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):     May 15, 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  Mountain  Vista  Associates  Limited
  Partnership,  a New Mexico limited  partnership  ("MOUNTAIN VISTA" or the "Local
  Limited  Partnership").  MOUNTAIN VISTA owns the Mountain Vista  Apartments (the
  "Apartment Complex") in Los Alamos, 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> 
  MOUNTAIN     Mountain    Los          July 1997    $1,960,261         16  1BR       $317       $1,450,000   $539,561      1997
  VISTA        Vista       Alamos                                       36  2BR       $374       U.S.  Dept.
               Apartments  (Los                                                                  of
                           Alamos                                                                Agriculture
               7           County),                                                              (FmHA) (3)
               buildings   New Mexico
               (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.
  
  (3)      U. S. Department of Agriculture  (FmHA) will provide the mortgage loan
           for a term of 50  years at an  annual  interest  rate of  7.25%.  
           Principal and interest will be payable monthly based on a 50-year 
           amortization schedule.
  </FN>
  </TABLE>
  
  Los Alamos (MOUNTAIN VISTA): Los Alamos (population  12,000) is in north-central
  New Mexico on State Route 4  approximately  16 miles  northwest of Santa Fe. The
  major employers for Los Alamos residents are the U.S.
  Department of Energy and the Los Alamos National Laboratory.
  
  <TABLE>
  
  
                                                                                 SHARING                      ESTIMATED
                                                                                 RATIOS:         SERIES   4'  ACQUISITION
                                                                                 ALLOCATIONS     s            FEES PAYABLE
  LOCAL           LOCAL                                             SHARING      (4)             CAPITAL      TO FUND
  LIMITED         GENERAL            PROPERTY        DEVELOPMENT    RATIOS:      AND             CONTRI-BUTIONMANAGER
  PARTNERSHIP     PARTNERS           MANAGER (1)     FEE (2)        CASH   FLOW  SALE OR         (6)
                                                                    (3)          REFINANCING
                                                                                 PROCEEDS  (5)
  --------------- ------------------ --------------- -------------- ------------ --------------- ------------ -------------
  <S>                                                <C>                    <C>  <C>   <C> <C>   <C>          <C>    
  MOUNTAIN VISTA  Monarch            Monarch         $125,000       WNC:    33%  98.99/.01/1     $320,467     $32,000
                  Properties,  Inc.  Properties,                    but      no  50/50
                                     Inc.                           less   than
                  Low        Income                                 $1,800  per
                  Housing                                           year
                  Foundation     of                                 LGP:    The
                  New    Mexico                                     balance
  
  
  
  <FN>
  (1) The maximum annual  management fee payable to the property manager generally
  is determined  pursuant to lender  regulations.  Each 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  Partners or an
  affiliate  of its Local  General  Partners a  development  fee in the amount set
  forth,  for  services  incident  to  the  development  and  construction  of the
  
                                         2
  <PAGE>
  
  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.
  
  (3)  Reflects  the amount of the net cash flow from  operations,  if any,  to be
  distributed  to SERIES 4 ("WNC") and the Local General  Partners  ("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 the profits, losses and Low Income Housing Credits of SERIES 4, WNC
  Housing, L.P., an Affiliate of the Sponsor which is the special limited partner,
  and the Local General Partners.
  
  (5)  Reflects  the  respective  percentage  interests  of SERIES 4 and the Local
  General  Partners  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 and the Local General Partners.
  
  (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 Mountain  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 27, 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 
                    Mountain Vista Associates Limited Partnership
metadata_documents: [{"type": "8-K", "sequence": "1", "description": "NONE", "secsgml_size_bytes": 10150}]
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": "033-91136-01", "film-number": "97616903"}, "business-address": {"street1": "3158 REDHILL AVE", "street2": "STE 120", "city": "COSTA MESTA", "state": "CA", "zip": "92626", "phone": "7146625565"}, "mail-address": {"street1": "3158 REDHILL AVE STE 120", "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):     May 15, 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  Mountain  Vista  Associates  Limited
  Partnership,  a New Mexico limited  partnership  ("MOUNTAIN VISTA" or the "Local
  Limited  Partnership").  MOUNTAIN VISTA owns the Mountain Vista  Apartments (the
  "Apartment Complex") in Los Alamos, 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
  
  ------------ ----------- ------------ ------------ ------------------ ------------- ---------- ------------ ------------- ---------
  MOUNTAIN     Mountain    Los          July 1997    $1,960,261         16  1BR       $317       $1,450,000   $539,561      1997
  VISTA        Vista       Alamos                                       36  2BR       $374       U.S.  Dept.
               Apartments  (Los                                                                  of
                           Alamos                                                                Agriculture
               7           County),                                                              (FmHA) (3)
               buildings   New Mexico
               (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.
  
  (3)      U. S. Department of Agriculture  (FmHA) will provide the mortgage loan
           for a term of 50  years at an  annual  interest  rate of  7.25%.  
           Principal and interest will be payable monthly based on a 50-year 
           amortization schedule.
  Los Alamos (MOUNTAIN VISTA): Los Alamos (population  12,000) is in north-central
  New Mexico on State Route 4  approximately  16 miles  northwest of Santa Fe. The
  major employers for Los Alamos residents are the U.S.
  Department of Energy and the Los Alamos National Laboratory.
  
                                                                                 SHARING                      ESTIMATED
                                                                                 RATIOS:         SERIES   4'  ACQUISITION
                                                                                 ALLOCATIONS     s            FEES PAYABLE
  LOCAL           LOCAL                                             SHARING      (4)             CAPITAL      TO FUND
  LIMITED         GENERAL            PROPERTY        DEVELOPMENT    RATIOS:      AND             CONTRI-BUTIONMANAGER
  PARTNERSHIP     PARTNERS           MANAGER (1)     FEE (2)        CASH   FLOW  SALE OR         (6)
                                                                    (3)          REFINANCING
                                                                                 PROCEEDS  (5)
  --------------- ------------------ --------------- -------------- ------------ --------------- ------------ -------------
  MOUNTAIN VISTA  Monarch            Monarch         $125,000       WNC:    33%  98.99/.01/1     $320,467     $32,000
                  Properties,  Inc.  Properties,                    but      no  50/50
                                     Inc.                           less   than
                  Low        Income                                 $1,800  per
                  Housing                                           year
                  Foundation     of                                 LGP:    The
                  New    Mexico                                     balance
  (1) The maximum annual  management fee payable to the property manager generally
  is determined  pursuant to lender  regulations.  Each 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  Partners or an
  affiliate  of its Local  General  Partners a  development  fee in the amount set
  forth,  for  services  incident  to  the  development  and  construction  of the
  
                                         2
  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.
  
  (3)  Reflects  the amount of the net cash flow from  operations,  if any,  to be
  distributed  to SERIES 4 ("WNC") and the Local General  Partners  ("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 the profits, losses and Low Income Housing Credits of SERIES 4, WNC
  Housing, L.P., an Affiliate of the Sponsor which is the special limited partner,
  and the Local General Partners.
  
  (5)  Reflects  the  respective  percentage  interests  of SERIES 4 and the Local
  General  Partners  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 and the Local General Partners.
  
  (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 Mountain  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 27, 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 
                    Mountain Vista Associates Limited Partnership