SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1 TO
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 10, 1997
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3
(Exact name of registrant as specified in its charter)
California 0-21895 33-6163848
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
3158 Redhill Avenue, Suite 120, Costa Mesa, California 92626
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (714) 662-5565
N/A
Former name or former address, if changed since last report)
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Item 7. Financial Statements and Exhibits
a. Financial Statements of Businesses Acquired.
Inapplicable.
b. Proforma Financial Information
Proforma Balance Sheet, March 31, 1997
Notes to Proforma Balance Sheet
c. Exhibits
10.1 Amended and Restated Agreement of Limited Partnership of
Broadway Apartments, Limited Partnership (previously filed)
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WNC HOUSING TAX CREDIT FUND V, L.P., Series 3
(A California Limited Partnership)
PROFORMA BALANCE SHEET
March 31, 1997
ASSETS
Historical Proforma Proforma
Balance Adjustments Balance
Cash and cash equivalents $ 4,460,521 $ 4,460,521
Loans receivable 276,609 (276,609) 0
Investments in limited partnerships 12,536,923 2,003,595 14,540,518
Other Assets 7,484 0 7,484
___________ __________ ___________
$17,281,537 $1,726,986 $19,008,523
=========== ========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Payable to limited partnerships $ 2,006,400 $ 2,003,595
(276,609) $ 3,733,386
Accrued fees and expenses due to
general partner 125,625 0 125,625
_________ _________ __________
Total liabilities 2,132,025 1,726,986 3,859,011
_________ _________ __________
Partners' capital (Note 1):
General partner (23,446) (23,446)
Limited partners 15,172,958 15,172,958
__________ __________
Total partners equity 15,149,512 15,149,512
__________ __________
$17,281,537 $ 1,726,986 $19,008,523
=========== =========== ===========
- Unadited -
See Accompanying Notes to Proforma Balance Sheet
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WNC HOUSING TAX CREDIT FUND V, L.P., Series 3
(A California Limited Partnership)
NOTES TO PROFORMA BALANCE SHEET
NOTE 1 - GENERAL
The information contained in the following notes to the proforma financial
statements is condensed from that which appears in the financial statements.
Accordingly, these proforma financial statements should be reviewed in
conjunction with the financial statements and related notes thereto contained in
the WNC Housing Tax Credit Fund V, L.P., Series 3 financial statements dated
March 31, 1997. WNC Housing Tax Credit Fund V, L.P., Series 3 is referred to in
these notes as the "Partnership."
NOTE 2 - INTRODUCTION TO PROFORMA ADJUSTMENTS
As of March 31, 1997, the Partnership had been admitted as majority limited
partner to seventeen limited partnerships. Subsequent to March 31, 1997, the
Partnership has acquired limited partnership interests in one limited
partnership, Broadway. This investment commits the Partnership to capital
contributions of $1,726,986 ($2,003,595, less the loan receivable of $276,609.)
In accordance with Article 11, Proforma Financial Information of Regulation S-X
of the Securities and Exchange Commission, the accompanying proforma balance
sheet was computed assuming that the limited partnership discussed above was
acquired at the end of the period presented. The adjustment of $2,003,595 to
investment in limited partnerships and notes payable reflects the Partnership's
acquisition of limited partnership interests in the identified limited
partnerships as of April 10, 1997 as if the Partnership's date of acquisition
was March 31, 1997. The adjustment of ($276,609) to loans receivable from
limited partnerships and notes payable to limited partnerships reflects the
application of the receivable to the payable.
Broadway was under construction or rehabilitation during the period presented
and had no operations which should be reported. The Partnership will use the
equity method of accounting to account for its investments in this local limited
partnership.
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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 hereunto duly authorized.
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3
Date: June 23, 1997 By: WNC & Associates, Inc.,
General Partner
By: /s/ JOHN B. LESTER, JR.
John B. Lester, Jr.,
President
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