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 9, 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 Greyhound Associates I, L.P., a Missouri
  limited partnership ("GREYHOUND" or the "Local Limited Partnership").  GREYHOUND
  owns the Greyhound Apartments (the "Apartment Complex") in Windsor, Missouri.
  
           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> 
  GREYHOUND    Greyhound   Windsor      March 1998   $1,382,000         16       2BR  $270       $643,000     $1,127,500    1998
               Apartments  (Henry                                       units         $305       MHDC(2)
                           County),                                     8        3BR
               3           Missouri                                     units
               buildings
  
  ------------ ----------- ------------ ------------ ------------------ ------------- ---------- ------------ ------------- ---------
  
  <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)      Missouri  Housing  Development  Commission  ("MHDC")  will  provide the
           mortgage loan for a term of 40 years at an annual  interest rate of 1%.
           Principal  and  interest  will be  payable  monthly  based on a 40-year
           amortization schedule.
  </FN>
  </TABLE>
  
  
  <TABLE>
  
  
                                                                                 SHARING                      
                                                                                 RATIOS:         SERIES       ESTIMATED
                                                                                 ALLOCATIONS     4's          ACQUISITION
  LOCAL           LOCAL                                             SHARING      AND             CAPITAL      FEES PAYABLE
  LIMITED         GENERAL            PROPERTY        DEVELOPMENT    RATIOS:      SALE OR         CONTRI-      TO FUND
  PARTNERSHIP     PARTNER            MANAGER (1)     FEE (2)        CASH   FLOW  REFINANCING     BUTION       MANAGER
                                                                    (3)          PROCEEDS        (4)
  --------------- ------------------ --------------- -------------- ------------ --------------- ------------ -------------
  <S>                                                <C>                 <C>     <C>  <C>        <C>          <C>    
  GREYHOUND       WCM                WCM  Community  $198,834       WNC: 15%     99/1 (5)        $641,829     $64,180
                  Community          Development                    but no       50/.1/49.9 (6)
                  Development        Corporation                    less than
                  Corporation                                       $1,500 per
                                     Lockwood                       year
                                     Realty, Inc.                   LGP: 40%
                                                                    of  the
                                                                    balance
                                                                    The
                                                                    balance:
                                                                    WNC:  50%
                                                                    LGP:  50%
  --------------- ------------------ --------------- -------------- ------------ --------------- ------------ -------------
  
  <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  or 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.
  
  (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
  
  
                                         2
  <PAGE>
  
  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)  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.
  
  (5) Subject to certain special allocations,  the profits,  losses and Low Income
  Housing  Credits of GREYHOUND  will be  allocated  99% to Series 4 and 1% to the
  Local General Partner. The Local Limited Partnership will also generate Missouri
  low income  housing tax credits  which will be allocated  entirely to Affordable
  Equity  Partners,  Inc.,  a Missouri  corporation  which is the special  limited
  partner.
  
  (6) Reflects the respective percentage interests of (a) Series 4, (b) Affordable
  Equity Partners,  Inc., the special limited  partner,  and (c) 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  contribution  of Series 4; and the  capital  contribution  of the Local
  General Partner.
  </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 Greyhound Associates I, L.P.
  
  
  
                                         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 20, 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 
                    Greyhound Associates I, L.P.
  
  
  <PAGE>
metadata_documents: [{"type": "8-K", "sequence": "1", "description": "NONE", "secsgml_size_bytes": 10407}]
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": "97612378"}, "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 9, 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 Greyhound Associates I, L.P., a Missouri
  limited partnership ("GREYHOUND" or the "Local Limited Partnership").  GREYHOUND
  owns the Greyhound Apartments (the "Apartment Complex") in Windsor, Missouri.
  
           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
  
  ------------ ----------- ------------ ------------ ------------------ ------------- ---------- ------------ ------------- ---------
  GREYHOUND    Greyhound   Windsor      March 1998   $1,382,000         16       2BR  $270       $643,000     $1,127,500    1998
               Apartments  (Henry                                       units         $305       MHDC(2)
                           County),                                     8        3BR
               3           Missouri                                     units
               buildings
  
  ------------ ----------- ------------ ------------ ------------------ ------------- ---------- ------------ ------------- ---------
  (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)      Missouri  Housing  Development  Commission  ("MHDC")  will  provide the
           mortgage loan for a term of 40 years at an annual  interest rate of 1%.
           Principal  and  interest  will be  payable  monthly  based on a 40-year
           amortization schedule.
  SHARING                      
                                                                                 RATIOS:         SERIES       ESTIMATED
                                                                                 ALLOCATIONS     4's          ACQUISITION
  LOCAL           LOCAL                                             SHARING      AND             CAPITAL      FEES PAYABLE
  LIMITED         GENERAL            PROPERTY        DEVELOPMENT    RATIOS:      SALE OR         CONTRI-      TO FUND
  PARTNERSHIP     PARTNER            MANAGER (1)     FEE (2)        CASH   FLOW  REFINANCING     BUTION       MANAGER
                                                                    (3)          PROCEEDS        (4)
  --------------- ------------------ --------------- -------------- ------------ --------------- ------------ -------------
  GREYHOUND       WCM                WCM  Community  $198,834       WNC: 15%     99/1 (5)        $641,829     $64,180
                  Community          Development                    but no       50/.1/49.9 (6)
                  Development        Corporation                    less than
                  Corporation                                       $1,500 per
                                     Lockwood                       year
                                     Realty, Inc.                   LGP: 40%
                                                                    of  the
                                                                    balance
                                                                    The
                                                                    balance:
                                                                    WNC:  50%
                                                                    LGP:  50%
  --------------- ------------------ --------------- -------------- ------------ --------------- ------------ -------------
  (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  or 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.
  
  (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
  
                                         2
  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)  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.
  
  (5) Subject to certain special allocations,  the profits,  losses and Low Income
  Housing  Credits of GREYHOUND  will be  allocated  99% to Series 4 and 1% to the
  Local General Partner. The Local Limited Partnership will also generate Missouri
  low income  housing tax credits  which will be allocated  entirely to Affordable
  Equity  Partners,  Inc.,  a Missouri  corporation  which is the special  limited
  partner.
  
  (6) Reflects the respective percentage interests of (a) Series 4, (b) Affordable
  Equity Partners,  Inc., the special limited  partner,  and (c) 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  contribution  of Series 4; and the  capital  contribution  of the Local
  General Partner.
  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 Greyhound Associates I, L.P.
  
                                         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 20, 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 
                    Greyhound Associates I, L.P.