FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

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

                  For the quarterly period ended June 30, 2000

                                       OR

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

             For the transition period from ________ to ___________

                         Commission file number: 0-21895


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

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


California                                                           33-6163848

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

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


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



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

                               INDEX TO FORM 10-Q

                       FOR THE QUARTER ENDED JUNE 30, 2000



PART I. FINANCIAL INFORMATION

  Item 1.  Financial Statements

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

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

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

           Statements of Cash Flows
              For the Three Months Ended June 30, 2000 and 1999              6

           Notes to Financial Statements                                     7

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

  Item 3.  Quantitative and Qualitative Disclosures About Market Risks      15


PART II. OTHER INFORMATION

  Item 1.  Legal Proceedings                                                15

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

  Signatures                                                                16

                                       2

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

                                 BALANCE SHEETS
<TABLE>
<CAPTION>

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

<S>                                                           <C>                      <C>
Cash and cash equivalents                                     $        241,525         $           365,942
Investment in limited partnerships (Note 3)                         10,776,118                  10,968,078
                                                                -----------------        -------------------

                                                              $     11,017,643         $        11,334,020
                                                                =================        ===================


                   LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities:
 Due to limited partnerships (Note 5)                         $              -         $            72,938
 Accrued expenses                                                      108,007                     149,735
 Accrued fees and expenses due to
  General Partner and affiliates (Note 4)                               22,827                      26,540
                                                                -----------------        -------------------

Total Liabilities                                                      130,834                     249,213
                                                                -----------------        -------------------

Partners' equity (deficit):

 General partner                                                       (66,623)                   (64,643)

 Limited partners (25,000 units authorized and
  18,000 units issued and outstanding)                              10,953,432                  11,149,450
                                                                -----------------        -------------------

Total partners' equity                                              10,886,809                  11,084,807
                                                                -----------------        -------------------

                                                              $     11,017,643         $        11,334,020
                                                                =================        ===================

</TABLE>

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

                            STATEMENTS OF OPERATIONS

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

<TABLE>
<CAPTION>
                                                                 2000                            1999
                                                         ---------------------          -----------------------
<S>                                                    <C>                            <C>
Interest income                                        $               4,469          $                 9,386
Other income                                                           5,032                                -
                                                         ---------------------          -----------------------

Total income                                                           9,501                            9,386
                                                         ---------------------          -----------------------

Operating expenses:
 Amortization (Note 3)                                                11,098                            9,055
 Asset management fees (Note 4)                                       12,375                           12,375
 Other                                                                 5,231                            5,976
                                                         ---------------------          -----------------------

    Total operating expenses                                          28,704                           27,406
                                                         ---------------------          -----------------------

Loss from operations                                                 (19,203)                         (18,020)

Equity in losses of limited partnerships (Note 3)                   (178,795)                        (293,818)
                                                         ---------------------          -----------------------

Net loss                                               $            (197,998)         $              (311,838)
                                                         =====================          =======================

Net loss allocated to:
 General partner                                       $              (1,980)         $                (3,118)
                                                         =====================          =======================

 Limited partners                                      $            (196,018)         $              (308,720)
                                                         =====================          =======================

Net loss per limited partnership unit                  $                 (11)         $                   (17)
                                                         =====================          =======================

</TABLE>

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

                     STATEMENT OF PARTNERS' EQUITY (DEFICIT)

                    For the Three Months Ended June 30, 2000
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                          General                  Limited
                                                          Partner                  Partners                  Total
                                                     -------------------      -------------------      -------------------

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

 Net loss                                                       (1,980)                 (196,018)                (197,998)
                                                     -------------------      -------------------      -------------------

Partners' equity (deficit) at June 30, 2000        $           (66,623)     $         10,953,432     $         10,886,809
                                                     ===================      ===================      ===================



</TABLE>

                 See accompanying notes to financial statements
                                        5
<PAGE>
                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                            STATEMENTS OF CASH FLOWS

                For the Three Months Ended June 30, 2000 and 1999
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                         2000                  1999
                                                                   -----------------     ------------------
<S>                                                              <C>                  <C>
 Net loss                                                        $     (197,998)      $       (311,838)
 Adjustments to reconcile net loss to net
  cash provided by (used in) operating activities:
   Equity in losses of limited partnerships                             178,795                293,818
   Amortization                                                          11,098                  9,055
   Accrued expenses                                                     (41,728)                     -
   Change in accrued fees and expenses due to
    General Partner and affiliates                                       (3,713)                17,552
                                                                   -----------------     ------------------

     Net cash provided by (used in) operating activities                (53,546)                 8,587
                                                                   -----------------     ------------------

Cash flows from investing activities:
 Investment in limited partnerships, net                                (72,938)                     -
 Distributions from local limited partnerships                            2,067                  2,425
 Acquisition costs and fees                                                   -                (25,000)
                                                                   -----------------     ------------------

     Net cash used in investing activities                              (70,871)               (22,575)
                                                                   -----------------     ------------------

Net decrease in cash and cash equivalents                              (124,417)               (13,988)

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

Cash and cash equivalents, end of period                         $      241,525       $        897,092
                                                                   =================     ==================

SUPPLEMENTAL DISCLOSURE OF
 CASH FLOW INFORMATION

  Taxes paid                                                     $          800       $            800
                                                                   =================     ==================
</TABLE>

                 See accompanying notes to financial statements
                                        6
<PAGE>
                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                                  June 30, 2000
                                   (Unaudited)

NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The accompanying condensed consolidated unaudited financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information  and with the  instructions  to Form  10-Q for  quarterly
reports  under  Section  13 or 15(d)  of the  Securities  Exchange  Act of 1934.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of management,  all adjustments  (consisting of normal  recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the three months ended June 30, 2000 are not  necessarily
indicative  of the results that may be expected for the fiscal year ending March
31,  2001.  For  further  information,  refer to the  financial  statements  and
footnotes thereto included in the  Partnership's  annual report on Form 10-K for
the fiscal year ended March 31, 2000.

Organization

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

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

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

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


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



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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED
                                  June 30, 2000
                                   (Unaudited)

NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Risks and Uncertainties

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

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

Method of Accounting For Investments in Limited Partnerships

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

Offering Expenses

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


                                       8


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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                  June 30, 2000
                                   (Unaudited)

NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Use of Estimates

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

Cash and Cash Equivalents

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

Net Loss Per Limited Partner Unit

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

Concentration of Credit Risk

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

Reporting Comprehensive Income

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

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

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

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

                                       9

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED
                                  June 30, 2000
                                   (Unaudited)

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

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

Alliance, Evergreen and Hastings continue to experience negative cash flows from
operations.  During  the three  months  ended  June 30,  2000,  the  Partnership
advanced  $41,728 in cash to Alliance,  Evergreen  and  Hastings  for  operating
expenses,  including legal fees relating to certain  litigation  involving these
and other  properties as outlined in Note 7. These  advances were written off at
March 31, 2000 as part of an impairment analysis,  under which the book value of
the investments in Allianc,  Evergreen,  and Hastings and various  advances were
written  off in full.  Subsequent  to June 30,  2000  the  Partnershup  advanced
approximately $96,000 in cash to Alliance,  Evergreen,  and Hastings,  which has
not been  reserved  as of June 30,  2000.  WNC is  currently  negotiating  for a
restructuring  of the related bank loans,  which would  increase  cash flow from
operations.  WNC may not be successful in the  restructuring  of these loans. If
the loans are not  restructured,  the Partnership may be unable to support these
properties. Consequently, the Partnership may be forced to sell all or a portion
of its  interests  in these  properties.  Further,  the  lender  may  attempt to
foreclose on the Alliance, Hastings and Evergreen properties.

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

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS

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

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

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


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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED
                                  June 30, 2000
                                   (Unaudited)

NOTE 3 - INVESTMENT IN LIMITED PARTNERSHIPS, continued

Following is a summary of the equity method activity of the investments in Local
Limited  Partnerships  for  the  periods  presented  below  (Combined  condensed
financial  information  for Alliance,  Evergreen and Hastings have been excluded
from the presentation below. See Note 2 for further discussion):
<TABLE>
<CAPTION>
                                                                    June 30, 2000            March 31, 2000
                                                                   -----------------       --------------------

<S>                                                              <C>                     <C>
Investments per  balance sheet - beginning of period             $     10,968,078        $        12,250,789
Capital Contributions paid, net                                                 -                     25,000
Capitalized acquisition fees and costs                                          -                    233,141
Impairment loss on investments in limited
 partnerships (Note 2)                                                          -                   (995,804)
Cash advanced (Note 2)                                                          -                    205,080
Accrued Expense (Note 2)                                                        -                    146,135
Equity in losses of limited partnerships                                 (178,795)                  (853,824)
Distributions received                                                     (2,067)                         -
Amortization of paid capitalized acquisition fees and costs               (11,098)                   (42,439)
                                                                   -----------------       --------------------

Investments per balance sheet - end of period                    $     10,776,118        $        10,968,078
                                                                   =================       ====================
</TABLE>


Selected  financial  information  for the three  months  ended  June 30 from the
unaudited combined financial statements of the limited partnerships in which the
Partnership has invested as follows (Combined  condensed  financial  information
for Alliance,  Evergreen  and Hastings have been excluded from the  presentation
below. See Note 2 for further discussion):
<TABLE>
<CAPTION>
                                                                        2000                    1999
                                                                   ---------------       -------------------
<S>                                                              <C>                   <C>
Total revenue                                                    $     1,364,000       $         1,378,000
                                                                   ---------------       -------------------

Interest expense                                                         380,000                   440,000
Depreciation                                                             356,000                   371,000
Operating expenses                                                       819,000                   791,000
                                                                   ---------------       -------------------
Total expenses                                                         1,555,000                 1,602,000
                                                                   ---------------       -------------------

Net loss                                                         $      (191,000)      $         (224,000)
                                                                   ===============       ===================

Net loss allocable to the Partnership, before equity in
 losses of Alliance, Evergreen, and Hastings                     $      (179,000)      $          (208,000)
                                                                   ===============       ===================
Net loss recorded by the Partnership, before equity
 in losses of Alliance, Evergreen, and Hastings                  $      (179,000)      $          (208,000)
Net loss of Alliance allocable to the Partnership                        (12,000)                  (16,000)
Net loss of Evergreen allocable to the Partnership                       (18,000)                  (55,000)
Net loss of Hastings allocable to the Partnership                        (12,000)                  (15,000)
Below zero adjustments of the net allocable losses
 of Alliance, Evergreen, and Hastings                                     42,000                         -
                                                                   ---------------       -------------------

Net loss recorded by the Partnership                             $      (179,000)      $          (294,000)
                                                                   ===============       ===================
</TABLE>


                                       11
<PAGE>
                    WNC HOUSING CREDIT FUND V, L.P. SERIES 3
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED
                                  June 30, 2000
                                   (Unaudited)


NOTE 3 - INVESTMENT IN LIMITED PARTNERSHIPS, continued

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

NOTE 4 - RELATED PARTY TRANSACTIONS

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

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

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

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

                                                                    June 30, 2000                March 31, 2000
                                                                 ---------------------        ----------------------
<S>                                                           <C>                          <C>
Reimbursements for expenses paid by the
 General Partner or an affiliate                              $                     -      $                 26,540
Acquisition expenses payable                                                   10,452                             -
Asset management fee payable                                                   12,375                             -
                                                                 ---------------------        ----------------------

  Total                                                       $                22,827      $                 26,540
                                                                 =====================        ======================
</TABLE>

                                       12

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED
                                  June 30, 2000
                                   (Unaudited)

NOTE 5 - PAYABLES TO LIMITED PARTNERSHIPS

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

NOTE 6 - INCOME TAXES

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

NOTE 7 - COMMITMENTS AND CONTINGENCIES

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

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

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








                                       13
<PAGE>
Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

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

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

Financial Condition

The  Partnership's  assets at June 30, 2000  consisted  primarily of $242,000 in
cash and aggregate  investments  in the eighteen Local Limited  Partnerships  of
$10,776,000.  Liabilities  at June 30, 2000  primarily  consisted of $108,000 of
accrued expenses and $23,000 of accrued asset management fees and reimbursements
due to the General Partner and affiliates.

Results of Operations

Three Months  Ended June 30, 2000  Compared to Three Months Ended June 30, 1999.
The  Partnership's  net loss  for the  three  months  ended  June  30,  2000 was
$(198,000),  reflecting a decrease of $114,000 from the net loss experienced for
the three months ended June 30, 1999 of $(312,000).  The decrease in net loss is
due to equity in losses of limited  partnerships  which decreased by $115,000 to
$(179,000)  for the three month period ended June 30, 2000 from  $(294,000)  for
the three month period  ended June 30,  1999,  due to write off in full of three
Local Limited  Partnership  Interests discussed in Note 2, offset by an increase
in  operating  loss of $1,000 to  $(19,000)  for the three months ended June 30,
2000 from $(18,000) for the three months ended June 30, 1999.

Cash Flows

Three Months  Ended June 30, 2000  Compared to Three Months Ended June 30, 1999.
Net decrease in cash during the three months ended June 30, 2000 was  $(124,000)
compared to a net  decrease in cash for the three  months ended June 30, 1999 of
$(14,000). The change was due primarily to an increase in investments in limited
partnerships  of  $(73,000),  a decrease  in accrued  expenses of  $(42,000),  a
decrease in accrued  fees and  expenses  due to General  Partner or affiliate of
$(32,000), offset by a decrease in acquisition costs and fees of $36,000.

During the three  months  ended June 30, 2000 and the year ended March 31, 2000,
accrued payables,  which consist primarily of management fees due to the General
Partner, decreased by $(4,000).

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





                                       14

<PAGE>

Item 3.  Quantitative and Qualitative Disclosures Above Market Risks

         NONE

Part II. Other Information

Item 1.  Legal Proceedings

         NONE


Item 6.  Exhibits and Reports on Form 8-K

         NONE

                                       15
<PAGE>


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

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

By:  WNC & ASSOCIATES, INC.         General Partner



By:  /s/ Wilfred N Cooper, Jr.

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

Date: December 8, 2000



By:  /s/ Michael L Dickenson

Michael L. Dickenson,
Vice President - Chief Financial Officer of WNC & Associates, Inc.

Date: December 8, 2000


                                       16