FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

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

                For the quarterly period ended September 30, 2000

                                       OR

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

             For the transition period from ________ to ___________

                         Commission file number: 0-21895


                  WNC HOUSING TAX CREDIT FUND V, L.P., Series 3

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

                              California 33-6163848

                  WNC HOUSING TAX CREDIT FUND V, L.P., Series 3

              3158 Redhill Avenue, Suite 120, Costa Mesa, CA 92626
                                 (714) 662-5565


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____


<PAGE>


                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                               INDEX TO FORM 10-Q

                    FOR THE QUARTER ENDED SEPTEMBER 30, 2000





PART I. FINANCIAL INFORMATION

 Item 1.  Financial Statements

   Balance Sheets
     September 30, 2000 and March 31, 2000                                   3

   Statements of Operations
     For the Three and Six Months Ended September 30, 2000 and 1999          4

   Statement of Partners' Equity (Deficit)
     For the Six Months Ended September 30, 2000                             5

   Statements of Cash Flows
     For the Six Months Ended September 30, 2000 and 1999                    6

   Notes to Financial Statements                                             7

Item 2.  Management's Discussion and Analysis of Financial
          Condition, Results of Operations, and Cash Flows                  14

Item 3.  Quantitative and Qualitative Disclosures About Market Risks        15


PART II. OTHER INFORMATION

         Item 1.  Legal Proceedings                                         15

         Item 6.  Exhibits and Reports on Form 8-K                          15

         Signatures                                                         16


                                       2
<PAGE>


                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                                 BALANCE SHEETS






<TABLE>
<CAPTION>

                                                                 September 30,
                                                                      2000                 March 31, 2000
                                                                -----------------         ------------------
                                                                  (unaudited)
ASSETS

<S>                                                           <C>                       <C>
Cash and cash equivalents                                     $        146,988          $          365,942
Investments in limited partnerships, net (Note 3)                   10,575,946                  10,968,078
                                                                -----------------         ------------------

                                                              $     10,722,934          $       11,334,020
                                                                =================         ==================


LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities:
    Due to limited partnerships (Note 5)                      $              -          $           72,938
    Accrued expenses                                                    59,027                     149,735
    Accrued fees and expenses due to
      General Partner and affiliates (Note 4)                           23,965                      26,540
                                                                -----------------         ------------------

Total liabilities                                                       82,992                     249,213
                                                                -----------------         ------------------

Commitments and contingencies (Note 7)

Partners' equity (deficit):

    General Partner                                                    (69,092)                    (64,643)

    Limited Partners (25,000 units authorized and
       18,000 units issued and outstanding)                         10,709,034                  11,149,450
                                                                -----------------         ------------------

Total partners' equity                                              10,639,942                  11,084,807
                                                                -----------------         ------------------

                                                              $     10,722,934          $       11,334,020
                                                                =================         ==================
</TABLE>

              See accompanying notes to financial statements

                                       3
<PAGE>


                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                            STATEMENTS OF OPERATIONS

         For the Three and Six Months Ended September 30, 2000 and 1999
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                     2000                               1999
                                         ------------------------------    --------------------------------

                                            Three             Six              Three              Six
                                           Months            Months           Months            Months
                                         ------------     -------------    --------------    --------------

<S>                                    <C>              <C>              <C>               <C>
Interest income                        $      2,663     $       7,132    $        8,374    $       17,760
Other income                                      -             5,032                 -                 -
                                         ------------     -------------    --------------    --------------
                                              2,663            12,164             8,374            17,760
                                         ------------     -------------    --------------    --------------

Operating expenses:
Amortization (Note 3)                        10,925            22,023            11,221            20,276
Asset management fees (Note 4)               12,375            24,750            12,375            24,750
Other                                        47,435            52,666            17,588            23,564
                                         ------------     -------------    --------------    --------------

Total operating expenses                     70,735            99,439            41,184            68,590
                                         ------------     -------------    --------------    --------------

Loss from operations                        (68,072)          (87,275)          (32,810)          (50,830)

Equity in losses of
limited partnerships (Note 3)              (178,795)         (357,590)         (256,068)         (549,886)
                                         ------------     -------------    --------------    --------------

Net loss                               $   (246,867)    $    (444,865)   $     (288,878)   $     (600,716)
                                         ============     =============    ==============    ==============

Net loss allocated to:
  General Partner                      $     (2,469)    $      (4,449)   $       (2,889)   $       (6,007)
                                         ============     =============    ==============    ==============

  Limited Partners                     $   (244,398)    $    (440,416)   $     (285,989)   $     (594,709)
                                         ============     =============    ==============    ==============

Net loss per limited partner unit      $        (14)    $         (24)   $          (16)   $          (33)
                                         ============     =============    ==============    ==============

Outstanding weighted limited
  partner  units                              18,000            18,000            18,000            18,000
                                         ============     =============    ==============    ==============
</TABLE>


              See accompanying notes to financial statements
                                       4
<PAGE>


                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                     STATEMENT OF PARTNERS' EQUITY (DEFICIT)

                   For the Six Months Ended September 30, 2000
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                              General                 Limited
                                                              Partner                 Partners                Total
                                                         ------------------      -------------------     -----------------


<S>                                                    <C>                     <C>                     <C>
Partners' equity (deficit) at March 31, 2000           $          (64,643)     $         11,149,450    $       11,084,807



    Net loss                                                       (4,449)                 (440,416)             (444,865)
                                                         ------------------      -------------------     -----------------

Partners' equity (deficit) at September 30, 2000       $          (69,092)     $         10,709,034    $       10,639,942
                                                         ==================      ===================     =================


</TABLE>


              See accompanying notes to financial statements

                                       5
<PAGE>


                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                            STATEMENTS OF CASH FLOWS

              For the Six Months Ended September 30, 2000 and 1999
                                   (Unaudited)



<TABLE>
<CAPTION>
                                                                         2000                   1999
                                                                    ----------------      -----------------
Cash flows from operating activities:
<S>                                                               <C>                   <C>
    Net loss                                                      $       (444,865)     $        (600,716)
    Adjustments to reconcile net loss to net
      cash used in operating activities:
         Amortization                                                       22,023                 20,276
         Change in other assets                                                  -                (52,428)
         Equity in losses of limited partnerships                          357,590                549,886
         Change in accrued fees and expenses due to
               General Partner and affiliates                               (2,575)                (5,508)
         Change in accrued expenses                                        (90,707)                     -
                                                                    ----------------      -----------------

           Net cash used in operating activities                          (158,534)               (88,490)
                                                                    ----------------      -----------------

Cash flows from investing activities:
    Investments in limited partnerships, net                               (72,939)                     -
    Distributions from local limited partnerships                            2,067                  4,275
    Acquisition costs and fees                                              10,452               (247,814)
                                                                    ----------------      -----------------

             Net cash used in investing activities                         (60,420)              (243,539)
                                                                    ----------------      -----------------

Net decrease in cash and cash equivalents                                 (218,954)              (332,029)

Cash and cash equivalents, beginning of period                             365,942                911,080
                                                                    ----------------      -----------------

Cash and cash equivalents, end of period                          $        146,988      $         579,051
                                                                    ================      =================


SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION

Taxes paid                                                        $            800     $              800
                                                                    ================      =================

</TABLE>

              See accompanying notes to financial statements

                                       6
<PAGE>


                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                               September 30, 2000
                                   (Unaudited)






NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The accompanying  condensed unaudited financial statements have been prepared in
accordance with generally accepted  accounting  principles 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 generally accepted
accounting  principles  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 and six months ended September 30, 2000 is not  necessarily  indicative of
the results that may be expected for the fiscal year ending March 31, 2001.  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, 2000.

Organization

WNC Housing Tax Credit Fund V, L.P., Series 3 ("the Partnership") is a
California Limited Partnership formed under the laws of the State of California
on March 28, 1995, and commenced operations on October 24, 1995. The Partnership
was formed to acquire limited partnership interests in other limited
partnerships or limited liability companies ("Local Limited Partnerships") which
own multifamily apartment complexes that are eligible for low-income housing
federal and, in some cases, California income tax credits (the "Low Income
Housing Credit").

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

Pursuant to a  registration  statement  filed with the  Securities  and Exchange
Commission  on July 26, 1995,  the  Partnership  commenced a public  offering of
25,000 Units of Limited Partnership  Interest ("Units") at a price of $1,000 per
Unit. As of the close of the public offering, January 21, 1996 a total of 18,000
Units representing  subscriptions in the amount of $17,558,985,  net of $441,015
of discounts for volume  purchases,  had been sold. The General Partner has a 1%
interest  in  operating  profits  and losses,  taxable  income and losses,  cash
available for  distribution  from the Partnership  and tax credits.  The limited
partners  will be allocated  the  remaining  99% of these items in proportion to
their respective investments.

Sempra Energy Financial, a California corporation,  which is not an affiliate of
the Partnership or General Partner,  has purchased 4,560 Units,  which represent
25.3% of the Units  outstanding  for the  Partnership.  Sempra Energy  Financial
invested  $4,282,600.  A  discount  of  $277,400  was  allowed  due to a  volume
discount.  Western  Financial  Savings  Bank,  which is not an  affiliate of the
Partnership or General Partner,  has purchased 1,068 units, which represent 5.9%
of the Units  outstanding for the Partnership.  Western  Financial  Savings Bank
invested $1,000,000. A discount of $68,000 was allowed due to a volume discount.

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

                                       7
<PAGE>


                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

September 30, 2000 (Unaudited)


NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Risks and Uncertainties

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

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

Method of Accounting For Investments in Limited Partnerships

The Partnership  accounts for its investments in limited  partnerships using the
equity method of  accounting,  whereby the  Partnership  adjusts its  investment
balance for its share of the Local Limited  Partnership's  results of operations
and for any distributions received. The accounting policies of the Local Limited
Partnerships are consistent with those of the Partnership. Costs incurred by the
Partnership  in  acquiring  the  investments  are  capitalized  as  part  of the
investment account and are being amortized over 30 years (Note 3).

Offering Expenses

Offering  expenses consist of underwriting  commissions,  legal fees,  printing,
filing and recordation fees, and other costs incurred in connection with selling
limited  partnership  interests  in the  Partnership.  The  General  Partner  is
obligated to pay all offering and organization costs in excess of 15% (including
sales  commissions)  of the  total  offering  proceeds.  Offering  expenses  are
reflected as a reduction of limited partners' capital and amounted to $2,132,000
at the end of all periods presented.

                                       8
<PAGE>


                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                         September 30, 2000 (Unaudited)

NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Use of Estimates

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

Cash and Cash Equivalents

The Partnership considers highly liquid investments with remaining maturities of
three months or less when purchased to be cash equivalents.  As of September 30,
2000 and March 31, 2000, the Partnership had cash equivalents of $0.

Concentration of Credit Risk

At September  30, 2000,  the  Partnership  maintained  cash  balances at certain
financial institutions in excess of the federally insured maximum.

Net Loss Per Limited Partner Unit

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

Reporting Comprehensive Income

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


NOTE 2 -  UNCERTAINTY  WITH RESPECT TO  INVESTMENTS  IN ALLIANCE,  EVERGREEN AND
          HASTINGS: IMPAIRMENT OF INVESTMENTS

The  Partnership  has three  investments  accounted for under the equity method,
consisting of a 99% limited partnership  interest in each of Alliance Apartments
I, Limited Partnership ("Alliance"), Evergreen Apartments I, Limited Partnership
("Evergreen"), and Hastings Apartments I, Limited Partnership ("Hastings").

The independent auditors engaged to perform an audit of Alliance, Evergreen, and
Hastings'  financial  statements as of and for the year ended December 31, 1999,
were unable to form an opinion on those  financial  statements.  This was due to
the inability to obtain from the former local general  partner  certain  general
ledger  information  for a period of  approximately  three  months and  reliable
confirmations  of advances  to/notes  receivable  from the former local  general
partner.  Further,  the  independent  auditors were unable to obtain  management
representation  letters from the former property management company, which is an
affiliate of the former local general partner. As a result, the Partnership


                                       9
<PAGE>

                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                         September 30, 2000 (Unaudited)



NOTE 2 -  UNCERTAINTY  WITH RESPECT TO  INVESTMENTS  IN ALLIANCE,  EVERGREEN AND
          HASTINGS: IMPAIRMENT OF INVESTMENTS, continued

has not included the financial  information of Alliance,  Evergreen and Hastings
in the combined condensed financial statements presented in Note 3. The combined
condensed financial  information  presented in Note 3 for prior periods has been
restated to exclude the  accounts  of  Alliance,  Evergreen  and  Hastings.  The
Partnership  has reflected  equity in the net losses of Alliance,  Evergreen and
Hastings  totaling $0 for the three and six months  ended  September  30,  2000,
because the recognition of any such loss would reduce the net investment account
to a balance  below zero.  See Note 3 for  explanation.  Such  estimates  may be
materially misstated due to the lack of corroborative financial information.

Alliance, Evergreen and Hastings continue to experience negative cash flows from
operations.  During the three and six  months  ended  September  30,  2000,  the
Partnership  advanced  $84,265 and $115,549 in cash to Alliance,  Evergreen  and
Hastings  for  operating  expenses,  including  legal fees  relating  to certain
litigation  involving these and other properties as outlined in Note 7. Included
in those  advances  are $74,631 of advances  which were written off at March 31,
2000 as part of an  impairment  analysis  under  which  the  book  value  of the
investments  in Alliance,  Evergreen,  and Hastings  and various  advances  were
written  off in full  (See  10-K  filed  on  September  1 2000).  Subsequent  to
September 30, 2000 the  Partnership  advanced  approximately  $82,000 in cash to
Evergreen,  which the Partnership had written off as incurred.  WNC is currently
negotiating for a restructuring of the related bank loans,  which would increase
cash flow from  operations.  WNC may not be successful in the  restructuring  of
these loans. If the loans are not restructured, the Partnership may be unable to
support these  properties.  Consequently,  the Partnership may be forced to sell
all or a portion of its interests in these properties.  Further,  the lender may
attempt to foreclose on the Alliance, Hastings and Evergreen properties.

As a result of the aforementioned  operating  difficulties and the litigation as
discussed in Note 7, there is  uncertainty  as to whether the  Partnership  will
ultimately  retain its interests in Alliance,  Evergreen  and  Hastings.  If the
investments are sold or otherwise not retained, the Partnership could be subject
to recapture of tax credits and certain prior tax  deductions.  There is further
uncertainty as to costs that the Partnership may ultimately  incur in connection
with its  investments  in Alliance,  Evergreen and Hastings.  The  Partnership's
financial  statements do not include any adjustments  that might result from the
outcome of these uncertainties.

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS

As of the periods  presented,  the Partnership has acquired limited  partnership
interests  in 18 Local  Limited  Partnerships,  each of which  owns one  Housing
Complex  consisting of an aggregate of 1,196  apartment  units.  The  respective
general  partners  of the  Local  Limited  Partnerships  manage  the  day to day
operations  of the entities.  Significant  Local  Limited  Partnership  business
decisions require approval from the Partnership.  The Partnership,  as a limited
partner,  is  generally  entitled  to 99%,  as  specified  in the Local  Limited
Partnership agreements,  of the operating profits and losses, taxable income and
losses and tax credits of the Local Limited Partnerships,  except for one of the
investments in which it is entitled to 49.49% of such amounts.

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

Distributions  received by limited  partners are accounted for as a reduction of
the investment balance.  Distributions received after the investment has reached
zero are  recognized  as income.  At March 31,  2000 and  through the six months
ended  September  30,  2000,  the net  investments  in the three  Local  Limited
Partnerships discussed in Note 2 had reached a zero balance.

                                       10
<PAGE>

                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                         September 30, 2000 (Unaudited)


NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued


Following is a summary of the equity method activity of the investments in Local
Limited  Partnerships  for  the  periods  presented  below  (Combined  condensed
financial  information  for  Alliance,  Evergreen and Hastings has been excluded
from the presentation below. See Note 2 for further discussion):
<TABLE>
<CAPTION>

                                                                     September 30,            March 31, 2000
                                                                         2000
                                                                   ------------------       -------------------

<S>                                                              <C>                      <C>
Investments in limited partnerships - beginning of period        $      10,968,078        $       12,250,789
Capital contributions paid, net                                                  -                    25,000
Capitalized acquisition fees and costs                                     (10,452)                  233,141
Impairment loss on investments in limited partnerships (Note 2)                  -                  (995,804)
Cash advanced (Note 2)                                                           -                   205,080
Accrued expense (Note 2)                                                         -                   146,135
Equity in losses of limited partnerships                                  (357,590)                 (853,824)
Distributions received from limited partnerships                            (2,067)                       -
Amortization of capitalized acquisition fees and costs                     (22,023)                 (42,439)
                                                                   ------------------       -------------------

Investments in limited partnerships - end of period              $      10,575,946        $       10,968,078
                                                                   ==================       ===================
</TABLE>


Selected  financial  information  for the six months ended September 30 from the
unaudited combined financial statements of the limited partnerships in which the
Partnership has invested as follows (Combined  condensed  financial  information
for Alliance,  Evergreen  and Hastings have been excluded from the  presentation
below. See Note 2 for further discussion):

<TABLE>
<CAPTION>
                                                                        2000                    1999
                                                                   ----------------       ------------------

<S>                                                              <C>                    <C>
Revenue                                                          $      2,729,000       $        2,755,000
                                                                   ----------------       ------------------
Expenses:
   Interest expense                                                       760,000                  879,000
   Depreciation                                                           713,000                  742,000
   Operating expenses                                                   1,639,000                1,582,000
                                                                   ----------------       ------------------
       Total expenses                                                   3,112,000                3,203,000
                                                                   ----------------       ------------------

Net loss                                                         $       (383,000)      $        (448,000)
                                                                   ================       ==================

Net loss allocable to the Partnership, before equity in
     losses
  of Alliance, Evergreen, and Hastings                           $       (358,000)      $         (416,000)
                                                                   ================       ==================
                                                                 $       (358,000)      $         (416,000)
Net loss recorded by the Partnership, before equity
  in losses of Alliance, Evergreen, and Hastings
Net loss of Alliance allocable to the Partnership                         (25,000)                 (32,000)
Net loss of Evergreen allocable to the Partnership                        (37,000)                (111,000)
Net loss of Hastings allocable to the Partnership                         (23,000)                 (29,000)
Below zero adjustments of the net allocable losses
   of Alliance, Evergreen, and Hastings                                    85,000                   38,000
                                                                   ----------------       ------------------
Net loss recorded by the Partnership                             $       (358,000)      $         (550,000)
                                                                   ================       ==================


                                       11
<PAGE>


</TABLE>

                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                         September 30, 2000 (Unaudited)



NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued

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

NOTE 4 - RELATED PARTY TRANSACTIONS

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

(a) Annual Asset  Management Fee. An annual asset  management fee of the greater
of (i) $2,000 per multi-family housing complex or (ii) 0.275% of Gross Proceeds.
The base fee amount will be adjusted  annually  based on changes in the Consumer
Price Index.  However,  in no event will the annual asset  management fee exceed
0.2% of Invested Assets.  "Invested  Assets" means the sum of the  Partnership's
Investments in Local Limited Partnerships and the Partnership's  allocable share
of the amount of  mortgages  on and other  indebtedness  related to the  Housing
Complexes. Asset management fees of $24,750 were incurred during each of the six
months ended September 30, 2000 and 1999. The Partnership paid $12,375 and $0 of
these  fees  during  the  six  months  ended   September   30,  2000  and  1999,
respectively.

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

The  accrued  fees  and  expenses  due to the  General  Partner  and  affiliates
consisted of the following:
<TABLE>
<CAPTION>

                                                                   September 30, 2000             March 31, 2000
                                                                  ---------------------        ----------------------

<S>                                                            <C>                          <C>
Reimbursements for expenses paid by the
  General Partner or an affiliate                              $                11,590      $                 26,540
Asset management fee payable                                                    12,375                             -
                                                                  ---------------------        ----------------------

  Total                                                        $                23,965      $                 26,540
                                                                  =====================        ======================



</TABLE>


                                       12
<PAGE>

                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                         September 30, 2000 (Unaudited)



NOTE 5 - PAYABLES TO LIMITED PARTNERSHIPS

Payables to limited  partnerships at September 30, 2000 represent  amounts which
are due at various times based on conditions  specified in the respective  local
limited partnership agreements. These contributions are payable in installments,
generally due upon the local limited  partnership  achieving  certain  operating
benchmarks  (generally expected to be paid within two years of the Partnership's
initial investment).


NOTE 6 - INCOME TAXES

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

NOTE 7 - COMMITMENTS AND CONTINGENCIES

During the year ended March 31, 2000, WNC identified a potential  problem with a
developer who, at the time,  was the local general  partner in six Local Limited
Partnerships.  The Partnership has 99% limited partnership  investments in three
of  those  six  Local  Limited  Partnerships.  Those  investments  are  Alliance
Apartments  I,  Evergreen  Apartments  I and  Hastings  Apartments  I.  All  the
properties continue to experience operating deficits.  The local general partner
ceased  funding  the  operating   deficits,   which  placed  the  Local  Limited
Partnerships in jeopardy of foreclosure.  Consequently,  WNC voted to remove the
local  general  partner  and the  management  company  from  the  Local  Limited
Partnerships.  After  the local  general  partner  contested  its  removal,  WNC
commenced  legal  action on behalf of the  Local  Limited  Partnerships  and was
successful  in  getting  a  receiver  appointed  to  manage  the  Local  Limited
Partnerships and an unaffiliated  entity appointed as property manager.  WNC was
subsequently  successful in attaining a summary  judgment to confirm the removal
of the local general  partner,  the receiver was discharged and WNC now controls
all six of the Local Limited Partnerships.

The six Local Limited Partnerships (hereinafter referred to as "Defendants") are
now defendants in a separate lawsuit.  The lawsuit has been filed by eight other
partnerships   in  which  the  local  general   partner  of  the  Local  Limited
Partnerships is or was involved (the  "Plaintiffs").  The Plaintiffs allege that
the local general  partner  accepted  funds from the  Plaintiffs  and improperly
loaned these funds to the  Defendants.  Discovery in this lawsuit is ongoing and
WNC will continue to pursue an aggressive defense on behalf of the Defendants.

The Partnership has a 99% limited partnership  investment in Cascade Pines, L.P.
II ("Cascade"). Cascade is a defendant in a wrongful death lawsuit and a related
injury  lawsuit.  Cascade  carries  general  liability  and  extended  liability
insurance.  Discovery  for these  lawsuits is  ongoing,  but the  management  of
Cascade and WNC are unable to  determine  the outcome of these  lawsuits at this
time or their impact, if any, on the Partnership's financial statements.  Should
Cascade be  unsuccessful in its defense and the insurer denies  coverage,  which
they have  indicated  that they might,  or the insurance  coverage  proves to be
inadequate,  the  Partnership  may be  required  to sell its  investment  or may
otherwise lose its investment in Cascade.  Loss of the Cascade  investment could
result in recapture of tax credits and certain prior tax deductions.


                                       13
<PAGE>




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

This  Quarterly  Report  contains  forward-looking   statements  concerning  the
Partnership's anticipated future revenues and earnings,  adequacy of future cash
flow and related matters. These forward-looking  statements include, but are not
limited to, statements containing the words "expect",  "believe", "will", "may",
"should", "project", "estimate", and like expressions, and the negative thereof.
These statements are subject to risks and uncertainties  that could cause actual
results to differ materially from the statements, including competition, as well
as those  risks  described  in the  Partnership's  SEC  reports,  including  the
Partnership's  Form 10-K filed  pursuant to the  Securities  and Exchange Act of
1934 on September 1, 2000.

The following discussion and analysis compares the results of operations for the
three and six months ended  September  30, 2000 and 1999,  and should be read in
conjunction  with the condensed  financial  statements  and  accompanying  notes
included within this report.

Financial Condition

The Partnership's  assets at September 30, 2000 consisted  primarily of $147,000
in cash and aggregate  investments in the eighteen Local Limited Partnerships of
$10,576,000. Liabilities at September 30, 2000 primarily consisted of $59,000 of
accrued expenses and $24,000 of accrued asset management fees and reimbursements
due to the General Partner and affiliates.

Results of Operations

Three Months Ended  September 30, 2000 Compared to Three Months Ended  September
30, 1999. The  Partnership's  net loss for the three months ended  September 30,
2000 was  $(247,000),  reflecting  a  decrease  of  $(42,000)  from the net loss
experienced  for the three months ended  September 30, 1999 of  $(289,000).  The
$(42,000)  decrease  in  net  loss  is  due  to  equity  in  losses  of  limited
partnerships  which  decreased by $(77,000)  to  $(179,000)  for the three month
period ended September 30, 2000 from $(256,000) for the three month period ended
September  30, 1999.  The  $(77,000)  decrease was due to a write-off in full of
three Local  Limited  Partnership  Interests  discussed  in Note 2, offset by an
increase in operating  loss of $(35,000) to $(68,000) for the three months ended
September 30, 2000 from $(33,000) for the three months ended September 30, 1999.
The $30,000 increase in operating  expense was primarily due to the write-off of
operating expenses of Evergreen of $29,000 included in other expenses.


Six Months Ended  September 30, 2000 Compared to Six Months Ended  September 30,
1999. The Partnership's net loss for the six months ended September 30, 2000 was
$(358,000),  reflecting a decrease of $192,000 from the net loss experienced for
the three months ended September 30, 1999 of $(550,000).  The loss was offset by
an increase in operating  loss of $36,000 to $(87,000)  for the six months ended
September 30, 2000 from  $(51,000) for the six months ended  September 30, 1999.
The $192,000 decrease in equity in losses of limited partnerships was due to the
write-off in full of three Local Limited Partnership interests discussed in Note
2 prior to March 31,  2000.  The  $36,000  increase  in  operating  expense  was
primarily due to the operating expense of Evergreen of $29,000 included in other
expenses.

Cash Flows

Six Months Ended  September 30, 2000 Compared to Six Months Ended  September 30,
1999.  Net decrease in cash during the six months ended  September  30, 2000 was
$(219,000) compared to a net decrease in cash for the six months ended September
30, 1999 of  $(332,000).  The $113,000  decrease was due primarily to a $183,000
decrease in cash used in investing activities, offset by a $(70,000) increase in
cash  used in  operating  activities.  The  $183,000  decrease  in cash  used by
investing   activities  consists  of  a  $258,000  decrease  in  cash  paid  for
acquisition  costs  and  fees,  offset  by  a  $(73,000)   increase  in  capital
contributions  paid to  Local  Limited  Partnerships  and a $2,000  decrease  in
distributions  of cash received from Local Limited  Partnerships.  The $(70,000)
increase in cash used by operating  activities  consists  primarily of $(91,000)
decrease in accrued expenses comprising amounts paid for legal expenses,  offset
by $52,000 decrease in receivables  from Hastings,  Alliance and Evergreen which
were written off in March 2000.

                                       14
<PAGE>

During the six months  ended  September  30,  2000 and the year ended  March 31,
2000,  accrued  payables,  which consist primarily of management fees due to the
General Partner, decreased by ($3,000).

The Partnership  expects its future cash flows,  together with its net available
assets at September 30, 2000, to be sufficient to meet all currently foreseeable
future cash requirements.


Item 3. Quantitative and Qualitative Disclosures Above Market Risks

NONE

Part II. Other Information

Item 1. Legal Proceedings

NONE


Item 6. Exhibits and Reports on Form 8-K

NONE






                                       15
<PAGE>



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

WNC HOUSING TAX CREDIT FUND V, L.P., Series 3

By: WNC & ASSOCIATES, INC. General Partner



By: /s/ Wilfred N Cooper, Jr.

Wilfred N Cooper,  Jr., President - Chief Operating Officer of WNC & Associates,
Inc.

Date: May 14, 2001



By: /s/ Thomas J. Riha

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

Date: May 14, 2001

                                       16