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, 2009

For
the quarterly period ended September 30, 2009

For
the quarterly period ended December 31, 2009



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 Period Ended June 30, 2009, September 30, 2009

and December
31, 2009



|PART I. FINANCIAL INFORMATION                                                                 |                                                                     | F-1                                                                           
|--------------------------------------------------------------------------------------------- | ------------------------------------------------------------------- | ------------------------------------------------------------------------------
|                                                                                              |                                                                     |                                                                               
|                                                                                              | Item 1. Financial Statements                                        |                                                                               
|                                                                                              |                                                                     |                                                                               
|                                                                                              |                                                                     | Condensed
    Balance Sheets                                                  
|                                                                                              |                                                                     | As of June 30, 2009, September 30, 2009, December 31, 2009 and  March 31, 2009
|                                                                                              |                                                                     |                                                                               
|                                                                                              |                                                                     | Condensed
    Statements of Operations                                        
|                                                                                              |                                                                     | For the Three Months Ended June 30, 2009 and 2008                             
|                                                                                              |                                                                     | For the Three and Six Months Ended September 30, 2009 and 2008                
|                                                                                              |                                                                     | For the Three and Nine Months Ended December 31, 2009 and 2008                
|                                                                                              |                                                                     |                                                                               
|                                                                                              |                                                                     | Condensed
    Statements of Partners’ Equity (Deficit)                        
|                                                                                              |                                                                     | For the Three Months Ended June 30, 2009                                      
|                                                                                              |                                                                     | For the Six Months Ended September 30, 2009                                   
|                                                                                              |                                                                     | For the Nine Months Ended December 31, 2009                                   
|                                                                                              |                                                                     |                                                                               
|                                                                                              |                                                                     | Condensed
    Statements of Cash Flows                                        
|                                                                                              |                                                                     | For the Three Months Ended June 30, 2009 and 2008                             
|                                                                                              |                                                                     | For the Six Months Ended September 30, 2009 and 2008                          
|                                                                                              |                                                                     | For the Nine Months Ended December 31, 2009 and 2008                          
|                                                                                              |                                                                     |                                                                               
|                                                                                              |                                                                     | Notes to Condensed Financial Statements                                       
|                                                                                              |                                                                     |                                                                               
|Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |                                                                     | 3                                                                             
|                                                                                              |                                                                     |                                                                               
|Item 3. Quantitative and Qualitative Disclosures About Market Risk                            |                                                                     | 8                                                                             
|                                                                                              |                                                                     |                                                                               
|Item 4. Controls and Procedures                                                               |                                                                     | 8                                                                             
|                                                                                              |                                                                     |                                                                               
|PART II. OTHER INFORMATION                                                                    |                                                                     | 9                                                                             
|                                                                                              |                                                                     |                                                                               
|                                                                                              | 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, 2009 |         |   | September 30, 2009 |   |         | December 31, 2009 |  |   | March 31, 2009 | 
|----------------------------------------------------------------------------------------------------------- |  | ------------- | ------- | - | ------------------ | - | ------- | ----------------- |  | - | -------------- | 
|ASSETS                                                                                                      |  |               |         |   |                    |   |         |                   |  |   |                | 
|Cash                                                                                                        |  | $             | 55,484  |   |                    | $ | 22,439  |                   |  | $ | 22,440         | 
|Investments in Local Limited Partnerships, net (Notes 2 and 3)                                              |  |               | 704,006 |   |                    |   | 701,929 |                   |  |   | 699,852        | 
|                                                                                                            |  |               |         |   |                    |   |         |                   |  |   |                | 
|Total Assets                                                                                                |  | $             | 759,490 |   |                    | $ | 724,368 |                   |  | $ | 722,292        | 
|                                                                                                            |  |               |         |   |                    |   |         |                   |  |   |                | 
|LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)                                                                  |  |               |         |   |                    |   |         |                   |  |   |                | 
|                                                                                                            |  |               |         |   |                    |   |         |                   |  |   |                | 
|Liabilities:                                                                                                |  |               |         |   |                    |   |         |                   |  |   |                | 
|Payables to Local Limited Partnerships (Note 4)                                                             |  | $             | 39,310  |   |                    | $ | 39,310  |                   |  | $ | 39,310         | 
|Accrued fees and expenses due to General
    Partner and affiliates (Note 3)                                |  |               | 271,858 |   |                    |   | 204,159 |                   |  |   | 286,494        | 
|                                                                                                            |  |               |         |   |                    |   |         |                   |  |   |                | 
|Total Liabilities                                                                                           |  |               | 311,168 |   |                    |   | 243,469 |                   |  |   | 325,804        | 
|                                                                                                            |  |               |         |   |                    |   |         |                   |  |   |                | 
|Partners’ Equity (Deficit):                                                                                 |  |               |         |   |                    |   |         |                   |  |   |                | 
|General Partner                                                                                             |  |               | (43,756 | ) |                    |   | 42,853  |                   |  |   | 42,009         | 
|Limited Partners (25,000 Partnership Units authorized; 21,990 Partnership
    Units issued and outstanding) |  |               | 492,078 |   |                    |   | 438,046 |                   |  |   | 354,479        | 
|                                                                                                            |  |               |         |   |                    |   |         |                   |  |   |                | 
|Total Partners’ Equity (Deficit)                                                                            |  |               | 448,322 |   |                    |   | 480,899 |                   |  |   | 396,488        | 
|Total Liabilities and Partners’ Equity (Deficit)                                                            |  | $             | 759,490 |   |                    | $ | 724,368 |                   |  | $ | 722,292        | 



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, 2009 and 2008

(unaudited)



|                                                             |  | 2009         |          |   | 2008         |  
|------------------------------------------------------------ |  | ------------ | -------- | - | ------------ | -
|                                                             |  | Three Months |          |   | Three Months |  
|Reporting fees                                               |  | $            | 34,031   |   |              | $
|Distribution income                                          |  |              | -        |   |              |  
|Total operating income                                       |  |              | 34,031   |   |              |  
|                                                             |  |              |          |   |              |  
|Operating expenses and loss:                                 |  |              |          |   |              |  
|Amortization (Note 3)                                        |  |              | 1,800    |   |              |  
|Asset management fees (Note 3)                               |  |              | 15,125   |   |              |  
|Impairment loss (Note 2)                                     |  |              | 185,972  |   |              |  
|Legal and accounting fees                                    |  |              | 3,464    |   |              |  
|Write off of advances to Local Limited Partnerships (Note 5) |  |              | 35,853   |   |              |  
|Other                                                        |  |              | 1,844    |   |              |  
|                                                             |  |              |          |   |              |  
|Total operating expenses and loss                            |  |              | 244,058  |   |              |  
|                                                             |  |              |          |   |              |  
|Loss from operations                                         |  |              | (210,027 | ) |              |  
|                                                             |  |              |          |   |              |  
|Equity in losses of Local Limited Partnerships (Note
    2)  |  |              | (22,340  | ) |              |  
|                                                             |  |              |          |   |              |  
|Interest income                                              |  |              | 9        |   |              |  
|                                                             |  |              |          |   |              |  
|Net loss                                                     |  | $            | (232,358 | ) |              | $
|                                                             |  |              |          |   |              |  
|Net loss allocated to:                                       |  |              |          |   |              |  
|General Partner                                              |  | $            | (2,324   | ) |              | $
|Limited Partners                                             |  | $            | (230,034 | ) |              | $
|                                                             |  |              |          |   |              |  
|Net loss per Partnership Unit                                |  | $            | (10      | ) |              | $
|                                                             |  |              |          |   |              |  
|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, 2009 and 2008

(unaudited)





|                                                             |  | 2009   |         |   | 2008   |  
|------------------------------------------------------------ |  | ------ | ------- | - | ------ | -
|                                                             |  | Three  |         |   | Six    |  
|                                                             |  | Months |         |   | Months |  
|                                                             |  |        |         |   |        |  
|Reporting fees                                               |  | $      | -       |   |        | $
|Distribution income                                          |  |        | 5,277   |   |        |  
|Total operating income                                       |  |        | 5,277   |   |        |  
|                                                             |  |        |         |   |        |  
|Operating expenses and loss:                                 |  |        |         |   |        |  
|Amortization (Note 3)                                        |  |        | 1,800   |   |        |  
|Asset management fees (Note 3)                               |  |        | 15,125  |   |        |  
|Impairment loss (Note 2)                                     |  |        | -       |   |        |  
|Legal and accounting fees                                    |  |        | 4,121   |   |        |  
|Write off of advances to Local Limited Partnerships (Note 5) |  |        | 38,328  |   |        |  
|Other                                                        |  |        | 210     |   |        |  
|                                                             |  |        |         |   |        |  
|Total operating expenses and loss                            |  |        | 59,584  |   |        |  
|                                                             |  |        |         |   |        |  
|Loss from operations                                         |  |        | (54,307 | ) |        |  
|                                                             |  |        |         |   |        |  
|Equity in
    losses of Local Limited Partnerships (Note 2)  |  |        | (277    | ) |        |  
|                                                             |  |        |         |   |        |  
|Interest income                                              |  |        | 7       |   |        |  
|                                                             |  |        |         |   |        |  
|Net loss                                                     |  | $      | (54,577 | ) |        | $
|                                                             |  |        |         |   |        |  
|Net loss
    allocated to:                                   |  |        |         |   |        |  
|General Partner                                              |  | $      | (545    | ) |        | $
|Limited Partners                                             |  | $      | (54,032 | ) |        | $
|                                                             |  |        |         |   |        |  
|Net
    loss per Partnership Unit                            |  | $      | (2      | ) |        | $
|                                                             |  |        |         |   |        |  
|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, 2009 and 2008

(unaudited)





|                                                             |  | 2009   |         |   | 2008   |  
|------------------------------------------------------------ |  | ------ | ------- | - | ------ | -
|                                                             |  | 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)                               |  |        | 15,125  |   |        |  
|Impairment loss (Note 2)                                     |  |        | -       |   |        |  
|Legal and accounting fees                                    |  |        | 5,257   |   |        |  
|Write off of advances to Local Limited Partnerships (Note 5) |  |        | 60,324  |   |        |  
|Other                                                        |  |        | 1,629   |   |        |  
|                                                             |  |        |         |   |        |  
|Total operating expenses and loss                            |  |        | 84,135  |   |        |  
|                                                             |  |        |         |   |        |  
|Loss from operations                                         |  |        | (84,135 | ) |        |  
|                                                             |  |        |         |   |        |  
|Equity in losses of Local Limited
    Partnerships (Note 2)  |  |        | (277    | ) |        |  
|                                                             |  |        |         |   |        |  
|Interest income                                              |  |        | 1       |   |        |  
|                                                             |  |        |         |   |        |  
|Net loss                                                     |  | $      | (84,411 | ) |        | $
|                                                             |  |        |         |   |        |  
|Net loss allocated to:                                       |  |        |         |   |        |  
|General Partner                                              |  | $      | (844    | ) |        | $
|Limited Partners                                             |  | $      | (83,567 | ) |        | $
|                                                             |  |        |         |   |        |  
|Net loss per Partnerships Unit                               |  | $      | (4      | ) |        | $
|                                                             |  |        |         |   |        |  
|Outstanding weighted Partnership Units                       |  |        | 21,990  |   |        |  







See
accompanying notes to condensed financial statements



F-4







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

(A
California Limited Partnership)



CONDENSED
STATEMENTS OF PARTNERS’ EQUITY (DEFICIT)



For
the Three Months Ended June 30, 2009, Six Months Ended September 30, 2009

And
Nine Months Ended December 31, 2009

(unaudited)



For the Three Months Ended June 30, 2009



|                                             |  | General |         |   | Limited  |   |          |       | 
|-------------------------------------------- |  | ------- | ------- | - | -------- | - | -------- | ----- | 
|                                             |  | Partner |         |   | Partners |   |          | Total | 
|                                             |  |         |         |   |          |   |          |       | 
|Partners’ equity (deficit) at March 31, 2009 |  | $       | (41,432 | ) |          | $ | 722,112  |       | 
|                                             |  |         |         |   |          |   |          |       | 
|Net loss                                     |  |         | (2,324  | ) |          |   | (230,034 | )     | 
|                                             |  |         |         |   |          |   |          |       | 
|Partners’ equity (deficit) at June 30, 2009  |  | $       | (43,756 | ) |          | $ | 492,078  |       | 



For the Six Months Ended September 30, 2009



|                                                 |  | General |         |   | Limited  |   |          |       | 
|------------------------------------------------ |  | ------- | ------- | - | -------- | - | -------- | ----- | 
|                                                 |  | Partner |         |   | Partners |   |          | Total | 
|                                                 |  |         |         |   |          |   |          |       | 
|Partners’ equity (deficit) at March 31, 2009     |  | $       | (41,432 | ) |          | $ | 722,112  |       | 
|                                                 |  |         |         |   |          |   |          |       | 
|Net loss                                         |  |         | (2,869  | ) |          |   | (284,066 | )     | 
|                                                 |  |         |         |   |          |   |          |       | 
|Contributions (Note 6)                           |  |         | 87,154  |   |          |   | -        |       | 
|                                                 |  |         |         |   |          |   |          |       | 
|Partners’ equity (deficit) at September 30, 2009 |  | $       | 42,853  |   |          | $ | 438,046  |       | 



For the Nine Months Ended December 31, 2009



|                                                |  | General |         |   | Limited  |   |          |       | 
|----------------------------------------------- |  | ------- | ------- | - | -------- | - | -------- | ----- | 
|                                                |  | Partner |         |   | Partners |   |          | Total | 
|                                                |  |         |         |   |          |   |          |       | 
|Partners’ equity (deficit) at March 31, 2009    |  | $       | (41,432 | ) |          | $ | 722,112  |       | 
|                                                |  |         |         |   |          |   |          |       | 
|Net loss                                        |  |         | (3,713  | ) |          |   | (367,633 | )     | 
|                                                |  |         |         |   |          |   |          |       | 
|Contributions (Note 6)                          |  |         | 87,154  |   |          |   | -        |       | 
|                                                |  |         |         |   |          |   |          |       | 
|Partners’ equity (deficit) at December 31, 2009 |  | $       | 42,009  |   |          | $ | 354,479  |       | 



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, 2009 and 2008

(unaudited)





|                                                                                    |  | 2009 |          |   | 2008 |  
|----------------------------------------------------------------------------------- |  | ---- | -------- | - | ---- | -
|Cash flows from operating activities:                                               |  |      |          |   |      |  
|Net loss                                                                            |  | $    | (232,358 | ) |      | $
|Adjustments to reconcile net loss to net cash provided
    by operating activities: |  |      |          |   |      |  
|Amortization                                                                        |  |      | 1,800    |   |      |  
|Impairment loss                                                                     |  |      | 185,972  |   |      |  
|Equity in losses of Local Limited Partnerships                                      |  |      | 22,340   |   |      |  
|Decrease in accrued fees and expenses due to                                        |  |      |          |   |      |  
|General Partner and affiliates                                                      |  |      | 56,287   |   |      |  
|Net cash provided by operating activities                                           |  |      | 34,041   |   |      |  
|                                                                                    |  |      |          |   |      |  
|Cash flows from investing activities:                                               |  |      |          |   |      |  
|Advances made to Local Limited Partnerships                                         |  |      | (35,853  | ) |      |  
|Write off of advances made to Local Limited Partnerships                            |  |      | 35,853   |   |      |  
|Distributions received from Local Limited Partnerships                              |  |      | -        |   |      |  
|Net cash provided by investing activities                                           |  |      | -        |   |      |  
|                                                                                    |  |      |          |   |      |  
|Net increase in cash                                                                |  |      | 34,041   |   |      |  
|                                                                                    |  |      |          |   |      |  
|Cash, beginning of period                                                           |  |      | 21,443   |   |      |  
|                                                                                    |  |      |          |   |      |  
|Cash, end of period                                                                 |  | $    | 55,484   |   |      | $
|                                                                                    |  |      |          |   |      |  
|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, 2009 and 2008

(unaudited)





|                                                                                                                |  | 2009 |          |   | 2008 |  
|--------------------------------------------------------------------------------------------------------------- |  | ---- | -------- | - | ---- | -
|Cash flows from operating activities:                                                                           |  |      |          |   |      |  
|Net loss                                                                                                        |  | $    | (286,935 | ) |      | $
|Adjustments to reconcile net loss to net                                                                        |  |      |          |   |      |  
|cash provided by operating activities:                                                                          |  |      |          |   |      |  
|Amortization                                                                                                    |  |      | 3,600    |   |      |  
|Impairment loss                                                                                                 |  |      | 185,972  |   |      |  
|Equity in losses of Local Limited Partnerships                                                                  |  |      | 22,617   |   |      |  
|Decrease in accrued fees and expenses due to                                                                    |  |      |          |   |      |  
|General Partner and affiliates                                                                                  |  |      | 75,742   |   |      |  
|Net cash provided by operating activities                                                                       |  |      | 996      |   |      |  
|                                                                                                                |  |      |          |   |      |  
|Cash flows from in investing activities:                                                                        |  |      |          |   |      |  
|Advances made to Local Limited Partnerships                                                                     |  |      | (74,181  | ) |      |  
|Write off of advances made to Local Limited Partnerships                                                        |  |      | 74,181   |   |      |  
|Distributions received from Local Limited Partnerships                                                          |  |      | -        |   |      |  
|Net cash provided by investing activities                                                                       |  |      | -        |   |      |  
|                                                                                                                |  |      |          |   |      |  
|Net increase in cash                                                                                            |  |      | 996      |   |      |  
|                                                                                                                |  |      |          |   |      |  
|Cash, beginning of period                                                                                       |  |      | 21,443   |   |      |  
|                                                                                                                |  |      |          |   |      |  
|Cash, end of period                                                                                             |  | $    | 22,439   |   |      | $
|                                                                                                                |  |      |          |   |      |  
|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 |  | $    | 87,154   |   |      | $





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, 2009 and 2008

(unaudited)





|                                                                                                                |  | 2009 |          |   | 2008 |  
|--------------------------------------------------------------------------------------------------------------- |  | ---- | -------- | - | ---- | -
|Cash flows from operating activities:                                                                           |  |      |          |   |      |  
|Net loss                                                                                                        |  | $    | (371,346 | ) |      | $
|Adjustments to reconcile net loss to net                                                                        |  |      |          |   |      |  
|Cash provided by (used in) operating activities:                                                                |  |      |          |   |      |  
|Amortization                                                                                                    |  |      | 5,400    |   |      |  
|Impairment loss                                                                                                 |  |      | 185,972  |   |      |  
|Equity in losses of Local Limited Partnerships                                                                  |  |      | 22,894   |   |      |  
|                                                                                                                |  |      |          |   |      |  
|Decrease in accrued fees and expenses due
    to General Partner and affiliates                                 |  |      | 158,077  |   |      |  
|Net cash provided by (used in) operating activities                                                             |  |      | 997      |   |      |  
|                                                                                                                |  |      |          |   |      |  
|Cash flows from investing activities:                                                                           |  |      |          |   |      |  
|Advances made to Local Limited Partnerships                                                                     |  |      | (134,505 | ) |      |  
|Write off of advances made to Local Limited Partnerships                                                        |  |      | 134,505  |   |      |  
|Distributions received from Local Limited Partnerships                                                          |  |      | -        |   |      |  
|Net cash provided by investing activities                                                                       |  |      | -        |   |      |  
|                                                                                                                |  |      |          |   |      |  
|Net increase in cash                                                                                            |  |      | 997      |   |      |  
|                                                                                                                |  |      |          |   |      |  
|Cash, beginning of period                                                                                       |  |      | 21,443   |   |      |  
|                                                                                                                |  |      |          |   |      |  
|Cash, end of period                                                                                             |  | $    | 22,440   |   |      | $
|                                                                                                                |  |      |          |   |      |  
|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 |  | $    | 87,154   |   |      | $





See
accompanying notes to condensed financial statements



F-8







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

(A
California Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS



For
the Quarterly periods ended June 30, 2009, September 30, 2009 and

December
31, 2009

(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, 2009, six months ended September 30, 2009 and nine months
ended December 31, 2009 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31,
2010. 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, 2009.



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, 2009, September 30, 2009 and

December
31, 2009

(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, 2009, September 30, 2009 and

December
31, 2009

(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, 2009, 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, 2009.



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, 2009, September 30, 2009 and

December
31, 2009

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued



Subsequent
to December 31, 2009,the Partnership identified and sold the Housing Complexes of Mesa Verde Apartments, L.P. (“Mesa
Verde”), The North Central Limited Partnership (“The North Central”) and Blessed Rock of El Monte. A CA
Limited Partnership (“Blessed Rock). The Partnership also identified and sold its Local Limited Partnership interests
in Lamar Plaza Apartments, LP, D. Hilltop Apartments, Ltd., Woodland, Ltd., and Greyhound Associates I, LP subsequent to
December 31, 2009. The investment balance was zero at the time of sale for each Local Limited Partnership listed
below.



The
following table reflects dispositions that occurred subsequent to December 31, 2009:



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



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



F-12







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

(A
California Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For
the Quarterly periods ended June 30, 2009, September 30, 2009 and

December
31, 2009

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued



The
following table represents the use of the cash proceeds from the disposition of the Local Limited Partnerships that were disposed
of subsequent to December 31, 2009:



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





Subsequent
to December 31, 2009, the Partnership has identified the following Local Limited Partnerships
for possible disposition as listed in the table below. Once the sales are finalized, the Partnership will use the cash proceeds
to reimburse the General Partner or an affiliate for expenses paid on its behalf or pay accrued asset management fees. Any remaining
proceeds will be placed in the Partnership’s reserves for future operating expenses. No distributions will be made to the
Limited Partners.



|Local
    Limited
 Partnership    |  | Expected

    closing date |  | Appraisal

    value |           |  | Mortgage

    balance of
 Local Limited
 Partnership |   |           | Estimated

    sales price |  |   | Appraisal

    expense |  |  | Estimated

    gain on sale |      
|--------------------------------- |  | -------------------------- |  | -------------------- | --------- |  | ---------------------------------------------------- | - | --------- | -------------------------- |  | - | ---------------------- |  |  | --------------------------- | -----
|Ashford Place Limited Partnership |  | 01/31/2014                 |  | $                    | 2,560,000 |  |                                                      | $ | 2,612,803 |                            |  | $ | 5,000                  |  |  | $                           | 3,000
|Cleveland Apartments, L.P         |  | 12/31/2013                 |  |                      | 1,070,000 |  |                                                      |   | 1,471,060 |                            |  |   | 50,000                 |  |  |                             | -    



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



F-13







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

(A
California Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For
the Quarterly periods ended June 30, 2009, September 30, 2009 and

December
31, 2009

(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,
2009 and 2008 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.



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



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, 2009, September 30, 2009, December
31, 2009, and March 31, 2009, twelve, twelve, twelve, and ten 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.



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, 2009, September 30, 2009 and

December
31, 2009

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued



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-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, 2009, September 30, 2009 and

December
31, 2009

(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, 2009 and 2008 was $185,972 and $804,387, respectively. For the six months ended September 30, 2009 and 2008, impairment loss
of $185,972 and $804,387, respectively, was recorded. Impairment loss for the nine months ended December 31, 2009 and 2008 was
$185,972 and$804,387, respectively.



The Partnership also evaluates
its intangibles for impairment in connection with its investments in Local Limited Partnerships. Impairment on the intangibles
is measured by comparing the Partnership’s total investment balance after impairment of investments in Local Limited Partnerships
to the sum of the total of the remaining Low Income Housing Tax Credits allocated to the Partnership and any estimated residual
value of the investments. During the three months ended June 30, 2009 and 2008 impairment loss of $0 and $153,609, was recorded
against the related intangibles. During the six months ended September 30, 2009 and 2008, impairment loss of $0 and$153,609, was
recorded against the related intangibles. During the nine months ended December 31, 2009 and 2008 impairment loss of$0 and $153,609,
was recorded against the related intangibles.



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, 2009 and 2008 was $1,800 and $3,821, respectively. For the six months ended September 30, 2009 and 2008
amortization expense was $3,600 and $5,621, respectively. For the nine months ended December 31, 2009 and 2008 amortization
expense was $5,400 and $7,421, respectively.



Revenue
Recognition



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



F-16







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

(A
California Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For
the Quarterly periods ended June 30, 2009, September 30, 2009 and

December
31, 2009

(unaudited)



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS



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



The
Partnership reviews its investments in Local Limited Partnerships for impairment at least annually or whenever events or changes
in circumstances indicate that the carrying value of such investments may not be recoverable. Recoverability is measured by a
comparison of the carrying amount of the investment to the sum of the total amount of the remaining Low Income Housing Tax Credits
allocated to the Partnership and any estimated residual value of the investment. Impairment loss for the three months ended June
30, 2009 and 2008 was $185,972 and $804,387, respectively. For the six months ended September 30, 2009 and 2008, impairment loss
of $185,972 and $804,387, respectively, was recorded. Impairment loss for the nine months ended December 31, 2009 and 2008 was
$185,972 and $804,387, respectively.



The Partnership also evaluates
its intangibles for impairment in connection with its investments in Local Limited Partnerships. Impairment on the intangibles
is measured by comparing the Partnership’s total investment balance after impairment of investments in Local Limited Partnerships
to the sum of the total of the remaining Low Income Housing Tax Credits allocated to the Partnership and any estimated residual
value of the investments. During the three months ended June 30, 2009 and 2008 impairment loss of $0 and $153,609, was recorded
against the related intangibles. During the six months ended September 30, 2009 and 2008, impairment loss of $0 and $153,609,
was recorded against the related intangibles. During the nine months ended December 31, 2009 and 2008 impairment loss of $0 and
$153,609, was recorded against the related intangibles.



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





|                                                           |  | For
                                                                                                                                                            the
                                                                                                                                                            Three
                                                                                              Months
                                                                                              Ended
                                                                                June
                                                                                30, 2009 |          |   | For
                                                                                                                                                            the
                                                                                                                                                            Year
                                                                                                                                                                       Ended
                                                                                              March
                                                                                              31, 2009 |  
|---------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------- | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -
|Investments
    per balance sheet, beginning of period     |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 914,118  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $
|Impairment
    loss                                        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (185,972 | ) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  
|Equity
    in losses of Local Limited Partnerships         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (22,340  | ) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  
|Distributions
    received from Local Limited Partnerships |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | -        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  
|Amortization
    of capitalized acquisition fees and costs |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (1,800   | ) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  
|Investments
    per balance sheet, end of period           |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 704,006  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $







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, 2009, September 30, 2009 and

December
31, 2009

(unaudited)



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



|                                                           |  | For
                                                                                                                                                            the
                                                                                                                                                            Six
                                                                                              Months
                                                                                              Ended
                                                                                September
                                                                                30, 2009 |          |   | For
                                                                                                                                                            the
                                                                                                                                                            Year
                                                                                                                                Ended
                                                                                March
                                                                                31, 2009 |  
|---------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------- | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -
|Investments
    per balance sheet, beginning of period     |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 914,118  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $
|Impairment
    loss                                        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (185,972 | ) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  
|Equity
    in losses of Local Limited Partnerships         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (22,617  | ) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  
|Distributions
    received from Local Limited Partnerships |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | -        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  
|Amortization
    of capitalized acquisition fees and costs |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (3,600   | ) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  
|Investments
    per balance sheet, end of period           |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 701,929  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $



|                                                           |  | For
                                                                                                                                                        the
                                                                                                                                                        Nine
                                                                                Months
                                                                                Ended
                                                                                December
                                                                                31, 2009 |          |   | For
                                                                                                                                                        the
                                                                                                                                                        Year
                                                                                                                            Ended
                                                                                March
                                                                                31, 2009 |  
|---------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------- | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -
|Investments
    per balance sheet, beginning of period     |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 914,118  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $
|Impairment
    loss                                        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (185,972 | ) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  
|Equity
    in losses of Local Limited Partnerships         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (22,894  | ) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  
|Distributions
    received from Local Limited Partnerships |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | -        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  
|Amortization
    of capitalized acquisition fees and costs |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (5,400   | ) |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  
|Investments
    per balance sheet, end of period           |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 699,852  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $



|                                                                                     |  | For
                                                                                                                                                                                    the
                                                                                                                                                                                    Three
                                                                                Months
                                                                                Ended
                                                                                June
                                                                                30, 2009 |         |  | For
                                                                                                                                                                                    the
                                                                                                                                                                                    Year
                                                                                                                                                        Ended
                                                                                          March
                                                                                          31, 2009 |  
|------------------------------------------------------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -
|Investments
    in Local Limited Partnerships, net                                   |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 574,427 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $
|Acquisition
    fees and costs, net of accumulated amortization of $7,200 and $5,400 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 129,579 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  
|Investments
    per balance sheet, end of period                                     |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 704,006 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $



|                                                                                     |  | For
                                                                                                                                                                                    the
                                                                                                                                                                                    Six
                                                                                Months
                                                                                Ended
                                                                                September
                                                                                30, 2009 |         |  | For
                                                                                                                                                                                    the
                                                                                                                                                                                    Year
                                                                                                                                                        Ended
                                                                                March
                                                                                31, 2009 |  
|------------------------------------------------------------------------------------ |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -
|Investments
    in Local Limited Partnerships, net                                   |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 574,150 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $
|Acquisition
    fees and costs, net of accumulated amortization of $9,000 and $5,400 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 127,779 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  
|Investments
    per balance sheet, end of period                                     |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 701,929 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $





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, 2009, September 30, 2009 and

December
31, 2009

(unaudited)



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued





|                                                                                      |  | For
                                                                                                                          the
                                                                                                                          Nine
                                                                                Months
                                                                                Ended
                                                                                December
                                                                                31, 2009 |         |  | For
                                                                                                                          the
                                                                                                                          Year
                                                                                Ended
                                                                                March
                                                                                31, 2009 |  
|------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -
|Investments
    in Local Limited Partnerships, net                                    |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 573,873 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $
|Acquisition
    fees and costs, net of accumulated amortization of $10,800 and $5,400 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 125,979 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  
|Investments
    per balance sheet, end of period                                      |  | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 699,852 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $





Selected
financial information for the three months ended June 30, 2009 and 2008 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-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, 2009, September 30, 2009 and

December
31, 2009

(unaudited)



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



Selected
financial information for the six months ended September 30, 2009 and 2008 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, 2009 and 2008 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-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, 2009, September 30, 2009 and

December
31, 2009

(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 for 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 as of June 30, September 30, December 31 and March 31, 2008 was $0, $0, $0, and $12,976,
respectively. The Compliance Period for Wynwood Place ends on December 31, 2013.



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



F-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, 2009, September 30, 2009 and

December
31, 2009

(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 for 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 for all periods presented. The Compliance Period for
Mesa Verde ended on December 31, 2012.



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, 2009, September 30, 2009 and

December
31, 2009

(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$7,200,
                                                                                                                                                    $9,000,
                                                                                                                                                    $10,800,
                                                                                                                                                    and
                                                                                                                                                    $5,400 as
                                                                                                                                                    of
                                                                                                                                                    June
                                                                                                                                                    30,
                                                                                                                                                    2009,
                                                                                                                                                    September
                                                                                                                                                    30,
                                                                                                                                                    2009,
                                                                                                                                                    December
                                                                                                                                                    31,
                                                                                                                                                    2009,
                                                                                                                                                    and
                                                                                                                                                    March
                                                                                                                                                    31,
                                                                                                                                                    2009,
                                                                                                                                                    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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  



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, 2009, September 30, 2009 and

December
31, 2009

(unaudited)



NOTE
3 - RELATED PARTY TRANSACTIONS, continued



| | (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
                                                                                                                                                    $15,125
                                                                                                                                                    were
                                                                                                                                                    incurred
                                                                                                                                                    during
                                                                                                                                                    each
                                                                                                                                                    of
                                                                                                                                                    the
                                                                                                                                                    three
                                                                                                                                                    months
                                                                                                                                                    ended
                                                                                                                                                    June
                                                                                                                                                    30,
                                                                                                                                                    2009
                                                                                                                                                    and
                                                                                                                                                    2008.
                                                                                                                                                    For
                                                                                                                                                    each
                                                                                                                                                    of
                                                                                                                                                    the
                                                                                                                                                    six
                                                                                                                                                    months
                                                                                                                                                    ended
                                                                                                                                                    September
                                                                                                                                                    30,
                                                                                                                                                    2009
                                                                                                                                                    and
                                                                                                                                                    2008,
                                                                                                                                                    the
                                                                                                                                                    Partnership
                                                                                                                                                    incurred
                                                                                                                                                    asset
                                                                                                                                                    management
                                                                                                                                                    fees
                                                                                                                                                    of
                                                                                                                                                    $30,250.
                                                                                                                                                    Management
                                                                                                                                                    fees
                                                                                                                                                    of
                                                                                                                                                    $45,375 were
                                                                                                                                                    incurred
                                                                                                                                                    during
                                                                                                                                                    each
                                                                                                                                                    of
                                                                                                                                                    the
                                                                                                                                                    nine
                                                                                                                                                    months
                                                                                                                                                    ended
                                                                                                                                                    December
                                                                                                                                                    31,
                                                                                                                                                    2009
                                                                                                                                                    and
                                                                                                                                                    2008.
                                                                                                                                                    For
                                                                                                                                                    all
                                                                                                                                                    periods
                                                                                                                                                    presented,
                                                                                                                                                    no
                                                                                                                                                    reimbursements
                                                                                                                                                    were
                                                                                                                                                    made
                                                                                                                                                    for
                                                                                                                                                    those
                                                                                                                                                    fees.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | (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, 2009 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
                                                                                                                                                    $0
                                                                                                                                                    and$0
                                                                                                                                                    during
                                                                                                                                                    the
                                                                                                                                                    three
                                                                                                                                                    months
                                                                                                                                                    ended
                                                                                                                                                    June
                                                                                                                                                    30,
                                                                                                                                                    2009
                                                                                                                                                    and
                                                                                                                                                    2008,
                                                                                                                                                    respectively.
                                                                                                                                                    For
                                                                                                                                                    the
                                                                                                                                                    six
                                                                                                                                                    months
                                                                                                                                                    ended
                                                                                                                                                    September
                                                                                                                                                    30,
                                                                                                                                                    2009
                                                                                                                                                    and
                                                                                                                                                    2008,
                                                                                                                                                    the
                                                                                                                                                    Partnership
                                                                                                                                                    reimbursed
                                                                                                                                                    operating
                                                                                                                                                    expenses
                                                                                                                                                    of
                                                                                                                                                    $0
                                                                                                                                                    and$20,000,
                                                                                                                                                    respectively.
                                                                                                                                                    For
                                                                                                                                                    the
                                                                                                                                                    nine
                                                                                                                                                    months
                                                                                                                                                    ended
                                                                                                                                                    December
                                                                                                                                                    31,
                                                                                                                                                    2009
                                                                                                                                                    and
                                                                                                                                                    2008,
                                                                                                                                                    operating
                                                                                                                                                    expense
                                                                                                                                                    reimbursements
                                                                                                                                                    were
                                                                                                                                                    $0
                                                                                                                                                    and
                                                                                                                                                    $30,500,
                                                                                                                                                    respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 



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





|                                                                                      |  | June 30, 2009 |         |  | September 30, 2009 |   |         | December
    31, 2009 |  |   | March
    31, 2009 | 
|------------------------------------------------------------------------------------- |  | ------------- | ------- |  | ------------------ | - | ------- | --------------------- |  | - | ------------------ | 
|                                                                                      |  |               |         |  |                    |   |         |                       |  |   |                    | 
|Asset management fee payable                                                          |  | $             | 103,844 |  |                    | $ | 118,969 |                       |  | $ | 134,094            | 
|Advances made to the Partnership from General Partner or affiliates                   |  |               | 86,280  |  |                    |   | (875    | )                     |  |   | 59,449             | 
|Expenses paid by the General  Partners or an affiliate on behalf of   the Partnership |  |               | 81,734  |  |                    |   | 86,065  |                       |  |   | 92,951             | 
|Total                                                                                 |  | $             | 271,858 |  |                    | $ | 204,159 |                       |  | $ | 286,494            | 







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, 2009, September 30, 2009, December 31, 2009 and March 31, 2009 $39,310 was payable.



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, 2009, September 30, 2009 and

December
31, 2009

(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, 2009, September 30, 2009, December 31, 2009 and March 31, 2009 the Partnership in total had advanced $863,735, $902,063,
$962,387,and $827,882, respectively to one Local Limited Partnership, Mesa Verde Apartments Limited Partnership, in which the
Partnership is a limited partner. These advances were used to pay for the property taxes, mortgage payments and operational expenses.
All advances were reserved in full in the year they were advanced.



As
of June 30, 2009, September 30, 2009, December 31, 2009 and March 31, 2009 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, 2009, September 30, 2009, December 31, 2009 and March 31, 2009 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 – CONTRIBUTIONS



Expenses
paid by the General Partner or affiliates in prior periods were forgiven as of June 30, 2009, September 30, 2009, December 31,
2009 and March 31, 2009, in the amount of $0, $87,154, $87,154, and $172,548, respectively. The debt was a result of advances
that had previously been made to the Partnership by the General Partner or an affiliate to aid the Partnership in providing funding
to several Local Limited Partnerships which were experiencing operational issues. The cancellation of debt is considered a capital
contribution by the General Partner to the Partnership and as such it is reflected in the Statement of Partners’ Equity
(Deficit) in the Partnership’s condensed financial statements.



NOTE
7 – SUBSEQUENT EVENTS



Subsequent
to December 31, 2009 the Partnership identified and sold the Housing Complexes of Mesa Verde Apartments, L.P. (“Mesa
Verde”), The North Central Limited Partnership (“The North Central”) and Blessed Rock of El Monte. A CA
Limited Partnership (“Blessed Rock). The Partnership also identified and sold its Local Limited Partnership interests
in Lamar Plaza Apartments, LP, D. Hilltop Apartments, Ltd. and Woodland, Ltd., Greyhound Associates I, L.P., subsequent to
December 31, 2009. The investment balance was zero at the time of sale for each Local Limited Partnership listed
below.



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, 2009, September 30, 2009 and

December
31, 2009

(unaudited)



NOTE
7 –SUBSEQUENT EVENTS, continued



The
following table reflects dispositions that occurred subsequent to December 31, 2009:



|Local
    Limited Partnership                                 |  | Debt
    at
 prior 12/31
 before sale
 date |           |  | Appraisal

    Value |   |           | Date
    of
 Sale |  |  | Sales

    Proceeds |  |  | Actual
    Sale
 Related
 Expenses |           |  | Investment

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



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



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, 2009:



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



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, 2009, September 30, 2009 and

December
31, 2009

(unaudited)



NOTE
7 –SUBSEQUENT EVENTS, continued



Subsequent
to December 31, 2009, the Partnership has identified the following Local Limited Partnerships
for possible disposition as listed in the table below. Once the sales are finalized, the Partnership will use the cash proceeds
to reimburse the General Partner or an affiliate for expenses paid on its behalf or pay accrued asset management fees. Any remaining
proceeds will be placed in the Partnership’s reserves for future operating expenses. No distributions will be made to the
Limited Partners.



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



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





F-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, 2009 and 2008, the
three and six months ended September 30, 2009 and 2008, and the three and nine months ended December 31, 2009 and 2008, 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, 2009 consisted primarily of $55,000 in cash and aggregate investments in the fourteen
Local Limited Partnerships of $704,000. Liabilities at June 30, 2009 primarily consisted of $39,000 of payables to Local
Limited Partnerships and $272,000 of accrued fees and expenses due to the General Partner and/or its affiliates.



The
Partnership’s assets at September 30, 2009 consisted primarily of $22,000 in cash and aggregate investments in
the fourteen Local Limited Partnerships of $702,000. Liabilities at September 30, 2009 primarily consisted of $39,000 of
payables to Local Limited Partnerships and $204,000 of accrued fees and expenses due to the General Partner and/or
its affiliates.



The
Partnership’s assets at December 31, 2009 consisted primarily of $22,000 in cash and aggregate investments in the fourteen
Local Limited Partnerships of $700,000. Liabilities at December 31, 2009 primarily consisted of $39,000 of payables to Local Limited
Partnerships and $286,000 of accrued fees and expenses due to the General Partner and/or its affiliates.



3







Results
of Operations



Three
Months Ended June 30, 2009 Compared to Three Months Ended June 30, 2008.The Partnership’s net loss for the three
months ended June 30, 2009 was $(232,000), reflecting a decrease of approximately $864,000 from the net loss of $(1,096,000)
for the three months ended June 30, 2008. The decrease in net loss was primarily due to the decrease in impairment loss of
$772,000. The impairment loss can vary each year depending on the annual decrease in Low Income Housing Tax Credits allocated
to the Partnership and the current estimated residual value of the investments compared to the current carrying value of each
of the investments. Advances of $(36,000) were made to several Local Limited Partnerships which were reserved for in full
during the three months ended June 30, 2009 compared to $(60,000) advanced and reserved for during the three months ended
June 30, 2008. The advances made to the troubled Local Limited Partnerships 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 $15,000 for the
three months ended June 30, 2009. The equity in losses can vary each year depending on the operations of each of the Local
Limited Partnerships. The amortization decreased by $2,000 for the three months ended June 30, 2009 due to the net
acquisition costs and fees associated with the Local Limited Partnerships being impaired, thereby reducing future
amortization expense. Total operating income increased by $31,000 for the three months ended June 30, 2009 compared to the
three months ended June 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.



Three
Months Ended September 30, 2009 Compared to the Three Months Ended September 30, 2008 The Partnership’s net loss
for the three months ended September 30, 2009 was $(55,000), reflecting a decrease of approximately $56,000 from the net loss
of $(111,000) for the three months ended September 30, 2008. There was a decrease of equity in losses of Local Limited
Partnerships of $25,000 for the three months ended September 30, 2009. The equity in losses can vary each year depending on
the operations of each of the Local Limited Partnerships. Advances of $(38,000) were made to several Local Limited
Partnerships which were reserved for in full during the three months ended September 30, 2009 compared to $(81,000) advanced
during the three months ended September 30, 2008. The advances made to the troubled Local Limited Partnerships can vary each
year depending on the operations of each Local Limited Partnership. Accounting and legal fees decreased by $43,000 for the
three months ended September 30, 2009 compared to the three months ended September 30, 2008 due to timing of accounting work
performed. Additionally, total operating income decreased by $(54,000) for the three months ended September 30, 2009 compared
to the three 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.



Six
Months Ended September 30, 2009 Compared to the Six Months Ended September 30, 2008The Partnership’s net loss
for the six months ended September 30, 2009 was $(287,000), reflecting a decrease of approximately $920,000 from the net loss
of $(1,207,000) for the six months ended September 30, 2008. The decrease in net loss was primarily due to the decrease
in impairment loss of $772,000. The impairment loss can vary each year depending on the annual decrease in Low Income
Housing Tax Credits allocated to the Partnership and the current estimated residual value of the investments compared to the
current carrying value of each of the investments. There was also a decrease in equity in losses of Local Limited
Partnerships of $40,000 for the six months ended September 30, 2009. The equity in losses can vary each year depending on the
operations of each of the Local Limited Partnerships. Total operating income decreased by $(23,000) for the six months ended
September 30, 2009 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. Advances of $(74,000) were made to several Local Limited Partnerships which were reserved for in full during the
six months ended September 30, 2009 compared to $(141,000) advanced during the six months ended September 30, 2008. The
advances made to the troubled Local Limited Partnerships can vary each year depending on the operations of each Local Limited
Partnership. Accounting and legal fees decreased by $58,000 for the six months ended September 30, 2009 compared to the six
months ended September 30, 2008 due to the timing of accounting work performed. The amortization decreased by $2,000 for the
six months ended September 30, 2009 due to the net acquisition costs and fees associated with the Local Limited Partnerships
being impaired, thereby reducing future amortization expense.



4







Three
Months Ended December 31, 2009 Compared to the Three Months Ended December 31, 2008 The Partnership’s net loss for
the three months ended December 31, 2009 was $(84,000), reflecting a decrease of approximately $1,000 from the net loss of
$(85,000) for the three months ended December 31, 2008. Advances of $(60,000) were made to several Local Limited Partnerships
and reserved for in full during the three months ended December 31, 2009 compared to $(23,000) advanced and reserved for
during the three months ended December 31, 2008. 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 $25,000 for the three months ended December 31, 2009. The equity in losses can vary each year depending on
the operations of each of the Local Limited Partnerships. Accounting and legal fees decreased by $4,000 for the three months
ended December 31, 2009 compared to the three months ended December 31, 2008 due to the timing of accounting work performed.
Total operating income decreased by $(1,000) for the three 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 flow
will allow for the payment.



Nine
Months Ended December 31, 2009 Compared to Nine Months Ended December 31, 2008The Partnership’s net loss for the
nine months ended December 31, 2009 was $(371,000), reflecting a decrease of approximately $921,000 from the net loss of
$(1,292,000) for the nine months ended December 31, 2008. The decrease in net loss was primarily due to the decrease in
impairment loss of $772,000 for the nine months ended December 31, 2009. 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 a decrease of
equity in losses of Local Limited Partnerships of $65,000 for the nine months ended December 31, 2009. The equity in 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, 2009 compared to the nine months ended December 31, 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. Advances of $(135,000) were made to several Local Limited
Partnerships which were reserved for in full during the nine months ended December 31, 2009 compared to $(164,000) advanced
and reserved for during the nine months ended December 31, 2008. The advances made to the troubled Local Limited Partnerships
can vary each year depending on the operations of each Local Limited Partnership. Accounting and legal fees decreased by
$62,000 for the nine months ended December 31, 2009 compared to the nine months ended December 31, 2008 due to the timing of
accounting work performed. The amortization decreased by $2,000 for the nine months ended December 31, 2009 due to the net
acquisition costs and fees associated with the Local Limited Partnerships being impaired, thereby reducing future
amortization expense.



Capital
Resources and Liquidity



Three
Months Ended June 30, 2009 Compared to Three Months Ended June 30, 2008Net cash provided during the three months ended
June 30, 2009 was $34,000, compared to the net cash provided for the three months ended June 30, 2008 of $6,000. 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 $(60,000) advanced during the three months ended June 30, 2008 as discussed above. Reporting
fees increased by $34,000 and distributions decreased by $(3,000) for the three months ended June 30, 2009 due to the fact
that Local Limited Partnerships pay reporting fees and distributions to the Partnership when the Local Limited
Partnerships’ cash flows allow for the payment.



Six
Months Ended September 30, 2009 Compared to Six Months Ended September 30, 2008Net cash provided during the six months
ended September 30, 2009 was $1,000, compared to the six months ended September 30, 2008 of $25,000. The Partnership
reimbursed the General Partner or affiliates $(20,000) during the six months ended September 30, 2008 for operating expenses
compared to no payment made during the three months ended September 30, 2009. Reimbursement of operating expenses are paid
after management reviews the cash position of the Partnership. Advances of $(74,000) were made to several Local Limited
Partnerships during the six months ended September 30, 2009 compared to $(141,000) advanced during the six months ended
September 30, 2008. The advances made to the troubled Local Limited Partnership can vary each year depending on the
operations of each Local Limited Partnership. Reporting fees decreased by $(26,000) and distributions decreased by $(15,000)
for the six months ended September 30, 2008, due to the fact that Local Limited Partnerships pay reporting fees and
distributions to the Partnership when the Local Limited Partnerships’ cash flows allow for the payment.



5







Nine
Months Ended December 31, 2009 Compared to Nine Months Ended December 31, 2008Net cash provided during the nine months ended
December 31, 2009 was $1,000, compared to the nine months ended December 31, 2008 of $3,000. The Partnership reimbursed the General
Partner or affiliates $(20,000) during the nine months ended December 31, 2008 for accrued asset management fees and operating
expenses compared to no payment made during the nine months ended September 30, 2009. Advances of $(135,000) were made to a Local
Limited Partnership during the nine months ended December 31, 2009, compared to $(164,000) advanced during the nine months ended
December 31, 2008. The advances made to the troubled Local Limited Partnership can vary each year depending on the operations
of each Local Limited Partnership. Reporting fees decreased by $(26,000) and distributions decreased by $(15,000) for the nine
months ended December 31, 2009 due to the fact that Local Limited Partnerships pay reporting fees and distributions to the Partnership
when the Local Limited Partnerships’ cash flows allow for the payment.



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.



6







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.



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 is not expected to 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.



7













|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 each 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 Rules
                                                                                                                                          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 each of the periods 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, 2009, September 30, 2009 and December 31, 2009 that materially affected, or are reasonably likely to materially affect,
                                                                            the Partnership’s internal control over financial reporting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      



8









|Part II. |  | Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|-------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Item 1.  |  | Legal Proceedings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|         |  | NONE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Item 1A. |  | Risk Factors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|         |  | No material changes in risk factors as previously disclosed in the Partnership’s Form 10-K.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Item 2.  |  | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|         |  | NONE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Item 3.  |  | Defaults Upon Senior Securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|         |  | NONE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Item 4.  |  | Mine Safety Disclosures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|         |  | NONE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Item 5.  |  | Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|         |  | NONE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Item 6   |  | Exhibits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|31.1     |  | Certification of the Principal Executive Officer pursuant to Rule 13a-14 and 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|31.2     |  | Certification of the Principal Financial Officer pursuant to Rule 13a-14 and 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|32.1     |  | Section 1350 Certification of the Chief Executive Officer. (filed herewith)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|32.2     |  | Section 1350 Certification of the Chief Financial Officer. (filed herewith)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|101      |  | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Balance Sheets at June 30, 2009, September 30, 2009 December 31, 2009, and March 31, 2009, (ii) the Condensed Statements of Operations for the three months ended June 30, 2009 and 2008, the three and six months ended September 30, 2009 and 2008, and the three and nine months ended December 31, 2009 and 2008 (iii) the Condensed Statements of Partners’ Equity (Deficit) for the three, six, and nine-month periods ended June 30, 2009, September 30, 2009, and December 31, 2009 (iv) the Condensed Statements of Cash Flows for the three months ended June 30, 2009 and 2008, the six months ended September 30, 2009 and 2008 and the nine months ended December 31, 2009 and 2008 and (iv) the Notes to Condensed Financial Statements.
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|         |  | Exhibits 32.1, 32.2 and 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     



9







SIGNATURE



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



|WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
|---------------------------------------------
|                                             
|By:                                          
|                                             
|By:                                          
|                                             
|                                             
|                                             
|                                             
|Date:                                        
|                                             
|By:                                          
|                                             
|                                             
|                                             
|                                             
|Date:                                        



10