FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

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

                For the quarterly period ended September 30, 1999

                                       OR

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

             For the transition period from ________ to ___________

                         Commission file number: 0-21895


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

California                                                           33-6163848
State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization                                Identification No.)


              3158 Redhill Avenue, Suite 120, Costa Mesa, CA 92626

                                 (714) 662-5565


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No.



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

                               INDEX TO FORM 10-Q

                    For the Quarter Ended September 30, 1999


PART I. FINANCIAL INFORMATION

 Item 1. Financial Statements

    Balance Sheets
       September 30,1999 and March 31, 1999.................................3

    Statements of Operations
       For the three and six months ended September 30, 1999 and 1998.......4

    Statement of Partners' Equity
       For the six months ended September 30, 1999..........................5

    Statements of Cash Flows
       For the six months ended September 30, 1999 and 1998.................6

    Notes to Financial Statements ..........................................7

 Item 2. Management's Discussion and Analysis of Financial
          Condition and Results of Operations...............................12

 Item 3. Quantitative and Qualitative Disclosures About Market Risk.........14

PART II. OTHER INFORMATION

 Item 1. Legal Proceedings..................................................14

 Item 6. Exhibits and Reports on Form 8-K...................................14

 Signatures.................................................................15



                                       2

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

                                 BALANCE SHEETS
<TABLE>
<CAPTION>


                                                        September 30, 1999     March 31, 1999
                                                        ------------------     --------------
                                                           (unaudited)
                                     ASSETS

<S>                                                   <C>                    <C>
Cash and cash equivalents                             $            579,051   $        911,080
 Investment in limited partnerships - Note 2                    11,924,166         12,250,789
Other assets - Note 4                                               52,428                  -
                                                         -----------------      -------------

                                                      $         12,555,645   $     13,161,869
                                                         =================      =============

                        LIABILITIES AND PARTNERS' EQUITY

Liabilities:
 Payables to limited partnerships - Note 5                          95,030             95,030
 Accrued fees and expenses due to
  general partner and affiliates - Note 3             $             23,169   $         28,677
                                                         -----------------      -------------

Total Liabilities                                                  118,199            123,707
                                                         -----------------      -------------

Partners' equity (deficit):
 General partner                                                   (51,116)           (45,109)
 Limited partners (18,000 units issued and outstanding)         12,488,562         13,083,271
                                                         -----------------      -------------

Total partners' equity                                          12,437,446         13,038,162
                                                         -----------------      -------------

                                                      $         12,555,645   $     13,161,869
                                                         =================      =============
</TABLE>


                 See accompanying notes to financial statements
                                        3

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

                            STATEMENTS OF OPERATIONS

          For the Three and Six Months Ended September 30, 1999 and1998
                                   (unaudited)
<TABLE>
<CAPTION>

                                                     1999                               1998
                                         ------------------------------    --------------------------------

                                             Three             Six              Three              Six
                                             Months            Months           Months             Months
                                            -------            ------           ------             ------
<S>                                    <C>             <C>               <C>               <C>
Interest income                        $      8,374    $       17,760    $      13,198     $       28,173
                                         ----------       -----------      -----------        -----------

                                              8,374            17,760           13,198             28,173
                                         ----------       -----------      -----------        -----------
Operating expenses:
Amortization                                 11,221            20,276            8,875             17,751
Asset management fees - Note 3               12,375            24,750           12,375             24,750
Legal and accounting                          6,596            15,467                -              6,177
Other                                        10,992             8,097              700              8,772
                                         ----------       -----------      -----------        -----------

Total operating expenses                     41,184            68,590           21,950             57,450
                                         ----------       -----------      -----------        -----------

Loss from operations                        (32,810)          (50,830)          (8,752)           (29,277)

Equity in loss from
 limited partnerships                      (256,068)         (549,886)        (397,200)          (594,300)
                                         ----------       -----------      -----------        -----------

Net loss                               $   (288,878)   $     (600,716)   $    (405,952)    $     (623,577)
                                         ==========      ============      ===========       ============

Net loss allocated to:
 General partner                       $     (2,889)   $       (6,007)   $      (4,060)    $       (6,236)
                                         ==========      ============      ===========       ============

 Limited partners                      $   (285,989)   $     (594,709)   $    (401,892)    $     (617,341)
                                         ==========      ============      ===========       ============
Net loss per weighted limited
 partner unit (18,000 units issued
 and outstanding)                      $        (16)   $          (33)   $         (22)    $          (34)
                                         ==========      ============      ===========       ============
</TABLE>


                 See accompanying notes to financial statements
                                        4
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3
                       (A California Limited Partnership)

                          STATEMENT OF PARTNERS' EQUITY

                   For the Six Months Ended September 30, 1999
                                   (unaudited)


<TABLE>
<CAPTION>


                                                          General              Limited
                                                          Partner              Partners                  Total
                                                          -------              --------                  -----
<S>                                             <C>                   <C>                   <C>
Partners' equity (deficit), March 31, 1999      $         (45,109)    $      13,083,271     $       13,038,162

Net loss for the six months ended
  September 30, 1999                                       (6,007)             (594,709)              (600,716)
                                                   --------------        --------------        ---------------

Partners' equity (deficit), September 30, 1999  $         (51,116)    $      12,488,562     $       12,437,446
                                                   ==============        ==============        ===============

</TABLE>





                 See accompanying notes to financial statements
                                        5


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

                            STATEMENTS OF CASH FLOWS

              For the Six Months Ended September 30, 1999 and 1998
                                   (unaudited)


                                                           1999           1998
                                                           ----           ----
Cash flows from operating activities:
 Net loss                                          $   (600,716)  $   (623,577)
 Adjustments to reconcile net loss to net
  cash used in operating activities:
  Equity in loss from limited partnerships              549,886        594,300
  Amortization                                           20,276         17,751
  Asset management fees                                  (1,367)        24,750
  Change in other assets                                (52,428)         4,492
  Accrued fees and expense due to
   general partner and affiliates                        (4,141)         5,875
                                                     ----------     ----------

Net cash provided by (used in) operating activities     (88,490)        23,591
                                                     ----------     ----------

Cash flows from investing activities:
 Investments in limited partnerships                          -       (547,257)
 Distributions from limited partnerships                  4,275         15,483
 Acquisition costs and fees                            (247,814)       (32,086)
                                                     ----------     ----------

Net cash provided used by investing activities         (243,539)      (563,860)
                                                     ----------     ----------

Net decrease in cash and cash equivalents              (332,029)      (540,269)
                                                     ----------     ----------

Cash and cash equivalents, beginning of period          911,080      1,530,527
                                                     ----------     ----------

Cash and cash equivalents, end of period           $    579,051   $    990,258
                                                     ==========     ==========

                 See accompanying notes to financial statements
                                        6


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

                          NOTES TO FINANCIAL STATEMENTS

                               September 30, 1999
                                   (Unaudited)

NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The information  contained in the following notes to the financial statements is
condensed  from that  which  would  appear in the annual  financial  statements;
accordingly,  the  financial  statements  included  herein should be reviewed in
conjunction  with the audited  financial  statements  and related  notes thereto
contained in the Partnership's  Annual Report for the year ended March 31, 1999.
Accounting  measurements at interim dates inherently involve greater reliance on
estimates  than at year-end.  The results of operations  for the interim  period
presented are not necessarily indicative of the results for the entire year.

In the  opinion of the  General  Partner,  the  unaudited  financial  statements
contain all adjustments (consisting of only normal recurring accruals) necessary
to present  fairly the  financial  position  as of  September  30,  1999 and the
results of operations and changes in cash flows for the six months.

Organization

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

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

Pursuant to a  registration  statement  filed with the  Securities  and Exchange
Commission  on July 26, 1995,  the  Partnership  commenced a public  offering of
25,000 Units of Limited Partnership  Interest ("Units") at a price of $1,000 per
Unit. As of the close of the public offering, January 21, 1996 a total of 18,000
Limited Partnership Interests representing $17,558,985 had been sold.

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

                                       7
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                               September 30, 1999
                                   (unaudited)

NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Risks and Uncertainties

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

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

Method of Accounting For Investments in Limited Partnerships

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

Offering Expenses

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

                                       8

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                               September 30, 1999
                                   (unaudited)

NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Use of Estimates

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

Cash and Cash Equivalents

The Partnership considers highly liquid investments with remaining maturities of
three months or less when purchased to be cash equivalents

Net Loss Per Limited Partner Unit

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

NOTE 2 - INVESTMENT IN LIMITED PARTNERSHIPS

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

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

                                       9

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                               September 30, 1999
                                   (unaudited)


NOTE 2 - INVESTMENT IN LIMITED PARTNERSHIPS, continued

The  following is a summary of the equity method  activity of the  investment in
Local Limited  Partnerships  for the six months ended September 30, 1999 and the
three months ended March 31, 1999:

                                         September 30, 1999    March 31, 1999
                                         ------------------    --------------

Investment balance, beginning of period      $   12,250,789    $   12,559,525
Capitalized acquisition fees and costs              247,814             1,520
Equity in loss from limited partnerships           (549,886)         (293,818)
Distributions from limited partnerships              (4,275)           (7,563)
Amortization of acquisition costs                   (20,276)           (8,875)
                                              -------------      ------------

Investment per balance sheet, end of period  $   11,924,166    $   12,250,789
                                              =============      ============


Selected  financial  information  for the six months ended September 30 from the
combined  financial   statements  of  the  limited  partnerships  in  which  the
partnership has invested is as follows:

                                                       1999              1998
                                                       ----              ----

Total revenue                              $      2,942,200   $     2,794,500
                                              -------------      ------------

Interest expense                                    959,400           877,600
Depreciation                                        814,400           712,600
Operating expenses                                1,789,800         1,818,100
                                              -------------      ------------

Total Expenses                                    3,563,600         6,408,300
                                              -------------      ------------

Net loss                                   $       (621,400)  $      (613,800)
                                              =============      ============

Net loss allocable to the Partnership      $       (615,186)  $      (607,662)
                                              =============      ============

Net loss recognized by the Partnership     $       (549,886)  $      (594,300)
                                              =============      ============


                                       10
<PAGE>
                  WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                               September 30, 1999
                                   (unaudited)


NOTE 3 - RELATED PARTY TRANSACTIONS

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

(a)  Annual Asset  Management Fee. An annual asset management fee of the greater
     of (i)  $2,000 per  multi-family  housing  complex or (ii)  0.275% of Gross
     Proceeds. The base fee amount will be adjusted annually based on changes in
     the  Consumer  Price  Index,  however  in no event  will the  annual  asset
     management fee exceed 0.2% of Invested Assets.  "Invested Assets" means the
     sum of the Partnership's  Investment in Local Limited  Partnerships and the
     Partnership's  allocable  share of the  amount  of  mortgages  on and other
     indebtedness related to the Housing Complexes.  Fees of $24,750 and $24,750
     were incurred  during the six months ended September 30, 1999 and 1998. The
     Partnership  paid the General  Partner or its affiliates  $26,117 and $0 of
     these fees during the six months ended September 30, 1999 and 1998.

(b)  Subordinated  Disposition Fee. A subordinated  disposition fee in an amount
     equal to 1% of the  sale  price  received  in  connection  with the sale or
     disposition  of a Housing  Complex or Local Limited  Partnership  Interest.
     Subordinated  disposition  fees will be subordinated to the prior return of
     the Limited  Partners'  capital  contributions and payment of the Return on
     Investment to the Limited Partners. "Return on Investment" means an annual,
     cumulative but not compounded,  "return" to the Limited Partners (including
     Low  Income  Housing   Credits)  as  a  class  on  their  adjusted  capital
     contributions  commencing  for each Limited  Partner on the last day of the
     calendar quarter during which the Limited Partner's capital contribution is
     received by the  Partnership,  calculated at the following  rates:  (i) 14%
     through  December 31, 2006 and (ii) 6% for the balance of the  Partnerships
     term. No disposition fees have been paid.

(c)  Interest  in  Partnership.   The  General   Partner   receives  1%  of  the
     Partnership's  allocated Low Income  Housing  Credits,  which  approximated
     $24,000 for the General  Partner for the year ended  December 31, 1998. The
     General  Partners  are also  entitled to receive 1% of cash  distributions.
     There were no  distributions of cash to the General Partners during the six
     months ended September 30, 1999.

Accrued fees and advance due to  affiliates of the General  Partner  included in
the balance  sheet  consist of the following at September 30, 1998 and March 31,
1999:

                                    September 30, 1999         March 31, 1999
                                    ------------------         --------------

Asset management fee             $              12,375     $           13,742
Reimbursement due on
 expenses paid by affiliate                     10,794
                                                                       14,935
                                    ------------------        ---------------

Total related party payables     $              23,169     $           28,677
                                    ==================        ===============

NOTE 4 - INCOME TAXES

No provision  for income taxes has been made,  as the liability for income taxes
is an obligation of the partners of the Partnership.

                                       11


<PAGE>
Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

Financial Condition

The Partnership's  assets at September 30, 1999 consisted  primarily of $579,000
in cash and aggregate  investments in the eighteen Local Limited Partnerships of
$11,924,000. Liabilities at September 30, 1999 primarily consisted of $95,000 of
payables to limited  partnerships and $23,000 of accrued annual  management fees
due to the General Partners.

Results of Operations

Three Months Ended  September 30, 1999 Compared to Three Months Ended  September
30, 1998. The  Partnership's  net loss for the three months ended  September 30,
1999  was  $(289,000),  reflecting  a  decrease  of  $117,000  from the net loss
experienced  for the three months ended  September 30, 1998. The decrease in net
loss is  primarily  due to equity  in losses  from  limited  partnerships  which
declined by $141,000 to $(256,000) for the three months ended September 30, 1999
from $(397,000) for the three months ended September 30, 1998. This decrease was
a result of the Partnership not recognizing  certain losses of the Local Limited
Partnerships.  The investments in such Local Limited Partnerships had reached $0
at September 30, 1999.  Since the  Partnership's  liability  with respect to its
investments is limited, losses in excess of investment are not recognized. Along
with the  decrease in equity in losses from  limited  partnerships  there was an
increase in loss from operations of $24,000 for the three months ended September
30, 1999 to $(33,000),  from  $(9,000) for the three months ended  September 30,
1998, due to a comparable increase in operating expenses.

Six Months Ended  September 30, 1999 Compared to Six Months Ended  September 30,
1998. The Partnership's net loss for the six months ended September 30, 1999 was
$(601,000),  reflecting a decrease of $23,000 from the net loss  experienced for
the six months ended  September  30, 1998.  The decline in net loss is primarily
due to equity in losses from limited  partnerships  which declined by $44,000 to
$(550,000) for the six months ended  September 30, 1999 from  $(594,000) for the
six  months  ended  September  30,  1998.  This  decrease  was a  result  of the
Partnership  not recognizing  certain losses of the Local Limited  Partnerships.
The investments in such Local Limited  Partnerships  had reached $0 at September
30, 1999. Since the  Partnership's  liability with respect to its investments is
limited,  losses in excess of  investment  are not  recognized.  Along  with the
decrease in equity in losses from limited  partnerships  there was a increase in
loss from  operations of $21,000 for the six months ended  September 30, 1999 to
$(50,000), from $(29,000) for the six months ended September 30, 1998.

Cash Flows

Six Months Ended  September 30, 1999 Compared to Six Months Ended  September 30,
1998.  Net  cash  used  during  the six  months  ended  September  30,  1999 was
$(332,000)  compared to a net use of cash for the six months ended September 30,
1998 of $(540,000). The change was due primarily to a decrease in investments in
limited  partnerships of $547,000,  offset by an increase  acquisition  fees and
costs of  $216,000,  an  increase in  operating  activities  of  $113,000  and a
decrease in distributions from limited partnerships of $10,000.

During the six months ended September 30, 1999 and 1998, accrued payables, which
consist  primarily of related party  management fees due to the General Partner,
decreased by $6,000 and increased by $44,000,  respectively. The General Partner
does not  anticipate  that  these  accrued  fees will be paid until such time as
capital   reserves  are  in  excess  of  future   foreseeable   working  capital
requirements of the partnership.

The Partnership  expects its future cash flows,  together with its net available
assets at September 30, 1999, to be sufficient to meet all currently foreseeable
future cash requirements.

                                       12

<PAGE>
Impact of Year 2000

WNC & Associates, Inc.

Status of Readiness

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

Non-IT Systems. The Partnership also relies on the non-IT systems of WNC. Non-IT
systems  include  machinery and  equipment  such as  telephones,  voice mail and
electronic  postage  equipment.  Except  for one  telephone  system,  the non-IT
systems of WNC are year 2000  compliant.  The one telephone  system will require
the replacement of one computer and one software application, both of which will
be completed on or before December 15, 1999.

Service  Providers.  WNC also  relies on the IT and  non-IT  systems  of service
providers. Service providers include utility companies,  financial institutions,
telecommunications carriers,  municipalities, and other outside vendors. WNC has
obtained verbal assurances from its material service providers (electrical power
provider,  financial institutions and telecommunications carriers) that their IT
and non-IT systems are year 2000 compliant.  There can be no assurance that this
compliance  information  is  correct.  There also can be no  assurance  that the
systems of other,  less-important  service providers and outside vendors will be
year 2000 compliant.

Costs to Address Year 2000 Issues

The cost to address  year 2000  issues for WNC has been less than  $20,000.  The
cost to replace the telephone  system noted above will be less than $5,000.  The
cost to deal with potential year 2000 issues of other outside  vendors cannot be
estimated at this time.

Risk of Year 2000 Issues

The most  reasonable and likely result from non-year 2000  compliance of systems
of the service  providers  noted above will be the disruption of normal business
operations for WNC. This disruption would, in turn, lead to delays in performing
reporting and fiduciary responsibilities on behalf of the Partnership. The worst
case scenario would be the replacement of a service provider. These delays would
likely  be  temporary  and  would  likely  not  have a  material  effect  on the
Partnership or WNC.

Local Limited Partnerships

Status of Readiness

WNC is in the  process of  obtaining  year 2000  certifications  from each Local
General Partner of each Local Limited  Partnership.  Those  certifications  will
represent  to the  Partnership  that the IT and non-IT  systems  critical to the
operation of the Housing Complexes and investor reporting to the Partnership are
year 2000 compliant. These certifications will also represent to the Partnership
that the IT and non-IT  systems of property  management  companies,  independent
accountants,    electrical   power   providers,   financial   institutions   and
telecommunications  carriers used by the Local Limited Partnership are year 2000
compliant.

There can be no assurance that the representations in the certifications will be
correct.   There  also  can  be  no   assurance   that  the  systems  of  other,
less-important  service  providers  and  outside  vendors,  upon which the Local
Limited Partnerships rely, will be year 2000 compliant.

                                       13

<PAGE>
Costs to Address Year 2000 Issues

There  will be no cost to the  Partnership  as a result of  assessing  year 2000
issues for the Local Limited Partnerships.  The cost to deal with potential year
2000 issues of the Local Limited Partnerships cannot be estimated at this time.

Risk of Year 2000 Issues

There may be Local  General  Partners who indicate  that they or their  property
management  company are not year 2000  compliant and do not have plans to become
year 2000  compliant  before the end of 1999.  There may be other Local  General
Partners who are  unwilling to respond to the  certification  request.  The most
likely result of either non-compliance or failure to respond will be the removal
and  replacement  of the property  management  company  and/or the Local General
Partner with year 2000 compliant operators.

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

Item 3.  Quantitative and Qualitative Disclosures About Market Risks

         NONE

Part II. Other Information

Item 1.  Legal Proceedings

         NONE

Item 6.  Exhibits and Reports on Form 8-K

         NONE








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<PAGE>

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

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

By:  WNC & ASSOCIATES, INC.         General Partner



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

Date: November 18, 1999



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

Date: November 18, 1999








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