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, 2010

For the quarterly period ended
September 30, 2010

For the quarterly period ended
December 31, 2010



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 | (I.R.S. Employer 
|incorporation or organization)      | 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
filer [  ]  Non-accelerated filer [X]  Smaller reporting company [  ]



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



Yes [  ]  No
[X]


















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, 2010, September 30, 2010

and December 31, 2010



PART I.
FINANCIAL INFORMATION



|Item 1. Financial Statements                                       |                                                                                   | F-1
|------------------------------------------------------------------ | --------------------------------------------------------------------------------- | ---
|                                                                   |                                                                                   |    
|                                                                   | Condensed Balance Sheets                                                          |    
|                                                                   | As
    of June 30, 2010, September 30, 2010, December 31, 2010 and March 31, 2010 |    
|                                                                   |                                                                                   |    
|                                                                   | Condensed Statements
    of Operations                                            |    
|                                                                   | For
    the Three Months Ended June 30, 2010 and 2009                             |    
|                                                                   | For
    the Three and Six Months Ended September 30, 2010 and 2009                |    
|                                                                   | For
    the Three and Nine Months Ended December 31, 2010 and 2009                |    
|                                                                   |                                                                                   |    
|                                                                   | Condensed Statements
    of Partners’ Equity                                      |    
|                                                                   | For
    the Three Months Ended June 30, 2010                                      |    
|                                                                   | For
    the Six Months Ended September 30, 2010                                   |    
|                                                                   | For
    the Nine Months Ended December 31, 2010                                   |    
|                                                                   |                                                                                   |    
|                                                                   | Condensed Statements
    of Cash Flows                                            |    
|                                                                   | For
    the Three Months Ended June 30, 2010 and 2009                             |    
|                                                                   | For
    the Six Months Ended September 30, 2010 and 2009                          |    
|                                                                   | For
    the Nine Months Ended December 31, 2010 and 2009                          |    
|                                                                   |                                                                                   |    
|                                                                   | Notes
    to Condensed Financial Statements                                       |    
|                                                                   |                                                                                   |    
|Item 2. Management’s Discussion and Analysis of Financial          |                                                                                   |    
|                                                                   | Condition
    and Results of Operations                                           |    
|                                                                   |                                                                                   |    
|Item 3. Quantitative and Qualitative Disclosures About Market Risk |                                                                                   | 9  
|                                                                   |                                                                                   |    
|Item 4. Controls and Procedures                                    |                                                                                   | 9  
|                                                                   |                                                                                   |    
|PART II. OTHER INFORMATION                                         |                                                                                   |    
|                                                                   |                                                                                   |    
|                                                                   | Item
    1. Legal Proceedings                                                     |    
|                                                                   |                                                                                   |    
|                                                                   | Item 1A. Risk Factors                                                             |    
|                                                                   |                                                                                   |    
|                                                                   | Item
    2. Unregistered Sales of Equity Securities and Use of Proceeds           |    
|                                                                   |                                                                                   |    
|                                                                   | Item
    3. Defaults Upon Senior Securities                                       |    
|                                                                   |                                                                                   |    
|                                                                   | Item
    4. Mine Safety Disclosures                                               |    
|                                                                   |                                                                                   |    
|                                                                   | Item
    5. Other Information                                                     |    
|                                                                   |                                                                                   |    
|                                                                   | Item
    6. Exhibits.                                                             |    
|                                                                   |                                                                                   |    
|                                                                   | Signatures                                                                        |    



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, 2010 |         |  | September 30, 2010 |   |         | December
    31, 2010 |  |   | March
    31, 2010 | 
|----------------------------------------------------------------------------------------------------------- |  | ----------------- | ------- |  | ------------------ | - | ------- | --------------------- |  | - | ------------------ | 
|ASSETS                                                                                                      |  |                   |         |  |                    |   |         |                       |  |   |                    | 
|                                                                                                            |  |                   |         |  |                    |   |         |                       |  |   |                    | 
|Cash                                                                                                        |  | $                 | 55,933  |  |                    | $ | 13,632  |                       |  | $ | 64,055             | 
|Investments
    in Local Limited Partnerships, net (Notes 2 and 3)                                          |  |                   | 603,667 |  |                    |   | 593,282 |                       |  |   | 600,035            | 
|Sales proceeds
    receivable                                                                               |  |                   | 67,975  |  |                    |   | 37,973  |                       |  |   | 7,973              | 
|                                                                                                            |  |                   |         |  |                    |   |         |                       |  |   |                    | 
|Total Assets                                                                                                |  | $                 | 727,575 |  |                    | $ | 644,887 |                       |  |   | 672,063            | 
|                                                                                                            |  |                   |         |  |                    |   |         |                       |  |   |                    | 
|LIABILITIES
    AND PARTNERS' EQUITY                                                                        |  |                   |         |  |                    |   |         |                       |  |   |                    | 
|                                                                                                            |  |                   |         |  |                    |   |         |                       |  |   |                    | 
|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)                                |  |                   | 302,770 |  |                    |   | 221,715 |                       |  |   | 238,339            | 
|                                                                                                            |  |                   |         |  |                    |   |         |                       |  |   |                    | 
|Total Liabilities                                                                                           |  |                   | 342,080 |  |                    |   | 261,025 |                       |  |   | 277,649            | 
|                                                                                                            |  |                   |         |  |                    |   |         |                       |  |   |                    | 
|Partners’
    Equity:                                                                                       |  |                   |         |  |                    |   |         |                       |  |   |                    | 
|General
    Partner                                                                                         |  |                   | 41,899  |  |                    |   | 41,882  |                       |  |   | 41,988             | 
|Limited
    Partners (25,000 Partnership Units authorized; 21,990 Partnership Units issued and outstanding) |  |                   | 343,596 |  |                    |   | 341,980 |                       |  |   | 352,426            | 
|                                                                                                            |  |                   |         |  |                    |   |         |                       |  |   |                    | 
|Total Partners’
    Equity                                                                                  |  |                   | 385,495 |  |                    |   | 383,862 |                       |  |   | 394,414            | 
|Total
    Liabilities and Partners’ Equity                                                                  |  | $                 | 727,575 |  |                    | $ | 644,887 |                       |  | $ | 672,063            | 





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, 2010 and 2009

(unaudited)









|                                                                 |  | 2010             |          |   | 2009             |  
|---------------------------------------------------------------- |  | ---------------- | -------- | - | ---------------- | -
|                                                                 |  | Three
    Months |          |   | Three
    Months |  
|Reporting fees                                                   |  | $                | -        |   |                  | $
|Distribution income                                              |  |                  | 5,000    |   |                  |  
|Total operating income                                           |  |                  | 5,000    |   |                  |  
|                                                                 |  |                  |          |   |                  |  
|Operating expenses and loss:                                     |  |                  |          |   |                  |  
|Amortization (Note 3)                                            |  |                  | 1,800    |   |                  |  
|Asset management fees (Note 3)                                   |  |                  | 14,081   |   |                  |  
|Impairment loss (Note 2)                                         |  |                  | 87,338   |   |                  |  
|Legal and accounting fees                                        |  |                  | 15,131   |   |                  |  
|Write off of advances to Local Limited Partnerships
    (Note 5) |  |                  | -        |   |                  |  
|Other                                                            |  |                  | 7,153    |   |                  |  
|                                                                 |  |                  |          |   |                  |  
|Total operating expenses and loss                                |  |                  | 125,503  |   |                  |  
|                                                                 |  |                  |          |   |                  |  
|Loss from operations                                             |  |                  | (120,503 | ) |                  |  
|                                                                 |  |                  |          |   |                  |  
|Equity in losses of Local Limited Partnerships (Note
    2)      |  |                  | (4,970   | ) |                  |  
|                                                                 |  |                  |          |   |                  |  
|Gain on sale of Local Limited Partnerships (Note 2)              |  |                  | 137,413  |   |                  |  
|                                                                 |  |                  |          |   |                  |  
|Interest income                                                  |  |                  | 840      |   |                  |  
|                                                                 |  |                  |          |   |                  |  
|Net income (loss)                                                |  | $                | 12,780   |   |                  | $
|                                                                 |  |                  |          |   |                  |  
|Net income (loss) allocated to:                                  |  |                  |          |   |                  |  
|General Partner                                                  |  | $                | 128      |   |                  | $
|Limited Partners                                                 |  | $                | 12,652   |   |                  | $
|                                                                 |  |                  |          |   |                  |  
|Net income (loss) per Partnership Unit                           |  | $                | 1        |   |                  | $
|                                                                 |  |                  |          |   |                  |  
|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, 2010 and 2009

(unaudited)





|                                                                          |  | 2010   |         |   | 2009   |  
|------------------------------------------------------------------------- |  | ------ | ------- | - | ------ | -
|                                                                          |  | Three  |         |   | Six    |  
|                                                                          |  | Months |         |   | Months |  
|                                                                          |  |        |         |   |        |  
|Reporting fees                                                            |  | $      | 10,581  |   |        | $
|Distribution income                                                       |  |        | -       |   |        |  
|Total operating income                                                    |  |        | 10,581  |   |        |  
|                                                                          |  |        |         |   |        |  
|Operating expenses and loss:                                              |  |        |         |   |        |  
|Amortization (Note 3)                                                     |  |        | 1,800   |   |        |  
|Asset management fees (Note 3)                                            |  |        | 14,081  |   |        |  
|Impairment loss (Note 2)                                                  |  |        | -       |   |        |  
|Legal and accounting fees                                                 |  |        | 5,180   |   |        |  
|Write off of advances to Local Limited Partnerships
    (Note 5)          |  |        | -       |   |        |  
|Other                                                                     |  |        | 584     |   |        |  
|                                                                          |  |        |         |   |        |  
|Total operating expenses and loss                                         |  |        | 21,645  |   |        |  
|                                                                          |  |        |         |   |        |  
|Loss from operations                                                      |  |        | (11,064 | ) |        |  
|                                                                          |  |        |         |   |        |  
|Equity in income(losses) of Local  Limited Partnerships
    
    (Note 2) |  |        | 8,552   |   |        |  
|                                                                          |  |        |         |   |        |  
|Gain on sale of Local Limited Partnerships (Note 2)                       |  |        | -       |   |        |  
|                                                                          |  |        |         |   |        |  
|Interest income                                                           |  |        | 879     |   |        |  
|                                                                          |  |        |         |   |        |  
|Net income (loss)                                                         |  | $      | (1,633  | ) |        | $
|                                                                          |  |        |         |   |        |  
|Net income (loss) allocated to:                                           |  |        |         |   |        |  
|General Partner                                                           |  | $      | (17     | ) |        | $
|Limited Partners                                                          |  |        | (1,616  | ) |        |  
|                                                                          |  |        |         |   |        |  
|Net income (loss) per  Partnership Unit                                   |  | $      | 0       |   |        | $
|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, 2010 and 2009

(unaudited)









|                                                                      |  | 2010   |         |   | 2009   |  
|--------------------------------------------------------------------- |  | ------ | ------- | - | ------ | -
|                                                                      |  | Three  |         |   | Nine   |  
|                                                                      |  | Months |         |   | Months |  
|                                                                      |  |        |         |   |        |  
|Reporting fees                                                        |  | $      | -       |   |        | $
|Distribution income                                                   |  |        | -       |   |        |  
|Total operating income                                                |  |        | -       |   |        |  
|                                                                      |  |        |         |   |        |  
|Operating expenses and loss:                                          |  |        |         |   |        |  
|Amortization (Note 3)                                                 |  |        | 1,800   |   |        |  
|Asset management fees (Note 3)                                        |  |        | 14,131  |   |        |  
|Impairment loss (Note 2)                                              |  |        | -       |   |        |  
|Legal and accounting fees                                             |  |        | -       |   |        |  
|Write off of advances to Local Limited Partnerships
    (Note 5)      |  |        | -       |   |        |  
|Other                                                                 |  |        | 2,492   |   |        |  
|                                                                      |  |        |         |   |        |  
|Total operating expenses and loss                                     |  |        | 18,423  |   |        |  
|                                                                      |  |        |         |   |        |  
|Loss from operations                                                  |  |        | (18,423 | ) |        |  
|                                                                      |  |        |         |   |        |  
|Equity in income (losses) of Local  Limited Partnerships
    (Note 2) |  |        | 8,553   |   |        |  
|                                                                      |  |        |         |   |        |  
|Gain on sale of Local Limited Partnerships
    (Note 2)               |  |        | 20,000  |   |        |  
|                                                                      |  |        |         |   |        |  
|Interest income                                                       |  |        | 422     |   |        |  
|                                                                      |  |        |         |   |        |  
|Net income (loss)                                                     |  | $      | 10,552  |   |        | $
|                                                                      |  |        |         |   |        |  
|Net income (loss) allocated to:                                       |  |        |         |   |        |  
|General Partner                                                       |  | $      | 106     |   |        | $
|Limited Partners                                                      |  | $      | 10,446  |   |        | $
|                                                                      |  |        |         |   |        |  
|Net income (loss) per Partnerships Unit                               |  | $      | 0       |   |        | $
|                                                                      |  |        |         |   |        |  
|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



For the Three Months Ended
June 30, 2010, Six Months Ended September 30, 2010 andNine Months Ended December 31, 2010

(unaudited)



|For
    the Three Months Ended June 30, 2010
|--------------------------------------------
|                                            
|                                            
|                                            
|Partners’ equity at March 31, 2010          
|                                            
|Net income                                  
|                                            
|Partners’ equity at June 30, 2010           



|For
    the Six Months Ended September 30, 2010
|-----------------------------------------------
|                                               
|                                               
|                                               
|Partners’ equity at March 31, 2010             
|                                               
|Net income                                     
|                                               
|Partners’ equity at September 30, 2010         



|For
    the Nine Months Ended December 31, 2010
|-----------------------------------------------
|                                               
|                                               
|                                               
|Partners’ equity at March 31, 2010             
|                                               
|Net income                                     
|                                               
|Partners’ equity at December 31, 2010          



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, 2010 and 2009

(unaudited)





|                                                                                               |  | 2010 |          |   | 2009 |  
|---------------------------------------------------------------------------------------------- |  | ---- | -------- | - | ---- | -
|Cash flows from operating activities:                                                          |  |      |          |   |      |  
|Net income (loss)                                                                              |  | $    | 12,780   |   |      | $
|Adjustments to reconcile net loss to net
     cash provided by (used in) operating activities: |  |      |          |   |      |  
|Amortization                                                                                   |  |      | 1,800    |   |      |  
|Impairment loss                                                                                |  |      | 87,338   |   |      |  
|Equity in losses of Local Limited Partnerships                                                 |  |      | 4,970    |   |      |  
|Increase (decrease) in accrued fees and expenses
    due to General Partner and affiliates     |  |      | (8,657   | ) |      |  
|Gain on sale of Local Limited Partnerships                                                     |  |      | (137,413 | ) |      |  
|Net cash provided by (used in) operating activities                                            |  |      | (39,182  | ) |      |  
|                                                                                               |  |      |          |   |      |  
|Cash flows from investing activities:                                                          |  |      |          |   |      |  
|Net proceeds from sale of Local Limited Partnerships                                           |  |      | 69,438   |   |      |  
|Advances made to Local Limited Partnerships                                                    |  |      | -        |   |      |  
|Write off of advances made to Local Limited
    Partnerships                                   |  |      | -        |   |      |  
|Net cash provided by investing activities                                                      |  |      | 69,438   |   |      |  
|                                                                                               |  |      |          |   |      |  
|Net increase in cash                                                                           |  |      | 30,256   |   |      |  
|                                                                                               |  |      |          |   |      |  
|Cash, beginning of period                                                                      |  |      | 25,677   |   |      |  
|                                                                                               |  |      |          |   |      |  
|Cash, end of period                                                                            |  | $    | 55,933   |   |      | $
|                                                                                               |  |      |          |   |      |  
|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, 2010 and 2009

(unaudited)





|                                                                                                                    |  | 2010 |          |   | 2009 |  
|------------------------------------------------------------------------------------------------------------------- |  | ---- | -------- | - | ---- | -
|Cash flows from operating activities:                                                                               |  |      |          |   |      |  
|Net income (loss)                                                                                                   |  | $    | 11,147   |   |      | $
|Adjustments to reconcile net loss to net
     cash provided by (used in) operating activities:                      |  |      |          |   |      |  
|Amortization                                                                                                        |  |      | 3,600    |   |      |  
|Impairment loss                                                                                                     |  |      | 87,338   |   |      |  
|Equity in (income) losses of Local Limited
    Partnerships                                                         |  |      | (3,582   | ) |      |  
|Increase (decrease) in accrued fees and expenses
    due to                                                         |  |      |          |   |      |  
|General Partner and affiliates                                                                                      |  |      | (89,712  | ) |      |  
|Gain on sale of Local Limited Partnerships                                                                          |  |      | (137,413 | ) |      |  
|Net cash provided by (used in) operating activities                                                                 |  |      | (128,622 | ) |      |  
|                                                                                                                    |  |      |          |   |      |  
|Cash flows from in investing activities:                                                                            |  |      |          |   |      |  
|Net proceeds from sale of Local Limited
    Partnerships                                                            |  |      | 99,440   |   |      |  
|Advances made to Local Limited Partnerships                                                                         |  |      | -        |   |      |  
|Write off of advances made to Local Limited
    Partnerships                                                        |  |      | -        |   |      |  
|Distributions received from Local Limited
    Partnerships                                                          |  |      | 17,137   |   |      |  
|Net cash provided by investing activities                                                                           |  |      | 116,577  |   |      |  
|                                                                                                                    |  |      |          |   |      |  
|Net increase (decrease) in cash                                                                                     |  |      | (12,045  | ) |      |  
|                                                                                                                    |  |      |          |   |      |  
|Cash, beginning of period                                                                                           |  |      | 25,677   |   |      |  
|                                                                                                                    |  |      |          |   |      |  
|Cash, end of period                                                                                                 |  | $    | 13,632   |   |      | $
|                                                                                                                    |  |      |          |   |      |  
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                                                                   |  |      |          |   |      |  
|                                                                                                                    |  |      |          |   |      |  
|Taxes paid                                                                                                          |  | $    | -        |   |      | $
|                                                                                                                    |  |      |          |   |      |  
|NONCASH INVESTING AND FINANCING ACTIVITIES:                                                                         |  |      |          |   |      |  
|Advances made to the Partnership by the
    General partner in prior years were converted to General Partner equity |  | $    | -        |   |      | $





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, 2010 and 2009

(unaudited)



|                                                                                                                    |  | 2010 |          |   | 2009 |  
|------------------------------------------------------------------------------------------------------------------- |  | ---- | -------- | - | ---- | -
|Cash flows from operating activities:                                                                               |  |      |          |   |      |  
|Net income (loss)                                                                                                   |  | $    | 21,699   |   |      | $
|Adjustments to reconcile net loss to net
     cash provided by (used in) operating activities:                      |  |      |          |   |      |  
|Amortization                                                                                                        |  |      | 5,400    |   |      |  
|Impairment loss                                                                                                     |  |      | 87,338   |   |      |  
|Equity in (income) losses of Local Limited
    Partnerships                                                         |  |      | (12,135  | ) |      |  
|Increase (decrease) in accrued fees and expenses due
    to                                                         |  |      |          |   |      |  
|General Partner and affiliates                                                                                      |  |      | (73,088  | ) |      |  
|Gain on sale of Local Limited Partnerships                                                                          |  |      | (157,413 | ) |      |  
|Net cash provided by (used in) operating activities                                                                 |  |      | (128,229 | ) |      |  
|                                                                                                                    |  |      |          |   |      |  
|Cash flows from investing activities:                                                                               |  |      |          |   |      |  
|Net proceeds from sale of Local Limited
    Partnerships                                                            |  |      | 149,440  |   |      |  
|Advances made to Local Limited Partnerships                                                                         |  |      | -        |   |      |  
|Write off of advances made to Local Limited
    Partnerships                                                        |  |      | -        |   |      |  
|Distributions received from Local Limited
    Partnerships                                                          |  |      | 17,137   |   |      |  
|Net cash provided by investing activities                                                                           |  |      | 166,577  |   |      |  
|                                                                                                                    |  |      |          |   |      |  
|Net increase in cash                                                                                                |  |      | 38,378   |   |      |  
|                                                                                                                    |  |      |          |   |      |  
|Cash, beginning of period                                                                                           |  |      | 25,677   |   |      |  
|                                                                                                                    |  |      |          |   |      |  
|Cash, end of period                                                                                                 |  | $    | 64,055   |   |      | $
|                                                                                                                    |  |      |          |   |      |  
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                                                                   |  |      |          |   |      |  
|                                                                                                                    |  |      |          |   |      |  
|Taxes paid                                                                                                          |  | $    | -        |   |      | $
|                                                                                                                    |  |      |          |   |      |  
|NONCASH INVESTING AND FINANCING ACTIVITIES:                                                                         |  |      |          |   |      |  
|Advances made to the Partnership by the
    General partner in prior years were converted to General Partner equity |  | $    | -        |   |      | $



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, 2010, September 30, 2010 and

December 31, 2010

(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, 2010, six months ended September 30, 2010 and nine months ended December
31, 2010 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2011. 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, 2010.



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, 2010, September 30, 2010 and

December 31, 2010

(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, 2010, September 30, 2010 and

December 31, 2010

(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 June 30, September 30,
and December 31, 2010, 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, 2010.



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, 2010, September 30, 2010 and

December 31, 2010

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued



During the three, six and
nine months ended June 30, September 30, and December 31, 2010, the Partnership sold the Housing Complexes of Mesa Verde Apartments,
L.P. (“Mesa Verde”). The Partnership also identified and sold its Local Limited Partnership interests in Lamar Plaza
Apartments, L.P. The Compliance Periods for the Local Limited Partnerships expired after the respective
date of sale. The respective purchasers have guaranteed that the Local Limited Partnerships will stay in compliance with the Low
Income Housing Tax Credit code, therefore there is no risk of recapture to the investors of the Partnership.



The investment balance was
zero at the time of sale for each Local Limited Partnership listed below.



|Local
    Limited Partnership       |  | Debt at prior
    12/31 from sale date |           |  | Appraisal
    Value |   |           | Date
    of Sale |  |  | Sales Proceeds |  |  | Actual
    Sale Related Expenses |         |  | Gain (loss) on
    sale |  
|----------------------------------- |  | -------------------------------------- | --------- |  | ------------------- | - | --------- | ---------------- |  |  | -------------- |  |  | -------------------------------- | ------- |  | ----------------------- | -
|Mesa Verde Apartments,
    L.P. (*) |  | $                                      | 1,919,353 |  |                     | $ | 2,300,000 |                  |  |  | 4/23/2010      |  |  | $                                | 137,413 |  |                         | $
|Lamar Plaza Apartments,
    LP      |  |                                        | 651,285   |  |                     |   | 330,000   |                  |  |  | 12/31/2010     |  |  |                                  | 20,000  |  |                         |  



(*) $88,084 of the total sale
proceeds from the sale of Mesa Verde were recorded as a note at date of sale, of which $67,975, $37,973, and $7,973 were included
in sale proceeds receivable on the balance sheet as of June 30, 2010, September 30, 2010, and December 31, 2010, respectively.



The following table represents
the anticipated use of the cash proceeds from the disposition of the Local Limited Partnerships during the three, six and nine
months ended June 30, September 30, and December 31, 2010.



|Local
    Limited Partnership |  | Cash
    Proceeds |         |  | Reimburse
    GP or affiliates for expenses |   |        |  | Payment
    of accrued asset management fees |   |   |  | Remaining cash to
    remain in reserves for future expenses |  
|----------------------------- |  | ----------------- | ------- |  | ------------------------------------------- | - | ------ |  | -------------------------------------------- | - | - |  | ------------------------------------------------------------ | -
|Mesa Verde Apartments, L.P.   |  | $                 | 137,413 |  |                                             | $ | 90,900 |  |                                              | $ | - |  |                                                              | $
|Lamar Plaza Apartments, LP    |  |                   | 20,000  |  |                                             |   | 14,000 |  |                                              |   | - |  |                                                              |  



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, 2010, September 30, 2010 and

December 31, 2010

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued



Subsequent to December 31,
2010, the Partnership identified and sold the Housing Complexes of 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 D. Hilltop Apartments, Ltd., Woodland, Ltd., and Greyhound Associates I, L.P subsequent to December
31, 2010.



The following table reflects
dispositions that occurred subsequent to December 31, 2010:



|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 | 
|------------------------------------------------------------- |  | ----------------------------------------- | --------- |  | ------------------- | - | --------- | ---------------- |  |  | ------------------ |  |  | -------------------------------- | --------- |  | -------------------------------------- | - | ----- | ----------------------- | 
|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 |                         | 
|D. Hilltop
    Apartments, Ltd.                               |  |                                           | 415,909   |  |                     |   | 220,000   |                  |  |  | 8/1/2012           |  |  |                                  | 20,000    |  |                                        |   | 3,047 |                         | 
|Woodland,
    Ltd                                             |  |                                           | 1,341,720 |  |                     |   | 226,000   |                  |  |  | 7/31/2013          |  |  |                                  | 28,001    |  |                                        |   | 2,500 |                         | 
|Greyhound Associates I,
    L.P                               |  |                                           | 435,203   |  |                     |   | 115,000   |                  |  |  | 8/31/2013          |  |  |                                  | 5,000     |  |                                        |   | 2,600 |                         | 
|Crescent City Apartment,
    a California Limited Partnership |  |                                           | 2,681,206 |  |                     |   | 320,000   |                  |  |  | 10/1/2013          |  |  |                                  | 50,000    |  |                                        |   | 7,334 |                         | 



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



The following table represents
the use of the cash proceeds from the disposition of the Local Limited Partnerships that were disposed of subsequent to December
31, 2010:



|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 | 
|--------------------------------------------------------- |  | ----------------- | --------- |  | ------------------------------------------- | - | ------ | -------------------------------------------- |  | - | ------------------------------------------------------------ | 
|The North Central Limited Partnership                     |  | $                 | 225,967   |  |                                             | $ | 36,000 |                                              |  | $ | 88,719                                                       | 
|Blessed Rock of El Monte, a CA Partnership                |  |                   | 2,355,384 |  |                                             |   | 25,852 |                                              |  |   | 966,695                                                      | 
|D. Hilltop Apartments, Ltd.                               |  |                   | 20,000    |  |                                             |   | 11,775 |                                              |  |   | -                                                            | 
|Woodland, Ltd                                             |  |                   | 28,001    |  |                                             |   | 23,000 |                                              |  |   | -                                                            | 
|Greyhound Associates I, L.P                               |  |                   | 5,000     |  |                                             |   | -      |                                              |  |   | -                                                            | 
|Crescent City Apartment, a California Limited Partnership |  |                   | 50,000    |  |                                             |   | -      |                                              |  |   | 21,868                                                       | 



F-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, 2010, September 30, 2010 and

December 31, 2010

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued



Subsequent to December
31, 2010, 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 |  |                                                   | $ | 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-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, 2010, September 30, 2010 and

December 31, 2010

(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 of the periods ended June 30, September 30 and December 31, 2010 and 2009 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, 2010, respectively, as soon as the investment balance reached zero, the related costs for acquiring
the investment were written off.



In accordance with the accounting
guidance for the consolidation of variable interest entities, the Partnership determines when it should include the assets, liabilities,
and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about
its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on
control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated
by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly
impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially
be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate
the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.



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



F-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, 2010, September 30, 2010 and

December 31, 2010

(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, 2010, September 30, 2010, December 31, 2010, and March
31, 2010,thirteen,thirteen, thirteen, and twelve investment accounts in Local Limited Partnerships 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.



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-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, 2010, September 30, 2010 and

December 31, 2010

(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, 2010 and 2009 was $87,338
and $185,972, respectively. For the six months ended September 30, 2010 and 2009, impairment loss of $87,338 and $185,972, respectively,
was recorded. Impairment loss for the nine months ended December 31, 2010 and 2009 was $87,338 and $185,972, 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. No impairment losses were recorded against the related intangibles 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, 2010
and 2009 was $1,800. For the six months ended September 30, 2010 and 2009 amortization expense was $3,600. For the nine months
ended December 31, 2010 and 2009 amortization expense was $5,400.



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.



NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS



As
of June 30, September 30, December 31, 2010, and March 31, 2010 the Partnership has acquired
limited partnership interests in thirteen, thirteen, twelve, and fourteen Local Limited Partnerships, each of which owns one Housing
Complex consisting of an aggregate of 643, 643, 615, and 785 apartment units, respectively. 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.



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, 2010, September 30, 2010 and

December 31, 2010

(unaudited)



NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS,
continued



The Partnership reviews its
investments in Local Limited Partnerships for impairment at least annually or whenever events or changes in circumstances indicate
that the carrying value of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying
amount of the investment to the sum of the total amount of the remaining Low Income Housing Tax Credits allocated to the Partnership
and any estimated residual value of the investment. Impairment loss for the three months ended June 30, 2010 and 2009 was $87,338
and $185,972, respectively. For the six months ended September 30, 2010 and 2009, impairment loss of $87,338 and $185,972, respectively,
was recorded. Impairment loss for the nine months ended December 31, 2010 and 2009 was $87,338 and $185,972, 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. No impairment losses were recorded against the related intangibles for any of the periods presented.



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 EndedJune 30, 2010 |         |   | For the Year
    EndedMarch 31, 2010 |  
|---------------------------------------------------------- |  | -------------------------------------------- | ------- | - | ------------------------------------ | -
|Investments per balance sheet, beginning of period         |  | $                                            | 697,775 |   |                                      | $
|Impairment loss                                            |  |                                              | (87,338 | ) |                                      |  
|Equity in losses of Local Limited Partnerships             |  |                                              | (4,970  | ) |                                      |  
|Distributions received from Local Limited Partnerships     |  |                                              | -       |   |                                      |  
|Amortization of capitalized acquisition fees and
    costs |  |                                              | (1,800  | ) |                                      |  
|Investments per balance sheet, end of period               |  | $                                            | 603,667 |   |                                      | $



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, 2010, September 30, 2010 and

December 31, 2010

(unaudited)



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



|                                                       |  | For
    the Six Months Ended  September 30, 2010 |         |   | For
    the Year 
    EndedMarch 31, 2010 |  
|------------------------------------------------------ |  | ------------------------------------------------ | ------- | - | ----------------------------------------- | -
|Investments per balance sheet, beginning of period     |  | $                                                | 697,775 |   |                                           | $
|Impairment loss                                        |  |                                                  | (87,338 | ) |                                           |  
|Equity in losses of Local Limited Partnerships         |  |                                                  | 3,582   |   |                                           |  
|Distributions received from Local Limited Partnerships |  |                                                  | (17,137 | ) |                                           |  
|Amortization of capitalized acquisition fees and costs |  |                                                  | (3,600  | ) |                                           |  
|Investments per balance sheet, end of period           |  | $                                                | 593,282 |   |                                           | $



|                                                       |  | For
    the NineMonths Ended December 31, 2010 |         |   | For
    the Year
    EndedMarch 31, 2010 |  
|------------------------------------------------------ |  | ---------------------------------------------- | ------- | - | ---------------------------------------- | -
|Investments per balance sheet, beginning of period     |  | $                                              | 697,775 |   |                                          | $
|Impairment loss                                        |  |                                                | (87,338 | ) |                                          |  
|Equity in losses of Local Limited Partnerships         |  |                                                | 12,135  |   |                                          |  
|Distributions received from Local Limited Partnerships |  |                                                | (17,137 | ) |                                          |  
|Amortization of capitalized acquisition fees and costs |  |                                                | (5,400  | ) |                                          |  
|Investments per balance sheet, end of period           |  | $                                              | 600,035 |   |                                          | $



|                                                                                       |  | For
    the Three
    Months EndedJune 30, 2010 |         |  | For
    the Year
    EndedMarch 31, 2010 |  
|-------------------------------------------------------------------------------------- |  | ----------------------------------------------- | ------- |  | ---------------------------------------- | -
|Investments in Local Limited Partnerships, net                                         |  | $                                               | 481,289 |  |                                          | $
|Acquisition fees and costs, net of accumulated amortization of $14,400
    and $12,600 |  |                                                 | 122,378 |  |                                          |  
|Investments per balance sheet, end of period                                           |  | $                                               | 603,667 |  |                                          | $



|                                                                                       |  | For
    the Six Months Ended September 30, 2010 |         |  | For
                                                                                                                                the
                                                                                                                                Year
                                                                                EndedMarch
                                                                                31, 2010 |  
|-------------------------------------------------------------------------------------- |  | ----------------------------------------------- | ------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -
|Investments in Local Limited Partnerships, net                                         |  | $                                               | 472,703 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $
|Acquisition fees and costs, net of accumulated amortization of $16,200
    and $12,600 |  |                                                 | 120,579 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  
|Investments per balance sheet, end of period                                           |  | $                                               | 593,282 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $



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, 2010, September 30, 2010 and

December 31, 2010

(unaudited)



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



|                                                                                       |  | For
    the Nine
    Months EndedDecember 31, 2010 |         |  | For
    the Year
    EndedMarch 31, 2010 |  
|-------------------------------------------------------------------------------------- |  | -------------------------------------------------- | ------- |  | ---------------------------------------- | -
|Investments in Local Limited Partnerships, net                                         |  | $                                                  | 481,256 |  |                                          | $
|Acquisition fees and costs, net of accumulated amortization of $18,000
    and $12,600 |  |                                                    | 118,779 |  |                                          |  
|Investments per balance sheet, end of period                                           |  | $                                                  | 600,035 |  |                                          | $
|                                                                                       |  |                                                    |         |  |                                          |  



Selected
financial information for the three months ended June 30, 2010 and 2009 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, 2010, September 30, 2010 and

December 31, 2010

(unaudited)



NOTE 2 - INVESTMENTS
IN LOCAL LIMITED PARTNERSHIPS, continued



Selected
financial information for the six months ended September 30, 2010 and 2009 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, 2010 and 2009 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, 2010, September 30, 2010 and

December 31, 2010

(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 was $0 as of all periods presented. 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 was $0 as of all periods presented. 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, 2010, September 30, 2010 and

December 31, 2010

(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
was $0 as of all periods presented. 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 was $0 as of all
periods presented. 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, 2010, September 30, 2010 and

December 31, 2010

(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$14,400, $16,200, $18,000 and $12,600 as of June
    30, 2010, September 30, 2010, December 31, 2010, and March 31, 2010, respectively. Impairment on the intangibles is measured
    by comparing the Partnership’s total investment balance after impairment of investments in Local Limited Partnerships
    to the sum of the total of the remaining Low Income Housing Tax Credits allocated to the Partnership and any estimated residual
    value of the investments. If an impairment loss related to the acquisition 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 were fully amortized.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (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 management fees of $14,081 and $15,125 were incurred during each of the three months ended June 30, 2010 and 2009. For
    each of the six months ended September 30, 2010 and 2009, the Partnership incurred asset management fees of $28,162 and $30,250.
    Management fees of $42,293 and $45,375 were incurred during each of the nine months ended December 31, 2010 and 2009. No payments
    were made by the Partnership to the General Partner or affiliates for accrued asset management fees during any of the periods
    presented.



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, 2010, September 30, 2010 and

December 31, 2010

(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, 2010 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.                                                                           
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (e) | The Partnership reimburses
    the General Partner or its affiliates for operating expenses incurred on behalf of the Partnership. Operating expense reimbursements
    were $25,000 and$0 during the three months ended June 30, 2010 and 2009, respectively. For the six months ended September
    30, 2010 and 2009, the Partnership reimbursed operating expenses of $115,900 and$0, respectively. For the nine months ended
    December 31, 2010 and 2009, operating expense reimbursements were $115,900 and $0, respectively.



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





|                                                                                       |  | June
    30, 2010 |         |  | September 30, 2010 |   |         | December 31, 2010 |  |   | March
    31, 2010 | 
|-------------------------------------------------------------------------------------- |  | ----------------- | ------- |  | ------------------ | - | ------- | ----------------- |  | - | ------------------ | 
|                                                                                       |  |                   |         |  |                    |   |         |                   |  |   |                    | 
|Asset management fee payable                                                           |  | $                 | 163,300 |  |                    | $ | 177,381 |                   |  | $ | 191,462            | 
|Advances made to the Partnership from General Partner or affiliates                    |  |                   | 39,427  |  |                    |   | 29,427  |                   |  |   | 29,427             | 
|Expenses paid by the General Partners or an affiliate on behalf of
    the Partnership |  |                   | 100,043 |  |                    |   | 14,907  |                   |  |   | 17,450             | 
|Total                                                                                  |  | $                 | 302,770 |  |                    | $ | 221,715 |                   |  | $ | 238,339            | 





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, 2010, September 30, 2010, December 31, 2010 and March 31, 2010$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, 2010, September 30, 2010 and

December 31, 2010

(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, 2010, September
30, 2010, December 31, 2010 and March 31, 2010 the Partnership in total had advanced $280,031, $280,031, $280,031, and $280,031,
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, 2010, September
30, 2010, December 31, 2010 and March 31, 2010 the Partnership in total had advanced $4,939, $4,939, $4,939, and $4,939, respectively
to one Local Limited Partnership, Wynwood 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.



NOTE 6 –SUBSEQUENT
EVENTS



Subsequent to December 31,
2010, the Partnership identified and sold the Housing Complexes of 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 D. Hilltop Apartments, Ltd., Woodland, Ltd., Greyhound Associates I, L.P, and Crescent City Apartment,
a CA Limited Partnership (“Crescent”) subsequent to December 31, 2010.



The following table reflects
dispositions that occurred subsequent to December 31, 2010:



|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 | 
|------------------------------------------------------------- |  | ---------------------------------------- | --------- |  | ------------------- | - | --------- | ---------------- |  |  | ------------------ |  |  | -------------------------------- | --------- |  | -------------------------------------- | - | ----- | ----------------------- | 
|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 |                         | 
|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-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, 2010, September 30, 2010 and

December 31, 2010

(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 December
31, 2010:



|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 | 
|--------------------------------------------------------- |  | ------------- | --------- |  | ------------------------------------------- | - | ------ | -------------------------------------------- |  | - | ---------------------------------------------------------------------- | 
|The North Central Limited Partnership                     |  | $             | 225,967   |  |                                             | $ | 36,000 |                                              |  | $ | 88,719                                                                 | 
|Blessed Rock of El Monte, a CA Partnership                |  |               | 2,355,384 |  |                                             |   | 25,852 |                                              |  |   | 966,695                                                                | 
|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, 2010, 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                                                                                                                                                   |  |  | $ | 2,000                                                                                                                                                                                                                                                                                                                                                                                                                                    | 
|Cleveland Apartments, L.P             |  | 12/31/2013                |  |   | 1,070,000       |  |  |   | 1,471,060                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |  |   | 50,000                                                                                                                                                      |  |  |   | -                                                                                                                                                       |  |  |   | 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-27







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, 2010 and 2009, the three and six months ended
September 30, 2010 and 2009, and the three and nine months ended December 31, 2010 and 2009, 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, 2010 consisted primarily of $56,000 in cash, aggregate investments in the thirteen Local Limited Partnerships of $604,000
and sales proceeds receivable of $68,000. Liabilities at June 30, 2010 primarily consisted of$39,000 of payables to Local Limited
Partnerships and $303,000 of accrued fees and expenses due to the General Partner and/or its affiliates.



The Partnership’s assets
at September 30, 2010 consisted primarily of $14,000 in cash, aggregate investments in the thirteen Local Limited Partnerships
of $593,000 and sales proceeds receivable of $38,000. Liabilities at September 30, 2010 primarily consisted of $39,000 of payables
to Local Limited Partnerships and $222,000 of accrued fees and expenses due to the General Partner and/or its affiliates.



The Partnership’s assets
at December 31, 2010 consisted primarily of $64,000 in cash, aggregate investments in the twelve Local Limited Partnerships of
$600,000 and sales proceeds receivable of $8,000. Liabilities at December 31, 2010 primarily consisted of $39,000 of payables
to Local Limited Partnerships and $238,000 of accrued fees and expenses due to the General Partner and/or its affiliates.



3







Results of Operations



Three Months Ended June
30, 2010 Compared to Three Months Ended June 30, 2009The Partnership’s net income for the three months ended June 30,
2010 was $13,000 reflecting an increase of approximately $245,000 from the net loss of $(232,000) for the three months ended June
30, 2009. The increase was primarily due to the increase of $137,000 gain on sale of Local Limited partnerships for the three
months ended June 30, 2010. The gain on sale of Local Limited partnerships will vary from period to period, depending on the number
of Housing Complexes that have been identified for disposition, the values of such Housing Complexes and the closing dates of
transactions. There was a decrease in impairment loss of $99,000 for the three months ended June 30, 2010. The impairment loss
can vary each year depending on the annual decrease in Low Income Housing Tax Credits allocated to the Partnership and the current
estimated residual value of the investments compared to the current carrying value of each of the investments. No advances were
made to the Local Limited Partnerships during the three months ended June 30, 2010 compared to $(36,000) advanced and reserved
for during the three months ended June 30, 2009. The advances made to the troubled Local Limited Partnership can vary each year
depending on the operations of each Local Limited Partnership. There was a decrease in equity in losses of Local Limited Partnerships
of $17,000 for the three months ended June 30, 2010. The equity in losses can vary each year depending on the operations of each
of the Local Limited Partnerships. Total operating income decreased by $(29,000) for the three months ended June 30, 2010 compared
to the three months ended June 30, 2009 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 $(12,000) for the three months ended June 30, 2010 compared to the three months ended June 30, 2009 due to the timing
of accounting work performed.



Three Months Ended September
30, 2010 Compared to the Three Months Ended September 30, 2009The Partnership’s net loss for the three months ended
September 30, 2010 was $(2,000), reflecting a decrease of approximately $53,000 from the net loss of $(55,000) for the three months
ended September 30, 2009. There was an increase of equity in income of Local Limited Partnerships of $9,000 for the three months
ended September 30, 2010. The equity in income (losses) can vary each year depending on the operations of each of the Local Limited
Partnerships. Additionally, total operating income increased by $5,000 for the three months ended September 30, 2010 compared
to the three months ended September 30, 2009 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. There were no advances made
to the Local Limited Partnerships during the three months ended September 30, 2010 compared to $(38,000) advanced and reserved
for during the three months ended September 30, 2009. The advances made to the troubled Local Limited Partnership can vary each
year depending on the operations of each Local Limited Partnership. Accounting and legal fees increased by $(1,000) for the three
months ended September 30, 2010 compared to the three months ended September 30, 2009 due to the timing of accounting work performed.



Six Months Ended September
30, 2010 Compared to the Six Months Ended September 30, 2009The Partnership’s net income for the six months ended September
30, 2010 was $11,000, reflecting a change of approximately $298,000 from the net loss of $(287,000) for the six months ended September
30, 2009. The increase was primarily due to the increase of $137,000 in gain on sale of Local Limited partnerships for the six
months ended September 30, 2010. The gain on sale of Local Limited partnerships will vary from period to period, depending on
the number of Housing Complexes that have been identified for disposition, the values of such Housing Complexes and the closing
dates of transactions. There was a decrease in impairment loss of $99,000 for the six months ended September 31, 2010. The impairment
loss can vary each year depending on the annual decrease in Low Income Housing Tax Credits allocated to the Partnership and the
current estimated residual value of the investments compared to the current carrying value of each of the investments. There was
also an increase in equity in income of Local Limited Partnerships of $26,000 for the six months ended September 30, 2010. The
equity in income(losses) can vary each year depending on the operations of each of the Local Limited Partnerships. Total operating
income decreased by $(24,000) for the six months ended September 30, 2010 compared to the six months ended September 30, 2008
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. There were no advances made during the six months ended September 30,
2010 compared to $(74,000) advanced and reserved for during the three months ended September 30, 2009. The advances made to the
troubled Local Limited Partnership can vary each year depending on the operations of each Local Limited Partnership. Accounting
and legal fees increased by $(13,000) for the six months ended September 30, 2010 compared to the six months ended September 30,
2009 due to the timing of accounting work performed. There was also a $2,000 decrease of asset management fees for the six months
ended September 30, 2010. These fees are calculated based on the value of invested assets. As Local Limited Partnerships are sold,
the invested assets decrease, thereby decreasing the asset management fees.



4







Three Months Ended December
31, 2010 Compared to the Three Months Ended December 31, 2009The Partnership’s net income for the three months ended
December 31, 2010 was $11,000, reflecting an increase of approximately $95,000 from the net loss of $(84,000) for the three months
ended December 31, 2009. Advances of $(60,000) were made to several Local Limited partnerships which were reserved in full during
the three months ended December 31, 2009 compared to no such advances made during the three months ended December 31, 2010. The
advances made to the troubled Local Limited Partnership can vary each year depending on the operations of each Local Limited Partnership.
There was an increase in equity in net losses of Local Limited Partnerships of $9,000 for the three months ended December 31,
2010. The equity in income (losses) can vary each year depending on the operations of each of the Local Limited Partnerships.
Accounting and legal fees decreased by $5,000 for the three months ended December 31, 2010 compared to the three months ended
December 31, 2009 due to the timing of accounting work performed. There was an increase of $20,000 in gain on sale of Local Limited
Partnerships for the three months ended December 31, 2010. The gain on sale of Local Limited partnerships will vary from period
to period, depending on the number of Housing Complexes that have been identified for disposition, the values of such Housing
Complexes and the closing dates of transactions.



Nine Months Ended December
31, 2010 Compared to Nine Months Ended December 31, 2009The Partnership’s net income for the nine months ended December
31, 2010 was $22,000, reflecting a change of approximately $393,000 from the net loss of $(371,000) for the nine months ended
December 31, 2009. The change is largely due to an increase of $157,000 in gain on sale of Local Limited Partnerships for the
nine months ended December 31, 2010 compared to the nine months ended December, 2009. The gains recorded vary based on sales prices
and values of the Local Limited Partnerships sold. There was a decrease in impairment loss of $99,000 for the nine months ended
December 31, 2010. The impairment loss can vary each year depending on the annual decrease in Low Income Housing Tax Credits allocated
to the Partnership and the current estimated residual value of the investments compared to the current carrying value of each
of the investments. Additionally, there was an increase of equity in income of Local Limited Partnerships of $35,000 for the nine
months ended December 31, 2010. The equity in income(losses) can vary each year depending on the operations of each of the Local
Limited Partnerships. Total operating income decreased by $(24,000) for the nine months ended December 31, 2010 compared to the
nine months ended December 31, 2009 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. There were no advances made
during the nine months ended December 31, 2010 compared to $(135,000) advanced and reserved for during the nine months ended December
31, 2009. The advances made to the troubled Local Limited Partnership can vary each year depending on the operations of each Local
Limited Partnership. Accounting and legal fees increased by $(7,000) for the nine months ended December 31, 2010 compared to the
nine months ended December 31, 2009 due to the timing of accounting work performed. There was also a $3,000 decrease of asset
management fees for the nine months ended December 31, 2010. These fees are calculated based on the value of invested assets.
As Local Limited Partnerships are sold, the invested assets decrease, thereby decreasing the asset management fees.



5







Capital Resources and Liquidity



Three Months Ended June
30, 2010 Compared to Three Months Ended June 30, 2009Net cash provided during the three months ended June 30, 2010 was $30,000,
compared to the three months ended June 30, 2009 of $34,000. During the three months ended June 30, 2009 the Partnership advanced
$(36,000) to a Local Limited Partnership that was experiencing operational issues compared to no such advances made for the three
months ended June 30, 2010 as discussed above. The Partnership reimbursed the General Partner or affiliates $(25,000) during the
three months ended June 30, 2010 compared to no payment made during the three months ended June 30, 2009 for reimbursements of
operating expenses paid on its behalf. The reimbursements of operating expenses are paid after management reviews the cash position
of the Partnership. During the three months ended June 30, 2010, the Partnership received $69,000 in net cash proceeds from the
disposition of one of its Local Limited Partnerships interest. The proceeds received will vary from period to period, depending
on the number of Housing Complexes that have been identified for disposition, the values of such Housing Complexes, and the closing
dates of such transactions. Reporting fees decreased by $(34,000) and distributions increased by $5,000 for the three months ended
June 30, 2010, due to the fact that Local Limited Partnerships pay reporting fees and distributions to the Partnership when the
Local Limited Partnership’s cash flows allow for the payment.



Six Months Ended September
30, 2010 Compared to Six Months Ended September 30, 2009Net cash used during the six months ended September 30, 2010 was
$(12,000), compared to the six months ended September 30, 2009 of $1,000. The Partnership reimbursed the General Partner or affiliates
$(116,000) during the six months ended September 30, 2010 for operating expenses compared to no such payment made during the three
months ended September 30, 2009. The reimbursements of operating expenses are paid after management reviews the cash position
of the Partnership. The Partnership made no advances to a Local Limited Partnership during the six months ended September 30,
2010 compared to $(74,000) advanced during the six months ended September 30, 2009 as discussed above. Reporting fees decreased
by $(23,000) and distributions increased by $17,000 for the six months ended September 30, 2010, due to the fact that Local Limited
Partnerships pay reporting fees and distributions to the Partnership when the Local Limited Partnership’s cash flows allow
for the payment. During the six months ended September 30, 2010, the Partnership received $99,000 in proceeds from the sale of
a Local Limited Partnership. The proceeds received will vary from period to period, depending on the number of Housing Complexes
that have been identified for disposition, the values of such Housing Complexes, and the closing dates of such transactions.



Nine Months Ended December
31, 2010 Compared to Nine Months Ended December 31, 2009Net cash provided during the nine months ended December 31, 2010
was $38,000, compared to the nine months ended December 31, 2009 of $1,000. The change is due primarily to the fact that during
the nine months ended December 31, 2010, the Partnership received $149,000 in proceeds from the sale of Local Limited Partnerships.
The proceeds received will vary from period to period, depending on the number of Housing Complexes that have been identified
for disposition, the values of such Housing Complexes, and the closing dates of such transactions. During the nine months ended
December 31, 2009, the partnership advanced $(135,000) to a Local Limited partnership which was experiencing operational issues
compared to no such advances made during the nine months ended December 31, 2010 as discussed above. The Partnership reimbursed
the General Partner or affiliates $(116,000) during the nine months ended December 31, 2010 for operating expenses compared to
no such payment made during the nine months ended December 31, 2009. The reimbursements of operating expenses are paid after management
reviews the cash position of the Partnership. Reporting fees decreased by $(23,000) and distributions increased by $17,000 for
the nine months ended September 30, 2010, due to the fact that Local Limited Partnerships pay reporting fees and distributions
to the Partnership when the Local Limited Partnership’s cash flows allow for the payment.



6







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 the Form 10-K.



7







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 is not expected to materially affect the Partnership’s financial statements.



8







|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.
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |  | 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, 2010,
    September 30, 2010 and December 31, 2010 that materially affected, or are reasonably likely to materially affect, the Partnership’s
    internal control over financial reporting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      



9







|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, 2010, September 30, 2010, December 31,
    2010, and March 31, 2009, (ii) the Condensed Statements of Operations for the three months ended June 30, 2010 and 2009, the
    three and six months ended September 30, 2010 and 2009 and the three and nine months ended December 31, 2010 and 2009 (iii)
    the Condensed Statements of Partners’ Equity (Deficit) for the three, six, and nine-month periods ended June 30, 2010,
    September 30, 2010, December 31, 2010 (iv) the Condensed Statements of Cash Flows for the three months ended June 30, 2010
    and 2009, the six months ended September 30, 2010 and 2009 and the nine months ended December 31, 1010 and 2009 (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.



10







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 FUNDV, 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



11