WNC HOUSING TAX CREDIT FUND V, L.P.
SERIES 4
[GRAPHIC OMITTED]
Supplement Dated September 24, 1996
To Prospectus Dated July 26, 1995
This Supplement is part of, and should be read in conjunction with, the
Prospectus of WNC Housing Tax Credit Fund V, L.P., Series 4 ("SERIES 4") dated
July 26, 1995 (the "Prospectus"), and the Supplements to Prospectus dated July
26, 1996 and August 23, 1996. Capitalized terms used but not defined in this
Supplement have the meanings given to them in the Prospectus.
TABLE OF CONTENTS
Page
Status of SERIES 4 Offering..................................................1
Local Limited Partnership Investments........................................1
Supplement Presentation Relationship to Prospectus Presentation
Status of SERIES 4 Offering New Information
Local Limited Partnership Investments New Information
STATUS OF SERIES 4 OFFERING
As of the date hereof, SERIES 4 has received subscriptions in the amount of
$2,592,000 (2,593 Units), of which $72,000 is represented by Promissory Notes.
LOCAL LIMITED PARTNERSHIP INVESTMENTS
SERIES 4 and WNC Housing Tax Credit Fund V, L.P., Series 3 ("SERIES 3")
have each acquired one-half of the Local Limited Partnership Interest in Blessed
Rock of El Monte, a California limited partnership ("BLESSED ROCK"). BLESSED
ROCK owns the Blessed Rock of El Monte Apartments in El Monte, California.
The following tables contain information concerning the Apartment Complex
and the Local Limited Partnership identified herein:
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LOCAL
LIMITED YEAR
ESTIMATED PERMANENT PARTNERSHIP'S CREDITS
PROJECT CONSTRUC- ESTIMATED MORTGAGE ANTICIPATED TO BE
LOCAL NAME AND TION DEVELOPMENT COST NUMBER OF BASIC LOAN AGGREGATE FIRST
LIMITED NUMBER OF LOCATION OF COMPLETION (INCLUDING APARTMENT MONTHLY PRINCIPAL TAX CREDITS AVAIL-
PARTNERSHIP BUILDINGS PROPERTY DATE LAND COST) UNITS RENTS AMOUNT (1) ABLE
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<S> <C> <C> <C> <C> <C> <C> <C>
BLESSED Blessed El Monte August $9,867,800 136 1BR $402 $2,600,000 $9,147,920 1997
ROCK Rock of El (Los 1997 units $0 (mgr FENB (3)
Monte Angeles 1 2BR unit unit)
Apartments County), $275,000
California EMCRA
14 (4)
buildings
(2) $650,000
DCF (5)
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<FN>
(1) Low Income Housing Credits are available over a 10-year period. For the
year in which the credit first becomes available, SERIES 4 will receive
only that percentage of the annual credit which corresponds to the
number of months during which SERIES 4 was a limited partner of the
Local Limited Partnership, and during which the Apartment Complex was
completed and in service. See the discussion under "The Low Income
Housing Credit" in the Prospectus.
(2) Property designed for senior citizens.
(3) Far East National Bank ("FENB") will provide the first mortgage loan
for a term of 30 years at an annual interest rate of 8.5%. Principal
and interest will be payable monthly, based on a 20-year amortization
schedule.
(4) El Monte Community Redevelopment Agency ("EMCDA") will provide the second mortgage loan for a term of 15
years at an annual interest rate of 4%. The loan will be repaid based on residual receipts.
(5) Deferred City Fees ("DCF") will provide the third mortgage loan for a term of 30 years at an annual
interest rate of 1%. The loan will be repaid based on residual receipts
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El Monte (BLESSED ROCK): El Monte (population 106,000) is in Los Angeles County,
California, in the San Gabriel Valley, approximately 12 miles east of downtown
Los Angeles. The major employers for El Monte residents are Wells Fargo Bank,
Von's Co., Inc. (distribution warehouse), and Sargent-Fletcher (air frames).
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SHARING
RATIOS:
ALLOCATIONS SERIES 4'S ESTIMATED
LOCAL LOCAL SHARING (4) AND CAPITAL ACQUISITION
LIMITED GENERAL PROPERTY DEVELOPMENT RATIOS: SALE OR CONTRI- FEES PAYABLE
PARTNERSHIP PARTNER MANAGER (1) FEE (2) CASH FLOW REFINANCING BUTION TO FUND
(3) PROCEEDS (5) (6) MANAGER
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<S> <C> <C> <C> <C> <C> <C>
BLESSED Everland, Inc. Professional $1,061,100 WNC: 98.99/.01/1 $2,581,086 $258,000(9)
ROCK (7) Apartment Greater 50/50
Management, of 30% or
Inc. (8) $12,000
LGP: 40% of
the balance
The
balance:
50/50
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<FN>
(1) The maximum annual management fee payable to the property manager generally
is determined pursuant to lender regulations. The Local General Partner is
authorized to employ either itself or one of its Affiliates, or a third party,
as property manager for leasing and management of the Apartment Complex so long
as the fee therefor does not exceed the amount authorized and approved by the
lender for the Apartment Complex.
(2) The Local Limited Partnership will pay an Affiliate of its Local General
Partner a development fee in the amount set forth, for services incident to the
development and construction of the Apartment Complex, which services include:
negotiating the financing commitments for the Apartment Complex; securing
necessary approvals and permits for the development and construction of the
Apartment Complex; and obtaining allocations of Low Income Housing Credits. This
payment will be made in installments after receipt of each installment of the
capital contributions made by SERIES 4 and SERIES 3.
(3) Reflects the amount of the net cash flow from operations, if any, to be
distributed to SERIES 4 and SERIES 3 ("WNC") and the Local General Partner
("LGP") of the Local Limited Partnership for each year of operations. Generally,
to the extent that the specific dollar amounts which are to be paid to WNC are
not paid annually, they will accrue and be paid from sale or refinancing
proceeds as an obligation of the Local Limited Partnership.
(4) Subject to certain special allocations, reflects the respective percentage
interests in profits, losses and Low Income Housing Credits of (i) SERIES 4 and
SERIES 3, (ii) WNC Housing L.P., an Affiliate of the Sponsor which is the
special limited partner of BLESSED ROCK, and (iii) the Local General Partner.
(5) Reflects the percentage interests of (i) SERIES 4 and SERIES 3 and (ii) the
Local General Partner, in any net cash proceeds from sale or refinancing of the
Apartment Complex, after payment of the mortgage loan and other Local Limited
Partnership obligations (see, e.g., note 3), and the following, in the order set
forth: the capital contributions of SERIES 4 and SERIES 3; and the capital
contribution of the Local General Partner.
(6) SERIES 3 will make a capital contribution in the same amount. SERIES 4 and
SERIES 3 will make their capital contributions to the Local Limited Partnership
in stages, with each contribution due when certain conditions regarding
construction or operations of the Apartment Complex have been fulfilled. See
"Investment Policies" and "Terms of the Local Limited Partnership Agreements"
under "Investment Objectives and Policies" in the Prospectus.
(7) Everland, Inc. is a California corporation which was formed in 1986. It
has acted as developer of projects in El Monte and Rosemead, California. The
corporation's president, Tom Y. Lee, is a Certified Public Accountant and one of
the founding organizers and directors of First Continental Bank in Rosemead.
Everland, Inc. has represented that, as of June 30, 1996, its total equity was
($382,185); however, construction and operating deficit guarantees will be
provided by Tom Y. Lee. Mr. Lee, age 47, as represented that, as of December 31,
1995, he had a net worth in excess of $3,500,000.
(8) Professional Apartment Management, Inc. is a California licensed real estate
broker which provides full property management services for more than 100
facilities, consisting of more than 5,000 units, and having a combined value of
more than $200 million. The company has been managing affordable housing for 26
years, and currently manages approximately 500 tax credit units.
(9) SERIES 3 will pay an acquisition fee to the Fund Manager in the same
amount.
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