UNITED
STATES

SECURITIES
AND EXCHANGE COMMISSION

Washington,
D.C. 20549



FORM
10-Q



(Mark One)



[X] QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarterly
period ended June 30, 2007

For the quarterly
period ended September 30, 2007

For the quarterly
period ended December 31, 2007



OR



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



For the transition
period from ________ to ___________



Commission
file number: 0-21897



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



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



17782 Sky
Park Circle, Irvine, CA 92614

( Address
of principle executive offices )



(714) 622-5565

(Telephone
Number)



Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.



Yes [  ] No [X]



Indicate by check mark whether
the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or
for such shorter period that the registrant was required to submit and post such files).



Yes [  ] No [X]



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



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



Indicate by check mark whether
the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).



Yes [  ] No [X]
















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

(A California
Limited Partnership)



INDEX
TO FORM 10-Q



For the
Quarterly periods Ended June 30, 2007, September 30, 2007

and December
31, 2007



|PART I. FINANCIAL INFORMATION                                                                     |  |    
|------------------------------------------------------------------------------------------------- |  | ---
|                                                                                                  |  |    
|Item 1. Financial Statements                                                                      |  | F-1
|                                                                                                  |  |    
|Condensed Balance Sheets                                                                          |  |    
|As of June 30, 2007, September
    30, 2007, December 31, 2007 and March 31, 2007                 |  | F-1
|                                                                                                  |  |    
|Condensed Statements of Operations                                                                |  |    
|For the Three Months Ended June 30,
    2007 and 2006                                             |  | F-2
|For the Three and Six Months Ended September
    30, 2007 and 2006                                |  | F-3
|For the Three and Nine Months Ended
    December 31, 2007 and 2006                                |  | F-4
|                                                                                                  |  |    
|Condensed Statements of Partners’
    Equity (Deficit)                                            |  |    
|For the Three Months Ended June 30,
    2007                                                      |  | F-5
|For the Six Months Ended September 30,
    2007                                                   |  | F-5
|For the Nine Months Ended December 31,
    2007                                                   |  | F-5
|                                                                                                  |  |    
|Condensed Statements of Cash Flows                                                                |  |    
|For the Three Months Ended June 30,
    2007 and 2006                                             |  | F-6
|For the Six Months Ended September 30,
    2007 and 2006                                          |  | F-7
|For the Nine Months Ended December 31,
    2007 and 2006                                          |  | F-8
|                                                                                                  |  |    
|Notes to Condensed Financial Statements                                                           |  | F-9
|                                                                                                  |  |    
|Item 2. Management’s Discussion
    and Analysis of Financial Condition and Results of Operations |  | 3  
|                                                                                                  |  |    
|Item 3. Quantitative and Qualitative
    Disclosures About Market Risk 35                         |  | 7  
|                                                                                                  |  |    
|Item 4. Controls and Procedures 35                                                                |  | 7  
|                                                                                                  |  |    
|PART II. OTHER INFORMATION                                                                        |  |    
|                                                                                                  |  |    
|Item 1. Legal Proceedings                                                                         |  | 9  
|                                                                                                  |  |    
|Item 1A. Risk Factors                                                                             |  | 9  
|                                                                                                  |  |    
|Item 2. Unregistered Sales of Equity
    Securities and Use of Proceeds                           |  | 9  
|                                                                                                  |  |    
|Item 3. Defaults Upon Senior Securities                                                           |  | 9  
|                                                                                                  |  |    
|Item 4. Mine Safety Disclosures                                                                   |  | 9  
|                                                                                                  |  |    
|Item 5. Other Information                                                                         |  | 9  
|                                                                                                  |  |    
|Item 6. Exhibits.                                                                                 |  | 9  
|                                                                                                  |  |    
|Signatures                                                                                        |  | 10 



2







PART
I. FINANCIAL INFORMATION



Item
1. Financial Statements



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

(A California
Limited Partnership)



CONDENSED
BALANCE SHEETS

(unaudited)



|                                                                                                            |  | June 30, 2007 |           |   | September 30, 2007 |   |           | December 31, 2007 |  |   | March 31, 2007 |  
|----------------------------------------------------------------------------------------------------------- |  | ------------- | --------- | - | ------------------ | - | --------- | ----------------- |  | - | -------------- | -
|ASSETS                                                                                                      |  |               |           |   |                    |   |           |                   |  |   |                |  
|Cash                                                                                                        |  | $             | 174,379   |   |                    | $ | 98,179    |                   |  | $ | 92             |  
|Prepaid expenses                                                                                            |  |               | 4,656     |   |                    |   | 2,031     |                   |  |   | -              |  
|Investments in Local Limited Partnerships, net (Notes
    2 and 3)                                          |  |               | 2,552,310 |   |                    |   | 2,352,806 |                   |  |   | 2,165,252      |  
|Due from affiliates, net                                                                                    |  |               | 574       |   |                    |   | 574       |                   |  |   | 574            |  
|                                                                                                            |  |               |           |   |                    |   |           |                   |  |   |                |  
|Total Assets                                                                                                |  | $             | 2,731,919 |   |                    | $ | 2,453,590 |                   |  | $ | 2,165,918      |  
|                                                                                                            |  |               |           |   |                    |   |           |                   |  |   |                |  
|LIABILITIES AND PARTNERS’
    EQUITY (DEFICIT)                                                              |  |               |           |   |                    |   |           |                   |  |   |                |  
|                                                                                                            |  |               |           |   |                    |   |           |                   |  |   |                |  
|Liabilities:                                                                                                |  |               |           |   |                    |   |           |                   |  |   |                |  
|Payables to Local Limited Partnerships (Note
    4)                                                         |  | $             | 39,310    |   |                    | $ | 39,310    |                   |  | $ | 39,310         |  
|Accrued fees and expenses due to                                                                            |  |               |           |   |                    |   |           |                   |  |   |                |  
|General Partner and affiliates (Note 3)                                                                     |  |               | 35,469    |   |                    |   | 26,199    |                   |  |   | 37,891         |  
|                                                                                                            |  |               |           |   |                    |   |           |                   |  |   |                |  
|Total Liabilities                                                                                           |  |               | 74,779    |   |                    |   | 65,509    |                   |  |   | 77,201         |  
|                                                                                                            |  |               |           |   |                    |   |           |                   |  |   |                |  
|Partners’ Equity (Deficit):                                                                                 |  |               |           |   |                    |   |           |                   |  |   |                |  
|General Partner                                                                                             |  |               | (192,489  | ) |                    |   | (195,180  | )                 |  |   | (198,174       | )
|Limited Partners (25,000 Partnership Units
    authorized; 21,990 Partnership Units issued and outstanding) |  |               | 2,849,629 |   |                    |   | 2,583,261 |                   |  |   | 2,286,891      |  
|                                                                                                            |  |               |           |   |                    |   |           |                   |  |   |                |  
|Total Partners’ Equity (Deficit)                                                                            |  |               | 2,657,140 |   |                    |   | 2,388,081 |                   |  |   | 2,088,717      |  
|Total Liabilities and Partners’
    Equity (Deficit)                                                        |  | $             | 2,731,919 |   |                    | $ | 2,453,590 |                   |  | $ | 2,165,918      |  





See accompanying
notes to condensed financial statements



F-1







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

(A California
Limited Partnership)



CONDENSED
STATEMENTS OF OPERATIONS



For the
Three Months Ended June 30, 2007 and 2006

(unaudited)



|                                                                 |  | 2007             |            |   | 2006             |  
|---------------------------------------------------------------- |  | ---------------- | ---------- | - | ---------------- | -
|                                                                 |  | Three
    Months |            |   | Three
    Months |  
|Reporting fees                                                   |  | $                | -          |   |                  | $
|Distribution income                                              |  |                  | 2,983      |   |                  |  
|                                                                 |  |                  |            |   |                  |  
|Total operating income                                           |  |                  | 2,983      |   |                  |  
|                                                                 |  |                  |            |   |                  |  
|Operating expenses and loss:                                     |  |                  |            |   |                  |  
|Amortization (Note 3)                                            |  |                  | 12,630     |   |                  |  
|Asset management fees (Note 3)                                   |  |                  | 15,125     |   |                  |  
|Impairment loss (Note 2)                                         |  |                  | 2,184,054  |   |                  |  
|Legal and accounting fees                                        |  |                  | 1,284      |   |                  |  
|Write off of advances to Local Limited Partnerships (Note
    5) |  |                  | 54,937     |   |                  |  
|Other                                                            |  |                  | 2,570      |   |                  |  
|                                                                 |  |                  |            |   |                  |  
|Total operating expenses and loss                                |  |                  | 2,270,600  |   |                  |  
|                                                                 |  |                  |            |   |                  |  
|Loss from operations                                             |  |                  | (2,267,617 | ) |                  |  
|                                                                 |  |                  |            |   |                  |  
|Equity in losses of Local Limited Partnerships
    (Note 2)      |  |                  | (190,402   | ) |                  |  
|                                                                 |  |                  |            |   |                  |  
|Interest income                                                  |  |                  | 175        |   |                  |  
|                                                                 |  |                  |            |   |                  |  
|Net loss                                                         |  | $                | (2,457,844 | ) |                  | $
|                                                                 |  |                  |            |   |                  |  
|Net loss allocated to:                                           |  |                  |            |   |                  |  
|General Partner                                                  |  | $                | (24,578    | ) |                  | $
|                                                                 |  |                  |            |   |                  |  
|Limited Partners                                                 |  | $                | (2,433,266 | ) |                  | $
|                                                                 |  |                  |            |   |                  |  
|Net loss per Partnership Unit                                    |  | $                | (111       | ) |                  | $
|                                                                 |  |                  |            |   |                  |  
|Outstanding weighted Partnership Units                           |  |                  | 21,990     |   |                  |  



See accompanying
notes to condensed financial statements



F-2







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

(A California
Limited Partnership)



CONDENSED
STATEMENTS OF OPERATIONS



For the
Three and Six Months Ended

September
30, 2007 and 2006

(unaudited)



|                                                                 |  | 2007   |          |   | 2006   |  
|---------------------------------------------------------------- |  | ------ | -------- | - | ------ | -
|                                                                 |  | Three  |          |   | Six    |  
|                                                                 |  | Months |          |   | Months |  
|                                                                 |  |        |          |   |        |  
|Reporting fees                                                   |  | $      | 29,036   |   |        | $
|Distribution income                                              |  |        | -        |   |        |  
|                                                                 |  |        |          |   |        |  
|Total operating income                                           |  |        | 29,036   |   |        |  
|                                                                 |  |        |          |   |        |  
|Operating expenses and loss:                                     |  |        |          |   |        |  
|Amortization (Note 3)                                            |  |        | 3,821    |   |        |  
|Asset management fees (Note 3)                                   |  |        | 15,125   |   |        |  
|Impairment loss (Note 2)                                         |  |        | -        |   |        |  
|Legal and accounting fees                                        |  |        | 7,280    |   |        |  
|Write off of advances to Local Limited Partnerships
    (Note 5) |  |        | 87,013   |   |        |  
|Other                                                            |  |        | 1,196    |   |        |  
|Total operating expenses and loss                                |  |        | 114,435  |   |        |  
|                                                                 |  |        |          |   |        |  
|Loss from operations                                             |  |        | (85,399  | ) |        |  
|                                                                 |  |        |          |   |        |  
|Equity in losses of Local Limited Partnerships
    (Note 2)      |  |        | (183,733 | ) |        |  
|                                                                 |  |        |          |   |        |  
|Interest income                                                  |  |        | 73       |   |        |  
|                                                                 |  |        |          |   |        |  
|Net loss                                                         |  | $      | (269,059 | ) |        | $
|                                                                 |  |        |          |   |        |  
|Net loss allocated to:                                           |  |        |          |   |        |  
|General Partner                                                  |  | $      | (2,691   | ) |        | $
|                                                                 |  |        |          |   |        |  
|Limited Partners                                                 |  | $      | (266,368 | ) |        | $
|                                                                 |  |        |          |   |        |  
|Net loss per Partnership Unit                                    |  | $      | (12      | ) |        | $
|                                                                 |  |        |          |   |        |  
|Outstanding weighted Partnership Units                           |  |        | 21,990   |   |        |  



See accompanying
notes to condensed financial statements



F-3







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

(A California
Limited Partnership)



CONDENSED
STATEMENTS OF OPERATIONS



For the
Three and Nine Months Ended

December
31, 2007 and 2006

(unaudited)



|                                                                 |  | 2007   |          |   | 2006   |  
|---------------------------------------------------------------- |  | ------ | -------- | - | ------ | -
|                                                                 |  | Three  |          |   | Nine   |  
|                                                                 |  | Months |          |   | Months |  
|                                                                 |  |        |          |   |        |  
|Reporting fees                                                   |  | $      | -        |   |        | $
|Distribution income                                              |  |        | -        |   |        |  
|                                                                 |  |        |          |   |        |  
|Total operating income                                           |  |        | -        |   |        |  
|                                                                 |  |        |          |   |        |  
|Operating expenses and loss:                                     |  |        |          |   |        |  
|Amortization (Note 3)                                            |  |        | 3,821    |   |        |  
|Asset management fees (Note 3)                                   |  |        | 15,125   |   |        |  
|Impairment loss (Note 2)                                         |  |        | -        |   |        |  
|Legal and accounting fees                                        |  |        | 2,691    |   |        |  
|Write off of advances to Local Limited Partnerships
    (Note 5) |  |        | 93,864   |   |        |  
|Other                                                            |  |        | 132      |   |        |  
|                                                                 |  |        |          |   |        |  
|Total operating expenses and loss                                |  |        | 115,633  |   |        |  
|                                                                 |  |        |          |   |        |  
|Loss from operations                                             |  |        | (115,633 | ) |        |  
|                                                                 |  |        |          |   |        |  
|Equity in losses of Local Limited Partnerships
    (Note 2)      |  |        | (183,734 | ) |        |  
|                                                                 |  |        |          |   |        |  
|Interest income                                                  |  |        | 3        |   |        |  
|                                                                 |  |        |          |   |        |  
|Net loss                                                         |  | $      | (299,364 | ) |        | $
|                                                                 |  |        |          |   |        |  
|Net loss allocated to:                                           |  |        |          |   |        |  
|General Partner                                                  |  | $      | (2,994   | ) |        | $
|                                                                 |  |        |          |   |        |  
|Limited Partners                                                 |  | $      | (296,370 | ) |        | $
|                                                                 |  |        |          |   |        |  
|Net loss per Partnerships Units                                  |  | $      | (13      | ) |        | $
|                                                                 |  |        |          |   |        |  
|Outstanding weighted Partnership Units                           |  | $      | 21,990   |   |        | $



See accompanying
notes to condensed financial statements



F-4







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

(A California
Limited Partnership)



CONDENSED
STATEMENTS OF PARTNERS’ EQUITY (DEFICIT)



For the
Three Months Ended June 30, 2007, Six Months Ended September 30, 2007

And Nine
Months Ended December 31, 2007

(unaudited)



For
the Three Months Ended June 30, 2007



|                                                 |  | General |          |   | Limited  |   |            |       | 
|------------------------------------------------ |  | ------- | -------- | - | -------- | - | ---------- | ----- | 
|                                                 |  | Partner |          |   | Partners |   |            | Total | 
|                                                 |  |         |          |   |          |   |            |       | 
|Partners’ equity (deficit) at March
    31, 2007 |  | $       | (167,911 | ) |          | $ | 5,282,895  |       | 
|                                                 |  |         |          |   |          |   |            |       | 
|Net loss                                         |  |         | (24,578  | ) |          |   | (2,433,266 | )     | 
|                                                 |  |         |          |   |          |   |            |       | 
|Partners’ equity (deficit) at June 30,
    2007  |  | $       | (192,489 | ) |          | $ | 2,849,629  |       | 



For
the Six Months Ended September 30, 2007



|                                                     |  | General |          |   | Limited  |   |            |       | 
|---------------------------------------------------- |  | ------- | -------- | - | -------- | - | ---------- | ----- | 
|                                                     |  | Partner |          |   | Partners |   |            | Total | 
|                                                     |  |         |          |   |          |   |            |       | 
|Partners’ equity (deficit) at March
    31, 2007     |  | $       | (167,911 | ) |          | $ | 5,282,895  |       | 
|                                                     |  |         |          |   |          |   |            |       | 
|Net loss                                             |  |         | (27,269  | ) |          |   | (2,699,634 | )     | 
|                                                     |  |         |          |   |          |   |            |       | 
|Partners’ equity (deficit) at September
    30, 2007 |  | $       | (195,180 | ) |          | $ | 2,583,261  |       | 



For
the Nine Months Ended December 31, 2007



|                                                    |  | General |          |   | Limited  |   |            |       | 
|--------------------------------------------------- |  | ------- | -------- | - | -------- | - | ---------- | ----- | 
|                                                    |  | Partner |          |   | Partners |   |            | Total | 
|                                                    |  |         |          |   |          |   |            |       | 
|Partners’ equity (deficit) at March
    31, 2007    |  | $       | (167,911 | ) |          | $ | 5,282,895  |       | 
|                                                    |  |         |          |   |          |   |            |       | 
|Net loss                                            |  |         | (30,263  | ) |          |   | (2,996,004 | )     | 
|                                                    |  |         |          |   |          |   |            |       | 
|Partners’ equity (deficit) at December
    31, 2007 |  | $       | (198,174 | ) |          | $ | 2,286,891  |       | 



See accompanying
notes to condensed financial statements



F-5







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

(A California
Limited Partnership)



CONDENSED
STATEMENTS OF CASH FLOWS



For the
Three Months Ended June 30, 2007 and 2006

(unaudited)



|                                                                                |  | 2007 |            |   | 2006 |  
|------------------------------------------------------------------------------- |  | ---- | ---------- | - | ---- | -
|Cash flows from operating activities:                                           |  |      |            |   |      |  
|Net loss                                                                        |  | $    | (2,457,844 | ) |      | $
|Adjustments to reconcile net loss to net cash
    used in operating activities: |  |      |            |   |      |  
|Amortization                                                                    |  |      | 12,630     |   |      |  
|Impairment loss                                                                 |  |      | 2,184,054  |   |      |  
|Equity in losses of Local Limited Partnerships                                  |  |      | 190,402    |   |      |  
|(Increase) decrease in prepaid expenses                                         |  |      | 2,625      |   |      |  
|Increase in accrued fees and expenses
    due to General Partner and affiliates |  |      | 3,855      |   |      |  
|                                                                                |  |      |            |   |      |  
|Net cash used in operating activities                                           |  |      | (64,278    | ) |      |  
|                                                                                |  |      |            |   |      |  
|Cash flows from investing activities:                                           |  |      |            |   |      |  
|Advances made to Local Limited Partnerships                                     |  |      | (54,937    | ) |      |  
|Write off of advances made to Local Limited
    Partnerships                    |  |      | 54,937     |   |      |  
|Distributions received from Local Limited
    Partnerships                      |  |      | 2,802      |   |      |  
|Net cash provided by investing activities                                       |  |      | 2,802      |   |      |  
|                                                                                |  |      |            |   |      |  
|Net decrease in cash                                                            |  |      | (61,476    | ) |      |  
|                                                                                |  |      |            |   |      |  
|Cash, beginning of period                                                       |  |      | 235,855    |   |      |  
|                                                                                |  |      |            |   |      |  
|Cash, end of period                                                             |  | $    | 174,379    |   |      | $
|                                                                                |  |      |            |   |      |  
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                               |  |      |            |   |      |  
|                                                                                |  |      |            |   |      |  
|Taxes paid                                                                      |  | $    | -          |   |      | $



See accompanying
notes to condensed financial statements



F-6







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

(A California
Limited Partnership)



CONDENSED
STATEMENTS OF CASH FLOWS



For the
Six Months Ended September 30, 2007 and 2006

(unaudited)



|                                                                                           |  | 2007 |            |   | 2006 |  
|------------------------------------------------------------------------------------------ |  | ---- | ---------- | - | ---- | -
|Cash flows from operating activities:                                                      |  |      |            |   |      |  
|Net loss                                                                                   |  | $    | (2,726,903 | ) |      | $
|Adjustments to reconcile net loss to net cash
    used in operating activities:            |  |      |            |   |      |  
|Amortization                                                                               |  |      | 16,451     |   |      |  
|Impairment loss                                                                            |  |      | 2,184,054  |   |      |  
|Equity in losses of Local Limited Partnerships                                             |  |      | 374,135    |   |      |  
|(Increase) decrease in prepaid expenses                                                    |  |      | 5,250      |   |      |  
|Increase (decrease) in accrued fees and
    expenses due to General Partner and affiliates |  |      | (5,415     | ) |      |  
|                                                                                           |  |      |            |   |      |  
|Net cash used in operating activities                                                      |  |      | (152,428   | ) |      |  
|                                                                                           |  |      |            |   |      |  
|Cash flows from in investing activities:                                                   |  |      |            |   |      |  
|Advances made to Local Limited Partnerships                                                |  |      | (141,950   | ) |      |  
|Write off of advances made to Local Limited
    Partnerships                               |  |      | 141,950    |   |      |  
|Distributions received from Local Limited
    Partnerships                                 |  |      | 14,752     |   |      |  
|                                                                                           |  |      |            |   |      |  
|Net cash provided by investing activities                                                  |  |      | 14,752     |   |      |  
|                                                                                           |  |      |            |   |      |  
|Net decrease in cash                                                                       |  |      | (137,676   | ) |      |  
|                                                                                           |  |      |            |   |      |  
|Cash, beginning of period                                                                  |  |      | 235,855    |   |      |  
|                                                                                           |  |      |            |   |      |  
|Cash, end of period                                                                        |  | $    | 98,179     |   |      | $
|                                                                                           |  |      |            |   |      |  
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                                          |  |      |            |   |      |  
|                                                                                           |  |      |            |   |      |  
|Taxes paid                                                                                 |  | $    | -          |   |      | $



See accompanying
notes to condensed financial statements



F-7







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

(A California
Limited Partnership)



CONDENSED
STATEMENTS OF CASH FLOWS



For the
Nine Months Ended December 31, 2007 and 2006

(unaudited)



|                                                                                           |  | 2007 |            |   | 2006 |  
|------------------------------------------------------------------------------------------ |  | ---- | ---------- | - | ---- | -
|Cash flows from operating activities:                                                      |  |      |            |   |      |  
|Net loss                                                                                   |  | $    | (3,026,267 | ) |      | $
|Adjustments to reconcile net loss to net cash
    used in operating activities:            |  |      |            |   |      |  
|Amortization                                                                               |  |      | 20,272     |   |      |  
|Impairment loss                                                                            |  |      | 2,184,054  |   |      |  
|Equity in losses of Local Limited Partnerships                                             |  |      | 557,869    |   |      |  
|(Increase) decrease in prepaid expenses                                                    |  |      | 7,281      |   |      |  
|Increase (decrease) in accrued fees and
    expenses due to General Partner and affiliates |  |      | 6,277      |   |      |  
|                                                                                           |  |      |            |   |      |  
|Net cash used in operating activities                                                      |  |      | (250,514   | ) |      |  
|                                                                                           |  |      |            |   |      |  
|Cash flows from investing activities:                                                      |  |      |            |   |      |  
|Advances made to Local Limited Partnerships                                                |  |      | (235,814   | ) |      |  
|Write off of advances made to Local Limited
    Partnerships                               |  |      | 235,814    |   |      |  
|Repayment of advances made to Local Limited
    Partnerships                               |  |      | -          |   |      |  
|Distributions received from Local Limited
    Partnerships                                 |  |      | 14,751     |   |      |  
|                                                                                           |  |      |            |   |      |  
|Net cash provided by investing activities                                                  |  |      | 14,751     |   |      |  
|                                                                                           |  |      |            |   |      |  
|Net decrease in cash                                                                       |  |      | (235,763   | ) |      |  
|                                                                                           |  |      |            |   |      |  
|Cash, beginning of period                                                                  |  |      | 235,855    |   |      |  
|                                                                                           |  |      |            |   |      |  
|Cash, end of period                                                                        |  | $    | 92         |   |      | $
|                                                                                           |  |      |            |   |      |  
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                                          |  |      |            |   |      |  
|                                                                                           |  |      |            |   |      |  
|Taxes paid                                                                                 |  | $    | -          |   |      | $



See accompanying
notes to condensed financial statements



F-8







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



General



The accompanying condensed unaudited
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America
for interim financial information and with the instructions to Form 10-Q for quarterly reports under Section 13 or 15(d) of the
Securities Exchange Act of 1934. Accordingly, they do not include all of the information and footnotes required by accounting
principles generally accepted in the United States of America for complete financial statements. In the opinion of management,
all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating
results for the three months ended June 30, 2007, six months ended September 30, 2007 and nine months ended December 31, 2007
are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2008. For further information,
refer to the financial statements and footnotes thereto included in the Partnership’s annual report on Form 10-K for the
fiscal year ended March 31, 2007.



Organization



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



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



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



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



The
partnership agreement authorized the sale of up to 25,000 units of limited partnership interest (“Partnership Units”)
at $1,000 per Partnership Unit. The offering of Partnership Units concluded on July 11, 1997 at which time 22,000 Partnership
Units representing subscriptions in the amount of $21,914,830, net of discounts of $79,550 for volume purchases and $5,620 for
dealer discounts, had been accepted. As of all periods presented, 21,990 Partnership Units remain outstanding. The General Partner
has a 1% interest in operating profits and losses, taxable income and losses and in cash available for distribution from the Partnership
and Low Income Housing Tax Credits. The investors (“Limited Partners”) in the Partnership will be allocated the remaining
99% of these items in proportion to their respective investments.



F-9







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued



The proceeds from the disposition
of any of the Housing Complexes will be used first to pay debts and other obligations per the respective Local Limited Partnership
Agreement. Any remaining proceeds will then be paid to the partners of the Local Limited Partnership, including the Partnership,
in accordance with the terms of the particular Local Limited Partnership Agreement. The sale of a Housing Complex may be subject
to other restrictions and obligations. Accordingly, there can be no assurance that a Local Limited Partnership will be able to
sell its Housing Complex. Even if it does so, there can be no assurance that any significant amounts of cash will be distributed
to the Partnership. Should such distributions occur, the Limited Partners will be entitled to receive distributions from the proceeds
remaining after payment of Partnership obligations and funding reserves, equal to their capital contributions and their return
on investment (as defined in the Partnership Agreement). The General Partner would then be entitled to receive proceeds equal
to their capital contributions from the remainder. Any additional sale or refinancing proceeds will be distributed 90% to the
Limited Partners (in proportion to their respective investments) and 10% to the General Partner.



Risks
and Uncertainties



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



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



The Partnership has invested in
a limited number of Local Limited Partnerships. Such limited diversity means that the results of operation of each single Housing
Complex will have a greater impact on the Partnership. With limited diversity, poor performance of one Housing Complex could impair
the Partnership’s ability to satisfy its investment objectives. Each Housing Complex is subject to mortgage indebtedness.
If a Local Limited Partnership failed to pay its mortgage, it could lose its Housing Complex in foreclosure. If foreclosure were
to occur during the first 15 years (the “Compliance Period”), the loss of any remaining future Low Income Housing
Tax Credits, a fractional recapture of prior Low Income Housing Tax Credits, and a loss of the Partnership’s investment
in the Housing Complex would occur. The Partnership is a limited partner of each Local Limited Partnership. Accordingly, the Partnership
will have very limited rights with respect to management of the Local Limited Partnerships. The Partnership will rely totally
on the Local General Partners. Neither the Partnership’s investments in Local Limited Partnerships, nor the Local Limited
Partnerships’ investments in Housing Complexes, are readily marketable. To the extent the Housing Complexes receive government
financing or operating subsidies, they may be subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations on cash distributions; limitations on sales or
refinancing of Housing Complexes; limitations on transfers of interests in Local Limited Partnerships; limitations on removal
of Local General Partners; limitations on subsidy programs; and possible changes in applicable regulations. Uninsured casualties
could result in loss of property and Low Income Housing Tax Credits and recapture of Low Income Housing Tax Credits previously
taken. The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation,
tax, environmental, land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among
others.



F-10







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December 31, 2007

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued



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



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



As of September 30 and December
31, 2007, the Partnership has insufficient working capital to fund its operations. Associates has agreed to continue providing
advances sufficient enough to fund the operations and working capital requirements of the Partnership through November 30, 2014.



Exit Strategy



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



Upon the sale of a Local Limited
Partnership Interest or Housing Complex after the end of the Compliance Period, there would be no recapture of Low Income Housing
Tax Credits. A sale prior to the end of the Compliance Period could result in recapture if certain conditions are not met. None
of the Housing Complexes have completed their 15-year Compliance Period.



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



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



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



F-11







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 1 - SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES, continued



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



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



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



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



F-12







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December 31, 2007

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued



The following table represents
the use of the cash proceeds from the disposition of the Local Limited Partnerships that were disposed of subsequent to the year
ended December 31, 2007:



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



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



|Local
    Limited
    Partnership |  | Expected
    closing date |  | Appraisal
    value |           |  | Mortgage
    balance of
    Local Limited
    Partnership |   |           | Estimated
    sales price |  |   | Appraisal
    expense |  |  | Estimated
    gain on sale |      
|--------------------------------- |  | ------------------------- |  | ------------------- | --------- |  | --------------------------------------------------------- | - | --------- | ------------------------- |  | - | --------------------- |  |  | -------------------------- | -----
|Ashford Place Limited Partnership |  | 01/31/2014                |  | $                   | 2,560,000 |  |                                                           | $ | 2,612,803 |                           |  | $ | 5,000                 |  |  | $                          | 3,000
|Cleveland Apartments, L.P         |  | 12/31/2013                |  |                     | 1,070,000 |  |                                                           |   | 1,471,060 |                           |  |   | 50,000                |  |  |                            | -    



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



F-13







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 1 - SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES, continued



Method of Accounting for Investments
in Local Limited Partnerships



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



“Equity in losses of Local
Limited Partnerships” for each year ended of the periods June 30, September 30 and December 31, 2007 and 2006 has been recorded
by the Partnership. Management’s estimate for the three, six and nine month periods is based on either actual unaudited
results reported by the Local Limited Partnerships or historical trends in the operations of the Local Limited Partnerships. Equity
in losses from the Local Limited Partnerships allocated to the Partnership is not recognized to the extent that the investment
balance would be adjusted below zero. If the Local Limited Partnerships report net income in future years, the Partnership will
resume applying the equity method only after its share of such net income equals the share of the net losses not recognized during
the period(s) the equity method was suspended. For the three, six and nine months ended June 30, September 30 and December 31,
2007, respectively, as soon as the investment balance reached zero, the related costs for acquiring the investment were written
off.



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



F-14







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 1 - SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES, continued



Distributions received from the
Local Limited Partnerships are accounted for as a reduction of the investment balance. Distributions received after the investment
has reached zero are recognized as distribution income. As of June 30, 2007, September 30, 2007, December 31, 2007, and March
31, 2007 five, five, five and three, investment accounts in Local Limited Partnerships, respectively, had reached a zero balance.



Use of Estimates



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



Cash and Cash Equivalents



The Partnership considers all
highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. For all periods
presented, the Partnership had no cash equivalents.



Reporting
Comprehensive Income



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



Concentration of Credit Risk



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



Income Taxes



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



Net Loss Per Partnership Unit



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



F-15







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 1 - SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES, continued



Impairment



The Partnership reviews its investments
in Local Limited Partnerships for impairment at least annually or whenever events or changes in circumstances indicate that the
carrying value of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of
the investment to the sum of the total amount of the remaining Low Income Housing Tax Credits allocated to the Partnership and
any estimated residual value of the investment. Impairment loss for the three months ended June 30, 2007 and 2006 was $1,523,081
and $1,186,381, respectively. For the six months ended September 30, 2007 and 2006, impairment loss of $1,523,081 and $1,186,381,
respectively, was recorded. Impairment loss for the nine months ended December 31, 2007 and 2006 was $1,523,081 and $1,186,381,
respectively.



For the three, six and nine months
ended June 30, September 30 and December 31, 2007, respectively, the Partnership also evaluates its intangibles for impairment
in connection with its investments in Local Limited Partnerships. Impairment on the intangibles is measured by comparing the Partnership’s
total investment balance after impairment of investments in Local Limited Partnerships to the sum of the total of the remaining
Low Income Housing Tax Credits allocated to the Partnership and any estimated residual value of the investments. During the three
months ended June 30, 2007 an impairment loss of $660,973 was recorded against the related intangibles. During the six months
ended September 30, 2007 an impairment loss of $660,973 was recorded against the related intangibles. During the nine months ended
December 31, 2007 an impairment loss of $660,973 was recorded against the related intangibles.



For the three, six and nine months
ended June 30, September 30 and December 31, 2006, respectively, when the value of the Partnership’s investment had been
reduced to zero, the respective net acquisition fees and costs component of investments in Local Limited Partnerships were written
off. No such write off was recorded for any of the periods presented.



Amortization



Acquisition fees and costs were
being amortized over 30 years using the straight-line method. Amortization expense for the three months ended June 30, 2007 and
2006 was $12,630 and $13,590, respectively. For the six months ended September 30, 2007 and 2006 amortization expense was $16,451
and $27,180, respectively. For the nine months ended December 31, 2007 and 2006 amortization expense was $20,272 and $40,770,
respectively.



Revenue Recognition



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



F-16







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 2 - INVESTMENTS IN
LOCAL LIMITED PARTNERSHIPS



As
of all periods presented, the Partnership has acquired limited partnership interests in fourteen Local Limited Partnerships, each
of which owns one Housing Complex consisting of an aggregate of 785 apartment units. The respective Local General Partners of
the Local Limited Partnerships manage the day to day operations of the entities. Significant Local Limited Partnership business
decisions, as defined, require approval from the Partnership. The Partnership, as a Limited Partner, is generally entitled to
98.98% to 99.98%, except for one Local Limited Partnership which the Partnership is entitled to 49.50%, as specified in the Local
Limited Partnership agreements, of the operating profits and losses, taxable income and losses, and Low Income Housing Tax Credits
of the Local Limited Partnerships.



The Partnership reviews its investments
in Local Limited Partnerships for impairment at least annually or whenever events or changes in circumstances indicate that the
carrying value of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of
the investment to the sum of the total amount of the remaining Low Income Housing Tax Credits allocated to the Partnership and
any estimated residual value of the investment. Impairment loss for the three months ended June 30, 2007 and 2006 was $1,523,081
and $1,186,381, respectively. For the six months ended September 30, 2007 and 2006, impairment loss of $1,523,081 and $1,186,381,
respectively, was recorded. Impairment loss for the nine months ended December 31, 2007 and 2006 was $1,523,081 and $1,186,381,
respectively.



For the three, six and nine months
ended June 30, September 30 and December 31, 2007, respectively, the Partnership also evaluates its intangibles for impairment
in connection with its investments in Local Limited Partnerships. Impairment on the intangibles is measured by comparing the Partnership’s
total investment balance after impairment of investments in Local Limited Partnerships to the sum of the total of the remaining
Low Income Housing Tax Credits allocated to the Partnership and any estimated residual value of the investments. During the three
months ended June 30, 2007 an impairment loss of $660,973 was recorded against the related intangibles. During the six months
ended September 30, 2007 an impairment loss of $660,973 was recorded against the related intangibles. During the nine months ended
December 31, 2007 an impairment loss of $660,973 was recorded against the related intangibles.



For the three, six and nine months
ended June 30, September 30 and December 31, 2006, respectively, when the value of the Partnership’s investment had been
reduced to zero, the respective net acquisition fees and costs component of investments in Local Limited Partnerships were written
off. No such write off was recorded for any of the periods presented.



F-17







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 2 - INVESTMENTS IN
LOCAL LIMITED PARTNERSHIPS, continued



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



|                                                       |  | For
    the Three Months Ended June 30, 2007 |            |   | For
    the Year Ended March 31, 2007 |  
|------------------------------------------------------ |  | -------------------------------------------- | ---------- | - | ------------------------------------- | -
|Investments per balance sheet, beginning of period     |  | $                                            | 4,942,198  |   |                                       | $
|Impairment loss                                        |  |                                              | (2,184,054 | ) |                                       |  
|Equity in losses of Local Limited Partnerships         |  |                                              | (190,402   | ) |                                       |  
|Distributions received from Local Limited Partnerships |  |                                              | (2,802     | ) |                                       |  
|Amortization of capitalized acquisition fees and costs |  |                                              | (12,630    | ) |                                       |  
|Investments per balance sheet, end of period           |  | $                                            | 2,552,310  |   |                                       | $



|                                                       |  | For
    the Six Months Ended September 30, 2007 |            |   | For
    the Year Ended March 31, 2007 |  
|------------------------------------------------------ |  | ----------------------------------------------- | ---------- | - | ------------------------------------- | -
|Investments per balance sheet, beginning of period     |  | $                                               | 4,942,198  |   |                                       | $
|Impairment loss                                        |  |                                                 | (2,184,054 | ) |                                       |  
|Equity in losses of Local Limited Partnerships         |  |                                                 | (374,135   | ) |                                       |  
|Distributions received from Local Limited Partnerships |  |                                                 | (14,752    | ) |                                       |  
|Amortization of capitalized acquisition fees and costs |  |                                                 | (16,451    | ) |                                       |  
|Investments per balance sheet, end of period           |  | $                                               | 2,352,806  |   |                                       | $



|                                                       |  | For
    the Nine Months Ended December 31, 2007 |            |   | For
    the Year Ended March 31, 2007 |  
|------------------------------------------------------ |  | ----------------------------------------------- | ---------- | - | ------------------------------------- | -
|Investments per balance sheet, beginning of period     |  | $                                               | 4,942,198  |   |                                       | $
|Impairment loss                                        |  |                                                 | (2,184,054 | ) |                                       |  
|Equity in losses of Local Limited Partnerships         |  |                                                 | (557,869   | ) |                                       |  
|Distributions received from Local Limited Partnerships |  |                                                 | (14,751    | ) |                                       |  
|Amortization of capitalized acquisition fees and costs |  |                                                 | (20,272    | ) |                                       |  
|Investments per balance sheet, end of period           |  | $                                               | 2,165,252  |   |                                       | $



F-18







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 2 - INVESTMENTS IN
LOCAL LIMITED PARTNERSHIPS, continued



|                                                                                   |  | For
    the Three
    Months Ended June 30, 2007 |           |  | For
    the Year Ended March 31, 2007 |  
|---------------------------------------------------------------------------------- |  | ------------------------------------------------ | --------- |  | ------------------------------------- | -
|Investments in Local Limited Partnerships, net                                     |  | $                                                | 2,246,638 |  |                                       | $
|Acquisition fees and costs, net of accumulated amortization
    of $0 and $818,633 |  |                                                  | 305,672   |  |                                       |  
|Investments per balance sheet, end of period                                       |  | $                                                | 2,552,310 |  |                                       | $



|                                                                                       |  | For
    the Six
    Months Ended September 30, 2007 |           |  | For
    the Year Ended March 31, 2007 |  
|-------------------------------------------------------------------------------------- |  | --------------------------------------------------- | --------- |  | ------------------------------------- | -
|Investments in Local Limited Partnerships, net                                         |  | $                                                   | 2,050,955 |  |                                       | $
|Acquisition fees and costs, net of accumulated amortization
    of $3,821 and $818,633 |  |                                                     | 301,851   |  |                                       |  
|Investments per balance sheet, end of period                                           |  | $                                                   | 2,352,806 |  |                                       | $



|                                                                                       |  | For
    the Nine
    Months Ended December 31, 2007 |           |  | For
    the Year Ended March 31, 2007 |  
|-------------------------------------------------------------------------------------- |  | --------------------------------------------------- | --------- |  | ------------------------------------- | -
|Investments in Local Limited Partnerships, net                                         |  | $                                                   | 1,867,222 |  |                                       | $
|Acquisition fees and costs, net of accumulated amortization
    of $7,642 and $818,633 |  |                                                     | 298,030   |  |                                       |  
|Investments per balance sheet, end of period                                           |  | $                                                   | 2,165,252 |  |                                       | $



F-19







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 2 - INVESTMENTS IN
LOCAL LIMITED PARTNERSHIPS, continued



Selected financial information
for the three months ended June 30, 2007 and 2006 from the unaudited combined condensed financial statements of the Local Limited
Partnerships in which the Partnership has invested is as follows:





|COMBINED CONDENSED STATEMENTS OF
    OPERATIONS
|-----------------------------------------------
|                                               
|                                               
|Revenues                                       
|Expenses:                                      
|Interest expense                               
|Depreciation and amortization                  
|Operating expenses                             
|Total expenses                                 
|                                               
|Net loss                                       
|Net loss allocable to the Partnership          
|Net loss recorded by the Partnership           



F-20







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 2 - INVESTMENTS IN
LOCAL LIMITED PARTNERSHIPS, continued



Selected financial information
for the six months ended September 30, 2007 and 2006 from the unaudited combined condensed financial statements of the Local Limited
Partnerships in which the Partnership has invested is as follows:







|COMBINED CONDENSED STATEMENTS OF
    OPERATIONS
|-----------------------------------------------
|                                               
|                                               
|Revenues                                       
|Expenses:                                      
|Interest expense                               
|Depreciation and amortization                  
|Operating expenses                             
|Total expenses                                 
|                                               
|Net loss                                       
|Net loss allocable to the Partnership          
|Net loss recorded by the Partnership           



Selected financial information
for the nine months ended December 31, 2007 and 2006 from the unaudited combined condensed financial statements of the Local Limited
Partnerships in which the Partnership has invested is as follows:





|COMBINED CONDENSED STATEMENTS OF OPERATIONS
|-------------------------------------------
|                                           
|                                           
|Revenues                                   
|Expenses:                                  
|Interest expense                           
|Depreciation and amortization              
|Operating expenses                         
|Total expenses                             
|                                           
|Net loss                                   
|Net loss allocable to the Partnership      
|Net loss recorded by the Partnership       



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



F-21







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 2 - INVESTMENTS IN
LOCAL LIMITED PARTNERSHIPS, continued



Troubled
Housing Complexes



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



Although Lamar Plaza was sold
on December 31, 2010 the Local Limited Partnership continued to be monitored since the Compliance Period was not completed until
December 31, 2012. It was revealed in 2011 that the economic occupancy was 94%, indicating a consistent occupancy of above 90%.
However, the asset experienced a temporary reduction in occupancy during the third quarter of 2012, but ended the year with 100%.
The investment balance for Lamar Plaza as of June 30, September 30, December 31, and March 31, 2007 was $56,023, $42,899, $29,774,
and $179,043, respectively. No recapture of Low Income Housing Tax Credits was experience subsequent to the sale of this Local
Limited Partnership.



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



Additionally, the management company
also evicted several long term residents for non-payment and criminal activity during 2012. The combination of vacancy losses,
associated turnover costs and capital expenditures incurred throughout the year caused the property to operate below its requirements.
The General Partner funded the year-end cash flow deficit by temporarily suspending replacement reserve deposits, deferring management
fees and reimbursable expenses due to the affiliated management company. The security deposit and escrow accounts remain fully
funded. The management company is focused on reducing expenses to decrease operating deficits. However, the property is budgeted
to operate at a deficit in 2013 and the General Partner is expected to continue to fund shortfalls. The investment balance for
Wynwood Place as of June 30, September 31, December 31, and March 31, 2007 was $62,451, $47,976, $33,502, and $76,925, respectively.
The Compliance Period for Wynwood Place ends on December 31, 2013.



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



F-22







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 2 - INVESTMENTS IN
LOCAL LIMITED PARTNERSHIPS, continued



Ashford Place Limited Partnership
(“Ashford”) a Local Limited Partnership has struggled for several years with high turnover and a market which has
increasingly become more competitive. Several factors have led to poor, property specific results over the past several years.
Occupancy historically has been soft, never higher than 90% for any successive quarters for the past three years. Additionally,
rents at Ashford have not kept pace with the increase in expenses, and as a result of the soft market conditions, cash flow has
been negative since 2002. As this has been a factor from the onset of operations, the original Local General Partner, Cowen Properties,
Inc., was unable to meet its financial obligations to the Local Limited Partnership and, as a result, Associates removed the original
Local General Partner in March 2002 and substituted WNC Oklahoma, LLC, an affiliated entity. Since inception of Ashford, the Partnership
and the General Partner of the Partnership have advanced $462,514 and $258,567 respectively to meet operating deficits as well
as capital needs requirements. Ashford had also been subjected to restrictive reserve requirements imposed by the mortgage lender.
However, WNC Oklahoma, LLC has been successful in having these requirements reduced which has had a beneficial effect on Ashford’s
operating expenses. As of 2011, Ashford has been under the watch of WNC’s Structured Assets Group (“SAG”). During
that time, SAG removed the managing agent Western Property Management in November 2011 and they were replaced with Professional
Property Management. With a new management team in place along with a new advertising plan to attract more tenants, as of May
2013, Ashford was able to bring its occupancy level to 100%. As of this filing date, Ashford is now current on all past due debt
with funds that were provided by the Partnership and the General Partner of the Partnership. The investment balance for Ashford
as of June 30, September 30, December 31, and March 31, 2007 was $106,371, $70,562, $34,753, and $456,516, respectively. The Compliance
Period for Ashford ends on December 31, 2012.



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



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



During 2003, occupancy dropped
into the 60% range and rebounded in late 2004 into the low 80s. During 2005, occupancy did reach into the high 80%s but collections
were approximately 10% lower; this trend continued into 2006. From 2007 until the date of sale of the Local Limited Partnership,
April 23, 2010, Mesa Verde Apartments had been continuously experiencing occupancy issues falling as low as the 50’s and
no higher than the low 70’s in occupancy. During 2007, there were several incidents involving local authorities that were
prevalent throughout the market area and Mesa Verde. These incidents further impacted Mesa Verde’s occupancy, which dropped
even further into the low 70%s to high 60%s. Since early 2002, this property has operated with insufficient cash flow due to lower
than anticipated occupancy, poor rental collections, and high tenant turnover. Due to the extended period of time Mesa Verde has
experienced negative cash flow, the Partnership has funded over $1,000,000 for operations, capital needs, capital improvements,
and to refinance the original mortgage as described below. Mesa Verde Apartments has been on the watch list since March 2002 and
remained there until the date of sale, which occurred on April 23, 2010. The investment balance for Mesa Verde as of June 30,
September 30, December 31, and March 31, 2007 was $269,519, $167,776, $66,033, and $912,470, respectively. The Compliance Period
for Mesa Verde ended on December 31, 2012.



F-23







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE 2 - INVESTMENTS IN
LOCAL LIMITED PARTNERSHIPS, continued



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



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



NOTE
3 - RELATED PARTY TRANSACTIONS



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



| | (a) | Acquisition
                                                                                                                                                                                       fees
                                                                                                                                                                                       of
                                                                                                                                                                                       up
                                                                                                                                                                                       to
                                                                                                                                                                                       7.5%
                                                                                                                                                                                       of
                                                                                                                                                                                       the
                                                                                                                                                                                       gross
                                                                                                                                                                                       proceeds
                                                                                                                                                                                       from
                                                                                                                                                                                       the
                                                                                                                                                                                       sale
                                                                                                                                                                                       of
                                                                                                                                                                                       Partnership
                                                                                                                                                                                       Units
                                                                                                                                                                                       as
                                                                                                                                                                                       compensation
                                                                                                                                                                                       for
                                                                                                                                                                                       services
                                                                                                                                                                                       rendered
                                                                                                                                                                                       in
                                                                                                                                                                                       connection
                                                                                                                                                                                       with
                                                                                                                                                                                       the
                                                                                                                                                                                       acquisition
                                                                                                                                                                                       of
                                                                                                                                                                                       Local
                                                                                                                                                                                       Limited
                                                                                                                                                                                       Partnerships.
                                                                                                                                                                                       At
                                                                                                                                                                                       the
                                                                                                                                                                                       end
                                                                                                                                                                                       of
                                                                                                                                                                                       all
                                                                                                                                                                                       periods
                                                                                                                                                                                       presented,
                                                                                                                                                                                       the
                                                                                                                                                                                       Partnership
                                                                                                                                                                                       incurred
                                                                                                                                                                                       acquisition
                                                                                                                                                                                       fees
                                                                                                                                                                                       of
                                                                                                                                                                                       $1,630,375.
                                                                                                                                                                                       Accumulated
                                                                                                                                                                                       amortization
                                                                                                                                                                                       of
                                                                                                                                                                                       these
                                                                                                                                                                                       capitalized
                                                                                                                                                                                       costs
                                                                                                                                                                                       was
                                                                                                                                                                                       $0,
                                                                                                                                                                                       $3,821,
                                                                                                                                                                                       $7,642
                                                                                                                                                                                       and
                                                                                                                                                                                       $651,100
                                                                                                                                                                                       as
                                                                                                                                                                                       of
                                                                                                                                                                                       June
                                                                                                                                                                                       30,
                                                                                                                                                                                       2007,
                                                                                                                                                                                       September
                                                                                                                                                                                       30,
                                                                                                                                                                                       2007,
                                                                                                                                                                                       December
                                                                                                                                                                                       31,
                                                                                                                                                                                       2007,
                                                                                                                                                                                       and
                                                                                                                                                                                       March
                                                                                                                                                                                       31,
                                                                                                                                                                                       2007,
                                                                                                                                                                                       respectively.
                                                                                                                                                                                       Impairment
                                                                                                                                                                                       on
                                                                                                                                                                                       the
                                                                                                                                                                                       intangibles
                                                                                                                                                                                       is
                                                                                                                                                                                       measure
                                                                                                                                                                                       by
                                                                                                                                                                                       comparing
                                                                                                                                                                                       the
                                                                                                                                                                                       Partnership’s
                                                                                                                                                                                       total
                                                                                                                                                                                       investment
                                                                                                                                                                                       balance
                                                                                                                                                                                       after
                                                                                                                                                                                       impairment
                                                                                                                                                                                       of
                                                                                                                                                                                       investments
                                                                                                                                                                                       in
                                                                                                                                                                                       Local
                                                                                                                                                                                       Limited
                                                                                                                                                                                       Partnerships
                                                                                                                                                                                       to
                                                                                                                                                                                       the
                                                                                                                                                                                       sum
                                                                                                                                                                                       of
                                                                                                                                                                                       the
                                                                                                                                                                                       total
                                                                                                                                                                                       of
                                                                                                                                                                                       the
                                                                                                                                                                                       remaining
                                                                                                                                                                                       Low
                                                                                                                                                                                       Income
                                                                                                                                                                                       Housing
                                                                                                                                                                                       Tax
                                                                                                                                                                                       Credits
                                                                                                                                                                                       allocated
                                                                                                                                                                                       to
                                                                                                                                                                                       the
                                                                                                                                                                                       Partnership
                                                                                                                                                                                       and
                                                                                                                                                                                       any
                                                                                                                                                                                       estimated
                                                                                                                                                                                       residual
                                                                                                                                                                                       value
                                                                                                                                                                                       of
                                                                                                                                                                                       the
                                                                                                                                                                                       investments.
                                                                                                                                                                                       If
                                                                                                                                                                                       an
                                                                                                                                                                                       impairment
                                                                                                                                                                                       loss
                                                                                                                                                                                       related
                                                                                                                                                                                       to
                                                                                                                                                                                       the
                                                                                                                                                                                       acquisition
                                                                                                                                                                                       expenses
                                                                                                                                                                                       is
                                                                                                                                                                                       recorded,
                                                                                                                                                                                       the
                                                                                                                                                                                       accumulated
                                                                                                                                                                                       amortization
                                                                                                                                                                                       is
                                                                                                                                                                                       reduced
                                                                                                                                                                                       to
                                                                                                                                                                                       zero
                                                                                                                                                                                       at
                                                                                                                                                                                       that
                                                                                                                                                                                       time.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Reimbursement
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   costs
                                                                                                                                                                                                                   incurred
                                                                                                                                                                                                                   by
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   General
                                                                                                                                                                                                                   Partner
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   an
                                                                                                                                                                                                                   affiliate
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   Associates
                                                                                                                                                                                                                   in
                                                                                                                                                                                                                   connection
                                                                                                                                                                                                                   with
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   acquisition
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   Local
                                                                                                                                                                                                                   Limited
                                                                                                                                                                                                                   Partnerships.
                                                                                                                                                                                                                   These
                                                                                                                                                                                                                   reimbursements
                                                                                                                                                                                                                   have
                                                                                                                                                                                                                   not
                                                                                                                                                                                                                   exceeded
                                                                                                                                                                                                                   1%
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   gross
                                                                                                                                                                                                                   proceeds.
                                                                                                                                                                                                                   As
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   end
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   all
                                                                                                                                                                                                                   periods
                                                                                                                                                                                                                   presented,
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Partnership
                                                                                                                                                                                                                   incurred
                                                                                                                                                                                                                   acquisition
                                                                                                                                                                                                                   costs
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   $167,533,
                                                                                                                                                                                                                   which
                                                                                                                                                                                                                   have
                                                                                                                                                                                                                   been
                                                                                                                                                                                                                   included
                                                                                                                                                                                                                   in
                                                                                                                                                                                                                   investments
                                                                                                                                                                                                                   in
                                                                                                                                                                                                                   Local
                                                                                                                                                                                                                   Limited
                                                                                                                                                                                                                   Partnerships.
                                                                                                                                                                                                                   As
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   all
                                                                                                                                                                                                                   periods
                                                                                                                                                                                                                   presented,
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   acquisition
                                                                                                                                                                                                                   costs
                                                                                                                                                                                                                   have
                                                                                                                                                                                                                   been
                                                                                                                                                                                                                   fully
                                                                                                                                                                                                                   amortized.
| | --- | 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| | (c) | An
                                                                                                                                                                                                                                                               annual
                                                                                                                                                                                                                                                               asset
                                                                                                                                                                                                                                                               management
                                                                                                                                                                                                                                                               fee
                                                                                                                                                                                                                                                               equal
                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               greater
                                                                                                                                                                                                                                                               amount
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               (i)
                                                                                                                                                                                                                                                               $2,000
                                                                                                                                                                                                                                                               for
                                                                                                                                                                                                                                                               each
                                                                                                                                                                                                                                                               Housing
                                                                                                                                                                                                                                                               complex,
                                                                                                                                                                                                                                                               or
                                                                                                                                                                                                                                                               (ii)
                                                                                                                                                                                                                                                               0.275%
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               gross
                                                                                                                                                                                                                                                               proceeds.
                                                                                                                                                                                                                                                               In
                                                                                                                                                                                                                                                               either
                                                                                                                                                                                                                                                               case,
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               fee
                                                                                                                                                                                                                                                               will
                                                                                                                                                                                                                                                               be
                                                                                                                                                                                                                                                               decreased
                                                                                                                                                                                                                                                               or
                                                                                                                                                                                                                                                               increased
                                                                                                                                                                                                                                                               annually
                                                                                                                                                                                                                                                               based
                                                                                                                                                                                                                                                               on
                                                                                                                                                                                                                                                               changes
                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Consumer
                                                                                                                                                                                                                                                               Price
                                                                                                                                                                                                                                                               Index.
                                                                                                                                                                                                                                                               However,
                                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                                               no
                                                                                                                                                                                                                                                               event
                                                                                                                                                                                                                                                               will
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               maximum
                                                                                                                                                                                                                                                               amount
                                                                                                                                                                                                                                                               exceed
                                                                                                                                                                                                                                                               0.2%
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Invested
                                                                                                                                                                                                                                                               Assets
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Partnerships,
                                                                                                                                                                                                                                                               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.
                                                                                                                                                                                                                                                               Asset
                                                                                                                                                                                                                                                               managementfees
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               $15,125
                                                                                                                                                                                                                                                               were
                                                                                                                                                                                                                                                               incurred
                                                                                                                                                                                                                                                               during
                                                                                                                                                                                                                                                               each
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               three
                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                               June
                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               2006.
                                                                                                                                                                                                                                                               For
                                                                                                                                                                                                                                                               each
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               six
                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                               September
                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               2006,
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                               incurred
                                                                                                                                                                                                                                                               asset
                                                                                                                                                                                                                                                               management
                                                                                                                                                                                                                                                               fees
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               $30,250.
                                                                                                                                                                                                                                                               Management
                                                                                                                                                                                                                                                               fees
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               $45,375
                                                                                                                                                                                                                                                               were
                                                                                                                                                                                                                                                               incurred
                                                                                                                                                                                                                                                               during
                                                                                                                                                                                                                                                               each
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               nine
                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                               December
                                                                                                                                                                                                                                                               31,
                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               2006.
                                                                                                                                                                                                                                                               The
                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                               paid
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               General,
                                                                                                                                                                                                                                                               Partner
                                                                                                                                                                                                                                                               or
                                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                                               Affiliates
                                                                                                                                                                                                                                                               $12,500
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               $18,906
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               those
                                                                                                                                                                                                                                                               fees
                                                                                                                                                                                                                                                               during
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               three
                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                               June
                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               2006,
                                                                                                                                                                                                                                                               respectively.
                                                                                                                                                                                                                                                               For
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               six
                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                               September
                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               2006
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                               paid
                                                                                                                                                                                                                                                               $25,000
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               $37,812,
                                                                                                                                                                                                                                                               respectively.
                                                                                                                                                                                                                                                               For
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               nine
                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                               December
                                                                                                                                                                                                                                                               31,
                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               2006,
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                               paid
                                                                                                                                                                                                                                                               $25,000
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               $50,312,
                                                                                                                                                                                                                                                               respectively.
                                                                                                                                                                                                                                                               During
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               three
                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                               June
                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               six
                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                               September
                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                               overpaid
                                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                                               asset
                                                                                                                                                                                                                                                               management
                                                                                                                                                                                                                                                               fees.
                                                                                                                                                                                                                                                               The
                                                                                                                                                                                                                                                               over
                                                                                                                                                                                                                                                               payments
                                                                                                                                                                                                                                                               are
                                                                                                                                                                                                                                                               reflected
                                                                                                                                                                                                                                                               as
                                                                                                                                                                                                                                                               prepaid
                                                                                                                                                                                                                                                               expenses
                                                                                                                                                                                                                                                               on
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               accompanying
                                                                                                                                                                                                                                                               balance
                                                                                                                                                                                                                                                               sheets.
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F-24









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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE
3 - RELATED PARTY TRANSACTIONS, continued



| | (d) | A
                                                                                                                                                                                                                                   subordinated
                                                                                                                                                                                                                                   disposition
                                                                                                                                                                                                                                   fee
                                                                                                                                                                                                                                   in
                                                                                                                                                                                                                                   an
                                                                                                                                                                                                                                   amount
                                                                                                                                                                                                                                   equal
                                                                                                                                                                                                                                   to
                                                                                                                                                                                                                                   1%
                                                                                                                                                                                                                                   of
                                                                                                                                                                                                                                   the
                                                                                                                                                                                                                                   sales
                                                                                                                                                                                                                                   price
                                                                                                                                                                                                                                   of
                                                                                                                                                                                                                                   real
                                                                                                                                                                                                                                   estate
                                                                                                                                                                                                                                   sold.
                                                                                                                                                                                                                                   Payment
                                                                                                                                                                                                                                   of
                                                                                                                                                                                                                                   this
                                                                                                                                                                                                                                   fee
                                                                                                                                                                                                                                   is
                                                                                                                                                                                                                                   subordinated
                                                                                                                                                                                                                                   to
                                                                                                                                                                                                                                   the
                                                                                                                                                                                                                                   limited
                                                                                                                                                                                                                                   partners
                                                                                                                                                                                                                                   receiving
                                                                                                                                                                                                                                   a
                                                                                                                                                                                                                                   preferred
                                                                                                                                                                                                                                   return
                                                                                                                                                                                                                                   of
                                                                                                                                                                                                                                   14%
                                                                                                                                                                                                                                   through
                                                                                                                                                                                                                                   December
                                                                                                                                                                                                                                   31,
                                                                                                                                                                                                                                   2007
                                                                                                                                                                                                                                   and
                                                                                                                                                                                                                                   6%
                                                                                                                                                                                                                                   thereafter(as
                                                                                                                                                                                                                                   defined
                                                                                                                                                                                                                                   in
                                                                                                                                                                                                                                   the
                                                                                                                                                                                                                                   Partnership
                                                                                                                                                                                                                                   Agreement)
                                                                                                                                                                                                                                   and
                                                                                                                                                                                                                                   is
                                                                                                                                                                                                                                   payable
                                                                                                                                                                                                                                   only
                                                                                                                                                                                                                                   if
                                                                                                                                                                                                                                   the
                                                                                                                                                                                                                                   General
                                                                                                                                                                                                                                   Partner
                                                                                                                                                                                                                                   or
                                                                                                                                                                                                                                   its
                                                                                                                                                                                                                                   affiliates
                                                                                                                                                                                                                                   render
                                                                                                                                                                                                                                   services
                                                                                                                                                                                                                                   in
                                                                                                                                                                                                                                   the
                                                                                                                                                                                                                                   sales
                                                                                                                                                                                                                                   effort.
                                                                                                                                                                                                                                   No
                                                                                                                                                                                                                                   such
                                                                                                                                                                                                                                   fee
                                                                                                                                                                                                                                   was
                                                                                                                                                                                                                                   incurred
                                                                                                                                                                                                                                   for
                                                                                                                                                                                                                                   all
                                                                                                                                                                                                                                   periods
                                                                                                                                                                                                                                   presented.
| | --- | 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-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The
                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                               reimburses
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               General
                                                                                                                                                                                                                                                               Partner
                                                                                                                                                                                                                                                               or
                                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                                               affiliates
                                                                                                                                                                                                                                                               for
                                                                                                                                                                                                                                                               operating
                                                                                                                                                                                                                                                               expenses
                                                                                                                                                                                                                                                               incurred
                                                                                                                                                                                                                                                               on
                                                                                                                                                                                                                                                               behalf
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Partnership.
                                                                                                                                                                                                                                                               Operating
                                                                                                                                                                                                                                                               expense
                                                                                                                                                                                                                                                               reimbursements
                                                                                                                                                                                                                                                               were
                                                                                                                                                                                                                                                               $0
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               $0
                                                                                                                                                                                                                                                               during
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               three
                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                               June
                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               2006,
                                                                                                                                                                                                                                                               respectively.
                                                                                                                                                                                                                                                               For
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               six
                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                               September
                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               2006,
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                               reimbursed
                                                                                                                                                                                                                                                               operating
                                                                                                                                                                                                                                                               expenses
                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                               $17,747
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               $6,107,
                                                                                                                                                                                                                                                               respectively.
                                                                                                                                                                                                                                                               For
                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                               nine
                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                               December
                                                                                                                                                                                                                                                               31,
                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               2006,
                                                                                                                                                                                                                                                               operating
                                                                                                                                                                                                                                                               expense
                                                                                                                                                                                                                                                               reimbursements
                                                                                                                                                                                                                                                               were
                                                                                                                                                                                                                                                               $24,671
                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                               $12,136,
                                                                                                                                                                                                                                                               respectively.
| | --- | 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-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



|                                                                                       |  | June
    30, 2007 |        |  | September
    30, 2007 |   |        | December
    31, 2007 |  |   | March
    31, 2007 | 
|-------------------------------------------------------------------------------------- |  | ----------------- | ------ |  | ---------------------- | - | ------ | --------------------- |  | - | ------------------ | 
|                                                                                       |  |                   |        |  |                        |   |        |                       |  |   |                    | 
|Asset management
    fee payable                                                       |  | $                 | -      |  |                        | $ | -      |                       |  | $ | 13,094             | 
|Advances made to the Partnership
    from General Partner or affiliates                |  |                   | 22,097 |  |                        |   | 22,097 |                       |  |   | 24,797             | 
|Expenses paid by
    the General Partners or an affiliate on behalf of the Partnership |  |                   | 13,372 |  |                        |   | 4,102  |                       |  |   | -                  | 
|Total                                                                                  |  | $                 | 35,469 |  |                        | $ | 26,199 |                       |  | $ | 37,891             | 



NOTE 4 – PAYABLES
TO LOCAL LIMITED PARTNERSHIPS



Payables to Local Limited Partnerships
represent amounts which are due at various times based on conditions specified in the Local Limited Partnership agreements. These
contributions are payable in installments and are generally due upon the Local Limited Partnerships achieving certain operating
and development benchmarks (generally within two years of the Partnership’s initial investment). As of June 30, 2007, September
30, 2007, December 31, 2007 and March 31, 2007 $39,310 was payable.



F-25







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE
5 –ADVANCES TO LOCAL LIMITED PARTNERSHIPS



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



As
of June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2007 the Partnership in total had advanced $260,031, $270,031,
$280,031 and $260,031, respectively to one Local Limited Partnership, Mesa Verde Apartments Limited Partnership, in which the
Partnership is a limited partner. These advances were used to pay for the property taxes, mortgage payments and operational expenses.
All advances were reserved in full in the year they were advanced.



As
of June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2007 the Partnership in total had advanced $432,742, $509,755,
$593,619 and $377,805, respectively to one Local Limited Partnership, Ashford Place Limited Partnership, in which the Partnership
is a limited partner. These advances were used to pay for the property taxes, mortgage payments and operational expenses. All
advances were reserved in full in the year they were advanced.



As
of June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2007 the Partnership in total had advanced $4,939, $4,939,
$4,939 and $4,939, respectively to one Local Limited Partnership,Wynwood Place, L.Pin which the Partnership is a limited partner. These advances were used to pay for the property taxes, mortgage payments and operational
expenses. All advances were reserved in full in the year they were advanced.



F-26







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

(A California Limited Partnership)



NOTES TO CONDENSED FINANCIAL
STATEMENTS-CONTINUED



For the Quarterly periods ended
June 30, 2007, September 30, 2007 and

December 31, 2007

(unaudited)



NOTE
6 –SUBSEQUENT EVENTS



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



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



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



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



F-27







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

(A California
Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For the
Quarterly periods ended June 30, 2007, September 30, 2007 and

December
31, 2007

(unaudited)



NOTE
6 –SUBSEQUENT EVENTS, continued



The following table represents
the use of the cash proceeds from the disposition of the Local Limited Partnerships that were disposed of subsequent to the year
ended December 31, 2007:



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



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



|                                  |  | Expected
    closing date |  | Appraisal
    value |           |  | Mortgage
    balance of Local Limited Partnership |   |           | Estimated
    sales price |  |   | Appraisal
    expense |  |  | Estimated
    gain on sale |      
|--------------------------------- |  | ------------------------- |  | ------------------- | --------- |  | ------------------------------------------------- | - | --------- | ------------------------- |  | - | --------------------- |  |  | -------------------------- | -----
|Ashford Place Limited Partnership |  | 01/31/2014                |  | $                   | 2,560,000 |  |                                                   | $ | 2,612,803 |                           |  | $ | 5,000                 |  |  | $                          | 3,000
|Cleveland Apartments, L.P         |  | 12/31/2013                |  |                     | 1,070,000 |  |                                                   |   | 1,471,060 |                           |  |   | 50,000                |  |  |                            | -    



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



F-28







Item 2. Management’s Discussion
and Analysis of Financial Condition and Results of Operations



Forward Looking Statements



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



Risks and uncertainties inherent
in forward looking statements include, but are not limited to, the Partnership’s future cash flows and ability to obtain
sufficient financing, level of operating expenses, conditions in the Low Income Housing Tax Credit property market and the economy
in general, as well as legal proceedings. Historical results are not necessarily indicative of the operating results for any future
period.



Subsequent written and oral forward
looking statements attributable to the Partnership or persons acting on its behalf are expressly qualified in their entirety by
cautionary statements in this Form 10-Q and in other reports filed with the Securities and Exchange Commission.



The following discussion and analysis
compares the results of operations for the three months ended June 30, 2007 and 2006, the three and six months ended September
30, 2007 and 2006, and the three and nine months ended December 31, 2007 and 2006, and should be read in conjunction with the
combined condensed financial statements and accompanying notes included within this report.



Financial Condition



The Partnership’s assets
at June 30, 2007 consisted primarily of $174,000 in cash, aggregate investments in the fourteen
Local Limited Partnerships of$2,552,000, prepaid expenses of $5,000 and due from affiliates, net of $1,000.
Liabilities at June 30, 2007 primarily consisted of$39,000 of payables to Local Limited
Partnerships and$35,000 of accrued fees and expenses due to the General Partner and/or its affiliates.



The Partnership’s assets
at September 30, 2007 consisted primarily of $98,000 in cash, aggregate investments in the fourteen
Local Limited Partnerships of$2,353,000, prepaid expenses of $2,000 and due from affiliates, net of $1,000.
Liabilities at September 30, 2007 primarily consisted of$39,000 of payables to Local
Limited Partnerships and$26,000 of accrued fees and expenses due to the General Partner and/or its affiliates.



The Partnership’s assets
at December 31, 2007 consisted primarily of $100 in cash, aggregate investments in the fourteen
Local Limited Partnerships of$2,165,000 and due from affiliates, net of $1,000. Liabilities
at December 31, 2007 primarily consisted of$39,000 of payables to Local Limited Partnerships
and$38,000 of accrued fees and expenses due to the General Partner and/or its affiliates.



3







Results of Operations



Three Months Ended June 30,
2007 Compared to Three Months Ended June 30, 2006.The Partnership’s net loss for the three months ended June 30, 2007
was $(2,458,000), reflecting an increase of approximately $(1,073,000) from the net loss of $(1,385,000) for the three months
ended June 30, 2006. The increase in net loss was primarily due to the increase in impairment loss of $(998,000). The impairment
loss can vary each year depending on the annual decrease in Low Income Housing Tax Credits allocated to the Partnership and the
current estimated residual value of the investments compared to the current carrying value of each of the investments. During
the three months ended June 30, 2007 there were advances of $(55,000) made to several Local Limited Partnerships which were reserved
for in full as of June 30, 2007 compared to no such advances made during the three months ended June 30, 2006. The advances made
to the troubled Local Limited Partnerships can vary each year depending on the operations of the individual Local Limited Partnerships.
There was an increase in equity in losses of Local Limited Partnerships of $(24,000) for the three months ended June 30, 2006.
The equity in losses can vary each year depending on the operations of each of the Local Limited Partnerships. Total operating
income increased by $1,000 for the three months ended June 30, 2007 compared to the three months ended June 30, 2006 due to the
fact that Local Limited Partnerships pay the reporting fees and distributions to the Partnership when the Local Limited Partnerships’
cash flows will allow for the payment.



Three Months Ended September
30, 2007 Compared to the Three Months Ended September 30, 2006The Partnership’s net loss for the three months ended
September 30, 2007 was $(269,000), reflecting an increase of approximately $(69,000) from the net loss of $(200,000) for the three
months ended September 30, 2006. There was an increase of equity in losses of Local Limited Partnerships of $(17,000) for the
three months ended September 30, 2006. The equity in losses can vary each year depending on the operations of each of the Local
Limited Partnerships. During the three months ended September 30, 2007 there were advances of $(87,000) made to several Local
Limited Partnerships which were reserved for in full as of September 30, 2007 compared to $(19,000) advanced and reserved for
during the three months ended September 30, 2006. The advances made to the troubled Local Limited Partnerships can vary each year
depending on the operations of the individual Local Limited Partnerships. Accounting and legal fees increased by $(4,000) for
the three months ended September 30, 2007 compared to the three months ended September 30, 2006 due to the timing of accounting
work performed. The amortization decreased by $10,000 for the three months ended September 30, 2007 due to the impairment of the
intangible assets as of June 30, 2007, thereby reducing future amortization expenses. Reporting fees increased by $10,000 for
the three months ended September 30, 2007 compared to the three months ended September 30, 2006 due to the fact that Local Limited
Partnerships pay the reporting fees to the Partnership when the Local Limited Partnerships’ cash flows will allow for the
payment.



Six Months Ended September
30, 2007 Compared to the Six Months Ended September 30, 2006The Partnership’s net loss for the six months ended September
30, 2007 was $(2,727,000), reflecting an increase of approximately $(1,142,000) from the net loss of $(1,585,000) for the six
months ended September 30, 2006. There was an increase in equity in losses of Local Limited Partnerships of $(42,000) for the
six months ended September 30, 2006. The equity in losses can vary each year depending on the operations of each of the Local
Limited Partnerships. There was an increase in impairment loss of $(998,000) for the six months ended September 30, 2007. The
impairment loss can vary each year depending on the annual decrease in Low Income Housing Tax Credits allocated to the Partnership
and the current estimated residual value of the investments compared to the current carrying value of each of the investments.
During the six months ended September 30, 2007 there were advances of $(142,000) made to several Local Limited Partnerships which
were reserved for in full as of September 30, 2007 compared to $(19,000) advanced and reserved for during the six months ended
September 30, 2006. The advances made to the troubled Local Limited Partnerships can vary each year depending on the operations
of the individual Local Limited Partnerships. Accounting and legal fees increased by $(5,000) for the six months ended September
30, 2007 compared to the six months ended September 30, 2006 due to the timing of accounting work performed. The amortization
decreased by $11,000 for the six months ended September 30, 2007 due to the impairment of the intangible assets as of June 30,
2007, thereby reducing future amortization expenses. Total operating income increased by $12,000 for the six months ended September
30, 2007 compared to the six months ended September 30, 2006 due to the fact that Local Limited Partnerships pay the reporting
fees and distributions to the Partnership when the Local Limited Partnerships’ cash flows will allow for the payment.



Three Months Ended December
31, 2007 Compared to the Three Months Ended December 31, 2006The Partnership’s net loss for the three months ended
December 31, 2007 was $(299,000), reflecting an increase of approximately $(11,000) from the net loss of $(288,000) for the three
months ended December 31, 2006. There was an increase in equity in losses of Local Limited Partnerships of $(17,000) for the three
months ended December 31, 2007. The equity in losses can vary each year depending on the operations of each of the Local Limited
Partnerships. The amortization decreased by $10,000 for the three months ended December 31, 2007 due to the impairment of the
intangible assets as of June 30, 2007, thereby reducing future amortization expenses. During the three months ended December 31,
2007 there were advances of $(94,000) made to several Local Limited Partnerships which were reserved for in full as of December
31, 2007 compared to $(91,000) advanced and reserved for during the three months ended December 31, 2006. The advances made to
the troubled Local Limited Partnerships can vary each year depending on the operations of the individual Local Limited Partnerships.
Accounting and legal fees increased by $(3,000) for the three months ended December 31, 2007 compared to the three months ended
December 31, 2006 due to the timing of accounting work performed.



4







Nine Months Ended December
31, 2007 Compared to Nine Months Ended December 31, 2006The Partnership’s net loss for the nine months ended December
31, 2007 was $(3,026,000), reflecting an increase of approximately $(1,153,000) from the net loss of $(1,873,000) for the nine
months ended December 31, 2006. There was an increase in equity in losses of Local Limited Partnerships of $(59,000) for the nine
months ended December 31, 2007. The equity in losses can vary each year depending on the operations of each of the Local Limited
Partnerships. Additionally, there was an increase in impairment loss of $(998,000) for the nine months ended December 31, 2007.
The impairment loss can vary each year depending on the annual decrease in Low Income Housing Tax Credits allocated to the Partnership
and the current estimated residual value of the investments compared to the current carrying value of each of the investments.
The amortization decreased by $20,000 for the nine months ended December 31, 2007 due to the impairment of the intangible assets
as of June 30, 2007, thereby reducing future amortization expenses. During the nine months ended December 31, 2007 there were
advances of $(236,000) made to several Local Limited Partnerships which were reserved for in full as of December 31, 2007 compared
to $(110,000) advanced and reserved for during the nine months ended December 31, 2006. The advances made to the troubled Local
Limited Partnerships can vary each year depending on the operations of the individual Local Limited Partnerships. Total operating
income increased by $12,000 for the nine months ended December 31, 2007 compared to the nine months ended December 31, 2006 due
to the fact that Local Limited Partnerships pay the reporting fees and distributions to the Partnership when the Local Limited
Partnerships’ cash flows will allow for the payment. Accounting and legal fees increased by $(8,000) for the nine months
ended December 31, 2007 compared to the nine months ended December 31, 2006 due to the timing of accounting work performed.



Capital Resources and Liquidity



Three Months Ended June 30,
2007 Compared to Three Months Ended June 30, 2006Net cash used during the three months ended June 30, 2007 was $(61,000),
compared to net cash used during the three months ended June 30, 2006 of $(15,000). The Partnership reimbursed the General Partner
or affiliates $(13,000) during the three months ended June 30, 2007 compared to $(19,000) during the three months ended June 30,
2006 for accrued asset management fees and reimbursement of operating expenses paid on its behalf. The accrued asset management
fees and reimbursements of operating expenses are paid after management reviews the cash position of the Partnership. During the
three months ended June 30, 2007 the Partnership advanced $(55,000) to a Local Limited Partnership that was experiencing operational
issues compared to no advances made during the three months ended June 30, 2006. Reporting fees decreased by $(2,000) for the
three months ended June 30, 2007 due to the fact that Local Limited Partnerships pay the reporting fees to the Partnership when
the Local Limited Partnerships’ cash flow will allow for the payment.



Six Months Ended September
30, 2007 Compared to Six Months Ended September 30, 2006Net cash used during the six months ended September 30, 2007 was
$(138,000), compared to net cash used during the six months ended September 30, 2006 of $(25,000). The increase of cash used was
mainly due to the increase of $(123,000) in advances made to Local Limited Partnership during the six months ended September 30,
2007 compared to the six months ended September 30, 2006 as discussed above. The Partnership paid $(43,000) during the six months
ended September 30, 2007 for accrued asset management fees and of operating expenses compared to $(44,000) paid during the three
months ended September 30, 2006. The accrued asset management fees and reimbursements of operating expenses are paid after management
reviews the cash position of the Partnership. Reporting fees increased by $9,000 and distributions decreased by $(3,000) for the
six months ended September 30, 20007 due to the fact that Local Limited Partnerships pay reporting fees and distributions to the
Partnership when the Local Limited Partnerships’ cash flows will allow for the payment.



5







Nine Months Ended December
31, 2007 Compared to Nine Months Ended December 31, 2006Net cash used during the nine months ended December 31, 2007 was
$(236,000) compared to net cash used during the nine months ended December 31, 2006 of $(126,000). During the nine months ended
December 31, 2007 the Partnership paid the General Partner $(50,000) for accrued asset management fees and reimbursement of operating
expenses compared to $(62,000) for the nine months ended December 31, 2006. The accrued asset management fees and reimbursements
of operating expenses are paid after management reviews the cash position of the Partnership. During the nine months ended December
31, 2007, the Partnership made advances to a Local Limited Partnership of $(236,000) compared to $(110,000) advanced during the
nine months ended December 31, 2006 as discussed above. No advances were repaid to the Partnership during the nine months ended
December 31, 2007 compared to $8,000 repaid during the nine months ended December 31, 2006. Reporting fees increased by $9,000
and distributions decreased by $(3,000) for the nine months ended December 31, 20007 due to the fact that Local Limited Partnerships
pay reporting fees and distributions to the Partnership when the Local Limited Partnerships’ cash flows will allow for the
payment.



The Partnership expects its future
cash flows, together with its net available assets as of September 30 and December 31, 2007, to be insufficient to meet all currently
foreseeable future cash requirements. Associates has agreed to continue providing advances sufficient enough to fund the operations
and working capital requirements of the Partnership through November 30, 2014.



Recent Accounting Changes



In September 2006, the Financial
Accounting Standards Board (“FASB”) issued accounting guidance for Fair Value Measurements, which defines fair value,
establishes a framework for measuring fair value and expands disclosure about fair value measurements. This guidance is effective
for financial statements issued for fiscal years beginning after November 15, 2007 and shall be applied prospectively except for
very limited transactions. In February 2008, the FASB delayed for one year implementation of the guidance as it pertains to certain
non-financial assets and liabilities. The Partnership adopted GAAP for Fair Value Measurements effective April 1, 2008, except
as it applies to those non-financial assets and liabilities, for which the effective date was April 1, 2009. The Partnership has
determined that adoption of this guidance had no material impact on the Partnership’s financial statements.



In February 2007, the FASB issued
accounting guidance for The Fair Value Option for Financial Assets and Financial Liabilities. This guidance permits entities to
choose to measure many financial instruments and certain other items at fair value. The fair value election is designed to improve
financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring
related assets and liabilities differently without having to apply complex hedge accounting provisions. It is effective for fiscal
years beginning after November 15, 2007. On April 1, 2008, the Partnership adopted GAAP for The Fair Value Option for Financial
Assets and Financial Liabilities and elected not to apply the provisions to its eligible financial assets and financial liabilities
on the date of adoption. Accordingly, the initial application of the guidance had no effect on the Partnership.



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



In April 2009, the FASB issued
accounting guidance for Interim Disclosures about Fair Value of Financial Instruments. This requires disclosure about the method
and significant assumptions used to establish the fair value of financial instruments for interim reporting periods as well as
annual statements. It became effective for as of and for the interim period ended June 30, 2009 and had no impact on the Partnership’s
financial condition or results of operations.



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



6







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



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



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



Item 3.
Quantitative and Qualitative Disclosures About Market Risks



NOT APPLICABLE



Item 4.
Controls and Procedures



|(a) |  | Disclosure
                                                                                                                                                                     controls
                                                                                                                                                                     and
                                                                                                                                                                     procedures
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | As
                                                                                                                                       of
                                                                                                                                       the
                                                                                                                                       end
                                                                                                                                       of
                                                                                                                                       the
                                                                                                                                       periods
                                                                                                                                       covered
                                                                                                                                       by
                                                                                                                                       this
                                                                                                                                       report,
                                                                                                                                       the
                                                                                                                                       Partnership’s
                                                                                                                                       General
                                                                                                                                       Partner,
                                                                                                                                       under
                                                                                                                                       the
                                                                                                                                       supervision
                                                                                                                                       and
                                                                                                                                       with
                                                                                                                                       the
                                                                                                                                       participation
                                                                                                                                       of
                                                                                                                                       the
                                                                                                                                       Chief
                                                                                                                                       Executive
                                                                                                                                       Officer
                                                                                                                                       and
                                                                                                                                       Chief
                                                                                                                                       Financial
                                                                                                                                       Officer
                                                                                                                                       of
                                                                                                                                       Associates,
                                                                                                                                       carried
                                                                                                                                       out
                                                                                                                                       an
                                                                                                                                       evaluation
                                                                                                                                       of
                                                                                                                                       the
                                                                                                                                       effectiveness
                                                                                                                                       of
                                                                                                                                       the
                                                                                                                                       Partnership’s
                                                                                                                                       “disclosure
                                                                                                                                       controls
                                                                                                                                       and
                                                                                                                                       procedures”
                                                                                                                                       as
                                                                                                                                       defined
                                                                                                                                       in
                                                                                                                                       Securities
                                                                                                                                       Exchange
                                                                                                                                       Act
                                                                                                                                       of
                                                                                                                                       1934
                                                                                                                                       Rule
                                                                                                                                       13a-15
                                                                                                                                       and
                                                                                                                                       15d-15.
                                                                                                                                       Based
                                                                                                                                       on
                                                                                                                                       that
                                                                                                                                       evaluation,
                                                                                                                                       the
                                                                                                                                       Chief
                                                                                                                                       Executive
                                                                                                                                       Officer
                                                                                                                                       and
                                                                                                                                       Chief
                                                                                                                                       Financial
                                                                                                                                       Officer
                                                                                                                                       have
                                                                                                                                       concluded
                                                                                                                                       that,
                                                                                                                                       as
                                                                                                                                       of
                                                                                                                                       the
                                                                                                                                       end
                                                                                                                                       of
                                                                                                                                       the
                                                                                                                                       period
                                                                                                                                       covered
                                                                                                                                       by
                                                                                                                                       this
                                                                                                                                       report,
                                                                                                                                       the
                                                                                                                                       Partnership’s
                                                                                                                                       disclosure
                                                                                                                                       controls
                                                                                                                                       and
                                                                                                                                       procedures
                                                                                                                                       were
                                                                                                                                       not
                                                                                                                                       effective
                                                                                                                                       to
                                                                                                                                       ensure
                                                                                                                                       that
                                                                                                                                       material
                                                                                                                                       information
                                                                                                                                       required
                                                                                                                                       to
                                                                                                                                       be
                                                                                                                                       disclosed
                                                                                                                                       in
                                                                                                                                       the
                                                                                                                                       Partnership’s
                                                                                                                                       periodic
                                                                                                                                       report
                                                                                                                                       filings
                                                                                                                                       with
                                                                                                                                       SEC
                                                                                                                                       is
                                                                                                                                       recorded,
                                                                                                                                       processed,
                                                                                                                                       summarized
                                                                                                                                       and
                                                                                                                                       reported
                                                                                                                                       within
                                                                                                                                       the
                                                                                                                                       time
                                                                                                                                       period
                                                                                                                                       specified
                                                                                                                                       by
                                                                                                                                       the
                                                                                                                                       SEC’s
                                                                                                                                       rules
                                                                                                                                       and
                                                                                                                                       forms,
                                                                                                                                       consistent
                                                                                                                                       with
                                                                                                                                       the
                                                                                                                                       definition
                                                                                                                                       of
                                                                                                                                       “disclosure
                                                                                                                                       controls
                                                                                                                                       and
                                                                                                                                       procedures”
                                                                                                                                       under
                                                                                                                                       the
                                                                                                                                       Securities
                                                                                                                                       Exchange
                                                                                                                                       Act
                                                                                                                                       of
                                                                                                                                       1934.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



7







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



Once the Partnership has received
the necessary information from the Local Limited Partnerships, the Chief Executive Officer and the Chief Financial Officer of
Associates believe that the material information required to be disclosed in the Partnership’s periodic report filings with
SEC is effectively recorded, processed, summarized and reported, albeit not in a timely manner. Going forward, the Partnership
will use the means reasonably within its power to impose procedures designed to obtain from the Local Limited Partnerships the
information necessary to the timely filing of the Partnership’s periodic reports.



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



| |  | There
                                                                                                                                       were
                                                                                                                                       no
                                                                                                                                       changes
                                                                                                                                       in
                                                                                                                                       the
                                                                                                                                       Partnership’s
                                                                                                                                       internal
                                                                                                                                       control
                                                                                                                                       over
                                                                                                                                       financial
                                                                                                                                       reporting
                                                                                                                                       that
                                                                                                                                       occurred
                                                                                                                                       during
                                                                                                                                       the
                                                                                                                                       quarters
                                                                                                                                       ended
                                                                                                                                       June
                                                                                                                                       30,
                                                                                                                                       2007,
                                                                                                                                       September
                                                                                                                                       30,
                                                                                                                                       2007
                                                                                                                                       and
                                                                                                                                       December
                                                                                                                                       31,
                                                                                                                                       2007
                                                                                                                                       that
                                                                                                                                       materially
                                                                                                                                       affected,
                                                                                                                                       or
                                                                                                                                       are
                                                                                                                                       reasonably
                                                                                                                                       likely
                                                                                                                                       to
                                                                                                                                       materially
                                                                                                                                       affect,
                                                                                                                                       the
                                                                                                                                       Partnership’s
                                                                                                                                       internal
                                                                                                                                       control
                                                                                                                                       over
                                                                                                                                       financial
                                                                                                                                       reporting.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



8







Part II.
Other Information



Item 1.
Legal Proceedings



NONE



Item 1A.
Risk Factors



No material
changes in risk factors as previously disclosed in the Partnership’s Form 10-K.



Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds



NONE



Item 3.
Defaults Upon Senior Securities



NONE



Item 4.
Mine Safety Disclosures



NONE



Item 5.
Other Information



NONE



Item 6. Exhibits



|31.1 |  | Certification
    of the Principal Executive Officer pursuant to Rule 13a-14 and 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley
    Act of 2002. (filed herewith)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|31.2 |  | Certification
    of the Principal Financial Officer pursuant to Rule 13a-14 and 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley
    Act of 2002. (filed herewith)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|32.1 |  | Section
    1350 Certification of the Chief Executive Officer. (filed herewith)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|32.2 |  | Section
    1350 Certification of the Chief Financial Officer. (filed herewith)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|101  |  | Interactive
    data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Balance Sheets at June 30, 2007, September 30, 2007 December
    31, 2007, and March 31, 2007, (ii) the Condensed Statements of Operations for the three months ended June 30, 2007 and 2006,
    the three and six months ended September 30, 2007 and 2006 and the three and nine months ended December 31, 2007 and 2006
    (iii) the Condensed Statements of Partners Equity for the three months ended June 30, 2007, for the six months ended September
    30, 2007, and for the nine months ended December 31, 2007 (iv) the Condensed Statements of Cash Flows for the three months
    ended June 30, 2007 and 2006, the six months ended September 30, 2007 and 2006 and the nine months ended December 31, 2007
    and 2006 and (v) the Notes to Condensed Financial Statements.
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |  | Exhibits
    32.1, 32.2 and 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,
    or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated by reference into any
    filing under the Securities Act of 1933 or Securities Exchange Act of 1934.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     



9







Signatures



Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.



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



By: WNC & ASSOCIATES, INC.   General
Partner



|By:                                                             | /s/
    Wilfred N. Cooper, Jr. | 
|--------------------------------------------------------------- | ------------------------------ | 
|Wilfred N. Cooper, Jr.                                          |                               
|President and Chief Executive Officer of WNC & Associates, Inc.
|                                                                |                                | 
|Date: November 4, 2013                                          |                               



|By:                                                                    | /s/
    Melanie R. Wenk | 
|---------------------------------------------------------------------- | ----------------------- | 
|Melanie
    R. Wenk                                                    |                        
|Vice-President
    - Chief Financial Officer of WNC & Associates, Inc.
|                                                                       |                         | 
|Date: November 4, 2013                                                 |                        



10