director of WNC Management,  Inc. He has been involved in real estate investment
and acquisition activities since 1988 when he joined Associates  Previously,  he
served as a Government Affairs Assistant with Honda North America in Washington,
D.C.  Mr.  Cooper is a member of the  Editorial  Advisory  Boards of  Affordable
Housing Finance and LIHC Monthly Report, a Steering Member of the Housing Credit
Group of the National  Association  of Home Builders,  an Alternate  Director of
NAHB,  a member of the  Advisory  Board of the New York  State  Association  for
Affordable  Housing and a member of the Urban Land  Institute.  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.



                                       31
<PAGE>


David N. Shafer,  age 50, is Executive Vice President,  a Director,  Director of
Asset Management and a member of the Acquisition Committee of Associates,  and a
Director and Secretary of WNC Management, Inc. Mr. Shafer has been active in the
real estate  industry  since 1984.  Before  joining  Associates  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 President of the  California
Council of Affordable Housing, and a member of the State Bar of California.  Mr.
Shafer graduated from the University of California at Santa Barbara in 1978 with
a Bachelor of Arts  degree,  from the New  England  School of Law in 1983 with a
Juris Doctor degree cum laude and from the  University of San Diego in 1986 with
a Master of Law degree in Taxation.

Sylvester  P.  Garban,   age  57,  is  Senior  Vice  President  -  Institutional
Investments of Associates Mr. Garban has been involved in real estate investment
activities since 1978. Before joining Associates in 1989, he served as Executive
Vice President with MRW, Inc., a real estate  development  and management  firm.
Mr. Garban is a member of the National Association of Affordable Housing Lenders
and the  Financial  Planning  Association.  He  graduated  from  Michigan  State
University in 1967 with a Bachelor of Science degree in Business Administration.

David C. Turek,  age 48, is Senior Vice President -  Originations  of Associates
His  experience  with real estate  investments  and finance has continued  since
1976, and he has been employed by Associates since 1996.  Previously,  from 1995
to 1996,  Mr.  Turek served as a  consultant  for a national tax credit  sponsor
where he was  responsible  for on-site  feasibility  studies  and due  diligence
analyses of tax credit properties. From 1992 to 1995 he served as Executive Vice
President for Levcor, Inc., a multi-family development company, and from 1990 to
1992 he served as Vice President for the Paragon Group where he was  responsible
for tax credit development activities.  He is a Director of the National Housing
and Rehabilitation  Association,  the Rural Rental Housing Association of Texas,
and the Alabama Council of Affordable  Rental Housing.  Mr. Turek graduated from
Southern Methodist University in 1976 with a Bachelor of Business Administration
degree.

Thomas J. Riha, age 47, is Vice President - Chief Financial Officer and a member
of the  Acquisition  Committee of  Associates  and  President,  Treasurer  and a
Director of WNC Management, Inc. He has been involved in real estate acquisition
and investment  activities  since 1979.  Before joining  Associates in 1994, Mr.
Riha was  employed  by Trust  Realty  Advisor,  a real  estate  acquisition  and
management  company,  last  serving  as Vice  President  -  Operations.  He is a
Director  of the Task  Force on Housing  Credit  Certification  of the  National
Association  of Home Builders.  Mr. Riha  graduated  from the  California  State
University,  Fullerton  in 1977  with a  Bachelor  of Arts  degree  cum laude in
Business  Administration  with a concentration  in Accounting and is a Certified
Public  Accountant  and a member of the American  Institute of Certified  Public
Accountants.

Michael J. Gaber,  age 37, is Vice President - Acquisitions  and a member of the
Acquisition  Committee of Associates  Mr. Gaber has been involved in real estate
acquisition,  valuation  and  investment  activities  since  1989  and has  been
associated  with  Associates  since 1997.  Prior to joining  Associates,  he was
involved in the valuation and  classification of major assets,  restructuring of
debt and analysis of real estate taxes with H.F.  Ahmanson & Company,  parent of
Home  Savings  of  America.  Mr.  Gaber  graduated  from  the  California  State
University,  Fullerton  in 1991 with a Bachelor  of Science  degree in  Business
Administration - Finance.

Diemmy T. Tran, age 37, is Vice  President - Portfolio  Management of Associates
She is responsible for overseeing  portfolio  management and investor  reporting
for  all  WNC  funds,  and  for  monitoring   investment  returns  for  all  WNC
institutional  funds. Ms. Tran has been involved in real estate asset management
and finance  activities for 12 years.  Prior to joining  Associates in 1998, Ms.
Tran served as senior asset manager for a national Tax Credit  sponsor and as an
asset specialist for the Resolution Trust  Corporation where she was responsible
for the disposition  and management of commercial  loan and REO portfolios.  Ms.
Tran is  licensed  as a  California  real  estate  broker.  She  graduated  from
California  State  University,  Northridge  in 1989 with a  Bachelor  of Science
degree in finance and a minor in real estate.

J. Brad  Hurlbut,  age 43, is  Director  of  Syndications  of  Associates  He is
responsible  for the financial  structuring of WNC's  institutional  funds.  Mr.
Hurlbut has 20 years of experience in real estate  investment  and  development.
Prior to  joining  WNC in 2000,  he served  as  corporate  controller  for Great
Western Hotels  Corporation.  Mr. Hurlbut has been an enrolled agent licensed to
practice before the IRS since 1984. He graduated from the University of Redlands
in 1981 with a  Bachelor  of  Science  degree in  business  management  and from
California State  University,  Fullerton in 1985 with a Master of Science degree
in taxation.



                                       32
<PAGE>

Kay L.  Cooper,  age 66, is a Director of  Associates  Mrs.  Cooper was the sole
proprietor of Agate 108, a manufacturer and retailer of home accessory products,
from 1975 until its sale in 1998. She is the wife of Wilfred Cooper, Sr. and the
mother of Wilfred  Cooper,  Jr. Ms.  Cooper  graduated  from the  University  of
Southern California in 1958 with a Bachelor of Science degree.

(f)  Involvement in Certain Legal Proceedings

     Inapplicable.

(g)  Promoters and Control Persons

     Inapplicable.

(h)  Audit Committee Financial Expert

     Neither the Partnership nor Associates has an audit committee.

Item 11.  Executive Compensation

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

(a)  Annual Asset  Management Fee. An annual asset management fee of the greater
     of (i)  $2,000 per  multi-family  housing  complex or (ii)  0.275% of Gross
     Proceeds. The base fee amount will be adjusted annually based on changes in
     the  Consumer  Price  Index,  however  in no event  will the  annual  asset
     management fee exceed 0.2% of Invested Assets.  "Invested Assets" means the
     sum of the Partnership's  Investment in Local Limited  Partnerships and the
     Partnership's  allocable share of the amount of indebtedness related to the
     Housing Complexes.  Asset management fees of $60,500 were incurred for each
     of the years ended March 31, 2003, 2002 and 2001, of which $60,500, $45,375
     and $60,500 were paid during the years ended March 31, 2003, 2002 and 2001,
     respectively.

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

(c)  Operating  Expense.  The Partnership  reimbursed the General Partner or its
     affiliates for operating  expenses of  approximately  $27,800,  $31,400 and
     $50,600,   during  the  years  ended  March  31,   2003,   2002  and  2001,
     respectively.

(d)  Interest in  Partnership.  The General  Partner  will receive 1% of the Low
     Income  Housing  Credits.  The  General  Partner was  allocated  Low Income
     Housing  Credits  of  $26,737,  $26,875  and  $25,684  for the years  ended
     December 31, 2002, 2001 and 2000. The General Partners are also entitled to
     receive 1% of cash  distributions.  There were no  distributions of cash to
     the General Partner during the years ended March 31, 2003, 2002 and 2001.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

(a)  Securities Authorized for Issuance Under Equity Compensation Plans

     Inapplicable


                                       33
<PAGE>


(b)       Security Ownership of Certain Beneficial Owners

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

(c)       Security Ownership of Management

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

(d)      Changes in Control

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

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

Item 13. Certain Relationships and Related Transactions

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

Item 14. Controls and Procedures

Associates,  on behalf of the  Partnership,  maintains  disclosure  controls and
procedures that are designed to ensure that information required to be disclosed
in our  periodic  reports  filed with the  Securities  and  Exchange  Commission
("SEC") is recorded, processed,  summarized and reported within the time periods
specified  in the  rules  and  forms of the SEC and  that  such  information  is
accumulated  and  communicated  to our management as appropriate to allow timely
decisions  regarding  required  disclosure.  In  designing  and  evaluating  the
disclosure controls and procedures,  our management recognized that any controls
and  procedures,  no matter how well  designed  and  operated,  can provide only
reasonable  assurance of achieving the desired control objectives and management
necessarily  was required to apply its judgment in evaluating  the  cost-benefit
relationship of possible controls and procedures.

Based on their most recent evaluation, which was completed within 90 days of the
filing of this Annual Report on Form 10-K, our Principal  Executive  Officer and
Principal  Financial Officer believe that our disclosure controls and procedures
(as defined in Rules 13a-14 and 15d-14 of the  Securities  Exchange Act of 1934,
as  amended)  are  effective.  There were no  significant  changes  in  internal
controls or in other  factors that could  significantly  affect  these  internal
controls subsequent to the date of their most recent evaluation.


                                       34
<PAGE>


PART IV

Item 15.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K

Financial Statements

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

          Report of Independent Certified Public Accountants
          Balance Sheets, March 31, 2003 and 2002
          Statements of Operations for the years ended March 31, 2003, 2002 and
            2001
          Statements of Partners' Equity (Deficit) for the years ended March 31,
            2003, 2002 and 2001
          Statements of Cash Flows for the years ended March 31, 2003, 2002 and
            2001
          Notes to Financial Statements


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

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

(b)       Reports on Form 8-K.

1.        NONE

(c)       Exhibits.

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

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

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

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

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

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

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

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

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


                                       35
<PAGE>




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

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

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

99.1      Certification of the Principal Executive Officer pursuant to 18 U.S.C.
          section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley
          Act of 2002. (filed herewith)

99.2      Certification of the Principal Financial Officer pursuant to 18 U.S.C.
          section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley
          Act of 2002. (filed herewith)

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

99.4      Financial  Statements of Ashford Place,  as of and for the years ended
          December 31, 2002 and 2001 together with  Independent  Auditors Report
          thereon; a significant subsidiary of the Partnership. (filed herewith)

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


                                       36
<PAGE>


Report of  Independent  Certified  Public  Accountants  on  Financial  Statement
Schedules



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


The audits  referred to in our report dated July 10, 2003  relating to the 2003,
2002 and 2001  financial  statements  of WNC  Housing  Tax Credit  Fund V, L.P.,
Series 4 (the  "Partnership"),  which are contained in Item 8 of this Form 10-K,
included  the  audit of the  accompanying  financial  statement  schedules.  The
financial statement schedules,  listed in Item 15(a) 2 are the responsibility of
the  Partnership's  management.  Our  responsibility is to express an opinion on
these financial statement schedules based upon our audits.

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




                                        /s/  BDO SEIDMAN, LLP


Costa Mesa, California
July 10, 2003

                                       37
<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2003
<TABLE>
<CAPTION>


                                              ------------------------------------  ------------------------------------------------
                                                    As of March 31, 2003                            As of December 31, 2002
------------------------------------------------------------------------------------------------------------------------------------
                                              Partnerships Total     Amount of   Encumbrances
                                               Original Investment   Investment  of Local                                     Net
                                               in Local Limited      Paid        Limited        Property and  Accumulated     Book
   Partnership Name       Location              Partnerships         to Date     Partnerships   Equipment     Depreciation    Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>                   <C>            <C>            <C>            <C>           <C>           <C>
Ashford Place,
a Limited                 Shawnee,
Partnership               Oklahoma
                                                $  2,317,000   $ 2,317,000    $  2,255,000   $ 5,065,000   $ 1,001,000   $ 4,064,000

Belen Vista
Associates,
Limited                   Belen,
Partnership               New Mexico                 416,000       416,000       1,524,000     1,826,000       391,000     1,435,000

Blessed Rock              El Monte,
of El Monte               California               2,511,000     2,511,000       3,686,000     9,308,000     1,109,000     8,199,000

Bolivar Plaza             Bolivar,
Apartments                Missouri                 1,181,000     1,181,000         539,000     2,141,000       149,000     1,992,000

Cleveland                 Coffeyville,
Apartments L.P.           Kansas                     515,000       440,000       1,587,000     1,643,000       235,000     1,408,000

Crescent City             Crescent City,
Apartments                California               1,166,000     1,166,000       1,960,000     3,131,000       723,000     2,408,000

D. Hilltop                Prairie
Apartments                View,
Ltd.                      Texas                      101,000       101,000         460,000       588,000        95,000       493,000

Greyhound
Associates                Windsor,
I, L.P.                   Missouri                   642,000       642,000         579,000     1,362,000       170,000     1,192,000

Lamar Plaza               Lamar,
Apts., L.P.               Missouri                   738,000       738,000         789,000     1,696,000       219,000     1,477,000

Mesa Verde
Apartments
Limited                   Roswell,
Partnership               New Mexico               3,941,000     3,941,000       2,147,000     6,303,000       938,000     5,365,000
</TABLE>

                                       38
<PAGE>




WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2003
<TABLE>
<CAPTION>


                                              ------------------------------------  ------------------------------------------------
                                                    As of March 31, 2003                            As of December 31, 2002
------------------------------------------------------------------------------------------------------------------------------------
                                              Partnerships Total     Amount of   Encumbrances
                                               Original Investment   Investment  of Local                                     Net
                                               in Local Limited      Paid        Limited        Property and  Accumulated     Book
   Partnership Name       Location              Partnerships         to Date     Partnerships   Equipment     Depreciation    Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>                   <C>           <C>            <C>            <C>            <C>          <C>
Mountain
Vista
Associates                Los Alamos,
Limited                   New
Partnership               Mexico                     315,000       315,000       1,428,000     1,646,000       296,000     1,350,000

North
Central
Limited                   New York,
Partnership               New York                   751,000       751,000         443,000     2,389,000       187,000     2,202,000

Woodland,                 Marion,
Ltd.                      Alabama                  1,288,000     1,288,000       1,288,000     2,541,000       366,000     2,175,000

Wynwood
Place,                    Raleigh,
Limited                   North
Partnership               Carolina                   534,000       454,000         558,000     1,128,000        94,000     1,034,000
                                                ------------- ------------   -------------  ------------   -----------  ------------
                                                $ 16,416,000  $ 16,261,000   $  19,243,000  $ 40,767,000   $ 5,973,000  $ 34,794,000
                                                ============= ============   =============  ============   ===========  ============
</TABLE>


                                       39

<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2003
<TABLE>
<CAPTION>
                                      ------------------------------------------------------------------------------
                                                          For the year ended December 31, 2002
                                      ------------------------------------------------------------------------------
                                         Rental          Net        Year Investment               Estimated Useful
          Partnership Name               Income         loss           Acquired        Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                   <C>               <C>              <C>        <C>                <C>
Ashford Place, a Limited
Partnership                          $ 416,000          $ (229,000)      1996       Completed            40

Belen Vista Associates,
Limited Partnership                    354,000             (16,000)      1997       Completed          27.5

Blessed Rock of
El Monte                               796,000             (50,000)      1996       Completed            40

Bolivar Plaza Apartments               106,000             (45,000)      2000       Completed            30

Cleveland Apartments L.P.              211,000             (56,000)      1998       Completed          27.5

Crescent City Apartments               185,000            (164,000)      1996       Completed          27.5

D. Hilltop Apartments Ltd.              68,000             (19,000)      1997       Completed            30

Greyhound Associates I,
L.P.                                    80,000             (15,000)      1997       Completed            40

Lamar Plaza Apts., L.P.                 94,000              (2,000)      1997       Completed            40

Mesa Verde Apartments
Limited Partnership                    502,000            (159,000)      1997       Completed            40

Mountain Vista Associates
Limited Partnership                    240,000             (18,000)      1997       Completed          27.5

North Central Limited
Partnership                            111,000             (55,000)      1998       Completed            40

Woodland, Ltd.                         103,000             (84,000)      1997       Completed            40

Wynwood Place, Limited
Partnership                            103,000             (49,000)      1998       Completed            50
                                   -----------           ----------
                                   $ 3,369,000           $(961,000)
                                   ===========           ==========
</TABLE>


                                       40
<PAGE>


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


                                              ------------------------------------  ------------------------------------------------
                                                    As of March 31, 2002                            As of December 31, 2001
------------------------------------------------------------------------------------------------------------------------------------
                                              Partnerships Total     Amount of   Encumbrances
                                                  Investment         Investment  of Local                                     Net
                                               in Local Limited      Paid        Limited        Property and  Accumulated     Book
   Partnership Name       Location              Partnerships         to Date     Partnerships   Equipment     Depreciation    Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>                   <C>            <C>            <C>            <C>           <C>           <C>
Ashford Place,
a Limited                 Shawnee,
Partnership               Oklahoma
                                                $  2,317,000   $ 2,317,000    $  2,280,000   $ 5,066,000   $ (783,000)   $ 4,283,000

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

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

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

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

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

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

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

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

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

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

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


                                       41
<PAGE>


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


                                              ------------------------------------  ------------------------------------------------
                                                    As of March 31, 2002                            As of December 31, 2001
------------------------------------------------------------------------------------------------------------------------------------
                                              Partnerships Total     Amount of   Encumbrances
                                                  Investment         Investment  of Local                                     Net
                                               in Local Limited      Paid        Limited        Property and  Accumulated     Book
   Partnership Name       Location              Partnerships         to Date     Partnerships   Equipment     Depreciation    Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>                   <C>           <C>            <C>            <C>            <C>          <C>
Woodland,                 Marion,
Ltd.                      Alabama                  1,288,000     1,288,000       1,292,000     2,537,000      (297,000)    2,240,000

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



                                       42
<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2002
<TABLE>
<CAPTION>
                                      ------------------------------------------------------------------------------
                                                          For the year ended December 31, 2001
                                      ------------------------------------------------------------------------------
                                         Rental          Net        Year Investment               Estimated Useful
          Partnership Name               Income         loss           Acquired        Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                   <C>               <C>              <C>        <C>                <C>
Ashford Place, a Limited
Partnership                          $ 447,000          $ (174,000)      1996       Completed           40

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

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

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

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

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

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

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

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

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

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

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

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

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


                                       43
<PAGE>


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


                                              ------------------------------------  ------------------------------------------------
                                                    As of March 31, 2001                            As of December 31, 2000
------------------------------------------------------------------------------------------------------------------------------------
                                              Partnerships Total     Amount of   Encumbrances
                                                  Investment         Investment  of Local                                     Net
                                               in Local Limited      Paid        Limited        Property and  Accumulated     Book
   Partnership Name       Location              Partnerships         to Date     Partnerships   Equipment     Depreciation    Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>                   <C>            <C>            <C>            <C>           <C>           <C>
Ashford Place,
a Limited                 Shawnee,
Partnership               Oklahoma
                                                $  2,317,000   $ 2,317,000    $  2,305,000   $ 5,065,000   $   564,000   $ 4,501,000

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

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

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

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

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

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

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

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

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

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

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


                                       44
<PAGE>

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


                                              ------------------------------------  ------------------------------------------------
                                                    As of March 31, 2001                            As of December 31, 2000
------------------------------------------------------------------------------------------------------------------------------------
                                              Partnerships Total     Amount of   Encumbrances
                                                  Investment         Investment  of Local                                     Net
                                               in Local Limited      Paid        Limited        Property and  Accumulated     Book
   Partnership Name       Location              Partnerships         to Date     Partnerships   Equipment     Depreciation    Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>                   <C>           <C>            <C>            <C>            <C>          <C>
Woodland,                 Marion,
Ltd.                      Alabama                  1,288,000     1,288,000       1,294,000     2,535,000       229,000     2,306,000

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




                                       45
<PAGE>


WNC Housing Tax Credit Fund V, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2001
<TABLE>
<CAPTION>
                                      ------------------------------------------------------------------------------
                                                          For the year ended December 31, 2000
                                      ------------------------------------------------------------------------------
                                         Rental          Net                Year Investment               Estimated Useful
          Partnership Name               Income         (Loss)Income           Acquired        Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                   <C>               <C>              <C>        <C>                <C>
Ashford Place, a Limited
Partnership                          $ 398,000          $ (184,000)      1996       Completed           40

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

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

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

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

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

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

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

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

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

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

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

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

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


                                       46
<PAGE>


                                   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:  August 07, 2003

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:  August 07, 2003

By:      /s/ Thomas J. Riha
         -------------------
         Thomas J. Riha,
         Vice-President - Chief Financial Officer of WNC & Associates, Inc.
         (principal financial officer and principal accounting officer)

Date:  August 07, 2003


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

Date:  August 07, 2003

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

Date:  August 07, 2003




                                       47
<PAGE>


                                 CERTIFICATIONS

          I,   Wilfred N. Cooper, Jr., certify that:

          1.   I have  reviewed  this annual  report on Form 10-K of WNC HOUSING
               TAX CREDITS FUND V, L.P., Series 4;

          2.   Based on my  knowledge,  this annual  report does not contain any
               untrue  statement of a material  fact or omit to state a material
               fact  necessary  to make  the  statements  made,  in light of the
               circumstances   under  which  such   statements  were  made,  not
               misleading  with  respect to the  periods  covered by this annual
               report;

          3.   Based  on my  knowledge,  the  financial  statements,  and  other
               financial  information  included  in this annual  report,  fairly
               present in all material respects the financial condition, results
               of  operations  and cash flows of the  registrant as of, and for,
               the periods presented in this annual report;

          4.   The registrant's other certifying  officers and I are responsible
               for   establishing  and  maintaining   disclosure   controls  and
               procedures  (as defined in Exchange  Act Rules 13a-14 and 15d-14)
               for the registrant and we have:

               (a)  designed such  disclosure  controls and procedures to ensure
                    that  material   information  relating  to  the  registrant,
                    including its consolidated subsidiaries, is made known to us
                    by others  within those  entities,  particularly  during the
                    period in which this annual report is being prepared;

               (b)  evaluated the  effectiveness of the registrant's  disclosure
                    controls and procedures as of a date within 90 days prior to
                    the  filing  date of this  annual  report  (the  "Evaluation
                    Date"); and

               (c)  presented in this annual  report our  conclusions  about the
                    effectiveness  of the  disclosure  controls  and  procedures
                    based on our evaluation as of the Evaluation Date;

          5.   The registrant's other certifying  officers and I have disclosed,
               based on our most recent evaluation, to the registrant's auditors
               and the audit  committee of  registrant's  board of directors (or
               persons performing the equivalent function):

               (a)  all  significant  deficiencies in the design or operation of
                    internal   controls   which  could   adversely   affect  the
                    registrant's  ability  to  record,  process,  summarize  and
                    report   financial   data  and  have   identified   for  the
                    registrant's  auditors any material  weaknesses  in internal
                    controls; and

               (b)  any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

          6.   The registrant's  other certifying  officers and I have indicated
               in this  annual  report  whether  or not there  were  significant
               changes  in  internal  controls  or in other  factors  that could
               significantly  affect internal controls subsequent to the date of
               our most recent evaluation, including any corrective actions with
               regard to significant deficiencies and material weaknesses.

          Date:  August 07, 2003


          /s/  Wilfred N. Cooper, Jr.
          ---------------------------

          [Signature]

          Chairman and Chief Executive Officer of WNC & Associates, Inc.


                                       48
<PAGE>


                                 CERTIFICATIONS

          I,   Thomas J. Riha, certify that:

          1.   I have  reviewed  this annual  report on Form 10-K of WNC HOUSING
               TAX CREDITS FUND V, L.P., Series 4;

          2.   Based on my  knowledge,  this annual  report does not contain any
               untrue  statement of a material  fact or omit to state a material
               fact  necessary  to make  the  statements  made,  in light of the
               circumstances   under  which  such   statements  were  made,  not
               misleading  with  respect to the  periods  covered by this annual
               report;

          3.   Based  on my  knowledge,  the  financial  statements,  and  other
               financial  information  included  in this annual  report,  fairly
               present in all material respects the financial condition, results
               of  operations  and cash flows of the  registrant as of, and for,
               the periods presented in this annual report;

          4.   The registrant's other certifying  officers and I are responsible
               for   establishing  and  maintaining   disclosure   controls  and
               procedures  (as defined in Exchange  Act Rules 13a-14 and 15d-14)
               for the registrant and we have:

               (d)  designed such  disclosure  controls and procedures to ensure
                    that  material   information  relating  to  the  registrant,
                    including its consolidated subsidiaries, is made known to us
                    by others  within those  entities,  particularly  during the
                    period in which this annual report is being prepared;

               (e)  evaluated the  effectiveness of the registrant's  disclosure
                    controls and procedures as of a date within 90 days prior to
                    the  filing  date of this  annual  report  (the  "Evaluation
                    Date"); and

               (f)  presented in this annual  report our  conclusions  about the
                    effectiveness  of the  disclosure  controls  and  procedures
                    based on our evaluation as of the Evaluation Date;

          5.   The registrant's other certifying  officers and I have disclosed,
               based on our most recent evaluation, to the registrant's auditors
               and the audit  committee of  registrant's  board of directors (or
               persons performing the equivalent function):

               (c)  all  significant  deficiencies in the design or operation of
                    internal   controls   which  could   adversely   affect  the
                    registrant's  ability  to  record,  process,  summarize  and
                    report   financial   data  and  have   identified   for  the
                    registrant's  auditors any material  weaknesses  in internal
                    controls; and

               (d)  any fraud, whether or not material, that involves management
                    or  other  employees  who  have a  significant  role  in the
                    registrant's internal controls; and

          6.   The registrant's  other certifying  officers and I have indicated
               in this  annual  report  whether  or not there  were  significant
               changes  in  internal  controls  or in other  factors  that could
               significantly  affect internal controls subsequent to the date of
               our most recent evaluation, including any corrective actions with
               regard to significant deficiencies and material weaknesses.

          Date:  August 07, 2003


          /s/  Thomas J. Riha
          -------------------

          [Signature]

          Vice-President - Chief Financial Officer of WNC & Associates, Inc.


                                       49