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, 2008

For the quarterly
period ended September 30, 2008

For the quarterly
period ended December 31, 2008



OR



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



For the transition period from
________ to ___________



Commission file number: 0-21897



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



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



17782 Sky Park Circle, Irvine,
CA 92614

( Address of principle executive
offices )



(714) 622-5565

( Telephone Number )



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



Yes [  ] No [X]



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



Yes [  ] No [X]



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



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



Indicate by check mark whether
the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes [  ] No [X]




















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

(A California Limited Partnership)



INDEX TO FORM 10-Q



For the Quarterly periods Ended June 30,
2008, September 30, 2008

and December
31, 2008





|PART
    I. FINANCIAL INFORMATION                                                                 |                                                                                   | F-1
|------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------- | ---
|                                                                                                  |                                                                                   |    
|Item
    1. Financial Statements                                                                  |                                                                                   | F-1
|                                                                                                  |                                                                                   |    
|                                                                                                  | Condensed Balance Sheets                                                          |    
|                                                                                                  | As
    of June 30, 2008, September 30, 2008, December 31, 2008 and March 31, 2008 |    
|                                                                                                  |                                                                                   |    
|                                                                                                  | Condensed Statements
    of Operations                                            |    
|                                                                                                  | For
    the Three Months Ended June 30, 2008 and 2007                             |    
|                                                                                                  | For
    the Three and Six Months Ended September 30, 2008 and 2007                |    
|                                                                                                  | For
    the Three and Nine Months Ended December 31, 2008 and 2007                |    
|                                                                                                  |                                                                                   |    
|                                                                                                  | Condensed Statements
    of Partners’ Equity (Deficit)                            |    
|                                                                                                  | For
    the Three Months Ended June 30, 2008                                      |    
|                                                                                                  | For
    the Six Months Ended September 30, 2008                                   |    
|                                                                                                  | For
    the Nine Months Ended December 31, 2008                                   |    
|                                                                                                  |                                                                                   |    
|                                                                                                  | Condensed Statements
    of Cash Flows                                            |    
|                                                                                                  | For
    the Three Months Ended June 30, 2008 and 2007                             |    
|                                                                                                  | For
    the Six Months Ended September 30, 2008 and 2007                          |    
|                                                                                                  | For
    the Nine Months Ended December 31, 2008 and 2007                          |    
|                                                                                                  |                                                                                   |    
|                                                                                                  | 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, 2008 |           |   | September
    30, 2008 |   |         | December
    31, 2008 |  |   | March
    31, 2008 |  
|----------------------------------------------------------------------------------------------------------- |  | ----------------- | --------- | - | ---------------------- | - | ------- | --------------------- |  | - | ------------------ | -
|ASSETS                                                                                                      |  |                   |           |   |                        |   |         |                       |  |   |                    |  
|                                                                                                            |  |                   |           |   |                        |   |         |                       |  |   |                    |  
|Cash                                                                                                        |  | $                 | 5,952     |   |                        | $ | 25,164  |                       |  | $ | 3,470              |  
|Investments
    in Local Limited Partnerships, net (Notes 2 and 3)                                          |  |                   | 1,013,845 |   |                        |   | 972,218 |                       |  |   | 945,163            |  
|                                                                                                            |  |                   |           |   |                        |   |         |                       |  |   |                    |  
|Total
    Assets                                                                                            |  | $                 | 1,019,797 |   |                        | $ | 997,382 |                       |  | $ | 948,633            |  
|                                                                                                            |  |                   |           |   |                        |   |         |                       |  |   |                    |  
|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)                                |  |                   | 230,654   |   |                        |   | 168,883 |                       |  |   | 183,303            |  
|                                                                                                            |  |                   |           |   |                        |   |         |                       |  |   |                    |  
|Total
    Liabilities                                                                                       |  |                   | 269,964   |   |                        |   | 208,193 |                       |  |   | 222,613            |  
|                                                                                                            |  |                   |           |   |                        |   |         |                       |  |   |                    |  
|Partners’
    Equity (Deficit):                                                                             |  |                   |           |   |                        |   |         |                       |  |   |                    |  
|General
    Partner                                                                                         |  |                   | (211,562  | ) |                        |   | (62,222 | )                     |  |   | (40,978            | )
|Limited
    Partners (25,000 Partnership Units authorized; 21,990 Partnership Units issued and outstanding) |  |                   | 961,395   |   |                        |   | 851,411 |                       |  |   | 766,998            |  
|                                                                                                            |  |                   |           |   |                        |   |         |                       |  |   |                    |  
|Total
    Partners’ Equity (Deficit)                                                                        |  |                   | 749,833   |   |                        |   | 789,189 |                       |  |   | 726,020            |  
|Total
    Liabilities and Partners’ Equity (Deficit)                                                        |  | $                 | 1,019,797 |   |                        | $ | 997,382 |                       |  | $ | 948,633            |  



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, 2008 and 2007

(unaudited)



|                                                                 |  | 2008             |            |   | 2007             |  
|---------------------------------------------------------------- |  | ---------------- | ---------- | - | ---------------- | -
|                                                                 |  | Three
    Months |            |   | Three
    Months |  
|Reporting
    fees                                               |  | $                | -          |   |                  | $
|Distribution
    income                                          |  |                  | 2,983      |   |                  |  
|Total
    operating income                                       |  |                  | 2,983      |   |                  |  
|                                                                 |  |                  |            |   |                  |  
|Operating
    expenses and loss:                                 |  |                  |            |   |                  |  
|Amortization
    (Note 3)                                        |  |                  | 3,821      |   |                  |  
|Asset
    management fees (Note 3)                               |  |                  | 15,125     |   |                  |  
|Impairment
    loss (Note 2)                                     |  |                  | 957,996    |   |                  |  
|Legal
    and accounting fees                                    |  |                  | 18,921     |   |                  |  
|Write
    off of advances to Local Limited Partnerships (Note 5) |  |                  | 60,323     |   |                  |  
|Other                                                            |  |                  | 5,305      |   |                  |  
|                                                                 |  |                  |            |   |                  |  
|Total
    operating expenses and loss                            |  |                  | 1,061,491  |   |                  |  
|                                                                 |  |                  |            |   |                  |  
|Loss
    from operations                                         |  |                  | (1,058,508 | ) |                  |  
|                                                                 |  |                  |            |   |                  |  
|Equity
    in losses of Local Limited Partnerships (Note 2)      |  |                  | (37,317    | ) |                  |  
|                                                                 |  |                  |            |   |                  |  
|Interest
    income                                              |  |                  | -          |   |                  |  
|                                                                 |  |                  |            |   |                  |  
|Net
    loss                                                     |  | $                | (1,095,825 | ) |                  | $
|                                                                 |  |                  |            |   |                  |  
|Net
    loss allocated to:                                       |  |                  |            |   |                  |  
|General
    Partner                                              |  | $                | (10,958    | ) |                  | $
|Limited
    Partners                                             |  | $                | (1,084,867 | ) |                  | $
|                                                                 |  |                  |            |   |                  |  
|Net
    loss per  Partnership Unit                               |  | $                | (49        | ) |                  | $
|                                                                 |  |                  |            |   |                  |  
|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 EndedSeptember 30, 2008 and 2007(unaudited)



|                                                                 |  | 2008   |          |   | 2007   |  
|---------------------------------------------------------------- |  | ------ | -------- | - | ------ | -
|                                                                 |  | Three  |          |   | Six    |  
|                                                                 |  | Months |          |   | Months |  
|                                                                 |  |        |         
|Reporting
    fees                                               |  | $      | 59,648   |   |        | $
|Distribution
    income                                          |  |        | -        |   |        |  
|Total
    operating income                                       |  |        | 59,648   |   |        |  
|                                                                 |  |        |          |   |        |  
|Operating
    expenses and loss:                                 |  |        |          |   |        |  
|Amortization
    (Note 3)                                        |  |        | 1,800    |   |        |  
|Asset
    management fees (Note 3)                               |  |        | 15,125   |   |        |  
|Impairment
    loss (Note 2)                                     |  |        | -        |   |        |  
|Legal
    and accounting fees                                    |  |        | 46,856   |   |        |  
|Write
    off of advances to Local Limited Partnerships (Note 5) |  |        | 80,834   |   |        |  
|Other                                                            |  |        | 876      |   |        |  
|                                                                 |  |        |          |   |        |  
|Total
    operating expenses and loss                            |  |        | 145,491  |   |        |  
|                                                                 |  |        |          |   |        |  
|Loss
    from operations                                         |  |        | (85,843  | ) |        |  
|                                                                 |  |        |          |   |        |  
|Equity
    in losses of Local Limited Partnerships (Note 2)      |  |        | (25,256  | ) |        |  
|                                                                 |  |        |          |   |        |  
|Interest
    income                                              |  |        | 4        |   |        |  
|                                                                 |  |        |          |   |        |  
|Net
    loss                                                     |  | $      | (111,095 | ) |        | $
|                                                                 |  |        |          |   |        |  
|Net
    loss allocated to:                                       |  |        |          |   |        |  
|General
    Partner                                              |  | $      | (1,111   | ) |        | $
|Limited
    Partners                                             |  | $      | (109,984 | ) |        | $
|                                                                 |  |        |          |   |        |  
|Net
    loss per Partnership Unit                                |  | $      | (5       | ) |        | $
|                                                                 |  |        |          |   |        |  
|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, 2008 and 2007

(unaudited)





|                                                                 |  | 2008   |         |   | 2007   |  
|---------------------------------------------------------------- |  | ------ | ------- | - | ------ | -
|                                                                 |  | Three  |         |   | Nine   |  
|                                                                 |  | Months |         |   | Months |  
|                                                                 |  |        |         |   |        |  
|Reporting
    fees                                               |  | $      | 553     |   |        | $
|Distribution
    income                                          |  |        | -       |   |        |  
|Total
    operating income                                       |  |        | 553     |   |        |  
|                                                                 |  |        |         |   |        |  
|Operating
    expenses and loss:                                 |  |        |         |   |        |  
|Amortization
    (Note 3)                                        |  |        | 1,800   |   |        |  
|Asset
    management fees (Note 3)                               |  |        | 15,125  |   |        |  
|Impairment
    loss (Note 2)                                     |  |        | -       |   |        |  
|Legal
    and accounting fees                                    |  |        | 9,140   |   |        |  
|Write
    off of advances to Local Limited Partnerships (Note 5) |  |        | 22,654  |   |        |  
|Other                                                            |  |        | 11,847  |   |        |  
|                                                                 |  |        |         |   |        |  
|Total
    operating expenses and loss                            |  |        | 60,566  |   |        |  
|                                                                 |  |        |         |   |        |  
|Loss
    from operations                                         |  |        | (60,013 | ) |        |  
|                                                                 |  |        |         |   |        |  
|Equity
    in losses of Local Limited Partnerships (Note 2)      |  |        | (25,255 | ) |        |  
|                                                                 |  |        |         |   |        |  
|Interest
    income                                              |  |        | 1       |   |        |  
|                                                                 |  |        |         |   |        |  
|Net
    loss                                                     |  | $      | (85,267 | ) |        | $
|                                                                 |  |        |         |   |        |  
|Net
    loss allocated to:                                       |  |        |         |   |        |  
|General
    Partner                                              |  | $      | (853    | ) |        | $
|Limited
    Partners                                             |  | $      | (84,414 | ) |        | $
|                                                                 |  |        |         |   |        |  
|Net
    loss per Partnerships Units                              |  | $      | (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, 2008, Six Months Ended September 30, 2008

And
Nine Months Ended December 31, 2008

(unaudited)





For
the Three Months Ended June 30, 2008



|                                                 |  | General |          |   | Limited  |   |            |       | 
|------------------------------------------------ |  | ------- | -------- | - | -------- | - | ---------- | ----- | 
|                                                 |  | Partner |          |   | Partners |   |            | Total | 
|                                                 |  |         |          |   |          |   |            |       | 
|Partners’
    equity (deficit) at March 31, 2008 |  | $       | (200,604 | ) |          | $ | 2,046,262  |       | 
|                                                 |  |         |          |   |          |   |            |       | 
|Net
    loss                                     |  |         | (10,958  | ) |          |   | (1,084,867 | )     | 
|                                                 |  |         |          |   |          |   |            |       | 
|Partners’
    equity (deficit) at June 30, 2008  |  | $       | (211,562 | ) |          | $ | 961,395    |       | 



For
the Six Months Ended September 30, 2008



|                                                     |  | General |          |   | Limited  |   |            |       | 
|---------------------------------------------------- |  | ------- | -------- | - | -------- | - | ---------- | ----- | 
|                                                     |  | Partner |          |   | Partners |   |            | Total | 
|                                                     |  |         |          |   |          |   |            |       | 
|Partners’
    equity (deficit) at March 31, 2008     |  | $       | (200,604 | ) |          | $ | 2,046,262  |       | 
|                                                     |  |         |          |   |          |   |            |       | 
|Net
    loss                                         |  |         | (12,069  | ) |          |   | (1,194,851 | )     | 
|                                                     |  |         |          |   |          |   |            |       | 
|Contributions
    (Note 6)                           |  |         | 150,451  |   |          |   | -          |       | 
|                                                     |  |         |          |   |          |   |            |       | 
|Partners’
    equity (deficit) at September 30, 2008 |  | $       | (62,222  | ) |          | $ | 851,411    |       | 



For
the Nine Months Ended December 31, 2008



|                                                    |  | General |          |   | Limited  |   |            |       | 
|--------------------------------------------------- |  | ------- | -------- | - | -------- | - | ---------- | ----- | 
|                                                    |  | Partner |          |   | Partners |   |            | Total | 
|                                                    |  |         |          |   |          |   |            |       | 
|Partners’
    equity (deficit) at March 31, 2008    |  | $       | (200,604 | ) |          | $ | 2,046,262  |       | 
|                                                    |  |         |          |   |          |   |            |       | 
|Net
    loss                                        |  |         | (12,922  | ) |          |   | (1,279,264 | )     | 
|                                                    |  |         |          |   |          |   |            |       | 
|Contributions
    (Note 6)                          |  |         | 172,548  |   |          |   | -          |       | 
|                                                    |  |         |          |   |          |   |            |       | 
|Partners’
    equity (deficit) at December 31, 2008 |  | $       | (40,978  | ) |          | $ | 766,998    |       | 



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, 2008 and 2007

(unaudited)





|                                                                                              |  | 2008 |            |   | 2007 |  
|--------------------------------------------------------------------------------------------- |  | ---- | ---------- | - | ---- | -
|Cash
    flows from operating activities:                                                     |  |      |            |   |      |  
|Net
    loss                                                                                  |  | $    | (1,095,825 | ) |      | $
|Adjustments
    to reconcile net loss to net cash provided by (used in) operating activities: |  |      |            |   |      |  
|Amortization                                                                                  |  |      | 3,821      |   |      |  
|Impairment
    loss                                                                           |  |      | 957,996    |   |      |  
|Equity
    in losses of Local Limited Partnerships                                            |  |      | 37,317     |   |      |  
|Decrease
    in prepaid expenses                                                              |  |      | -          |   |      |  
|Increase
    in accrued fees and expenses due to General Partner and affiliates               |  |      | 99,674     |   |      |  
|Net
    cash provided by (used in) operating activities                                       |  |      | 2,983      |   |      |  
|                                                                                              |  |      |            |   |      |  
|Cash
    flows from investing activities:                                                     |  |      |            |   |      |  
|Advances
    made to Local Limited Partnerships                                               |  |      | (60,323    | ) |      |  
|Write
    off of advances made to Local Limited Partnerships                                  |  |      | 60,323     |   |      |  
|Distributions
    received from Local Limited Partnerships                                    |  |      | 2,803      |   |      |  
|Net
    cash provided by investing activities                                                 |  |      | 2,803      |   |      |  
|                                                                                              |  |      |            |   |      |  
|Net
    increase (decrease) in cash                                                           |  |      | 5,786      |   |      |  
|                                                                                              |  |      |            |   |      |  
|Cash,
    beginning of period                                                                 |  |      | 166        |   |      |  
|                                                                                              |  |      |            |   |      |  
|Cash,
    end of period                                                                       |  | $    | 5,952      |   |      | $
|                                                                                              |  |      |            |   |      |  
|SUPPLEMENTAL
    DISCLOSURE OF CASH FLOWINFORMATION:                                          |  |      |            |   |      |  
|                                                                                              |  |      |            |   |      |  
|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, 2008 and 2007

(unaudited)







|                                                                                                                     |  | 2008 |            |   | 2007 |  
|-------------------------------------------------------------------------------------------------------------------- |  | ---- | ---------- | - | ---- | -
|Cash
    flows from operating activities:                                                                            |  |      |            |   |      |  
|Net
    loss                                                                                                         |  | $    | (1,206,920 | ) |      | $
|Adjustments
    to reconcile net loss to net cash provided by (used in) operating activities:                        |  |      |            |   |      |  
|Amortization                                                                                                         |  |      | 5,621      |   |      |  
|Impairment
    loss                                                                                                  |  |      | 957,996    |   |      |  
|Equity
    in losses of Local Limited Partnerships                                                                   |  |      | 62,573     |   |      |  
|Decrease
    in prepaid expenses                                                                                     |  |      | -          |   |      |  
|Increase
    (decrease) in accrued fees and expenses due to General Partner and affiliates                           |  |      | 188,354    |   |      |  
|Net
    cash provided by (used in) operating activities                                                              |  |      | 7,624      |   |      |  
|                                                                                                                     |  |      |            |   |      |  
|Cash
    flows from in investing activities:                                                                         |  |      |            |   |      |  
|Advances
    made to Local Limited Partnerships                                                                      |  |      | (141,157   | ) |      |  
|Write
    off of advances made to Local Limited Partnerships                                                         |  |      | 141,157    |   |      |  
|Distributions
    received from Local Limited Partnerships                                                           |  |      | 17,374     |   |      |  
|Net
    cash provided by investing activities                                                                        |  |      | 17,374     |   |      |  
|                                                                                                                     |  |      |            |   |      |  
|Net
    increase (decrease) in cash                                                                                  |  |      | 24,998     |   |      |  
|                                                                                                                     |  |      |            |   |      |  
|Cash,
    beginning of period                                                                                        |  |      | 166        |   |      |  
|                                                                                                                     |  |      |            |   |      |  
|Cash,
    end of period                                                                                              |  | $    | 25,164     |   |      | $
|                                                                                                                     |  |      |            |   |      |  
|SUPPLEMENTAL
    DISCLOSURE OF CASH FLOWINFORMATION:                                                                 |  |      |            |   |      |  
|                                                                                                                     |  |      |            |   |      |  
|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. |  | $    | 150,451    |   |      | $





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, 2008 and 2007

(unaudited)





|                                                                                                                     |  | 2008 |            |   | 2007 |  
|-------------------------------------------------------------------------------------------------------------------- |  | ---- | ---------- | - | ---- | -
|Cash
    flows from operating activities:                                                                            |  |      |            |   |      |  
|Net
    loss                                                                                                         |  | $    | (1,292,186 | ) |      | $
|Adjustments
    to reconcile net loss to net cash used in operating activities:                                      |  |      |            |   |      |  
|Amortization                                                                                                         |  |      | 7,421      |   |      |  
|Impairment
    loss                                                                                                  |  |      | 957,996    |   |      |  
|Equity
    in losses of Local Limited Partnerships                                                                   |  |      | 87,828     |   |      |  
|Decrease
    in prepaid expenses                                                                                     |  |      | -          |   |      |  
|Increase
    in accrued fees and expenses due to General Partner and affiliates                                      |  |      | 224,871    |   |      |  
|Net
    cash used in operating activities                                                                            |  |      | (14,070    | ) |      |  
|                                                                                                                     |  |      |            |   |      |  
|Cash
    flows from investing activities:                                                                            |  |      |            |   |      |  
|Advances
    made to Local Limited Partnerships                                                                      |  |      | (163,811   | ) |      |  
|Write
    off of advances made to Local Limited Partnerships                                                         |  |      | 163,811    |   |      |  
|Distributions
    received from Local Limited Partnerships                                                           |  |      | 17,374     |   |      |  
|Net
    cash provided by investing activities                                                                        |  |      | 17,374     |   |      |  
|                                                                                                                     |  |      |            |   |      |  
|Net
    increase (decrease) in cash                                                                                  |  |      | 3,304      |   |      |  
|                                                                                                                     |  |      |            |   |      |  
|Cash,
    beginning of period                                                                                        |  |      | 166        |   |      |  
|                                                                                                                     |  |      |            |   |      |  
|Cash,
    end of period                                                                                              |  | $    | 3,470      |   |      | $
|                                                                                                                     |  |      |            |   |      |  
|SUPPLEMENTAL
    DISCLOSURE OF CASH FLOWINFORMATION:                                                                 |  |      |            |   |      |  
|                                                                                                                     |  |      |            |   |      |  
|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. |  | $    | 172,548    |   |      | $



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, 2008, September 30, 2008 and

December
31, 2008

(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, 2008, six months ended September 30, 2008 and nine months
ended December 31, 2008 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31,
2009. 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, 2008.



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, 2008, September 30, 2008 and

December
31, 2008

(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, 2008, September 30, 2008 and

December
31, 2008

(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.



As
of all periods presented, the Partnership has insufficient working capital to fund its operations. Associates had agreed to continue
providing advances sufficient enough to fund the operations and working capital requirements of the Partnership through November
30, 2014.



Anticipated
future and existing cash resources of the Partnership are not sufficient to pay existing liabilities of the Partnership. However,
substantially all of the existing liabilities of the Partnership are payable to the General Partner and/or its affiliates. Though
the amounts payable to the General Partner and/or its affiliates are contractually currently payable, the Partnership anticipates
that the General Partner and/or its affiliates will not require the payment of these contractual obligations until capital reserves
are in excess of the aggregate of then existing contractual obligations and then anticipated future foreseeable obligations of
the Partnership. The Partnership would be adversely affected should the General Partner and/or its affiliates demand current payment
of the existing contractual obligations and or suspend services for this or any other reason.



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.



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, 2008.



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, 2008, September 30, 2008 and

December
31, 2008

(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, as the proceeds first would be used to pay Partnership obligations and funding of reserves.



Subsequent
to December 31, 2008 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, 2008.



The
following table reflects dispositions that occurred subsequent to December 31, 2008:



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



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



F-12









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

(A
California Limited Partnership)



NOTES
TO CONDENSED FINANCIAL STATEMENTS-CONTINUED



For
the Quarterly periods ended June 30, 2008, September 30, 2008 and

December
31, 2008

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued



The
following table represents the use of the cash proceeds from the disposition of the Local Limited Partnerships that were disposed
of subsequent to the year ended December 31, 2008:



|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, 2008, 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. The Compliance period for Cleveland Apartments expires December 31, 2014. The Compliance Period for the remaining
Local Limited Partnerships has expired as of the date of the sales so there is no risk of tax credit recapture to the investors
in the Partnership.



|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, 2008, September 30, 2008 and

December
31, 2008

(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, 2008
and 2007 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.



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, 2008, September 30, 2008 and

December
31, 2008

(unaudited)



NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued



Distributions
received from the Local Limited Partnerships are accounted for as a reduction of the investment balance. Distributions received
after the investment has reached zero are recognized as distribution income. As of June 30, 2008, September 30, 2008, December
31, 2008, and March 31, 2008, ten, ten, ten, and seven, investment accounts in Local Limited Partnerships, respectively, had reached
a zero balance.



Use
of Estimates



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



Cash
and Cash Equivalents



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



Reporting
Comprehensive Income



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



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, 2008, September 30, 2008 and

December
31, 2008

(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, 2008 and 2007 was $804,387 and $1,523,081, respectively. For the six months ended September 30, 2008 and 2007, impairment
loss of $804,387 and $1,523,081, respectively, was recorded. Impairment loss for the nine months ended December 31, 2008 and 2007
was $804,387 and $1,523,081, 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, 2008 and 2007 impairment loss was
$153,609 and $660,973, respectively. For the six months ended September 30, 2008 and 2007, impairment loss of $153,609 and $660,973,
respectively, was recorded. Impairment loss for the nine months ended December 31, 2008 and 2007 was $153,609 and $660,973, respectively
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, 2008 and 2007 was $3,821 and $12,630, respectively. For the six months ended September 30, 2008 and 2007 amortization
expense was $5,621 and $16,451, respectively. For the nine months ended December 31, 2008 and 2007 amortization expense was $7,421
and $20,272, 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.



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.



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, 2008, September 30, 2008 and

December
31, 2008

(unaudited)



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



The
Partnership reviews its investments in Local Limited Partnerships for impairment at least annually or whenever events or changes
in circumstances indicate that the carrying value of such investments may not be recoverable. Recoverability is measured by a
comparison of the carrying amount of the investment to the sum of the total amount of the remaining Low Income Housing Tax Credits
allocated to the Partnership and any estimated residual value of the investment. Impairment loss for the three months ended June
30, 2008 and 2007 was $804,387 and $1,523,081, respectively. For the six months ended September 30, 2008 and 2007, impairment
loss of $804,387 and $1,523,081, respectively, was recorded. Impairment loss for the nine months ended December 31, 2008 and 2007
was $804,387 and $1,523,081, 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, 2008 and 2007 impairment loss was
$153,609 and $660,973, respectively. For the six months ended September 30, 2008 and 2007, impairment loss of $153,609 and $660,973,
respectively, was recorded. Impairment loss for the nine months ended December 31, 2008 and 2007 was $153,609 and $660,973, respectively
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 ThreeMonths EndedJune
    30, 2008 |           |   | For
    the Year EndedMarch 31, 2008 |  
|---------------------------------------------------------- |  | ---------------------------------------------- | --------- | - | ------------------------------------ | -
|Investments
    per balance sheet, beginning of period     |  | $                                              | 2,015,782 |   |                                      | $
|Impairment
    loss                                        |  |                                                | (957,996  | ) |                                      |  
|Equity
    in losses of Local Limited Partnerships         |  |                                                | (37,317   | ) |                                      |  
|Amortization
    of capitalized acquisition fees and costs |  |                                                | (3,821    | ) |                                      |  
|Distributions
    received from Local Limited Partnerships |  |                                                | (2,803    | ) |                                      |  
|Investments
    per balance sheet, end of period           |  | $                                              | 1,013,845 |   |                                      | $



|                                                           |  | For
    theSix Months EndedSeptember
    30, 2008 |           |   | For
    the Year EndedMarch 31, 2008 |  
|---------------------------------------------------------- |  | ------------------------------------------------- | --------- | - | ------------------------------------ | -
|Investments
    per balance sheet, beginning of period     |  | $                                                 | 2,015,782 |   |                                      | $
|Impairment
    loss                                        |  |                                                   | (957,996  | ) |                                      |  
|Equity
    in losses of Local Limited Partnerships         |  |                                                   | (62,573   | ) |                                      |  
|Amortization
    of capitalized acquisition fees and costs |  |                                                   | (5,621    | ) |                                      |  
|Distributions
    received from Local Limited Partnerships |  |                                                   | (17,374   | ) |                                      |  
|Investments
    per balance sheet, end of period           |  | $                                                 | 972,218   |   |                                      | $





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, 2008, September 30, 2008 and

December
31, 2008

(unaudited)





NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



|                                                           |  | For
    the NineMonths EndedDecember
    31, 2008 |           |   | For
    the Year EndedMarch 31, 2008 |  
|---------------------------------------------------------- |  | ------------------------------------------------- | --------- | - | ------------------------------------ | -
|Investments
    per balance sheet, beginning of period     |  | $                                                 | 2,015,782 |   |                                      | $
|Impairment
    loss                                        |  |                                                   | (957,996  | ) |                                      |  
|Equity
    in losses of Local Limited Partnerships         |  |                                                   | (87,828   | ) |                                      |  
|Amortization
    of capitalized acquisition fees and costs |  |                                                   | (7,421    | ) |                                      |  
|Distributions
    received from Local Limited Partnerships |  |                                                   | (17,374   | ) |                                      |  
|Investments
    per balance sheet, end of period           |  | $                                                 | 945,163   |   |                                      | $



|                                                                                     |  | For
    the Three Months EndedJune 30, 2008 |           |  | For
    the Year EndedMarch 31, 2008 |  
|------------------------------------------------------------------------------------ |  | ------------------------------------------- | --------- |  | ------------------------------------ | -
|Investments
    in Local Limited Partnerships, net                                   |  | $                                           | 877,066   |  |                                      | $
|Acquisition
    fees and costs, net of accumulated amortization of $0 and $1,503,699 |  |                                             | 136,779   |  |                                      |  
|Investments
    per balance sheet, end of period                                     |  | $                                           | 1,013,845 |  |                                      | $



|                                                                                         |  | For
    the Six Months EndedSeptember 30, 2008 |         |  | For
    the Year EndedMarch 31, 2008 |  
|---------------------------------------------------------------------------------------- |  | ---------------------------------------------- | ------- |  | ------------------------------------ | -
|Investments
    in Local Limited Partnerships, net                                       |  | $                                              | 837,239 |  |                                      | $
|Acquisition
    fees and costs, net of accumulated amortization of $1,800 and $1,503,699 |  |                                                | 134,979 |  |                                      |  
|Investments
    per balance sheet, end of period                                         |  | $                                              | 972,218 |  |                                      | $





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, 2008, September 30, 2008 and

December
31, 2008

(unaudited)



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



|                                                                                         |  | For
    the Nine Months EndedDecember 31, 2008 |         |  | For
    the Year EndedMarch 31, 2008 |  
|---------------------------------------------------------------------------------------- |  | ---------------------------------------------- | ------- |  | ------------------------------------ | -
|Investments
    in Local Limited Partnerships, net                                       |  | $                                              | 811,984 |  |                                      | $
|Acquisition
    fees and costs, net of accumulated amortization of $3,600 and $1,503,699 |  |                                                | 133,179 |  |                                      |  
|Investments
    per balance sheet, end of period                                         |  | $                                              | 945,163 |  |                                      | $



Selected
financial information for the three months ended June 30, 2008 and 2007 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



|                                          |  | 2008 |           |   | 2007 |  
|----------------------------------------- |  | ---- | --------- | - | ---- | -
|Revenues                                  |  | $    | 1,089,000 |   |      | $
|Expenses:                                 |  |      |           |   |      |  
|Interest
    expense                      |  |      | 218,000   |   |      |  
|Depreciation
    and amortization         |  |      | 297,000   |   |      |  
|Operating
    expenses                    |  |      | 835,000   |   |      |  
|Total
    expenses                        |  |      | 1,350,000 |   |      |  
|                                          |  |      |           |   |      |  
|Net
    loss                              |  | $    | (261,000  | ) |      | $
|Net
    loss allocable to the Partnership |  | $    | (255,000  | ) |      | $
|Net
    loss recorded by the Partnership  |  | $    | (37,000   | ) |      | $





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, 2008, September 30, 2008 and

December
31, 2008

(unaudited)



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



Selected
financial information for the six months ended September 30, 2008 and 2007 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



|                                          |  | 2008 |           |   | 2007 |  
|----------------------------------------- |  | ---- | --------- | - | ---- | -
|Revenues                                  |  | $    | 2,178,000 |   |      | $
|Expenses:                                 |  |      |           |   |      |  
|Interest
    expense                      |  |      | 435,000   |   |      |  
|Depreciation
    and amortization         |  |      | 594,000   |   |      |  
|Operating
    expenses                    |  |      | 1,670,000 |   |      |  
|Total
    expenses                        |  |      | 2,699,000 |   |      |  
|                                          |  |      |           |   |      |  
|Net
    loss                              |  | $    | (521,000  | ) |      | $
|Net
    loss allocable to the Partnership |  | $    | (510,000  | ) |      | $
|Net
    loss recorded by the Partnership  |  | $    | (63,000   | ) |      | $



Selected
financial information for the nine months ended December 31, 2008 and 2007 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



|                                          |  | 2008 |           |   | 2007 |  
|----------------------------------------- |  | ---- | --------- | - | ---- | -
|Revenues                                  |  | $    | 3,268,000 |   |      | $
|Expenses:                                 |  |      |           |   |      |  
|Interest
    expense                      |  |      | 653,000   |   |      |  
|Depreciation
    and amortization         |  |      | 891,000   |   |      |  
|Operating
    expenses                    |  |      | 2,505,000 |   |      |  
|Total
    expenses                        |  |      | 4,049,000 |   |      |  
|                                          |  |      |           |   |      |  
|Net
    loss                              |  | $    | (781,000  | ) |      | $
|Net
    loss allocable to the Partnership |  | $    | (765,000  | ) |      | $
|Net
    loss recorded by the Partnership  |  | $    | (88,000   | ) |      | $



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, 2008, September 30, 2008 and

December
31, 2008

(unaudited)



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



Troubled
Housing Complexes



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



Although
Lamar Plaza was sold on December 31, 2010 the Local Limited Partnership continued to be monitored since the Compliance Period
was not completed until December 31, 2012. It was revealed in 2011 that the economic occupancy was 94%, indicating a consistent
occupancy of above 90%. However, the asset experienced a temporary reduction in occupancy during the third quarter of 2012, but
ended the year with 100%. The investment balance for Lamar Plaza as of June 30, September 30, December 31, and March 31, 2008
was $0, $0, $0, and $16,650, respectively. No recapture of Low Income Housing Tax Credits was experience subsequent to the sale
of this Local Limited Partnership.



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



Additionally,
the management company also evicted several long term residents for non-payment and criminal activity during 2012. The combination
of vacancy losses, associated turnover costs and capital expenditures incurred throughout the year caused the property to operate
below its requirements. The General Partner funded the year-end cash flow deficit by temporarily suspending replacement reserve
deposits, deferring management fees and reimbursable expenses due to the affiliated management company. The security deposit and
escrow accounts remain fully funded. The management company is focused on reducing expenses to decrease operating deficits. However,
the property is budgeted to operate at a deficit in 2013 and the General Partner is expected to continue to fund shortfalls. The
investment balance for Wynwood Place as of June 30, September 30, December 31, and March 31, 2008 was $17,515, $16,002, $14,489,
and $19,028, 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, 2008, September 30, 2008 and

December
31, 2008

(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, 2008, September 30, 2008 and

December
31, 2008

(unaudited)



NOTE
2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued



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



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



NOTE
3 - RELATED PARTY TRANSACTIONS



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



| | (a) | Acquisition
                                                                                                                                                                                                                                                                               fees
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               up
                                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                                               7.5%
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               gross
                                                                                                                                                                                                                                                                               proceeds
                                                                                                                                                                                                                                                                               from
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               sale
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                                               Units
                                                                                                                                                                                                                                                                               as
                                                                                                                                                                                                                                                                               compensation
                                                                                                                                                                                                                                                                               for
                                                                                                                                                                                                                                                                               services
                                                                                                                                                                                                                                                                               rendered
                                                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                                                               connection
                                                                                                                                                                                                                                                                               with
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               acquisition
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               Local
                                                                                                                                                                                                                                                                               Limited
                                                                                                                                                                                                                                                                               Partnerships.
                                                                                                                                                                                                                                                                               At
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               end
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               all
                                                                                                                                                                                                                                                                               periods
                                                                                                                                                                                                                                                                               presented,
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                                               incurred
                                                                                                                                                                                                                                                                               acquisition
                                                                                                                                                                                                                                                                               fees
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               $1,630,375.
                                                                                                                                                                                                                                                                               Accumulated
                                                                                                                                                                                                                                                                               amortization
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               these
                                                                                                                                                                                                                                                                               capitalized
                                                                                                                                                                                                                                                                               costs
                                                                                                                                                                                                                                                                               was
                                                                                                                                                                                                                                                                               $0,
                                                                                                                                                                                                                                                                               $1,800,
                                                                                                                                                                                                                                                                               $3,600
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               $11,463
                                                                                                                                                                                                                                                                               as
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               June
                                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                                               2008,
                                                                                                                                                                                                                                                                               September
                                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                                               2008,
                                                                                                                                                                                                                                                                               December
                                                                                                                                                                                                                                                                               31,
                                                                                                                                                                                                                                                                               2008,
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               March
                                                                                                                                                                                                                                                                               31,
                                                                                                                                                                                                                                                                               2008,
                                                                                                                                                                                                                                                                               respectively.
                                                                                                                                                                                                                                                                               Impairment
                                                                                                                                                                                                                                                                               on
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               intangibles
                                                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                                                               measure
                                                                                                                                                                                                                                                                               by
                                                                                                                                                                                                                                                                               comparing
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               Partnership’s
                                                                                                                                                                                                                                                                               total
                                                                                                                                                                                                                                                                               investment
                                                                                                                                                                                                                                                                               balance
                                                                                                                                                                                                                                                                               after
                                                                                                                                                                                                                                                                               impairment
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               investments
                                                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                                                               Local
                                                                                                                                                                                                                                                                               Limited
                                                                                                                                                                                                                                                                               Partnerships
                                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               sum
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               total
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               remaining
                                                                                                                                                                                                                                                                               Low
                                                                                                                                                                                                                                                                               Income
                                                                                                                                                                                                                                                                               Housing
                                                                                                                                                                                                                                                                               Tax
                                                                                                                                                                                                                                                                               Credits
                                                                                                                                                                                                                                                                               allocated
                                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               any
                                                                                                                                                                                                                                                                               estimated
                                                                                                                                                                                                                                                                               residual
                                                                                                                                                                                                                                                                               value
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               investments.
                                                                                                                                                                                                                                                                               If
                                                                                                                                                                                                                                                                               an
                                                                                                                                                                                                                                                                               impairment
                                                                                                                                                                                                                                                                               loss
                                                                                                                                                                                                                                                                               related
                                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               acquisition
                                                                                                                                                                                                                                                                               expenses
                                                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                                                               recorded,
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               accumulated
                                                                                                                                                                                                                                                                               amortization
                                                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                                                               reduced
                                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                                               zero
                                                                                                                                                                                                                                                                               at
                                                                                                                                                                                                                                                                               that
                                                                                                                                                                                                                                                                               time.
| | --- | 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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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| | (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.
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| | (c) | An
                                                                                                                                                                                                                                                                               annual
                                                                                                                                                                                                                                                                               asset
                                                                                                                                                                                                                                                                               management
                                                                                                                                                                                                                                                                               fee
                                                                                                                                                                                                                                                                               equal
                                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               greater
                                                                                                                                                                                                                                                                               amount
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               (i)
                                                                                                                                                                                                                                                                               $2,000
                                                                                                                                                                                                                                                                               for
                                                                                                                                                                                                                                                                               each
                                                                                                                                                                                                                                                                               Housing
                                                                                                                                                                                                                                                                               complex,
                                                                                                                                                                                                                                                                               or
                                                                                                                                                                                                                                                                               (ii)
                                                                                                                                                                                                                                                                               0.275%
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               gross
                                                                                                                                                                                                                                                                               proceeds.
                                                                                                                                                                                                                                                                               In
                                                                                                                                                                                                                                                                               either
                                                                                                                                                                                                                                                                               case,
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               fee
                                                                                                                                                                                                                                                                               will
                                                                                                                                                                                                                                                                               be
                                                                                                                                                                                                                                                                               decreased
                                                                                                                                                                                                                                                                               or
                                                                                                                                                                                                                                                                               increased
                                                                                                                                                                                                                                                                               annually
                                                                                                                                                                                                                                                                               based
                                                                                                                                                                                                                                                                               on
                                                                                                                                                                                                                                                                               changes
                                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               Consumer
                                                                                                                                                                                                                                                                               Price
                                                                                                                                                                                                                                                                               Index.
                                                                                                                                                                                                                                                                               However,
                                                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                                                               no
                                                                                                                                                                                                                                                                               event
                                                                                                                                                                                                                                                                               will
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               maximum
                                                                                                                                                                                                                                                                               amount
                                                                                                                                                                                                                                                                               exceed
                                                                                                                                                                                                                                                                               0.2%
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               Invested
                                                                                                                                                                                                                                                                               Assets
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               Partnerships,
                                                                                                                                                                                                                                                                               as
                                                                                                                                                                                                                                                                               defined.
                                                                                                                                                                                                                                                                               “Invested
                                                                                                                                                                                                                                                                               assets”
                                                                                                                                                                                                                                                                               means
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               sum
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               Partnership’s
                                                                                                                                                                                                                                                                               Investment
                                                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                                                               Local
                                                                                                                                                                                                                                                                               Limited
                                                                                                                                                                                                                                                                               Partnerships
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               Partnership’s
                                                                                                                                                                                                                                                                               allocable
                                                                                                                                                                                                                                                                               share
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               amount
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               mortgage
                                                                                                                                                                                                                                                                               loans
                                                                                                                                                                                                                                                                               on
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               other
                                                                                                                                                                                                                                                                               debts
                                                                                                                                                                                                                                                                               related
                                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               Housing
                                                                                                                                                                                                                                                                               Complexes
                                                                                                                                                                                                                                                                               owned
                                                                                                                                                                                                                                                                               by
                                                                                                                                                                                                                                                                               such
                                                                                                                                                                                                                                                                               Local
                                                                                                                                                                                                                                                                               Limited
                                                                                                                                                                                                                                                                               Partnerships.
                                                                                                                                                                                                                                                                               Asset
                                                                                                                                                                                                                                                                               management
                                                                                                                                                                                                                                                                               fees
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               $15,125
                                                                                                                                                                                                                                                                               were
                                                                                                                                                                                                                                                                               incurred
                                                                                                                                                                                                                                                                               during
                                                                                                                                                                                                                                                                               each
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               three
                                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                                               June
                                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                                               2008
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               2007.
                                                                                                                                                                                                                                                                               For
                                                                                                                                                                                                                                                                               each
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               six
                                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                                               September
                                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                                               2008
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               2007,
                                                                                                                                                                                                                                                                               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,
                                                                                                                                                                                                                                                                               2008
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               2007.
                                                                                                                                                                                                                                                                               The
                                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                                               paid
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               General
                                                                                                                                                                                                                                                                               Partner
                                                                                                                                                                                                                                                                               or
                                                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                                                               Affiliates
                                                                                                                                                                                                                                                                               $0
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               $12,500
                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                               those
                                                                                                                                                                                                                                                                               fees
                                                                                                                                                                                                                                                                               during
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               three
                                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                                               June
                                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                                               2008
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               2007,
                                                                                                                                                                                                                                                                               respectively.
                                                                                                                                                                                                                                                                               For
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               six
                                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                                               September
                                                                                                                                                                                                                                                                               30,
                                                                                                                                                                                                                                                                               2008
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               2007
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                                               paid
                                                                                                                                                                                                                                                                               $0
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               $25,000,
                                                                                                                                                                                                                                                                               respectively.
                                                                                                                                                                                                                                                                               For
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               nine
                                                                                                                                                                                                                                                                               months
                                                                                                                                                                                                                                                                               ended
                                                                                                                                                                                                                                                                               December
                                                                                                                                                                                                                                                                               31,
                                                                                                                                                                                                                                                                               2008
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               2007,
                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                               Partnership
                                                                                                                                                                                                                                                                               paid
                                                                                                                                                                                                                                                                               $0
                                                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                                                               $25,000,
                                                                                                                                                                                                                                                                               respectively.
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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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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, 2008, September 30, 2008 and

December
31, 2008

(unaudited)



NOTE
3 - RELATED PARTY TRANSACTIONS, continued



| | (d) | A
                                                                                                                                                                                                                                          subordinated
                                                                                                                                                                                                                                          disposition
                                                                                                                                                                                                                                          fee
                                                                                                                                                                                                                                          in
                                                                                                                                                                                                                                          an
                                                                                                                                                                                                                                          amount
                                                                                                                                                                                                                                          equal
                                                                                                                                                                                                                                          to
                                                                                                                                                                                                                                          1%
                                                                                                                                                                                                                                          of
                                                                                                                                                                                                                                          the
                                                                                                                                                                                                                                          sales
                                                                                                                                                                                                                                          price
                                                                                                                                                                                                                                          of
                                                                                                                                                                                                                                          real
                                                                                                                                                                                                                                          estate
                                                                                                                                                                                                                                          sold.
                                                                                                                                                                                                                                          Payment
                                                                                                                                                                                                                                          of
                                                                                                                                                                                                                                          this
                                                                                                                                                                                                                                          fee
                                                                                                                                                                                                                                          is
                                                                                                                                                                                                                                          subordinated
                                                                                                                                                                                                                                          to
                                                                                                                                                                                                                                          the
                                                                                                                                                                                                                                          limited
                                                                                                                                                                                                                                          partners
                                                                                                                                                                                                                                          receiving
                                                                                                                                                                                                                                          a
                                                                                                                                                                                                                                          preferred
                                                                                                                                                                                                                                          return
                                                                                                                                                                                                                                          of
                                                                                                                                                                                                                                          14%
                                                                                                                                                                                                                                          through
                                                                                                                                                                                                                                          December
                                                                                                                                                                                                                                          31,
                                                                                                                                                                                                                                          2008
                                                                                                                                                                                                                                          and
                                                                                                                                                                                                                                          6%
                                                                                                                                                                                                                                          thereafter
                                                                                                                                                                                                                                          (as
                                                                                                                                                                                                                                          defined
                                                                                                                                                                                                                                          in
                                                                                                                                                                                                                                          the
                                                                                                                                                                                                                                          Partnership
                                                                                                                                                                                                                                          Agreement)
                                                                                                                                                                                                                                          and
                                                                                                                                                                                                                                          is
                                                                                                                                                                                                                                          payable
                                                                                                                                                                                                                                          only
                                                                                                                                                                                                                                          if
                                                                                                                                                                                                                                          the
                                                                                                                                                                                                                                          General
                                                                                                                                                                                                                                          Partner
                                                                                                                                                                                                                                          or
                                                                                                                                                                                                                                          its
                                                                                                                                                                                                                                          affiliates
                                                                                                                                                                                                                                          render
                                                                                                                                                                                                                                          services
                                                                                                                                                                                                                                          in
                                                                                                                                                                                                                                          the
                                                                                                                                                                                                                                          sales
                                                                                                                                                                                                                                          effort.
                                                                                                                                                                                                                                          No
                                                                                                                                                                                                                                          such
                                                                                                                                                                                                                                          fee
                                                                                                                                                                                                                                          was
                                                                                                                                                                                                                                          incurred
                                                                                                                                                                                                                                          for
                                                                                                                                                                                                                                          all
                                                                                                                                                                                                                                          periods
                                                                                                                                                                                                                                          presented.
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| | (e) | The
                                                                                                                                                                                                                       Partnership
                                                                                                                                                                                                                       reimburses
                                                                                                                                                                                                                       the
                                                                                                                                                                                                                       General
                                                                                                                                                                                                                       Partner
                                                                                                                                                                                                                       or
                                                                                                                                                                                                                       its
                                                                                                                                                                                                                       affiliates
                                                                                                                                                                                                                       for
                                                                                                                                                                                                                       operating
                                                                                                                                                                                                                       expenses
                                                                                                                                                                                                                       incurred
                                                                                                                                                                                                                       on
                                                                                                                                                                                                                       behalf
                                                                                                                                                                                                                       of
                                                                                                                                                                                                                       the
                                                                                                                                                                                                                       Partnership.
                                                                                                                                                                                                                       No
                                                                                                                                                                                                                       operating
                                                                                                                                                                                                                       expense
                                                                                                                                                                                                                       reimbursements
                                                                                                                                                                                                                       were
                                                                                                                                                                                                                       made
                                                                                                                                                                                                                       during
                                                                                                                                                                                                                       the
                                                                                                                                                                                                                       three
                                                                                                                                                                                                                       months
                                                                                                                                                                                                                       ended
                                                                                                                                                                                                                       June
                                                                                                                                                                                                                       30,
                                                                                                                                                                                                                       2008
                                                                                                                                                                                                                       and
                                                                                                                                                                                                                       2007.
                                                                                                                                                                                                                       For
                                                                                                                                                                                                                       the
                                                                                                                                                                                                                       six
                                                                                                                                                                                                                       months
                                                                                                                                                                                                                       ended
                                                                                                                                                                                                                       September
                                                                                                                                                                                                                       30,
                                                                                                                                                                                                                       2008
                                                                                                                                                                                                                       and
                                                                                                                                                                                                                       2007,
                                                                                                                                                                                                                       the
                                                                                                                                                                                                                       Partnership
                                                                                                                                                                                                                       reimbursed
                                                                                                                                                                                                                       operating
                                                                                                                                                                                                                       expenses
                                                                                                                                                                                                                       of
                                                                                                                                                                                                                       $20,000
                                                                                                                                                                                                                       and
                                                                                                                                                                                                                       $17,747,
                                                                                                                                                                                                                       respectively.
                                                                                                                                                                                                                       For
                                                                                                                                                                                                                       the
                                                                                                                                                                                                                       nine
                                                                                                                                                                                                                       months
                                                                                                                                                                                                                       ended
                                                                                                                                                                                                                       December
                                                                                                                                                                                                                       31,
                                                                                                                                                                                                                       2008
                                                                                                                                                                                                                       and
                                                                                                                                                                                                                       2007,
                                                                                                                                                                                                                       operating
                                                                                                                                                                                                                       expense
                                                                                                                                                                                                                       reimbursements
                                                                                                                                                                                                                       were
                                                                                                                                                                                                                       $20,000
                                                                                                                                                                                                                       and
                                                                                                                                                                                                                       $24,671,
                                                                                                                                                                                                                       respectively.
| | --- | 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The
accrued fees and expenses due to General Partner and affiliates consisted of the following at:



|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | June
    30, 2008 |         |  | September
    30, 2008 |   |         | December
    31, 2008 |  |   | March
    31, 2008 | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------- | ------- |  | ---------------------- | - | ------- | --------------------- |  | - | ------------------ | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |                   |         |  |                        |   |         |                       |  |   |                    | 
|Asset
    management fee payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | $                 | 43,344  |  |                        | $ | 58,469  |                       |  | $ | 73,594             | 
|Advances
    made to the Partnership from General Partner or affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |                   | 155,246 |  |                        |   | 50,619  |                       |  |   | 39,427             | 
|Expenses
                                                                                                              paid by the General Partners
                                                                                                                                                 or
                                                                                                                                                 an
                                                                                                                                                 affiliate
                                                                                                                                                 on
                                                                                                                                                 behalf
                                                                                                                                                 of
                                                                                                                                                 the
                                                                                                                                                 Partnership |  |                   | 32,064  |  |                        |   | 59,795  |                       |  |   | 70,282             | 
|Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | $                 | 230,654 |  |                        | $ | 168,883 |                       |  | $ | 183,303            | 



The
General Partner and/or its affiliates do not anticipate that these accrued fees will be paid in full until such time as capital
reserves are in excess of future foreseeable working capital requirements of the Partnership.



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, 2008, September 30, 2008, December 31, 2008 and March 31, 2008 $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, 2008, September 30, 2008 and

December
31, 2008

(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, 2008, September 30, 2008, December 31, 2008 and March 31, 2008 the Partnership in total had advanced $724,394, $805,228,
$827,882, and $664,071, 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, 2008, September 30, 2008, December 31, 2008 and March 31, 2008 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, 2008, September 30, 2008, December 31, 2008 and March 31, 2008 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 written off as of June 30, 2008, September 30, 2008, and December
31, 2008 in the amount of $0, $150,451, 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.



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, 2008, September 30, 2008 and

December
31, 2008

(unaudited)



NOTE
7 – SUBSEQUENT EVENTS



Subsequent
to December 31, 2008 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, 2008.



The
following table reflects dispositions that occurred subsequent to December 31, 2008:



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



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





F-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, 2008, September 30, 2008 and

December
31, 2008

(unaudited)



NOTE
7 – SUBSEQUENT EVENTS, continued



The
following table represents the use of the cash proceeds from the disposition of the Local Limited Partnerships that were disposed
of subsequent to the year ended December 31, 2008:



|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, 2008, 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. The Compliance Period for all Local Limited Partnership has expired so there is no risk of tax credit recapture
to the investors in the 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  | 01/14/2014                |  | $                   | 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, 2008 and 2007, the three
and six months ended September 30, 2008 and 2007, and the three and nine months ended December 31, 2008 and 2007, 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, 2008 consisted primarily of $6,000 in cash and aggregate investments in the fourteen Local
Limited Partnerships of $1,014,000. Liabilities at June 30, 2008 primarily consisted of $39,000 of payables to Local Limited Partnerships
and $231,000 of accrued fees and expenses due to the General Partner and/or its affiliates.



The
Partnership’s assets at September 30, 2008 consisted primarily of $25,000 in cash and aggregate investments in the fourteen
Local Limited Partnerships of $972,000. Liabilities at September 30, 2008 primarily consisted of $39,000 of payables to Local
Limited Partnerships and $169,000 of accrued fees and expenses due to the General Partner and/or its affiliates.



The
Partnership’s assets at December 31, 2008 consisted primarily of $3,000 in cash and aggregate investments in the fourteen
Local Limited Partnerships of $945,000. Liabilities at December 31, 2008 primarily consisted of $39,000 of payables to Local Limited
Partnerships and $183,000 of accrued fees and expenses due to the General Partner and/or its affiliates.



3









Results
of Operations



Three
Months Ended June 30, 2008 Compared to Three Months Ended June 30, 2007The Partnership’s net loss for the three months
ended June 30, 2008 was $(1,096,000), reflecting a decrease of approximately $1,362,000 from the net loss of $(2,458,000) for
the three months ended June 30, 2007. The decrease in net loss was primarily due to the decrease in impairment loss of $1,226,000.
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 $(60,000) were made to several Local Limited Partnerships which were reserved for in full during the three months
ended June 30, 2008 compared to $(55,000) advanced and reserved for during the three months ended June 30, 2007. 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 $153,000 for the three months ended June 30, 2008. The
equity in losses can vary each year depending on the operations of each of the Local Limited Partnerships. Amortization expense
decreased by $9,000 due to the net acquisition costs and fees associated with the Local Limited Partnerships being impaired, thereby
reducing future amortization expense. Accounting and legal fees increased by $(18,000) for the three months ended June 30, 2008
due to the timing of the work performed.



Three
Months Ended September 30, 2008 Compared to the Three Months Ended September 30, 2007The Partnership’s net loss for
the three months ended September 30, 2008 was $(111,000), reflecting a decrease of approximately $158,000 from the net loss of
$(269,000) for the three months ended September 30, 2007. There was a decrease of equity in losses of Local Limited Partnerships
of $159,000 for the three months ended September 30, 2008. The equity in losses can vary each year depending on the operations
of each of the Local Limited Partnerships. Additionally, reporting fees and distribution income increased by $31,000 for the three
months ended September 30, 2008 compared to the three months ended September 30, 2007 due to the fact that Local Limited Partnerships
pay the reporting fee to the Partnership when the Local Limited Partnership’s cash flows will allow for the payment. There
was a decrease of $6,000 in write off of advances to Local Limited Partnerships for the three 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. Accounting and legal fees increased by $(40,000) for the three months ended September 30, 2008 compared to the three
months ended September 30, 2007 due to the timing of accounting work being performed. Amortization expense decreased by $2,000
due to the net acquisition costs and fees associated with the Local Limited Partnerships being impaired, thereby reducing future
amortization expense.



Six
Months Ended September 30, 2008 Compared to the Six Months Ended September 30, 2007The Partnership’s net loss for the
six months ended September 30, 2008 was $(1,207,000), reflecting a decrease of approximately $1,520,000 from the net loss of $(2,727,000)
for the six months ended September 30, 2007. The decrease in net loss was primarily due to the decrease in impairment loss of
$1,226,000. 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 $311,000 for the six months
ended September 30, 2008. The equity in losses can vary each year depending on the operations of each of the Local Limited Partnerships.
Reporting fees and distribution income increased by $31,000 for the six months ended September 30, 2008 compared to the six months
ended September 30, 2007 due to the fact that Local Limited Partnerships pay the reporting fee to the Partnership when the Local
Limited Partnerships cash flows will allow for the payment. There was a decrease of $1,000 in write off of advances to Local Limited
Partnership for 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. Accounting and legal fees increased by $(57,000) for
the six months ended September 30, 2008 compared to the six months ended September 30, 2007 due to the timing of accounting work
performed. Amortization expense decreased by $11,000 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, 2008 Compared to the Three Months Ended December 31, 2007The Partnership’s net loss for the
three months ended December 31, 2008 was $(85,000), reflecting a decrease of approximately $214,000 from the net loss of $(299,000)
for the three months ended December 31, 2007. Advances of $(23,000) were made and reserved in full during the three months ended
December 31, 2008 compared to ($94,000) advanced and reserved for the three months ended December 31, 2007. 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 $159,000 for the three months ended December 31, 2008. The
equity in losses can vary each year depending on the operations of each of the Local Limited Partnerships. Accounting and legal
fees increased by $(6,000) for the three months ended December 31, 2008 due to the timing of accounting work performed. Reporting
fees increased by $1,000 for the three months ended December 31, 2008 due to the fact that Local Limited Partnerships pay the
reporting fee to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment. Amortization
expense decreased by $2,000 for the three months ended December 31, 2008 due to the net acquisition costs and fees associated
with those Local Limited Partnerships being impaired, thereby reducing future amortization expense. Other expenses increased for
the three month ended December 31, 2008 by $(12,000) compared to the three months ended December 31, 2007 mostly due to an increase
in appraisal expenses. The appraisal expenses will vary as the Partnerships starts disposing of its interest in Local Limited
Partnerships.



Nine
Months Ended December 31, 2008 Compared to Nine Months Ended December 31, 2007The Partnership’s net loss for the nine
months ended December 31, 2008 was $(1,292,000), reflecting a decrease of approximately $1,734,000 from the net loss of $(3,026,000)
for the nine months ended December 31, 2007. The decrease in net loss was primarily due to the decrease in impairment loss of
$1,226,000. 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. Additionally, there was a decrease of equity in losses of Local Limited Partnerships of $470,000 for the nine
months ended December 31, 2008. The equity in losses can vary each year depending on the operations of each of the Local Limited
Partnerships. Reporting fees and distribution income increased by $31,000 for the nine months ended December 31, 2008 compared
to the nine months ended December 31, 2007. Local Limited Partnerships pay the reporting fee and distribution income to the Partnership
when the Local Limited Partnerships cash flows will allow for the payment. Advances of $(164,000) were made and reserved during
the nine months ended December 31, 2008 compared to $(236,000) advanced and reserved during the nine months ended December 31,
2007. The advances made to the troubled Local Limited Partnership can vary each year depending on the operations of each Local
Limited Partnership. Accounting and legal fees increased by $(64,000) for the nine months ended December 31, 2008 due to the timing
of accounting work performed. The other miscellaneous operating expenses increased by $(14,000) during the nine months ended December
30, 2008. The change was due the appraisal expenses as discussed above. Amortization decreased by $13,000 due to the net acquisition
costs and fees associated with the value of investment in Local Limited Partnerships being impaired, thereby reducing future amortization
expense.



Capital
Resources and Liquidity



Three
Months Ended June 30, 2008 Compared to Three Months Ended June 30, 2007Net cash provided during the three months ended June
30, 2008 was $6,000, compared to net cash used during the three months ended June 30, 2007 of $(61,000). During the three months
ended June 30, 2008 the Partnership advanced $(60,000) to a Local Limited Partnership that was experiencing operational issues
compared to $(55,000) advanced during the three months ended June 30, 2007 as discussed above. The Partnership reimbursed the
General Partner or affiliates $(13,000) during the three months ended June 30, 2007 compared to none for the three months ended
June 30, 2008 for accrued asset management fees and reimbursement of operating expenses. Accrued asset management fees and reimbursement
of operating expenses are paid after management reviews the cash position of the Partnership.





5







Six
Months Ended September 30, 2008 Compared to Six Months Ended September 30, 2007Net cash provided during the six months ended
September 30, 2008 was $25,000, compared to net cash used during the six months ended September 30, 2007 of $(138,000). The Partnership
reimbursed the General Partner or affiliates $(20,000) during the six months ended September 30, 2008 for accrued asset management
fees and of reimbursement of operating expenses compared to $(43,000) paid during the three months ended September 30, 2007. Accrued
asset management fees and reimbursement of operating expenses are paid after management reviews the cash position of the Partnership.
The Partnership advanced $(141,000) to a Local Limited Partnership during the six months ended September 30, 2008 compared to
$(142,000) in advances made to a Local Limited Partnership during the six months ended September 30, 2007. Advances in both periods
were made due to certain Local Limited Partnerships experiencing operational issues and the Partnership advanced cash to help
with those issues. Reporting fees increased by $30,000 and distributions increased by $3,000 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.



Nine
Months Ended December 31, 2008 Compared to Nine Months Ended December 31, 2007Net cash provided during the nine months ended
December 31, 2008 was $3,000, compared to net cash used during the nine months ended December 31, 2007 of $(236,000). During the
nine months ended December 31, 2008 the Partnership paid the General Partner $(20,000) for reimbursement of operating expenses
compared to $(50,000) during the nine months ended December 31, 2007. During the nine months ended December 31, 2008, advances
were made to a Local Limited Partnership of $(164,000) compared to $(236,000) in advances made to a Local Limited Partnership
during the nine months ended December 31, 2007. Advances in both periods were made due to certain Local Limited Partnerships experiencing
operational issues and the Partnership advanced cash to help with those issue. The Partnership reimbursed the General Partner
or affiliates $(20,000) during the nine months ended December 31, 2008 for accrued asset management fees and of reimbursement
of operating expenses compared to $(50,000) paid during the three months ended December 31, 2007. Accrued asset management fees
and reimbursement of operating expenses are paid after management reviews the cash position of the Partnership. Reporting fees
increased by $31,000 and distributions increased by $3,000 due to the fact that Local Limited Partnerships pay reporting fees
and distributions to the Partnership when the Local Limited Partnership’s cash flows allow for the payment.



The
Partnership expects its future cash flows, together with its net available assets as of June 30, September 30 and December 31,
2008, to be insufficient to meet all currently foreseeable future cash requirements. Associates has agreed to continue providing
advances sufficient enough to fund the operations and working capital requirements of the Partnership through November 30, 2014.



Recent
Accounting Changes



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



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



6









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 is not expected to 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
is not expected to have an impact on the Partnership’s financial condition or results of operations.



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



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



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



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



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



There
were no changes in the Partnership’s internal control over financial reporting that occurred during the quarters ended June
30, 2008, September 30, 2008 and December 31, 2008 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, 2008,
                                                                           September 30, 2008, December 31, 2008, and March 31,
                                                                           2008, (ii) the Condensed Statements of Operations for
                                                                           the three months ended June 30, 2008 and 2007, the
                                                                           three and six months ended September 30, 2008 and 2007
                                                                           and the three and nine months ended December 31, 2008
                                                                           and 2007 (iii) the Condensed Statements of Partners’
                                                                           Equity (Deficit) for the three, six, and nine month
                                                                           periods ended June 30, 2008, September 30, 2008, and
                                                                           December 31, 2008 (iv) the Condensed Statements of
                                                                           Cash Flows for the three months ended June 30, 2008
                                                                           and 2007, the six months ended September 30, 2008 and
                                                                           2007 and the nine months ended December 31, 2008 and
                                                                           2007 and (v) the Notes to Condensed Financial Statements.
|             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|             |  | Exhibits
                                                                           32.1, 32.2 and 101 shall not be deemed “filed”
                                                                           for purposes of Section 18 of the Securities Exchange
                                                                           Act of 1934, or otherwise subject to the liability
                                                                           of that Section. Such exhibits shall not be deemed
                                                                           incorporated by reference into any filing under the
                                                                           Securities Act of 1933 or Securities Exchange Act of
                                                                           1934.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



9







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



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





10