UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

~~[X]~~ x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, ~~2008~~2015

For the fiscal year ended March 31, 2009

For the fiscal year ended March 31, 2010

For the fiscal year ended March 31, 2011

For the fiscal year ended March 31, 2012

For the fiscal year ended March 31, 2013

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

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

(Exact name of registrant as specified in its charter)

California	33-0707612
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
17782 Sky Park Circle, Irvine, CA
92614-6404 (Zip code)
(Address of principal executive offices)
(714) 662-5565
(Telephone Number)

17782 Sky Park Circle,Irvine, CA

92614-6404(zip code)

(Address of principal executive offices)

(714) 662-5565

(Telephone Number)

Securities registered pursuant to Section 12(b) of the Act:

NONE

Securities registered pursuant to section 12(g) of the Act:

UNITS OF LIMITED PARTNERSHIP INTEREST

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act

Yes ~~[ ]~~ o No ~~[X]~~x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ~~[ ]~~ o No ~~[X]~~x

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

Yes ~~[ ]~~ x No ~~[X]~~o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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 ~~[ ]~~ x No ~~[X]~~o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’'s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ~~[X]~~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 definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ~~[ ]~~ o No ~~[X]~~x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

INAPPLICABLE

DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

NONE

Table of Contents

		Page

Part I

Item 1.	Business	4

Item 1A.	Risk Factors	7

Item 1B.	Unresolved Staff Comments	13

Item 2.	Properties	13

Item 3.	Legal Proceedings	17

Item 4.	Mine Safety Disclosures	17

Part II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	17

Item 5b.	Use of Proceeds	17

Item 5c.	Purchases of Equity Securities by the Issuer and Affiliated Purchasers	17

Item 6.	Selected Financial Data	18

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	23

Item 8.	Financial Statements and Supplementary Data	23

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	45

Item 9A.	Controls and Procedures	45

Item 9B.	Other Information	46

Part III

Item 10.	Directors, Executive Officers and Corporate Governance	46

Item 11.	Executive Compensation	49

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	50

Item 13.	Certain Relationships and Related Transactions, and Director Independence	51

Item 14.	Principal Accountant Fees and Services	51

Part IV

Item 15.	Exhibits and Financial Statement Schedules	51

Signatures		60

PART I.

Item 1. Business

Organization

WNC Housing Tax Credit Fund V, L.P., Series 4 (the “Partnership”) is a California Limited Partnership formed under the laws of the State of California on July 26, 1995, and commenced operations on July 1, 1996. The Partnership was formed to acquire limited partnership interests in other limited partnerships (“"Local Limited Partnerships”") which own 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 Complex. 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 the president of Associates own 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.

Pursuant to a registration statement filed with the Securities and Exchange Commission (the “SEC”) on July 26, 1995, the Partnership commenced a public offering of 25,000 units of limited partnership interest (“"Partnership Units”") at a price of $1,000 per Partnership Unit. As of the close of the public offering on July 11, 1997 a total of 22,000 Partnership Units representing subscriptions in the amount of $21,914,830, net of dealer discounts of $5,620 and volume discounts of $79,550, had been sold. As of March 31, 2015 and 2014, a total of 21,810 and 21,932 Partnership Units, respectively, remain outstanding. Holders of Partnership Units are referred to herein as “Limited Partners”.

The Partnership shall continue in full force and effect until December 31, 2050 unless terminated prior to that date pursuant to the Partnership Agreement (as defined below) or law.

Description of Business

The Partnership’'s principal business objective is to provide its Limited Partners with Low Income Housing Tax Credits. The Partnership’'s principal business therefore consists of investing as a limited partner or non-managing member in Local Limited Partnerships each of which will own and operate a Housing Complex which will qualify for the Low Income Housing Tax Credits. In general, under Section 42 of the Internal Revenue Code, an owner of low income housing can receive the Low Income Housing Tax Credits to be used to reduce Federal taxes otherwise due in each year of a ten-year credit period. Each Housing Complex is subject to a 15-year compliance period (the “Compliance Period”), and under state law may have to be maintained as low income housing for 30 or more years.

As a consequence of the provisions of tax law in effect for dispositions of buildings prior to August 2008, in order to avoid recapture of Low Income Housing Credits, the Partnership expected that it would not dispose of its interests in Local Limited Partnerships (“Local Limited Partnership Interests”) or approve the sale by any Local Limited Partnership of its Housing Complex prior to the end of the applicable Compliance Period. That provision of law was amended in 2008 (i) to provide that there would be no recapture on sale of a Low Income Housing Tax Credit building during the Compliance Period if it were reasonable to expect at the time of sale that the building would continue to be operated as qualified low income housing (see “Exit Strategy” below) and (ii) to eliminate the possibility of posting a bond against potential recapture. The Partnership is not seeking to sell its Local Limited Partnership Interests. And, because of (i) the nature of the Housing Complexes and the Local Limited Partnership Interests, (ii) the difficulty of predicting the resale market for low-income housing, (iii) the current economy, and (iv) the ability of lenders to disapprove of transfer, it is not possible at this time to predict when the liquidation of the Partnership’'s assets and the disposition of the proceeds, if any, in accordance with the Partnership’'s Agreement of Limited Partnership dated May 5, 1996 (the “"Partnership Agreement”"), would occur. Furthermore, the recent codification of the economic substance doctrine as part of 2010 legislation has created some uncertainty about the deductibility of losses from low income housing that is not generating Low Income Housing Tax Credits, and this could have an adverse effect on the resale market for Housing Complexes and Local Limited Partnership Interests. Until a Local Limited Partnership Interest or the related Housing Complex is sold, it is anticipated that the Local General Partner would continue to operate such Housing Complex. Notwithstanding the preceding, circumstances beyond the control of the General Partner or the Local General Partners may occur during the ten-year credit period and/or the Compliance Period, which would require the Partnership to approve the disposition of a Housing Complex prior to the end thereof, possibly resulting in recapture of Low Income Housing Tax Credits.

2The Partnership originally invested in fourteen Local Limited Partnerships, twelve of which had been sold or otherwise disposed as of March 31, 2015. Each of these Local Limited Partnerships owns or owned a single Housing Complex that was eligible for the Low Income Housing Tax Credits. Certain Local Limited Partnerships may also benefit from additional government programs promoting low- or moderate-income housing.

~~The Partnership originally invested in fourteen Local Limited Partnerships,~~ 4, 3, 3, 0, 0 and 0, respectively, of which had been sold or otherwise disposed as of March 31, 2013, 2012, 2011, 2010, 2009 and 2008. Each of these Local Limited Partnerships owns a single Housing Complex that was eligible for the Low Income Housing Tax Credits. Certain Local Limited Partnerships may also benefit from additional government programs promoting low- or moderate-income housing.

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. All Aremaining ~~sale~~Local ~~prior~~Limited toPartnerships ~~the~~have ~~end~~completed oftheir ~~the~~15-year Compliance ~~Period must satisfy the “reasonable belief” test outlined above to avoid recapture~~Periods.

With that in mind, General Partner is continuing its review of the Housing Complexes. The ~~following~~ ~~table~~review ~~reflects~~considers many factors, including extended use requirements (such as those due to mortgage restrictions or state compliance agreements), the ~~end~~condition of the ~~ten-year~~Housing ~~credit~~Complexes, ~~period~~Partnership cash flow, and the ~~Compliance~~tax ~~Period~~consequences to the Limited Partners from the sale of ~~each~~the Housing ~~Complex:~~Complexes.

Local Limited Partnership Name	Expected last year of credit delivery	15-year Compliance Period
Ashford Place Limited Partnership	2008	2012
Belen Vista Associates Limited Partnership	2007	2012
Blessed Rock of El Monte, a CA Limited Partnership	2007	2012
Bolivar Plaza Apartments, LP	2010	2014
Cleveland Apartments, L.P.	2010	2014
Crescent City Apartments, a California Limited Partnership	2010	2011
D. Hilltop Apartments, Ltd.	2011	2012
Greyhound Associates I, L.P.	2008	2012
Lamar Plaza Apartments, LP	2008	2012
Mesa Verde Apartments, Limited Partnership	2008	2012
Mountain Vista Associates Limited Partnership	2011	2011
The North Central Limited Partnership	2009	2014
Woodland, Ltd.	2008	2012
Wynwood Place, Limited Partnership	2009	2013

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 or the applicable Local Limited Partnership Interests. The objective is to wind down the Partnership after Low Income Housing Tax Credits are no longer available. Local Limited Partnership Interests may be disposed of at any time by the General Partner in its discretion. While liquidation of the Housing Complexes or the applicable Local Limited Partnership Interests continues to be evaluated, the dissolution of the Partnership was not imminent as of March 31, 2015.

3The proceeds from the disposition of any Housing Complex will be used first to pay debts and other obligations per the applicable 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 applicable Local Limited Partnership Agreement.

~~With that~~The insale ~~mind,~~of ~~the~~a ~~General~~Housing ~~Partner~~Complex ismay ~~continuing~~be ~~its~~subject ~~review~~to ofother ~~the~~restrictions ~~Housing~~and ~~Complexes~~obligations. Accordingly, ~~with~~there ~~special~~can ~~emphasis~~be onno ~~the~~assurance ~~more~~that ~~mature~~ a Local Limited Partnership will be able to sell its Housing ~~Complexes~~Complex. Even ~~such~~if asit ~~any~~does so, there can be no assurance that ~~have~~any ~~satisfied~~amounts ~~the~~of ~~IRS~~cash ~~compliance~~will ~~requirements.~~be ~~The~~distributed ~~review~~to ~~considers~~the ~~many~~Limited ~~factors~~Partners, ~~including extended~~as ~~use~~the ~~requirements~~proceeds ~~(such~~first aswould ~~those~~be ~~due~~used to ~~mortgage~~pay ~~restrictions~~Partnership orobligations ~~state~~and ~~compliance~~to ~~agreements)~~fund reserves. Similarly, ~~the~~there ~~condition~~can ofbe ~~the~~no ~~Housing Complexes,~~assurance ~~and~~that the ~~tax~~Partnership ~~consequences~~will be able to ~~the~~sell its Local Limited ~~Partners~~Partnership ~~from~~Interests, ~~the~~or ~~sale~~that ofcash therefrom would be available for distribution to the ~~Housing~~Limited ~~Complexes~~Partners.

~~The objective~~As isof toMarch ~~maximize~~31, 2014, the ~~Limited~~Housing ~~Partners’~~Complexes ~~return~~of ~~wherever~~Mesa ~~possible~~Verde ~~and~~Apartments, ~~ultimately~~L.P, toThe ~~wind~~North ~~down~~Central ~~the~~Limited Partnership. ~~Local Limited~~and ~~Partnership~~Blessed ~~Interests~~Rock ~~may~~of beEl ~~disposed~~Monte, ofa ~~any~~CA ~~time~~Partnership byhad ~~the~~been ~~General~~sold. ~~Partner~~The inPartnership also sold its ~~discretion.~~Local ~~While~~Limited ~~liquidation~~Partnership ofInterests ~~the~~in ~~Housing Complexes~~Lamar ~~continues~~Plaza toApartments, beLP, ~~evaluated~~D. Hilltop Apartments, ~~the~~Ltd, ~~dissolution~~Woodland, ofLtd., ~~the~~Greyhound ~~Partnership~~Associates ~~was~~I, ~~not~~L.P., ~~imminent~~Crescent asCity ofApartment, ~~March~~a 31California Limited Partnership and Cleveland Apartments, ~~2013~~L.P.

~~The proceeds~~During ~~from~~ the ~~disposition~~year ofended ~~any~~March of31, 2015, the Housing ~~Complexes~~Complex ~~will~~of beAshford ~~used~~Place ~~first~~Limited toPartnership ~~pay~~(“Ashford”) ~~debts~~was ~~and~~sold, ~~other~~resulting ~~obligations~~in ~~per~~the termination of the ~~respective~~ Partnership’s interest in the Local Limited Partnership ~~Agreement~~. ~~Any~~The ~~remaining~~investment ~~proceeds~~balance ~~will~~was ~~then~~zero beat ~~paid to~~ the ~~partners~~time of ~~the~~sale. ~~Local~~Ashford ~~Limited~~was ~~Partnership, including~~appraised ~~the~~for ~~Partnership~~$2,560,000 inand ~~accordance~~had ~~with~~a ~~the~~mortgage ~~terms~~note balance of ~~the~~$1,781,000 ~~particular~~as ~~Local~~of ~~Limited~~December ~~Partnership~~31, ~~Agreement~~2013. ~~The~~Ashford ~~sale~~had offiled afor ~~Housing Complex~~bankruptcy ~~may~~and bethe ~~subject~~property towas ~~other~~disposed ~~restrictions~~of ~~and~~under ~~obligations~~the supervision of the bankruptcy court. ~~Accordingly,~~Through ~~there~~the ~~can~~bankruptcy besale, nothe ~~assurance~~purchaser ~~that~~paid aoff ~~Local~~the ~~Limited~~full ~~Partnership will~~amount beof ~~able~~the tofirst ~~sell~~mortgage ~~its~~to ~~Housing~~Fannie ~~Complex.~~Mae ~~Even~~in ifthe itamount ~~does~~of soapproximately $1,745,000 and there ~~can~~were be no ~~assurance~~cash ~~that~~proceeds ~~any~~after ~~significant~~payment ~~amounts~~ of ~~cash~~unsecured ~~will be~~claims ~~distributed~~and toadministrative costs of the ~~Partnership~~bankruptcy. All ~~Should~~remaining ~~such~~encumbrances ~~distributions~~of ~~occur,~~debt ~~the~~were ~~Limited~~transferred ~~Partners~~with ~~will~~the bedisposition. ~~entitled~~The toCompliance ~~receive~~Period ~~distributions from~~has ~~the~~been ~~proceeds~~completed ~~remaining~~therefore ~~after~~there ~~payment~~is ofno ~~Partnership~~risk ~~obligations~~of recapture and ~~funding~~investor ofapproval ~~reserves~~was not required. The Partnership incurred approximately $27,990 ~~equal~~in tosale ~~their~~related ~~capital~~expenses ~~contributions and~~which ~~their~~were ~~return~~recorded as a loss on ~~investment~~sale. As ~~(as~~of ~~defined~~March in31, 2014, $4,950 was received by the Partnership ~~Agreement).~~for ~~The~~its ~~General~~interest ~~Partner~~in ~~would~~Ashford ~~then~~as beprepaid ~~entitled~~disposition ~~to receive~~ proceeds. ~~equal~~During tothe ~~their~~year ~~capital~~ended ~~contributions~~March ~~from~~31, 2015, the ~~remainder.~~original ~~Any~~plan ~~additional~~to ~~sale~~sell orthe ~~refinancing~~interest ~~proceeds~~in ~~will~~Ashford bewas ~~distributed 90%~~cancelled toas the ~~Limited~~underlying ~~Partners~~Housing ~~(in~~Complex ~~proportion~~was tosold ~~their~~instead ~~respective~~and ~~investments)~~the ~~and~~prepaid ~~10%~~disposition proceeds were returned to the ~~General~~original ~~Partner~~purchaser.

During the year ended March 31, ~~2013~~2015, the Partnership sold its Local Limited Partnership interest in D.Mountain ~~Hilltop~~Vista ~~Apartments,~~Associates ~~Ltd.~~Limited Partnership (“~~D Hilltop~~Mountain Vista”). ~~During~~Mountain ~~the~~Vista ~~year~~was ~~ended~~appraised ~~March~~for 31$905,000 ~~2011,~~and ~~the~~had ~~Partnership~~a ~~sold~~mortgage ~~its~~balance ~~Housing Complex~~ of ~~The~~$1,353,000 ~~North~~as ~~Central~~of ~~Limited~~December ~~Partnership (“North~~31, ~~Central”)~~2013. The Partnership ~~sold~~received ~~its~~$30,000 ~~Local Limited Partnership interest~~ in ~~Lamar~~cash ~~Plaza~~proceeds ~~Apartments,~~which ~~L.P.~~was ~~(“Lamar”), and~~placed in the ~~Housing~~Partnership’s ~~Complexes~~reserves offor ~~Mesa~~future ~~Verde~~operating ~~Apartments, L~~expenses.P. ~~(“Mesa Verde”) during the year ended March 31, 2011.~~ The ~~Compliance~~ ~~Periods~~sales ~~for~~related ~~North~~expenses ~~Central,~~were ~~Lamar~~$875 ~~and~~resulting ~~Mesa~~in ~~Verde~~a ~~expired~~gain ~~after~~on ~~the~~sale ~~respective date~~ of ~~sale~~$29,125. The ~~respective~~investment ~~purchasers have~~balance ~~guaranteed~~was ~~that~~zero ~~the~~at ~~Local Limited Partnerships will stay in compliance with~~ the ~~Low~~time ~~Income Housing Tax Credit code, therefore there is no risk~~ of ~~recapture to~~ the ~~investors~~sale of the Local Limited Partnership. The Compliance ~~Period~~Periods ~~of D Hilltop~~ has ~~expired~~been ascompleted ~~the~~therefore ~~date of the sale so~~ there is no risk of ~~tax credit~~ recapture toand ~~the~~investor ~~investors~~approval ~~in the Partnership. The investment balance~~ was ~~zero~~not ~~at the time of sale for each Local Limited Partnership listed below~~required.

Local Limited Partnership	Debt at prior 12/31 from sale date		Appraisal Value		Date of Sale	Sales Proceeds		Actual Sale Related Expenses		Gain (loss) on sale
Mesa Verde Apartments, L.P.	$	1,919,353	$	2,300,000	4/23/2010	$	137,413	$	-	$	137,413
The North Central Limited Partnership		313,264		640,000	3/23/2011		225,967		992		224,975
Lamar Plaza Apartments, LP		651,285		330,000	12/31/2010		20,000		-		20,000
D. Hilltop Apartments, Ltd.		415,909		220,000	8/1/2012		20,000		3,047		16,953

During the year ended March 31, 2015, the Partnership sold its Local Limited Partnership interest in Bolivar Plaza. Bolivar was appraised for $470,000 and had a mortgage balance of $323,000 as of December 31, 2014. The Partnership received $100,000 in cash proceeds with $8,793 used to pay accrued asset management fees, $26,519 to reimburse the General Partner or affiliates for advances paid on the behalf of the Partnership, and $64,688 was placed in the Partnership’s reserves for future operating expenses. The sales related expenses were $2,750 resulting in a gain on sale of $97,250. The investment balance was zero at the time of the sale of the Local Limited Partnership. The Compliance Period has been completed therefore there is no risk of recapture and investor approval was not required.

The following table represents the use of the cash proceeds from the disposition of the four Local Limited Partnerships that were disposed of as of March 31, 2013:

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	$	-	$	46,513
Lamar Plaza Apartments, LP		20,000		14,000		-		6,000
The North Central Limited Partnership		225,967		36,000		88,719		101,248
D. Hilltop Apartments, Ltd.		20,000		11,775		-		8,225

Subsequent to March 31, 2013 the Partnership identified and sold its Local Limited Partnership interests in the following Local Limited Partnerships. The Compliance Period for all Local Limited Partnerships has been completed so there is no risk of tax credit recapture to the investors in the Partnership.

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
Blessed Rock of El Monte, a CA Limited Partnership (*)	$	2,054,000	$	6,910,000	4/12/2013	$	2,355,384	$	2,250	$	547,890	$	1,805,244
Woodland, Ltd.		1,341,720		226,000	7/31/2013		28,001		2,500		-		25,501
Greyhound Associates I, L.P		435,203		115,000	8/31/2013		5,000		2,600		-		2,400
Crescent City Apartment, a California Limited Partnership		2,681,206		320,000	10/1/2013		50,000		7,334		-		42,666

(*) Proceeds in the amount of $2,355,384 were received from the sale of Blessed Rock, of which $250,000 was received in advance and is included in prepaid disposition proceeds on the balance sheet as of March 31, 2013.

The following table represents the use of the cash proceeds from the disposition of the Local Limited Partnerships that were disposed of subsequent to March 31, 2013:

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
Blessed Rock of El Monte, a CA Limited Partnership	$	2,355,384	$	25,852	$	966,695	$	1,362,837
Woodland, Ltd.		28,001		23,000		-		5,001
Greyhound Associates I, L.P		5,000		-		-		5,000
Crescent City Apartment, a California Limited Partnership		50,000		-		21,868		28,132

~~Subsequent to~~As of March 31, ~~2013~~2015, the Partnership has identified ~~two~~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.below:

Local Limited Partnership	Expected closing date		Appraisal value				Mortgage balance of Local Limited Partnership				Estimated sales price				Appraisal expense				Estimated gain on sale
Local Limited Partnerships	Expected closing date				Appraisal value				Mortgage balance of Local Limited Partnership as of 12/31/2014				Estimated sales price				Estimated sales related expenses				Estimated gain (loss) on sale
Ashford Place Limited Partnership	1/31/2014		$	2,560,000			$	2,612,803			$	5,000			$	3,000			$	2,000
Belen Vista Associates Limited Partnership		N/A			$	1,770,000			$	1,430,864				(	*)		$	-				(	*)
Cleveland Apartments, L.P	12/31/2013			1,070,000				1,471,060				50,000				-				50,000
Wynwood Place, Limited Partnership	6/30/2015					283,863				376,783			$	30,000	(**)			1,100			$	28,900

N/A- The ~~Compliance~~ ~~Period~~estimated ~~for~~close ~~Ashford Place Limited Partnership will have expired at the expected~~ date ofhas ~~the~~yet ~~sale so there is no risk of tax credit recapture~~ to ~~the~~be ~~investors in the Partnership~~determined. The ~~Compliance~~ ~~period for Cleveland Apartments expires December 31, 2014.The purchaser has guaranteed that the~~ Local Limited Partnership ~~will stay in compliance with the Low Income Housing Tax Credit code, therefore there~~ is nonot ~~risk of~~under ~~recapture~~contract to ~~the~~be ~~investors~~purchased as of the ~~Partnership~~report filing.

(*)-As of the date of this report, the estimated purchase price is still unknown.

(**)- This amount has been received by the Partnership as of March 31, 2015 and is recorded as prepaid disposition proceeds in the accompanying balance sheets.

The Compliance Periods for Belen Vista Associates Limited Partnership and Wynwood Place, Limited Partnership have expired so there is no risk of tax credit recapture to the investors in the Partnerships and investor approval is not required. 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. Upon the sale of the last remaining Local Limited Partnership, any cash remaining after all Partnership debts are paid would then be distributed to the Limited Partners.

Item 1A. Risk Factors

Set forth below are the risks the Partnership believes are the most significant material risks to the Limited Partners. The Partnership and the Local Limited Partnerships operate in a continually changing business environment and, therefore, new risks emerge from time to time. This section contains some forward-looking statements. For an explanation of the qualifications and limitations on forward-looking statements, see Item 7.

(a) Risks arising from the Internal Revenue Code rules governing Low Income Housing Tax Credits

Sales of Housing Complexes after 15 years are subject to limitations which may impact a Local Limited Partnership’s ability to sell its Housing Complex. Each Local Limited Partnership executes an extended low income housing commitment with the state in which the Housing Complex is located. The extended low income housing commitment states the number of years that the Local Limited Partnership and any subsequent owners must rent the Housing Complex as low income housing. Under Federal law, the commitment must be for at least 30 years. The commitment, actually agreed to, may be significantly longer than 30 years. In prioritizing applicants for Low Income Housing Tax Credits, ~~might~~most ~~not~~states begive ~~available~~additional points for commitment periods in excess of 30 years. On Ifany asale of the Housing Complex ~~does~~during ~~not~~the ~~satisfy~~commitment period, the ~~requirements~~purchaser would have to agree to continue to rent the Housing Complex as low income housing for the duration of ~~Internal~~the ~~Revenue Code~~commitment ~~Section~~period. This 42requirement reduces the potential market, ~~then~~and possibly the sales price, for the Housing Complexes. The sale of a Housing Complex may be subject to other restrictions. For example, Federal lenders or subsidizers may have the right to approve or disapprove a purchase of a Housing Complex. Accordingly, there can be no assurance that a Local Limited Partnership will ~~not~~be able to sell its Housing Complex. Even if it does so, there can be ~~eligible~~no ~~for~~assurance that any amount of cash will be distributed to the Limited Partners. The Partnership would first use sale proceeds to pay obligations of the Partnership. As a result, a material portion of the Low Income Housing Tax Credits may represent a return of the money originally invested in the Partnership.

Low Income Housing Tax Credits might be less than anticipated. The Local General Partners will calculate the amount of the Low Income Housing Tax Credits. No opinion of counsel will cover the calculation of the amount of Low Income Housing Tax Credits. The IRS could challenge the amount of the Low Income Housing Tax Credits claimed for any Housing Complex under any of a number of provisions set forth in Internal Revenue Code Section 42. A successful challenge by the IRS would decrease the amount of the Low Income Housing Tax Credits from the amount paid for by the Partnership.

Unless a bond is posted or a Treasury Direct Account is established, Low Income Housing Tax Credits may be recaptured if Housing Complexes are not owned and operated for 15 years. Housing Complexes must comply with Internal Revenue Code Section 42 for the 15-year Compliance Period. Low Income Housing Tax Credits will be recaptured with interest to the extent that a Housing Complex is not rented as low income housing or in some other way does not satisfy the requirements of Internal Revenue Code Section 42 during the Compliance Period. For example, unless a bond is posted or a Treasury Direct Account is established, recapture with interest would occur if:

● a Local Limited Partnership disposed of its interest in a Housing Complex during the Compliance Period, or

● the Partnership disposed of its interest in a Local Limited Partnership during the Compliance Period.

For these purposes, disposition includes transfer by way of foreclosure.

It will be up to the Partnership to determine whether to post a bond. There is no obligation under the agreements with the Local Limited Partnerships that the Local Limited Partnerships must do so.

There can be no assurance that recapture will not occur. If it does, recapture will be of a portion of all Low Income Housing Tax Credits taken in prior years for that Housing Complex, plus interest. During the first 11 years of the Compliance Period, non-compliance results in one-third of the credits up to that point for the particular Housing Complex being recaptured, plus interest. Between years 12 and 15, the recapture is phased out ratably.

Sales of Housing Complexes after 15 years are subject to limitations which may impact a Local Limited Partnership’s ability to sell its Housing Complex. Each Local Limited Partnership executes an extended low income housing commitment with the state in which the Housing Complex is located. The extended low income housing commitment states the number of years that the Local Limited Partnership and any subsequent owners must rent the Housing Complex as low income housing. Under Federal law, the commitment must be for at least 30 years. The commitment actually agreed to may be significantly longer than 30 years. In prioritizing applicants for Low Income Housing Tax Credits, most states give additional points for commitment periods in excess of 30 years. On any sale of the Housing Complex during the commitment period, the purchaser would have to agree to continue to rent the Housing Complex as low income housing for the duration of the commitment period. This requirement reduces the potential market, and possibly the sales price, for the Housing Complexes. The sale of a Housing Complex may be subject to other restrictions. For example, Federal lenders or subsidizers may have the right to approve or disapprove a purchase of a Housing Complex. 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 amount of cash will be distributed to the Limited Partners. As a result, a material portion of the Low Income Housing Tax Credits may represent a return of the money originally invested in the Partnership.

As part of the recently enacted health care legislation, Congress has codified the economic substance doctrine. Because of its recent enactment, the full reach of this provision is unclear. Inasmuch as Housing Complexes might offer no benefit to a purchaser other than tax benefits, it is possible that the economic substance doctrine could be interpreted to limit deduction of tax losses from Housing Complexes, which would be expected to have a significant adverse effect on the sale value of the Housing Complexes and the Local Limited Partnership Interests.

Limited Partners can only use Low Income Housing Tax Credits in limited amounts. The ability of an individual or other non-corporate Limited Partner to claim Low Income Housing Tax Credits on his individual tax return is limited. For example, an individual Limited Partner can use Low Income Housing Tax Credits to reduce his tax liability on:

● an unlimited amount of passive income, which is income from entities such as the Partnership, and

● $25,000 in income from other sources.

However, the use of Low Income Housing Tax Credits by an individual against these types of income is subject to ordering rules, which may further limit the use of Low Income Housing Tax Credits. Some corporate Limited Partners are subject to similar and other limitations. They include corporations which provide personal services, and corporations which are owned by five or fewer shareholders.

Any portion of a Low Income Housing Tax Credit which is allowed to a Limited Partner under such rules is then aggregated with all of the Limited Partner’s other business credits. The aggregate is then subject to the general limitation on all business credits. That limitation provides that a Limited Partner can use business credits to offset the Limited Partner’s annual tax liability equal to $25,000 plus 75% of the Limited Partner’s tax liability in excess of $25,000. However, business credits may not be used to offset any alternative minimum tax. All of these concepts are extremely complicated.

(b) Risks related to investment in Local Limited Partnerships and Housing Complexes

Because the Partnership has few investments, each investment will have a great impact on the Partnership’s results of operations. Any single Housing Complex experiencing poor operating performance, impairment of value or recapture of Low Income Housing Tax Credits will have a significant impact upon the Partnership as a whole.

The failure to pay mortgage debt could result in a forced sale of a Housing Complex. Each Local Limited Partnership leverages the Partnership’s investment therein by incurring mortgage debt. A Local Limited Partnership’s revenues could be less than its debt payments and taxes and other operating costs. If so, the Local Limited Partnership would have to use working capital reserves, seek additional funds, or suffer a forced sale of its Housing Complex, which could include a foreclosure. The same results could occur if government subsidies ceased. Foreclosure would result in a loss of the Partnership’s capital invested in the Housing Complex. Foreclosure could also result in a recapture of Low Income Housing Tax Credits, and a loss of Low Income Housing Tax Credits for the year in which the foreclosure occurs. If the Housing Complex is highly-leveraged, a relatively slight decrease in the rental revenues could adversely affect the Local Limited Partnership’s ability to pay its debt service requirements. Mortgage debt may be repayable in a self-amortizing series of equal installments or with a large balloon final payment. Balloon payments maturing prior to the end of the anticipated holding period for the Housing Complex create the risk of a forced sale if the debt cannot be refinanced. There can be no assurance that additional funds will be available to any Local Limited Partnership if needed on acceptable terms or at all.

The Partnership does not control the Local Limited Partnerships and must rely on the Local General Partners. The Local General Partners will make all management decisions for the Local Limited Partnerships and the Housing Complexes. The Partnership has very limited rights with respect to management of the Local Limited Partnerships. The Partnership will not be able to exercise any control with respect to Local Limited Partnership business decisions and operations. Consequently, the success of the Partnership will depend on the abilities of the Local General Partners.

Housing Complexes subsidized by other government programs are subject to additional rules which may make it difficult to operate and sell Housing Complexes. Some or all of the Housing Complexes receive or may receive government financing or operating subsidies in addition to Low Income Housing Tax Credits. The following are risks associated with some such subsidy programs:

●	Obtaining tenants for the Housing Complexes. Government regulations limit the types of people who can rent subsidized housing. These regulations may make it more difficult to rent the residential units in the Housing Complexes.

●	Obtaining rent increases. In many cases rents can only be increased with the prior approval of the subsidizing agency.

●	Limitations on cash distributions. The amount of cash that may be distributed to owners of subsidized Housing Complexes is less than the amount that could be earned by the owners of non-subsidized Housing Complexes.

● Limitations on sale or refinancing of the Housing Complexes. A Local Limited Partnership may be unable to sell its Housing Complex or to refinance its mortgage loan without the prior approval of the lender or state allocating agency. The lender or state allocating agency may withhold such approval in the discretion of the lender or state allocating agency. Approval may be subject to conditions, including the condition that the purchaser continues to operate the property as affordable housing for terms which could be as long as 30 years or more. In addition, any prepayment of a mortgage may result in the assessment of a prepayment penalty.

● Limitations on transfers of interests in Local Limited Partnerships. The Partnership may be unable to sell its interest in a Local Limited Partnership without the prior approval of the lender or state allocating agency. The lender or state allocating agency may withhold such approval in the discretion of the lender or state allocating agency. Approval may be subject to conditions.

●

Limitations on removal and admission of Local General Partners. The Partnership may be unable to remove a Local General Partner from a Local Limited Partnership except for cause, such as the violation of the rules of the lender or state allocating authority. Regulations may prohibit the removal of a Local General Partner or permit removal only with the prior approval of the lender. Regulations may also require approval of the admission of a successor Local General Partner even upon the death or other disability of a Local General Partner.

●

Limitations on subsidy payments. Subsidy payments may be fixed in amount and subject to annual legislative appropriations. The rental revenues of a Housing Complex, when combined with the maximum committed subsidy, may be insufficient to meet obligations. Congress or the state legislature, as the case may be, may fail to appropriate or increase the necessary subsidy. In those events, the mortgage lender could foreclose on the Housing Complex unless a workout arrangement could be negotiated.

●	Possible changes in applicable regulations. Legislation may be enacted which adversely revises provisions of outstanding mortgage loans. Such legislation has been enacted in the past.

● Limited Partners may not receive distributions if Housing Complexes are sold. There is no assurance that Limited Partners will receive any cash distributions from the sale or refinancing of a Housing Complex. The price at which a Housing Complex is sold may not be high enough to pay the mortgage and other expenses at the Local Limited Partnership and ~~partnership~~Partnerships levels which must be paid at such time. If that happens, a Limited Partner’s return would be derived only from the Low Income Housing Tax Credits and tax losses. Similar risks apply to sales of Local Limited Partnership Interests.

Uninsured casualties could result in losses and recapture. There are casualties which are either uninsurable or not economically insurable. These include earthquakes, floods, wars and losses relating to hazardous materials or environmental matters. If a Housing Complex experienced an uninsured casualty, the Partnership could lose both its invested capital and anticipated profits in such property. Even if the casualty were an insured loss, the Local Limited Partnership might be unable to rebuild the destroyed property. A portion of prior ~~tax~~Low ~~credits~~Income Housing Tax Credits could be recaptured and future ~~tax~~Low ~~credits~~Income Housing Tax Credits could be lost if the Housing Complex were not restored within a reasonable period of time. Any liability judgments against the Local Limited Partnership could exceed available insurance proceeds or otherwise materially and adversely affect the Local Limited Partnership. The cost of liability and casualty insurance has increased in recent years. Casualty insurance has become more difficult to obtain and may require large deductible amounts.

Housing Complexes without financing or operating subsidies may be unable to pay operating expenses. If a Local Limited Partnership were unable to pay operating expenses, one result could be a forced sale of its Housing Complex. If a forced sale occurs during the Compliance Period of a Housing Complex, a partial recapture of Low Income Housing Tax Credits could occur. In this regard, some of the Local Limited Partnerships may own Housing Complexes which have no subsidies other than Low Income Housing Tax Credits. Those Housing Complexes do not have the benefit of below-market-interest-rate financing or operating subsidies which often are important to the feasibility of low income housing. Those Housing Complexes rely solely on rents to pay expenses. However, in order for any Housing Complex to be eligible for Low Income Housing Tax Credits, it must restrict the rent which may be charged to tenants. Over time, the expenses of a Housing Complex will increase. If a Local Limited Partnership cannot increase its rents, it may be unable to pay increased operating expenses.

The Partnership’s investment protection policies will be worthless if the net worth of the Local General Partners is not sufficient to satisfy their obligations. There is a risk that the Local General Partners will be unable to perform their financial obligations to the Partnership. The General Partner has not established a minimum net worth requirement for the Local General Partners. Rather, at the time of the Partnership’s investment, each Local General Partner ~~demonstrates~~demonstrated a net worth which the General Partner ~~believes~~believed iswas appropriate under the circumstances. The assets of the Local General Partners are likely to consist primarily of real estate holdings and similar assets. The fair market value of these types of assets is difficult to estimate. These types of assets cannot be readily liquidated to satisfy the financial guarantees and commitments which the Local General Partners make to the Partnership. Moreover, other creditors may have claims on these assets. No escrow accounts or other security arrangements will be established to ensure performance of a Local General Partner’s obligations. The cost to enforce a Local General Partner’s obligations may be high. If a Local General Partner does not satisfy its obligations the Partnership may have no remedy, or the remedy may be limited to removing the Local General Partner as general partner of the Local Limited Partnership.

9Fluctuating economic conditions can reduce the value of real estate. The Partnership’s principal business objective is providing its Limited Partners with Low Income Housing Tax Credits, not the generation of gains from the appreciation of real estate held by the Local Limited Partnerships. In its financial statements, the Partnership has carried its investments in Local Limited Partnerships at values equal to or less than the sum of the total amount of the remaining future Low Income Housing Tax Credits estimated to be allocated to the Partnership and the estimated residual value to the Partnership of its interests in the Local Limited Partnerships. As of March 31, 2015, 2014 and 2013, the Partnership had reduced the carrying amount to $0 with respect to two, five, and nine, respectively, of its investments.

Fluctuating economic conditions can reduce the value of real estate. The Partnership’s principal business objective is providing its Limited Partners with Low Income Housing Tax Credits, not the generation of gains from the appreciation of real estate held by the Local Limited Partnerships. In its financial statements, the Partnership has carried its investments in Local Limited Partnerships at values reflecting the sum of the total amount of the remaining future Low Income Housing Tax Credits estimated to be allocated to the Partnership and the estimated residual value to the Partnership of its interests in the Local Limited Partnerships. As of March 31, 2013, 2012, 2011, 2010, 2009 and 2008, the Partnership had reduced the carrying amount to $0 with respect to nine, ten, thirteen, twelve, eight and seven, respectively, of its investments.8

Any investment in real estate is subject to risks from fluctuating economic conditions. These conditions can adversely affect the ability to realize a profit or even to recover invested capital. Among these conditions are:

●	the general and local job market,

●	the availability and cost of mortgage financing,

●	monetary inflation,

●	tax, environmental, land use and zoning policies,

●	the supply of and demand for similar properties,

●	neighborhood conditions,

●	the availability and cost of utilities and water.

A loss in value of an investment in a Local Limited Partnership, other than a temporary decline, is recorded by the Partnership in its financial statements as an impairment loss. Impairment is measured by comparing the Partnership’s carrying amount in the investment to the sum of the total amount of the remaining future Low Income Housing Tax Credits estimated to be allocated to the Partnership and the estimated residual value to the Partnership. For the years ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013, impairment loss related to investments in Local Limited Partnerships was $0, $0100,779 ~~$87,338, $185,972 $957,996, $2,184,054, $1,186,381~~ and $10,~~459,091,~~ respectively.

In addition to the risks pertaining specifically to Low Income Housing Tax Credits, there are other Federal income tax risks. Additional Federal income tax risks associated with the ownership of Partnership Units and the operations of the Partnership and the Local Limited Partnerships include, but are not limited to, the following:

No opinion of counsel as to certain matters. No legal opinion is obtained regarding matters:

●	the determination of which depends on future factual circumstances,

●	which are peculiar to individual Limited Partners, or

●	which are not customarily the subject of an opinion.

The more significant of these matters include:

●	allocating purchase price among components of a property, particularly as between buildings and fixtures, the cost of which is depreciable, and the underlying land, the cost of which is not depreciable,

●	characterizing expenses and payments made to or by the Partnership or a Local Limited Partnership,

●	identifying the portion of the costs of any Housing Complex which qualify for historic and other tax credits,

● applying to any specific Limited Partner the limitation on the use of tax credits and tax losses. Limited Partners must determine for themselves the extent to which they can use tax credits and tax losses, and the application of the alternative minimum tax to any specific Limited Partner, or the calculation of the alternative minimum tax by any Limited Partner. The alternative minimum tax could reduce the tax benefits from an investment in the Partnership.

● the application of the alternative minimum tax to any specific Limited Partner, or the calculation of the alternative minimum tax by any Limited Partner. The alternative minimum tax could reduce the tax benefits from an investment in the Partnership.

There can be no assurance, therefore, that the IRS will not challenge some of the tax positions adopted by the Partnership. The courts could sustain an IRS challenge. An IRS challenge, if successful, could have a detrimental effect on the Partnership’s ability to realize its investment objectives.

109

Passive activity rules will limit deduction of the Partnership’s losses and impose tax on interest income. The Internal Revenue Code imposes limits on the ability of most investors to claim losses from investments in real estate. An individual may claim these so-called passive losses only as an offset to income from investments in real estate or rental activities. An individual may not claim passive losses as an offset against other types of income, such as salaries, wages, dividends and interest. These passive activity rules will restrict the ability of most Limited Partners to use losses from the Partnership as an offset of non-passive income.

The Partnership may earn interest income on its reserves and loans. The passive activity rules generally will categorize interest as portfolio income, and not passive income. Passive losses cannot be used as an offset to portfolio income. Consequently, a Limited Partner could pay tax liability on portfolio income from the Partnership.

At risk rules might limit deduction of the Partnership’s losses. If a significant portion of the financing used to purchase Housing Complexes does not consist of qualified nonrecourse financing, the “at risk” rules will limit a Limited Partner’s ability to claim Partnership losses to the amount the Limited Partner invests in the Partnership. The “at risk” rules of the Internal Revenue Code generally limit a Limited Partner’s ability to deduct Partnership losses to the sum of:

●	the amount of cash the Limited Partner invests in the Partnership, and

●	the Limited Partner’s share of Partnership qualified nonrecourse financing.

Qualified nonrecourse financing is non-convertible, nonrecourse debt which is borrowed from a government, or with exceptions, any person actively and regularly engaged in the business of lending money.

Tax liability on sale of a Housing Complex or Local Limited Partnership Interest may exceed the cash available from the sale. When a Local Limited Partnership sells a Housing Complex it ~~may~~will recognize gain. Such gain is equal to the difference between:

●	the sales proceeds plus the amount of indebtedness secured by the Housing Complex, and

●	the adjusted basis for the Housing Complex. The adjusted basis for a Housing Complex is its original cost, plus capital expenditures, minus depreciation.

Similarly, when the Partnership sells an interest in a Local Limited Partnership the Partnership ~~may~~will recognize gain. Such gain is equal to the difference between:

●	the sales proceeds plus the Partnership’s share of the amount of indebtedness secured by the Housing Complex, and

●	the adjusted basis for the interest. The adjusted basis for an interest in a Local Limited Partnership is the amount paid for the interest, plus income allocations and cash distributions, less loss allocations.

Accordingly, gain will be increased by the depreciation deductions taken during the holding period for the Housing Complex. In some cases, a Limited Partner could have a tax liability from a sale greater than the cash distributed to the Limited Partner from the sale.

IRS could audit the returns of the Partnership, the Local Limited Partnerships or the Limited Partners. The IRS can audit the Partnership or a Local Limited Partnership at the entity level with regard to issues affecting the entity. The IRS does not have to audit each Limited Partner in order to challenge a position taken by the Partnership or a Local Limited Partnership. Similarly, only one judicial proceeding can be filed to contest an IRS determination. A contest by the Partnership of any IRS determination might result in high legal fees.

An audit of the Partnership or a Local Limited Partnership also could result in an audit of a Limited Partner. An audit of a Limited Partner’s tax returns could result in adjustments both to items that are related to the Partnership and to unrelated items. The Limited Partner could then be required to file amended tax returns and pay additional tax plus interest and penalties.

A successful IRS challenge to tax allocations of the Partnership or a Local Limited Partnership would reduce the tax benefits of an investment in the Partnership. Under the Internal Revenue Code, a partnership’s allocation of income, gains, deductions, losses and tax credits must have substantial economic effect. Substantial economic effect is a highly-technical concept. The fundamental principle is two-fold. If a partner will benefit economically from an item of partnership income or gain, that item must be allocated to him so that he bears the correlative tax burden. Conversely, if a partner will suffer economically from an item of partnership deduction or loss, that item must be allocated to him so that he bears the correlative tax benefit. If a partnership’s allocations do not have substantial economic effect, then the partnership’s tax items are allocated in accordance with each partner’s interest in the partnership. The IRS might challenge the allocations made by the Partnership:

●	between the Limited Partners and the General Partner,

●	among the Limited Partners, or

●	between the Partnership and a Local General Partner.

If any allocations were successfully challenged, a greater share of the income or gain or a lesser share of the losses or tax credits might be allocated to the Limited Partners. This would increase the tax liability or reduce the tax benefits to the Limited Partners.

Tax liabilities could arise in later years of the Partnership. After a period of years following commencement of operations by a Local Limited Partnership, the Local Limited Partnership may generate profits rather than losses. A Limited Partner would have tax liability on his share of such profits unless he could offset the income with:

●	unused passive losses from the Partnership or other investments, or

●	current passive losses from other investments.

In such circumstances, the Limited Partner would not receive a cash distribution from the Partnership with which to pay any tax liability.

IRS challenge to tax treatment of expenditures could reduce losses. The IRS may contend that fees and payments of the Partnership or a Local Limited Partnership:

●	should be deductible over a longer period of time or in a later year,

●	are excessive and may not be capitalized or deducted in full,

●	should be capitalized and not deducted, or

●	may not be included as part of the basis for computing tax credits.

Any such contention by the IRS could adversely impact, among other things:

●	the eligible basis of a Housing Complex used to compute Low Income Housing Tax Credits,

●	the adjusted basis of a Housing Complex used to compute depreciation,

●	the correct deduction of fees,

●	the amortization of organization and offering expenses and start-up expenditures.

If the IRS were successful in any such contention, the anticipated Low Income Housing Tax Credits and losses of the Partnership would be reduced, perhaps substantially.

Changes in tax law might reduce the value of Low Income Housing Tax Credits. Although all Low Income Housing Tax Credits are allocated to a Housing Complex at commencement of the 10-year credit period, there can be no assurance that future legislation may not adversely affect an investment in the Partnership. For example, legislation could reduce or eliminate the value of Low Income Housing Tax Credits. In this regard, before 1986, the principal tax benefit of an investment in low income housing was tax losses. These tax losses generally were used to reduce an investor’s income from all sources on a dollar-for-dollar basis. Investments in low income housing were made in reliance on the availability of such tax benefits. However, tax legislation enacted in 1986 severely curtailed deduction of such losses.

12New administrative or judicial interpretations of the law might reduce the value of Low Income Housing Tax Credits. Many of the provisions of the Internal Revenue Code related to low income housing and real estate investments have not been interpreted by the IRS in regulations, rulings or public announcements, or by the courts. In the future, these provisions may be interpreted or clarified by the IRS or the courts in a manner adverse to the Partnership or the Local Limited Partnerships. The IRS constantly reviews the Federal tax rules, and can revise its interpretations of established concepts. Any such revisions could reduce or eliminate tax benefits associated with an investment in the Partnership.

New administrative or judicial interpretations of the law might reduce the value of tax credits. Many of the provisions of the Internal Revenue Code related to low income housing and real estate investments have not been interpreted by the IRS in regulations, rulings or public announcements, or by the courts. In the future, these provisions may be interpreted or clarified by the IRS or the courts in a manner adverse to the Partnership or the Local Limited Partnerships. The IRS constantly reviews the Federal tax rules, and can revise its interpretations of established concepts. Any such revisions could reduce or eliminate tax benefits associated with an investment in the Partnership.

State income tax laws may adversely affect the Limited Partners. A Limited Partner may be required to file income tax returns and be subject to tax and withholding in each state or local taxing jurisdiction in which: a Housing Complex is located, the Partnership or a Local Limited Partnership engages in business activities, or the Limited Partner is a resident. Corporate Limited Partners may be required to pay state franchise taxes.

The tax treatment of particular items under state or local income tax laws may vary materially from the Federal income tax treatment of such items. Nonetheless, many of the Federal income tax risks associated with an investment in the Partnership may also apply under state or local income tax law. The Partnership may be required to withhold state taxes from distributions or income allocations to Limited Partners in some instances.

(d) Risks related to the Partnership and the Partnership Agreement

The Partnership may be unable to timely provide financial reports to the Limited Partners which would adversely affect their ability to monitor Partnership operations. Historically, the Partnership has been unable to timely file and provide investors with all of its required periodic reports. In some instances, the delay has been ~~significant~~substantial. Each Local General Partner is required to retain independent public accountants and to report financial information to the Partnership in a timely manner. There cannot be any assurance that the Local General Partners will satisfy these obligations. If not, the Partnership would be unable to provide to the Limited Partners in a timely manner its financial statements and other reports. That would impact the Limited Partners’ ability to monitor Partnership operations. The Partnership’s failure to meet its filing requirements under the Securities Exchange Act of 1934 could reduce the liquidity for the Partnership Units due to the unavailability of public information concerning the Partnership. The failure to file could also result in sanctions imposed by the SEC. Any defense mounted by the Partnership in the face of such sanctions could entail legal and other fees, which would diminish cash reserves.

Lack of liquidity of investment. There is no public market for the purchase and sale of Partnership Units, and it is unlikely that one will develop. Accordingly, Limited Partners may not be able to sell their Partnership Units promptly or at a reasonable price. Partnership Units should be considered as a long-term investment because the Partnership is unlikely to sell any Local Limited Partnership Interests for at least 15 years. Partnership Units cannot be transferred to tax-exempt or foreign entities, or through a secondary market. The General Partner can deny effectiveness of a transfer if necessary to avoid adverse tax consequences from the transfer. The General Partner does not anticipate that any Partnership Units will be redeemed by the Partnership.

The Limited Partners will not control the Partnership and must rely totally on the General Partner. The General Partner will make all management decisions for the Partnership. Management decisions include exercising powers granted to the Partnership by a Local Limited Partnership. Limited Partners have no right or power to take part in Partnership management.

Individual Limited Partners will have no recourse if they disagree with actions authorized by a vote of the majority. The Partnership Agreement grants to Limited Partners owning more than 50% of the Partnership Units the right to:

●	remove the General Partner and elect a replacement general partner,

●	amend the Partnership Agreement,

●	terminate the Partnership.

Accordingly, a majority-in-interest of the Limited Partners could cause any such events to occur, even if Limited Partners owning 49% of the Partnership Units opposed such action.

Limitations on liability of the General Partner to the Partnership. The ability of Limited Partners to sue the General Partner and its affiliates is subject to limitations. The Partnership Agreement limits the liability of the General Partner and its affiliates to the Limited Partners. The General Partner and its affiliates will not be liable to the Limited Partners for acts and omissions: performed or omitted in good faith, and performed or omitted in a manner which the General Partner reasonably believed to be within the scope of its authority and in the best interest of the Limited Partners, provided such conduct did not constitute negligence or misconduct.

Therefore, Limited Partners may be less able to sue the General Partner and its affiliates than would be the case if such provisions were not included in the Partnership Agreement.

Associates and its affiliates are serving as the general partners of many other partnerships. Depending on their corporate area of responsibility, the officers of Associates initially devote approximately 5% to 50% of their time to the Partnership. These individuals spend significantly less time devoted to the Partnership after the investment of the Partnership’s capital in Local Limited Partnerships.

The interests of Limited Partners may conflict with the interests of the General Partner and its affiliates. The General Partner and its affiliates are committed to the management of more than 100 other limited partnerships that have investments similar to those of the Partnership. The General Partner and its affiliates receive substantial compensation from the Partnership. The General Partner decides how the Partnership’s investments in Housing Complexes are managed, and when the investments will be sold. The General Partner may face a conflict in these circumstances because the General Partner’s share of fees and cash distributions from the transaction may be more or less than their expected share of fees if a Housing Complex was not sold. The ~~result of these conflicts could be that the General Partner may make investments which are less desirable, or on terms which are less favorable, to the~~ Partnership ~~than might otherwise be the case. The Partnership~~ has not developed any formal process for resolving conflicts of interest. However, the General Partner is subject to a fiduciary duty to exercise good faith and integrity in handling the affairs of the Partnership, and that duty will govern its actions in all such matters. Furthermore, the manner in which the Partnership can operate and sell investments is subject to substantial restrictions as outlined in the Partnership Agreement.

The Partnership’s accrued payables consist primarily of the asset management fees payable to the General Partner and the capital contributions payable to Local Limited Partnerships. The asset management fees payable for the years ended March 31, ~~2013~~2015, ~~2012, 2011,~~2014 ~~2010, 2009, 2008~~ and ~~2007~~2013 ~~had~~increased ~~a net increase~~ (~~decrease~~decreased) ofby $50(16,000), $~~26,000, $~~(33176,000), ~~$60,000, $61,000, $28,000,~~ and $1050,000, respectively. The Partnership’s future contractual cash obligations consist of its obligations to pay future annual asset management fees and the payables due to the Local Limited Partnerships. For the year ended March 31, 2007, the Partnership made payments toward asset management fees in excess of what was accrued in the amount of $7,281, which was included in prepaid expenses on the balance sheet. The future annual asset management fees will equal approximately $336,000 per year through the termination of the Partnership, which must occur no later than December 31, 2050. 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 the existing contractual obligations and 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.

Item 1B. Unresolved Staff Comments

Not Applicable

Item 2. Properties

Through its investments in Local Limited Partnerships, the Partnership holds indirect ownership interests in the Housing Complexes. The following table reflects the status of those Housing Complexes as of the dates or for the periods indicated:

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

			As of March 31, 2015				As of December 31, 2014
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits		Mortgage Balances of Local Limited Partnerships

Belen Vista Associates, Limited Partnership (2)	Belen, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM	$	416,000	$	416,000		57	$	714,000	$	1,431,000

Bolivar Plaza Apartments, LP (1)	Bolivar, Missouri	MBL Development Co.		N/A		N/A		32		1,658,000		323,000

Wynwood Place, Limited Partnership (2)	Raleigh, North Carolina	Greystone Affordable Housing		534,000	534,000			24		780,000		377,000

			$	950,000	$	950,000		113	$	3,152,000	$	2,131,000

(1)	The Local Limited Partnership was sold subsequent to December 31, 2014 but prior to March 31, 2015.

(2) The Local Limited Partnership was identified for disposition but has not yet been sold as of the filing date.

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

	For the year ended December 31, 2014

Local Limited Partnership Name	Rental Income		Net Loss			Low Income Housing Tax Credits Allocated to Partnership

Belen Vista Associates, Limited Partnership (2)	$	478,000	$	(40,000	)		N/A

Bolivar Plaza Apartments (1)		116,000		(46,000	)		N/A

Wynwood Place, Limited Partnership (2)		147,000		(37,000	)		N/A

	$	741,000	$	(123,000	)

(1) The Local Limited Partnership was sold subsequent to December 31, 2014 but prior to March 31, 2015.

(2) The Local Limited Partnership was identified for disposition but has not yet been sold as of the filing date.

N/A-All of the Low Income Housing Tax Credits have been allocated to the Partnership and there are no future Low Income Housing Tax Credits expected to be received.

WNC ~~HOUSING~~ ~~TAX~~Housing ~~CREDIT~~Tax ~~FUND~~Credit Fund V, L.P., Series 4

					As of March 31, 2013								As of December 31, 2012
		Occupancy Rates
Local Limited Partnership Name		Location	General Partner Name		Partnership’s Total Investment in Local Limited Partnerships				Amount of Investment Paid to Date				Number of Units				Estimated Aggregate Low Income Housing Tax Credits (1)				Mortgage Balances of Local Limited Partnerships
		As of December 31,
Ashford Place, a Limited Partnership (3)		Shawnee, Oklahoma	WNC Oklahoma, LLC		$	2,317,000			$	2,317,000				100			$	3,931,000			$	1,832,000
Local Limited Partnership Name	Location	General Partner Name	2014				2013				2012				2011				2010
Belen Vista Associates, Limited Partnership		Belen, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM			416,000				416,000				57				714,000				1,452,000
Ashford Place, a Limited Partnership	Shawnee, Oklahoma	WNC Oklahoma, LLC		N/A				88	%			93	%			54	%			82	%
Blessed Rock of El Monte, a CA Limited Partnership (2)		El Monte, California	Everland, Inc.			2,511,000				2,511,000				137				8,899,000				2,454,000
Belen Vista Associates, Limited Partnership	Belen, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		88	%			93	%			100	%			100	%			100	%
Bolivar Plaza Apartments, LP		Bolivar, Missouri	MBL Development Co.			1,181,000				1,181,000				32				1,658,000				361,000
Blessed Rock of El Monte, a CA Limited Partnership	El Monte, California	Everland, Inc.		N/A				N/A				100	%			100	%			100	%
Cleveland Apartments L.P.(3)		Coffeyville, Kansas	Williams Management and Consulting, Inc. and Eastern Housing Corp.			515,000				481,000				48				737,000				1,471,000
Bolivar Plaza Apartments	Bolivar, Missouri	MBL Development Co.		100	%			100	%			100	%			100	%			100	%
Crescent City Apartments, a California Limited Partnership (2)		Crescent City, California	Crescent City Surf, Inc.			1,166,000				1,166,000				56				2,221,000				2,681,000
Cleveland Apartments L.P.	Coffeyville, Kansas	Williams Management and Consulting, Inc. and Eastern Housing Corp.		N/A				96	%			83	%			85	%			90	%
Greyhound Associates I, L.P.(2)		Windsor, Missouri	WCM Community Development Corp.			642,000				642,000				24				1,128,000				435,000
Crescent City Apartments, a California Limited Partnership	Crescent City, California	Crescent City Surf, Inc.		N/A				N/A				100	%			100	%			91	%
D. Hilltop Apartments Ltd.	Prairie View, Texas	Donald W. Sowell		N/A				N/A				N/A				96	%			83	%
Greyhound Associates I, L.P.	Windsor, Missouri	WCM Community Development Corp.		N/A				N/A				88	%			71	%			67	%
Lamar Plaza Apts., L.P.	Lamar, Missouri	MBL Development Co.		N/A				N/A				N/A				N/A				N/A

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

			As of March 31, 2013				As of December 31, 2012
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits (1)		Mortgage Balances of Local Limited Partnerships
Mountain Vista Associates Limited Partnership	Los Alamos, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		315,000		315,000		53		543,000		1,363,000
Woodland, Ltd.(2)	Marion, Alabama	ACHR Corp.		1,288,000		1,288,000		42		2,112,000		1,246,000
Wynwood Place, Limited Partnership	Raleigh, North Carolina	Greystone Affordable Housing		534,000		534,000		24		780,000		421,000
			$	10,885,000	$	10,851,000		573	$	22,723,000	$	13,716,000

(1) Represents aggregate anticipated Low Income Housing Tax Credits to be received over the 10-year credit period if Housing Complexes are retained and rented in compliance with credit rules for the 15-year Compliance Period. All of the anticipated Low Income Housing Credits have been received from the Local Limited Partnerships and are no longer available to the Limited Partners.

(2) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2013.

(3) Subsequent to March 31, 2013 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.

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

	For the year ended December 31, 2012
Local LimitedPartnership Name	Rental Income		Net Income (Loss)			Low Income Housing Tax Credits Allocated to Partnership
Ashford Place, a Limited Partnership (2)	$	541,000	$	(231,000	)		98.99	%
Belen Vista Associates, Limited Partnership		469,000		23,000			98.99	%
Blessed Rock of El Monte, a CA Limited Partnership (1)		987,000		77,000			49.50	%
Bolivar Plaza Apartments		118,000		(47,000	)		98.98	%
Cleveland Apartments L.P.(2)		257,000		(33,000	)		99.98	%
Crescent City Apartments, a California Limited Partnership (1)		271,000		(150,000	)		99.00	%
Greyhound Associates I, L.P.(1)		91,000		(29,000	)		99.00	%
Mountain Vista Associates Limited Partnership		328,000		2,000			98.99	%
Woodland, Ltd.(1)		145,000		(63,000	)		99.98	%
Wynwood Place, Limited Partnership		149,000		(50,000	)		99.98	%
	$	3,356,000	$	(501,000	)

(1) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2013.

(2) Subsequent to March 31, 2013 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.

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

			As of March 31, 2012				As of December 31, 2011
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits (1)		Mortgage Balances of Local Limited Partnerships
Ashford Place, a Limited Partnership (3)	Shawnee, Oklahoma	WNC Oklahoma, LLC	$	2,317,000	$	2,317,000		100	$	3,931,000	$	1,893,000
Belen Vista Associates, Limited Partnership	Belen, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		416,000		416,000		57		714,000		1,462,000
Blessed Rock of El Monte, a CA Limited Partnership (2)	El Monte, California	Everland, Inc.		2,511,000		2,511,000		137		8,899,000		2,856,000
Bolivar Plaza Apartments, LP	Bolivar, Missouri	MBL Development Co.		1,181,000		1,181,000		32		1,658,000		379,000
Cleveland Apartments L.P.(3)	Coffeyville, Kansas	Williams Management and Consulting, Inc. and Eastern Housing Corp.		515,000		481,000		48		737,000		1,506,000
Crescent City Apartments, a California Limited Partnership (2)	Crescent City, California	Crescent City Surf, Inc.		1,166,000		1,166,000		56		2,221,000		2,694,000
D. Hilltop Apartments Ltd.(2)	Prairie View, Texas	Donald W. Sowell		101,000		101,000		24		187,000		416,000
Greyhound Associates I, L.P.(2)	Windsor, Missouri	WCM Community Development Corp.		642,000		642,000		24		1,128,000		452,000

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

			As of March 31, 2012				As of December 31, 2011
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits (1)		Mortgage Balances of Local Limited Partnerships
Mountain Vista Associates Limited Partnership	Los Alamos, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		315,000		315,000		53		543,000		1,372,000
Woodland, Ltd.(2)	Marion, Alabama	ACHR Corp.		1,288,000		1,288,000		42		2,112,000		1,342,000
Wynwood Place, Limited Partnership	Raleigh, North Carolina	Greystone Affordable Housing		534,000		534,000		24		780,000		440,000
			$	10,986,000	$	10,952,000		597	$	22,910,000	$	14,812,000

(2) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2012.

(3) Subsequent to March 31, 2012 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.

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

	For the year ended December 31, 2011
Local Limited Partnership Name	Rental Income		Net Income (Loss)			Low Income Housing Tax Credits Allocated to Partnership
Ashford Place, a Limited Partnership (2)	$	368,000	$	(219,000	)		98.99	%
Belen Vista Associates, Limited Partnership		462,000		15,000			98.99	%
Blessed Rock of El Monte, a CA Limited Partnership (1)		974,000		76,000			49.50	%
Bolivar Plaza Apartments, LP		119,000		(50,000	)		98.98	%
Cleveland Apartments L.P.(2)		268,000		-			99.98	%
Crescent City Apartments, a California Limited Partnership (1)		252,000		(136,000	)		99.00	%
D. Hilltop Apartments Ltd.(1)		120,000		(11,000	)		99.00	%
Greyhound Associates I, L.P.(1)		83,000		(35,000	)		99.00	%
Mountain Vista Associates Limited Partnership		303,000		(18,000	)		98.99	%
Woodland, Ltd.(1)		151,000		(36,000	)		99.98	%
Wynwood Place, Limited Partnership		156,000		(42,000	)		99.98	%
	$	3,256,000	$	(456,000	)

(1) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2012.

(2) Subsequent to March 31, 2012 the Local Limited Partnership was identified for disposition but had not yet been sold as of the report date.

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

			As of March 31, 2011				As of December 31, 2010
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits (1)		Mortgage Balances of Local Limited Partnerships
Ashford Place, a Limited Partnership (3)	Shawnee, Oklahoma	WNC Oklahoma, LLC	$	2,317,000	$	2,317,000		100	$	3,931,000	$	1,942,000
Belen Vista Associates, Limited Partnership	Belen, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		416,000		416,000		57		714,000		1,471,000
Blessed Rock of El Monte, a CA Limited Partnership (2)	El Monte, California	Everland, Inc.		2,511,000		2,511,000		137		8,899,000		2,843,000
Bolivar Plaza Apartments, LP	Bolivar, Missouri	MBL Development Co.		1,181,000		1,181,000		32		1,658,000		398,000
Cleveland Apartments L.P.(3)	Coffeyville, Kansas	Williams Management and Consulting, Inc. and Eastern Housing Corp.		515,000		481,000		48		737,000		1,502,000
Crescent City Apartments, a California Limited Partnership (2)	Crescent City, California	Crescent City Surf, Inc.		1,166,000		1,166,000		56		2,221,000		1,960,000
D. Hilltop Apartments Ltd.(2)	Prairie View, Texas	Donald W. Sowell		101,000		101,000		24		187,000		422,000
Greyhound Associates I, L.P.(2)	Windsor, Missouri	WCM Community Development Corp.		642,000		642,000		24		1,128,000		487,000

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

			As of March 31, 2011				As of December 31, 2010
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits (1)		Mortgage Balances of Local Limited Partnerships
Mountain Vista Associates Limited Partnership	Los Alamos, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		315,000		315,000		53		543,000		1,380,000
North Central Limited Partnership	New York, New York	City and Suburban Development Corp.		*		*		18		1,054,000		313,000
Woodland, Ltd.(2)	Marion, Alabama	ACHR Corp.		1,288,000		1,288,000		42		2,112,000		1,340,000
Wynwood Place, Limited Partnership	Raleigh, North Carolina	Greystone Affordable Housing		534,000		534,000		24		780,000		684,000
			$	10,986,000	$	10,952,000		615	$	23,964,000	$	14,742,000

(2) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2011.

(3) Subsequent to March 31, 2011 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.

* The Local Limited Partnership was disposed of subsequent to December 31, 2010 but prior to March 31, 2011.

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

	For the year ended December 31, 2010
Local Limited Partnership Name	Rental Income		Net Income (Loss)			Low Income Housing Tax Credits Allocated to Partnership
Ashford Place, a Limited Partnership (2)	$	466,000	$	(160,000	)		98.99	%
Belen Vista Associates, Limited Partnership		438,000		19,000			98.99	%
Blessed Rock of El Monte, a CA Limited Partnership (1)		978,000		69,000			49.50	%
Bolivar Plaza Apartments		112,000		(55,000	)		98.98	%
Cleveland Apartments L.P.(2)		242,000		(52,000	)		99.98	%
Crescent City Apartments, a California Limited Partnership (1)		264,000		(140,000	)		99.00	%
D. Hilltop Apartments Ltd.(1)		122,000		(7,000	)		99.00	%
Greyhound Associates I, L.P.(1)		65,000		(46,000	)		99.00	%
Mountain Vista Associates Limited Partnership		265,000		(56,000	)		98.99	%
North Central Limited Partnership (1)		161,000		(42,000	)		99.89	%
Woodland, Ltd.(1)		146,000		(62,000	)		99.98	%
Wynwood Place, Limited Partnership		149,000		(42,000	)		99.98	%
	$	3,408,000	$	(574,000	)

(1) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2011.

(2) Subsequent to March 31, 2011 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.

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

			As of March 31, 2010				As of December 31, 2009
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits (1)		Mortgage Balances of Local Limited Partnerships
Ashford Place, a Limited Partnership (3)	Shawnee, Oklahoma	WNC Oklahoma, LLC	$	2,317,000	$	2,317,000		100	$	3,931,000	$	1,992,000
Belen Vista Associates, Limited Partnership	Belen, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		416,000		416,000		57		714,000		1,479,000
Blessed Rock of El Monte, a CA Limited Partnership (2)	El Monte, California	Everland, Inc.		2,511,000		2,511,000		137		8,899,000		3,086,000
Bolivar Plaza Apartments, LP	Bolivar, Missouri	MBL Development Co.		1,181,000		1,181,000		32		1,658,000		416,000
Cleveland Apartments L.P.(3)	Coffeyville, Kansas	Williams Management and Consulting, Inc. and Eastern Housing Corp.		515,000		476,000		48		737,000		1,515,000
Crescent City Apartments, a California Limited Partnership (2)	Crescent City, California	Crescent City Surf, Inc.		1,166,000		1,166,000		56		2,221,000		1,960,000
D. Hilltop Apartments Ltd. (2)	Prairie View, Texas	Donald W. Sowell		101,000		101,000		24		187,000		427,000
Greyhound Associates I, L.P.(2)	Windsor, Missouri	WCM Community Development Corp.		642,000		642,000		24		1,128,000		480,000
Lamar Plaza Apts., L.P.(2)	Lamar, Missouri	MBL Development Co.		738,000		738,000		28		1,230,000		651,000
Mesa Verde Apartments Limited Partnership (2)	Roswell, New Mexico	Shelter Resource Corporation		3,941,000		3,941,000		142		6,472,000		1,920,000

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

			As of March 31, 2010				As of December 31, 2009
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits (1)		Mortgage Balances of Local Limited Partnerships
Mountain Vista Associates Limited Partnership	Los Alamos, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		315,000		315,000		53		543,000		1,388,000
North Central Limited Partnership (2)	New York, New York	City and Suburban Development Corp.		751,000		751,000		18		1,054,000		335,000
Woodland, Ltd. (2)	Marion, Alabama	ACHR Corp.		1,288,000		1,288,000		42		2,112,000		1,262,000
Wynwood Place, Limited Partnership	Raleigh, North Carolina	Greystone Affordable Housing		534,000		534,000		24		780,000		474,000
			$	16,416,000	$	16,377,000		785	$	31,666,000	$	17,385,000

(1) Represents aggregate anticipated Low Income Housing Tax Credits to be received over the 10-year credit period if Housing Complexes are retained and rented in compliance with credit rules for the 15-year Compliance Period. Approximately 99% of the anticipated Low Income Housing Credits have been received from the Local Limited Partnerships and are no longer available to the Limited Partners.

(2) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2010.

(3) Subsequent to March 31, 2010 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.

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

	For the year ended December 31, 2009
Local Limited Partnership Name	Rental Income		Net Income (Loss)			Low Income Housing Tax Credits Allocated to Partnership
Ashford Place, a Limited Partnership (2)	$	481,000	$	(6,000	)		98.99	%
Belen Vista Associates, Limited Partnership		418,000		14,000			98.99	%
Blessed Rock of El Monte, a CA Limited Partnership (1)		956,000		61,000			49.50	%
Bolivar Plaza Apartments, LP		123,000		(31,000	)		98.98	%
Cleveland Apartments L.P.(2)		279,000		(43,000	)		99.98	%
Crescent City Apartments, a California Limited Partnership (1)		281,000		(107,000	)		99.00	%
D. Hilltop Apartments Ltd. (1)		112,000		(3,000	)		99.00	%
Greyhound Associates I, L.P.(1)		89,000		(12,000	)		99.00	%
Lamar Plaza Apts., L.P. (1)		89,000		(42,000	)		99.97	%
Mesa Verde Apartments Limited Partnership (1)		448,000		340,000			99.00	%
Mountain Vista Associates Limited Partnership		264,000		(47,000	)		98.99	%
North Central Limited Partnership (1)		139,000		(59,000	)		99.89	%
Woodland, Ltd.(1)		151,000		(43,000	)		99.98	%
Wynwood Place, Limited Partnership		143,000		(41,000	)		99.98	%
	$	3,973,000	$	(19,000	)

(1) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2010.

(2) Subsequent to March 31, 2010 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.

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

			As of March 31, 2009				As of December 31, 2008
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits (1)		Mortgage Balances of Local Limited Partnerships
Ashford Place, a Limited Partnership(3)	Shawnee, Oklahoma	WNC Oklahoma, LLC	$	2,317,000	$	2,317,000		100	$	3,931,000	$	2,038,000
Belen Vista Associates, Limited Partnership	Belen, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		416,000		416,000		57		714,000		1,486,000
Blessed Rock of El Monte, a CA Limited Partnership (2)	El Monte, California	Everland, Inc.		2,511,000		2,511,000		137		8,899,000		3,347,000
Bolivar Plaza Apartments	Bolivar, Missouri	MBL Development Co.		1,181,000		1,181,000		32		1,658,000		435,000
Cleveland Apartments L.P.(3)	Coffeyville, Kansas	Williams Management and Consulting, Inc. and Eastern Housing Corp.		515,000		476,000		48		737,000		1,528,000
Crescent City Apartments, a California Limited Partnership (2)	Crescent City, California	Crescent City Surf, Inc.		1,166,000		1,166,000		56		2,221,000		1,960,000
D. Hilltop Apartments Ltd.(2)	Prairie View, Texas	Donald W. Sowell		101,000		101,000		24		187,000		433,000
Greyhound Associates I, L.P.(2)	Windsor, Missouri	WCM Community Development Corp.		642,000		642,000		24		1,128,000		495,000
Lamar Plaza Apts., L.P.(2)	Lamar, Missouri	MBL Development Co.		738,000		738,000		28		1,230,000		754,000
Mesa Verde Apartments Limited Partnership(2)	Roswell, New Mexico	Shelter Resource Corporation		3,941,000		3,941,000		142		6,472,000		1,943,000

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

			As of March 31, 2009				As of December 31, 2008
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits (1)		Mortgage Balances of Local Limited Partnerships
Mountain Vista Associates Limited Partnership	Los Alamos, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		315,000		315,000		53		543,000		1,395,000
North Central Limited Partnership(2)	New York, New York	City and Suburban Development Corp.		751,000		751,000		18		1,054,000		354,000
Woodland, Ltd.(2)	Marion, Alabama	ACHR Corp.		1,288,000		1,288,000		42		2,112,000		1,267,000
Wynwood Place, Limited Partnership	Raleigh, North Carolina	Greystone Affordable Housing		534,000		534,000		24		780,000		489,000
			$	16,416,000	$	16,377,000		785	$	31,666,000	$	17,924,000

(1) Represents aggregate anticipated Low Income Housing Tax Credits to be received over the 10-year credit period if Housing Complexes are retained and rented in compliance with credit rules for the 15-year Compliance Period. Approximately 98% of the anticipated Low Income Housing Credits have been received from the Local Limited Partnerships and are no longer available to the Limited Partners.

(2) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2009.

(3) Subsequent to March 31, 2009 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.

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

	For the year ended December 31, 2008
Local Limited Partnership Name	Rental Income		Net Income (Loss)			Low Income Housing Tax Credits Allocated to Partnership
Ashford Place, a Limited Partnership(2)	$	461,000	$	(135,000	)		98.99	%
Belen Vista Associates, Limited Partnership		415,000		34,000			98.99	%
Blessed Rock of El Monte, a CA Limited Partnership (1)		946,000		(26,000	)		49.50	%
Bolivar Plaza Apartments, LP		115,000		(60,000	)		98.98	%
Cleveland Apartments L.P.(2)		267,000		(57,000	)		99.98	%
Crescent City Apartments, a California Limited Partnership (1)		259,000		(174,000	)		99.00	%
D. Hilltop Apartments Ltd.(1)		121,000		7,000			99.00	%
Greyhound Associates I, L.P.(1)		81,000		(32,000	)		99.00	%
Lamar Plaza Apts., L.P. (1)		92,000		(48,000	)		99.97	%
Mesa Verde Apartments Limited Partnership (1)		540,000		(412,000	)		99.00	%
Mountain Vista Associates Limited Partnership		282,000		(24,000	)		98.99	%
North Central Limited Partnership (1)		131,000		(64,000	)		99.89	%
Woodland, Ltd. (1)		136,000		(45,000	)		99.98	%
Wynwood Place, Limited Partnership		164,000		(6,000	)		99.98	%
	$	4,010,000	$	(1,042,000	)

(1) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2009.

(2) Subsequent to March 31, 2009 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.

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

			As of March 31, 2008				As of December 31, 2007
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits (1)		Mortgage Balances of Local Limited Partnerships
Ashford Place, a Limited Partnership(3)	Shawnee, Oklahoma	WNC Oklahoma, LLC	$	2,317,000	$	2,317,000		100	$	3,931,000	$	2,080,000
Belen Vista Associates, Limited Partnership	Belen, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		416,000		416,000		57		714,000		1,494,000
Blessed Rock of El Monte, a CA Limited Partnership (2)	El Monte, California	Everland, Inc.		2,511,000		2,511,000		137		8,899,000		3,444,000
Bolivar Plaza Apartments	Bolivar, Missouri	MBL Development Co.		1,181,000		1,181,000		32		1,658,000		451,000
Cleveland Apartments L.P. (3)	Coffeyville, Kansas	Williams Management and Consulting, Inc. and Eastern Housing Corp.		515,000		476,000		48		737,000		1,540,000
Crescent City Apartments, a California Limited Partnership (2)	Crescent City, California	Crescent City Surf, Inc.		1,166,000		1,166,000		56		2,221,000		1,960,000
D. Hilltop Apartments Ltd. (2)	Prairie View, Texas	Donald W. Sowell		101,000		101,000		24		187,000		438,000
Greyhound Associates I, L.P. (2)	Windsor, Missouri	WCM Community Development Corp.		642,000		642,000		24		1,128,000		509,000
Lamar Plaza Apts., L.P.(2)	Lamar, Missouri	MBL Development Co.		738,000		738,000		28		1,230,000		692,000
Mesa Verde Apartments Limited Partnership(2)	Roswell, New Mexico	Shelter Resource Corporation		3,941,000		3,941,000		142		6,472,000		1,965,000

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

			As of March 31, 2008				As of December 31, 2007
Local Limited Partnership Name	Location	General Partner Name	Partnership’s Total Investment in Local Limited Partnerships		Amount of Investment Paid to Date		Number of Units		Estimated Aggregate Low Income Housing Tax Credits (1)		Mortgage Balances of Local Limited Partnerships
Mountain Vista Associates Limited Partnership	Los Alamos, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		315,000		315,000		53		543,000		1,401,000
North Central Limited Partnership(2)	New York, New York	City and Suburban Development Corp.		751,000		751,000		18		1,054,000		372,000
Woodland, Ltd.(2)	Marion, Alabama	ACHR Corp.		1,288,000		1,288,000		42		2,112,000		1,272,000
Wynwood Place, Limited Partnership	Raleigh, North Carolina	Greystone Affordable Housing.		534,000		534,000		24		780,000		503,000
			$	16,416,000	$	16,377,000		785	$	31,666,000	$	18,121,000

(1) Represents aggregate anticipated Low Income Housing Tax Credits to be received over the 10-year credit period if Housing Complexes are retained and rented in compliance with credit rules for the 15-year Compliance Period. Approximately 95% of the anticipated Low Income Housing Credits have been received from the Local Limited Partnerships and are no longer available to the Limited Partners.

(2) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2008.

(3) Subsequent to March 31, 2008 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.

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

	For the year ended December 31, 2007
Local Limited Partnership Name	Rental Income		Net Income (Loss)			Low Income Housing Tax Credits Allocated to Partnership
Ashford Place, a Limited Partnership(2)	$	456,000	$	(145,000	)		98.99	%
Belen Vista Associates, Limited Partnership		396,000		(15,000	)		98.99	%
Blessed Rock of El Monte, a CA Limited Partnership (1)		927,000		115,000			49.50	%
Bolivar Plaza Apartments, LP		113,000		(14,000	)		98.98	%
Cleveland Apartments L.P.(2)		322,000		(65,000	)		99.98	%
Crescent City Apartments, a California Limited Partnership (1)		221,000		(153,000	)		99.00	%
D. Hilltop Apartments Ltd.(1)		110,000		5,000			99.00	%
Greyhound Associates I, L.P.(1)		79,000		(39,000	)		99.00	%
Lamar Plaza Apts., L.P. (1)		50,000		(52,000	)		99.97	%
Mesa Verde Apartments Limited Partnership (1)		425,000		(411,000	)		99.00	%
Mountain Vista Associates Limited Partnership		268,000		(27,000	)		98.99	%
North Central Limited Partnership (1)		131,000		(69,000	)		99.89	%
Woodland, Ltd.(1)		130,000		(59,000	)		99.98	%
Wynwood Place, Limited Partnership		140,000		(58,000	)		99.98	%
	$	3,768,000	$	(987,000	)

(1) The Local Limited Partnership was identified for sale and disposed of subsequent to March 31, 2008.

(2) Subsequent to March 31, 2008 the Local Limited Partnership was identified for disposition but had not yet been sold as of the filing date.

WNC Housing Tax Credit Fund V, L.P., Series 4

		Occupancy Rates			~~Occupancy Rates~~
		As of December 31,			~~As of December 31,~~
Local Limited Partnership Name	Location	~~Location~~General Partner Name	~~General Partner Name~~2014		~~2012~~		2013		~~2011~~		2012		~~2010~~		2011		~~2009~~		2010		~~2008~~			~~2007~~			~~2006~~			~~2005~~			~~2004~~			~~2003~~
Ashford Place, a Limited Partnership		Shawnee, Oklahoma	WNC Oklahoma, LLC			93	%			54	%			82	%			94	%			91	%		90	%		93	%		83	%		92	%		83	%
Mesa Verde Apartments Limited Partnership	Roswell, New Mexico	Shelter Resource Corporation		N/A				N/A				N/A				N/A				N/A
Belen Vista Associates, Limited Partnership		Belen, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM			100	%			100	%			100	%			100	%			100	%		100	%		100	%		96	%		100	%		96	%
Mountain Vista Associates Limited Partnership	Los Alamos, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM		N/A				83	%			94	%			92	%			91	%
Blessed Rock of El Monte, a CA Limited Partnership		El Monte, California	Everland, Inc.			100	%			100	%			100	%			100	%			100	%		99	%		100	%		100	%		100	%		100	%
North Central Limited Partnership	New York, New York	City and Suburban Development Corp.		N/A				N/A				N/A				N/A				100	%
Bolivar Plaza Apartments		Bolivar, Missouri	MBL Development Co.			100	%			100	%			100	%			100	%			94	%		100	%		97	%		100	%		100	%		100	%
Woodland, Ltd.	Marion, Alabama	ACHR Corp.		N/A				N/A				90	%			95	%			100	%
Cleveland Apartments L.P.		Coffeyville, Kansas	Williams Management and Consulting, Inc. and Eastern Housing Corp.			83	%			85	%			90	%			96	%			92	%		90	%		96	%		79	%		96	%		85	%
Wynwood Place, Limited Partnership	Raleigh, North Carolina	Greystone Affordable Housing		100	%			88	%			83	%			88	%			96	%
Crescent City Apartments, a California Limited Partnership		Crescent City, California	Crescent City Surf, Inc.			100	%			100	%			91	%			98	%			100	%		100	%		100	%		100	%		98	%		98	%
				94	%			91	%			95	%			88	%			93	%
D. Hilltop Apartments Ltd.		Prairie View, Texas	Donald W. Sowell			N/A				96	%			83	%			92	%			96	%		100	%		92	%		100	%		100	%		88	%
Greyhound Associates I, L.P.		Windsor, Missouri	WCM Community Development Corp.			88	%			71	%			67	%			96	%			92	%		79	%		88	%		88	%		92	%		88	%
Lamar Plaza Apts., L.P.		Lamar, Missouri	MBL Development Co.			N/A				N/A				N/A				96	%			93	%		82	%		36	%		61	%		89	%		89	%

3316

WNC Housing Tax Credit Fund V, L.P., Series 4

				Occupancy Rates
			As of December 31,
Local Limited Partnership Name	Location	General Partner Name		2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
Mesa Verde Apartments Limited Partnership	Roswell, New Mexico	Shelter Resource Corporation			N/A			N/A			N/A			63	%		57	%		55	%		69	%		84	%		82	%		68	%
Mountain Vista Associates Limited Partnership	Los Alamos, New Mexico	Monarch Properties, Inc. and Low Income Housing Foundation of NM			94	%		92	%		91	%		87	%		87	%		96	%		92	%		96	%		94	%		98	%
North Central Limited Partnership	New York, New York	City and Suburban Development Corp.			N/A			N/A			100	%		89	%		94	%		83	%		94	%		100	%		94	%		94	%
Woodland, Ltd.	Marion, Alabama	ACHR Corp.			90	%		95	%		100	%		95	%		100	%		93	%		98	%		93	%		100	%		88	%
Wynwood Place, Limited Partnership	Raleigh, North Carolina	Greystone Affordable Housing			83	%		88	%		96	%		88	%		96	%		100	%		88	%		83	%		58	%		67	%
					95	%		88	%		93	%		90	%		89	%		87	%		89	%		90	%		93	%		88	%

Item 3. Legal Proceedings

NONE

Item 4. Mine Safety Disclosures

NOT APPLICABLE

PART II.

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5a.

The Partnership Units are not traded on a public exchange but were sold through a public offering. It is not anticipated that any public market will develop for the purchase and sale of any Partnership Units and none exists. Partnership Units can be assigned or otherwise transferred only if certain requirements in the Partnership Agreement are satisfied.

b) At March 31, ~~2013~~2015, ~~2012, 2011, 2010, 2009 and 2008,~~ there were 1,326, ~~1,323, 1,325, 1,323, 1,315, and 1,314,~~ Limited Partners, ~~respectively,~~ and no assignees of Partnership Units who were not admitted as Limited Partners.

c) The Partnership was not designed to provide operating cash distributions to Limited Partners. It is possible that the Partnership could make distributions from sale proceeds, if the Partnership is able to sell its Local Limited Partnership Interests or Housing Complexes for more than the related closing costs and any then accrued obligations of the Partnership. There can be no assurance in this regard. Any distributions would be made in accordance with the terms of the Partnership Agreement. For ~~all~~the ~~periods~~year ~~presented~~ended ~~there~~March ~~were~~31, no2015, the Partnership did not make any cash distributions to the Limited Partners.

d)	No securities are authorized for issuance by the Partnership under equity compensation plans.

e)	The Partnership does not issue common stock.

f) No unregistered securities were sold by the Partnership during the ~~years~~year ended March 31, ~~2013, 2012, 2011, 2010, 2009 and 2008~~2015.

Item 5b. Use of Proceeds

NOT APPLICABLE

Item 5c. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

NONE

3517

Item 6. Selected Financial Data

Selected balance sheet information for the Partnership is as follows:

	~~March 31,~~		March 31,
	2013		2012		2011		2010		2009		2008		2007		2006		2005		2004
	2015		2014		2013		2012		2011
ASSETS
Cash	$	296,821	$	20,488	$	153,987	$	25,677	$	21,443	$	166	$	235,855	$	361,469	$	517,435	$	837,387
Cash and cash equivalents	$	1,305,542	$	1,254,665	$	296,821	$	20,488	$	153,987
Investments in Local Limited Partnerships, net		~~650,468~~-		~~629,335~~-		~~606~~650,~~786~~468		~~697~~629,~~775~~335		~~914~~606,~~118~~786		~~2,015,782~~		~~4,942,198~~		~~7,011,330~~		~~9,372,757~~		~~10,923,902~~
Due from affiliates		-		-		-		-		-		-		574		8,586		574		574
Prepaid expenses		-		-		-		-		28,130
Prepaid expenses		-		-		28,130		-		-		-		7,281		17,469		-		-
Other assets		1,100		24,805		17,775		-		-
Other assets		17,775		-		-		-		-		-		-		-		-		-
Total Assets	$	1,306,642	$	1,279,470	$	965,064	$	649,823	$	788,903
Total Assets	$	965,064	$	649,823	$	788,903	$	723,452	$	935,561	$	2,015,948	$	5,185,908	$	7,398,854	$	9,890,766	$	11,761,863
LIABILITIES
LIABILITIES
Payables to Local Limited Partnerships	$	-	$	-	$	33,810	$	33,810	$	33,810
Payables to Local Limited Partnerships	$	33,810	$	33,810	$	33,810	$	39,310	$	39,310	$	39,310	$	39,310	$	39,310	$	74,625	$	139,906
Accrued fees and expenses due to General Partner and affiliates		12,322		40,233		194,984		204,132		131,632
Accrued fees and expenses due to General Partner and affiliates		194,984		204,132		131,632		311,427		215,571		130,980		31,614		25,929		43,619		40,454
Accounts payable		-		-		-		-		920
Accounts payable		-		-		920		-		-		-		-		-		-		-
Prepaid disposition proceeds		30,000		4,950		260,000		-		-
Prepaid disposition proceeds		260,000		-		-		-		-		-		-		-		-		-
Total Liabilities		42,322		45,183		488,794		237,942		166,362
Total Liabilities		488,794		237,942		166,362		350,737		254,881		170,290		70,924		65,239		118,244		180,360
PARTNERS' EQUITY		1,264,320		1,234,287		476,270		411,881		622,541
PARTNERS’ EQUITY		476,270		411,881		622,541		372,715		680,680		1,845,658		5,114,984		7,333,615		9,772,522		11,581,503
Total Liabilities and Partners’ Equity	$	1,306,642	$	1,279,470	$	965,064	$	649,823	$	788,903
Total Liabilities and Partners’ Equity	$	965,064	$	649,823	$	788,903	$	723,452	$	935,561	$	2,015,948	$	5,185,908	$	7,398,854	$	9,890,766	$	11,761,863

3618

Selected results of operations for the Partnership are as follows:

	For the Years Ended March 31,
	2013			2012			2011			2010			2009			2008			2007			2006			2005			2004
	2015			2014			2013			2012			2011
Loss from operations (Note 1)	$	(4669,~~266~~221	)	$	(~~248~~349,~~397~~538	)	$	(~~155~~46,~~522~~266	)	$	(~~371~~248,~~966~~397	)	$	(1155,~~224,447~~522	)		~~(2,566,459~~	)		~~(1,411,533~~	)		~~(1,610,187~~	)		~~(873,052~~	)	$	~~(485,727~~	)
Equity in income (losses) from Local Limited Partnerships		~~38,184~~-			~~37,676~~-			2038,~~687~~184			~~(23~~37,~~171~~676	)		~~(113~~20,~~083~~687	)		~~(703,117~~	)		~~(808,469~~	)		~~(830,792~~	)		~~(939,791~~	)		~~(1,011,324~~	)
Gain on sale of Local Limited Partnerships (Note 2)		16,953			-			382,388			-			-			-			-			-			-			-
Gain on sale of Local Limited Partnerships		98,385			1,892,595			16,953			-			382,388
Interest income		35869			61610			~~2,273~~35			1861			52,273			~~250~~			~~1,371~~			~~2,072~~			~~3,862~~			~~7,480~~
Net income (loss)	$	830,~~906~~033		$	~~(210~~1,~~660~~543,667	)	$	~~249~~8,~~826~~906		$	(~~395~~210,~~119~~660	)	$	(1249,~~337,525~~826	)		~~(3,269,326~~	)		~~(2,218,631~~	)		~~(2,438,907~~	)		~~(1,808,981~~	)	$	~~(1,489,571~~	)
Net income (loss) allocated to:
General Partner	$	89300		$	(215,~~107~~437	)	$	~~2,498~~89		$	(32,~~951~~107	)	$	~~(13~~2,~~375~~498	)		~~(32,693~~	)		~~(22,186~~	)		~~(24,389~~	)		~~(18,090~~	)	$	~~(14,896~~	)
Limited Partners	$	829,~~817~~733		$	~~(208~~1,~~553~~528,230	)	$	~~247~~8,~~328~~817		$	(~~391~~208,~~168~~553	)	$	(1247,~~324,150~~328	)		~~(3,236,633~~	)		~~(2,196,445~~	)		~~(2,414,518~~	)		~~(1,790,891~~	)	$	~~(1,474,675~~	)
Net income (loss) per Partnership Unit	$	1.4036		$	(969.5068	)	$	11.2540		$	(179.7950	)	$	~~(60~~11.2225	)		~~(147.19~~	)		~~(99.88~~	)		~~(109.80~~	)		~~(81.44~~	)	$	~~(67.06~~	)
Outstanding weighted Partnership Units		21,~~952~~810			21,~~955~~932			21,~~990~~952			21,~~990~~955			21,990			~~21,990~~			~~21,990~~			~~21,990~~			~~21,990~~			~~21,990~~

Note 1 - Loss from operations for the years ended March 31, ~~2013~~2015, ~~2012~~2014, ~~2011~~2013, ~~2010~~2012, ~~2009,~~and ~~2008~~2011, ~~2007, 2006, 2005 and 2004~~ include a charge for impairment losses on investments in Local Limited Partnerships of $0, $0100, ~~$87~~779,~~338,~~ $~~185~~0,~~972,~~ $~~957~~0,~~996,~~ ~~$2,184,054, $1,186,381, $1,459,091, $547,547~~ and $~~237~~87,~~163~~338, respectively. (See Note 2 to the financial statements.)

Selected results of cash flows for the Partnership are as follows:

	For the Years Ended March 31,
	2013			2012			2011			2010			2009			2008			2007			2006			2005			2004
	2015			2014			2013			2012			2011
Net cash provided by (used in):
Operating activities	$	(1077,~~471~~508	)	$	(~~141~~371,~~426~~137	)	$	(~~265~~8,~~716~~383	)	$	438,~~234~~969		$	(87265,716	)	$	~~(250,841~~	)	$	~~(154,509~~	)	$	~~(129,825~~	)		~~(260,958~~	)	$	~~(159,806~~	)
Investing activities		~~286~~128,~~804~~385			72,~~927~~114,631			~~394~~284,~~026~~716			-(172,468	)		21394,~~364~~026			~~15,152~~			~~28,895~~			~~(26,141~~	)		~~(58,994~~	)		~~(9,049~~	)
Net change in cash		276,333			(133,499	)		128,310			4,234			21,277			(235,689	)		(125,614	)		(155,966	)		(319,952	)		(168,855	)
Financing activities		-			(785,650	)		-			-			-
Cash, beginning of year		20,488			153,987			25,677			21,443			166			235,855			361,469			517,435			837,387			1,006,242
Cash, end of year	$	296,821		$	20,488		$	153,987		$	25,677		$	21,443		$	166		$	235,855		$	361,469		$	517,435		$	837,387
Low Income Housing Tax Credits per Partnership Unit were as follows for the years ended December 31:
	2012			2011			2010			2009			2008			2007			2006			2005			2004			2003
Federal	$	-		$	-		$	7		$	18		$	50		$	95		$	118		$	121		$	120		$	121
State		-			-			-			-			-			-			-			-			-			-
Total	$	-		$	-		$	7		$	18		$	50		$	95		$	118		$	121		$	120		$	121

Net change in cash		50,877		957,844		276,333		(133,499	)		128,310

Cash, beginning of year		1,254,665		296,821		20,488		153,987			25,677

Cash, end of year	$	1,305,542	$	1,254,665	$	296,821	$	20,488		$	153,987

~~Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~19

Low Income Housing Tax Credits per Partnership Unit were as follows for the years ended December 31:

	2014		2013		2012		2011		2010

Federal	$	-		-	$	-	$	-	$	7
State		-		-		-		-		-

Total	$	-		-	$	-	$	-	$	7

Item 7. 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-K 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 Credits property market and the economy in general, changes in law rules and regulations, and 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-K and in other reports filed with the SEC. The following discussion should be read in conjunction with the Financial Statements and the Notes thereto included elsewhere in this filing.

Critical Accounting Policies and Certain Risks and Uncertainties

The Partnership believes that the following discussion addresses the Partnership’s most significant accounting policies, which are the most critical to aid in fully understanding and evaluating the Partnership’s reported financial results, and certain of the Partnership’s risks and uncertainties.

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.

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 product 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 are capitalized as part of the investment account and were being amortized over 27.5 years. (See Notes 2 and 3 to the financial statements.)

3920

“"Equity in losses of Local Limited Partnerships”" for each year ended March 31 has been recorded by the Partnership based on the twelve months of reported results provided by the Local Limited Partnerships for each year ended December 31. 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 net losses not recognized during the period(s) the equity method was suspended.

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 March 31, 2015 and 2014 all investments have reached zero.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Partnership determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it 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 guidance requires continual reconsideration of the primary beneficiary of a VIE.

Based on this guidance, the Local Limited Partnerships in which the Partnership invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Partnership’'s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Partnership currently records the amount of its investment in these Local Limited Partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Partnership’'s balance in investment in Local Limited Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Partnership’'s exposure to loss on these 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 and their guarantee against credit recapture to the investors in the Partnership.

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~~2011 remain open.

Impact of Recent Accounting Pronouncements

In ~~September~~ ~~2010~~January 2014, the ~~Financial~~FASB ~~Accounting~~issued ~~Standards~~an ~~Board~~amendment ~~(“FASB”)~~to ~~issued~~the accounting ~~guidance~~and disclosure requirements for ~~Fair~~investments ~~Value~~in ~~Measurements, which~~qualified ~~defines~~affordable ~~fair~~housing ~~value,~~projects. ~~establishes~~The aamendments ~~framework~~provide guidance on accounting for ~~measuring~~investments ~~fair~~by ~~value~~a ~~and~~reporting ~~expands~~entity ~~disclosure~~in ~~about~~flow-through ~~fair~~limited ~~value~~liability ~~measurements. This~~entities ~~guidance~~that ismanage ~~effective~~or ~~for~~invest ~~financial~~in ~~statements~~affordable ~~issued~~housing projects that qualify for ~~fiscal~~the ~~years~~low-income ~~beginning~~housing ~~after~~tax ~~November~~credit. ~~15,~~The ~~2011~~amendments ~~and~~permit ~~shall~~reporting beentities ~~applied prospectively~~to ~~except~~make an accounting policy election to account for ~~very~~their ~~limited~~investments ~~transactions.~~in Inqualified ~~February~~affordable ~~2008,~~housing projects using the ~~FASB~~proportional ~~delayed~~amortization ~~for~~method ~~one~~if ~~year~~certain ~~implementation~~conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the ~~guidance as~~investment itin ~~pertains~~proportion to ~~certain~~the ~~non-financial~~tax ~~assets~~credits and ~~liabilities.~~other ~~The~~tax ~~Partnership~~benefits ~~adopted~~received, ~~GAAP~~and ~~for~~recognizes ~~Fair~~the ~~Value~~net ~~Measurements~~investment ~~effective April~~performance 1,in ~~2008,~~the ~~except~~income statement as ita ~~applies~~component toof ~~those~~income ~~non-financial~~tax ~~assets~~expense ~~and~~(benefit). ~~liabilities,~~The amendments are effective for ~~which~~interim ~~the~~and ~~effective~~annual ~~date~~periods ~~was~~beginning ~~April~~after 1December 15, ~~2009~~2014 and should be applied retrospectively to all periods presented. ~~The~~ ~~Partnership~~Early ~~has~~adoption ~~determined~~is ~~that~~permitted. The adoption of this ~~guidance~~update ~~had~~is nonot ~~material~~expected ~~impact~~to onmaterially affect the Partnership’'s financial statements.

In February ~~2011~~2015, the FASB issued ~~accounting~~ASU ~~guidance~~No. ~~for~~2015-02, ~~The~~“Consolidation ~~Fair~~(Topic ~~Value~~810): ~~Option~~Amendments ~~for~~to ~~Financial~~the ~~Assets~~Consolidation ~~and Financial Liabilities~~Analysis”. This ~~guidance~~ ~~permits~~will ~~entities~~improve tocertain ~~choose~~areas toof ~~measure~~consolidation ~~many~~guidance ~~financial~~for ~~instruments~~reporting ~~and~~organizations ~~certain~~that ~~other~~are ~~items~~required atto ~~fair~~evaluate ~~value.~~whether ~~The~~to ~~fair~~consolidate ~~value election~~certain islegal ~~designed~~entities tosuch ~~improve~~as ~~financial~~limited ~~reporting~~partnerships, bylimited ~~providing~~liability ~~entities~~corporations ~~with~~and ~~the~~securitization ~~opportunity~~structures. toASU ~~mitigate~~2015-02 ~~volatility~~simplifies inand ~~reported earnings~~improves ~~caused~~GAAP by: ~~measuring~~eliminating ~~related~~the ~~assets~~presumption ~~and~~that ~~liabilities~~a ~~differently~~general ~~without~~partner ~~having~~should toconsolidate ~~apply~~a ~~complex~~limited ~~hedge~~partnership, ~~accounting~~eliminating ~~provisions. It~~the isindefinite ~~effective~~deferral ~~for~~of ~~fiscal~~FASB ~~years~~Statement ~~beginning~~No. ~~after~~167, ~~November~~thereby ~~15,~~reducing ~~2011.~~the Onnumber ~~April~~of 1,Variable ~~2008,~~Interest ~~the~~Entity ~~Partnership~~(VIE) ~~adopted~~consolidation ~~GAAP~~models ~~for~~from ~~The~~four ~~Fair Value~~to ~~Option~~two ~~for~~(including ~~Financial~~the ~~Assets~~limited ~~and~~partnership ~~Financial~~consolidation ~~Liabilities~~model) and ~~elected~~clarifying ~~not~~when tofees ~~apply~~paid ~~the~~to ~~provisions~~a todecision ~~its~~maker ~~eligible~~should ~~financial assets~~be ~~and~~a ~~financial~~factor ~~liabilities~~to oninclude in the ~~date~~consolidation of ~~adoption~~VIEs. ~~Accordingly~~ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Partnership is currently evaluating the ~~initial~~potential ~~application~~impact of the ~~guidance~~adoption ~~had~~of nothis ~~effect~~guidance on ~~the~~ ~~Partnership~~its financial statements.

In November 2008, the FASB issued accounting guidance on Equity Method Investment Accounting Considerations that addresses how the initial carrying value of an equity method investment should be determined, how an impairment assessment of an underlying indefinite-lived intangible asset of an equity method investment should be performed, how an equity method investee’s issuance of shares should be accounted for, and how to account for a change in an investment from the equity method to the cost method. This guidance is effective in fiscal years beginning on or after December 15, 2008, and interim periods within those fiscal years. The Partnership adopted the guidance for the interim quarterly period beginning April 1, 2009. The impact of adopting it did not have a material impact on the Partnership’s financial condition or results of operations.

In April 2009, the FASB issued accounting guidance for Interim Disclosures about Fair Value of Financial Instruments. This requires disclosure about the method and significant assumptions used to establish the fair value of financial instruments for interim reporting periods as well as annual statements. It became effective for as of and for the interim period ended June 30, 2009 and had no impact on the Partnership’s financial condition or results of operations.

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 this Form 10-K.

In June 2009, the FASB issued the Accounting Standards Codification (Codification). Effective July 1, 2009, the Codification is the single source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with GAAP. The Codification is intended to reorganize, rather than change, existing GAAP. Accordingly, all references to currently existing GAAP have been removed and have been replaced with plain English explanations of the Partnership’s accounting policies. The adoption of the Codification did not have a material impact on the Partnership’s financial position or results of operations.

In June 2009, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting and disclosure requirements for the consolidation of variable interest entities (VIEs). The amended guidance modified the consolidation model to one based on control and economics, and replaced quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment was effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 did not 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 did not materially affect the Partnership’s financial statements.

Certain Risks and Uncertainties

See Item 1A for a discussion of risks regarding the Partnership.

To date, 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 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 lost, and the loss and recapture of the related Low Income Housing Tax Credits could occur.

Financial Condition

~~As of~~The Partnership’s assets at March 31, ~~2013~~2015 consisted of $1,306,000 in cash and cash equivalents and other assets of $1,000. Liabilities at March 31, 2015 consisted of $12,000 of accrued fees and advances due to General Partner and/or its affiliates, (See “Future Contractual Cash Obligations” below) and prepaid disposition proceeds of $30,000.

The Partnership’s assets at March 31, 2013 consisted of $297,000 in cash, other assets of $18,000 and aggregate investments in 10 Local Limited Partnerships of $650,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31, 2013 consisted of $195,000 of accrued fees and advances due to General Partner and/or its affiliates, (See “Future Contractual Cash Obligations” below) prepaid disposition proceeds of $260,000 and $34,000 in payables to Local Limited Partnerships.

As of March 31, 2012

The Partnership’s assets at March 31, 2012 consisted of $20,000 in cash and aggregate investments in 11 Local Limited Partnerships of $629,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31, 2012 consisted of $204,000 of accrued fees and advances due to General Partner and/or its affiliates,(See “Future Contractual Cash Obligations” below) and $34,000 in payables to Local Limited Partnerships.

As of March 31, 2011

The Partnership’s assets at March 31, 2011 consisted of $154,000 in cash,$28,000 in prepaid expenses and aggregate investments in 11 Local Limited Partnerships of $607,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31, 2011 consisted of$132,000 of accrued fees and advances due to General Partner and/or its affiliates,$1,000 in accounts payable (See “Future Contractual Cash Obligations” below) and $34,000 in payables to Local Limited Partnerships.

As of March 31, 2010

The Partnership’s assets at March 31, 2010 consisted of $26,000 in cash and aggregate investments in 14 Local Limited Partnerships of $698,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31, 2010 consisted of $311,000 of accrued fees and advances due to General Partner and/or its affiliates, (See “Future Contractual Cash Obligations” below) and $39,000 in payables to Local Limited Partnerships.

As of March 31, 2009

The Partnership’s assets at March 31, 2009 consisted of $21,000 in cash, and aggregate investments in 14 Local Limited Partnerships of $914,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31, 2009 consisted of $216,000 of accrued fees and advances due to General Partner and/or its affiliates, (See “Future Contractual Cash Obligations” below) and $39,000 in payables to Local Limited Partnerships.

As of March 31, 2008

The Partnership’s assets at March 31, 2008 consisted of $200 in cash and aggregate investments in 14 Local Limited Partnerships of $2,016,000 (See “Method of Accounting for Investments in Local Limited Partnerships”). Liabilities at March 31, 2008 consisted of $131,000 of accrued fees and advances payable to the General Partner and/or its affiliates (See “Future Contractual Cash Obligations” below) and $39,000 in payables to Local Limited Partnerships.

Results of Operations

Year Ended March 31, ~~2013~~2015 Compared to Year Ended March 31, ~~2012~~ 2014 The Partnership’s net income for the year ended March 31, ~~2013~~ 2015 was $930,000, reflecting ana ~~increase~~decrease of $~~220~~1,514,000 from the net ~~loss~~income experienced for the year ended March 31, ~~2012~~2014 of $~~(211~~1,544,000). ~~That~~ The decrease in net ~~loss~~income was largely due to a decrease of ~~$178,000~~gain inon ~~write~~sale ~~off~~ of ~~advances to~~ Local Limited Partnerships. ~~During~~ of $1,794,000 for the year ended March 31, ~~2013~~2015. The ~~there~~gain ~~were~~recorded ~~advances~~by ofthe ~~$(2,000)~~Partnership ~~made~~can avary ~~Local~~depending ~~Limited~~on ~~Partnership~~the ~~which~~sales ~~were~~prices ~~reserved~~and ~~for~~values ~~in full as~~ of ~~March~~the ~~31,~~Housing ~~2013~~Complexes ~~compared~~being tosold ~~$(180,000)~~along ~~advanced~~with ~~and reserved for during~~ the ~~year~~number ~~ended~~sold ~~March~~each ~~31, 2012~~year. ~~The~~There ~~advances~~was ~~made to~~a ~~the~~decrease ~~troubled~~in ~~Local~~impairment ~~Limited~~loss ~~Partnerships~~of ~~can~~$101,000 ~~vary~~during ~~each~~the year ~~depending~~ended onMarch ~~the~~31, ~~operations~~2015 ofcompared to the ~~individual~~year ~~Local~~ended ~~Limited~~March ~~Partnerships~~31, 2014. The ~~accounting~~investments and ~~legal~~intangibles ~~fees~~were ~~increased~~fully byamortized ~~$(5,000)~~or ~~for~~impaired ~~the~~as ~~year~~of ~~ended~~ March 31, ~~2013~~2014, ~~compared~~therefore, tono future impairment expected. During the year ended March 31, ~~2012 due~~2015 tothere ~~the~~were ~~timing~~no ofadvances ~~the~~made ~~accounting~~to ~~work~~Local ~~performed.~~Limited ~~Reporting~~Partnerships ~~fees~~compared ~~decreased~~to by $(237,000) ~~which~~advanced ~~was~~and ~~offset~~reserved byfor ~~an increase of $20,000~~ in ~~distribution~~full ~~income~~during ~~for~~ the year ended March 31, ~~2013~~2014. ~~due~~The advances made to the ~~fact~~troubled ~~that~~ Local Limited Partnerships ~~pay~~can ~~the~~vary ~~reporting~~each ~~fees and~~year ~~distribution~~depending ~~income~~on to the ~~Partnership~~operations ~~when~~of the individual Local Limited Partnerships’. The ~~cash~~accounting ~~flow~~and ~~will~~legal ~~allow~~fees ~~for~~decreased ~~the~~by ~~payment.~~$160,000 ~~For~~ for the year ended March 31, ~~2013~~2015 ~~there~~compared ~~was~~to athe ~~gain~~year onended ~~sale~~March of31, ~~Local~~2014 ~~Limited~~due ~~Partnership~~to the timing of ~~$17,000~~the ~~compared~~accounting towork noperformed. ~~gain~~The ~~for~~Partnership ~~the~~was ~~year ended~~past ~~March~~due ~~31,~~on ~~2012.~~multiple ~~The~~annual ~~gain~~and ~~recorded~~quarterly byfilings. ~~the~~The Partnership ~~can~~is ~~vary~~now ~~depending~~current on ~~the~~all ~~sales~~filings. ~~prices~~Write-off ~~and values~~ of ~~the~~other ~~Housing~~assets ~~Complexes being~~decreased ~~sold~~by ~~along~~$6,000 ~~with~~during the ~~number~~year ~~sold~~ended ~~each~~March ~~year~~31, 2015.

43Capitalized costs from potential disposition of Local Limited Partnerships were expensed due to the length of time it has taken to dispose of the properties. Reporting fees decreased by $51,000 and distribution income decreased by $7,000 for the year ended March 31, 2015 due to the fact that Local Limited Partnerships pay the reporting fees and distribution income to the Partnership when the Local Limited Partnerships’ cash flows will allow for the payment. The asset management fees decreased by $19,000 for the year ended March 31, 2015 due to the fact that the asset management fee is calculated on the Invested Assets of the Local Limited Partnerships, which decreased due to the sales of the Local Limited Partnerships. Amortization decreased by $2,000 for the year ended March 31, 2015 due to the fact that intangibles were fully impaired during the year ended March 31, 2014, thereby decreasing amortization expense. Other expenses decreased by $14,000 for the year ended March 31, 2015 due to a decrease in expenses related to the filing of multiple past due annual and quarter reports.

Year Ended March 31, ~~2012~~2014 Compared to Year Ended March 31, ~~2011~~ 2013 The Partnership’s net ~~loss~~income for the year ended March 31, ~~2012~~ 2014 was $~~(211~~1,544,000), reflecting aan ~~decrease~~increase of $~~(461~~1,535,000) from the net income experienced for the year ended March 31, ~~2011~~2013 of $~~250~~9,000. That ~~decrease~~increase in net income was largely due to aan ~~decrease~~increase of ~~$(382,000) in~~ gain on sale of Local Limited Partnerships of $1,876,000 for the year ended March 31, 2014. The gain recorded by the Partnership can vary depending on the sales prices and values of the Housing Complexes being sold along with the number sold each year. There was aan ~~decrease~~increase ~~of $87,000~~ in impairment loss ~~for~~of $101,000 during the year ended March 31, ~~2012~~2014 compared to the year ended March 31, ~~2011~~2013. 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 toof the ~~Partnership~~investments compared to the current carrying value of each of the investments ~~to the Partnership~~. ~~There was also a $(180,000) increase in write off of advances to Local Limited Partnerships.~~ During the year ended March 31, ~~2012~~2014 there were advances of $~~(180~~37,000) made to ~~several~~ Local Limited Partnerships which were reserved for in full ascompared ofto ~~March 31~~$2,000 ~~2012~~advanced ~~compared~~and toreserved nofor ~~advances made~~ during the year ended March 31, ~~2011~~2013. The advances made to the troubled Local Limited Partnerships can vary each year depending on the operations of the individual Local Limited Partnerships. The accounting and legal fees ~~decreased~~increased by $17200,000 for the year ended March 31, ~~2012~~2014 compared to the year ended March 31, ~~2011~~2013 due to the timing of the accounting work performed. ~~Reporting~~The ~~fees~~Partnership ~~decreased~~was past due on multiple annual and quarterly filings. The Partnership is now current on all filings The write-off of other assets increased by $(39,000) ~~which~~during ~~was~~the ~~offset~~year byended March 31, 2014. Capitalized costs from potential disposition of Local Limited Partnerships were expensed due to the length of time it has taken to dispose of the properties. Reporting fees increased by $345,000 ~~increase~~and in distribution income decreased by $10,000 for the year ended March 31, ~~2012~~2014 due to the fact that Local Limited Partnerships pay the reporting fees and distribution income to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment. There was ~~also~~ a $1738,000 ~~increase~~decrease of equity in income of Local Limited Partnerships for the year ended March 31, ~~2012~~ 2014. The equity in income can vary each year depending on the operations of each of the Local Limited Partnerships. The asset management fees decreased by $517,000 for the year ended March 31, ~~2012~~2014 due to the fact that the asset management fee is calculated on the Invested Assets of the Local Limited Partnerships, which decreased due to the sales of the Local Limited Partnerships. ~~Other~~ ~~income~~The amortization decreased by $145,000 ~~due to the fact that receivables previously written off were repaid~~ for the year ~~ending March 31, 2011. Other expenses increased by $(7,000) for the year~~ ended ~~March~~march 31, ~~2012,~~2014 ~~primarily~~ due to the ~~increase~~fact ofthat ~~property~~intangibles ~~inspection expenses~~were ~~for~~fully impaired during the ~~Local~~year, ~~Limited~~thereby ~~Partnerships~~decreasing amortization expense.

Year Ended March 31, 2011 Compared to Year Ended March 31, 2010 The Partnership’s net income for the year ended March 31, 2011 was $250,000, reflecting a change of $645,000 from the net loss experienced for the year ended March 31, 2010 of $(395,000). That increase in net income was largely due to an increase of $382,000 in gain on sale of Local Limited Partnerships. The gain recorded by the Partnership can vary depending on the sales prices and values of the Housing Complexes being sold along with the number sold each year. There was also a $99,000 decrease in impairment loss for the year ended March 31, 2011. 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 to the Partnership compared to the current carrying value of each of the investments to the Partnership. The equity in income of Local Limited Partnerships increased by $44,000 for the year ended March 31, 2011 due to the fact that the operations of the underlying Housing Complexes of the Local Limited Partnerships will vary from year to year depending on the operations of each of the Local Limited Partnerships. Additionally, there was a decrease of $138,000 in write off of advances to Local Limited Partnerships for the year ended March 31, 2011 compared to the year ended March 31, 2010. There were no advances made during the year ended March 31, 2011 compared to advances of $(138,000) that were made and reserved for during the year ended March 31, 2010. The advances made to the troubled Local Limited Partnerships can vary each year depending on the operations of the individual Local Limited Partnerships. The accounting and legal fees increased by $(4,000) for the year ended March 31, 2011 compared to the year ended March 31, 2010 due to the timing of the accounting work performed. The asset management fees decreased by $5,000 for the year ended March 31, 2011 due to the fact that the asset management fee is calculated on the Invested Assets of the Local Limited Partnerships, which decreased due to the sales of the Local Limited Partnerships. Reporting fees decreased by $(24,000) and distribution income decreased by $(6,000) for the year ended March 31, 2011 due to the fact that Local Limited Partnerships pay the reporting fees and distribution income to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payments. Other income increased by $14,000 for the year ended March 31, 2011 due to the fact that receivables previously written off were repaid.

Year Ended March 31, 2010 Compared to Year Ended March 31, 2009 The Partnership’s net loss for the year ended March 31, 2010 was $(395,000), reflecting a decrease of $943,000 from the net loss experienced for the year ended March 31, 2009 of $(1,338,000). There was a $772,000 decrease in impairment loss for the year ended March 31, 2010. 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 to the Partnership compared to the current carrying value of each of the investments to the Partnership. Additionally, during the year ended March 31, 2010 there were advances of $(138,000) that were made and fully reserved for in the same year compared to advances of $(164,000) made and reserved for during the year ended March 31, 2009. The advances made to the troubled Local Limited Partnerships can vary each year depending on the operations of the individual Local Limited Partnerships. Additionally, reporting fees decreased by $(26,000) which was partially offset by a $6,000 increase in distribution income for the year ended March 31, 2010 due to the fact that Local Limited Partnerships pay the reporting fees and distribution income to the Partnership when the Local Limited Partnership’s cash flow will allow for the payments. The amortization decreased by $2,000 for the year ended March 31, 2010 due to the fact that intangibles were partially impaired during the year, thereby decreasing amortization expense. The accounting and legal fees decreased by $59,000 for the year ended March 31, 2010 compared to the year ended March 31, 2009 due to the timing of the accounting work performed. The equity in losses also decreased by $90,000 for the year ended March 31, 2010 compared to March 31, 2009 due to the fact that the operations of the underlying Housing Complexes of the Local Limited Partnerships will vary from year to year depending on the operations of each of the Local Limited Partnerships.

Year Ended March 31, 2009 Compared to Year Ended March 31, 2008 The Partnership’s net loss for the year ended March 31, 2009 was $(1,338,000), reflecting a decrease of $1,931,000 from the net loss of $(3,269,000) experienced for the year ended March 31, 2008. The change in net loss was largely due to a decrease of $1,226,000 in impairment loss for the year ended March 31, 2009. The impairment loss can vary each year depending on the annual decrease in Low Income Housing Tax Credits allocated to the Partnership and the current estimated residual value to the Partnership compared to the current carrying value of each of the investments to the Partnership. The equity in losses of Local Limited Partnerships decreased by $590,000 for the year ended March 31, 2009 due to the fact that the operations of the underlying Housing Complexes of the Local Limited Partnerships will vary from year to year depending on the operations of each of the Local Limited Partnerships. During the year ended March 31, 2009 advances of $(164,000) were made to Local Limited Partnerships and reserved for in full compared to advances of $(307,000) made and reserved for during the year ended March 31, 2008. The advances made to the troubled Local Limited Partnerships can vary each year depending on the operations of the individual Local Limited Partnerships. There was a $(63,000) increase in accounting and legal fees for the year ended March 31, 2009 due to the timing of accounting work performed. The amortization decreased by $15,000 for the year ended March 31, 2009 due to the fact intangibles were partially impaired during the year, thereby decreasing amortization expense. Reporting fees increased by $31,000 as well as a $3,000 increase in distribution income for the year ended March 31, 2009 due to the fact that Local Limited Partnerships pay the reporting fees and distribution income to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payments.

Year Ended March 31, 2008 Compared to Year Ended March 31, 2007 The Partnership’s net loss for the year ended March 31, 2008 was $(3,269,000), reflecting an increase of $(1,050,000) from the net loss of $(2,219,000) experienced for the year ended March 31, 2007. The change in net loss was largely due to an increase of $(998,000) in impairment loss for the year ended March 31, 2009. The impairment loss can vary each year depending on the annual decrease in Low Income Housing Tax Credits allocated to the Partnership and the current estimated residual value to the Partnership compared to the current carrying value of each of the investments to the Partnership. Equity in losses of Local Limited Partnerships decreased by $(105,000) for the year ended March 31, 2008 due to the fact that the operations of the underlying Housing Complexes of the Local Limited Partnerships will vary from year to year depending on the operations of each of the Local Limited Partnerships. During the year ended March 31, 2008 advances of $(307,000) were made to Local Limited Partnerships and reserved for in full compared to $(110,000) in advances being made and reserved for during the year ended March 31, 2007. The advances made to the troubled Local Limited Partnerships can vary each year depending on the operations of the individual Local Limited Partnerships. The amortization decreased by $29,000 for the year ended March 31, 2008 due to the fact that when a Local Limited Partnership’s investment balance reaches zero the acquisition costs and fees associated with that investment are expensed, resulting in a decreased future amortization expense. There was a $(7,000) increase in accounting and legal fees for the year ended March 31, 2008 due to the timing of accounting work performed. Reporting fees increased by $9,000 as well as a $3,000 increase for distribution income for the year ended March 31, 2008 due to the fact that Local Limited Partnerships pay the reporting fees and distribution income to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payments.

Year Ended March 31, 2007 Compared to Year Ended March 31, 2006 The Partnership’s net loss for the year ended March 31, 2007 was $(2,219,000), reflecting a decrease of $220,000 from the net loss experienced for the year ended March 31, 2006 of $(2,439,000). That decrease in net loss was largely due to a decrease of $273,000 in impairment loss for the year ended March 31, 2007 compared to March 31, 2006. 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 to the Partnership compared to the current carrying value of each of the investments to the Partnership. That decrease was offset partially by an $(80,000) increase in write off of advances to Local Limited Partnerships. During the year ended March 31, 2007 there were advances of $(110,000) made to several Local Limited Partnerships which were reserved for in full as of March 31, 2007 compared to $(30,000) advanced and reserved for during the year ended March 31, 2006. The advances made to the troubled Local Limited Partnerships can vary each year depending on the operations of the individual Local Limited Partnerships. The accounting and legal fees increased by $(2,000) for the year ended March 31, 2007 compared to the year ended March 31, 2006 due to the timing of the accounting work performed. The amortization expense decreased by $1,000 during the year ended March 31, 2007 due to the fact that when a Local Limited Partnership’s investment balance reaches zero the acquisition costs and fees associated with that investment are expensed, resulting in a decreased future amortization expense. Reporting fees increased by $13,000 for the year ended March 31, 2007 due to the fact that Local Limited Partnerships pay the reporting fees to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment. There was also a $22,000 decrease of equity in losses of Local Limited Partnerships for the year ended March 31, 2007. The equity in losses can vary each year depending on the operations of each of the Local Limited Partnerships.

Liquidity and Capital Resources

Year Ended March 31, ~~2013~~2015 Compared to Year Ended March 31, ~~2012~~ 2014 The net increase in cash and cash equivalents during the year ended March 31, ~~2013~~2015 was $~~276~~51,000 compared to a net ~~decrease~~increase in cash and cash equivalents for the year ended March 31, ~~2012~~2014 of $~~(134~~958,000). During the year ended March 31, ~~2013~~2015, the Partnership ~~did~~paid ~~not~~$30,000 ~~pay~~of ~~any~~ accrued asset management fees compared to $25209,000 ~~paid~~ during the year ended March 31, ~~2012~~2014. During the year ended March 31, ~~2013~~2015 the Partnership reimbursed the General Partner or an affiliate $4785,000 for operating expenses paid on its behalf compared to $8262,000 paid during the year ended March 31, ~~2012~~2014. The accrued asset management fees and reimbursement of operating expenses are paid after management reviews the cash position of the Partnership. The Partnership also collected $251,000 ~~more~~ less in reporting fees and $227,000 ~~more~~less in distributions for the year ended March 31, ~~2013~~2015 compared to the year ended March 31, ~~2012~~ 2014 due to the fact that Local Limited Partnerships pay the reporting fees and distributions to the Partnership when the Local Limited Partnerships’ cash ~~flow~~flows will allow for the payment. The Partnership ~~advanced~~made ~~$2,000~~no advances to troubled Local Limited Partnerships during the year ended March 31, ~~2013~~2015 compared to $~~180~~37,000 advanced during the year ended March 31, ~~2012~~2014 as discussed above. During the year ended March 31, ~~2013~~2015 the Partnership received $~~260~~30,000 in prepaid disposition proceeds compared to no$5,000 ~~such fees~~ collected during the year ended March 31, ~~2012~~2014. The cash represented deposits for ~~two~~ dispositions that were anticipated to close subsequent to ~~March~~the ~~31,~~respective ~~2013~~year ends. During the year ended March 31, ~~2013~~2015 the Partnership received $1798,000 in net proceeds from the disposition of Local Limited Partnerships compared to no$2,180,000 ~~proceeds~~ during the year ended March 31, ~~2012~~2014. The gain on sale of Local Limited partnerships will vary from period to period, depending on the number of Housing Complexes that have been identified for disposition, the values of such Housing Complexes and the closing dates of transactions. The Partnership made $786,000 of payments from disposition proceeds to the General Partner for advances previously forgiven during the year ended March 31, 2014. During the year ended March 31, 2015, the Partnership made no capital contribution payments to the Local Limited Partnerships compared to $34,000 in contributions made during the year ended March 31, 2014. Capital contributions are paid when the Local Limited Partnership reaches certain benchmarks.

4622

Year Ended March 31, ~~2012~~2014 Compared to Year Ended March 31, ~~2011~~ 2013 The net ~~decrease~~increase in cash during the year ended March 31, ~~2012~~2014 was $~~(133~~958,000) compared to a net increase in cash for the year ended March 31, ~~2011~~2013 of $~~128~~276,000. During the year ended March 31, ~~2012~~2014, the Partnership paid $209,000 of accrued asset management fees ~~of $25,000~~ compared to ~~$89,000~~none ~~paid~~ during the year ended March 31, ~~2011~~2013. During the year ended March 31, ~~2012~~2014 the Partnership ~~paid~~reimbursed ~~$8,000 to~~ the General Partner or an affiliate $262,000 for operating expenses paid on its behalf compared to $~~167~~47,000 ~~reimbursed~~paid during the year ended March 31, ~~2011~~2013. The accrued asset management fees and reimbursement of operating expenses are paid after management reviews the cash position of the Partnership. The Partnership also collected $345,000 ~~less~~ more in reporting fees and $710,000 less in distributions for the year ended March 31, ~~2012~~2014 compared to the year ended March 31, ~~2011~~ 2012 due to the fact that Local Limited Partnerships pay the reporting fees and distributions to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment. The ~~During~~Partnership advanced $37,000 to troubled Local Limited Partnerships during the year ended March 31, ~~2012~~2014 compared to $2,000 advanced during the ~~Partnership~~year ~~made~~ended ~~no payments~~March of31, ~~capital~~2013 ~~contributions~~as todiscussed aabove. During ~~Local~~the ~~Limited~~year ended March 31, 2014 the Partnership received $5,000 in prepaid disposition proceeds compared to $6260,000 ~~paid~~collected during the year ended March 31, ~~2011~~2013. ~~Capital~~ The ~~contributions~~cash ~~are~~represented ~~paid~~deposits ~~when~~for ~~the~~dispositions ~~Local~~that ~~Limited~~were ~~Partnership~~anticipated ~~reaches~~to ~~certain~~close ~~benchmarks~~subsequent to the respective year ends. ~~The~~During the year ended March 31, 2014 the Partnership ~~advanced~~received $2,180,000 to ~~troubled~~in net proceeds from the disposition of Local Limited Partnerships compared to $17,000 during the year ended March 31, ~~2012~~2013. ~~compared~~The gain on sale of Local Limited partnerships will vary from period to noperiod, ~~advances~~depending ~~during~~on the ~~year~~number ~~ended~~of ~~March 31~~Housing Complexes that have been identified for disposition, ~~2011~~the asvalues ~~discussed~~of ~~above~~such Housing Complexes and the closing dates of transactions. The Partnership also paid $786,000 of disposition proceeds to the General partner for advances previously forgiven. During the year ended March 31, ~~2011~~2014, the Partnership ~~received~~made $~~382~~34,000 in ~~net~~capital ~~proceeds~~contributions ~~from~~to ~~the~~a ~~disposition of certain~~ Local Limited ~~Partnerships~~Partnership compared to no ~~proceeds~~contribution made during the year ended March 31, ~~2012~~2014. Capital contributions are paid when the Local Limited Partnership reaches certain benchmarks.

Year Ended March 31, 2011 Compared to Year Ended March 31, 2010 The net increase in cash during the year ended March 31, 2011 was $128,000 compared to a net increase in cash for the year ended March 31, 2010 of $4,000. During the year ended March 31, 2011 the Partnership made no advances to the Local Limited Partnerships compared to $(138,000) advanced during the year ended March 31, 2010 as discussed above. The Partnership paid accrued asset management fees of $89,000 during the year ended March 31, 2011 compared to no fees paid during the year ended March 31, 2011. During the year ended March 31, 2011 the Partnership reimbursed the General Partner or an affiliate $167,000 for operating expenses paid on its behalf compared to no reimbursements during the year ended March 31, 2010. The accrued asset management fees and reimbursement of operating expenses are paid after management reviews the cash position of the Partnership. During the year ended March 31, 2011 the Partnership made $(6,000) in capital contributions to a Local Limited Partnership compared to no payments to Local Limited Partnerships during the year ended March 31, 2010. Capital contributions are paid when the Local Limited Partnership reaches certain benchmarks. The Partnership received $11,000 more in distributions and had a $(24,000) decrease in reporting fees from Local Limited Partnerships for the year ended March 31, 2011 due to the fact that Local Limited Partnerships pay the distributions and reporting fees to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment. During the year ended March 31, 2011 the Partnership received $382,000 in net proceeds from the disposition of certain Local Limited Partnerships compared to no proceeds during the year ended March 31, 2010.

Year Ended March 31, 2010 Compared to Year Ended March 31, 2009 The net increase in cash during the year ended March 31, 2010 was $4,000 compared to a net increase in cash for the year ended March 31, 2009 of $21,000. During the year ended March 31, 2010 the Partnership advanced $(138,000) to the Local Limited Partnerships while the Partnership advanced $(164,000) during the year ended March 31, 2009 as discussed above. The Partnership received $(15,000) less in distributions from Local Limited Partnerships for the year ended March 31, 2010 as discussed above. During the year ended March 31, 2010 the Partnership did not reimburse the General Partner or an affiliate compared to $(20,000) reimbursed for operating expenses during the year ended March 31, 2010. The reimbursements of operating expenses are paid after management reviews the cash position of the Partnership.

Year Ended March 31, 2009 Compared to Year Ended March 31, 2008 The net increase in cash during the year ended March 31, 2009 was $21,000 compared to a net decrease in cash for the year ended March 31, 2008 of $(236,000). During the year ended March 31, 2009 the Partnership advanced $(164,000) to troubled Local Limited Partnerships while $(307,000) was advanced during the year ended March 31, 2008 as discussed above. During the year ended March 31, 2009 the Partnership collected reporting fees of $60,000 from Local Limited Partnerships compared to $29,000 collected during the year ended March 31, 2008. Additionally, the Partnership collected $9,000 more in distributions from Local Limited Partnerships during the year ended March 31, 2009 compared to the year ended March 31, 2008. The Local Limited Partnerships pay the distributions and reporting fees to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment. For the year ended March 31, 2009 the Partnership paid the General Partner and affiliates approximately $20,000 for reimbursement for expenses paid on behalf of the Partnership compared to $25,000 paid during the year ended March 31, 2008. The Partnership did not pay any accrued asset management fees during the year ended March 31, 2009 compared to fees of $25,000 paid during the year ended March 31, 2008. The reimbursements of operating expenses and accrued asset management fees are paid after management reviews the cash position of the Partnership.

Year Ended March 31, 2008 Compared to Year Ended March 31, 2007 The net decrease in cash during the year ended March 31, 2008 was $(236,000) compared to a net decrease in cash for the year ended March 31, 2007 of $(126,000). During the year ended March 31, 2008 the Partnership advanced $(307,000) to troubled Local Limited Partnerships while advances of $(110,000) were paid during the year ended March 31, 2007. Advances are made to Local Limited Partnerships if Local Limited Partnerships are experiencing operational and cash flow issues and the Partnership deems it necessary to advance the cash. During the year ended March 31, 2007, repayments of advances to Local Limited Partnerships totaling $8,000 were received compared to no such receipts during the year ended March 31, 2008. During the year ended March 31, 2008 the Partnership collected $9,000 more in reporting fees and $(5,000) less in distributions from Local Limited Partnerships compared to the year ended March 31, 2007. The Local Limited Partnerships pay the distributions and reporting fees to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment. For the year ended March 31, 2008 the Partnership paid the General Partner and affiliates approximately $(25,000) for reimbursement for expenses paid on behalf of the Partnership compared to $(12,000) paid during the year ended March 31, 2007. The Partnership paid $(25,000) in accrued asset management fees during the year ended March 31, 2008 compared to fees of $(50,000) paid during the year ended March 31, 2007. The reimbursements of operating expenses and accrued asset management fees are paid after management reviews the cash position of the Partnership.

Year Ended March 31, 2007 Compared to Year Ended March 31, 2006 The net decrease in cash during the year ended March 31, 2007 was $(126,000) compared to a net decrease in cash for the year ended March 31, 2006 of $(156,000). During the year ended March 31, 2007, the Partnership paid accrued asset management fees of $50,000 compared to $95,000 paid during the year ended March 31, 2006. During the year ended March 31, 2007 the Partnership reimbursed the General Partner or an affiliate $12,000 for operating expenses paid on its behalf compared to $14,000 reimbursed during the year ended March 31, 2006. The accrued asset management fees and reimbursement of operating expenses are paid after management reviews the cash position of the Partnership. The Partnership also collected $13,000 more in reporting fees and $4,000 more in distributions for the year ended March 31, 2007 compared to the year ended March 31, 2006 due to the fact that Local Limited Partnerships pay the reporting fees and distributions to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment. During the year ended March 31, 2007 the Partnership made no payments of capital contributions to a Local Limited Partnership compared to $35,000 paid during the year ended March 31, 2006. Capital contributions are paid when the Local Limited Partnership reaches certain benchmarks. The Partnership advanced $110,000 to troubled Local Limited Partnerships during the year ended March 31, 2007 compared to $38,000 advanced during the year ended March 31, 2006 as discussed above. During the year ended March 31, 2007, repayments of advances to Local Limited Partnerships totaling $8,000 were received compared to no such receipts during the year ended March 31, 2006.

Other Matters

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 March 31, 2010, 2009, 2008, and 2007 was $0, $0, $16,650, and $179,043, 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 March 31, 2013, 2012, 2011, 2010, 2009, 2008, and 2007 was $0, $0, $0, $0, $12,976, $19,028, and $76,925, 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.

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 as of March 31, 2013, 2012, 2011, 2010, 2009, 2008, and 2007 was $0, $0,$0,$0, $0, $0, and $456,516, respectively . 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 as of March 31, 2010, 2009, 2008, and 2007 was $0, $0, $0, and $912,470, respectively. The Compliance Period for Mesa Verde ended on December 31, 2012.

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.

Partnership’s Future Contractual Cash Obligations

The following table summarizes the Partnership’s future contractual cash obligations as of March 31, ~~2013~~2015:

	2014		2015		2016		2017		2018		Thereafter		Total
	2016		2017		2018		2019		2020		Thereafter		Total
Asset management fees(1)	$	~~228~~18,~~046~~560	$	336,~~061~~238	$	336,~~061~~238	$	336,~~061~~238	$	336,~~061~~238	$	1187,~~057,952~~140	$	1230,~~418,242~~652
Payable to Local Limited Partnerships		33,811		-		-		-		-		-		33,811
Total contractual cash obligations	$	18,560	$	6,238	$	6,238	$	6,238	$	6,238	$	187,140	$	230,652
Total contractual cash obligations	$	261,857	$	33,061	$	33,061	$	33,061	$	33,061	$	1,057,952	$	1,452,053

(1) Asset management fees are payable annually until termination of the Partnership, which is to occur no later than ~~December 31,~~ 2050. The estimate of the fees payable included herein assumes the retention of the Partnership’s interest in all Housing Complexes ~~until~~owned ~~December~~at March 31, ~~2050~~2015. Amounts due to the General Partner as of March 31, ~~2013~~2015 have been included in the ~~2014~~2016 column. The projected asset management fees do not include Blessed Rock of El Monte, a CA Limited Partnership, Woodland, Ltd., Greyhound Associates I, L.P., and Crescent City Apartment, a CA Limited Partnership. The General Partner does not anticipate that these fees will be paid until such time as capital reserves are in excess of the aggregate of the existing contractual obligations and the anticipated future foreseeable obligations of the Partnership.

For additional information regarding our asset management fees and payables to Local Limited Partnerships, see Notes 2, 3 and 5 to the financial statements included elsewhere herein.

Off-Balance Sheet Arrangements

The Partnership has no off-balance sheet arrangements.

Exit Strategy

See Item 1 for information in this regard.

Impact of New Accounting Pronouncements

See footnote 1 to the audited financial statements.

Item 7A. Quantitative and Qualitative Disclosures Above Market Risk

NOT APPLICABLE

Item 8. Financial Statements and Supplementary Data

5223

Report of Independent Registered Public Accounting Firm

To the Partners WNC Housing Tax Credit Fund V, L.P., Series 4

We have audited the accompanying balance sheets of WNC Housing Tax Credit Fund V, L.P., Series 4 as of March 31, 2013, 2012, 2011, 2010, 2009, 2008 and 2007,and the related statements of operations, partners’ equity (deficit), and cash flows for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006. The Partnership’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain Local Limited Partnerships which investments represent $547,893, $519,559, $489,810, $472,738, $686,190, $1,480,682 and $912,470 of the total Partnership assets as of March 31, 2013, 2012, 2011, 2010, 2009, 2008 and 2007, respectively, and $38,185, $37,677, $34,210, $30,188, $(72,717), $(470,304), $(322,216) and $(398,116) of the total Partnership income (loss) for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006, respectively. Those statements were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to those Local Limited Partnerships, is based solely on the reports of the other auditors.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of WNC Housing Tax Credit Fund V, L.P., Series 4 as of March 31, 2013, 2012, 2011, 2010, 2009, 2008 and 2007 and the results of its operations and its cash flows for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006 in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedule listed under Item 15(a)(2) in the index related to the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006 is presented for the purpose of complying with the Securities and Exchange Commission's rules and is not part of the basic financial statements. This schedule has been subjected to the auditing procedures applied to the audit of the basic financial statements and, in our opinion, fairly states in all material respects the financial statement data required to be set forth therein in relation to the basic financial statements taken as a whole.

/s/ CohnReznick LLP Bethesda, Maryland November 4, 2013

F-1

INDEPENDENT AUDITOR’S REPORT

To the Partners

~~ASHFORD PLACE~~WNC Housing Tax Credit Fund V, AL.P. ~~LIMITED~~Series ~~PARTNERSHIP~~4

We have audited the accompanying balance sheets of ~~ASHFORD~~WNC ~~PLACE,~~Housing ATax ~~LIMITED~~Credit ~~PARTNERSHIP~~Fund V, L.P. Series 4 (the "Partnership") as of ~~December~~March 31, ~~2007~~2015 and ~~2006~~2014, and the related statements of operations, ~~changes in partner~~partners’s equity (deficit), and cash flows for each of the years ~~then~~in ~~ended.~~the ~~These~~three-year ~~financial statements~~period ~~are~~ended ~~the~~March ~~responsibility~~31, of2015. ~~the~~The ~~partnership~~Partnership’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain Local Limited Partnerships which investments represent $0, $0 and $38,185 of the total Partnership income (loss) for the years ended March 31, 2015, 2014 and 2013, respectively. Those statements were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it related to these Local Limited Partnerships, is based solely on the reports of the other auditors.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the ~~standards~~ ~~applicable~~audits to obtain reasonable assurance about whether the financial ~~audits~~statements ~~contained~~are infree ~~Government~~of ~~Auditing~~material ~~Standards~~misstatement. The Partnership is not required to have, ~~issued~~nor bywere ~~the~~we ~~Comptroller~~engaged ~~General~~ to perform, an audit of ~~the~~its ~~United~~internal ~~States~~control over financial reporting. ~~Those~~Our ~~standards~~audits ~~require~~included consideration of internal control over financial reporting as a basis for designing audit procedures that weare ~~plan~~appropriate ~~and~~in ~~perform~~the circumstances, but not for the ~~audit~~purpose toof ~~obtain~~expressing ~~reasonable~~an ~~assurance~~opinion ~~about~~on ~~whether~~ the effectiveness of the Partnership’s internal control over financial ~~statements~~reporting. ~~are~~Accordingly, ~~free~~we ofexpress ~~material~~no ~~misstatement~~such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements., ~~An audit also includes~~ assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, based on our audits and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of ~~ASHFORD PLACE~~WNC Housing Tax Credit Fund V, AL.P. ~~LIMITED~~Series ~~PARTNERSHIP~~4 as of ~~December~~March 31, ~~2007~~2015 and ~~2006~~2014 and the results of its operations, ~~changes in partners’ equity~~ and its cash flows for each of the years ~~then~~in the three-year period ended March 31, 2015 in conformity with accounting principles generally accepted in the United States of America.

~~Metairie~~Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedule listed under Item 15(a)(2) in the index related to each of the years in the three-year period ended March 31, ~~Louisiana~~2015 ~~April~~is 11presented for the purpose of complying with the Securities and Exchange Commission's rules and is not part of the basic financial statements. This schedule has been subjected to the auditing procedures applied to the audits of the basic financial statements and, ~~2008~~in our opinion, fairly states in all material respects the financial statement data required to be set forth therein in relation to the basic financial statements taken as a whole.

~~3421 N.~~/s/ ~~Causeway~~CohnReznick ~~Blvd., Suite 701. Metairie, LA 70002 Telephone (504) 837-0770 . Fax (504) 837-7102~~LLP

~~Member of~~Bethesda, Maryland

~~IGAF Worldwide-~~June ~~Member~~17, ~~Firms in Principal Cities . PCAOB - Public Company Accounting Oversight Board~~2015

~~AICPA Centers . Center for Public Company Audit Firms (SEC)~~24

~~Governmental Audit~~Report ~~Quality~~of ~~Center~~Independent .Registered ~~Private~~Public ~~Companies~~Accounting ~~Practice Section (PCPS)~~Firm

F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners

~~Bolivar Plaza~~WNC ~~Apts~~Housing Tax Credit Fund V, L.P., Series 4

We have audited the accompanying balance ~~sheet~~sheets of ~~Bolivar~~WNC ~~Plaza~~Housing ~~Apts~~Tax Credit Fund V, L.P., aSeries ~~Missouri~~4 ~~Limited~~(the "Partnership, ") as of ~~December~~March 31, ~~2007~~2015 and 2014, and the related statements of operations, ~~changes in~~ partners’ ~~capital~~equity (deficit), and cash flows for each of the ~~year then~~years ~~ended.~~in ~~These~~the ~~financial~~three-year ~~statements~~period ~~are~~ended ~~the~~March ~~responsibility~~31, of2015. ~~the~~The ~~partnership~~Partnership’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain Local Limited Partnerships which investments represent $0, $0 and $38,185 of the total Partnership income (loss) for the years ended March 31, 2015, 2014 and 2013, respectively. Those statements were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it related to these Local Limited Partnerships, is based solely on the reports of the other auditors.

We conducted our ~~audit~~audits in accordance with the ~~Standards~~standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the ~~audit~~audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The ~~partnership~~Partnership ~~has determined that it~~ is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our ~~audit~~audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the ~~partnership~~Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements., ~~An audit also includes~~ assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our ~~audit~~audits ~~provides~~provide a reasonable basis for our opinion.

In our opinion, based on our audits and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of ~~Bolivar Plaza~~WNC ~~Apts~~Housing Tax Credit Fund V, L.P., Series 4 as of ~~December~~March 31, ~~2007~~2015 and 2014 and the results of its operations, ~~changes in partners’ capital~~ and its cash flows for each of the years in the three-year ~~then~~period ended March 31, 2015 in conformity with accounting principles generally accepted in the United States of America.

~~Metairie~~Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedule listed under Item 15(a)(2) in the index related to each of the years in the three-year period ended March 31, ~~Louisiana~~ 2015 is presented for the purpose of complying with the Securities and Exchange Commission's rules and is not part of the basic financial statements. This schedule has been subjected to the auditing procedures applied to the audits of the basic financial statements and, in our opinion, fairly states in all material respects the financial statement data required to be set forth therein in relation to the basic financial statements taken as a whole.

~~February 26,~~/s/ ~~2008~~CohnReznick LLP

~~F-3~~Bethesda, Maryland

~~INDEPENDENT AUDITOR’S~~June ~~REPORT~~17, 2015

~~To the Partners~~25

Bolivar Plaza Apts, L.P.

We have audited the accompanying balance sheet of Bolivar Plaza Apts, L.P., as of December 31, 2008 and the related statements of operations, changes in partners’ capital and cash flows for the year then ended. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the Standards of the Public Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bolivar Plaza Apts, L.P. as of December 31, 2008 and the results of its operations, changes in partners’ capital and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Metairie, Louisiana

March 15, 2009

F-4

Reznick Group, RC. 7700 Old Georgetown Road Suite 400Bethesda, MD 20814-6224 Tel: (301) 652-9100Fax: (301) 652-1848 www.reznickgroup.com

BOLIVAR PLAZA APTS 2007

INDEPENDENT AUDITOR’S REPORT

To the Partners

Blessed Rock of El Monte

We have audited the accompanying balance sheet of Blessed Rock of El Monte (a California Limited Partnership) as of December 31, 2007, and the related statements of operations, changes in partners’ equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Blessed Rock of El Monte as of December 31, 2007, and the results of its operations and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

As discussed more fully in note 8 of the financial statements, certain errors resulting principally in the overstatement of depreciation and amortization due to misallocation of building, deferred fees and organization cost, in prior years, were discovered by management of the Partnership during the current year. Accordingly, adjustments have been made to partners’ equity (deficit) as of January 1, 2007, to correct the errors.

Skokie, Illinois	Taxpayer Identification Number
December 17, 2008	52-1088612
Lead Auditor: Jeff Dowd

Atlanta ● Austin ● Baltimore ● Bethesda ● Birmingham ● Charlotte ● Chicago ● Los Angeles ● Sacramento ● Tysons Corner

F-5

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners

Blessed Rock of El Monte

We have audited the accompanying balance sheet of Blessed Rock of El Monte, a California Limited Partnership, as of December 31, 2008 and the related statements of operations, changes in partners’ capital and cash flows for the year then ended. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Blessed Rock of El Monte as of December 31, 2008 and the results of its operations, changes in partners’ capital and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Metairie, Louisiana

March 1, 2009

3421 N. Causeway Blvd., Suite 701. Metairie, LA 70002 Telephone (504) 837-0770 . Fax (504) 837-7102

Member of

IGAF Worldwide - Member Firms in Principal Cities . PCAOB - Public Company Accounting Oversight Board

AICPA Centers . Center for Public Company Audit Firms (SEC)

Governmental Audit Quality Center . Private Companies Practice Section (PCPS)

F-6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners

Blessed Rock of El Monte

We have audited the accompanying balance sheet of Blessed Rock of El Monte, a California Limited Partnership, as of December 31, 2009 and the related statements of operations, changes in partners’ capital and cash flows for the year then ended. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Blessed Rock of El Monte as of December 31, 2009 and the results of its operations, changes in partners’ capital and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Metairie, Louisiana February 19, 2010

3421 N. Causeway Blvd., Suite 701. Metairie, LA 70002 Telephone (504) 837-0770 . Fax (504) 837-7102

Member of

IGAF Worldwide- Member Firms in Principal Cities . PCAOB - Public Company Accounting Oversight Board

AICPA Centers . Center for Public Company Audit Firms (SEC)

Governmental Audit Quality Center . Private Companies Practice Section (PCPS)

F-7

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners

Blessed Rock of El Monte

We have audited the accompanying balance sheet of Blessed Rock of El Monte, a California Limited Partnership, as of December 31, 2010 and the related statements of operations, changes in partners’ capital and cash flows for the year then ended. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Blessed Rock of El Monte as of December 31, 2010 and the results of its operations, changes in partners’ capital and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Metairie, Louisiana February 4, 2011

3421 N. Causeway Blvd., Suite 701. Metairie, LA 70002 Telephone (504) 837-0770 . Fax (504) 837-7102

Member of

IGAF Worldwide- Member Firms in Principal Cities . PCAOB - Public Company Accounting Oversight Board

AICPA Centers . Center for Public Company Audit Firms (SEC)

Governmental Audit Quality Center . Private Companies Practice Section (PCPS)

F-8

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners

Blessed Rock of El Monte

We have audited the accompanying balance sheet of Blessed Rock of El Monte, a California Limited Partnership, as of December 31, 2011 and the related statements of operations, changes in partners’ capital and cash flows for the year then ended. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Blessed Rock of El Monte as of December 31, 2011 and the results of its operations, changes in partners’ capital and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Metairie, Louisiana January 27, 2012

3421 N. Causeway Blvd., Suite 701. Metairie, LA 70002 Telephone (504) 837-0770 . Fax (504) 837-7102

Member of

IGAF Worldwide- Member Firms in Principal Cities . PCAOB - Public Company Accounting Oversight Board

AICPA Centers . Center for Public Company Audit Firms (SEC)

Governmental Audit Quality Center . Private Companies Practice Section (PCPS)

F-9

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners

Blessed Rock of El Monte

We have audited the accompanying financial statements of Blessed Rock of El Monte, as of December 31, 2012 and the related statements of operations, changes in partners’ equity and cash flows for the year ended December 31, 2012. Blessed Rock of El Monte’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Blessed Rock of El Monte as of December 31, 2012 and the result of its operations and its cash flows for the year ended December 31, 2012 in conformity with accounting principles generally accepted in the United States of America.

Metairie, Louisiana January 25, 2013

F-10

INDEPENDENT AUDITOR’S REPORT

To the Partners

MESA VERDE APARTMENTS, L.P.

Roswell, New Mexico

We have audited the accompanying balance sheets of MESA VERDE APARTMENTS, L.P., as of December 31, 2005 and 2004 and the related statements of operations, changes in partners’ equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the Standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of MESA VERDE APARTMENTS, L.P. as of December 31, 2005 and 2004 and the results of its operations, changes in partners’ equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Metairie, Louisiana

February 10, 2007

3421 N. Causeway Blvd., Suite 701. Metairie, LA 70002. Telephone (504) 837-0770 . Fax (504) 837-7102

Member of

IGAF Worldwide - Member Firms in Principal Cities . PCAOB - Public Company Accounting Oversight Board

AICPA Centers . Center for Public Company Audit Firms (SEC)

Governmental Audit Quality Center . Private Companies Practice Section (PCPS)

F-11

INDEPENDENT AUDITOR’S REPORT

To the Partners

MESA VERDE APARTMENTS, LP.

Roswell, New Mexico

We have audited the accompanying balance sheets of MESA VERDE APARTMENTS, L.P., as of December 31, 2006 and 2005 and the related statements of operations, changes in partners’ equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in ail material respects, the financial position of MESA VERDE APARTMENTS, L.P. as of December 31, 2006 and 2005 and the results of its operations, changes in partners’ equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Metairie, Louisiana

April 27, 2007

3421 N. Causeway Blvd., Suite 701. Metairie, LA 70002. Telephone (504) 837-0770. Fax (504) 837-7102

Member of

IGAF Worldwide - Member Firms in Principal Cities. PCAOB - Public Company Accounting Oversight Board AICPA Centers. Center for Public Company Audit Firms (SEC) Governmental Audit Quality Center. Private Companies Practice Section (PCPS)

F-12

INDEPENDENT AUDITOR’S REPORT

To the Partners

MESA VERDE APARTMENTS, LP.

Roswell, New Mexico

We have audited the accompanying balance sheets of MESA VERDE APARTMENTS, L.P., as of December 31, 2007 and 2006 and the related statements of operations, changes in partners’ equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of MESA VERDE APARTMENTS, L.P. as of December 31, 2007 and 2006 and the results of its operations, changes in partners’ equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Metairie, Louisiana

April 25, 2008

3421 N. Causeway Blvd., Suite 701. Metairie, LA 70002 Telephone (504) 837-0770 . Fax (504) 837-7102

Member of

IGAF Worldwide - Member Finns in Principal Cities . PCAOB - Public Company Accounting Oversight Board

AICPA Centers . Center for Public Company Audit Firms (SEC)

Governmental Audit Quality Center . Private Companies Practice Section (PCPS)

F-13

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

(A California Limited Partnership)

BALANCE SHEETS

	March 31,
	2013		2012		2011		2010		2009			2008			2007
ASSETS
Cash	$	296,821	$	20,488	$	153,987	$	25,677	$	21,443		$	166		$	235,855
Prepaid expenses		-		-		28,130		-		-			-			7,281
Other assets		17,775		-		-		-		-			-			-
Investments in Local Limited Partnerships, net (Notes 2 and 3)		650,468		629,335		606,786		697,775		914,118			2,015,782			4,942,198
Due from affiliates		-		-		-		-		-			-			574
Total Assets	$	965,064	$	649,823	$	788,903	$	723,452	$	935,561		$	2,015,948		$	5,185,908
LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)
Liabilities:
Payables to Local Limited Partnerships (Note 5)	$	33,810	$	33,810	$	33,810	$	39,310	$	39,310		$	39,310		$	39,310
Accrued fees and advances due to General Partner and affiliates (Note 3)		194,984		204,132		131,632		311,427		215,571			130,980			31,614
Accounts payable		-		-		920		-		-			-			-
Prepaid disposition proceeds		260,000		-		-		-		-			-			-
Total Liabilities		488,794		237,942		166,362		350,737		254,881			170,290			70,924
Partners’ Equity (Deficit)
General Partner		97,734		42,162		44,269		41,771		(41,432	)		(200,604	)		(167,911	)
Limited Partners (25,000 Partnership Units authorized; 21,952, 21,955, 21,990, 21,990, 21,990, 21,990, and 21,990 Partnership Units issued and outstanding)		378,536		369,719		578,272		330,944		722,112			2,046,262			5,282,895
Total Partners’ Equity (Deficit)		476,270		411,881		622,541		372,715		680,680			1,845,658			5,114,984
Total Liabilities and Partners’ Equity (Deficit)	$	965,064	$	649,823	$	788,903	$	723,452	$	935,561		$	2,015,948		$	5,185,908

March 31, 2015 and 2014

	March 31,

	2015			2014
ASSETS
Cash and cash equivalents	$	1,305,542		$	1,254,665
Other assets		1,100			24,805
Due from affiliates, net (Note 5)		-			-
Investments in Local Limited Partnerships, net (Notes 2 and 3)		-			-

Total Assets	$	1,306,642		$	1,279,470

LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)

Liabilities:
Accrued fees and advances due to General Partner and affiliates (Note 3)	$	12,322		$	40,233
Prepaid disposition proceeds		30,000			4,950

Total Liabilities		42,322			45,183

Partners’ Equity (Deficit)
General Partner		(672,179	)		(672,479	)
Limited Partners (25,000 Partnership Units authorized; 21,810 and 21,932 Partnership Units issued and outstanding, respectively)		1,936,499			1,906,766

Total Partners’ Equity (Deficit)		1,264,320			1,234,287

Total Liabilities and Partners’ Equity (Deficit)	$	1,306,642		$	1,279,470

See accompanying notes to financial statements

~~F-14~~26

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

(A California Limited Partnership)

STATEMENTS OF OPERATIONS

	For the Years Ended March 31,
	2013			2012			2011			2010			2009			2008			2007			2006
Reporting fees	$	6,000		$	7,916		$	10,581		$	34,031		$	60,201		$	29,036		$	20,500		$	7,350
Distribution income		29,216			8,769			6,187			12,250			5,967			2,983			-			-
Other income		-			-			13,786			-			-			-			-			-
Total operating income		35,216			16,685			30,554			46,281			66,168			32,019			20,500			7,350
Operating expenses and loss:
Amortization (Notes 2 and 3)		7,200			7,200			7,200			7,200			9,221			24,093			53,399			54,358
Asset management fees (Note 3)		50,149			50,784			55,541			60,500			60,500			60,500			60,500			60,500
Impairment loss (Note 2)		-			-			87,338			185,972			957,996			2,184,054			1,186,381			1,459,091
Accounting and legal fees		11,401			6,439			23,431			18,966			77,973			15,024			7,582			5,198
Write off of advances to Local Limited Partnerships (Note 5)		2,088			180,395			-			138,241			163,811			306,840			110,431			30,388
Other		10,644			20,264			12,566			7,368			21,114			7,967			13,740			8,002
Total operating expenses and loss		81,482			265,082			186,076			418,247			1,290,615			2,598,478			1,432,033			1,617,537
Loss from operations		(46,266	)		(248,397	)		(155,522	)		(371,966	)		(1,224,447	)		(2,566,459	)		(1,411,533	)		(1,610,187	)
Equity in income (losses) of Local Limited Partnerships (Note 2)		38,184			37,676			20,687			(23,171	)		(113,083	)		(703,117	)		(808,469	)		(830,792	)
Gain on sale of Local Limited Partnerships (Note 2)		16,953			-			382,388			-			-			-			-			-
Interest income		35			61			2,273			18			5			250			1,371			2,072
Net income (loss)	$	8,906		$	(210,660	)	$	249,826		$	(395,119	)	$	(1,337,525	)	$	(3,269,326	)	$	(2,218,631	)	$	(2,438,907	)
Net income (loss) allocated to:
General Partner	$	89		$	(2,107	)	$	2,498		$	(3,951	)	$	(13,375	)	$	(32,693	)	$	(22,186	)	$	(24,389	)
Limited Partners	$	8,817		$	(208,553	)	$	247,328		$	(391,168	)	$	(1,324,150	)	$	(3,236,633	)	$	(2,196,445	)	$	(2,414,518	)
Net income (loss) per Partnership Unit	$	.40		$	(9.50	)	$	11.25		$	(17.79	)	$	(60.22	)	$	(147.19	)	$	(99.88	)	$	(109.80	)
Outstanding weighted Partnership Units		21,952			21,955			21,990			21,990			21,990			21,990			21,990			21,990

For the Years Ended March 31, 2015, 2014 and 2013

	For the Years Ended March 31,
	2015			2014			2013

Operating income: Reporting fees	$	-		$	51,197		$	6,000
Distribution income		12,092			18,786			29,216
Total operating income		12,092			69,983			35,216

Operating expenses and loss:
Amortization (Notes 2 and 3)		-			1,800			7,200
Asset management fees (Note 3)		14,170			33,153			50,149
Impairment loss (Note 2)		-			100,779			-
Accounting and legal fees		51,661			211,476			11,401
Write off of other assets		3,281			9,000			-
Write off of advances to Local Limited Partnerships (Note 5)		-			36,993			2,088
Other		12,201			26,320			10,644
Total operating expenses and loss		81,313			419,521			81,482

Loss from operations		(69,221	)		(349,538	)		(46,266	)

Equity in income of Local Limited Partnerships (Note 2)		-			-			38,184
Gain on sale of Local Limited Partnerships (Note 2)		98,385			1,892,595			16,953
Interest income		869			610			35

Net income	$	30,033		$	1,543,667		$	8,906

Net income allocated to:
General Partner	$	300		$	15,437		$	89
Limited Partners	$	29,733		$	1,528,230		$	8,817

Net income per Partnership Unit	$	1.36		$	69.98		$	.40

Outstanding weighted Partnership Units		21,810			21,932			21,952

See accompanying notes to financial statements

~~F-15~~27

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

(A California Limited Partnership)

STATEMENTS OF PARTNERS’ EQUITY (DEFICIT)

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

	General Partner			Limited Partners			Total
Partners’ equity (deficit) at March 31, 2005	$	(121,336	)	$	9,893,858		$	9,772,522
Partners’ equity at March 31, 2012	$	42,162		$	369,719		$	411,881
Net loss		(24,389	)		(2,414,518	)		(2,438,907	)
Partners’ equity (deficit) at March 31, 2006		(145,725	)		7,479,340			7,333,615
Net loss		(22,186	)		(2,196,445	)		(2,218,631	)
Partners’ equity (deficit) at March 31, 2007		(167,911	)		5,282,895			5,114,984
Net loss		(32,693	)		(3,236,633	)		(3,269,326	)
Partners’ equity (deficit) at March 31, 2008		(200,604	)		2,046,262			1,845,658
Net loss		(13,375	)		(1,324,150	)		(1,337,525	)
Contributions (Note 7)		172,547			-			172,547
Partners’ equity (deficit) at March 31, 2009		(41,432	)		722,112			680,680
Net loss		(3,951	)		(391,168	)		(395,119	)
Contributions (Note 7)		87,154			-			87,154
Partners’ equity (deficit) at March 31, 2010		41,771			330,944			372,715
Net income		2,498			247,328			249,826
Partners’ equity (deficit) at March 31, 2011		44,269			578,272			622,541
Net loss		(2,107	)		(208,553	)		(210,660	)
Partners’ equity (deficit) at March 31, 2012		42,162			369,719			411,881
Net income		89			8,817			8,906
Contributions (Note 7)		55,483			-			55,483
Contributions (Note 6)		55,483			-			55,483
Partners’ equity (deficit) at March 31, 2013	$	97,734		$	378,536		$	476,270
Partners’ equity at March 31, 2013		97,734			378,536			476,270
Net income		15,437			1,528,230			1,543,667
Return of capital (Note 7)		(785,650	)		-			(785,650	)
Partners’ equity (deficit) at March 31, 2014		(672,479	)		1,906,766			1,234,287
Net income		300			29,733			30,033
Partners’ equity (deficit) at March 31, 2015	$	(672,179	)	$	1,936,499		$	1,264,320

See accompanying notes to financial statements

~~F-16~~28

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

(A California Limited Partnership)

STATEMENTS OF CASH FLOWS

	For The Years Ended March 31,
	2013			2012			2011			2010
Cash flows from operating activities:
Net income (loss)	$	8,906		$	(210,660	)	$	249,826		$	(395,119	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization		7,200			7,200			7,200			7,200
Impairment loss		-			-			87,338			185,972
Equity in (income) losses of Local Limited Partnerships		(38,184	)		(37,676	)		(20,687	)		23,171
(Increase) decrease in prepaid expenses		-			28,130			(28,130	)		-
Increase in other assets		(17,775	)		-			-
Increase (decrease) in accounts payable		-			(920	)		920			-
Increase (decrease) in accrued fees and expenses due to General Partner and affiliates		46,335			72,500			(179,795	)		183,010
Gain on sale of Local Limited Partnerships		(16,953	)		-			(382,388	)		-
Net cash provided by (used in) operating activities		(10,471	)		(141,426	)		(265,716	)		4,234
Cash flows from investing activities:
Contributions to Local Limited Partnerships		-			-			(5,500	)		-
Distributions from Local Limited Partnerships		9,851			7,927			17,138			-
Advances to Local Limited Partnerships		(2,088	)		(180,395	)		-			(138,241	)
Write off of advances to Local Limited Partnerships		2,088			180,395			-			138,241
Prepaid disposition proceeds		260,000			-			-			-
Net proceeds from sale of Local Limited Partnerships		16,953			-			382,388			-
Net cash provided by investing activities		286,804			7,927			394,026			-
Net increase (decrease) in cash		276,333			(133,499	)		128,310			4,234
Cash, beginning of year		20,488			153,987			25,677			21,443
Cash, end of year	$	296,821		$	20,488		$	153,987		$	25,677
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Taxes paid	$	800		$	800		$	800		$	800
NONCASH INVESTING AND FINANCING ACTIVITIES:
Advances made to the Partnership by the General partner in prior years were converted to General Partner equity	$	55,483		$	-		$	-		$	87,154

For the Years Ended March 31, 2015, 2014 and 2013

	For The Years Ended March 31,
	2015			2014			2013

Cash flows from operating activities: Net income	$	30,033		$	1,543,667		$	8,906
Adjustments to reconcile net income to net cash used in operating activities:
Amortization		-			1,800			7,200
Impairment loss		-			100,779			-
Equity in income of Local Limited Partnerships		-			-			(38,184	)
Write off of advances to Local Limited Partnerships		-			36,993			2,088
(Increase) decrease in other assets		23,705			(7,030	)		(17,775	)
Increase (decrease) in accrued fees and expenses due to General Partner and affiliates		(27,911	)		(154,751	)		46,335
Gain on sale of Local Limited Partnerships		(98,385	)		(1,892,595	)		(16,953	)

Net cash used in operating activities		(72,558	)		(371,137	)		(8,383	)

Cash flows from investing activities:
Contributions to Local Limited Partnerships		-			(33,810	)		-
Distributions from Local Limited Partnerships		-			-			9,851
Advances to Local Limited Partnerships		-			(36,993	)		(2,088	)
Net prepaid disposition proceeds		25,050			4,950			260,000
Net proceeds from sale of Local Limited Partnerships		98,385			2,180,484			16,953

Net cash provided by investing activities		123,435			2,114,631			284,716

Cash flows from financing activities:
Return of capital		-			(785,650	)		-
Net cash used in financing activities		-			(785,650	)		-

Net increase in cash and cash equivalents		50,877			957,844			276,333

Cash and cash equivalents, beginning of year		1,254,665			296,821			20,488

Cash and cash equivalents, end of year	$	1,305,542		$	1,254,665		$	296,821

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Taxes paid	$	800		$	800		$	800

NONCASH INVESTING AND FINANCING ACTIVITIES:
Advances made to the Partnership by the General Partner in prior years were converted to General Partner equity	$	-		$	-		$	55,483

See accompanying notes to financial statements

~~F-17~~29

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

(A California Limited Partnership)

STATEMENTS OF CASH FLOWS - CONTINUED

	For The Years Ended March 31,
	2009			2008			2007			2006
Cash flows from operating activities:
Net loss	$	(1,337,525	)	$	(3,269,326	)	$	(2,218,631	)	$	(2,438,907	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization		9,221			24,093			53,399			54,358
Impairment loss		957,996			2,184,054			1,186,381			1,459,091
Equity in losses of Local Limited Partnerships		113,083			703,117			808,469			830,792
Decrease in due from affiliates		-			574			-			-
(Increase) decrease in prepaid expenses		-			7,281			10,188			(17,469	)
Increase (decrease) in accrued fees and expenses due to General Partner and affiliates		257,138			99,366			5,685			(17,690	)
Net cash used in operating activities		(87	)		(250,841	)		(154,509	)		(129,825	)
Cash flows from investing activities:
Contributions to Local Limited Partnerships		-			-			-			(35,315	)
Distributions from Local Limited Partnerships		21,364			15,152			20,883			17,186
Advances to Local Limited Partnerships		(163,811	)		(306,840	)		(110,431	)		(38,400	)
Repayment of advances to Local Limited Partnerships		-			-			8,012			-
Write off of advances to Local Limited Partnerships		163,811			306,840			110,431			30,388
Net cash provided by(used in) investing activities		21,364			15,152			28,895			(26,141	)
Net increase (decrease) in cash		21,277			(235,689	)		(125,614	)		(155,966	)
Cash, beginning of year		166			235,855			361,469			517,435
Cash, end of year	$	21,443		$	166		$	235,855		$	361,469
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Taxes paid	$	800		$	800		$	800		$	800
NONCASH INVESTING AND FINANCING ACTIVITIES:
Advances made to the Partnership by the General partner in prior years were converted to General Partner equity	$	172,547		$	-		$	-		$	-

See accompanying notes to financial statements

F-18

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

WNC Housing Tax Credit Fund V, L.P., Series 4 (the “Partnership”) is a California Limited Partnership formed under the laws of the State of California on July 26, 1995, and commenced operations on July 1, 1996. The Partnership was formed to acquire limited partnership interests in other limited partnerships (“"Local Limited Partnerships”") which own multi-family or senior 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 Complex. 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 the president of Associates owns 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 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 had concluded in 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 ~~the years ended~~ March 31, ~~2013,~~2015 ~~2012,~~and ~~2011~~2014, ~~2010, 2009, 2008, 2007 and 2006~~ a total of 21,~~952,~~810 ~~21,955,~~and 21,~~990,~~932 ~~21,990,~~Partnership 21Units,~~990,~~ ~~21,990, 21,990, and 21,990,~~ respectively, ~~Partnership units~~ remain outstanding. The General Partner has a 1% interest in operating profits and losses, taxable income and losses, cash available for distribution from the Partnership and Low Income Housing Tax Credits of the Partnership. The investors (the “Limited Partners”) in the Partnership will be allocated the remaining 99% of these items in proportion to their respective investments.

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 Partners would then be entitled to receive proceeds equal to their capital contributions from the remainder. Any additional sale or refinancing proceeds will be distributed 9099% to the Limited Partners (in proportion to their respective investments) and 101% to the General Partner.

~~F-19~~30

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

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 or non-managing member 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.

The ability of Limited Partners to claim tax losses from the Partnership is limited. The IRS may audit the Partnership or a Local Limited Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the Limited Partners could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in the Partnership. Changes in tax laws could also impact the tax benefits from an investment in the Partnership and/or the value of the Housing Complexes.

~~No trading~~All ~~market~~of ~~for~~ the ~~Partnership~~Low ~~Units~~Income ~~exists~~Housing orTax isCredits ~~expected~~anticipated to ~~develop. Limited Partners may~~ be ~~unable~~realized tofrom ~~sell~~the ~~their~~Local ~~Partnership Units~~Limited ~~except~~Partnerships athave abeen ~~discount~~realized. ~~and~~The ~~should consider their~~ Partnership ~~Units~~does tonot beanticipate abeing ~~long-term~~allocated ~~investment.~~any ~~Individual~~Low ~~Limited~~Income ~~Partners will~~Housing ~~have~~Tax noCredits ~~recourse~~from ifthe ~~they~~Local ~~disagree~~Limited ~~with~~Partnerships ~~actions~~in ~~authorized by a vote of~~ the ~~majority of Limited Partners~~future.

~~F-20~~31

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

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

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. AAll ~~sale~~remaining ~~prior~~Local toLimited ~~the~~partnerships ~~end~~have ofcompleted ~~the~~their 15-year Compliance ~~Period could result in recapture if certain conditions are not met~~Periods.

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 March 31, ~~2013~~2015.

Upon management of the Partnership identifying a Local Limited Partnership for disposition, costs incurred by the Partnership in preparation for the disposition are deferred. Upon the sale of the Local Limited Partnership, the Partnership nets the costs that had been deferred against the proceeds from the sale in determining the gain or loss on sale of the Local Limited Partnership. Deferred disposition costs are included in other assets on the balance sheets.

~~During the~~As ~~year~~of ~~ended~~ March 31, ~~2013~~2014, the ~~Partnership~~Housing ~~sold~~Complexes ~~its~~of ~~Local~~Mesa ~~Limited~~Verde ~~Partnership interest in D. Hilltop~~ Apartments, ~~Ltd.~~ ~~(“D Hilltop”)~~L.P, ~~During~~The ~~the~~North ~~year~~Central ~~ended~~Limited ~~March 31, 2011, the~~ Partnership ~~sold~~and ~~its~~Blessed ~~Housing~~Rock ~~Complexes~~ of ~~The North~~El ~~Central~~Monte, ~~Limited~~a CA Partnership ~~(“North~~had ~~Central”)~~been sold. The Partnership also sold its Local Limited Partnership ~~interest~~ Interests in Lamar Plaza Apartments, LLP, D.P. ~~Complex~~Hilltop ~~(“Lamar”)~~Apartments, ~~and~~Ltd, ~~the~~Woodland, ~~Housing~~Ltd., ~~Complexes~~Greyhound ofAssociates ~~Mesa Verde Apartments~~I, L.P. ~~(“Mesa Verde”) during the year ended March 31~~, ~~2011.~~Crescent ~~The~~City ~~Compliance Periods for North Central~~Apartment, ~~Lamar~~a ~~and Mesa~~California ~~Verde expired after the respective date of sale. The respective purchasers have guaranteed that the Local~~ Limited ~~Partnerships~~ ~~will~~Partnership ~~stay~~and inCleveland ~~compliance with the Low Income Housing Tax Credit code~~Apartments, ~~therefore there is no risk of recapture to the investors of the Partnership~~L. ~~The Compliance Period of D Hilltop has expired as the date of the sales so there is no risk of tax credit recapture to the investors in the Partnership~~P. ~~The investment balance was zero at the time of sale for each Local Limited Partnership listed below.~~

~~F-21~~32

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Local Limited Partnership	Debt at prior 12/31 from sale date		Appraisal Value		Date of Sale	Sales Proceeds		Actual Sale Related Expenses		Gain (loss) on sale
Mesa Verde Apartments, L.P.	$	1,919,353	$	2,300,000	4/23/2010	$	137,413	$	-	$	137,413
The North Central Limited Partnership		313,264		640,000	3/23/2011		225,967		992		224,975
Lamar Plaza Apartments, LP		651,285		330,000	12/31/2010		20,000		-		20,000
D. Hilltop Apartments, Ltd.		415,909		220,000	8/1/2012		20,000		3,047		16,953

During the year ended March 31, 2015, the Housing Complex of Ashford Place Limited Partnership (“Ashford”) was sold, resulting in the termination of the Partnership’s interest in the Local Limited Partnership. The investment balance was zero at the time of sale. Ashford was appraised for $2,560,000 and had a mortgage note balance of $1,781,000 as of December 31, 2013. Ashford had filed for bankruptcy and the property was disposed of under the supervision of the bankruptcy court. Through the bankruptcy sale, the purchaser paid off the full amount of the first mortgage to Fannie Mae in the amount of approximately $1,745,000 and there were no cash proceeds after payment of unsecured claims and administrative costs of the bankruptcy. All remaining encumbrances of debt were transferred with the disposition. The Compliance Period has been completed therefore there is no risk of recapture and investor approval was not required. The Partnership incurred approximately $27,990 in sale related expenses which were recorded as a loss on sale. As of March 31, 2014, $4,950 was received by the Partnership for its interest in Ashford as prepaid disposition proceeds. During the year ended March 31, 2015, the original plan to sell the interest in Ashford was cancelled as the underlying Housing Complex was sold instead and the prepaid disposition proceeds were returned to the original purchaser.

~~The following~~During ~~table~~the ~~represents~~year ended March 31, 2015, the ~~use~~Partnership sold its Local Limited Partnership interest in Mountain Vista Associates Limited Partnership (“Mountain Vista”). Mountain Vista was appraised for $905,000 and had a mortgage balance of ~~the~~$1,353,000 as of December 31, 2013. The Partnership received $30,001 in cash proceeds ~~from~~which was placed in the ~~disposition~~Partnership’s reserves for future operating expenses. The sales related expenses were $875 resulting in a gain on sale of $29,125. The investment balance was zero at the ~~four~~time of the sale of the Local Limited ~~Partnerships~~Partnership. ~~that~~The ~~were disposed~~Compliance ofPeriod ashas been completed therefore there is no risk of ~~March~~recapture ~~31,~~and ~~2013:~~investor approval was not required.

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	$	-	$	46,513
Lamar Plaza Apartments, LP		20,000		14,000		-		6,000
The North Central Limited Partnership		225,967		36,000		88,719		101,248
D. Hilltop Apartments, Ltd.		20,000		11,775		-		8,225

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
Blessed Rock of El Monte, a CA Limited Partnership (*)	$	2,054,000	$	6,910,000	4/12/2013	$	2,355,384	$	2,250	$	547,890	$	1,805,244
Woodland, Ltd.		1,341,720		226,000	7/31/2013		28,001		2,500		-		25,501
Greyhound Associates I, L.P		435,203		115,000	8/31/2013		5,000		2,600		-		2,400
Crescent City Apartment, a California Limited Partnership		2,681,206		320,000	10/1/2013		50,000		7,334		-		42,666

F-22

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

~~The following~~As ~~table~~of ~~represents~~March ~~the~~31, ~~use~~2015, of the ~~cash~~Partnership ~~proceeds~~has ~~from~~identified the ~~disposition~~following ~~of the~~ Local Limited Partnerships ~~that~~for ~~were~~possible ~~disposed of~~disposition ~~subsequent~~as tolisted ~~March~~in ~~31,~~the ~~2013~~table below:

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
Local Limited Partnerships	Expected closing date		Appraisal value		Mortgage balance of Local Limited Partnership as of 12/31/2014		Estimated sales price			Estimated sales related expenses		Estimated gain (loss) on sale
Blessed Rock of El Monte, a CA Partnership	$	2,355,384	$	25,852	$	966,695	$	1,362,837
Belen Vista Associates Limited Partnership		N/A	$	1,770,000	$	1,430,864		(	*)	$	-		(	*)
Woodland, Ltd.		28,001		23,000		-		5,001
Wynwood Place, Limited Partnership	6/30/2015			283,863		376,783	$	30,000	(**)		1,100	$	28,900
Greyhound Associates I, L.P		5,000		-		-		5,000
Crescent City Apartment, a California Limited Partnership		50,000		-		21,868		28,132

~~Subsequent to~~N/A- ~~March~~The ~~31,~~estimated ~~2013,~~close ~~the~~date ~~Partnership~~ has ~~identified~~yet ~~two~~to ~~Local~~be ~~Limited Partnerships for possible disposition as listed in the table below~~determined. ~~Once~~The ~~the~~Local ~~sales~~Limited ~~are finalized, the~~ Partnership ~~will~~is ~~use~~not ~~the~~under ~~cash~~contract ~~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~~purchased inas ~~the~~of ~~Partnership’s reserves for future operating expenses. No distributions will be made to~~ the ~~Limited~~report ~~Partners~~filing.

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	1/31/2014	$	2,560,000	$	2,612,803	$	5,000	$	3,000	$	2,000
Cleveland Apartments, L.P	12/31/2013		1,070,000		1,471,060		50,000		-		50,000

(*)-As of the date of this report, the estimated purchase price is still unknown.

~~The Compliance~~(**)- ~~Period~~This ~~for~~amount ~~Ashford~~has ~~Place~~been ~~Limited~~received ~~Partnership~~by ~~will have expired at~~ the ~~expected~~Partnership ~~date~~as of ~~the~~March ~~sale 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.~~2015 ~~The~~and ~~purchaser~~is ~~has~~recorded ~~guaranteed that~~as ~~the~~prepaid ~~Local~~disposition ~~Limited~~proceeds ~~Partnership will stay~~ in ~~compliance with~~ the ~~Low~~accompanying ~~Income~~balance ~~Housing Tax Credit code, therefore there is no risk of recapture to the investors of the Partnership~~sheets.

~~F-23~~The Compliance Period for Belen Vista Associates Limited Partnership and Wynwood Place, Limited Partnership have expired so there is no risk of tax credit recapture to the investors in the Partnerships and investor approval is not required. 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. Upon the sale of the last remaining Local Limited Partnership, any cash remaining after all Partnership debts are paid would then be distributed to the Limited Partners.

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 1 – ORGANIZATION AND 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 are capitalized as part of the investment account and were being amortized over 27.5 years. (See Notes 2 and 3).

~~F-24~~35

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Distributions received from the Local Limited Partners 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 March 31, ~~2013~~2015, ~~2012, 2011,2010,2009, 2008~~ and ~~2007~~2014, ~~the~~ ~~Partnership~~all ~~had reduced the carrying amount to $0 with respect to nine, ten, thirteen, twelve, eight, seven and three, respectively, of its~~ investment accounts in Local Limited Partnerships ~~that~~ had reached zero.

Use of 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. As ~~For~~of ~~all~~March ~~periods~~31, ~~presented~~2015 and 2014, the ~~Partnership~~Partnerships had no$1,305,542 and $1,254,665 in cash and cash equivalents, respectively.

Concentration of Credit Risk

For certain periods presented, the Partnership maintained cash balances at certain financial institutions in excess of the federally insured maximum. The Partnership believes it is not exposed to any significant financial risk on cash.

Reporting Comprehensive Income

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

Net Income (Loss) Per Partnership Unit

Net income (loss) per Partnership Unit includes no dilution and is computed by dividing income (loss) allocated to Limited Partners by the weighted average Partnership Units outstanding during the period. Calculation of diluted net income (loss) per Partnership Unit is not required.

Income Taxes

~~F-25~~36

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

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.

Amortization

Acquisition fees and costs were being amortized over 30 years using the straight-line method. Amortization expense for the years ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011,~~and ~~2010~~2013, ~~2009, 2008, 2007 and 2006~~ was $70,~~200,~~ $71,~~200,~~800 ~~$7,200,~~and $7,200, ~~$9,221, $24,093, $53,399 and $54,358,~~ respectively. Acquisition ~~Estimated~~fees ~~amortization~~have ~~for~~been ~~each~~fully ofamortized ~~the~~or ~~ensuing~~impaired ~~years~~as ~~through~~of March 31, ~~2018 is $7,200 annually~~2015.

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. ~~For~~No ~~the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007, and 2006~~ impairment ~~expense~~loss ~~related to investments in Local Limited Partnerships~~ was ~~$0,~~recorded ~~$0,~~against ~~$87,338, $185,972,~~the ~~$601,888,~~investments ~~$1,523,081,~~for ~~$1,186,381,~~any ~~and~~of ~~$1,459,091,~~the ~~respectively~~periods presented.

~~For the~~The ~~years~~Partnership ~~ended~~evaluated ~~March~~its ~~31,~~intangibles ~~2007~~for ~~and~~impairment ~~2006,~~in ~~when~~connection with its investments in Local Limited Partnerships. Impairment on the ~~value~~intangibles ofis measured by comparing the Partnership’s total investment inbalance aafter impairment of investments in Local Limited ~~Partnership~~Partnerships ~~had been~~to ~~reduced~~the tosum ~~zero,~~of the ~~respective~~total ~~net~~of ~~acquisition~~remaining ~~fees~~Low ~~and~~Income ~~costs~~Housing ~~component~~Tax ofCredits ~~investments~~allocated into ~~Local~~the ~~Limited~~Partnership ~~Partnerships~~and ~~were written~~any ~~off~~estimated residual value of the investment. ~~For~~During the years ended March 31, ~~2007~~2015, 2014 and ~~2006~~2013, an impairment loss of $950,~~010~~ $100,779 and $0, respectively, was ~~written~~recorded ~~off~~against the related intangibles.

For the years ended March 31, 2013, 2012, 2011, 2010, 2009 and 2008, the Partnership also evaluated 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 remaining Low Income Housing Tax Credits allocated to the Partnership and any estimated residual value of the investment. During the years ended March 31, 2013, 2012, 2011, 2010, 2009 and 2008, an impairment loss of $0, $0, $0, $0, $356,108 and $660,973, respectively, was recorded against the related intangibles.

Impact of Recent Accounting Pronouncements

In ~~September~~ ~~2006~~January 2014, the ~~Financial~~FASB ~~Accounting~~issued ~~Standards~~an ~~Board~~amendment ~~(“FASB”)~~to ~~issued~~the accounting ~~guidance~~and disclosure requirements for ~~Fair~~investments ~~Value~~in ~~Measurements, which~~qualified ~~defines~~affordable ~~fair~~housing ~~value,~~projects. ~~establishes~~The aamendments ~~framework~~provide guidance on accounting for ~~measuring~~investments ~~fair~~by ~~value~~a ~~and~~reporting ~~expands~~entity ~~disclosure~~in ~~about~~flow-through ~~fair~~limited ~~value~~liability ~~measurements. This~~entities ~~guidance~~that ismanage ~~effective~~or ~~for~~invest ~~financial~~in ~~statements~~affordable ~~issued~~housing projects that qualify for ~~fiscal~~the ~~years~~low-income ~~beginning~~housing ~~after~~tax ~~November~~credit. ~~15,~~The ~~2007~~amendments ~~and~~permit ~~shall~~reporting beentities ~~applied prospectively~~to ~~except~~make an accounting policy election to account for ~~very~~their ~~limited~~investments ~~transactions.~~in Inqualified ~~February~~affordable ~~2008,~~housing projects using the ~~FASB~~proportional ~~delayed~~amortization ~~for~~method ~~one~~if ~~year~~certain ~~implementation~~conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the ~~guidance as~~investment itin ~~pertains~~proportion to ~~certain~~the ~~non-financial~~tax ~~assets~~credits and ~~liabilities.~~other ~~The~~tax ~~Partnership~~benefits ~~adopted~~received, ~~GAAP~~and ~~for~~recognizes ~~Fair~~the ~~Value~~net ~~Measurements~~investment ~~effective April~~performance 1,in ~~2008,~~the ~~except~~income statement as ita ~~applies~~component toof ~~those~~income ~~non-financial~~tax ~~assets~~expense ~~and~~(benefit). ~~liabilities,~~The amendments are effective for ~~which~~interim ~~the~~and ~~effective~~annual ~~date~~periods ~~was~~beginning ~~April~~after 1December 15, ~~2009~~2014 and should be applied retrospectively to all periods presented. ~~The~~ ~~Partnership~~Early ~~has~~adoption ~~determined~~is ~~that~~permitted. The adoption of this ~~guidance~~update is not expected to ~~have~~materially aaffect ~~material impact on~~ the Partnership’'s financial statements.

~~F-26~~37

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

In February ~~2007~~2015, the FASB issued ~~accounting~~ASU ~~guidance~~No. ~~for~~2015-02, ~~The~~“Consolidation ~~Fair~~(Topic ~~Value~~810): ~~Option~~Amendments ~~for~~to ~~Financial~~the ~~Assets~~Consolidation ~~and Financial Liabilities~~Analysis”. This ~~guidance~~ ~~permits~~will ~~entities~~improve tocertain ~~choose~~areas toof ~~measure~~consolidation ~~many~~guidance ~~financial~~for ~~instruments~~reporting ~~and~~organizations ~~certain~~that ~~other~~are ~~items~~required atto ~~fair~~evaluate ~~value.~~whether ~~The~~to ~~fair~~consolidate ~~value election~~certain islegal ~~designed~~entities tosuch ~~improve~~as ~~financial~~limited ~~reporting~~partnerships, bylimited ~~providing~~liability ~~entities~~corporations ~~with~~and ~~the~~securitization ~~opportunity~~structures. toASU ~~mitigate~~2015-02 ~~volatility~~simplifies inand ~~reported earnings~~improves ~~caused~~GAAP by: ~~measuring~~eliminating ~~related~~the ~~assets~~presumption ~~and~~that ~~liabilities~~a ~~differently~~general ~~without~~partner ~~having~~should toconsolidate ~~apply~~a ~~complex~~limited ~~hedge~~partnership, ~~accounting~~eliminating ~~provisions. It~~the isindefinite ~~effective~~deferral ~~for~~of ~~fiscal~~FASB ~~years~~Statement ~~beginning~~No. ~~after~~167, ~~November~~thereby ~~15,~~reducing ~~2007.~~the Onnumber ~~April~~of 1,Variable ~~2008,~~Interest ~~the~~Entity ~~Partnership~~(VIE) ~~adopted~~consolidation ~~GAAP~~models ~~for~~from ~~The~~four ~~Fair Value~~to ~~Option~~two ~~for~~(including ~~Financial~~the ~~Assets~~limited ~~and~~partnership ~~Financial~~consolidation ~~Liabilities~~model) and ~~elected~~clarifying ~~not~~when tofees ~~apply~~paid ~~the~~to ~~provisions~~a todecision ~~its~~maker ~~eligible~~should ~~financial assets~~be ~~and~~a ~~financial~~factor ~~liabilities~~to oninclude in the ~~date~~consolidation of ~~adoption~~VIEs. ~~Accordingly~~ASU 2015-02 will be effective for periods beginning after December 15, ~~the~~2015. ~~initial~~The ~~application~~Partnership ofis currently evaluating the ~~guidance~~potential isimpact ~~not~~of ~~expected to~~the ~~have~~adoption anof ~~effect~~this guidance on ~~the~~its ~~Partnership~~financial statements.

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 this 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 have a material impact on the Partnership’s financial position or results of operations.

F-27

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

For the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

In June 2009, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting and disclosure requirements for the consolidation of variable interest entities (VIEs). The amended guidance modified the consolidation model to one based on control and economics, and replaced quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment was effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 is not expected to have a material effect on the Partnership’s financial statements.

In May 2011, the FASB issued an update to existing guidance related to fair value measurements on how to measure fair value and what disclosures to provide about fair value measurements. For fair value measurements categorized as level 3, a reporting entity should disclose quantitative information of the unobservable inputs and assumptions, a description of the valuation processes and narrative description of the sensitivity of the fair value to changes in unobservable inputs. This update is effective for interim and annual periods beginning after December 15, 2011. The adoption of this update is not expected to materially affect the Partnership’s financial statements.

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS

As of March 31, ~~2013,~~2015 ~~2012, 2011, 2010, 2009, 2008~~ and ~~2007~~2014 the Partnership owned Limited Partnership ~~interest~~interests in ~~10,11,11,14,14,14~~ 2 and 145, respectively, Local Limited Partnerships, each of which owns one Housing complex, consisting of an aggregate of ~~573,597,597,785,785,785,~~ 81 and ~~785~~216 respectively, 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 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 Low Income Housing Tax Credits of the Local Limited Partnerships~~, except for one of the investments for which the Partnership is entitled to 49~~.~~49% of such amount.~~

The Partnership’s Investments in Local Limited Partnerships as shown in the balance sheets at March 31, ~~2013,~~2015 ~~2012, 2011, 2010, 2009, 2008,~~ and ~~2007~~2014 are approximately $(~~628~~309,000), ~~$(1,246,000),~~and $(2874,~~079,~~000), ~~$(4~~respectively,~~099,000),~~ ~~$(3,941,000),~~greater ~~$(3,881,000),~~than ~~and $~~(~~2,010,000), respectively~~ less than) the Partnership’'s equity at the preceding December 31 as shown in the Local Limited Partnerships’ combined condensed financial statements presented below. This difference is primarily due to acquisition, selection, and other costs related to the acquisition of the investments which have been capitalized in the Partnership’'s investment account, impairment losses recorded in the Partnership’s investment account and capital contributions payable to the Local Limited Partnerships which were netted against partner capital in the Local Limited Partnership’s financial statements. The Partnership’s equity in losses of Local Limited Partnerships is also lower than the Partnership’s equity as shown in the Local Limited Partnership’s combined condensed financial statements due to the estimated losses recorded by the Partnership for the three month period ended March 31.

~~F-28~~For the years ended March 31, 2015, 2014 and 2013, the Partnership evaluated 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 remaining Low Income Housing Tax Credits allocated to the Partnership and any estimated residual value of the investment. During the years ended March 31, 2015, 2014 and 2013, an impairment loss of $0, $100,779 and $0, respectively, was recorded against the related intangibles.

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued

~~For the~~At ~~years ended~~ March 31, ~~2007~~2015 and ~~2006,~~2014 ~~when~~ the ~~value of the Partnership’s~~ investment accounts in aall Local Limited ~~Partnership~~Partnerships ~~had been~~have ~~reduced~~reached toa zero balance. Consequently, ~~the~~a ~~respective~~portion ~~net~~of ~~acquisition~~the ~~fees~~Partnership’s ~~and~~estimate ~~costs component~~ of ~~investments~~its inshare ~~Local~~of ~~Limited~~losses ~~Partnerships~~for ~~were written off. For~~ the years ended March 31, ~~2007~~2015, 2014 and ~~2006~~2013 amounting to approximately $121,000, $95384,~~010~~000 and $0575,000, respectively, ~~was~~have ~~written~~not ~~off~~been recognized. As of March 31, 2015, the aggregate share of net losses not recognized by the Partnership amounted to approximately $391,000.

At March 31, 2013, 2012,2011, 2010, 2009, 2008 and 2007 the investment accounts in certain Local Limited Partnerships have reached a zero balance. Consequently, a portion of the Partnership’s estimate of its share of losses for the years ended March 31, 2013, 2012,2011, 2010, 2009, 2008,2007, and 2006 amounting to approximately$575,000, $527,000, $625,000, $28,000, $907,000, $334,000, $149,000, and $199,000respectively, have not been recognized. As of March 31, 2013, the aggregate share of net losses not recognized by the Partnership amounted to approximately $3,196,000.

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

	For The Years Ended March 31,
	2013			2012			2011			2010
	2015			2014			2013
Investments per balance sheet, beginning of year	$	~~629,335~~-		$	~~606~~650,~~786~~468		$	~~697~~629,~~775~~335		$	~~914,118~~
Impairment loss		-			-(100,779	)		~~(87,338~~-	)		~~(185,972~~	)
Equity in income (losses) of Local Limited Partnerships		38,184			37,676			20,687			(23,171	)
Disposition of Local Limited Partnership		-			(547,889	)		-
Amortization of paid acquisition fees and costs		(7,200	)		(7,200	)		(7,200	)		(7,200	)
Equity in income of Local Limited Partnerships		-			-			38,184
Distributions received from Local Limited Partnerships		(9,851	)		(7,927	)		(17,138	)		-
Amortization of paid acquisition fees and costs		-			(1,800	)		(7,200	)
Investment per balance sheet, end of year	$	650,468		$	629,335		$	606,786		$	697,775
Distributions received from Local Limited Partnerships		-			-			(9,851	)
Investment per balance sheet, end of year	$	-		$	-		$	650,468

F-29

	For the YearsEnded March 31,

	2015		2014		2013

Investments in Local Limited Partnerships, net	$	-	$	-	$	547,889
Acquisition fees and costs, net of accumulated amortization of $0, $0 and $34,200.		-		-		102,579
Investments per balance sheet, end of period	$	-	$	-	$	650,468

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued

	For The Years Ended March 31,
	2009			2008			2007			2006
Investments per balance sheet, beginning of year	$	2,015,782		$	4,942,198		$	7,011,330		$	9,372,757
Impairment loss		(957,996	)		(2,184,054	)		(1,186,381	)		(1,459,091	)
Equity in losses of Local Limited Partnerships		(113,083	)		(703,117	)		(808,469	)		(830,792	)
Amortization of paid acquisition fees and costs		(9,221	)		(24,093	)		(53,399	)		(54,358	)
Distributions received from Local Limited Partnerships		(21,364	)		(15,152	)		(20,883	)		(17,186	)
Investment per balance sheet, end of year	$	914,118		$	2,015,782		$	4,942,198		$	7,011,330
	For the Years Ended March 31,
	2013			2012			2011			2010
Investments in Local Limited Partnerships, net	$	547,889		$	519,556		$	489,807		$	573,596
Acquisition fees and costs, net of accumulated amortization of $34,200, $27,000, $19,800 and $12,600		102,579			109,779			116,979			124,179
Investments per balance sheet, end of period	$	650,468		$	629,335		$	606,786		$	697,775
	For the Years Ended March 31,
	2009			2008			2007			2006
Investments in Local Limited Partnerships, net	$	782,739		$	1,721,573		$	3,962,923		$	5,883,646
Acquisition fees and costs, net of accumulated amortization of $5,400, $11,463, $818,633 and $670,224		131,379			294,209			979,275			1,127,684
Investments per balance sheet, end of period	$	914,118		$	2,015,782		$	4,942,198		$	7,011,330

F-30

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

For the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued

The financial information from the individual financial statements of the Local Limited Partnerships include rental and interest subsidies. Rental subsidies are included in total revenues and interest subsidies are generally netted in interest expense. Approximate combined condensed financial information from the individual financial statements of the Local Limited Partnerships as of December 31 and for the years then ended is as follows:

COMBINED CONDENSED BALANCE SHEETS

	2012		2011		2010		2009
	2014		2013
ASSETS
Buildings and improvements (net of accumulated depreciation for 2012, 2011, 2010 and 2009 of $13,626,000, $12,975,000, $12,432,000, and $14,189,000, respectively)	$	15,298,000	$	16,371,000	$	19,188,000	$	25,073,000
Buildings and improvements (net of accumulated depreciation for 2014 and 2013, of $3,015,000 and $7,387,000, respectively)	$	2,390,000	$	6,185,000
Land		2373,~~203,~~000		2716,~~210,~~000		~~2,240,000~~		~~2,465,000~~
Other assets		2793,~~961,~~000		21,~~923~~436,000		~~2,954,000~~		~~3,448,000~~
Total assets	$	203,~~462~~556,000	$	218,~~504~~337,000	$	~~24,382,000~~	$	~~30,986,000~~
LIABILITIES
Mortgage and construction loans payable	$	13,716,000	$	14,812,000	$	14,742,000	$	17,385,000
Due to affiliates		1,450,000		1,049,000		872,000		2,585,000
Other liabilities		875,000		629,000		1,674,000		1,772,000
Total liabilities		16,041,000		16,490,000		17,288,000		21,742,000
PARTNERS’ CAPITAL
WNC Housing Tax Credit Fund V, L.P., Series 4		1,278,000		1,875,000		2,686,000		4,797,000
Other partners		3,143,000		3,139,000		4,408,000		4,447,000
Total partners’ equity		4,421,000		5,014,000		7,094,000		9,244,000
Total liabilities and partners’ equity	$	20,462,000	$	21,504,000	$	24,382,000	$	30,986,000

F-31

LIABILITIES
Mortgage and construction loans payable	$	2,131,000	$	6,772,000
Due to affiliates		497,000		1,351,000
Other liabilities		110,000		404,000

Total liabilities		2,738,000		8,527,000

PARTNERS' CAPITAL
WNC Housing Tax Credit Fund V, L.P., Series 4		309,000		(874,000	)
Other partners		509,000		684,000
Total partners’ equity		818,000		(190,000	)
Total liabilities and partners’ equity	$	3,556,000	$	8,337,000

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued

COMBINED CONDENSED BALANCE SHEETS

	2008		2007		2006
ASSETS
Buildings and improvements (net of accumulated depreciation for 2008, 2007 and 2006 of $13,003,000, $11,831,000, and $10,675,000, respectively)	$	26,173,000	$	27,116,000	$	28,165,000
Land		2,465,000		2,465,000		2,465,000
Other assets		3,197,000		3,285,000		3,063,000
Total assets	$	31,835,000	$	32,866,000	$	33,693,000
LIABILITIES
Mortgage and construction loans payable	$	17,924,000	$	18,121,000	$	18,345,000
Due to affiliates		3,001,000		2,824,000		2,756,000
Other liabilities		1,624,000		1,523,000		1,306,000
Total liabilities		22,549,000		22,468,000		22,407,000
PARTNERS’ CAPITAL
WNC Housing Tax Credit Fund V, L.P., Series 4		4,855,000		5,897,000		6,952,000
Other partners		4,431,000		4,501,000		4,334,000
Total partners’ equity		9,286,000		10,398,000		11,286,000
Total liabilities and partners’ equity	$	31,835,000	$	32,866,000	$	33,693,000

F-32

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

For the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued

COMBINED CONDENSED STATEMENTS OF OPERATIONS

	2012			2011			2010			2009
	2014			2013			2012
Revenues	$	3748,~~443,~~000		$	31,~~366~~893,000		$	3,~~481~~443,000		$	~~4,679,000~~
Expenses:
Operating expenses		2601,~~439,~~000			21,~~288~~513,000			2,~~452~~439,000			~~2,661,000~~
Interest expense		~~575~~112,000			~~601~~317,000			~~616~~575,000			~~835,000~~
Depreciation and amortization		~~930~~158,000			~~933~~449,000			~~987~~930,000			~~1,202,000~~
Total expenses		3871,~~944,~~000			32,~~822~~279,000			43,~~055~~944,000			~~4,698,000~~
Net loss	$	(~~501~~121,000	)	$	(~~456~~386,000	)	$	(~~574~~501,000	)	$	~~(19,000~~	)
Net loss allocable to the Partnership	$	(~~537~~76,000	)	$	(~~489~~384,000	)	$	(~~604~~537,000	)	$	~~(51,000~~	)
Net income (loss) recorded by the Partnership	$	38,000		$	38,000		$	21,000		$	(23,000	)
Net income recorded by the Partnership	$	-		$	-		$	38,000

~~F-33~~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 Partner may be required to sustain the operations of such Local Limited Partnerships

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

For the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued

COMBINED CONDENSED STATEMENTS OF OPERATIONS

	2008			2007			2006			2005
Revenues	$	4,357,000		$	3,992,000		$	3,928,000		$	3,892,000
Expenses:
Operating expenses		3,340,000			2,925,000			2,688,000			2,753,000
Interest expense		871,000			888,000			909,000			1,045,000
Depreciation and amortization		1,188,000			1,166,000			1,137,000			1,200,000
Total expenses		5,399,000			4,979,000			4,734,000			4,998,000
Net loss	$	(1,042,000	)	$	(987,000	)	$	(806,000	)	$	(1,106,000	)
Net loss allocable to the Partnership,	$	(1,020,000	)	$	(1,037,000	)	$	(813,000	)	$	(1,102,000	)
Net loss recorded by the Partnership	$	(113,000	)	$	(703,000	)	$	(808,000	)	$	(831,000	)

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 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 Low Income Housing Tax Credits could occur.

F-34

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

For the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued

Troubled Housing Complexes

F-35

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

For the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued

F-36

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

For the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued

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.

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 for 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 ~~total~~ acquisition fees of $1,630,375~~, which have been included in investments in Local Limited Partnerships~~. Accumulated amortization of these capitalized costs ~~was~~were $~~34,200,~~0 ~~$27,000, $19,800, $12,600, $5,400, $11,463, and $818,633 as of March 31, 2013, 2012, 2011, 2010, 2009, 2008, and 2007, respectively. The Partnership evaluates its intangibles~~ for ~~impairment~~all inperiods ~~connection with its investments in Local Limited Partnerships~~presented. Impairment on the intangibles is measured by comparing the Partnership’s total investment balance after impairment of investments in Local Limited Partnerships to the sum of the total of the remaining Low Income Housing Tax Credits allocated to the Partnership and any estimated residual value of the investments. If an impairment loss related to the acquisition ~~fees~~expenses is recorded, the accumulated amortization is reduced to zero at that time. ~~During~~As ~~the~~of ~~years ended~~ March 31, ~~2007 and 2006~~2014, ~~$73,965, and $0, respectively, of~~ the ~~related expenses was reflected as equity in losses of Local Limited Partnerships, to reduce the respective net~~ acquisition ~~fee~~costs ~~component~~were offully ~~investments~~amortized inor ~~Local Limited Partnerships to zero for those Local Limited Partnerships which would otherwise be below a zero balance~~impaired.

(b) Reimbursement of costs incurred by of the General Partner or by an affiliate of Associates in connection with the acquisition of Local Limited Partnerships. These reimbursements have not exceeded 1% of the gross proceeds. AtAs of the end of all periods presented, the Partnership incurred acquisition costs of $167,533, which have been included in ~~Investments~~investments in Local Limited Partnerships. ~~Accumulated~~As ~~amortization~~of ~~was~~all ~~$167~~periods presented,~~533~~ ~~for~~the ~~all~~acquisition ~~periods~~costs ~~presented~~were fully amortized or impaired.

(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 Local Limited Partnerships, including the Partnership’s allocable share of the mortgages. Management fees of $5014,~~149~~170, $5033,~~784,~~153 ~~$55,541, $60,500, $60,500, $60,500, $60,500~~ and $6050,~~500~~ 149 were incurred during the years ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013, respectively, of which $030, ~~$25~~045,~~000,~~ $88209,~~719,~~202 ~~$0,~~and $0, ~~$25,000,~~was ~~$50,312, and $94,530was~~ paid, respectively. ~~During the year ended March 31, 2007, the Partnership overpaid its management fees. The over payments are reflected as prepaid expenses on the accompanying balance sheets.~~

~~F-37~~(d) A subordinated disposition fee in an amount equal to 1% of the sale price may be received in connection with the sale or disposition of a Housing Complex or Local Limited Partnership interest. 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. No such fee was incurred for all periods presented.

(e)

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 3 - RELATED PARTY TRANSACTIONS, continued

A subordinated disposition fee in an amount equal to 1% of the sale price may be received in connection with the sale or disposition of a Housing Complex or Local Limited Partnership interest. 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. No such fee was incurred for all periods presented.

The Partnership reimbursed the General Partner or its affiliates for operating expenses incurred by the Partnership and paid for by the General Partner or its affiliates on behalf of the Partnership. Operating expense reimbursements were $46,682, $8,351, $166,935, $0, $20,000, $24,671 $12,136, and $14,329, during the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006, respectively. During the year ended March 2011, the Partnership overpaid the General Partner or its affiliates for operating expenses. The over payments are reflected as prepaid expenses on the accompanying balance sheets.

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

	March 31,
	2013		2012		2011		2010		2009		2008		2007
	2015		2014
Asset management fee payable	$	~~191,924~~-	$	~~141~~15,~~775~~875	$	~~115,991~~	$	~~149,219~~	$	~~88,719~~	$	~~28,219~~	$	-
Expenses paid by the General Partner or an affiliate on behalf of the Partnership		312,~~060~~322		624,~~874~~358		-		~~102,759~~		~~76,425~~		~~7,838~~		~~9,517~~
Advances made to the Partnership from the General Partner or affiliates		-		55,483		15,641		59,449		50,427		94,923		22,097
Total	$	12,322	$	40,233
Total	$	194,984	$	204,132	$	131,632	$	311,427	$	215,571	$	130,980	$	31,614

~~F-38~~NOTE 4 – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

For the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

NOTE 4 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following is a summary of the quarterly operations for the years ended March 31:

	June 30			September 30			December 31			March 31
2013
2015
Income	$	119,000		$	~~12,000~~-		$	-		$	123,000
Operating expenses		(21,000	)		(23,000	)		(15,000	)		(22,000	)
Operating expenses and loss		(14,000	)		(36,000	)		(16,000	)		(15,000	)
Loss from operations		(105,000	)		(1136,000	)		(1516,000	)		(1012,000	)
Equity in income of Local Limited Partnerships		10,000			10,000			10,000			8,000
Gain on sale of Local Limited Partnerships		-			1,000			-			97,000
Gain on sale of Local Limited Partnerships		-			17,000			-			-
Interest income		-			-			-			1,000
Net income (loss)		-(5,000	)		16(35,000	)		(516,000	)		(286,000	)
Net income (loss) available to Limited Partners		-(5,000	)		16(35,000	)		(516,000	)		(285,000	)
Net income (loss) per Partnership Unit		-			1(2	)		-(1	)		-4
		June 30			September 30			December 31			March 31
2012
Income	$	12,000		$	2,000		$	-		$	3,000
Operating expenses		(23,000	)		(26,000	)		(79,000	)		(137,000	)
Loss from operations		(11,000	)		(24,000	)		(79,000	)		(134,000	)
Equity in income of Local Limited Partnerships		9,000			9,000			9,000			10,000
Net loss		(2,000	)		(15,000	)		(70,000	)		(124,000	)
Net loss available to Limited Partners		(2,000	)		(15,000	)		(69,000	)		(122,000	)
Net loss per Partnership Unit		-			(1	)		(3	)		(6	)

~~F-39~~42

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 4 -– QUARTERLY RESULTS OF OPERATIONS (UNAUDITED), continued

The following is a summary of the quarterly operations for the years ended March 31:

	June 30			September 30			December 31			March 31

2014

Income	$	7,000		$	51,000		$	12,000		$	-

Operating expenses and loss		(236,000	)		(30,000	)		(126,000	)		(28,000	)

Income (loss) from operations		(229,000	)		21,000			(114,000	)		(28,000	)

Gain on sale of Local Limited Partnerships		1,805,000			24,000			39,000			25,000

Net income (loss)		1,576,000			45,000			(75,000	)		(3,000	)

Net income (loss) available to Limited Partners		1,560,000			45,000			(74,000	)		(3,000	)

Net income (loss) per Partnership Unit		71			2			(3	)		-

	June 30			September 30			December 31			March 31
2011
2013
Income	$	511,000		$	1112,000		$	-		$	1512,000
Operating expenses		(125,000	)		(22,000	)		(18,000	)		(21,000	)
Operating expenses and loss		(21,000	)		(23,000	)		(15,000	)		(22,000	)
Loss from operations		(~~120~~10,000	)		(11,000	)		(1815,000	)		(610,000	)
Equity in income (losses) of Local Limited Partnerships		(5,000	)		8,000			8,000			10,000
Equity in income of Local Limited Partnerships		10,000			10,000			10,000			8,000
Gain on sale of Local Limited Partnerships		~~137,000~~-			-17,000			~~20,000~~-			~~225,000~~-
Interest income		1,000			1,000			-			-
Net income (loss)		-			16,000			(5,000	)		(2,000	)
Net income (loss)		13,000			(2,000	)		10,000			229,000
Net income (loss) available to Limited Partners		-			16,000			(5,000	)		(2,000	)
Net income (loss) available to Limited Partners		13,000			(2,000	)		10,000			226,000
Net income (loss) per Partnership Unit		-			1			-			-
Net income (loss) per Partnership Unit		1			-			-			10
		June 30			September 30			December 31			March 31
2010
Income	$	34,000		$	5,000		$	-		$	7,000
Operating expenses		(244,000	)		(59,000	)		(84,000	)		(31,000	)
Loss from operations		(210,000	)		(54,000	)		(84,000	)		(24,000	)
Equity in losses of Local Limited Partnerships		(22,000	)		-			-			(1,000	)
Net loss		(232,000	)		(54,000	)		(84,000	)		(25,000	)
Net loss available to Limited Partners		(230,000	)		(54,000	)		(84,000	)		(23,000	)
Net loss per Partnership Unit		(10	)		(3	)		(4	)		(1	)

~~F-40~~43

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS ~~- CONTINUED~~

For the Years Ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

NOTE 4 -5 ~~QUARTERLY~~– ~~RESULTS~~ADVANCES OFTO ~~OPERATIONS~~LOCAL ~~(UNAUDITED),~~LIMITED ~~continued~~PARTNERSHIPS

The following is a summary of the quarterly operations for the years ended March 31:

	June 30			September 30			December 31			March 31
2009
Income	$	3,000		$	59,000		$	1,000		$	3,000
Operating expenses		(1,062,000	)		(145,000	)		(61,000	)		(23,000	)
Loss from operations		(1,059,000	)		(86,000	)		(60,000	)		(20,000	)
Equity in losses of Local Limited Partnerships		(37,000	)		(25,000	)		(25,000	)		(26,000	)
Net loss		(1,096,000	)		(111,000	)		(85,000	)		(46,000	)
Net loss available to Limited Partners		(1,085,000	)		(110,000	)		(84,000	)		(45,000	)
Net loss per Partnership Unit		(49	)		(5	)		(4	)		(2	)
		June 30			September 30			December 31			March 31
2008
Income	$	3,000		$	29,000		$	-		$	-
Operating expenses		(2,271,000	)		(114,000	)		(115,000	)		(98,000	)
Loss from operations		(2,268,000	)		(85,000	)		(115,000	)		(98,000	)
Equity in losses of Local Limited Partnerships		(190,000	)		(184,000	)		(184,000	)		(145,000	)
Net loss		(2,458,000	)		(269,000	)		(299,000	)		(243,000	)
Net loss available to Limited Partners		(2,433,000	)		(266,000	)		(296,000	)		(242,000	)
Net loss per Partnership Unit		(111	)		(12	)		(13	)		(11	)

F-41

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

For the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

NOTE 4 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED), continued

	June 30			September 30			December 31			March 31
2007
Income	$	2,000		$	19,000		$	-		$	-
Operating expenses		(1,221,000	)		(53,000	)		(122,000	)		(37,000	)
Loss from operations		(1,219,000	)		(34,000	)		(122,000	)		(37,000	)
Equity in income (losses) of Local Limited Partnerships		(166,000	)		(166,000	)		(166,000	)		(310,000	)
Interest income		1,000			-
Net income (loss)		(1,384,000	)		(200,000	)		(288,000	)		(347,000	)
Net income ( loss) available to Limited Partners		(1,371,000	)		(198,000	)		(285,000	)		(343,000	)
Net income (loss per Partnership Unit		(62	)		(9	)		(13	)		(16	)
		June 30			September 30			December 31			March 31
2006
Income	$	2,000		$	3,000		$	2,000		$	-
Operating expenses		(1,505,000	)		(34,000	)		(46,000	)		(32,000	)
Loss from operations		(1,503,000	)		(31,000	)		(44,000	)		(32,000	)
Equity in losses of Local Limited Partnerships		(222,000	)		(222,000	)		(222,000	)		(165,000	)
Interest income		1,000			1,000			-			-
Net loss		(1,724,000	)		(252,000	)		(266,000	)		(197,000	)
Net loss available to Limited Partners		(1,707,000	)		(250,000	)		(263,000	)		(195,000	)
Net loss per Partnership Unit		(78	)		(11	)		(12	)		(9	)

F-42

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

For the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

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 March 31, ~~2013~~2014, ~~2012, 2011, 2010, 2009, 2008, and 2007~~ the Partnership in total had advanced $~~462~~471,514, ~~$460,426,~~of ~~$280,031,~~which $~~280~~9,~~031, $280,031,~~000 ~~$280,031,~~was ~~and~~advanced ~~$260,031~~during tothe ~~one~~year ~~Local~~ended ~~Limited~~March ~~Partnership~~31, 2014 to Ashford Place Limited Partnership, in which the Partnership is was a ~~Limited~~limited ~~Partner~~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. Ashford Place Limited Partnership was sold during the year ended March 31, 2015, therefore the advances and related reserves were written off.

As of March 31, ~~2013,~~2015 ~~2012,~~and ~~2011~~2014, ~~2010, 2009, 2008 and 2007~~ the Partnership in total had advanced $4,939 to ~~one Local Limited Partnership,~~ Wynwood Place Limited Partnership, in which the Partnership is a ~~Limited~~limited ~~Partner~~partner. These advances were used to pay for some operational expenses. All advances were reserved in full in the year they were advanced.

~~As of~~During the year ended March 31, ~~2010~~2014, ~~2009, 2008, and 2007~~ the Partnership in total ~~had~~ advanced $~~966~~24,~~123,~~493 ~~$827,882, $664,071 and $377,805~~ to one Local Limited Partnership, ~~Mesa~~Cleveland ~~Verde~~ Apartments Limited Partnership, in which the Partnership iswas a ~~Limited~~limited ~~Partner~~partner. These advances were used to pay for the property taxes, mortgage payments and ~~operational~~operating expenses. All advances were reserved in full ~~in the year they were advanced~~. ~~All~~The advances were written off ~~during~~as ~~the~~of ~~year ended~~ March 31, ~~2011~~2014 as the ~~Partnership~~ ~~sold~~Local ~~the~~Limited ~~Housing~~Partnership ~~Complex~~interest ofwas ~~Mesa Verde Apartments, L~~sold.P.

~~NOTE 6~~During -the ~~PAYABLES~~year TOended ~~LOCAL~~March ~~LIMITED~~31, ~~PARTNERSHIPS~~2014, the Partnership advanced $3,500 to one Local Limited Partnership, Mesa Verde Apartments Limited Partnership, in which the Partnership was a limited partner. The Local Limited Partnership was sold in a prior period and the advance was to cover the final tax return in accordance with the partnership agreement. The advance was written off as the Local Limited Partnership was sold and would not be able to repay the Partnership.

~~Payables to~~NOTE ~~Local~~6- 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 March 31, 2013, 2012, 2011, 2010, 2009,2008, and 2007, $33,810, $33,810, $33,810, $39,310, $39,310, $39,310 and $39,310, respectively, remain payable to the Local Limited Partnerships.CONTRIBUTIONS

~~NOTE 7~~Expenses -paid ~~CONTRIBUTIONS~~by the General Partner or affiliates in prior periods were written off during the year ended March 31, 2013 in the amount of $55,483. 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 financial statements.

~~Expenses paid~~NOTE by7- ~~the~~RETURN ~~General~~OF Partner or affiliates in prior periods were written off during the years ended March 31, 2013, 2010, and 2009 in the amount of $55,483, $87,154, and $172,547, 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 financial statements.CAPITAL

~~NOTE 8~~During -prior ~~SUBSEQUENT~~years, ~~EVENTS~~the Partnership was relieved of debt which was owed to the General Partner or an affiliate totaling $785,650. The debt was a result of advances that had previously been made to the Partnership by the General Partner or affiliate to aid the Partnership in providing funding to several Local Limited Partnerships which were experiencing operational issues. During the year ended March 31, 2014, $785,650 was reimbursed to the General Partner for repayment of the previously written off amounts, the repayment was a result of the sales proceeds that resulted from the disposition of one of the Local Limited Partnerships.

F-43

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

(A California Limited Partnership)

NOTES TO FINANCIAL STATEMENTS - CONTINUED

For the Years Ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

NOTE 8 - SUBSEQUENT EVENTS, continued

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
Blessed Rock of El Monte, a CA Limited Partnership (*)	$	2,054,000	$	6,910,000	4/12/2013	$	2,355,384	$	2,250	$	547,890	$	1,805,244
Woodland, Ltd.		1,341,720		226,000	7/31/2013		28,001		2,500		-		25,501
Greyhound Associates I, L.P		435,203		115,000	8/31/2013		5,000		2,600		-		2,400
Crescent City Apartment, a California Limited Partnership		2,681,206		320,000	10/1/2013		50,000		7,334		-		42,666

The following table represents the use of the cash proceeds from the disposition of the Local Limited Partnerships that were disposed of subsequent to March 31, 2013:

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
Blessed Rock of El Monte, a CA Limited Partnership	$	2,355,384	$	25,852	$	966,695	$	1,362,837
Woodland, Ltd.		28,001		23,000		-		5,001
Greyhound Associates I, L.P		5,000		-		-		5,000
Crescent City Apartment, a California Limited Partnership		50,000		-		21,868		28,132

Subsequent to March 31, 2013, the Partnership has identified two Local Limited Partnerships for possible disposition as listed in the table below. Once the sales are finalized, the Partnership will use the cash proceeds to reimburse the General Partner or an affiliate for expenses paid on its behalf or pay accrued asset management fees. Any remaining proceeds will be placed in the Partnership’s reserves for future operating expenses. No distributions will be made to the Limited Partners.

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

The Compliance Period for Ashford Place Limited Partnership will have expired at the expected date of the sale 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 Partnership 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-44

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

NONE

Item 9A. Controls and Procedures

(a) Disclosure ~~Evaluation of 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 ~~Rules~~ 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) Management’s annual report on internal control over financial reporting

The management of Associates is responsible for establishing and maintaining for the Partnership adequate internal control over financial reporting as that term is defined in Securities Exchange Act of 1934 Rules 13a-15(f) and 15d-15(f), and for performing an assessment of the effectiveness of internal control over financial reporting as of March 31, ~~2013, 2012, 2011, 2010, 2009 and 2008~~2015. The internal control process of Associates, as it is applicable to the Partnership, was designed to provide reasonable assurance to Associates regarding the preparation and fair presentation of published financial statements, and includes those policies and procedures that:

(1)	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Partnership;

(2)

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles in the United States, and that the Partnership’s receipts and expenditures are being made only in accordance with authorization of the management of Associates; and

(3)	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements.

All internal control processes, no matter how well designed, have inherent limitations. Therefore, even those processes determined to be effective can provide only reasonable assurance with respect to the reliability of financial statement preparation and presentation. Further, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Management of Associates assessed the effectiveness of its internal control over financial reporting, as it is applicable to the Partnership, as of the end of the Partnership’s most recent fiscal year. In making this assessment, it used the criteria set forth in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on its assessment, management of Associates concluded that, for the reasons set forth above under “Disclosure controls and procedures,” the internal control over financial reporting, as it is applicable to the Partnership, was not effective as of March 31, ~~2013,2012, 2011, 2010, 2009 and 2008~~2015.

For purposes of the Securities Exchange Act of 1934, the term “material weakness” is a deficiency, or a combination of deficiencies, in a reporting company’s internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company’'s annual or interim financial statements will not be prevented or detected on a timely basis. For the reasons discussed above in this Item 9A, sub-section (a) under the caption “Disclosure Controls and Procedures,” the Partnership’s internal control over financial reporting has not been effective in permitting timely reporting of the Partnership’s financial information. Accordingly, the management of Associates believes that this inability to generate timely reports constitutes a material weakness in its internal control over financial reporting.

There were no changes in the Partnership’s internal control over financial reporting that occurred during the ~~years~~quarter ended March 31, ~~2013,2012,~~2015 ~~2011, 2010, 2009 and 2008~~ that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

Item 9B. Other Information

NONE

PART III.

Item 10. Directors, Executive Officers and Corporate Governance

(a)	Identification of Directors, (b) Identification of Executive Officers, (c) Identification of Certain Significant Employees, (d) Family Relationships, and (e) Business Experience

~~Neither the~~The ~~General Partner nor the~~ Partnership has no directors, executives officers or employees of its own. The business of the Partnership is conducted primarily through Associates. Associates is a California corporation which was organized in 1971. The following biographical information is presented for the officers and employees of Associates with principal responsibility for the Partnership’s affairs.

54Wilfred N. Cooper, Sr. Chairman Wilfred N. Cooper, Jr. President, Chief Executive Officer and Secretary Michael J. Gaber Executive Vice President and Chief Operating Officer David N. Shafer, Esq. Executive Vice President Melanie R. Wenk, CPA Senior Vice President – Chief Financial Officer Darrick Metz Senior Vice President – Originations Christine A. Cormier Senior Vice President – Investor Relations Anand Kannan Senior Vice President – Development Gregory S. Hand Senior Vice President – Underwriting Anil Advani Senior Vice President – Private Label Funds

~~WNC &~~In ~~Associates,~~addition ~~Inc.~~to isWilfred aN. ~~California~~Cooper, ~~corporation which was organized in 1971~~Sr., ~~Its officers and significant employees as of~~ the ~~date~~directors of ~~this~~WNC& ~~filing~~Associates, Inc. are ~~included~~Wilfred inN. ~~the~~Cooper, ~~following list~~Jr., ~~which~~Kay ~~also~~L. ~~includes~~Cooper ~~certain~~and ~~officers~~Jennifer ofE. ~~WNC Capital Corporation:~~Cooper.

Wilfred N. Cooper, Sr. is the founder and Chairman ~~Wilfred~~of Nthe Board of Directors of WNC & Associates, Inc., ~~Cooper~~a Director of WNC Capital Corporation, Jrand a general partner in some of the partnerships previously sponsored by WNC& Associates, Inc. ~~President~~Mr. Cooper has been actively involved in the affordable housing industry since 1968. Previously, ~~Chief~~during ~~Executive~~1970 ~~Officer~~and 1971, he was founder and ~~Secretary~~a ~~Michael~~principal J.of ~~Gaber~~Creative ~~Executive~~Equity ~~Vice~~Development ~~President~~Corporation, a predecessor of WNC& Associates, Inc., and ~~Chief~~of ~~Operating~~Creative ~~Officer~~Equity ~~David~~Corporation, Na real estate investment firm. ~~Shafer~~For 12 years before that, ~~Esq~~Mr. ~~Executive~~Cooper ~~Vice~~was ~~President~~employed ~~Melanie~~by RRockwell International Corporation, last serving as its manager of housing and urban developments where he had responsibility for factory-built housing evaluation and project management in urban planning and development. ~~Wenk~~He has testified before committees of the U.S. Senate and the U.S. House of Representatives on matters pertaining to the affordable housing industry. Mr. Cooper is a Life Director of the National Association of Home Builders (“NAHB”), ~~CPA~~a ~~Vice~~National ~~President~~Trustee –for ~~Chief~~NAHB’s ~~Financial~~Political ~~Officer~~Action ~~Darrick~~Committee, ~~Metz~~and ~~Senior~~a ~~Vice~~past ~~President~~Chairman –of ~~Originations~~NAHB’s ~~Christine~~Multifamily ACouncil. ~~Cormier~~He ~~Senior~~is ~~Vice~~a ~~President~~Life –Trustee ~~Investor~~of ~~Relations~~the ~~Kelly~~National ~~Henderson~~Housing ~~Senior~~Conference, ~~Vice~~and ~~President~~a –co-founder ~~Legal~~and ~~Affairs~~Director ~~Anand~~Emeritus ~~Kannan~~of ~~Senior~~the ~~Vice~~California ~~President~~Housing –Consortium. ~~Development~~He ~~Gregory~~is Sthe husband of Kay Cooper and the father of Wilfred N. ~~Hand~~Cooper, ~~Senior~~Jr. ~~Vice~~Mr. ~~President~~Cooper –graduated ~~Underwriting~~from ~~Anil~~Pomona ~~Advani~~College ~~Senior~~in ~~Vice~~1956 ~~President~~with –a ~~Private~~Bachelor ~~Label~~of ~~Funds~~Arts degree.

~~In addition to Wilfred N. Cooper, Sr., the directors of WNC & Associates, Inc. are Wilfred N. Cooper, Jr., Kay L. Cooper and Jennifer E. Cooper.~~46

Wilfred N. Cooper, Sr. is the founder and Chairman of the Board of Directors of WNC & Associates, Inc., a Director of WNC Capital Corporation, and a general partner in some of the partnerships previously sponsored by WNC & Associates, Inc. Mr. Cooper has been actively involved in the affordable housing industry since 1968. Previously, during 1970 and 1971, he was founder and a principal of Creative Equity Development Corporation, a predecessor of WNC & Associates, Inc., and of Creative Equity Corporation, a real estate investment firm. For 12 years before that, Mr. Cooper was employed by Rockwell International Corporation, last serving as its manager of housing and urban developments where he had responsibility for factory-built housing evaluation and project management in urban planning and development. He has testified before committees of the U.S. Senate and the U.S. House of Representatives on matters pertaining to the affordable housing industry. Mr. Cooper is a Life Director of the National Association of Home Builders (“NAHB”), a National Trustee for NAHB’s Political Action Committee, and a past Chairman of NAHB’s Multifamily Council. He is a Life Trustee of the National Housing Conference, and a co-founder and Director Emeritus of the California Housing Consortium. He is the husband of Kay Cooper and the father of Wilfred N. Cooper, Jr. Mr. Cooper graduated from Pomona College in 1956 with a Bachelor of Arts degree.

Wilfred N. Cooper, Jr. is President, Chief Executive Officer, Secretary, a Director, and a member of the Investment Committee, of WNC & Associates, Inc. He is President and a Director of, and a registered principal with, WNC Capital Corporation. He has been involved in real estate investment and acquisition activities since 1988 when he joined WNC & Associates, Inc. Previously, he served as a Government Affairs Assistant with Honda North America in Washington, D.C. Mr. Cooper serves on the Orange County Advisory Board of U.S. Bank, the Board of Trustees of NHC, the Editorial Advisory Board of Tax Credit Advisor, and the Tax Policy Council of the National Trust for Historic Preservation. He is a member of the Urban Land Institute and of Vistage International, a global network of business leaders and chief executives. He is the son of Wilfred Cooper, Sr. and Kay Cooper. Mr. Cooper graduated from The American University in 1985 with a Bachelor of Arts degree.

Michael J. Gaber is an Executive Vice President, Chief Operating Officer, chair of the Investment Committee, and oversees the Property Acquisition and Investment Management groups, of WNC & Associates, Inc. Mr. Gaber has been involved in real estate acquisition, valuation and investment activities since 1989 and has been associated with WNC & Associates, Inc. since 1997. Prior to joining WNC & Associates, Inc., he was involved in the valuation and classification of major assets, restructuring of debt and analysis of real estate taxes with a large financial institution. Mr. Gaber is a member of the Housing Credit Group of NAHB and of National Housing and Rehabilitation Association (“NH&RA”). Mr. Gaber graduated from the California State University, Fullerton in 1991 with a Bachelor of Science degree in business administration – finance.

David N. Shafer is an Executive Vice President, a member of the Investment Committee, and oversees the New Markets Tax Credit group, of WNC & Associates, Inc. He is a registered representative with WNC Capital Corporation. Mr. Shafer has been active in the real estate industry since 1984. Before joining WNC & Associates, Inc. in 1990, he was engaged as an attorney in the private practice of law with a specialty in real estate and taxation. Mr. Shafer is a Director and past President of the California Council of Affordable Housing, a Director of the Council for Affordable and Rural Housing and a member of the State Bar of California. Mr. Shafer graduated from the University of California at Santa Barbara in 1978 with a Bachelor of Arts degree, from the New England School of Law in 1983 with a Juris Doctor degree (cum laude) and from the University of San Diego in 1986 with a Master of Laws degree in taxation.

Melanie R. Wenk is Senior Vice President – Chief Financial Officer of WNC & Associates, Inc. She oversees WNC’s corporate and partnership accounting group, which is responsible for SEC reporting and New Markets Tax Credit compliance. Prior to joining WNC in 2003, Ms. Wenk was associated as a public accountant with BDO Seidman, LLP. She graduated from the California Polytechnic State University, Pomona in 1999 with a Bachelor of Science degree in accounting.

Darrick Metz is Senior Vice President – Originations of WNC & Associates, Inc. He has been involved in multifamily property underwriting, acquisition and investment activities since 1991. Prior to joining WNC in 1999, he was employed by a Minnesota development company specializing in tax credit and market rate multifamily projects. Mr. Metz also worked with the Minnesota Housing Finance Agency (“MHFA”), where he held the position of Senior Housing Development Officer. While at MHFA, he was responsible for the allocation of tax credits, HOME funds and state loan products. Mr. Metz is active in the Qualified Allocation Plan Tax Credit Advisory Committee for the Wisconsin Housing and Economic Development Authority, a member of MHFA’s Multifamily Technical Assistance and a board member of NH&RA. He graduated from St. Cloud State University in 1993 with a Bachelor of Science degree in finance/economics.

Christine A. Cormier is Senior Vice President – Investor Relations of WNC & Associates, Inc. and oversees multi-investor fund equity raising and closings as well as the marketing group. She is a registered representative with WNC Capital Corporation. Ms. Cormier has been active in the real estate industry since 1985. Prior to joining WNC in 2008, Ms. Cormier was with another major tax credit syndicator for over 12 years where she was the Managing Director of investor relations. Ms. Cormier graduated from Bentley University in 1982 with a Bachelor of Science degree (summa cum laude) in accounting and computer science.

Kelly Henderson is Senior Vice President – Legal Affairs of WNC & Associates, Inc. She is responsible for structuring local limited partnership letters of understanding and local limited partnership agreements, coordinating closings with outside counsel and reviewing local limited partnership loan documents. Prior to joining WNC in 2006, she was Vice President – Acquisitions and Senior Counsel with a national tax credit syndicator. Ms. Henderson has been underwriting tax credit properties since 1999. She graduated from the State University of New York at Geneseo in 1993 with a Bachelor of Arts degree in political science and from the New England School of Law in 1996 with a Juris Doctor degree. She is licensed to practice law in the States of New York and Massachusetts.

Anand Kannan is Senior Vice President – Development of WNC & Associates, Inc. and leads the preservation and development teams for Community Preservation Partners, LLC. Prior to joining WNC in 2011, Mr. Kannan served as Associate Director at Vitus Group (previously Pacific Housing Advisors, Inc.), where he developed or consulted on affordable housing projects across the country. His expertise is in the acquisition and rehabilitation of existing low-income housing projects that are or will be financed by tax-exempt bonds, tax credits, and other government subsidies. Prior to his tenure at Vitus Group, Mr. Kannan was associated with Novogradac & Company LLP. Mr. Kannan graduated from the University of California at Berkeley in 2002 with a Bachelor of Arts degree in economics with an emphasis in accounting.

Gregory S. Hand is Senior Vice President – Underwriting of WNC & Associates, Inc. and oversees the property underwriting activities. Mr. Hand has been involved in real estate analysis, development and management since 1987. Prior to joining WNC in 1998, he was a portfolio asset manager with a national tax credit sponsor with responsibility for the management of $200 million in assets. Prior to that, he was a finance manager with The Koll Company and a financial analyst with The Irvine Company. Mr. Hand graduated from Iowa State University in 1987 with a Bachelor of Business Administration degree in finance.

5647

Anil Advani is Senior Vice President – Private Label Funds of WNC & Associates, Inc. He oversees all activities pertaining to private label funds, including structuring, originations, underwriting and acquisitions. Mr. Advani has 16 years of experience in affordable housing. Prior to joining WNC in 2011 and rejoining WNC in 2013, he worked for major tax credit syndicators where he was involved in the originations, structuring, and placement to institutional investors of local limited partnership investments. Prior to that, he was associated with a major accounting firm performing due diligence reviews of tax credit investments on behalf of institutional investors. Mr. Advani graduated from the University of Texas at Austin in 1993 with a Bachelor of Arts degree in economics and from The American University – Washington College of Law in 1996 with a Juris Doctor degree.

(f)	Involvement in Certain Legal Proceedings

None.

(g)	Promoters and Control Persons

Inapplicable.

(h) Audit Committee Financial Expert, and (i) Identification of the Audit Committee

Neither the Partnership nor the General Partners, has an audit committee.

(j) Changes to Nominating Procedures

Inapplicable.

(k) Compliance With Section 16(a) of the Exchange Act

None.

(l) Code of Ethics

Associates has adopted a Code of Ethics which applies to the Chief Executive Officer and Chief Financial Officer of Associates. The Code of Ethics will be provided without charge to any person who requests it. Such requests should be directed to: Investor Relations at (714) 662-5565 extension 187.

5748

Item 11. Executive Compensation

The General Partner and its Affiliates are not permitted under Section 5.6 of the Partnership’s Agreement of Limited Partnership (the “Agreement,” incorporated as Exhibit 3.1 to this report) to receive any salary, fees, profits, distributions or allocations from the Partnership or any Local Limited Partnership in which the Partnership invests except as expressly allowed by the Agreement. The compensation and other economic benefits to the General Partner and its Affiliates provided for in the Agreement are summarized below.

(a) Compensation for Services

For services rendered by the Managing General Partner or an Affiliate of the Managing General Partner in connection with the administration of the affairs of the Partnership, the Managing General Partner or any such Affiliate may receive an annual Asset Management Fee equal to the greater 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 Local Limited Partnerships, including the Partnership’s allocable share of the mortgages. The Asset Management Fee is payable with respect to the previous calendar quarter on the first day of each calendar quarter during the year. Accrued but unpaid Asset Management Fees for any year are deferred without interest and are payable in subsequent years from any funds available to the Partnership after payment of all other costs and expenses of the Partnership, including any capital reserves then determined by the Managing General Partner to no longer be necessary to be retained by the Partnership, or from the proceeds of a sale or refinancing of Partnership assets. Fees of $5014,~~149~~170, $5033,~~784,~~153 ~~$55,541, $60,500, $60,500, $60,500, $60,500~~ and $6050,~~500~~149 were incurred during the years ended March 31, ~~2013~~2015,~~2012,~~ ~~2011,~~2014 ~~2010, 2009, 2008, 2007~~ and ~~2006~~2013, respectively, of which $030, ~~$25~~345,~~000,~~ $88209,~~719,~~202 ~~$0,~~and $0, ~~$25,000, $50,312 and $94,530~~ was paid for the years ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013, respectively. ~~During the year ended March 31, 2007 the Partnership overpaid its management fees. The over payment is reflected as prepaid expenses on the accompanying balance sheets.~~

Subject to a number of terms and conditions set forth in the Agreement, the General Partner and its Affiliates may be entitled to compensation for services actually rendered or to be rendered in connection with (i) selecting, evaluating, structuring, negotiating and closing the Partnership’'s investments in Local Limited Partnership Interests, (ii) the acquisition or development of Properties for the Local Limited Partnerships, or (iii) property management services actually rendered by the General Partners or their Affiliates respecting the Properties owned by Local Limited Partnerships. The Partnership has completed its investment stage, so no compensation for the services in (i) or (ii) has been paid during the period covered by this report and none will be paid in the future. None of the services described in (iii) were rendered and no such compensation was payable for such services during the periods covered by this report.

(b) Operating Expenses

Reimbursement to the General Partner or any of its Affiliates of Operating Cash Expenses is subject to specific restrictions in Section 5.3.3 4 of the Partnership’s Agreement of Limited ~~Partnership (the “Agreement,” incorporated as Exhibit 3~~.~~1 to this report).~~ The Agreement defines “Operating Cash Expenses” as

“ . . . the amount of cash disbursed by the Partnership . . . in the ordinary course of business for the payment of its operating expenses, such as expenses for advertising and promotion, management, utilities, repair and maintenance, insurance, investor communications, legal, accounting, statistical and bookkeeping services, use of computing or accounting equipment, travel and telephone expenses, salaries and direct expenses of Partnership employees while engaged in Partnership business, and any other operational and administrative expenses necessary for the prudent operation of the Partnership. Without limiting the generality of the foregoing, Operating Cash Expenses shall include fees paid by the Partnership to any General Partner or any Affiliate of a General Partner permitted by this Agreement and the actual cost of goods, materials and administrative services used for or by the Partnership, whether incurred by a General Partner, an Affiliate of a General Partner or a non-Affiliated Person in performing the foregoing functions. As used in the preceding sentence, actual cost of goods and materials means the actual cost of goods and materials used for or by the Partnership and obtained from entities not Affiliated with a General Partner, and actual cost of administrative services means the pro rata cost of personnel (as if such persons were employees of the Partnership) associated therewith, but in no event to exceed the Competitive amount.”

The Agreement provides that no such reimbursement shall be permitted for services for which a General Partner or any of its Affiliates is entitled to compensation by way of a separate fee. Furthermore, no such reimbursement is to be made for (a) rent or depreciation, utilities, capital equipment or other such administrative items, and (b) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any “"controlling person”" of a General Partner or any Affiliate of a General Partner. For the purposes of Section 5.3.4, “"controlling person”" includes, but is not limited to, any person, however titled, who performs functions for a General Partner or any Affiliate of a General Partner similar to those of: (1) chairman or member of the board of directors; (2) executive management, such as president, vice president or senior vice president, corporate secretary or treasurer; (3) senior management, such as the vice president of an operating division who reports directly to executive management; or (4) those holding 5% or more equity interest in such General Partner or any such Affiliate of a General Partner or a person having the power to direct or cause the direction of such General Partner or any such Affiliate of a General Partner, whether through the ownership of voting securities, by contract or otherwise.

The unpaid operating expenses reimbursable to the General Partner or its affiliates were $312,~~060~~322, $624,~~874~~358, ~~$0, $102,759, $76,425, $7,838, $9,517,~~ and $3,~~832~~060 for the years ended March 31, ~~2013~~2015,~~2012,~~ ~~2011,~~2014 ~~2010, 2009, 2008, 2007~~ and ~~2006~~2013, respectively. The Partnership reimbursed the General Partner or its affiliates for operating expenses of $4685,~~682~~270, $8262,~~351~~208, ~~$166,935,~~and $046,682 ~~$20,000, $24,671,$12,136, and $14.329~~ during the years ended March 31, ~~2013~~2015,~~2012,~~ ~~2011,~~2014 ~~2010,~~and ~~2009~~2013, ~~2008, 2007, and 2006~~ respectively. ~~During the year ended March 31, 2011 the Partnership overpaid the General Partner for operating expenses. The over payment was reflected as prepaid expenses on the accompanying balance sheets.~~

The General Partner receives 1% of the Partnership’s allocated Low Income Housing Tax Credits, which ~~approximated~~were $0, for Associates and $0, ~~$1,520, $3,989,~~for ~~$11,046,~~the ~~$21,067,~~General ~~and~~Partner ~~$26,143~~in the aggregate for the tax years (calendar years) ended December 31, ~~2012~~2014, ~~2011,~~2013 ~~2010,~~and ~~2009, 2008, 2007, 2006 respectively~~2012. The General Partner is also entitled to receive 1% of the Partnership’s operating income or losses, gain or loss from the sale of property and operating cash distributions. There were no distributions of operating cash to the General Partner during the years ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007,~~ and ~~2006~~2013. The General Partner has an interest in sale or refinancing proceeds as follows: after the Limited Partners have received a return of their capital, General Partner may receive an amount equal to its capital contribution, less any prior distribution of such proceeds, then the General Partner may receive 1% and the Limited Partners 99% of any remaining proceeds. There were no such distributions ~~of cash~~ to the General Partner during the years ended March 31, ~~2013~~2015,~~2012,~~ ~~2011,~~2014 ~~2010, 2009, 2008, 2007,~~ and ~~2006~~2013.

(d) Subordinated Disposition Fee

A subordinated disposition fee in an amount equal to 1% of the sale price may be received in connection with the sale or disposition of a Housing Complex or Local Limited Partnership interest. Payment of this fee is subordinated to the Limited Partners receiving a preferred return of 14% through December 31, ~~2011~~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. No such fee was incurred for all periods presented.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

(a)	Securities Authorized for Issuance Under Equity Compensation Plans

The Partnership has no compensation plans under which interests in the Partnership are authorized for issuance.

(b)	Security Ownership of Certain Beneficial Owners

No person is known to own beneficially in excess of 5% of the outstanding Partnership Units.

(c)	Security Ownership of Management

Neither the General Partners, Associates, its affiliates, nor any of the officers or directors of the General Partner, Associates or its affiliates own directly or beneficially any Partnership Units.

(d)	Changes in Control

The management and control of Associates may be changed at any time in accordance with their respective organizational documents, without the consent or approval of the Limited Partners. In addition, the Partnership Agreement provides for the admission of one or more additional and successor General Partners in certain circumstances.

First, with the consent of any other General Partners and a majority-in-interest of the Limited Partners, any General Partners may designate one or more persons to be successor or additional General Partners. In addition, any General Partner may, without the consent of any other General Partner or the Limited Partners, (i) substitute in its stead as General Partner any entity which has, by merger, consolidation or otherwise, acquired substantially all of its assets, stock or other evidence of equity interest and continued its business, or (ii) cause to be admitted to the Partnership an additional General Partner or Partners if it deems such admission to be necessary or desirable so that the Partnership will be classified a partnership for Federal income tax purposes. Finally, a majority-in-interest of the Limited Partners may at any time remove the General Partners of the Partnership and elect a successor General Partner.

Item 13. Certain Relationships and Related Transactions, and Director Independence

(a)

The General Partner manages all of the Partnership’s affairs. The transactions with the General Partner are primarily in the form of fees paid by the Partnership for services rendered to the Partnership, reimbursement of expenses, and the General Partner’s interests in the Partnership, as discussed in Item 11 and in the notes to the Partnership’s financial statements.

(b)	The Partnership has no directors.

Item 14. Principal Accountant Fees and Services

The following is a summary of fees paid to the Partnership’s principal independent registered public accounting firm for the years ended March 31:

	2013		2012		2011		2010
	2015		2014
Audit Fees	$	-22,850	$	-178,818	$	-	$	-
Audit-related Fees		-		-		-		-
Tax Fees		-		~~382~~-		~~3,035~~		~~3,035~~
TOTAL	$	-22,850	$	~~382~~178,818	$	~~3,035~~	$	~~3,035~~
		2009		2008		2007		2006
Audit Fees	$	-	$	-	$	-	$	5,000
Audit-related Fees		-		-		-		-
Tax Fees		2,890		2,755		2,625		-
TOTAL	$	2,890	$	2,755	$	2,625	$	5,000

The Partnership has no Audit Committee. All audit services and any permitted non-audit services performed by the Partnership’s independent auditors are preapproved by the General Partner.

PART IV.

Item 15. Exhibits and Financial Statement Schedules

List of financial statements included in Part II hereof

~~Reports~~ Report of Independent ~~Registered~~ Public Accounting ~~Firms~~Firm Balance Sheets, March 31, 2015 and 2014

~~Balance Sheets,~~Statements ~~March~~of ~~31,~~Operations ~~2013,~~for ~~2012,~~the ~~2011,~~years ~~2010~~ended March 31, ~~2009~~2015, ~~2008~~2014 and ~~2007~~2013

Statements of ~~Operations~~Partners’ Equity (Deficit) for the years ended March 31, ~~2013~~2015,~~2012,~~ ~~2011,~~2014 ~~2010, 2009, 2008, 2007~~ and ~~2006~~2013

Statements of ~~Partners’~~Cash ~~Equity~~Flows ~~(Deficit)~~ for the years ended March 31, ~~2013~~2015, ~~2012,~~2014 ~~2011, 2010, 2009, 2008, 2007~~ and ~~2006~~2013

Statements of Cash Flows for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006

Notes to Financial Statements

(a)(2) List of financial statement schedules included in Part IV hereof:

Schedule III, Real Estate Owned by Local Limited Partnerships

(a)(3)

Exhibits.

3.1	Articles of incorporation and by-laws: The registrant is not incorporated. The Partnership Agreement filed as Exhibit 28.1 to Form 10-K for fiscal year ended December 31, 1995 is hereby incorporated herein by reference as Exhibit 3.1.
31.1	Certification of the Chief Executive Officer pursuant to Rule 13a-14 and 15d-14 (filed herewith)
31.2	Certification of the Chief Financial Officer pursuant to Rule 13a-14 and 15d-14 (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)
99.1	Amended and Restated Agreement of Limited Partnership of Blessed Rock of El Monte filed as exhibit 10.1 to Form 8-K Current Report dated September 19, 1996 is herein incorporated by reference as exhibit 99.1.
99.2	Agreement of Limited Partnership of Crescent City Apartments filed as exhibit 10.1 to Form 8-K Current Report dated September 25, 1996 is herein incorporated by reference as exhibit 99.2.
99.3	Agreement of Limited Partnership of Ashford Place, a Limited Partnership filed as exhibit 99.1 to Form 8-K Current Report dated January 27, 1997 is herein incorporated by reference as exhibit 99.3

3.1	Articles of incorporation and by-laws: The registrant is not incorporated. The Partnership Agreement filed as Exhibit 28.1 to Form 10-K for fiscal year ended December 31, 1995 is hereby incorporated herein by reference as Exhibit 3.1.

6231.1 Certification of the Chief Executive Officer pursuant to Rule 13a-14 and 15d-14 (filed herewith)

99.4	Amended and Restated Agreement of Limited Partnership of Lamar Plaza Apts., L. P. filed as exhibit 99.2 to Form 8-K Current Report dated January 27, 1997 is herein incorporated by reference as exhibit 99.4.
99.5	Amended and Restated Agreement of Limited Partnership of Woodland , Ltd. filed as exhibit 10.3 to Form 8-K Current Report dated January 27, 1997 is herein incorporated by reference as exhibit 99.5.
99.6	Amended and Restated Agreement of Limited Partnership of Mesa Verde Apartments Limited Partnership filed as exhibit 10.1 to Form 8-K Current Report dated March 6, 1997 is herein incorporated by reference as exhibit 99.6.
99.7	Amended and Restated Agreement of Limited Partnership of Hilltop Apartments, Ltd. filed as exhibit 10.1 to Form 8-K Current Report dated April 27, 1997 is herein incorporated by reference as exhibit 99.7.
99.8.1	Amended and Restated Agreement of Limited Partnership of Mountain Vista Associates Limited Partnership filed as exhibit 10.1 to Form 8-K Current Report dated May 27, 1997 is herein incorporated by reference as exhibit 99.8.
10.8	Amended and Restated Agreement of Limited Partnership of Belen Vista Associates Limited Partnership filed as exhibit 10.1 to Form 8-K Current Report dated May 5, 1997 is here in incorporated by reference as exhibit 99.9.
10.9	Amended and Restated Agreement of Limited Partnership of Greyhound Associates I, Limited Partnership filed as exhibit 10.1 to Form 8-K Current Report dated May 20, 1997 is herein incorporated by reference as exhibit 99.10.
99.1	Financial Statements of Mesa Verde Apartments Limited Partnership, as of and for the years ended December 31, 2006 and 2005 together with Independent Auditors Report thereon; a significant subsidiary of the Partnership. (filed herewith)
99.2	Financial Statements of Blessed Rock of El Monte, as of and for the years ended December 31, 2012, 2011, 2010, 2009, 2008, 2007, 2006 and 2005 together with Independent Auditors Report thereon; a significant subsidiary of the Partnership. (filed herewith)
99.3	Financial statements of Bolivar Plaza Apts, L.P., as of and for the years ended December 31, 2008 and 2007 together with Independent Auditors Report thereon, a significant subsidiary of the Partnership. (Filed herewith)
101.	Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Balance Sheets at March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006, (ii) the Statements of Operations for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006, (iii) the Statements of Partners’ Equity (Deficit) for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006, (iv) the Statements of Cash Flows for the years ended March 31, 2013, 2012, 2011, 2010, 2009, 2008, 2007 and 2006 and (v) the Notes to Financial Statements. (Filed herewith)

31.2	Certification of the Chief Financial Officer pursuant to Rule 13a-14 and 15d-14 (filed herewith)

6332.1 Section 1350 Certification of the Chief Executive Officer. (filed herewith)

~~WNC Housing~~32.2 ~~Tax~~Section ~~Credit~~1350 ~~Fund~~Certification V,of Lthe Chief Financial Officer.P. ~~Series~~(filed 4herewith)

~~Schedule III~~99.1 Financial Statements of Blessed Rock of El Monte, as of and for the years ended December 31, 2012, together with Independent Auditors Report thereon; a significant subsidiary of the Partnership. (filed herewith)

~~Real Estate~~101. ~~Owned~~Interactive bydata ~~Local~~files ~~Limited~~pursuant ~~Partnerships~~to Rule 405 of Regulation S-T: (i) the Balance Sheets at March 31, 2015 and 2014, (ii) the Statements of Operations for the years ended March 31, 2015, 2014 and 2013, (iii) the Statements of Partners’ Equity (Deficit) for the years ended March 31, 2015, 2014 and 2013, (iv) the Statements of Cash Flows for the years ended March 31, 2015, 2014 and 2013, and (v) the Notes to Financial Statements

~~March 31, 2013~~52

WNC Housing Tax Credit Fund V, L.P. Series 4 Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2015

As of March 31, 2015

As of December 31, 2014

Local Limited

Partnership Name

Location

Total Investment in Local Limited Partnerships

Amount of Investment Paid to Date

Filing Compare · WNC HOUSING TAX CREDIT FUND V LP SERIES 4