FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

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

                        For the year ended March 31, 2000

                                       OR

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

           For the transition period from ___________ to _____________

                         Commission file number: 0-20058


                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.

California                                                            33-0316953
(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>



State the aggregate market value of the voting and non-voting common equity held

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

                                  INAPPLICABLE


                       DOCUMENTS INCORPORATED BY REFERENCE

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

                                      NONE


                                       2

<PAGE>
PART I.

Item 1.  Business

Organization

WNC California  Housing Tax Credits,  L.P.  ("CHTC" or the  "Partnership")  is a
California Limited  Partnership formed under the laws of the State of California
on September 15, 1988. The Partnership was formed to acquire limited partnership
interests in other limited  partnerships or limited liability  companies ("Local
Limited Partnerships") which own multifamily housing complexes that are eligible
for  low-income  housing  federal and, in certain cases,  California  income tax
credits ("Low Income Housing Credits").

The  general   partners  of  the   Partnership   are  WNC  &  Associates,   Inc.
("Associates") and Wilfred N. Cooper, Sr.  (collectively,  the "General Partner"
or ("General  Partners").  Wilfred N. Cooper,  Sr., through the Cooper Revocable
Trust,  owns 66.8% of the outstanding stock of Associates.  John B. Lester,  Jr.
was the original limited partner of the Partnership and owns, through the Lester
Family Trust,  28.6% of the outstanding stock of Associates.  Wilfred N. Cooper,
Jr., President of Associates,  owns 2.1% of the outstanding stock of Associates.
The business of the Partnership is conducted  primarily through  Associates,  as
the Partnership has no employees of its own.

Pursuant to a  registration  statement  filed with the  Securities  and Exchange
Commission,  on March 16, 1989, the  Partnership  commenced a public offering of
10,000 Units of Limited Partnership  Interest ("Units") at a price of $1,000 per
Unit.  As of the close of the public  offering on October 31,  1990,  a total of
7,450 Units representing $7,450,000 had been sold. Holders of Units are referred
to herein as(Limited Partners).

Description of Business

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

In general,  in order to avoid  recapture  of Low Income  Housing  Credits,  the
Partnership  does not  expect  that it will  dispose of its  interests  in Local
Limited Partnerships (Local Limited Partnership Interests) or approve the sale
by any Local Limited  Partnership of its Housing Complex prior to the end of the
applicable  Compliance  Period.  Because  of  (i)  the  nature  of  the  Housing
Complexes,  (ii) the  difficulty of predicting  the resale market for low-income
housing  15 or more years in the  future,  and (iii) the  ability of  government
lenders to  disapprove  of transfer,  it is not possible at this time to predict
whether the liquidation of the  Partnership's  assets and the disposition of the
proceeds,  if any, in  accordance  with the  Partnership's  Agreement of Limited
Partnership,  as amended by Supplement  No. 1 through  Supplement  No. 9 thereto
(the "Partnership  Agreement"),  will be able to be accomplished promptly at the
end of the 15-year period. If a Local Limited  Partnership is unable to sell its
Housing  Complex,  it is  anticipated  that the local  general  partner  (Local
General  Partner) will either  continue to operate such Housing Complex or take
such  other  actions as the Local  General  Partner  believes  to be in the best
interest  of the  Local  Limited  Partnership.  Notwithstanding  the  preceding,
circumstances  beyond the  control of the General  Partner or the Local  General
Partners  may occur  during the  Compliance  Period,  which  would  require  the
Partnership  to approve the  disposition  of a Housing  Complex prior to the end
thereof, possibly resulting in recapture of Low Income Housing Credits.

                                       3
<PAGE>
As of March 31, 2000,  the  Partnership  had  invested in eleven  Local  Limited
Partnerships.  Each of these Local Limited  Partnerships  owns a Housing Complex
that is eligible  for the federal  Low Income  Housing  Credit and eight of them
were  eligible for the  California  Low Income  Housing  Credit.  Certain  Local
Limited Partnerships may also benefit from government programs promoting low- or
moderate-income   housing.

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

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

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

Item 2. Properties

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

                                       4

<PAGE>
<TABLE>
<CAPTION>



                                              -------------------------------  -----------------------------------------------------
                                                       As of March 31, 2000                     As of December 31, 1999
                                              -------------------------------  -----------------------------------------------------
                                              Partnership s
                                              Total Investment   Amount of                           Estimated Low   Encumbrances of
 Partnership                  General         in Local Limited   Investment    Number                Income Housing  Local Limited
 Name           Location      Partner Name    Partnerships       Paid to Date  of Units  Occupancy   Credits         Partnerships
------------------------------------------------------------------------------------------------------------------------------------
<S>             <C>           <C>             <C>                <C>             <C>       <C>       <C>             <C>

Alta Vista      Orosi,        Philip R.
Investors       California    Hammond,Jr.
                              and Diane M.
                              Hammond         $    583,000       $   583,000     42         98%      $   1,274,000   $    1,436,000


BCA             Anderson,     Douglas W.
Associates      California    Young                514,000           514,000     40         93%          1,105,000        1,425,000

Cloverdale      Cloverdale,   David J.
Garden          California    Michael,
Apartments                    Patrick R.
                              Sabelhaus and
                              Professional
                              Apartment
                              Management           617,000            617,000    34        100%          1,387,000        1,638,000


Countryway      Mendota,      Philip
Associates      California    R. Hammond,
                              Jr.and Diane
                              M. Hammond           571,000            571,000    41         90%          1,162,000        1,478,000

East Garden     Jamestown,    David J.
Apartments      California    Michael and
                              Professional
                              Apartment
                              Management           770,000            770,000    51        100%          1,772,000        2,156,000

HPA Investors   Shafter,      Douglas W.
                California    Young                538,000            538,000    42         83%          1,223,000        1,511,000

Knights         Knights       Douglas W.
Landing         Landing,      Young and
Harbor          California    Diane L.
                              Young                275,000            275,000    25        100%            446,000          984,000


</TABLE>

                                       5
<PAGE>
<TABLE>
<CAPTION>

                                               -------------------------------  ----------------------------------------------------
                                                       As of March 31, 2000                     As of December 31, 1999
                                              -------------------------------  -----------------------------------------------------
                                              Partnership s
                                              Total Investment   Amount of                           Estimated Low   Encumbrances of
 Partnership                  General         in Local Limited   Investment    Number                Income Housing  Local Limited
 Name           Location      Partner Name    Partnerships       Paid to Date  of Units  Occupancy   Credits         Partnerships
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>           <C>             <C>               <C>               <C>      <C>       <C>            <C>

Midland Manor   Mendota,      Philip R.
Associates      California    Hammond, Jr.
                              and Diane M.
                              Hammond         383,000           383,000          40        93%      668,000         1,428,000

San Jacinto     San Jacinto,  Richard
Associates      California    Parasol and
                              Richard A
                              Gullota         469,000           469,000          38        79%      830,000         1,786,000

Woodlake        Woodlake,     Thomas G.
Manor           California    Larson,
                              William H.
                              Larson and
                              Raymond L
                              Tetzlaff        545,000           545,000          44        98%      1,146,000       1,456,000

Yreka           Yreka,        Ronald D.
Investment      California    Bettencourt     538,000           538,000          36        97%      1,174,000       1,471,000
Group

                                          $ 5,803,000       $ 5,803,000         433        94%  $  12,187,000    $ 16,769,000

</TABLE>

                                       6
<PAGE>


<TABLE>
<CAPTION>



             ------------------------------------
             For the Year Ended December 31, 1999
             ------------------------------------


Partnership                                         Low Income Housing Credits
Name             Rental Income       Net Loss        Allocated to Partnership
--------------------------------------------------  ---------------------------
<S>              <C>                  <C>                     <C>

Alta Vista
Investors        $   161,000          $ (36,000)               99%

BCA
Associates           150,000            (32,000)               99%

Cloverdale
Garden
Apartments           181,000            (30,000)               99%

Countryway
Associates           165,000            (49,000)               99%

East
Garden
Apartments           227,000            (29,000)               99%

HPA
Investors           158,000             (40,000)               99%

Knights
Landing Harbor      120,000             (13,000)               99%


Midland Manor
Associates          147,000             (44,000)               99%

San Jacinto
Associates          130,000             (55,000)               99%

Woodlake Manor      178,000             (57,000)               99%

Yreka Investment
Group               155,000             (26,000)               99%

                $ 1,772,000          $ (411,000)


</TABLE>


                                       7


<PAGE>
Item 3.  Legal Proceedings

NONE

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

NONE

PART II.

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

Item 5a.

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

(b)  At March 31, 2000, there were 685 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, 2000.

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
                        -----------------------------   -----------------------------------------------------

                                 2000           1999          1998          1997          1996          1995
                           -----------   ------------   -----------   -----------   -----------   -----------
<S>                     <C>           <C>            <C>          <C>           <C>            <C>

ASSETS
Cash and cash            $     47,877  $      61,123  $     66,028  $     78,109  $     83,943  $     84,504
  equivalents
Investments in limited      1,187,690      1,508,351
  partnerships, net                                      1,595,464     2,001,822     2,442,547     2,943,052
Other assets                        -              -             -             -             -           358
                           -----------   ------------   -----------   -----------   -----------   -----------
                         $  1,235,567  $   1,569,474  $  1,661,492  $  2,079,931  $  2,526,490  $  3,027,914
                           ===========   ============   ===========   ===========   ===========   ===========

LIABILITIES
Accrued fees and
  expenses due to
  general partner and
  affiliates             $    957,395  $     848,503  $    820,365  $    705,925  $    594,248  $    483,938

PARTNERS' EQUITY              278,172        720,971       841,127     1,374,006     1,932,242     2,543,976
                           -----------   ------------   -----------   -----------   -----------   -----------
                         $  1,235,567  $   1,569,474  $  1,661,492  $  2,079,931  $  2,526,490  $  3,027,914
                           ===========   ============   ===========   ===========   ===========   ===========

</TABLE>

                                       8
<PAGE>

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

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

                              2000          1999           1998           1998          1997          1996           1995
                            ----------   -----------   -------------   -----------   -----------   ------------   -----------
<S>                      <C>           <C>           <C>             <C>           <C>           <C>            <C>
                                                        (Unaudited)
Loss from operations      $  (142,543)  $   (37,519)  $     (32,603)  $  (144,721)  $  (137,368)  $   (135,167)  $  (141,895)

Equity in losses of
  limited partnerships       (300,256)      (82,637)       (104,625)     (388,158)     (420,868)      (476,567)     (412,291)
                            ----------   -----------   -------------   -----------   -----------   ------------   -----------
Net loss                  $  (442,799)  $  (120,156)  $    (137,228)  $  (532,879)  $  (558,236)  $   (611,734)  $  (554,186)
                            ==========   ===========   =============   ===========   ===========   ============   ===========

Net loss allocated to:
   General partners       $    (4,428)  $    (1,202)  $      (1,372)  $    (5,329)       (5,582)  $     (6,117)  $     5,542)
                            ==========   ===========   =============   ===========   ===========   ============   ===========
   Limited partners       $  (438,371)  $  (118,954)  $    (135,856)  $  (527,550)  $  (552,654)  $   (605,617)  $  (548,644)
                            ==========   ===========   =============   ===========   ===========   ============   ===========
Net loss per limited
  partnership unit        $    (58.84)  $    (15.97)  $      (18.24)  $    (70.81)  $    (74.18)  $     (81.29)  $    (73.64)
                            ==========   ===========   =============   ===========   ===========   ============   ===========
Outstanding weighted
  limited partner units         7,450         7,450           7,450         7,450         7,450           7,450        7,450
                            ==========   ===========   =============   ===========   ===========   ============   ===========
</TABLE>
<TABLE>


                          For the Year      For the Three Months Ended                      For the Years Ended
                          Ended March 31             March 31                                    December 31
                          --------------    ----------------------------   -------------------------------------------------------
                               2000            1999           1998             1998          1997          1996           1995
                          --------------    ----------   -------------     -----------   -----------   ------------   -----------
                                                          (Unaudited)
<S>                       <C>              <C>          <C>             <C>           <C>           <C>            <C>

Net cash provided by
 (used in):
   Operating activities    $    (18,747)    $  (5,655)   $        546    $  (15,377)   $  (10,787)   $    (9,595)   $  (14,624)

   Investing activities           5,501           750             535         3,296         4,953          9,034         5,402
                             -----------    ----------   -------------   -----------   -----------   ------------   -----------

Net change in cash and
  cash equivalents              (13,246)       (4,905)          1,081       (12,081)       (5,834)          (561)       (9,222)

Cash and cash
  equivalents,
  beginning of period            61,123        66,028          78,109        78,109        83,943         84,504        93,726
                             -----------    ----------   -------------   -----------   -----------   ------------   -----------

Cash and cash
  equivalents, end of
  period                  $      47,877     $  61,123    $     79,190    $   66,028    $   78,109    $    83,943    $   84,504
                             ===========    ==========   =============   ===========   ===========   ============   ===========
</TABLE>

Low Income  Housing  Credit per Unit was as follows for the years ended
December 31:
<TABLE>
<CAPTION>

                                  1999            1998             1997            1996             1995
                            -------------   -------------    -------------   -------------    -------------
<S>                      <C>              <C>              <C>             <C>              <C>

 Federal                  $           99   $          99    $          99   $          99    $          99

 State                                 -               -                -               -                -
                            -------------   -------------    -------------   -------------    -------------

 Total                    $           99   $          99    $          99   $          99    $          99
                            =============   =============    =============   =============    =============
</TABLE>

                                       9
<PAGE>

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

Financial Condition

The  Partnership s  assets at March 31, 2000  consisted  primarily of $47,877 in
cash and  aggregate  investments  in the eleven Local  Limited  Partnerships  of
$1,187,690.  Liabilities  at March 31, 2000  primarily  consisted of $957,395 of
accrued annual management fees due to the General Partners.

Results of Operations

Year  Ended  March 31,  2000  Compared  to Year Ended  December  31,  1998.  The
Partnership s  net  loss for the  year  ended  March  31,  2000 was  $(443,000),
reflecting  a decrease  of $90,000  from the net loss  experienced  for the year
ended  December 31, 1998.  The decline in net loss is primarily due to equity in
losses from limited partnerships which declined by $88,000 to $(300,000) for the
year ended March 31, 2000 from  $(388,000) for the year ended December 31, 1998.
This decrease was a result of the Partnership not recognizing  certain losses of
the  Local  Limited   Partnerships.   The  investments  in  such  Local  Limited
Partnerships had reached $0 at March 31, 2000. Since the Partnership s liability
with respect to its  investments is limited,  losses in excess of investment are
not recognized.

Three Months Ended March 31, 1999 Compared to Three Months Ended March 31, 1998.
The  Partnership s  net loss for the  three  months  ended  March  31,  1999 was
$(120,000),  reflecting a decrease of $17,000 from the net loss  experienced for
the three months ended March 31, 1998.  The decline in net loss is primarily due
to equity in losses  from  limited  partnerships  which  declined  by $22,000 to
$(83,000)  for the three  months  ended March 31, 1999 from  $(105,000)  for the
three months ended March 31, 1998. This decrease was a result of the Partnership
not  recognizing  certain  losses  of  the  Local  Limited   Partnerships.   The
investments in such Local Limited Partnerships had reached $0 at March 31, 1999.
Since the  Partnership s  liability with respect to its  investments is limited,
losses in excess of  investment  are not  recognized.  The  reduction  in equity
losses recognized was partially offset by an increase in loss from operations of
$5,000 for the three months ended March 31, 1999 to  $(37,000),  from  $(32,000)
for the three  months  ended March 31,  1998,  due to a  comparable  increase in
operating expense allocations.

Year Ended  December 31, 1998  Compared to Year Ended  December  31,  1997.  The
Partnership s net loss for 1998 was $(533,000), reflecting a decrease of $25,000
from the net loss  experienced in 1997. The decline in net loss is primarily due
to equity in losses from limited  partnerships  which  declined to $(388,000) in
1998 from  $(421,000) in 1997. This decrease was a result of the Partnership not
recognizing certain losses of the Local Limited Partnerships. The investments in
such Local Limited  Partnerships reached $0 during 1998. Since the Partnership s
liability  with  respect  to its  investments  is  limited,  losses in excess of
investment  are not  recognized.  The reduction in equity losses  recognized was
partially  offset by an increase in loss from  operations of ($8,000) in 1998 to
$(145,000),  from $(137,000) in 1997, due to a comparable  increase in operating
expense allocations.

Cash Flows

Year Ended March 31, 2000  Compared to Year Ended  December 31,  1998.  Net cash
used during the year ended March 31,  2000 was  $(13,000),  compared to net cash
used for the year  ended  December  31,  1998 of  $(12,000).  The net cash  used
primarily  represents  cash used for  operating  expenses  net of  minimal  cash
distributions from Local Limited Partnerships.

Three Months Ended March 31, 1999 Compared to Three Months Ended March 31, 1998.
Net cash used  during  the three  months  ended  March  31,  1999 was  $(5,000),
compared to a net  increase in cash for the three months ended March 31, 1998 of
$1,000.  The change was due primarily to an increase in operating  costs paid to
third parties.

Year Ended  December 31, 1998 Compared to Year Ended December 31, 1997. Net cash
used in 1998 was $(12,000),  compared to net cash used in 1997 of $(6,000).  The
change was due primarily to an increase in operating costs paid to third parties
and a decline in distributions from Local Limited Partnerships.

During the year ended March 31, 2000 and the three  months ended March 31, 1999,
accrued  payables,  which consist primarily of related party management fees due
to the General  Partner,  increased by $109,000 and $28,000,  respectively.  The
General  Partner does not anticipate  that these accrued fees will be paid until
such time as  capital  reserves  are in excess  of  future  foreseeable  working
capital requirements of the partnership.

                                       10
<PAGE>

The Partnership  expects its future cash flows,  together with its net available
assets at March 31, 2000, to be  sufficient  to meet all  currently  foreseeable
future cash requirements.

Impact of Year 2000

WNC & Associates, Inc.

Status of Readiness

Information Technology (IT) Systems. The Partnership relies on the IT systems of
WNC, its general partner. IT systems include computer hardware and software used
to produce  financial  reports and tax return  information.  This information is
then used to generate  reports to investors and regulatory  agencies,  including
the Internal Revenue Service and the Securities and Exchange Commission.  The IT
systems of WNC are year 2000 compliant.

Non-IT Systems. The Partnership also relies on the non-IT systems of WNC. Non-IT
systems  include  machinery and  equipment  such as  telephones,  voice mail and
electronic postage equipment. The non-IT systems of WNC are year 2000 compliant.

Service  Providers.  WNC also  relies on the IT and  non-IT  systems  of service
providers. Service providers include utility companies,  financial institutions,
telecommunications carriers,  municipalities, and other outside vendors. WNC has
obtained verbal assurances from its material service providers (electrical power
provider,  financial institutions and telecommunications carriers) that their IT
and non-IT systems are year 2000  compliant.  To date,  WNC has not  encountered
significant year 2000 issues or business disruptions from its service providers.

Costs to Address Year 2000 Issues

The cost to address year 2000 issues for WNC has been less than $25,000.

Risk of Year 2000 Issues

Although WNC has  encountered no significant  year 2000 issues to date, the most
reasonable  and likely result from  non-year  2000  compliance of systems of the
service  providers  noted  above  would be the  disruption  of  normal  business
operations for WNC. This disruption could, in turn, lead to delays in performing
reporting and fiduciary responsibilities on behalf of the Partnership. The worst
case scenario would be the replacement of a service provider. These delays would
likely  be  temporary  and  would  likely  not  have a  material  effect  on the
Partnership or WNC.

Local Limited Partnerships

Status of Readiness

To date, WNC and the  Partnership  have  encountered  no  significant  year 2000
issues with respect to the Local Limited Partnerships.

                                       11
<PAGE>


Costs to Address Year 2000 Issues

There has been and will be no cost to the  Partnership  as a result of assessing
year 2000 issues for the Local  Limited  Partnerships.  Although no  significant
year 2000 issues have been  encountered to date, the cost to deal with potential
year 2000 issues of the Local Limited  Partnerships  cannot be estimated at this
time.

Risk of Year 2000 Issues

Although no significant  year 2000 issues have been  encountered to date,  there
can be no assurance that the Partnership will be unaffected by year 2000 issues.
The most  reasonable and likely result from non-year 2000 compliance will be the
disruption of normal  business  operations  for the Local Limited  Partnerships,
including but not limited to the possible  failure to properly collect rents and
meet their obligations in a timely manner.  This disruption would, in turn, lead
to  delays  by the  Local  Limited  Partnerships  in  performing  reporting  and
fiduciary responsibilities on behalf of the Partnership. The worst-case scenario
would  include the  initiation  of  foreclosure  proceedings  on the property by
mortgage debt holders.  Under these  circumstances,  WNC or its affiliates  will
take  actions  necessary  to minimize  the risk of  foreclosure,  including  the
removal and  replacement of a Local General  Partner by the  Partnership.  These
delays would likely be temporary and would likely not have a material  effect on
the Partnership or WNC.

Item 7A.  Quantitative and Qualitative Disclosures about Market Risk

NOT APPLICABLE

Item 8.  Financial Statements and Supplementary Data

                                       12
<PAGE>


               Report of Independent Certified Public Accountants


To the Partners
WNC California Housing Tax Credits, L.P.



We have audited the  accompanying  balance sheets of WNC California  Housing Tax
Credits, L.P. (a California Limited Partnership) (the "Partnership") as of March
31,  2000 and 1999,  and  December  31,  1998,  and the  related  statements  of
operations,  partners'  equity (deficit) and cash flows for the year ended March
31, 2000, the three months ended March 31,  1999 and the year ended December 31,
1998. 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 77%, 80% and 80% of the total assets of the Partnership at March 31,
2000 and 1999, and December 31, 1998,  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  generally   accepted  auditing
standards.  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 California Housing Tax Credits, L.P. (A California
Limited  Partnership)  as of March 31, 2000 and 1999, and December 31, 1998, and
the  results of its  operations  and its cash flows for the year ended March 31,
2000, the three months ended March 31, 1999 and the year ended December 31, 1998
in conformity with generally accepted accounting principles.



                                            /s/BDO SEIDMAN, LLP
                                               BDO SEIDMAN, LLP

Orange County, California
May 5, 2000

                                       13
<PAGE>


                          INDEPENDENT AUDITORS REPORT



To the Partners
WNC California Housing Tax Credits, L.P.



We have audited the statement of operations, partners equity (deficit) and cash
flows  of WNC  California  Housing  Tax  Credits,  L.P.  (a  California  Limited
Partnership)  (the  Partnership)  for the year ended December 31, 1997.  These
financial statements are the responsibility of the Partnership s management. Our
responsibility  is to express an opinion on these financial  statements based on
our audit. We did not audit the financial statements of the limited partnerships
in which WNC California  Housing Tax Credits,  L.P. is a limited partner.  These
investments,  as discussed in Note 2 to the financial statements,  are accounted
for  by the  equity  method.  The  investments  in  these  limited  partnerships
represented 96% of the total assets of WNC California Housing Tax Credits,  L.P.
at December 31, 1997. The financial  statements of the limited partnerships were
audited by other  auditors  whose  reports  have been  furnished  to us, and our
opinion,  insofar  as it  relates  to the  amounts  included  for these  limited
partnerships, is based solely on the reports of the other auditors.

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

In our opinion,  based on our audit and the reports of the other  auditors,  the
financial statements referred to above present fairly, in all material respects,
the results of its operations  and its cash flows of WNC California  Housing Tax
Credits, L.P. (a California Limited Partnership) for the year ended December 31,
1997, in conformity with generally accepted accounting principles.


                                        /s/ CORBIN & WERTZ
                                            CORBIN & WERTZ

Irvine, California
March 18, 1998

                                       14
<PAGE>

                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                                 BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                               March 31                December 31
                                                                    -------------------------------   --------------
                                                                         2000             1999             1998
                                                                    --------------   --------------   --------------
<S>                                                               <C>              <C>              <C>
ASSETS

Cash and cash equivalents                                          $        47,877  $        61,123  $       66,028

Investments in limited partnerships, net (Note 2)                        1,187,690        1,508,351       1,595,464
                                                                    --------------   --------------   -------------

                                                                   $     1,235,567  $     1,569,474  $    1,661,492
                                                                    ==============   ==============   =============

LIABILITIES AND PARTNERS EQUITY
  (DEFICIT)

Liabilities:
   Accrued  fees  and  expenses  due  to                           $       957,395  $       848,503  $      820,365
     General   Partner  and affiliates (Note 3)

Commitments and contingencies

Partners equity (deficit):
    General partners                                                       (62,059)         (57,631)        (56,429)
    Limited  partners  (10,000  units  authorized;
     7,450  units issued and outstanding)                                  340,231          778,602         897,556
                                                                    --------------   --------------   -------------
      Total partners equity                                                278,172          720,971         841,127
                                                                    --------------   --------------   -------------

                                                                   $     1,235,567  $     1,569,474  $    1,661,492
                                                                    ==============   ==============   =============
</TABLE>

                 See accompanying notes to financial statements
                                       15
<PAGE>

                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                            STATEMENTS OF OPERATIONS


<TABLE>
<CAPTION>
                                                                          For the
                                                                           Three
                                                          For the         Months
                                                         Year Ended        Ended            For the Years Ended
                                                          March 31        March 31              December 31
                                                        ------------    ------------   -----------------------------
                                                            2000           1999            1998            1997
                                                        -------------   ------------    ------------   -------------
<S>                                                   <C>             <C>             <C>            <C>

Interest income                                        $       1,817   $        465    $      2,166   $       2,227

Operating expenses:
   Amortization (Note 2)                                      14,904          3,726          14,904          14,904
   Asset management fees (Note 3)                            111,855         27,923         111,691         111,691
   Legal and accounting                                       12,807          4,553           4,000           5,339
   Office                                                      4,794          1,782          16,292           7,661
                                                        -------------   ------------    ------------   -------------

    Total operating expenses                                 144,360         37,984         146,887         139,595
                                                        -------------   ------------    ------------   -------------

Loss from operations                                        (142,543)       (37,519)       (144,721)       (137,368)

Equity in losses of limited
    partnerships (Note 2)                                   (300,256)       (82,637)       (388,158)       (420,868)
                                                        -------------   ------------    ------------   -------------

Net loss                                               $    (442,799)  $   (120,156)   $   (532,879)  $    (558,236)
                                                        =============   ============    ============   =============

Net loss allocated to:
   General partners                                    $      (4,428)  $     (1,202)   $     (5,329)  $      (5,582)
                                                        =============   ============    ============   =============

   Limited partners                                    $    (438,371)  $   (118,954)   $   (527,550)  $    (552,654)
                                                        =============   ============    ============   =============

Net loss per limited partnership unit                  $      (58.84)  $     (15.97)   $     (70.81)  $      (74.18)
                                                        =============   ============    ============   =============

Outstanding weighted limited partner units                     7,450          7,450           7,450           7,450
                                                        =============   ============    ============   =============
</TABLE>

                 See accompanying notes to financial statements
                                       16
<PAGE>


                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                     STATEMENTS OF PARTNERS EQUITY (DEFICIT)

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997
<TABLE>
<CAPTION>
                                                               General            Limited
                                                               Partners           Partners             Total
                                                            ---------------    ---------------     ---------------
<S>                                                       <C>                 <C>                 <C>

Partners equity (deficit) at January 1, 1997              $        (45,518)   $     1,977,760     $     1,932,242


Net loss                                                            (5,582)          (552,654)           (558,236)
                                                            ---------------    ---------------     ---------------

Partners equity (deficit) at December 31, 1997                     (51,100)         1,425,106           1,374,006

Net loss                                                            (5,329)          (527,550)           (532,879)
                                                            ---------------    ---------------     ---------------

Partners equity (deficit) at December 31, 1998                     (56,429)           897,556             841,127

Net loss                                                            (1,202)          (118,954)           (120,156)
                                                            ---------------    ---------------     ---------------

Partners equity (deficit) at March 31, 1999                        (57,631)           778,602             720,971

Net loss                                                            (4,428)          (438,371)           (442,799)
                                                            ---------------    ---------------     ---------------

Partners equity (deficit) at March 31, 2000               $        (62,059)   $       340,231     $       278,172
                                                            ===============    ===============     ===============
</TABLE>

                 See accompanying notes to financial statements
                                       17
<PAGE>


                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>

                                                            For the        For the
                                                           Year Ended    Three Months       For the Years Ended
                                                            March 31    Ended March 31          December 31
                                                         ------------   --------------   ----------------------------
                                                             2000            1999            1998            1997
                                                         ------------   --------------   ------------    ------------
<S>                                                    <C>            <C>              <C>             <C>

Cash flows from operating activities:
 Net loss                                               $   (442,799)  $     (120,156)  $   (532,879)   $   (558,236)

 Adjustments to reconcile net loss to
  net cash used in operating
  activities:
   Amortization                                               14,904            3,726         14,904          14,904
   Equity in losses of limited partnerships                  300,256           82,637        388,158         420,868
   Change in accrued fees and expenses due to
    General Partner and affiliates                           108,892           28,138        114,440         111,677
                                                         ------------   --------------   ------------    ------------

Net cash used in operating activities                        (18,747)          (5,655)       (15,377)        (10,787)
                                                         ------------   --------------   ------------    ------------

Cash flows provided by investing activities:
 Distributions from limited partnerships                       5,501              750          3,296           4,953
                                                         ------------   --------------   ------------    ------------

Net decrease in cash and cash equivalents                    (13,246)          (4,905)       (12,081)         (5,834)

Cash and cash equivalents, beginning of period                61,123           66,028         78,109          83,943
                                                         ------------   --------------   ------------    ------------

Cash and cash equivalents, end of period                $     47,877   $       61,123   $     66,028    $     78,109
                                                         ============   ==============   ============    ============

SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION:

    Taxes paid                                          $        800   $            -   $        800    $        800
                                                         ============   ==============   ============    ============
</TABLE>

                 See accompanying notes to financial statements
                                       18
<PAGE>
                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

WNC California Housing Tax Credits,  L.P., a California Limited Partnership (the
"Partnership"),  was formed on September 15, 1988 under the laws of the State of
California.  The  Partnership  was formed to invest  primarily in other  limited
partnerships   (the  Local  Limited   Partnerships)   which  own  and  operate
multi-family housing complexes (the Housing Complex) that are eligible for low
income  housing tax credits.  The local  general  partners  (the Local  General
Partners)  of  each  Local  Limited   Partnership  retain   responsibility  for
maintaining, operating and managing the Housing Complex.

WNC & Associates, Inc., a California corporation (WNC), and Wilfred N. Cooper,
Sr., are general partners of the Partnership (the "General  Partners").  Wilfred
N. Cooper, Sr., through the Cooper Revocable Trust owns 66.8% of the outstanding
stock of WNC.  John B.  Lester,  Jr.  was the  original  limited  partner of the
Partnership and owns,  through the Lester Family Trust, 28.6% of the outstanding
stock of WNC.  Wilfred  N.  Cooper,  Jr.,  President  of WNC,  owns  2.1% of the
outstanding stock of WNC.

The Partnership shall continue to be in full force and effect until December 31,
2037 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 10,000 units at $1,000
per Unit  ("Units").  The  offering of Units  concluded in October 1990 at which
time 7,450 Units  representing  subscriptions  in the amount of $7,450,000,  had
been accepted.  The General Partners have a 1% interest in operating profits and
losses,  taxable income and losses,  in cash available for distribution from the
Partnership  and tax credits of the  Partnership.  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  Partners have received  proceeds
equal to their capital contributions from the remainder,  any additional sale or
refinancing  proceeds  will  be  distributed  99% to the  limited  partners  (in
proportion to their respective investments) and 1% to the General Partners.

Change in Reporting Year End

In 1999, the Partnership  elected to change its year end for financial reporting
purposes from December 31 to March 31.  All financial  information  reflected in
the financial statements and related footnotes has been adjusted for this change
in year end except for the combined condensed financial  information relating to
the Local Limited Partnerships included in Note 2.

                                       19
<PAGE>
                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

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

Risks and Uncertainties

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

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

Method of Accounting For Investments in Limited Partnerships

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

Losses from limited partnerships for the years ended December 31, 1999, 1998 and
1997 have been recorded by the Partnership based on reported results provided by
the Local Limited  Partnerships.  Losses from limited partnerships for the three
months  ended  March  31,  1999  have  been   estimated  by  management  of  the
Partnership. Losses from Local Limited Partnerships for the year ended March 31,
2000 have been  recorded  by the  Partnership  based on nine  months of reported
results  provided  by the  Local  Limited  Partnerships  and on three  months of
results  estimated  by  management  of  the  Partnership.  Losses  from  limited
partnerships  allocated to the Partnership are not recognized to the extent that
the investment balance would be adjusted below zero.

                                       20
<PAGE>
                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

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

Offering Expenses

Offering  expenses consist of underwriting  commissions,  legal fees,  printing,
filing and  recordation  fees,  and other costs  incurred  with selling  limited
partnership  interests in the Partnership.  WNC is obligated to pay all offering
and  organization  costs in excess of 15% (including  sales  commissions) of the
total  offering  proceeds.  Offering  expenses  are  reflected as a reduction of
limited  partners'  capital  and  amounted to $946,704 at the end of all periods
presented.

Use of Estimates

The preparation of financial  statements in conformity  with generally  accepted
accounting principles 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, 2000 and 1999,  and  December 31, 1998,  the  Partnership  had no cash
equivalents.

Net Loss Per Limited Partner Unit

Net loss per limited  partnership  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

In June 1997,  the FASB  issued  Statement  of  Financial  Accounting  Standards
(SFAS) No. 130, Reporting  Comprehensive  Income.  This statement  establishes
standards for reporting the components of comprehensive income and requires that
all items that are  required to be  recognized  under  accounting  standards  as
components of comprehensive  income be included in a financial statement that is
displayed with the same prominence as other financial statements.  Comprehensive
income  includes net income as well as certain items that are reported  directly
within a separate  component  of  Partners  equity and bypass net  income.  The
Partnership  adopted the  provisions of this  statement in 1998. For the periods
presented,  the Partnership has no elements of other  comprehensive  income,  as
defined by SFAS No. 130.

                                       21
<PAGE>
                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

As of the periods  presented,  the Partnership has acquired limited  partnership
interests in eleven Local  Limited  Partnerships  each of which owns one Housing
Complex  consisting  of an  aggregate of 433  apartment  units.  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 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.

The  Partnership's  investments  in Local Limited  Partnership's as shown in the
balance  sheets  at March 31,  2000 and 1999,  are  approximately  $208,000  and
$118,000,  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 unrecorded
losses as discussed below, and acquisition, selection and other costs related to
the  acquisition  of  the  investments   which  have  been  capitalized  in  the
Partnership s  investment  account.  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 by limited  partners 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, 2000, the investment accounts in certain Local Limited Partnerships
have  reached  a zero  balance.  Consequently,  a portion  of the  Partnership's
estimate  of its share of losses for the year ended March 31, 2000 and the three
month  period  ended March 31, 1999,  amounting  to  approximately  $103,000 and
$23,000,  respectively,  have not been recognized.  The  Partnership's  share of
losses  during the year ended  December  31,  1998  amounting  to  approximately
$32,000 have not been  recognized.  As of March 31, 2000, the aggregate share of
net losses not recognized by the Partnership amounted to $158,000.

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

<TABLE>
<CAPTION>
                                                                           For the
                                                                         Three Months
                                                       For the Year         Ended                 For the Years Ended
                                                      Ended March 31       March 31                   December 31
                                                      --------------    --------------    --------------------------------
                                                           2000              1999              1998             1997
                                                      --------------    --------------    --------------   --------------
<S>                                                  <C>               <C>               <C>              <C>

Investments per balance sheet, beginning of period   $    1,508,351    $    1,595,464    $    2,001,822   $    2,442,547
Equity in losses of limited partnerships                   (300,256)          (82,637)         (388,158)        (420,868)
Distributions received                                       (5,501)             (750)           (3,296)          (4,953)
Amortization of paid acquisition fees and costs             (14,904)           (3,726)          (14,904)         (14,904)
                                                      --------------    --------------    --------------   --------------

Investments per balance sheet, end of period         $    1,187,690    $    1,508,351    $    1,595,464   $    2,001,822
                                                      ==============    ==============    ==============   ==============
</TABLE>

                                       22
<PAGE>
                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

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 against
interest expense.  Approximate combined condensed financial information from the
individual financial statements of the Local Limited Partnerships as of December
31 and for the years then ended is as follows:

<TABLE>
<CAPTION>

                        COMBINED CONDENSED BALANCE SHEETS

                                                                     1999                1998
                                                               ---------------     ---------------
<S>                                                           <C>                 <C>

ASSETS

Buildings   and   improvements   (net  of   accumulated
 depreciation  for 1999 and  1998 of  $6,043,000  and
 $5,420,000, respectively)                                    $    15,564,000    $     16,079,000
Land                                                                1,484,000           1,484,000
Other assets                                                        1,510,000           1,465,000
                                                               ---------------     ---------------

                                                              $    18,558,000    $     19,028,000
                                                               ===============     ===============
LIABILITIES

Mortgage loans payable                                        $    16,769,000    $     16,811,000
Due to related parties                                                347,000             348,000
Other liabilities                                                     163,000             158,000
                                                               ---------------     ---------------

                                                                   17,279,000          17,317,000
                                                               ---------------     ---------------
PARTNERS' CAPITAL

WNC California Housing Tax Credits, L.P.                              980,000           1,390,000
Other partners                                                        299,000             321,000
                                                               ---------------     ---------------

                                                                    1,279,000           1,711,000
                                                               ---------------     ---------------

                                                              $    18,558,000    $     19,028,000
                                                               ===============     ===============
</TABLE>
                                       23
<PAGE>
                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
<TABLE>
<CAPTION>

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS

                                                                 1999               1998                1997
                                                            ---------------    ---------------     ---------------
<S>                                                       <C>                <C>                 <C>

Revenues                                                   $     1,849,000    $     1,828,000     $     1,802,000
                                                            ---------------    ---------------     ---------------

Expenses:
 Operating expenses                                              1,237,000          1,251,000           1,199,000
 Interest expense                                                  401,000            400,000             410,000
 Depreciation and amortization                                     622,000            602,000             618,000
                                                            ---------------    ---------------     ---------------

   Total expenses                                                2,260,000          2,253,000           2,227,000
                                                            ---------------    ---------------     ---------------

Net loss                                                   $      (411,000)   $      (425,000)    $      (425,000)
                                                            ===============    ===============     ===============

Net loss allocable to the Partnership                      $      (407,000)   $      (420,000)    $      (421,000)
                                                            ===============    ===============     ===============

Net loss recorded by the Partnership                       $      (300,000)   $      (388,000)    $      (421,000)
                                                            ===============    ===============     ===============
</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  Partners  may be
required to sustain 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 Partners or their affiliates for the following items:

     Acquisition  fees equal to 6% of the gross  proceeds from the sale of Units
     as compensation for services rendered in connection with the acquisition of
     Local Limited  Partnerships.  As of the end of all periods  presented,  the
     Partnership incurred acquisition fees of $447,060. Accumulated amortization
     of these capitalized costs was $205,587,  $190,683 and $186,957 as of March
     31, 2000 and 1999, and December 31, 1998, respectively.

     Reimbursement  of costs incurred by the General Partners or an affiliate in
     connection  with the acquisition of the Local Limited  Partnerships.  These
     reimbursements have not exceeded 3% of the gross proceeds. As of the end of
     all  periods  presented,  the  Partnership  incurred  acquisition  costs of
     $32,018 which have been included in  investments  in limited  partnerships.
     Such costs were fully amortized at December 31, 1997.

     An annual  management fee equal to 0.5% of the invested assets of the Local
     Limited  Partnerships,  including the  Partnerships  allocable share of the
     mortgages. Management fees of $111,855 and $27,923 were incurred during the
     year  ended  March 31,  2000 and the three  months  ended  March 31,  1999,
     respectively, and $111,691 were incurred for 1998 and 1997, of which $0 was
     paid during the year ended March 31, 2000, the three months ended March 31,
     1999 and the years ended December 31, 1998 and 1997.

                                       24
<PAGE>
                    WNC CALIFORNIA HOUSING TAX CREDITS, L.P.
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 3 - RELATED PARTY TRANSACTIONS, continued

The accrued fees and expenses due to the General Partners and affiliates consist
of the following as of the dates indicated:
<TABLE>
<CAPTION>

                                                                               March  31             December  31
                                                                      ---------------------------    --------------
                                                                          2000            1999            1998
<S>                                                                 <C>             <C>            <C>
                                                                      ------------    -----------    --------------

Reimbursement for expenses paid by the General Partners
 or an affiliate                                                     $          -    $     2,963    $        2,748

Asset management fee payable                                              957,395        845,540           817,617
                                                                      ------------    -----------    --------------

Total                                                                $    957,395    $   848,503    $      820,365
                                                                      ============    ===========    ==============
</TABLE>

The General  Partners do not  anticipate  that these  accrued  fees will be paid
until such time as capital reserves are in excess of future foreseeable  working
capital requirements of the Partnership.

NOTE 4 - 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.

                                       25
<PAGE>
Item  9.  Changes  in and  Disagreements  With  Accountants  on  Accounting  and
Financial Disclosure

NOT APPLICABLE

PART III.

Item 10. Directors and Executive Officers of the Registrant

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

Directors and Executive Officers of WNC & Associates, Inc.

The directors of WNC & Associates,  Inc. are Wilfred N. Cooper,  Sr., who serves
as Chief Executive Officer, Chairman of the Board, John B. Lester, Jr., David N.
Shafer,  Wilfred N. Cooper, Jr. and Kay L. Cooper. The principal shareholders of
WNC & Associates, Inc. are trusts established by Wilfred N. Cooper, Sr. and John
B. Lester, Jr.

Wilfred  N.  Cooper,  Sr.,  age 69, is the  founder,  Chief  Executive  Officer,
Chairman  and a Director of WNC &  Associates,  Inc.,  a Director of WNC Capital
Corporation,  and a general partner in some of the programs previously sponsored
by the  Sponsor.  Mr.  Cooper has been  involved in real estate  investment  and
acquisition  activities  since 1968.  Previously,  during 1970 and 1971,  he was
founder and principal of Creative Equity Development Corporation,  a predecessor
of WNC & Associates,  Inc., and of Creative  Equity  Corporation,  a real estate
investment firm. For 12 years prior to that, Mr. Cooper was employed by Rockwell
International  Corporation,  last  serving as its  manager of housing  and urban
developments where he had  responsibility  for factory-built  housing evaluation
and project  management  in urban  planning  and  development.  Mr.  Cooper is a
Director of the  National  Association  of Home  Builders  (NAHB) and a National
Trustee  for NAHB's  Political  Action  Committee,  a Director  of the  National
Housing  Conference  (NHC)  and a member  of  NHC's  Executive  Committee  and a
Director of the National Multi-Housing Council (NMHC). Mr. Cooper graduated from
Pomona College in 1956 with a Bachelor of Arts degree.

John B.  Lester,  Jr., age 66, is Vice  Chairman,  a Director,  Secretary  and a
member of the Acquisition Committee of WNC & Associates, Inc., and a Director of
WNC Capital  Corporation.  Mr. Lester has 27 years of experience in  engineering
and construction and has been involved in real estate investment and acquisition
activities since 1986 when he joined the Sponsor. Previously, he was Chairman of
the Board and Vice President or President of E & L Associates,  Inc., a provider
of engineering and construction  services to the oil refinery and  petrochemical
industries,  which  he  co-founded  in  1973.  Mr.  Lester  graduated  from  the
University of Southern  California in 1956 with a Bachelor of Science  degree in
Mechanical Engineering.

Wilfred N.  Cooper,  Jr.,  age 37, is  President,  Chief  Operating  Officer,  a
Director and a member of the Acquisition Committee of WNC & Associates,  Inc. He
is President of, and a registered  principal  with, WNC Capital  Corporation,  a
member firm of the NASD, and is a Director of WNC  Management,  Inc. He has been
involved in investment and  acquisition  activities  with respect to real estate
since he joined the  Sponsor  in 1988.  Prior to this,  he served as  Government
Affairs  Assistant with Honda North America in Washington,  D.C. Mr. Cooper is a
member of the Advisory Board for LIHC Monthly Report,  a Director of NMHC and an
Alternate  Director of NAHB. He graduated  from The American  University in 1985
with a Bachelor of Arts degree.

David N.  Shafer,  age 48, is  Executive  Vice  President,  a Director,  General
Counsel,  and a member of the Acquisition  Committee of WNC & Associates,  Inc.,
and a  Director  and  Secretary  of WNC  Management,  Inc.  Mr.  Shafer has been
involved in real estate investment and acquisition  activities since 1984. Prior
to joining the Sponsor in 1990, he was  practicing  law with a specialty in real
estate and taxation.  Mr.  Shafer is a Director and President of the  California
Council of Affordable  Housing and a member of the State Bar of California.  Mr.
Shafer graduated from the University of California at Santa Barbara in 1978 with
a Bachelor of Arts  degree,  from the New  England  School of Law in 1983 with a
Juris  Doctor  degree (cum laude) and from the  University  of San Diego in 1986
with a Master of Law degree in Taxation.

                                      26
<PAGE>

Michael L. Dickenson, age 43, is Vice President and Chief Financial Officer, and
a member of the  Acquisition  Committee  of WNC &  Associates,  Inc.,  and Chief
Financial Officer of WNC Management,  Inc. He has been involved with acquisition
and  investment  activities  with  respect to real estate  since 1985.  Prior to
joining the Sponsor in March 1999, he was the Director of Financial  Services at
TrizecHahn  Centers Inc., a developer  and operator of  commercial  real estate,
from 1995 to 1999,  a Senior  Manager  with E&Y  Kenneth  Leventhal  Real Estate
Group, Ernst & Young, LLP, from 1988 to 1995, and Vice President of Finance with
Great Southwest  Companies,  a commercial and residential real estate developer,
from  1985 to 1988.  Mr.  Dickenson  is a  member  of the  Financial  Accounting
Standards  Committee for the National  Association of Real Estate  Companies and
the  American  Institute  of  Certified  Public  Accountants,  and a Director of
HomeAid  Southern  California,  a charitable  organization  affiliated  with the
building  industry.  He  graduated  from  Texas Tech  University  in 1978 with a
Bachelor of Business  Administration  -  Accounting  degree,  and is a Certified
Public Accountant in California and Texas.

Thomas J. Riha, age 45, is Vice President - Asset Management and a member of the
Acquisition  Committee  of WNC &  Associates,  Inc.  and a  Director  and  Chief
Executive  Officer  of WNC  Management,  Inc.  Mr.  Riha  has been  involved  in
acquisition  and investment  activities  with respect to real estate since 1979.
Prior to joining the  Sponsor in 1994,  Mr.  Riha was  employed by Trust  Realty
Advisor, a real estate acquisition and management company,  last serving as Vice
President - Operations. Mr. Riha graduated from the California State University,
Fullerton  in 1977 with a  Bachelor  of Arts  degree  (cum  laude)  in  Business
Administration  with a  concentration  in Accounting  and is a Certified  Public
Accountant  and  a  member  of  the  American   Institute  of  Certified  Public
Accountants.

Sy P. Garban,  age 54, is Vice  President -  Institutional  Investments of WNC &
Associates, Inc. and has been employed by the Sponsor since 1989. Mr. Garban has
been involved in real estate investment  activities since 1978. Prior to joining
the Sponsor he served as Executive  Vice  President of MRW,  Inc., a real estate
development  and management  firm.  Mr. Garban is a member of the  International
Association of Financial  Planners.  He graduated from Michigan State University
in 1967 with a Bachelor of Science degree in Business Administration.

N. Paul Buckland,  age 37, is Vice President - Acquisitions  and a member of the
Acquisition  Committee of WNC &  Associates,  Inc. He has been  involved in real
estate  acquisitions and investments since 1986 and has been employed with WNC &
Associates, Inc. since 1994. Prior to that, he served on the development team of
the Bixby Ranch that  constructed  apartment  units and Class A office  space in
California and neighboring  states,  and as a land acquisition  coordinator with
Lincoln  Property   Company  where  he  identified  and  analyzed   multi-family
developments. Mr. Buckland graduated from California State University, Fullerton
in 1992 with a Bachelor of Science degree in Business Finance.

David Turek, age 45, is Vice President - Originations of WNC & Associates,  Inc.
He has been involved with real estate  investment and finance  activities  since
1976 and has been employed by WNC & Associates,  Inc.  since 1996.  From 1995 to
1996,  Mr. Turek served as a consultant  for a national Tax Credit sponsor where
he was responsible for on-site feasibility studies and due diligence analyses of
Tax Credit properties.  From 1990 to 1995, he was involved in the development of
conventional  and tax credit  multi-family  housing.  He is a Director  with the
Texas Council for Affordable Rural Housing and graduated from Southern Methodist
University in 1976 with a Bachelor of Business Administration degree.

Kay L. Cooper,  age 63, is a Director of WNC & Associates,  Inc. Mrs. Cooper was
the founder and sole  proprietor  of Agate 108, a  manufacturer  and retailer of
home  accessory  products,  from 1975 until 1998.  She is the wife of Wilfred N.
Cooper,  Sr.,  the mother of Wilfred  N.  Cooper,  Jr. and the sister of John B.
Lester,  Jr. Ms. Cooper graduated from the University of Southern  California in
1958 with a Bachelor of Science degree.

Item 11.  Executive Compensation

The Partnership has no officers,  employees,  or directors.  However,  under the
terms of the  Partnership  Agreement the Partnership is obligated to the General
Partner or its  affiliates  during the current or future years for the following
fees:

(a)  Annual Asset  Management  Fee. An annual asset  management fee in an amount
     equal  to 0.5% of the  Invested  Assets  of the  Partnership,  as  defined.
     "Invested  Assets" means the sum of the  Partnership's  investment in Local
     Limited Partnerships and the Partnership's allocable share of the amount of
     the  mortgage  loans on and other debts  related to the  Housing  Complexes
     owned by such Local  Limited  Partnerships.  Fees of $112,000,  $28,000 and
     $112,000  were  incurred  during the year ended March 31,  2000,  the three
     months  ended  March  31,  1999,  and the year  ended  December  31,  1998,
     respectively.  The  Partnership  paid  the  General  Partners  and or their
     affiliates $0 of those fees during the year ended March 31, 2000, the three
     months ended March 31, 1999, and the year ended December 31, 1998.

                                       27
<PAGE>
(b)  Operating  Expense.  The Partnership  reimbursed the General Partner or its
     affiliates  for  operating  expenses of  approximately  $7,000,  $6,000 and
     $3,000  during the year ended March 31, 2000,  the three months ended March
     31, 1999, and the year ended December 31, 1998, respectively.

(c)  Interest  in  Partnership.   The  General   Partners   receive  1%  of  the
     Partnership's  allocated Low Income  Housing  Credits,  which  approximated
     $6,700 for  Associates and $750 for Mr. Cooper for the calendar years ended
     December  31, 1999 and 1998,  respectively.  The General  Partners are also
     entitled to receive 1% of cash  distributions.  There were no distributions
     of cash to the General  Partners  during the year ended March 31, 2000, the
     three months ended March 31, 1999, and the year ended December 31, 1998.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

(a)  Security Ownership of Certain Beneficial Owners

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

(b)  Security Ownership of Management

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

(c)  Changes in Control

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

                                       28
<PAGE>

PART IV.

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

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

         Report of Independent Certified Public Accountants
         Independent Auditors' Report
         Balance Sheets, March 31, 2000 and 1999, and December 31, 1998
         Statements  of  Operations  for the year ended  March 31, 2000 and the
         three months ended March 31,  1999,  and for the years ended  December
         31, 1998 and 1997
         Statements of Partners'  Equity (Deficit) for the year ended March 31,
         2000 and the three months ended March 31, 1999 and for the years ended
         December 31, 1998 and 1997
         Statements  of Cash  Flows for the year ended  March 31,  2000 and the
         three months ended March 31, 1999 and for the years ended December 31,
         1998 and 1997
         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. A Form 8-K dated May 13, 1999 was filed on May 14,  1999  reporting
         the Partnership's change in fiscal year end to March 31.

(c)      Exhibits.

3.1      Agreement of Limited Partnership dated September 15, 1988; included as
         Exhibit B to the  Prospectus,  which was filed as Exhibit 28.1 to Form
         10-K for the year  ended  December  31,  1992 is  hereby  incorporated
         herein as Exhibit 3.1.

10.1     Amended and Restated  Agreement of Limited  Partnership  of Countryway
         Associates  filed as exhibit 10.1 on Form 10-K dated December 31, 1992
         is hereby incorporated herein as exhibit 10.1.

10.2     Amended and Restated  Agreement of Limited  Partnership  of Alta Vista
         Investors  filed as exhibit 10.2 on Form 10-K dated  December 31, 1992
         is hereby incorporated herein as exhibit 10.2.

10.3     Amended  and  Restated  Agreement  of  Limited  Partnership  of  Yreka
         Investment Group filed as exhibit 10.3 on Form 10-K dated December 31,
         1992 is hereby incorporated herein as exhibit 10.3.

10.4     Amended  and  Restated   Agreement  of  Limited   Partnership  of  BCA
         Associates  filed as exhibit 10.7 on Form 10-K dated December 31, 1992
         is hereby incorporated herein as exhibit 10.4.

10.5     Amended and Restated Agreement of Limited Partnership of HPA Investors
         filed as exhibit  10.8 on Form 10-K dated  December 31, 1992 is hereby
         incorporated herein as exhibit 10.5.

10.6     Amended and Restated  Agreement of Limited  Partnership  of Cloverdale
         Garden  Apartments  filed as exhibit 10.11 on Form 10-K dated December
         31, 1992 is hereby incorporated herein as exhibit 10.6.

10.7     Amended  and  Restated  Agreement  of Limited  Partnership  of Knights
         Landing  Harbor filed as exhibit 10.13 on Form 10-K dated December 31,
         1992 is hereby incorporated herein as exhibit 10.7.

10.8     Amended and  Restated  Agreement  of Limited  Partnership  of Woodlake
         Manor filed as exhibit  10.16 on Form 10-K dated  December 31, 1992 is
         hereby incorporated herein as exhibit 10.8.

                                           29
<PAGE>

10.9     Amended and Restated  Agreement of Limited  Partnership of East Garden
         Apartments filed as exhibit 10.18 on Form 10-K dated December 31, 1992
         is hereby incorporated herein as exhibit 10.9.

10.10    Amended and Restated Agreement of Limited Partnership of Midland Manor
         Associates filed as exhibit 10.26 on Form 10-K dated December 31, 1992
         is hereby incorporated herein as exhibit 10.10.

10.11    Amended and Restated  Agreement of Limited  Partnership of San Jacinto
         Associates filed as exhibit 10.27 on Form 10-K dated December 31, 1992
         is hereby incorporated herein as exhibit 10.11.

21.1     Financial  Statements of Yreka  Investment  Group, for the years ended
         December 31, 1999 and 1998 together with Independent  Auditors' Report
         Thereon; a significant subsidiary of the Partnership.

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

                                       30
<PAGE>



Report of  Independent  Certified  Public  Accountants  on  Financial  Statement
Schedule






To the Partners
California Housing Tax Credits, L.P.


The audits  referred to in our report  dated May 5, 2000,  relating to the 2000,
1999 and 1998 financial  statements of WNC California Housing Tax Credits,  L.P.
(the  "Partnership"),  which are contained in Item 8 of this Form 10-K, included
the audit of the  accompanying  financial  statement  schedules.  The  financial
statement schedules are the responsibility of the Partnership's management.  Our
responsibility is to express an opinion on these financial  statement  schedules
based upon our audits.

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


                                         /s/ BDO SEIDMAN, LLP
                                             BDO SEIDMAN, LLP


Orange County, California
May 5, 2000

                                       31
<PAGE>

<TABLE>
<CAPTION>
WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000
                             ------------------------------------    --------------------------------------------------------------
                                      As of March 31, 2000                                  As of December 31, 1999
                             ------------------------------------    --------------------------------------------------------------

                             Partnership's Total      Amount of      Encumbrances of
Partnership                  Investment in Local      Investment     Local Limited     Property and  Accumulated
Name            Location     Limited Partnerships     Paid to Date   Partnerships      Equipment     Depreciation    Net Book Value
-----------------------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>                      <C>            <C>               <C>           <C>             <C>

Alta Vista      Orosi,
Investors       California   $      583,000           $    583,000   $    1,436,000    $   2,044,000 $   709,000     $    1,335,000

BCA             Anderson,
Associates      California          514,000                514,000        1,425,000        2,017,000     517,000          1,500,000

Cloverdale      Cloverdale,
Garden          California          617,000                617,000        1,638,000        2,154,000     428,000          1,726,000
Apartments

Countryway      Mendota,
Associates      California          571,000                571,000        1,478,000        2,085,000     741,000          1,344,000

East Garden     Jamestown,
Apartments      California          770,000                770,000        2,156,000        2,901,000     573,000          2,328,000

HPA             Shafter,
Investors       California          538,000                538,000        1,511,000        2,186,000     542,000          1,644,000

Knights         Knights
Landing         Landing,
Harbor          California          275,000                275,000          984,000        1,350,000     343,000          1,007,000

Midland
Manor           Mendota,
Associates      California          383,000                383,000        1,428,000        1,824,000     575,000          1,249,000

San Jacinto     San Jacinto,
Associates      California          469,000                469,000        1,786,000        2,349,000     417,000         1,932,000

Woodlake        Woodlake,
Manor           California          545,000                545,000        1,456,000        2,137,000     744,000          1,393,000

Yreka
Investment      Yreka,
Group           California          538,000                538,000        1,471,000        2,044,000     454,000          1,590,000
                                -----------             ----------      -----------      -----------  ----------        -----------

                             $    5,803,000           $  5,803,000   $   16,769,000     $ 23,091,000 $ 6,043,000      $  17,048,000
                                ===========             ==========      ===========      ===========  ==========        ===========
</TABLE>

                                       32
<PAGE>
WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000
<TABLE>
<CAPTION>

                                   ------------------------------------------------------------------------------------------------
                                                           For the year ended December 31, 1999
                                   ------------------------------------------------------------------------------------------------
                                                                       Year Investment                      Estimated Useful Life
Partnership Name                   Rental Income      Net Loss         Acquired         Status              (Years)
-----------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>                <C>              <C>              <C>                  <C>

Alta Vista Investors               $     161,000      $   (36,000)     1989             Completed            27.5


BCA Associates                           150,000          (32,000)     1989             Completed            40


Cloverdale Garden Apartments             181,000          (30,000)     1989             Completed            40


Countryway Associates                    165,000          (49,000)     1989             Completed            27.5


East Garden Apartments                   227,000          (29,000)     1989             Completed            40


HPA Investors                            158,000          (40,000)     1989             Completed            40


Knights Landing Harbor                   120,000          (13,000)     1989             Completed            40


Midland Manor Associates                 147,000          (44,000)     1990             Completed            27.5


San Jacinto Associates                   130,000          (55,000)     1990             Completed            50


Woodlake Manor                           178,000          (57,000)     1989             Completed            30


Yreka Investment Group                   155,000          (26,000)     1989             Completed            50
                                     -----------        ----------

                                   $   1,772,000      $  (411,000)
                                     ===========        ==========


</TABLE>
                                       33
<PAGE>
WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 1999
<TABLE>
<CAPTION>

                              -----------------------------------   ---------------------------------------------------------------
                                       As of March 31, 1999                              As of December 31, 1998
                              -----------------------------------   ---------------------------------------------------------------

                              Partnership's Total    Amount of      Encumbrances of
Partnership                   Investment in Local    Investment     Local Limited      Property         Accumulated
Name             Location     Limited Partnerships   Paid to Date   Partnerships       and Equipment    Depreciation  Net Book Value
-----------------------------------------------------------------------------------------------------------------------------------
<S>             <C>          <C>                    <C>            <C>                <C>              <C>           <C>

Alta Vista       Orosi,
Investors        California   $     583,000          $    583,000   $   1,440,000     $   2,038,000     $   636,000   $   1,402,000


BCA              Anderson,
Associates       California         514,000               514,000       1,429,000         2,014,000         471,000       1,543,000

Cloverdale
Garden           Cloverdale,
Apartments       California         617,000               617,000       1,642,000         2,136,000         375,000       1,761,000

Countryway       Mendota,
Associates       California         571,000               571,000       1,481,000         2,085,000         668,000       1,417,000

East Garden      Jamestown,
Apartments       California         770,000               770,000       2,161,000         2,886,000         499,000       2,387,000

HPA              Shafter,
Investors        California         538,000               538,000       1,516,000         2,158,000         489,000       1,669,000

Knights          Knights
Landing          Landing,
Harbor           California         275,000               275,000         986,000         1,345,000         312,000       1,033,000

Midland
Manor            Mendota,
Associates       California         383,000               383,000       1,431,000         1,821,000         512,000       1,309,000

San Jacinto      San Jacinto,
Associates       California         469,000               469,000       1,790,000         2,349,000         374,000       1,975,000

Woodlake         Woodlake,
Manor            California         545,000               545,000       1,460,000         2,108,000         667,000       1,441,000

Yreka
Investment       Yreka,
Group            California         538,000               538,000       1,475,000         2,043,000         417,000       1,626,000
                                -----------            ----------     -----------       -----------      ----------     -----------

                              $   5,803,000          $  5,803,000   $  16,811,000     $  22,983,000     $ 5,420,000   $  17,563,000
                                ===========            ==========     ===========       ===========      ==========     ===========
</TABLE>

                                       34
<PAGE>
WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 1999
<TABLE>
<CAPTION>

                                   ------------------------------------------------------------------------------------------------
                                                                       For the year ended December 31, 1998
                                   ------------------------------------------------------------------------------------------------
                                                                       Year Investment                      Estimated Useful Life
Partnership Name                   Rental Income      Net Loss         Acquired         Status              (Years)
-----------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>                <C>              <C>              <C>                  <C>

Alta Vista Investors               $    153,000       $  (47,000)      1989             Completed            27.5


BCA Associates                          151,000          (16,000)      1989             Completed            40


Cloverdale Garden Apartments            176,000          (25,000)      1989             Completed            40


Countryway Associates                   167,000          (34,000)      1989             Completed            27.5


East Garden Apartments                  218,000          (42,000)      1989             Completed            40


HPA Investors                           161,000          (63,000)      1989             Completed            40


Knights Landing Harbor                  118,000          (21,000)      1989             Completed            40


Midland Manor Associates                151,000          (45,000)      1990             Completed            27.5


San Jacinto Associates                  118,000          (80,000)      1990             Completed            50


Woodlake Manor                          170,000          (45,000)      1989             Completed            30


Yreka Investment Group                  153,000           (7,000)      1989             Completed            50
                                     ----------        ----------

                                   $  1,736,000       $ (425,000)
                                     ==========        ==========
</TABLE>

                                       35
<PAGE>

WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
December 31, 1998

<TABLE>
<CAPTION>

                              -----------------------------------------------------------------------------------------------------
                                                                   As of December 31, 1998
                              -----------------------------------------------------------------------------------------------------

                              Partnership's Total    Amount of      Encumbrances of
Partnership                   Investment in Local    Investment     Local Limited      Property         Accumulated
Name             Location     Limited Partnerships   Paid to Date   Partnerships       and Equipment    Depreciation  Net Book Value
-----------------------------------------------------------------------------------------------------------------------------------
<S>             <C>          <C>                    <C>            <C>                <C>              <C>           <C>

Alta Vista       Orosi,
Investors        California   $     583,000          $    583,000   $   1,440,000     $   2,038,000     $   636,000   $   1,402,000


BCA              Anderson,
Associates       California         514,000               514,000       1,429,000         2,014,000         471,000       1,543,000

Cloverdale
Garden           Cloverdale,
Apartments       California         617,000               617,000       1,642,000         2,136,000         375,000       1,761,000

Countryway       Mendota,
Associates       California         571,000               571,000       1,481,000         2,085,000         668,000       1,417,000

East Garden      Jamestown,
Apartments       California         770,000               770,000       2,161,000         2,886,000         499,000       2,387,000

HPA              Shafter,
Investors        California         538,000               538,000       1,516,000         2,158,000         489,000       1,669,000

Knights          Knights
Landing          Landing,
Harbor           California         275,000               275,000         986,000         1,345,000         312,000       1,033,000

Midland
Manor            Mendota,
Associates       California         383,000               383,000       1,431,000         1,821,000         512,000       1,309,000

San Jacinto      San Jacinto,
Associates       California         469,000               469,000       1,790,000         2,349,000         374,000       1,975,000

Woodlake         Woodlake,
Manor            California         545,000               545,000       1,460,000         2,108,000         667,000       1,441,000

Yreka
Investment       Yreka,
Group            California         538,000               538,000       1,475,000         2,043,000         417,000       1,626,000
                                -----------            ----------     -----------       -----------      ----------     -----------

                              $   5,803,000          $  5,803,000   $  16,811,000     $  22,983,000     $ 5,420,000   $  17,563,000
                                ===========            ==========     ===========       ===========      ==========     ===========
</TABLE>
                                       36
<PAGE>

WNC California Housing Tax Credits, L.P.
Schedule III
Real Estate Owned by Local Limited Partnerships
December 31, 1998

<TABLE>
<CAPTION>

                                   ------------------------------------------------------------------------------------------------
                                                                       For the year ended December 31, 1998
                                   ------------------------------------------------------------------------------------------------
                                                                       Year Investment                      Estimated Useful Life
Partnership Name                   Rental Income      Net Loss         Acquired         Status              (Years)
-----------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>                <C>              <C>              <C>                  <C>

Alta Vista Investors               $    153,000       $  (47,000)      1989             Completed            27.5


BCA Associates                          151,000          (16,000)      1989             Completed            40


Cloverdale Garden Apartments            176,000          (25,000)      1989             Completed            40


Countryway Associates                   167,000          (34,000)      1989             Completed            27.5


East Garden Apartments                  218,000          (42,000)      1989             Completed            40


HPA Investors                           161,000          (63,000)      1989             Completed            40


Knights Landing Harbor                  118,000          (21,000)      1989             Completed            40


Midland Manor Associates                151,000          (45,000)      1990             Completed            27.5


San Jacinto Associates                  118,000          (80,000)      1990             Completed            50


Woodlake Manor                          170,000          (45,000)      1989             Completed            30


Yreka Investment Group                  153,000           (7,000)      1989             Completed            50
                                     ----------        ----------

                                   $  1,736,000       $ (425,000)
                                     ==========        ==========
</TABLE>
                                       37
<PAGE>


Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


WNC CALIFORNIA HOUSING TAX CREDITS, L.P.

By:  WNC & Associates, Inc., General Partner


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

Date:  June 29, 2000


By:  /s/ Michael L. Dickenson
Michael  L.  Dickenson,  Vice-President  -  Chief  Financial  Officer  of  WNC &
Associates, Inc.

Date:  June 29, 2000


By:  /s/ Wilfred N. Cooper, Sr.
Wilfred N. Cooper, Sr., General Partner

Date:  June 29, 2000

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

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

Date:  June 29, 2000



By: /s/ John B. Lester, Jr.
John B. Lester, Jr., Director of WNC & Associates, Inc.

Date:  June 29, 2000


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

Date:  June 29, 2000

                                       38