UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

~~For~~[X] ~~the~~QUARTERLY ~~quarterly~~REPORT ~~period~~PURSUANT ~~ended~~TO ~~June~~SECTION ~~30,~~13 ~~2013~~OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2013

[ ]

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

For the transition period from ________ to ___________

Commission file number: 0-21895

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

California	~~33-6163848~~	33-6163848
(State or other jurisdiction of	~~(I.R.S. Employer~~	(I.R.S. Employer
incorporation or organization)	~~Identification No.)~~	Identification No.)
17782 Sky Park Circle
Irvine, CA	92614-6404
(Address of principal executive offices)	(Zip Code)

17782 Sky Park Circle
Irvine, CA		92614-6404
(Address of principal executive offices)		(Zip Code)

(714) 662-5565

(Telephone number)

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

Yes [X] No [ ]

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

Yes [X] No [ ]

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

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

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

Yes [ ] No [X]

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

(A California Limited Partnership)

INDEX TO FORM 10 – Q

For the Quarterly Period Ended ~~June~~ September 30, 2013

PART I. FINANCIAL INFORMATION			F-1
Item 1.	~~Item 1.~~	Financial Statements	F-1
		Condensed Balance Sheets As of June 30, 2013 and March 31, 2013	F-1
		Condensed Balance Sheets As of September 30, 2013 and March 31, 2013	F-1
		Condensed Statements of Operations For the Three Months Ended June 30, 2013 and 2012	F-2
		Condensed Statements of Operations For the Three and Six Months Ended September 30, 2013 and 2012	F-2
		Condensed Statement of Partners’ Equity (Deficit) For the Three Months Ended June 30, 2013	F-3
		Condensed Statement of Partners’ Equity (Deficit) For the Six Months Ended September 30, 2013	F-3
		Condensed Statements of Cash Flows For the Three Months Ended June 30, 2013 and 2012	F-4
		Condensed Statements of Cash Flows For the Six Months Ended September 30, 2013 and 2012	F-4
		Notes to Condensed Financial Statements	F-5
Item 2.	~~Item 2.~~	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3
Item 3.	~~Item 3.~~	Quantitative and Qualitative Disclosures about Market Risks	4
Item 4.	~~Item 4.~~	Controls and Procedures	4
PART II. OTHER INFORMATION			5
Item 1.	~~Item 1.~~	Legal Proceedings	5
	Item 1A.	Risk Factors	5
Item 1 A		Risk Factors	5
Item 2.	~~Item 2.~~	Unregistered Sales of Equity Securities and Use of Proceeds	5
Item 3.	~~Item 3.~~	Defaults Upon Senior Securities	5
Item 4.	~~Item 4.~~	Mine Safety Disclosures	5
Item 5.	~~Item 5.~~	Other Information	5
Item 6.	~~Item 6.~~	Exhibits	5
Signatures	~~Signatures~~		6

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

WNC HOUSING TAX CREDIT FUND V, L.P., ~~SERIES~~ SERIES 3

(A California Limited Partnership)

CONDENSED BALANCE SHEETS

(Unaudited)

	June 30, 2013			March 31, 2013
	September 30, 2013			March 31, 2013
ASSETS
Cash	$	~~126~~184,~~072~~910		$	359,455
Investments in Local Limited Partnerships, net (Notes 2 and 3)		-			-
Other assets		912,~~447~~680			7,520
Total Assets	$	~~135~~197,~~519~~590		$	366,975
LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)
Liabilities:
Accrued expenses	$	-		$	665
Prepaid disposition proceeds		-			280,000
Accrued fees and expenses due to General Partner and affiliates (Note 3)		735,~~375~~829			495,501
Total Liabilities		735,~~375~~829			776,166
Partners’ Equity (Deficit):
General Partner		1,309,~~314~~650			3,091,734
Limited Partners (25,000 Partnership Units authorized; 17,946 Partnership Units issued and outstanding)		(1,~~181~~147,~~170~~889	)		(3,500,925	)
Total Partners’ Equity (Deficit)		~~128~~161,~~144~~761			(409,191	)
Total Liabilities and Partners’ Equity (Deficit)	$	~~135~~197,~~519~~590		$	366,975

See accompanying notes to condensed financial statements

F-1

WNC HOUSING TAX CREDIT FUND V, L.P., ~~SERIES~~ SERIES 3

(A California Limited Partnership)

CONDENSED STATEMENTS OF OPERATIONS

For the Three and Six Months Ended ~~June~~ September 30, 2013 and 2012

(Unaudited)

	2013			~~2012~~			2012
	Three Months			~~Three~~Six Months			Three Months			Six Months
Reporting fees	$	~~575~~58,831		$	-59,406		$	-		$	-
Distribution income		-			~~30,295~~-			-			30,106
Total operating income		~~575~~58,831			3059,~~295~~406			-			30,106
Operating expenses:
Asset management fees (Note 3)		21,~~716~~650			54,~~796~~366			11,892			17,688
Legal and accounting fees		2320,~~340~~156			2143,~~022~~496			7,316			28,338
Other		6,164			4,351
Professional services		3,105			5,334			4,728			7,386
Total operating expenses		32,220			31,169
Other		315			4,250			2,005			3,509
Loss from operations		(31,645	)		(874	)
Total operating expenses		25,226			57,446			25,941			56,921
Gain on sale of Local Limited Partnerships		2,374,805			101,057
Income (loss) from operations		33,605			1,960			(25,941	)		(26,815	)
Interest income		27			1
Gain (loss) on sale of Local Limited Partnerships		-			2,374,805			(20,145	)		80,912
Net income	$	2,343,187		$	100,184
Interest income		12			39			6			7
Net income allocated to:
Net income (loss)	$	33,617		$	2,376,804		$	(46,080	)	$	54,104
General Partner	$	23,432		$	1,002
Net income(loss) allocated to:
Limited Partners	$	2,319,755		$	99,182
General Partner	$	336		$	23,768		$	(461	)	$	541
Net income per Partnership Unit	$	129		$	6
Limited Partners	$	33,281		$	2,353,036		$	(45,619	)	$	53,563
Outstanding weighted Partnership Units		17,946			18,000
Net income (loss) per Partnership Unit	$	2		$	131		$	(3	)	$	3
Outstanding weighted Partnership Units		17,946			17,946			18,000			18,000

See accompanying notes to condensed financial statements

F-2

WNC HOUSING TAX CREDIT FUND V, L.P., ~~SERIES~~ SERIES 3

(A California Limited Partnership)

CONDENSED STATEMENT OF PARTNERS’ EQUITY (DEFICIT)

For the ~~Three~~Six Months Ended ~~June~~September 30, ~~2013 (Unaudited)~~ 2013

	General			Limited
	Partner			Partners			Total
Partners’ equity (deficit) at March 31, 2013	$	3,091,734		$	(3,500,925	)	$	(409,191	)
Net income		23,432			2,319,755			2,343,187
Return of capital (Note 4)		(1,805,852	)		-			(1,805,852	)
Partners’ equity (deficit) at June 30, 2013	$	1,309,314		$	(1,181,170	)	$	128,144

(Unaudited)

See accompanying notes to condensed financial statements

	General			Limited
	Partner			Partners			Total

Partners’ equity (deficit) at March 31, 2013	$	3,091,734		$	(3,500,925	)	$	(409,191	)

Net income		23,768			2,353,036			2,376,804

Return of capital (Note 4)		(1,805,852	)		-			(1,805,852	)

Partners’ equity (deficit) at September 30, 2013	$	1,309,650		$	(1,147,889	)	$	161,761

~~F-3~~See accompanying notes to condensed financial statements

~~WNC HOUSING TAX CREDIT FUND V, L.P., SERIES~~ F-3

(AWNC ~~California~~HOUSING ~~Limited~~TAX ~~Partnership)~~CREDIT FUND V, L.P., SERIES 3

~~CONDENSED~~(A ~~STATEMENTS~~California OFLimited ~~CASH FLOWS~~Partnership)

~~For~~CONDENSED ~~the Three Months Ended June 30,~~STATEMENTS ~~2013~~OF ~~and~~CASH ~~2012~~FLOWS

~~(Unaudited)~~For the Quarterly Period Ended September 30, 2013 and 2012

	2013			2012
Cash flows from operating activities:
Net income	$	2,343,187		$	100,184
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of Local Limited Partnerships		(2,374,805	)		(101,057	)
Increase in other assets		(12,507	)		(8,573	)
Increase (decrease) in accrued fees and expenses due to General Partner and affiliates		(488,126	)		39,743
Decrease in accrued expenses		(665	)		-
Net cash provided by (used in) operating activities		(532,916	)		30,297
Cash flows from investing activities:
Proceeds from sale of Local Limited Partnership		2,105,385			89,280
Net cash provided by investing activities		2,105,385			89,280
Cash flows from financing activities:
Return of capital		(1,805,852	)		-
Net cash used in financing activities		(1,805,852	)		-
Net increase (decrease) in cash		(233,383	)		119,577
Cash, beginning of period		359,455			11,489
Cash, end of period	$	126,072		$	131,066
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Taxes paid	$	-		$	-

(Unaudited)

NON-CASH INVESTING AND FINANCING ACTIVITIES

	2013			2012

Cash flows from operating activities:
Net income	$	2,376,804		$	54,104
Adjustments to reconcile net income to net cash used in operating activities:
Gain on sale of Local Limited Partnerships		(2,374,805	)		(80,912	)
Increase in other assets		(15,740	)		(28,718	)
Decrease in accrued fees		(665	)
Increase (decrease) in accrued fees and expenses due to General Partner and affiliates		(459,672	)		13,807

Net cash used in operating activities		(474,078	)		(41,719	)

Cash flows from investing activities:
Proceeds from sale of Local Limited Partnerships		2,105,385			92,280

Net cash provided by investing activities		2,105,385			92,280

Cash flows from financing activities:
Return of capital		(1,805,852	)		-

Net cash used in financing activities		(1,805,852	)		-

Net increase (decrease) in cash		(174,545	)		50,561

Cash, beginning of period		359,455			11,489

Cash, end of period	$	184,910		$	62,050

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Taxes paid	$	-		$	-

NON-CASH INVESTING AND FINANCING ACTIVITIES

Gain on sale of Local Limited Partnerships was increased and accrued fees and expenses due to the General Partner and affiliates was decreased for sales proceeds paid directly to Associates.	$	-		$	19,450

~~A Local Limited Partnership~~See ~~was~~accompanying ~~sold~~notes ~~for $22,450 with proceeds paid directly~~ to ~~Associates,~~condensed ~~which~~financial ~~resulted in a decrease in accrued fees and expenses due to General Partner and affiliates of $19,450 and an increase in due from affiliate of $3,000 during the three months ended June 30, 2012~~statements

~~See accompanying notes to condensed financial statements~~F-4

~~F-4~~WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3

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

(ANOTES ~~California~~TO ~~Limited~~CONDENSED ~~Partnership)~~FINANCIAL STATEMENTS

~~NOTES~~For TOthe ~~CONDENSED~~Quarterly ~~FINANCIAL~~Period ~~STATEMENTS~~Ended September 30, 2013 and 2012

~~For the Quarterly Period Ended June 30, 2013~~(Unaudited)

~~(Unaudited)~~NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

~~NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES~~General

~~General~~The accompanying condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q for quarterly reports under Section 13 or 15(d) of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2014. For further information, refer to the financial statements and footnotes thereto included in the Partnership’s annual report on Form 10-K for the fiscal year ended March 31, 2013.

The accompanying condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q for quarterly reports under Section 13 or 15(d) of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2014. For further information, refer to the financial statements and footnotes thereto included in the Partnership’s annual report on Form 10-K for the fiscal year ended March 31, 2013.Organization

~~Organization~~WNC Housing Tax Credit Fund V, L.P., Series 3 (the “Partnership”), is a California Limited Partnership formed under the laws of the State of California on March 28, 1995 and commenced operations on October 24, 1995. The Partnership was formed to invest 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 Complexes. Each Local Limited Partnership is governed by its agreement of limited partnership (the “Local Limited Partnership Agreement”).

~~WNC Housing Tax Credit Fund V,~~The ~~L.P.,~~general ~~Series~~partner 3of (the “Partnership~~”),~~ is aWNC ~~California~~& ~~Limited Partnership formed under the laws of the State of California on March 28~~Associates, ~~1995 and commenced operations on October 24, 1995~~Inc. ~~The Partnership was formed to invest in other limited partnerships~~ (the “~~Local~~General ~~Limited Partnerships~~Partner”~~) which own multi-family~~ or ~~senior housing complexes (~~“~~Housing Complexes~~Associates”). ~~that~~The ~~are~~chairman ~~eligible~~and ~~for~~president ~~Federal~~of ~~low~~Associates ~~income~~own ~~housing~~all ~~tax~~of ~~credits~~the ~~(“Low~~outstanding ~~Income~~stock ~~Housing Tax~~of ~~Credits”)~~Associates. The ~~local~~business of ~~general partners (~~the ~~“Local General Partners”) of each Local Limited~~ Partnership ~~retain~~is ~~responsibility~~conducted ~~for~~primarily ~~maintaining~~through Associates, ~~operating~~as ~~and managing~~ the ~~Housing Complexes. Each Local Limited~~ Partnership ishas ~~governed~~no byemployees ~~its agreement~~ of ~~limited~~its ~~partnership (the “Local Limited Partnership Agreement”)~~own.

The ~~general partner of the~~ Partnership isshall ~~WNC~~continue &in ~~Associates,~~full ~~Inc.~~force ~~(the “General Partner” or “Associates”). The chairman~~ and ~~president~~effect ofuntil ~~Associates~~December ~~own~~31, ~~all~~2050 ofunless ~~the~~terminated ~~outstanding~~prior ~~stock~~to ofthat ~~Associates.~~date ~~The business~~pursuant ofto the partnership ~~Partnership~~agreement isor ~~conducted primarily through Associates, as the Partnership has no employees of its own~~law.

The financial ~~Partnership~~statements ~~shall~~include ~~continue~~only inactivity ~~full force~~relating ~~and~~to ~~effect~~the ~~until~~business ~~December~~of 31the Partnership, ~~2050~~and ~~unless~~do ~~terminated~~not ~~prior~~give effect to any assets that the ~~date~~partners ~~pursuant~~may tohave ~~the~~outside ~~partnership~~of ~~agreement~~their interests in the Partnership, or ~~law~~to any obligations, including income taxes, of the partners.

The Partnership ~~financial~~Agreement ~~statements~~authorized ~~include~~the ~~only activity~~sale ~~relating~~of up to ~~the~~25,000 ~~business~~units of ~~the~~limited partnership interests (“Partnership Units”) at $1,000 ~~and~~per doPartnership ~~not~~Unit. ~~give~~The ~~effect~~offering toof ~~any~~Partnership ~~assets~~Units ~~that~~concluded ~~the~~in ~~partners~~January ~~may~~1996, ~~have~~at ~~outside~~which time 18,000 Partnership ofUnits ~~their~~representing ~~interests~~subscriptions in the ~~Partnership~~amount of $17,558,985, ornet toof ~~any~~$441,015 ~~obligations~~of discounts for volume purchases, ~~including~~had been accepted. As of September 30, 2013 a total of 17,946 Partnership Units remain outstanding. The General Partner has a 1% interest in operating profits and losses, taxable income ~~taxes~~and losses, cash available for distribution from the Partnership and Low Income Housing Tax Credits of the ~~partners~~Partnership. The investors (the “Limited Partners”) will be allocated the remaining 99% of these items in proportion to their respective investments.

The Partnership Agreement authorized the sale of up to 25,000 units of limited partnership interests (“Partnership Units”) at $1,000 per Partnership Unit. The offering of Partnership Units had concluded in January 1996, at which time 18,000 Partnership Units representing subscriptions in the amount of $17,558,985, net of $441,015 of discounts for volume purchases, had been accepted. As of June 30, 2013 a total of 17,946 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”) will be allocated the remaining 99% of these items in proportion to their respective investments.F-5

~~F-5~~WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3

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

(ANOTES ~~California~~TO ~~Limited~~CONDENSED ~~Partnership)~~FINANCIAL STATEMENTS - CONTINUED

~~NOTES~~For TOthe ~~CONDENSED~~Quarterly ~~FINANCIAL~~Period ~~STATEMENTS~~Ended September -30, ~~CONTINUED~~2013

~~For the Quarterly Period Ended June 30, 2013~~(Unaudited)

~~(Unaudited)~~NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

~~NOTE~~The 1proceeds -from ~~SUMMARY~~the OFdisposition ~~SIGNIFICANT~~of ~~ACCOUNTING~~any ~~POLICIES~~of the Local Limited Partnership’s 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 Partnership. The sale of a Housing Complex may be subject to other restrictions and obligations. Accordingly, ~~continued~~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) and the General Partners would then be entitled to receive proceeds equal to its capital contributions from the remainder. Any additional sale or refinancing proceeds will be distributed 90% to the Limited Partners (in proportion to their respective investments) and 10% to the General Partner.

~~The~~Risks ~~proceeds from the disposition of any of the Local Limited Partnership’s 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 Partnership. 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) and the General Partner would then be entitled to receive proceeds equal to its capital contributions from the remainder. Any additional sale or refinancing proceeds will be distributed 90% to the Limited Partners (in proportion to their respective investments) and 10% to the General Partner.Uncertainties

~~Risks~~An investment in the Partnership and ~~Uncertainties~~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:

AnThe Low ~~investment~~Income Housing Tax Credits rules are extremely complicated. Noncompliance with these rules results in the ~~Partnership~~loss of future Low Income Housing Tax Credits and the ~~Partnership’s~~ ~~investments~~fractional inrecapture ~~Local~~of ~~Limited~~Low ~~Partnerships~~Income ~~and~~Housing ~~their~~Tax Credits already taken. In most cases the annual amount of Low Income Housing ~~Complexes~~Tax ~~are~~Credits ~~subject~~that an individual can use is limited to ~~risks~~the tax liability due on the person’s last $25,000 of taxable income. ~~These~~The ~~risks~~Local Limited Partnerships may ~~impact~~ be unable to sell the ~~tax~~Housing ~~benefits~~Complexes ofat ana ~~investment~~price which would result in the Partnership, ~~and~~realizing ~~the~~cash ~~amount~~distributions ofor proceeds ~~available~~from ~~for~~the ~~distribution~~transaction. toAccordingly, the ~~Limited~~Partnership may be unable ~~Partners,~~to ifdistribute any, oncash ~~liquidation~~to ofits ~~the~~Limited ~~Partnership’s investments~~Partners. ~~Some~~Low ofIncome ~~those~~Housing ~~risks~~Tax ~~include~~Credits may be the ~~following:~~only benefit from an investment in the Partnership.

The Partnership ~~Low~~has ~~Income~~invested in a limited number of Local Limited Partnerships. Such limited diversity means that the results of operation of each single Housing ~~Tax~~Complex ~~Credits~~will ~~rules~~have a greater impact on the Partnership. With limited diversity, poor performance of one ~~are~~Housing ~~extremely~~Complex ~~complicated~~could impair the Partnership’s ability to satisfy its investment objectives. ~~Noncompliance~~Each ~~with~~Housing ~~these~~Complex ~~rules~~is ~~results~~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 ~~future~~any remaining future Low Income Housing Tax Credits, ~~and~~a ~~the~~ fractional recapture of prior Low Income Housing Tax Credits, ~~already~~and ~~taken.~~a Inloss ~~most~~of ~~cases~~the Partnership’s investment in the ~~annual~~Housing ~~amount~~Complex ofwould ~~Low~~occur. ~~Income~~The ~~Housing~~Partnership ~~Tax~~is a limited partner or a non-managing member of each Local Limited ~~Credits~~Partnership. ~~that~~Accordingly, anthe ~~individual~~Partnership ~~can~~will ~~use~~have isvery limited rights with respect to management of the ~~tax~~Local ~~liability~~Limited ~~due~~Partnerships. The Partnership will rely totally on the ~~person~~Local General Partners. Neither the Partnership’s ~~last~~investments ~~$25,000~~in ofLocal ~~taxable~~Limited Partnerships, ~~income.~~nor ~~The~~ the Local Limited Partnerships’ ~~may~~investments bein ~~unable~~Housing toComplexes, ~~sell~~are readily marketable. To the extent the Housing Complexes atreceive agovernment ~~price~~financing ~~which~~or ~~would~~operating ~~result~~subsidies, inthey ~~the~~may ~~Partnership~~be ~~realizing cash~~subject ~~distributions~~to one or ~~proceeds~~more ~~from~~of the ~~transaction.~~following risks: ~~Accordingly,~~difficulties in obtaining tenants for the ~~Partnership~~Housing ~~may~~Complexes; bedifficulties ~~unable~~in toobtaining ~~distribute~~rent ~~any~~increases; ~~cash~~limitations toon ~~its~~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 ~~may~~and berecapture ~~the~~of ~~only~~Low ~~benefit~~Income Housing Tax Credits previously taken. The value of real estate is subject to risks from anfluctuating ~~investment~~economic inconditions, ~~the~~including employment ~~Partnership~~rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar Housing Complexes, and neighborhood conditions, among others.

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 a nonF-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 Housing Complexes, and neighborhood conditions, among others.6

~~F-6~~WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3

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

(ANOTES ~~California~~TO ~~Limited~~CONDENSED ~~Partnership)~~FINANCIAL STATEMENTS - CONTINUED

~~NOTES~~For TOthe ~~CONDENSED~~Quarterly ~~FINANCIAL~~Period ~~STATEMENTS~~Ended September -30, ~~CONTINUED~~2013 and 2012

~~For the Quarterly Period Ended June 30, 2013~~(Unaudited)

~~(Unaudited)~~NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

~~NOTE~~The ability 1of -Limited ~~SUMMARY~~Partners OFto ~~SIGNIFICANT~~claim tax losses from the Partnership is limited. The IRS may audit the Partnership or a Local ~~ACCOUNTING~~Limited ~~POLICIES,~~Partnership ~~continued~~and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to 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.

~~The ability~~ All 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~~anticipated ~~tax losses allocable~~ to ~~Limited Partners could~~ be ~~reduced~~realized iffrom the ~~IRS~~Local ~~were~~Limited ~~successful~~Partnerships inhave ~~such~~been ~~a challenge~~realized. The ~~alternative minimum tax could reduce tax~~Partnership ~~benefits~~does ~~from~~not ananticipate ~~investment~~being inallocated ~~the~~any ~~Partnership.~~Low ~~Changes~~Income inHousing ~~tax~~Tax ~~laws~~Credits ~~could~~from ~~also impact~~ the ~~tax~~Local ~~benefits~~Limited ~~from~~Partnerships ~~an investment~~ in ~~the~~ ~~Partnership and/or~~ the ~~value of the Housing Complexes~~future.

~~All~~No trading ofmarket for the ~~Low~~Partnership ~~Income~~Units ~~Housing~~exists ~~Tax Credits~~or ~~anticipated~~is expected to develop. Limited Partners may be ~~realized~~unable ~~from~~to ~~the~~sell ~~Local~~their ~~Limited~~Partnership Units ~~Partnerships~~except ~~have~~at ~~been~~a ~~realized.~~discount ~~The~~and should consider their Partnership ~~does~~Units ~~not anticipate~~to ~~being~~be ~~allocated~~a ~~any~~long-term ~~Low~~investment. ~~Income~~Individual ~~Housing~~Limited ~~Tax~~Partners will ~~Credits~~have ~~from~~no ~~the~~recourse ~~Local~~if ~~Limited~~they ~~Partnerships~~disagree inwith actions authorized by a vote of the ~~future~~majority of Limited Partners.

~~No trading market for the~~Exit 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.Strategy

~~Exit~~The Compliance ~~Strategy~~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.

~~The~~Upon the ~~Compliance~~sale ~~Period~~of ~~for~~ a ~~Housing Complex~~Local isLimited ~~generally~~Partnership 15interest ~~years following construction~~ or ~~rehabilitation~~Housing ~~completion.~~Complex ~~Associates~~after ~~was~~the ~~one~~end of the ~~first~~Compliance inPeriod, ~~the industry~~there towould ~~offer~~be ~~syndicated~~no recapture ~~investments~~of in Low Income Housing Tax Credits. ~~The~~A ~~initial~~sale ~~programs~~prior ~~have~~to ~~completed~~the ~~their~~ end of the Compliance ~~Periods~~Period could result in recapture if certain conditions are not met.

~~Upon~~With that ~~the~~in ~~sale~~mind, ofthe aGeneral ~~Local~~Partner ~~Limited Partnership~~is ~~interest~~continuing orits ~~Housing~~review ~~Complex~~of ~~after~~ the ~~end~~Housing ofComplexes. ~~the~~The ~~Compliance~~review ~~Period~~considers many factors, ~~there~~including extended ~~would~~use berequirements no(such ~~recapture~~as ofthose ~~Low~~due ~~Income Housing~~to ~~Tax~~mortgage ~~Credits.~~restrictions Aor ~~sale~~state ~~prior~~compliance toagreements), the ~~end~~condition of the ~~Compliance~~Housing Complexes, ~~Period~~and ~~could~~the ~~result~~tax inconsequences ~~recapture~~to ifthe ~~certain~~Limited ~~conditions~~Partners ~~are~~from ~~not met~~the sale of the Housing Complexes.

~~With~~Upon identifying ~~that~~those inHousing ~~mind,~~Complexes with the ~~General Partner~~highest ispotential ~~continuing~~for ~~its~~a ~~review~~successful ofsale, refinancing or re-syndication, the ~~Housing~~Partnership expects ~~Complexes~~to proceed with efforts to liquidate them. The ~~review~~objective ~~considers~~is ~~many~~to ~~factors,~~maximize ~~including~~the ~~extended~~Limited ~~use requirements~~Partners’ ~~(such~~return aswherever ~~those~~possible and, ~~due~~ultimately, to ~~mortgage~~wind ~~restrictions~~down orthe ~~state~~Partnership. ~~compliance~~Local ~~agreements),~~Limited ~~the~~Partnership ~~condition~~Interests may be disposed of any time by the ~~Housing~~General ~~Complexes,~~Partner ~~and~~in ~~the~~its ~~tax~~discretion. ~~consequences~~While toliquidation of the ~~Limited~~Housing ~~Partners~~Complexes ~~from~~continues to be evaluated, the ~~sale~~dissolution of the Partnership was not imminent as of September 30, 2013. The remaining Housing ~~Complexes~~Complex will complete its Compliance Period in 2013.

~~Upon~~As of ~~identifying~~March ~~those~~31, ~~Housing~~2013, ~~Complexes with~~the Partnership sold the ~~highest~~Housing ~~potential~~Complex ~~for~~of atwo ~~successful~~Local ~~sale~~Limited Partnerships, ~~refinancing~~Cascade orPines ~~re-syndication~~II, ~~the~~L.P. ~~Partnership~~(“Cascade Pines”) ~~expects~~and toEvergreen ~~proceed~~Apartments ~~with~~I ~~efforts to~~L.P. ~~liquidate them~~(“Evergreen”). The ~~objective~~Partnership isalso tosold its ~~maximize~~Local ~~the~~ Limited ~~Partners’~~Partnership ~~return~~Interest ~~wherever~~in ~~possible~~Raymond ~~and~~S. King Apartments, ~~ultimately~~L.P., toPatten ~~wind down~~Towers ~~the Partnership~~L.P. ~~Local~~II, ~~Limited~~Alliance ~~Partnership~~Apartments ~~Interests~~I ~~may~~L.P., Hastings beApartments ~~disposed~~I ofL.P, ~~any~~Shepherd ~~time~~South byI, ~~the~~L.P., ~~General~~Escatawpa ~~Partner~~Village inAssociates, ~~its~~Hillcrest ~~discretion. While~~Associates, ~~liquidation~~Rosedale ofL.P., ~~the~~Heritage Apartments ~~Housing~~I, ~~Complexes~~L.P., ~~continues~~Curtis toAssociates beI, ~~evaluated~~L.P., ~~the~~Prairieland ~~dissolution~~Properties of ~~the~~Syracuse ~~Partnership~~II, ~~was~~L.P., ~~not~~Solomon ~~imminent~~Associates ~~as of June 30~~I, ~~2013~~L.P., ~~The~~and ~~remaining~~Talladega County Housing ~~Complex~~Ltd ~~will~~., ~~complete~~as ~~its~~of ~~Compliance~~March ~~Period~~31, in 2013.

As of March 31, 2013, the Partnership sold the Housing Complex of two Local Limited Partnerships, Cascade Pines II, L.P. (“Cascade Pines”), and Evergreen Apartments I L.P. (“Evergreen”). The Partnership also sold its Local Limited Partnership Interest in Raymond S. King Apartments, L.P., Patten Towers L.P. II, Alliance Apartments I L.P., Hastings Apartments I L.P, Shepherd South I, L.P., Escatawpa Village Associates, Hillcrest Associates, Rosedale L.P., Heritage Apartments I, L.P., Curtis Associates I, L.P., Prairieland Properties of Syracuse II, L.P., Solomon Associates I, L.P., and Talladega County Housing Ltd.F-7

~~F-7~~WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3

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

(ANOTES ~~California~~TO ~~Limited~~CONDENSED ~~Partnership)~~FINANCIAL STATEMENTS - CONTINUED

~~NOTES~~For TOthe ~~CONDENSED~~Quarterly ~~FINANCIAL~~Period ~~STATEMENTS~~Ended September -30, ~~CONTINUED~~2013

~~For the Quarterly Period Ended June 30, 2013~~(Unaudited)

~~(Unaudited)~~NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

~~NOTE~~During the six months ended September 30, 2013, the 49.49% Local Limited Partnership Interest in Blessed Rock was sold for an adjusted price of $4,707,317. Blessed Rock was appraised for $6,910,000 and had a mortgage note balance of $2,054,000 as of December 31, 2012. Proceeds in the amount of $2,355,385 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 condensed balance sheet as of March 31, 2013. The Partnership used the cash proceeds to pay $497,731 in accrued asset management fees, $1,448 -to ~~SUMMARY~~reimburse OFthe ~~SIGNIFICANT~~General Partner or an affiliate for expenses ~~ACCOUNTING~~paid ~~POLICIES~~on its behalf, ~~continued~~$1,805,852 to reimburse the general partner or its affiliates for debts previously written off and the remaining $100,000 was placed in the Partnership’s reserves for future operating expenses. The Partnership incurred $6,968 in sales related expenses which were netted against the proceeds from the sale in calculating the gain on sale. No cash distribution was made to the Limited Partners as a result of this sale. The Compliance Period has been completed therefore there is no risk of recapture and investor approval is not required.

During the ~~three~~six months ended ~~June~~September 30, 2013, ~~the~~The ~~49.49%~~Willows ~~Local Limited Partnership Interest in Blessed Rock~~ was sold for ~~an adjusted price of~~ $430,~~707,317~~000. ~~Blessed~~The ~~Rock~~ Willows was appraised for $6710,~~910,~~000 and had a mortgage note balance of $2937,~~054,~~000 as of December 31, 2012. ~~Proceeds~~Cash inproceeds ~~the amount~~ of $230,~~355,385~~000 were received ~~from~~in advance for the sale ofthe ~~Blessed~~Local ~~Rock,~~Limited ofPartnership ~~which~~Interest ~~$250,000 was received in advance~~ and isare included in prepaid disposition proceeds on the condensed balance sheet as of March 31, 2013. The Partnership used the cash proceeds to pay $497,731 in accrued asset management fees, $1,448 to reimburse the General Partner or an affiliate for expenses paid on its behalf, $1,805,852 to reimburse the general partner or its affiliates for debts previously written off and the remaining $100,000 was placed in the Partnership’s reserves for future operating expenses. The Partnership incurred $63,~~968~~612 in sales related expenses which were netted against the proceeds from the sale in calculating the gain on the sale. No cash distribution ~~was~~will be made to the Limited Partners as a result of this sale. The Compliance Period has been completed therefore there is no risk of recapture and investor approval is not required.

~~During~~As of ~~the~~September ~~three months ended June~~ 30, 2013, ~~The~~the ~~Willows~~Partnership ~~was~~has ~~sold~~identified ~~for~~Broadway ~~$30~~Apartments,~~000~~ L.P. ~~The Willows was appraised~~ for ~~$710,000~~disposition. ~~and had a mortgage~~Contracts ~~note~~regarding ~~balance~~the ofpotential ~~$937,000~~sale as of ~~December~~Broadway ~~31,~~have ~~2012.~~been ~~Cash~~drafted ~~proceeds~~and ofare ~~$30,000~~currently ~~were~~under ~~received~~review inby ~~advance~~the ~~for~~potential ~~the~~purchaser ~~sale~~of the Local ~~Limited~~ Limited Partnership Interest. ~~and~~Broadway ~~are~~was ~~included~~appraised infor ~~prepaid~~$1,610,000 and ~~disposition~~had ~~proceeds~~a onmortgage ~~the~~note ~~condensed~~ balance ~~sheet~~of $1,110,000 as of ~~March~~December 31, ~~2013~~2012. The ~~Partnership~~ ~~incurred~~estimated ~~$3,612~~closing indate ~~sales~~is ~~related~~unknown ~~expenses~~for ~~which were netted against the proceeds from the sale in calculating the gain on the sale. No cash distribution will be made to the Limited Partners as a result of~~ this ~~sale~~property. The ~~Compliance~~purchase ~~Period has~~price ~~been completed therefore there~~ is noestimated ~~risk~~to ofbe ~~recapture and investor approval is not required~~$30,000.

As Method of ~~June~~Accounting ~~30, 2013, the Partnership has identified Broadway Apartments, L.P.~~ for ~~disposition.~~Investments ~~Contracts~~in ~~regarding the potential sale of Broadway have been drafted and are currently under review by the potential purchaser of the~~ Local Limited Partnership Interest. Broadway was appraised for $875,000 and had a mortgage note balance of $1,110,000 as of December 31, 2012. The estimated closing date is unknown for this property. The purchase price is estimated to be $30,000.Partnerships

~~Method~~The Partnership accounts for its investments in Local Limited Partnerships using the equity method of ~~Accounting~~accounting, whereby the Partnership adjusts its investment balance for ~~Investments~~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 Note 2).

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 amortized over 27.5 years (see Note 2).F-8

~~“Equity~~WNC inHOUSING ~~losses~~TAX ofCREDIT ~~Local Limited~~FUND ~~Partnerships” for the periods ended June 30~~V, ~~2013 and 2012 has been recorded by the Partnership~~L. Management’s estimate for the three-month periods is based on either actual unaudited results reported by the Local Limited Partnerships or historical trends in the operations of the Local Limited PartnershipsP. Equity in losses of 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~~SERIES ~~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 (see Note 2).~~3

~~F-8~~(A California Limited Partnership)

~~WNC~~NOTES ~~HOUSING~~TO ~~TAX~~CONDENSED ~~CREDIT~~FINANCIAL ~~FUND V, L.P.,~~STATEMENTS ~~SERIES~~- 3CONTINUED

(AFor ~~California~~the ~~Limited~~Quarterly ~~Partnership)~~Period Ended September 30, 2013

~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED~~(Unaudited)

~~For~~NOTE 1 ~~the~~- ~~Quarterly~~SUMMARY ~~Period~~OF ~~Ended~~SIGNIFICANT ~~June 30~~ACCOUNTING POLICIES, ~~2013~~continued

“Equity in losses of Local Limited Partnerships” for the periods ended September 30, 2013 and 2012 has been recorded by the Partnership. Management’s estimate for the three and six-month periods is based on either actual unaudited results reported by the Local Limited Partnerships or historical trends in the operations of the Local Limited Partnerships. Equity in losses of 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 reported 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(~~Unaudited~~s) the equity method was suspended (see Note 2).

~~NOTE~~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 ~~SUMMARY~~power OFto ~~SIGNIFICANT~~direct the activities ~~ACCOUNTING~~of ~~POLICIES~~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, ~~continued~~as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

InBased on ~~accordance~~this ~~with~~guidance, the ~~accounting~~Local ~~guidance for~~Limited ~~the~~Partnerships ~~consolidation~~in ofwhich ~~variable~~the ~~interest~~Partnership ~~entities,~~invests meet the ~~Partnership~~definition ~~determines~~of ~~when~~a itVIE ~~should~~because ~~include~~the owners of the ~~assets,~~equity ~~liabilities, and~~at ~~activities~~risk ofin athese ~~variable~~entities ~~interest~~do ~~entity~~not ~~(VIE)~~have inthe ~~its~~power ~~financial~~to ~~statements,~~direct ~~and~~their ~~when~~operations. itHowever, ~~should~~management ~~disclose~~does ~~information~~not ~~about~~consolidate ~~its~~the ~~relationship~~Partnership’s ~~with~~interests ain ~~VIE.~~these ~~The~~VIEs, ~~analysis~~as ~~that~~it ~~must~~is benot ~~performed~~considered to ~~determine~~be ~~which~~the ~~entity~~primary ~~should~~beneficiary ~~consolidate~~since ait ~~VIE~~does ~~focuses~~not onhave ~~control~~the ~~and~~power ~~economic~~to ~~factors.~~direct Athe ~~VIE~~activities isthat aare ~~legal~~considered ~~structure~~most ~~used~~significant to ~~conduct~~the ~~activities~~economic orperformance ~~hold~~of ~~assets,~~these ~~which~~entities. ~~must~~The ~~be consolidated~~Partnership bycurrently arecords ~~company~~the ifamount itof isits ~~the~~investment ~~primary~~in ~~beneficiary~~these ~~because~~Local itLimited ~~has~~Partnerships ~~(1)~~as ~~the~~an ~~power~~asset toon ~~direct~~its ~~the~~balance ~~activities~~sheets, recognizes its share of ~~the~~partnership ~~VIE~~income ~~that~~or ~~most~~losses ~~significantly impact~~in the ~~VIE’s~~statements ~~economic~~of ~~performance~~operations, and ~~(2)~~discloses ~~the~~how ~~obligation~~it toaccounts ~~absorb~~for ~~losses~~material ortypes ~~receive~~of these ~~benefits~~investments ~~that~~in ~~could~~its ~~potentially~~financial bestatements. ~~significant to~~The Partnership’s balance in investment in Local Limited Partnerships, plus the ~~VIE.~~risk Ifof ~~multiple~~recapture ~~unrelated~~of ~~parties~~tax ~~share~~credits ~~such~~previously ~~power,~~recognized ason ~~defined~~these investments, norepresents ~~party~~its ~~will~~maximum beexposure ~~required~~to loss. The Partnership’s exposure to ~~consolidate~~loss on these Local Limited Partnerships is mitigated by the ~~VIE.~~condition ~~Further,~~and financial performance of the ~~guidance~~underlying ~~requires~~Housing ~~continual~~Complexes ~~reconsideration~~as well as the strength of the ~~primary~~Local ~~beneficiary~~General ofPartners aand ~~VIE~~their guarantee against credit recapture to the investors in the Partnership.

~~Based on this guidance, the Local Limited~~Distributions ~~Partnerships~~received inby ~~which~~ the Partnership ~~invests~~are ~~meet~~accounted ~~the~~for ~~definition~~as of a ~~VIE~~reduction ~~because the owners~~ of the ~~equity~~investment ~~at risk in these entities do not have the power to direct their operations~~balance. ~~However,~~Distributions ~~management~~received ~~does~~after ~~not consolidate~~ the ~~Partnership’s interests in these~~investment ~~VIEs,~~has asreached itzero ~~is not considered to be the primary beneficiary since it does not have the power to direct the activities that~~ are ~~considered~~ ~~most~~recognized ~~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~~As ~~Partnership’s balance in investment in Local Limited Partnerships, plus the risk~~ of ~~recapture~~all ofperiods ~~tax credits previously recognized on these investments~~presented, ~~represents~~all ~~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~~investment ~~Housing~~balances ~~Complexes~~had asreached ~~well as the strength of the Local General Partners and their guarantee against credit recapture to the investors in the Partnership~~zero.

~~Distributions received by the Partnership~~Use ~~are accounted for as a reduction~~ of ~~the investment balance. Distributions received after the investment has reached zero are recognized as income. As of all periods presented,all of the investment balances had reached zero.~~Estimates

~~Use~~The preparation of ~~Estimates~~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.

~~The preparation of financial~~Cash ~~statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates~~ and ~~assumptions~~Cash 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.Equivalents

~~Cash~~The Partnership considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. As of September 30, 2013 and ~~Cash~~March ~~Equivalents~~31, 2013, the Partnership had no cash equivalents.

The Partnership considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. As of June 30, 2013 and March 31, 2013, the Partnership had no cash equivalents.F-9

~~Reporting~~WNC ~~Comprehensive~~HOUSING ~~Income~~TAX CREDIT FUND V, L.P., SERIES 3

~~The~~(A ~~Partnership~~California ~~had~~Limited ~~no items of other comprehensive income for all periods presented.~~Partnership)

FNOTES TO CONDENSED FINANCIAL STATEMENTS -9 CONTINUED

~~WNC~~For ~~HOUSING~~the ~~TAX~~Quarterly ~~CREDIT~~Period ~~FUND~~Ended VSeptember 30, ~~L.P., SERIES~~2013 3and 2012

(~~A California Limited Partnership~~Unaudited)

~~NOTES~~NOTE 1 TO- ~~CONDENSED FINANCIAL~~SUMMARY ~~STATEMENTS~~OF -SIGNIFICANT ~~CONTINUED~~ACCOUNTING POLICIES, continued

~~For the Quarterly Period Ended June~~Reporting ~~30,~~Comprehensive ~~2013~~Income

~~(Unaudited)~~The Partnership had no items of other comprehensive income for all periods presented.

~~NOTE 1 - SUMMARY OF SIGNIFICANT~~Income ~~ACCOUNTING POLICIES, continued~~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 ~~Taxes~~tax returns filed by the Partnership are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.

~~The Partnership has elected to be~~Net ~~treated~~Loss asPer a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure. Income tax returns filed by the Partnership are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.Unit

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

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

~~Revenue~~The Partnership ~~Recognition~~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.

~~The Partnership is entitled to receive~~NOTE ~~reporting~~2 ~~fees~~- ~~from~~INVESTMENTS ~~the~~IN ~~Local~~LOCAL ~~Limited~~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.PARTNERSHIPS

~~F-10~~As of September 30, 2013 and March 31, 2013, the Partnership owns Local Limited Partnership interests in 1 and 3 Local Limited Partnerships, respectively. All of these Local Limited Partnerships own one Housing Complex consisting of an aggregate of 78 and 251 apartment units as of September 30, 2013 and March 31, 2013, respectively. 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 in which it was entitled to 49.49% of such amount.

~~WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3~~F-10

(AWNC ~~California~~HOUSING ~~Limited~~TAX ~~Partnership)~~CREDIT FUND V, L.P., SERIES 3

~~NOTES~~(A TOCalifornia ~~CONDENSED~~Limited ~~FINANCIAL STATEMENTS - CONTINUED~~Partnership)

~~For~~NOTES ~~the~~TO ~~Quarterly~~CONDENSED ~~Period~~FINANCIAL ~~Ended June~~STATEMENTS ~~30,~~- ~~2013~~CONTINUED

~~(Unaudited)~~For the Quarterly Period Ended September 30, 2013

~~NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS~~(Unaudited)

~~As of June 30, 2013 and March 31,~~NOTE ~~2013,~~2 ~~the~~- ~~Partnership~~INVESTMENTS ~~owns~~IN ~~Local~~LOCAL ~~Limited~~LIMITED ~~Partnership interests in 1 and 3 Local Limited Partnerships~~PARTNERSHIPS, respectively. All of these Local Limited Partnership’s own one Housing Complex consisting of an aggregate of 78 and 251 apartment units as of June 30, 2013 and March 31, 2013, respectively. 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 in which it is entitled to 49.49% of such amount.continued

Selected financial information for the ~~three~~six months ended ~~June~~September 30, 2013 and 2012 from the unaudited combined condensed financial statements of the Local Limited Partnerships in which the Partnership has invested is as follows:

COMBINED CONDENSED STATEMENTS OF OPERATIONS
	2013			2012
Revenues	$	126,000		$	627,000
Expenses:
Interest expense		18,000			104,000
Depreciation and amortization		30,000			138,000
Operating expenses		93,000			395,000
Total expenses		141,000			637,000
Net loss	$	(15,000	)	$	(10,000	)
Net loss allocable to the Partnership	$	(14,000	)	$	(19,000	)
Net loss recorded by the Partnership	$	-		$	-

COMBINED CONDENSED STATEMENTS OF OPERATIONS

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 may be required to sustain operations of such Local Limited Partnerships. If additional capital contributions are not made when they are required, the Partnership’s investments 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.

	2013			2012

Revenues	$	252,000		$	1,254,000

Expenses
Interest expense		35,000			207,000
Depreciation and amortization		60,000			276,000
Operating expenses		186,000			790,000
Total expenses		281,000			1,273,000

Net loss	$	(29,000	)		(19,000	)
Net loss allocable to the Partnership	$	(29,000	)	$	(38,000	)
Net loss recorded by the Partnership	$	-		$	-

~~F-11~~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 may be required to sustain operations of such Local Limited Partnerships. If additional capital contributions are not made when they are required, the Partnership’s investments 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.

~~WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3~~F-11

(AWNC ~~California~~HOUSING ~~Limited~~TAX ~~Partnership)~~CREDIT FUND V, L.P., SERIES 3

~~NOTES~~(A TOCalifornia ~~CONDENSED~~Limited ~~FINANCIAL STATEMENTS - CONTINUED~~Partnership)

~~For~~NOTES ~~the~~TO ~~Quarterly~~CONDENSED ~~Period~~FINANCIAL ~~Ended June~~STATEMENTS ~~30,~~- ~~2013~~CONTINUED

~~(Unaudited)~~For the Quarterly Period Ended September 30, 2013

~~NOTE 3 - RELATED PARTY TRANSACTIONS~~(Unaudited)

~~Under the terms of the Partnership Agreement,~~NOTE ~~the~~3 ~~Partnership~~- ~~has~~RELATED ~~paid~~PARTY ~~or is obligated to the General Partner or its affiliates the following fees:~~TRANSACTIONS

~~(a) An annual asset management fee equal to~~ Under the ~~greater~~terms ~~amount~~ of ~~(i) $2,000 for each Housing complex, or (ii) 0.275% of gross proceeds. In either case,~~ the ~~fee~~Partnership ~~will be decreased or increased annually based on changes to the Consumer Price Index. However~~Agreement, ~~in no event will~~ the ~~maximum amount exceed 0.2% of the invested assets of the limited Partnerships, as defined. “Invested Assets” means the sum of the~~ Partnership’s ~~investment~~has inpaid ~~Local~~or ~~Limited~~is ~~Partnership~~obligated ~~interests and the Partnership’s allocable share of mortgage loans on and other debts related~~ to the Housing Complexes owned by such Local Limited Partnerships. Asset management fees of $2,716 and $5,796 were incurred during the three months ended June 30, 2013 and 2012, respectively. The Partnership paid the General Partner ~~and~~or its affiliates ~~$497,731 and $7,286 of those fees during~~ the following ~~three months ended June 30, 2013 and 2012, respectively.~~fees:

(ba) ~~The~~An ~~Partnership~~annual ~~reimburses~~asset management fee equal to the ~~General~~greater ~~Partner~~amount orof ~~its~~(i) ~~affiliates~~$2,000 for ~~operating~~each ~~expenses~~Housing ~~incurred~~complex, byor ~~the~~(ii) ~~Partnership~~0.275% ~~and~~of ~~paid~~gross ~~for~~proceeds. byIn either case, the ~~General~~fee ~~Partner~~will be decreased or ~~its~~increased ~~affiliates~~annually based on ~~behalf~~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, as defined. “Invested Assets” means the sum of the Partnership’s investment in Local Limited Partnerships and the Partnership’s allocable share of mortgage loans on, and other debts related to, the Housing Complexes owned by such Local Limited Partnerships. ~~Operating~~Asset ~~expense~~management ~~reimbursements~~fees of $4,366 and $17,688 were incurred during the six months ended September 30, 2013 and 2012, respectively. The Partnership paid the General Partner and or its affiliates $35497,~~786~~731 and $1246,~~164~~786 of those fees during the ~~three~~six months ended ~~June~~September 30, 2013 and 2012, respectively.

(cb) AThe ~~subordinated~~Partnership ~~disposition~~reimburses ~~fee in an amount equal to 1% of~~ the ~~sales~~General ~~price~~Partner ofor ~~real~~its ~~estate~~affiliates ~~sold.~~for ~~Payment~~operating ofexpenses ~~this~~incurred ~~fee~~by ~~is subordinated to~~ the ~~limited~~Partnership ~~partners~~and ~~receiving~~paid afor ~~preferred~~by ~~return~~the ofGeneral ~~14%~~Partner ~~through~~or ~~December~~its ~~31,~~affiliates ~~2006~~on ~~and~~behalf 6%of ~~thereafter (as defined in~~ the Partnership. ~~Agreement)~~Operating ~~and~~expense isreimbursements ~~payable~~were ~~only~~$35,786 ifand ~~the~~$44,496 ~~General~~during ~~Partner or its affiliates render services in~~ the ~~sales~~six ~~effort.~~months Noended ~~such~~September ~~fees~~30, ~~were~~2013 ~~incurred~~and ~~for~~2012, ~~all periods presented~~respectively.

~~The~~(c) ~~accrued~~A ~~fees~~subordinated ~~and~~disposition ~~expenses~~fee ~~due~~in an amount equal to 1% of the sales price of real estate sold. Payment of this fee is subordinated to the limited partners receiving a preferred return of 14% through December 31, 2006 and 6%thereafter (as defined in the Partnership Agreement) and is payable only if the General Partner ~~and~~or its affiliates ~~consisted~~render ofservices in the ~~following~~sales ~~at:~~effort. No such fees were incurred for all periods presented.

	June 30, 2013		March 31, 2013
Expenses paid by the General Partner or an affiliate on behalf of the Partnership	$	7,375	$	485
Asset management fee payable		-		495,016
Total	$	7,375	$	495,501

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

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

	September 30, 2013		March 31, 2013

Expenses paid by the General Partner or affiliates on behalf of the Partnership	$	34,178	$	485
Asset management fee payable		1,651		495,016

Total	$	35,829	$	495,501

~~NOTE~~The General 4Partner –and ~~RETURN~~affiliates OFdo ~~CAPITAL~~ not anticipate that these accrued fees will be paid until such time as capital reserves are in excess of future foreseeable working capital requirements of the Partnership.

~~During prior years, the Partnership was relieved of debt which~~NOTE ~~was~~4 - ~~owed~~RETURN toOF the General Partner or an affiliate totaling $2,260,247. 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. During the three months ended June 30, 2013, $1,805,852 was reimbursed to the General Partner for repayment of the previously written off amounts, the repayment was a result of the sale proceeds that resulted from the disposition of one of the Local Limited Partnerships.CAPITAL

~~F-12~~During prior years, the Partnership was relieved of debt which was owed to the General Partner or an affiliate totaling $2,260,247. 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. During the six months ended September 30, 2013, $1,805,852 was reimbursed to the General Partner for repayment of the previously written off amounts, the repayment was a result of the sale proceeds that resulted from the disposition of one of the Local Limited Partnerships.

~~Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~F-12

~~Forward-Looking~~Item ~~Statements~~2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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 10Forward-~~Q contain forward looking statements. Such statements are based on current expectations~~Looking 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.Statements

~~Risks~~With the ~~and~~exception ~~uncertainties~~of ~~inherent~~the ~~in forward~~discussion ~~looking~~regarding ~~statements~~historical ~~include~~information, ~~but~~this ~~are~~“Management’s ~~not~~Discussion ~~limited~~and ~~to,~~Analysis ~~the~~of ~~Partnership’s~~Financial Condition ~~future~~and ~~cash~~Results ~~flows~~of Operations” and ~~ability~~other todiscussions ~~obtain~~elsewhere in this Form 10-Q contain forward looking statements. ~~sufficient~~Such ~~financing,~~statements ~~level~~are ofbased ~~operating~~on ~~expenses,~~current ~~conditions~~expectations insubject ~~the~~to ~~Low~~uncertainties ~~Income~~and ~~Housing~~other ~~Tax~~factors ~~Credit~~which ~~property~~may ~~market~~involve known and ~~the~~unknown ~~economy~~risks inthat ~~general,~~could ascause ~~well~~actual asresults ~~legal~~of ~~proceedings.~~operations ~~Historical~~to ~~results~~differ ~~are~~materially ~~not~~from ~~necessarily~~those ~~indicative~~projected ofor ~~the~~implied. ~~operating~~Further, ~~results~~certain forward-looking ~~for~~statements ~~any~~are based upon assumptions about future ~~period~~events which may not prove to be accurate.

~~Subsequent~~Risks and ~~written~~uncertainties ~~and~~inherent ~~oral~~in forward looking statements ~~attributable~~include, but are not limited to, the Partnership’s orfuture ~~persons~~cash flows ~~acting~~and onability ~~its~~to ~~behalf~~obtain ~~are~~sufficient ~~expressly~~financing, ~~qualified~~level of operating expenses, conditions in ~~their~~the ~~entirety~~Low byIncome ~~cautionary~~Housing Tax Credit ~~statements~~property market and the economy in ~~this~~general, ~~Form~~as ~~10-Q~~well ~~and~~as inlegal ~~other~~proceedings. ~~reports~~Historical ~~filed~~results ~~with~~are not necessarily indicative of the ~~Securities~~operating ~~and~~results ~~Exchange~~for ~~Commission~~any future period.

~~The~~Subsequent written ~~following discussion~~ and ~~analysis compares~~oral ~~the~~forward ~~results~~looking ofstatements ~~operations~~attributable ~~for~~to the ~~three~~Partnership ~~months~~or ~~ended~~persons ~~June~~acting ~~30,~~on ~~2013~~its ~~and~~behalf ~~2012,~~are ~~and~~expressly ~~should~~qualified in betheir ~~read~~entirety inby ~~conjunction~~cautionary ~~with~~statements ~~the condensed~~in ~~unaudited~~this ~~financial~~Form ~~statements~~10-Q and ~~accompanying~~in ~~notes~~other ~~included~~reports ~~within~~filed ~~this~~with ~~report~~the Securities and Exchange Commission.

~~Financial~~The ~~Condition~~following discussion and analysis compares the results of operations for the three and six months ended September 30, 2013 and 2012, and should be read in conjunction with the condensed unaudited financial statements and accompanying notes included within this report.

~~The~~Financial Partnership’s assets at June 30, 2013 consisted of $126,000 in cash and $9,000 in other assets. Liabilities at June 30, 2013 consisted of $7,000 in accrued fees and expenses due to the General Partner and affiliates.Condition

~~Results~~The Partnership’s assets at September 30, 2013 consisted of ~~Operations~~$185,000 in cash and $13,000 in other assets. Liabilities at September 30, 2013 consisted of $36,000 of accrued fees and expenses due to the General Partner and affiliates.

~~Three Months Ended June 30, 2013 Compared~~Results ~~to Three Months Ended June 30, 2012. The Partnership’s net income for the three months ended June 30, 2013 was $2,343,000, reflecting an increase~~ of approximately $2,243,000 from the $100,000 net income experienced for the three months ended June 30, 2012. The increase in net income was primarily due to the increase of $2,274,000 in gain on sale of Local Limited Partnerships for the three months ended June 30, 2013. The gain on sale of Local Limited Partnerships will vary from period to period depending on the values and sales prices of the Housing Complexes that have been identified for disposition and the closing dates of such transactions. There was also a $3,000 decrease in asset management fees for the three months ended June 30, 2013. The fees are calculated based on the value of invested assets which decreased due to the sale of Local Limited Partnerships. Accounting and legal expenses increased by $(2,000) for the three months ended June 30, 2013 compared to the three months ended June 30, 2012 due to the timing of the accounting work performed. In addition the partnership received $(30,000) less in distribution income for the three months ended June 30, 2013. Local Limited Partnerships pay the distributions to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment.Operations

3Three Months Ended September 30, 2013 Compared to the Three Months Ended September 30, 2012. The Partnership’s net income for the three months ended September 30, 2013 was $34,000, reflecting an increase of approximately $80,000 from the $(46,000) net loss experienced for the three months ended September 30, 2012. There was an increase of $(13,000) in legal and accounting fees due to the timing of the accounting work performed. There was no gain on sale of Local Limited Partnerships for the three months ended September 30, 2013 compared to a $(20,000) loss on sale of Local Limited Partnerships for the three months ended September 30, 2012. The gain (loss) on sale of Local Limited Partnerships will vary from period to period depending on the values and sales prices of the Housing Complexes that have been identified for disposition and the closing dates of such transactions. There was a $10,000 decrease in asset management fees for the three months ended September 30, 2013. The fees are calculated based on the value of invested assets which decreased due to the sale of Local Limited Partnerships. Professional services decreased by $2,000 during the three months ended September 30, 2013 due to the timing of the consulting work performed. The Partnership received $59,000 more in reporting fees for the three months ended September 30, 2013. Local Limited Partnerships pay the fees to the Partnership when the Local Limited Partnerships’ cash flows will allow for the payment.

~~Item~~Six 2Months Ended September 30, 2013 Compared to the Six Months Ended September 30, 2012. ~~Management~~The Partnership’s ~~Discussion~~net income for the six months ended September 30, 2013 was $2,377,000, reflecting an increase of approximately $2,323,000 from the $54,000 net income experienced for the six months ended September 30, 2012. The increase in net income was primarily due to the increase of $2,294,000 in gain on sale of Local Limited Partnerships for the six months ended September 30, 2013. The gain on sale of Local Limited Partnerships will vary from period to period depending on the values and ~~Analysis~~sales prices of ~~Financial~~the ~~Condition~~Housing Complexes that have been identified for disposition and ~~Results~~the closing dates of ~~Operations~~such transactions. There was a $13,000 decrease ~~continued~~in asset management fees for the six months ended September 30, 2013. The fees are calculated based on the value of invested assets which decreased due to the sale of Local Limited Partnerships. Accounting and legal expenses increased by $(15,000) for the six months ended September 30, 2013 compared to the six months ended September 30, 2012 due to the timing of the accounting work performed. Professional service decreased by $2,000 for the six months ended September 30, 2013, due to the timing of the consulting work performed. In addition, total operating income increased by $29,000 for the six months ended September 30, 2013. Local Limited Partnerships pay the reporting fees and distributions to the Partnership when the Local Limited Partnerships’ cash flows will allow for the payment.

~~Liquidity and Capital Resources~~ 3

~~Three~~Item Months Ended June 30, 2013 Compared to Three Months Ended June 30, 2012. The net decrease in cash during the three months ended June 30, 2013 was $(233,000) compared to a $120,000 increase in cash for the three months ended June 30, 2012. During the three months ended June 30, 2013, the Partnership received $2~~,385,000 in dispositions proceeds compared to $89,000 received during the three months ended June 30, 2012~~. ~~During~~Management’s ~~the~~Discussion ~~three~~and ~~months~~Analysis ~~ended~~of ~~June~~Financial ~~30,~~Condition ~~2013~~and ~~the~~Results partnership paid the General Partner or an affiliate $(36,000) for operating expenses paid on its behalf compared to $(12,000) reimbursement during the three months ended June 30, 2013. The Partnership also paid $(497,731) to the General Partner or an affiliate in accrued asset management fees for the three months ended June 30, 2013 compared to $(7,000) reimbursement for the three months ended June 30, 2012. The amount paid varies depending on the cash that the Partnership collected throughout the period. The Partnership paid $(1,806,000) of ~~disposition proceeds to the General Partner for advances previously forgiven. The Partnership received $(30~~Operations,~~000)~~ ~~less in reporting fees for the three months ended June 30, 2013 as discussed above.~~continued

~~During~~Liquidity ~~the three months ended June 30, 2013, accrued payables, which consist primarily of related party asset management fees~~ and ~~advances due~~Capital toResources ~~the General Partner, decreased by $488,000.~~

~~Recent~~Six Months ~~Accounting~~Ended ~~Changes~~September 30, 2013 Compared to Six Months Ended September 30, 2012. The net decrease in cash during the six months ended September 30, 2013 was $(175,000) compared to a $51,000 increase in cash for the six months ended September 30, 2012. During the six months ended September 30, 2013, the Partnership received $2,105,000 in disposition proceeds compared to $92,000 received during the six months ended September 30, 2012. During the six months ended September 30, 2013 the Partnership paid the General Partner or an affiliate $(36,000) for operating expenses paid on its behalf compared to $(44,000) paid during the six months ended September 30, 2012. The Partnership also paid the General Partner or affiliate $(498,000) for accrued asset management fees during the six months ended September 30, 2013 compared to $(47,000) paid during the six months ended September 30, 2012. Each quarter the Partnership evaluates the cash position and determines how much accrued asset management fees and operating expenses reimbursements will be paid to the General Partner or affiliate. The Partnership paid $(1,806,000) of disposition proceeds to the General Partner for advances previously forgiven. The Partnership received $29,000 more of total operating income for the six months ended September 30, 2013 as discussed above.

~~In May 2011,~~ During the ~~FASB~~six ~~issued~~months anended ~~update to~~September ~~existing~~30, ~~guidance~~2013, ~~related~~accrued ~~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~~payables, awhich ~~reporting~~consist ~~entity~~primarily ~~should disclose quantitative information~~ of ~~the~~related ~~unobservable~~party ~~inputs~~asset ~~and~~management ~~assumptions,~~fees ~~a description of the valuation processes~~ and ~~narrative description of the sensitivity~~ ofadvances ~~the~~due ~~fair value~~ to ~~changes~~the inGeneral ~~unobservable~~Partner, ~~inputs.~~decreased ~~This~~by ~~update is effective for interim and annual periods beginning after December 15~~$460, ~~2011~~000. ~~The adoption of this update did not materially affect the Partnership’s condensed financial statements.~~

Item 3.		Quantitative and Qualitative Disclosures About Market Risks
		NOT APPLICABLE
Item 4.		Controls and Procedures
(a)		Disclosure controls and procedures
		As of the end of the period covered by this report, the Partnership’s General Partner, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer of Associates, carried out an evaluation of the effectiveness of the Partnership’s “disclosure controls and procedures” as defined in Securities Exchange Act of 1934 Rule 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, the Partnership’s disclosure controls and procedures were not effective to ensure that material information required to be disclosed in the Partnership’s periodic report filings with SEC is recorded, processed, summarized and reported within the time period specified by the SEC’s rules and forms, consistent with the definition of “disclosure controls and procedures” under the Securities Exchange Act of 1934.
		The Partnership must rely on the Local Limited Partnerships to provide the Partnership with certain information necessary to the timely filing of the Partnership’s periodic reports. Factors in the accounting at the Local Limited Partnerships have caused delays in the provision of such information during past reporting periods, and resulted in the Partnership’s inability to file its periodic reports in a timely manner.
		Once the Partnership has received the necessary information from the Local Limited Partnerships, the Chief Executive Officer and the Chief Financial Officer of Associates believe that the material information required to be disclosed in the Partnership’s periodic report filings with SEC is effectively recorded, processed, summarized and reported, albeit not in a timely manner. Going forward, the Partnership will use the means reasonably within its power to impose procedures designed to obtain from the Local Limited Partnerships the information necessary to the timely filing of the Partnership’s periodic reports.

Recent Accounting Changes

4In 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 condensed financial statements.

~~(b)~~Item ~~Changes~~3. inQuantitative ~~internal~~and ~~controls~~Qualitative ~~There~~Disclosures ~~were~~About noMarket changes in the Partnership’s internal control over financial reporting that occurred during the quarter ended June 30, 2013 that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.Risks

Part II.		Other Information
Item 1.		Legal Proceedings
		NONE
Item 1A.		Risk Factors
		No material changes in risk factors as previously disclosed in the Partnership’s Form 10-K.
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds
		NONE
Item 3.		Defaults Upon Senior Securities
		NONE
Item 4.		Mine Safety Disclosures
		NOT APPLICABLE
Item 5.		Other Information
		NONE
Item 6.		Exhibits
31.1		Certification of the Chief Executive Officer pursuant to Rule 13a-14 or 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
31.2		Certification of the Chief Financial Officer pursuant to Rule 13a-14 or 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
32.1		Section 1350 Certification of the Chief Executive Officer. (filed herewith)
32.2		Section 1350 Certification of the Chief Financial Officer. (filed herewith)
101		Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Balance Sheets at June 30, 2013 and March 31, 2013, (ii) the Condensed Statements of Operations for the three-month periods ended June 30, 2013 and June 30, 2012, (iii) the Condensed Statement of Partners’ Equity (Deficit) for the three months ended June 30, 2013, (iv) the Condensed Statements of Cash Flows for the three months ended June 30, 2013 and June 30, 2012 and (v) the Notes to Condensed Financial Statements.
		Exhibits 32.1, 32.2 and 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934.

NOT APPLICABLE

5Item 4. Controls and Procedures

~~SIGNATURES~~(a) Disclosure controls and procedures

~~Pursuant~~As toof the ~~requirements~~end of the period covered by this report, the Partnership’s General Partner, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer of Associates, carried out an evaluation of the effectiveness of the Partnership’s “disclosure controls and procedures” as defined in Securities Exchange Act of 1934 Rule 13a-15 and 15d-15. Based on that evaluation, the ~~registrant~~Chief ~~has~~Executive ~~duly~~Officer ~~caused~~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 ~~signed~~disclosed onin ~~its~~the ~~behalf~~Partnership’s periodic report filings with SEC is recorded, processed, summarized and reported within the time period specified by the ~~undersigned~~SEC’s rules and forms, ~~thereunto~~consistent ~~duly~~with ~~authorized~~the definition of “disclosure controls and procedures” under the Securities Exchange Act of 1934.

~~WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3~~4

~~By:~~The Partnership ~~WNC~~must &rely ~~ASSOCIATES,~~on ~~INC~~the Local Limited Partnerships to provide the Partnership with certain information necessary to the timely filing of the Partnership’s periodic reports. ~~General~~Factors ~~Partner~~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.

By:	/s/ Wilfred N. Cooper, Jr.
	Wilfred N. Cooper, Jr.
	President and Chief Executive Officer of WNC & Associates, Inc.
Date:	August 14, 2013

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.

By:	/s/ Melanie R. Wenk
	Melanie R. Wenk
	Vice-President - Chief Financial Officer of WNC & Associates, Inc.
Date:	August 14, 2013

(b)

Changes in internal controls

6There were no changes in the Partnership’s internal control over financial reporting that occurred during the quarter ended September 30, 2013 that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

Part II.		Other Information

Item 1.		Legal Proceedings

		NONE

Item 1A.		Risk Factors

		No material changes in risk factors as previously disclosed in the Partnership’s Form 10-K.

Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds

		NONE

Item 3.		Defaults Upon Senior Securities

		NONE

Item 4.		Mine Safety Disclosures NOT APPLICABLE

Item 5.		Other Information

		NONE

Item 6.		Exhibits

31.1		Certification of the Chief Executive Officer pursuant to Rule 13a-14 and 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)

31.2		Certification of the Chief Financial Officer pursuant to Rule 13a-14 and 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)

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

32.2		Section 1350 Certification of the Chief Financial Officer. (filed herewith)

101		Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Balance Sheets at September 30, 2013 and March 31, 2013, (ii) the Condensed Statements of Operations for the three and six-month periods ended September 30, 2013 and September 30, 2012, (iii) the Condensed Statement of Partners’ Equity (Deficit) for the six months ended September 30, 2013, (iv) the Condensed Statements of Cash Flows for the six months ended September 30, 2013 and September 30, 2012 and (v) the Notes to Condensed Financial Statements.

		Exhibits 32.1, 32.2 and 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934.

SIGNATURES

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

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

By:	WNC & ASSOCIATES, INC. General Partner

By:	/s/ Wilfred N. Cooper, Jr.
	Wilfred N. Cooper, Jr.
	President and Chief Executive Officer of WNC & Associates, Inc.

	Date: November 12, 2013

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

	Date: November 12, 2013

Filing Compare · WNC HOUSING TAX CREDIT FUND V LP SERIES 3