content: SECURITIES AND EXCHANGE COMMISSION
  
                               Washington, D.C. 20549
  
  
                                      FORM 8-K
  
                                   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 28, 1997
  
  
                    WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
               (Exact name of registrant as specified in its charter)
  
  
        California                     0-21897                      33-0707612
  (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)
  
  
  
  <PAGE>
  
  Item 2.  Acquisition or Disposition of Assets
  
           WNC Housing Tax Credit Fund V, L.P., Series 4 ("SERIES 4") has acquired
  a  Local  Limited  Partnership   Interest  in  Belen  Vista  Associates  Limited
  Partnership,  a New  Mexico  limited  partnership  ("BELEN  VISTA" or the "Local
  Limited  Partnership").  BELEN  VISTA  owns  the  Belen  Vista  Apartments  (the
  "Apartment Complex") in Belen, New Mexico.
  
           The  following  tables  contain  information  concerning  the Apartment
  Complex and the Local Limited Partnership identified herein:
  
  <TABLE>
                                                                                                            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
  
  
  <S>                                          <C>   <C>                <C>      <C>  <C>        <C>          <C>           <C> 
  BELEN VISTA  Belen       Belen        August 1997  $1,998,882         30       1BR  $470       $1,546,000   $221,880      1997
               Vista       (Valencia                                    units         $509       RD(3)
               Apartments  County),                                     26 2BR units
                           New Mexico
               15
               buildings
               (2)
  
  
  <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.
  
  (2)      Rehabilitation property designed for senior citizens.
  
  (3)      RD provides  mortgage  loans under the RD Section 515 Mortgage Loan 
           Program.  This  mortgage  loan will be a 50-year  loan and will bear 
           annual  interest at a market rate prior to reduction of the  interest 
           rate by a mortgage  interest subsidy to an annual rate of 1%, with  
           principal  and interest  payable  monthly based on a 50-year 
           amortization schedule.
  </FN>
  </TABLE>
  
           Belen (BELEN VISTA):  Belen  (population  7,700) is in west-central New
  Mexico,  approximately 20 miles south of Albuquerque,  the state's  capital,  on
  Interstate  Highway 25. The major  employers  for Belen  residents are Los Lunas
  Hospital  and  Training  School,  Belen  Consolidated  School  District  and the
  Atchison, Topeka and Santa Fe Railroad.
  
  <TABLE>
  
  
                                                                                 SHARING                      ESTIMATED
                                                                                 RATIOS:         SERIES   4'  ACQUISITION
                                                                                 ALLOCATIONS     s            FEES PAYABLE
  LOCAL           LOCAL                                             SHARING      (4) AND         CAPITAL      TO FUND
  LIMITED         GENERAL            PROPERTY        DEVELOPMENT    RATIOS:      SALE OR         CONTRI-BUTIONMANAGER
  PARTNERSHIP     PARTNER            MANAGER (1)     FEE (2)        CASH   FLOW  REFINANCING     (6)
                                                                    (3)          PROCEEDS (5)
  
  <S>                                                <C>                         <C>   <C> <C>   <C>          <C>    
  BELEN VISTA     Monarch            Monarch         $150,000       WNC:         98.99/.01/1     $422,803     $42,300
                  Properties,  Inc.  Properties,                    Greater  of  50/50
                                     Inc.                           33%      or
                                                                    $1,944
                                                                    LGP:    the
                                                                    balance
  
  
  <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 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.
  
  
                                         2
  <PAGE>
  
  (3)  Reflects  the amount of the net cash flow from  operations,  if any,  to be
  distributed  to SERIES 4 ("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 SERIES 4, WNC
  Housing, L.P., the special limited partner, and the Local General Partner.
  
  (5) Reflects the percentage  interests of SERIES 4 and 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 capital  contributions of SERIES 4, the
  special limited partner and the Local General Partner.
  
  (6)  SERIES  4  will  make  its  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.
  </FN>
  </TABLE>
                                         3
  <PAGE>
  
  
  Item 7.  Financial Statements and Exhibits
  
           a.  Financial Statements of Businesses Acquired.
  
               Inapplicable.
  
           b.  Proforma Financial Information
  
               Proforma   Financial    Information   will   be   filed   upon
               availability.
  
           c.  Exhibits
  
               10.1     Amended  and  Restated  Agreement  of Limited Partnership
                        of Belen  Vista  Associates Limited Partnership
  
                                         4
  <PAGE>
  
  
                                     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 4
  
  Date:  May 5, 1997                          By:      WNC &  Associates, Inc.,
                                                       General Partner
  
                                                       By: /s/ JOHN B. LESTER, JR.
                                                             John B. Lester, Jr.,
                                                             President
  
                                         5
  <PAGE>
  
  
                                  INDEX TO EXHIBITS
  
  
  Exhibit
  Number            Exhibit
  
  10.1              Amended and Restated Agreement of Limited Partnership of Belen
                    Vista Associates Limited Partnership
  
  
  
  <PAGE>
metadata_documents: [{"type": "8-K", "sequence": "1", "description": "WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4", "secsgml_size_bytes": 9706}]
metadata_filer: {"company-data": {"conformed-name": "WNC HOUSING TAX CREDIT FUND V LP SERIES 4", "cik": "0000943906", "assigned-sic": "6513", "irs-number": "330707612", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-21897", "film-number": "97600937"}, "business-address": {"street1": "3158 REDHILL AVE", "street2": "STE 120", "city": "COSTA MESTA", "state": "CA", "zip": "92626", "phone": "7146625565"}, "mail-address": {"street2": "3158 REDHILL AVE STE 120", "city": "COSTA MESA", "state": "CA", "zip": "92626"}}
text: SECURITIES AND EXCHANGE COMMISSION
  
                               Washington, D.C. 20549
  
                                      FORM 8-K
  
                                   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 28, 1997
  
                    WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
               (Exact name of registrant as specified in its charter)
  
        California                     0-21897                      33-0707612
  (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)
  Item 2.  Acquisition or Disposition of Assets
  
           WNC Housing Tax Credit Fund V, L.P., Series 4 ("SERIES 4") has acquired
  a  Local  Limited  Partnership   Interest  in  Belen  Vista  Associates  Limited
  Partnership,  a New  Mexico  limited  partnership  ("BELEN  VISTA" or the "Local
  Limited  Partnership").  BELEN  VISTA  owns  the  Belen  Vista  Apartments  (the
  "Apartment Complex") in Belen, New Mexico.
  
           The  following  tables  contain  information  concerning  the Apartment
  Complex and the Local Limited Partnership identified herein:
  
                                                                                                            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
  BELEN VISTA  Belen       Belen        August 1997  $1,998,882         30       1BR  $470       $1,546,000   $221,880      1997
               Vista       (Valencia                                    units         $509       RD(3)
               Apartments  County),                                     26 2BR units
                           New Mexico
               15
               buildings
               (2)
  (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.
  
  (2)      Rehabilitation property designed for senior citizens.
  
  (3)      RD provides  mortgage  loans under the RD Section 515 Mortgage Loan 
           Program.  This  mortgage  loan will be a 50-year  loan and will bear 
           annual  interest at a market rate prior to reduction of the  interest 
           rate by a mortgage  interest subsidy to an annual rate of 1%, with  
           principal  and interest  payable  monthly based on a 50-year 
           amortization schedule.
  Belen (BELEN VISTA):  Belen  (population  7,700) is in west-central New
  Mexico,  approximately 20 miles south of Albuquerque,  the state's  capital,  on
  Interstate  Highway 25. The major  employers  for Belen  residents are Los Lunas
  Hospital  and  Training  School,  Belen  Consolidated  School  District  and the
  Atchison, Topeka and Santa Fe Railroad.
  
                                                                                 SHARING                      ESTIMATED
                                                                                 RATIOS:         SERIES   4'  ACQUISITION
                                                                                 ALLOCATIONS     s            FEES PAYABLE
  LOCAL           LOCAL                                             SHARING      (4) AND         CAPITAL      TO FUND
  LIMITED         GENERAL            PROPERTY        DEVELOPMENT    RATIOS:      SALE OR         CONTRI-BUTIONMANAGER
  PARTNERSHIP     PARTNER            MANAGER (1)     FEE (2)        CASH   FLOW  REFINANCING     (6)
                                                                    (3)          PROCEEDS (5)
  BELEN VISTA     Monarch            Monarch         $150,000       WNC:         98.99/.01/1     $422,803     $42,300
                  Properties,  Inc.  Properties,                    Greater  of  50/50
                                     Inc.                           33%      or
                                                                    $1,944
                                                                    LGP:    the
                                                                    balance
  (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 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.
  
                                         2
  (3)  Reflects  the amount of the net cash flow from  operations,  if any,  to be
  distributed  to SERIES 4 ("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 SERIES 4, WNC
  Housing, L.P., the special limited partner, and the Local General Partner.
  
  (5) Reflects the percentage  interests of SERIES 4 and 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 capital  contributions of SERIES 4, the
  special limited partner and the Local General Partner.
  
  (6)  SERIES  4  will  make  its  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.
  3
  Item 7.  Financial Statements and Exhibits
  
           a.  Financial Statements of Businesses Acquired.
  
               Inapplicable.
  
           b.  Proforma Financial Information
  
               Proforma   Financial    Information   will   be   filed   upon
               availability.
  
           c.  Exhibits
  
               10.1     Amended  and  Restated  Agreement  of Limited Partnership
                        of Belen  Vista  Associates Limited Partnership
  
                                         4
  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 4
  
  Date:  May 5, 1997                          By:      WNC &  Associates, Inc.,
                                                       General Partner
  
                                                       By: /s/ JOHN B. LESTER, JR.
                                                             John B. Lester, Jr.,
                                                             President
  
                                         5
  INDEX TO EXHIBITS
  
  Exhibit
  Number            Exhibit
  
  10.1              Amended and Restated Agreement of Limited Partnership of Belen
                    Vista Associates Limited Partnership