UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~[X]~~For ~~QUARTERLY~~the ~~REPORT~~quarterly ~~PURSUANT~~period TOended ~~SECTION~~June 1330, ~~OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~2013

For the quarterly period ended December 31, 2012

[ ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ___________

Commission file number: 0-21895

WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3

California	33-6163848
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

17782 Sky Park Circle
Irvine, CA	92614-6404
(Address of principal executive offices)	(Zip Code)

(714) 662-5565

(Telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [X] Smaller reporting company [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3

(A California Limited Partnership)

INDEX TO FORM 10 – Q

For the Quarterly Period Ended ~~December 31~~June 30, ~~2012~~2013

PART I. FINANCIAL INFORMATION
	Item 1.	Financial Statements		F-1
		Condensed Balance Sheets As of December 31, 2012 and March 31, 2012	F-1
		Condensed Balance Sheets As of June 30, 2013 and March 31, 2013		F-1
		Condensed Statements of Operations For the Three and Nine Months Ended December 31, 2012 and 2011	F-2
		Condensed Statements of Operations For the Three Months Ended June 30, 2013 and 2012		F-2
		Condensed Statement of Partners’ Equity (Deficit) For the Nine Months Ended December 31, 2012	F-3
		Condensed Statement of Partners’ Equity (Deficit) For the Three Months Ended June 30, 2013		F-3
		Condensed Statements of Cash Flows For the Nine Months Ended December 31, 2012 and 2011	F-4
		Condensed Statements of Cash Flows For the Three Months Ended June 30, 2013 and 2012		F-4
		Notes to Condensed Financial Statements	~~F-5~~	F-5
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3	3
	Item 3.	Quantitative and Qualitative Disclosures about Market Risks	5	4
	Item 4.	Controls and Procedures	5	4
PART II. OTHER INFORMATION
	Item 1.	Legal Proceedings	6	5
	Item 1A	Risk Factors	6
	Item 1A.	Risk Factors		5
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6	5
	Item 3.	Defaults Upon Senior Securities	6	5
	Item 4.	Mine Safety Disclosures	6	5
	Item 5.	Other Information	6	5
	Item 6.	Exhibits	6	5
	Signatures		7	6

~~WNC HOUSING~~PART ~~TAX CREDIT FUND V, L~~I.~~P.,~~ ~~SERIES~~FINANCIAL 3INFORMATION

~~(A California~~Item ~~Limited~~1. ~~Partnership)~~Financial Statements

~~CONDENSED~~WNC HOUSING TAX CREDIT FUND V, L.P., ~~BALANCE~~SERIES ~~SHEETS~~3

(~~Unaudited~~A California Limited Partnership)

	December 31, 2012			March 31, 2012
ASSETS
Cash	$	50,841		$	11,489
Investments in Local Limited Partnerships, net (Notes 2 and 3)		-			-
Other assets		2,750			2,100
Total Assets	$	53,591		$	13,589
LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)
Liabilities:
Accrued fees and expenses due to General Partner and affiliates (Note 3)	$	469,745		$	560,653
Accrued expenses		5,600			-
Total Liabilities		475,345			560,653
Partners’ Equity (Deficit):
General Partner		3,091,608			3,090,355
Limited Partners (25,000 Partnership Units authorized; 18,000 Partnership Units issued and outstanding)		(3,513,362	)		(3,637,419	)
Total Partners’ Equity (Deficit)		(421,754	)		(547,064	)
Total Liabilities and Partners’ Equity (Deficit)	$	53,591		$	13,589

CONDENSED BALANCE SHEETS

~~See accompanying notes to condensed financial statements~~(Unaudited)

F-1

	June 30, 2013			March 31, 2013

ASSETS

Cash	$	126,072		$	359,455
Investments in Local Limited Partnerships, net (Notes 2 and 3)		-			-
Other assets		9,447			7,520

Total Assets	$	135,519		$	366,975

LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)

Liabilities:
Accrued expenses	$	-		$	665
Prepaid disposition proceeds		-			280,000
Accrued fees and expenses due to General Partner and affiliates (Note 3)		7,375			495,501

Total Liabilities		7,375			776,166

Partners’ Equity (Deficit):
General Partner		1,309,314			3,091,734
Limited Partners (25,000 Partnership Units authorized; 17,946 Partnership Units issued and outstanding)		(1,181,170	)		(3,500,925	)

Total Partners’ Equity (Deficit)		128,144			(409,191	)

Total Liabilities and Partners’ Equity (Deficit)	$	135,519		$	366,975

~~WNC HOUSING~~See ~~TAX~~accompanying ~~CREDIT~~notes ~~FUND~~to V,condensed ~~L.P., SERIES 3~~financial statements

~~(A California Limited Partnership)~~F-1

~~CONDENSED STATEMENTS~~WNC OFHOUSING ~~OPERATIONS~~TAX CREDIT FUND V, L.P., SERIES 3

~~For the~~(A ~~Three~~California ~~and~~Limited ~~Nine Months Ended December 31, 2012 and 2011~~Partnership)

~~(Unaudited)~~CONDENSED STATEMENTS OF OPERATIONS

	2012						2011
	Three Months			Nine Months			Three Months			Nine Months
Reporting fees	$	3,786		$	33,892		$	-		$	24,991
Total operating income		3,786			33,892			-			24,991
Operating expenses:
Asset management fees (Note 3)		6,419			24,107			9,737			32,984
Legal and accounting fees		599			28,937			-			27,765
Outside services		504			7,890			346			5,778
Write off of advances to Local Limited Partnerships		-			-			20,000			20,000
Other		1,462			4,971			83			3,253
Total operating expenses		8,984			65,905			30,166			89,780
Loss from operations		(5,198	)		(32,013	)		(30,166	)		(64,789	)
Gain on sale of Local Limited Partnerships		76,400			157,312			84,772			75,269
Interest income		4			11			2			7
Net income	$	71,206		$	125,310		$	54,608		$	10,487
Net income allocated to:
General Partner	$	712		$	1,253		$	546		$	105
Limited Partners	$	70,494		$	124,057		$	54,062		$	10,382
Net income per Partnership Unit	$	4		$	7		$	3		$	1
Outstanding weighted Partnership Units		18,000			18,000			18,000			18,000

For the Three Months Ended June 30, 2013 and 2012

~~See accompanying notes to condensed financial statements~~(Unaudited)

F-2

	2013			2012
	Three Months			Three Months

Reporting fees	$	575		$	-
Distribution income		-			30,295

Total operating income		575			30,295

Operating expenses:
Asset management fees (Note 3)		2,716			5,796
Legal and accounting fees		23,340			21,022
Other		6,164			4,351

Total operating expenses		32,220			31,169

Loss from operations		(31,645	)		(874	)

Gain on sale of Local Limited Partnerships		2,374,805			101,057

Interest income		27			1

Net income	$	2,343,187		$	100,184

Net income allocated to:
General Partner	$	23,432		$	1,002

Limited Partners	$	2,319,755		$	99,182

Net income per Partnership Unit	$	129		$	6

Outstanding weighted Partnership Units		17,946			18,000

~~WNC HOUSING~~See ~~TAX~~accompanying ~~CREDIT~~notes ~~FUND~~to V,condensed ~~L.P., SERIES 3~~financial statements

~~(A California Limited Partnership)~~F-2

~~CONDENSED STATEMENT~~WNC OFHOUSING ~~PARTNERS’~~TAX ~~EQUITY~~CREDIT ~~(DEFICIT)~~FUND V, L.P., SERIES 3

~~For the~~(A ~~Nine~~California ~~Months~~Limited ~~Ended December 31, 2012~~Partnership)

CONDENSED STATEMENT OF PARTNERS’ EQUITY (~~Unaudited~~DEFICIT)

	General		Limited
	Partner		Partners			Total
Partners’ equity (deficit) at March 31, 2012	$	3,090,355	$	(3,637,419	)	$	(547,064	)
Net income		1,253		124,057			125,310
Partners’ equity (deficit) at December 31, 2012	$	3,091,608	$	(3,513,362	)	$	(421,754	)

For the Three Months Ended June 30, 2013
(Unaudited)

See accompanying notes to condensed financial statements

	General			Limited
	Partner			Partners			Total

Partners’ equity (deficit) at March 31, 2013	$	3,091,734		$	(3,500,925	)	$	(409,191	)

Net income		23,432			2,319,755			2,343,187

Return of capital (Note 4)		(1,805,852	)		-			(1,805,852	)

Partners’ equity (deficit) at June 30, 2013	$	1,309,314		$	(1,181,170	)	$	128,144

~~F-3~~See accompanying notes to condensed financial statements

~~WNC HOUSING TAX CREDIT FUND V, L.P., SERIES~~ F-3

~~(A California~~WNC ~~Limited~~HOUSING ~~Partnership)~~TAX CREDIT FUND V, L.P., SERIES 3

~~CONDENSED STATEMENTS~~(A OFCalifornia ~~CASH~~Limited ~~FLOWS~~Partnership)

~~For the~~CONDENSED ~~Nine~~STATEMENTS ~~Months~~OF ~~Ended~~CASH ~~December 31, 2012 and 2011~~FLOWS

~~(Unaudited)~~For the Three Months Ended June 30, 2013 and 2012

	2012			2011
Cash flows from operating activities:
Net income	$	125,310		$	10,487
Adjustments to reconcile net income to net cash used in operating activities:
Gain on sale of Local Limited Partnerships		(157,312	)		(75,269	)
Increase in other assets		(40,068	)		(18,965	)
Increase in accrued expenses		5,600			-
Decrease in accrued fees and expenses due to General Partner and affiliates		(71,458	)		(33,236	)
Net cash used in operating activities		(137,928	)		(116,983	)
Cash flows from investing activities:
Advances to Local Limited Partnerships		-			(20,000	)
Write off of advances to Local Limited Partnerships		-			20,000
Proceeds from sale of Local Limited Partnerships		177,280			96,991
Net cash provided by investing activities		177,280			96,991
Net increase (decrease) in cash		39,352			(19,992	)
Cash, beginning of period		11,489			27,292
Cash, end of period	$	50,841		$	7,300
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Taxes paid	$	-		$	-
NON-CASH INVESTING AND FINANCING ACTIVITIES
General Partner equity balance was increased and accrued fees and expenses due to the General Partner was decreased as a result of forgiveness of debt by the General Partner.	$	-		$	151,792
Gain on sale of Local Limited Partnerships was increased and accrued fees and expenses due to the General Partner and affiliates was decreased for sales proceeds paid directly to Associates.	$	19,450		$	-

(Unaudited)

See accompanying notes to condensed financial statements

	2013			2012

Cash flows from operating activities:
Net income	$	2,343,187		$	100,184
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of Local Limited Partnerships		(2,374,805	)		(101,057	)
Increase in other assets		(12,507	)		(8,573	)
Increase (decrease) in accrued fees and expenses due to General Partner and affiliates		(488,126	)		39,743
Decrease in accrued expenses		(665	)		-

Net cash provided by (used in) operating activities		(532,916	)		30,297

Cash flows from investing activities:
Proceeds from sale of Local Limited Partnership		2,105,385			89,280

Net cash provided by investing activities		2,105,385			89,280

Cash flows from financing activities:
Return of capital		(1,805,852	)		-

Net cash used in financing activities		(1,805,852	)		-

Net increase (decrease) in cash		(233,383	)		119,577

Cash, beginning of period		359,455			11,489

Cash, end of period	$	126,072		$	131,066

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Taxes paid	$	-		$	-

FNON-4CASH INVESTING AND FINANCING ACTIVITIES

~~WNC~~A Local Limited Partnership ~~HOUSING~~was ~~TAX~~sold ~~CREDIT~~for ~~FUND~~$22,450 Vwith proceeds paid directly to Associates, ~~L.P.~~which resulted in a decrease in accrued fees and expenses due to General Partner and affiliates of $19,450 ~~SERIES~~and an increase in due from affiliate of $3,000 during the three months ended June 30, 2012

~~(A California~~See ~~Limited~~accompanying ~~Partnership)~~notes to condensed financial statements

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~F-4

~~For the~~WNC ~~Quarterly~~HOUSING ~~Period~~TAX ~~Ended~~CREDIT ~~December~~FUND 31V, ~~2012~~L.P., SERIES 3

(~~Unaudited~~A California Limited Partnership)

~~NOTE 1~~NOTES -TO ~~SUMMARY~~CONDENSED OFFINANCIAL ~~SIGNIFICANT ACCOUNTING POLICIES~~STATEMENTS

~~General~~For the Quarterly Period Ended June 30, 2013

The accompanying condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q for quarterly reports under Section 13 or 15(dUnaudited) of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended December 31, 2012 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2013. For further information, refer to the financial statements and footnotes thereto included in the Partnership’s annual report on Form 10-K for the fiscal year ended March 31, 2012.

~~Organization~~NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

WNC Housing Tax Credit Fund V, L.P., Series 3 (the “Partnership”), is a California Limited Partnership formed under the laws of the State of California on March 28, 1995. The Partnership was formed to invest in other limited partnerships (“Local Limited Partnerships”) which own multi-family or senior housing complexes (“Housing Complexes”) that are eligible for Federal low income housing tax credits (“Low Income Housing Tax Credits”). The local general partners (the “Local General Partners”) of each Local Limited Partnership retain responsibility for maintaining, operating and managing the Housing Complexes. Each Local Limited Partnership is governed by its agreement of limited partnership (the “Local Limited Partnership Agreement”).

The accompanying condensed unaudited financial ~~general~~statements ~~partner~~have ofbeen prepared in accordance with accounting principles generally accepted in the ~~Partnership~~United isStates ~~WNC~~of &America ~~Associates,~~for interim ~~Inc.,~~financial ainformation ~~California~~and ~~corporation~~with (the ~~“General~~instructions ~~Partner”~~ to Form 10-Q for quarterly reports under Section 13 or ~~“Associates”~~15(d). ~~The~~of ~~chairman~~the ~~and~~Securities Exchange ~~president~~Act of ~~Associates~~1934. ~~own~~Accordingly, they do not include all of the ~~outstanding~~information ~~stock~~and footnotes required by accounting principles generally accepted in the United States of ~~Associates~~America for complete financial statements. ~~The~~In ~~business~~the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the ~~Partnership~~three ismonths ~~conducted~~ended ~~primarily~~June ~~through~~30, ~~Associates~~2013 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, as2014. For further information, refer to the financial statements and footnotes thereto included in the Partnership’s annual ~~has~~report noon ~~employees~~Form of10-K ~~its~~for ~~own~~the fiscal year ended March 31, 2013.

~~The Partnership shall continue in full force and effect until December 31, 2050 unless terminated prior to that date pursuant to the partnership agreement or law.~~Organization

~~The~~WNC Housing Tax Credit Fund V, ~~financial~~L.P., ~~statements~~Series ~~include~~3 ~~only~~(the ~~activity~~“Partnership”), ~~relating~~is toa California Limited Partnership formed under the ~~business~~laws of the ~~Partnership~~State of California on March 28, 1995 and docommenced ~~not~~operations ~~give~~on ~~effect~~October 24, 1995. The Partnership was formed to ~~any~~invest ~~assets~~in other limited partnerships (“Local Limited Partnerships”) which own multi-family or senior housing complexes (“Housing Complexes”) that are eligible for Federal low income housing tax credits (“Low Income Housing ~~the~~Tax Credits”). The local general partners ~~may~~(the ~~have~~“Local ~~outside~~General Partners”) of ~~their~~each ~~interests~~Local inLimited Partnership ~~the~~retain ~~Partnership~~responsibility for maintaining, oroperating toand ~~any~~managing ~~obligations,~~the ~~including~~Housing ~~income~~Complexes. ~~taxes,~~Each Local Limited Partnership is governed by its agreement of limited partnership (the ~~partners~~“Local Limited Partnership Agreement”).

The ~~Partnership~~general ~~Agreement~~partner ~~authorized~~of the ~~sale~~Partnership ofis upWNC to& 25Associates,~~000~~ ~~units~~Inc. of(the ~~limited~~“General ~~partnership~~Partner” ~~interests (~~or “~~Partnership Units~~Associates”) ~~at $1,000 per Partnership Unit~~. The ~~offering~~chairman ofand ~~Partnership~~president ~~Units~~of ~~concluded~~Associates inown ~~January~~all ~~1996,~~of ~~at which time 18,000 Partnership Units representing subscriptions in~~ the ~~amount~~outstanding ofstock ~~$17,558,985, net~~ of ~~$441,015 of discounts for volume purchases, had been accepted~~Associates. ~~The~~ ~~General Partner has a 1% interest in operating profits and losses, taxable income and losses, cash available for distribution~~The ~~from~~business of the Partnership ~~and~~is ~~Low~~conducted ~~Income~~primarily ~~Housing~~through ~~Tax~~Associates, ~~Credits~~as of the Partnership. ~~The~~has ~~investors~~no ~~(the~~employees ~~“Limited Partners”) will be allocated the remaining 99%~~ of ~~these items in proportion to their respective investments~~its own.

~~F-5~~The Partnership shall continue in full force and effect until December 31, 2050 unless terminated prior to that date pursuant to the partnership agreement or law.

~~WNC~~The financial statements include only ~~HOUSING~~activity ~~TAX~~relating ~~CREDIT~~to ~~FUND~~the Vbusiness of the Partnership, ~~L.P.~~and do not give effect to any assets that the partners may have outside of their interests in the Partnership, ~~SERIES~~or 3to any obligations, including income taxes, of the partners.

The Partnership Agreement authorized the sale of up to 25,000 units of limited partnership interests (A“Partnership Units”) at $1,000 per Partnership Unit. ~~California~~The ~~Limited~~offering of Partnership Units had concluded in January 1996, at which time 18,000 Partnership Units representing subscriptions in the amount of $17,558,985, net of $441,015 of discounts for volume purchases, had been accepted. As of June 30, 2013 a total of 17,946 Partnership units remain outstanding. The General Partner has a 1% interest in operating profits and losses, taxable income and losses, cash available for distribution from the Partnership and Low Income Housing Tax Credits of the Partnership. The investors (the “Limited Partners”) will be allocated the remaining 99% of these items in proportion to their respective investments.

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~ F- ~~CONTINUED~~5

~~For the Quarterly~~WNC ~~Period Ended~~HOUSING ~~December~~TAX 31CREDIT FUND V, ~~2012~~L.P., SERIES 3

(~~Unaudited~~A California Limited Partnership)

~~NOTE 1~~NOTES -TO ~~SUMMARY~~CONDENSED OFFINANCIAL ~~SIGNIFICANT~~STATEMENTS - ~~ACCOUNTING POLICIES, continued~~CONTINUED

~~The proceeds~~For ~~from~~ the ~~disposition~~Quarterly ofPeriod ~~any~~Ended ~~of the Local Limited Partnership’s Housing Complexes will be used first to pay debts~~June and other obligations per the respective Local Limited Partnership Agreement. Any remaining proceeds will then be paid to the Partnership. The sale of a Housing Complex may be subject to other restrictions and obligations. Accordingly30, there can be no assurance that a Local Limited Partnership will be able to sell its Housing Complex. Even if it does so, there can be no assurance that any significant amounts of cash will be distributed to the Partnership. Should such distributions occur, the Limited Partners will be entitled to receive distributions from the proceeds remaining after payment of Partnership obligations and funding reserves, equal to their capital contributions and their return on investment (as defined in the Partnership Agreement) and the General Partners would then be entitled to receive proceeds equal to its capital contributions from the remainder. Any additional sale or refinancing proceeds will be distributed 90% to the Limited Partners (in proportion to their respective investments) and 10% to the General Partner.2013

~~Risks and Uncertainties~~(Unaudited)

AnNOTE ~~investment~~1 in- ~~the~~SUMMARY ~~Partnership~~OF ~~and~~SIGNIFICANT ~~the~~ACCOUNTING ~~Partnership’s investments in Local Limited Partnerships and their Housing Complexes are subject to risks. These risks may impact the tax benefits of an investment in the Partnership~~POLICIES, ~~and the amount of proceeds available for distribution to the Limited Partners, if any, on liquidation of the Partnership’s investments. Some of those risks include the following:~~continued

The ~~Low~~proceeds ~~Income~~from ~~Housing~~the ~~Tax~~disposition ~~Credits~~of ~~rules~~any ~~are~~of ~~extremely~~the ~~complicated.~~Local ~~Noncompliance~~Limited ~~with~~Partnership’s ~~these~~Housing ~~rules~~Complexes ~~results~~will inbe ~~the~~used ~~loss~~first ofto ~~future Low~~pay ~~Income~~debts ~~Housing~~and ~~Tax~~other ~~Credits~~obligations ~~and~~per the ~~fractional~~respective ~~recapture~~Local ofLimited ~~Low~~Partnership ~~Income~~Agreement. ~~Housing~~Any ~~Tax~~remaining ~~Credits~~proceeds ~~already~~will ~~taken.~~then Inbe ~~most~~paid to ~~cases~~ the ~~annual amount~~Partnership. ofThe ~~Low~~sale ~~Income~~of a Housing ~~Tax~~Complex ~~Credits~~may ~~that~~be ansubject ~~individual~~to other restrictions and obligations. Accordingly, there can ~~use~~be isno ~~limited~~assurance that a Local Limited Partnership will be able to ~~the~~sell ~~tax~~its ~~liability~~Housing ~~due~~Complex. onEven ~~the~~if ~~person’s last~~it ~~$25~~does so,~~000~~ there can be no assurance that any significant amounts of ~~taxable~~cash ~~income~~will be distributed to the Partnership. ~~The~~Should ~~Local~~such distributions occur, the Limited ~~Partnerships~~Partners ~~may~~will be ~~unable~~entitled to ~~sell~~receive ~~the~~distributions ~~Housing~~from ~~Complexes~~the atproceeds aremaining ~~price~~after ~~which~~payment ~~would~~of Partnership ~~result~~obligations inand ~~the~~funding ~~Partnership~~reserves, ~~realizing~~equal ~~cash~~to ~~distributions~~their orcapital ~~proceeds~~contributions ~~from~~and their return on investment (as defined in the Partnership ~~transaction.~~Agreement) ~~Accordingly,~~and the ~~Partnership~~General ~~may~~Partner would then be ~~unable~~ entitled to ~~distribute~~receive ~~any~~proceeds ~~cash~~equal to its ~~Limited~~capital ~~Partners~~contributions from the remainder. ~~Low~~Any ~~Income~~additional ~~Housing~~sale ~~Tax~~or ~~Credits~~refinancing ~~may~~proceeds will be ~~the~~distributed ~~only~~90% ~~benefit~~to ~~from~~the anLimited ~~investment~~Partners (in proportion to their respective investments) and 10% to the ~~Partnership~~ General Partner.

~~The Partnership~~Risks has invested in a limited number of Local Limited Partnerships. Such limited diversity means that the results of operation of each single Housing Complex will have a greater impact on the Partnership. With limited diversity, poor performance of one Housing Complex could impair the Partnership’s ability to satisfy its investment objectives. Each Housing Complex is subject to mortgage indebtedness. If a Local Limited Partnership failed to pay its mortgage, it could lose its Housing Complex in foreclosure. If foreclosure were to occur during the first 15 years (the “Compliance Period”), the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of prior Low Income Housing Tax Credits, and a loss of the Partnership’s investment in the Housing Complex would occur. The Partnership is a limited partner or a non-managing member of each Local Limited Partnership. Accordingly, the Partnership will have very limited rights with respect to management of the Local Limited Partnerships. The Partnership will rely totally on the Local General Partners. Neither the Partnership’s investments in Local Limited Partnerships, nor the Local Limited Partnerships’ investments in Housing Complexes, are readily marketable. To the extent the Housing Complexes receive government financing or operating subsidies, they may be subject to one or more of the following risks: difficulties in obtaining tenants for the Housing Complexes; difficulties in obtaining rent increases; limitations on cash distributions; limitations on sales or refinancing of Housing Complexes; limitations on transfers of interests in Local Limited Partnerships; limitations on removal of Local General Partners; limitations on subsidy programs; and possible changes in applicable regulations. Uninsured casualties could result in loss of property and Low Income Housing Tax Credits and recapture of Low Income Housing Tax Credits previously taken. The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar Housing Complexes, and neighborhood conditions, among others.Uncertainties

~~F-6~~An investment in the Partnership and the Partnership’s investments in Local Limited Partnerships and their Housing Complexes are subject to risks. These risks may impact the tax benefits of an investment in the Partnership, and the amount of proceeds available for distribution to the Limited Partners, if any, on liquidation of the Partnership’s investments. Some of those risks include the following:

~~WNC~~The Low Income Housing Tax Credits rules ~~HOUSING~~are ~~TAX~~extremely ~~CREDIT~~complicated. ~~FUND~~Noncompliance Vwith these rules results in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 Lof taxable income.P The Local Limited Partnerships may be unable to sell the Housing Complexes at a price which would result in the Partnership realizing cash distributions or proceeds from the transaction. Accordingly, ~~SERIES~~the 3Partnership may be unable to distribute any cash to its Limited Partners. Low Income Housing Tax Credits may be the only benefit from an investment in the Partnership.

(AThe Partnership has invested in a limited ~~California~~number of Local Limited Partnerships. Such limited diversity means that the results of operation of each single Housing Complex will have a greater impact on the Partnership. With limited diversity, poor performance of one Housing Complex could impair the Partnership’s ability to satisfy its investment objectives. Each Housing Complex is subject to mortgage indebtedness. If a Local Limited Partnership failed to pay its mortgage, it could lose its Housing Complex in foreclosure. If foreclosure were to occur during the first 15 years (the “Compliance Period”), the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of prior Low Income Housing Tax Credits, and a loss of the Partnership’s investment in the Housing Complex would occur. The Partnership is a limited partner or a non-managing member of each Local Limited Partnership. Accordingly, the Partnership will have very limited rights with respect to management of the Local Limited Partnerships. The Partnership will rely totally on the Local General Partners. Neither the Partnership’s investments in Local Limited Partnerships, nor the Local Limited Partnerships’ investments in Housing Complexes, are readily marketable. To the extent the Housing Complexes receive government financing or operating subsidies, they may be subject to one or more of the following risks: difficulties in obtaining tenants for the Housing Complexes; difficulties in obtaining rent increases; limitations on cash distributions; limitations on sales or refinancing of Housing Complexes; limitations on transfers of interests in Local Limited Partnerships; limitations on removal of Local General Partners; limitations on subsidy programs; and possible changes in applicable regulations. Uninsured casualties could result in loss of property and Low Income Housing Tax Credits and recapture of Low Income Housing Tax Credits previously taken. The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar Housing Complexes, and neighborhood conditions, among others.

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~ F- ~~CONTINUED~~6

~~For the Quarterly~~WNC ~~Period Ended~~HOUSING ~~December~~TAX 31CREDIT FUND V, ~~2012~~L.P., SERIES 3

(~~Unaudited~~A California Limited Partnership)

~~NOTE 1~~NOTES -TO ~~SUMMARY~~CONDENSED OFFINANCIAL ~~SIGNIFICANT~~STATEMENTS - ~~ACCOUNTING POLICIES, continued~~CONTINUED

~~The ability~~For ~~of Limited Partners to claim tax losses from~~ the ~~Partnership~~Quarterly isPeriod ~~limited.~~Ended ~~The IRS may audit the Partnership or a Local~~June ~~Limited~~30, Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to Limited Partners could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in the Partnership. Changes in tax laws could also impact the tax benefits from an investment in the Partnership and/or the value of the Housing Complexes.2013

All of the Low Income Housing Tax Credits anticipated to be realized from the Local Limited Partnerships have been realized. The Partnership does not anticipate being allocated any Low Income Housing Tax Credits from the Local Limited Partnerships in the future. Until the Local Limited Partnerships have completed the Compliance Period, risks exist for potential recapture of prior Low Income Housing Tax Credits received.(Unaudited)

~~No trading~~NOTE ~~market~~1 ~~for the Partnership Units exists or is expected to develop. Limited Partners may be unable to sell their Partnership Units except at a discount and should consider their Partnership Units to be a long~~-~~term~~ ~~investment.~~SUMMARY ~~Individual~~OF ~~Limited Partners~~SIGNIFICANT ~~will~~ACCOUNTING ~~have~~POLICIES, ~~no recourse if they disagree with actions authorized by a vote of the majority of Limited Partners.~~continued

The ability of Limited Partners to claim tax losses from the Partnership ~~currently~~is ~~has~~limited. ~~insufficient~~The ~~working~~IRS ~~capital~~may toaudit ~~fund~~the ~~its~~Partnership ~~operations~~or a Local Limited Partnership and challenge the tax treatment of tax items. ~~Associates~~The ~~has~~amount ~~agreed~~of Low Income Housing Tax Credits and tax losses allocable to ~~continue~~Limited Partners ~~providing~~could ~~advances~~be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax ~~sufficient~~benefits ~~enough~~from toan ~~fund~~investment in the ~~operations~~Partnership. ~~and~~Changes ~~working~~in ~~capital~~tax ~~requirements~~laws ofcould also impact the tax benefits from an investment in the Partnership ~~through~~and/or ~~February~~the ~~28,~~value ~~2014~~of the Housing Complexes.

~~Anticipated future~~All ~~and existing cash resources~~ of the ~~Partnership~~Low ~~are~~Income ~~not~~Housing ~~sufficient to pay existing liabilities of the Partnership. However,~~Tax ~~substantially~~Credits ~~all~~anticipated ofto ~~the~~be ~~existing~~realized ~~liabilities~~from of the ~~Partnership~~Local ~~are~~Limited ~~payable~~Partnerships tohave ~~the~~been ~~General Partner and/or its affiliates~~realized. ~~Though the~~The ~~amounts payable to the General Partner and/or its affiliates are contractually currently payable, the~~ Partnership ~~anticipates~~does not ~~that~~anticipate ~~the~~being ~~General~~allocated ~~Partner~~any ~~and/or~~Low ~~its~~Income ~~affiliates~~Housing ~~will~~Tax ~~not~~Credits ~~require~~from the ~~payment~~Local ofLimited ~~these~~Partnerships ~~contractual obligations until capital reserves are~~ in ~~excess of~~ the ~~aggregate of then existing contractual obligations and then anticipated~~ future ~~foreseeable obligations of the Partnership~~. The Partnership would be adversely affected should the General Partner and/or its affiliates demand current payment of the existing contractual obligations and or suspend services for this or any other reason.

~~Exit~~No trading market for the ~~Strategy~~Partnership Units exists or is expected to develop. Limited Partners may be unable to sell their Partnership Units except at a discount and should consider their Partnership Units to be a long-term investment. Individual Limited Partners will have no recourse if they disagree with actions authorized by a vote of the majority of Limited Partners.

~~The Compliance~~Exit Period for a Housing Complex is generally 15 years following construction or rehabilitation completion. Associates was one of the first in the industry to offer syndicated investments in Low Income Housing Tax Credits. The initial programs have completed their Compliance Periods.Strategy

~~Upon the~~The ~~sale~~Compliance ofPeriod for a ~~Local~~Housing Complex ~~Limited~~is ~~Partnership~~generally ~~interest~~15 years following construction or ~~Housing~~rehabilitation ~~Complex~~completion. ~~after~~Associates ~~the~~was ~~end~~one of the ~~Compliance~~first ~~Period,~~in ~~there~~the industry ~~would~~to beoffer ~~no recapture~~syndicated ofinvestments in Low Income Housing Tax Credits. AThe ~~sale~~initial ~~prior~~programs tohave ~~the~~completed ~~end of the~~ their Compliance ~~Period could result in recapture if certain conditions are not met~~Periods.

~~With that~~Upon ~~in mind,~~ the ~~General~~sale ~~Partner~~of isa ~~continuing~~Local ~~its~~Limited Partnership ~~review~~interest ofor ~~the~~ Housing ~~Complexes.~~Complex ~~The~~after ~~review~~the ~~considers~~end ~~many~~of ~~factors~~the Compliance Period, ~~including extended~~there ~~use~~would ~~requirements~~be ~~(such~~no asrecapture ~~those~~of ~~due~~Low toIncome Housing ~~mortgage~~Tax ~~restrictions~~Credits. orA ~~state~~sale ~~compliance~~prior ~~agreements),~~to the ~~condition~~end of the ~~Housing Complexes,~~Compliance ~~and~~Period ~~the~~could ~~tax~~result ~~consequences~~in torecapture ~~the~~if ~~Limited~~certain ~~Partners~~conditions ~~from~~are ~~the sale of the Housing Complexes~~not met.

~~Upon identifying~~With ~~those~~that ~~Housing~~in ~~Complexes with the highest potential for a successful sale~~mind, ~~refinancing or re-syndication,~~ the ~~Partnership~~General ~~expects~~Partner tois ~~proceed~~continuing ~~with~~its ~~efforts~~review toof ~~liquidate~~the ~~them~~Housing Complexes. The ~~objective~~review isconsiders tomany ~~maximize~~factors, ~~the~~including ~~Limited~~extended ~~Partners’~~use requirements ~~return~~(such ~~wherever~~as ~~possible and,~~those ~~ultimately,~~due to ~~wind~~mortgage ~~down~~restrictions ~~the~~or ~~Partnership.~~state ~~Local~~compliance ~~Limited~~agreements), ~~Partnership~~the ~~Interests~~condition ~~may be disposed~~ of ~~any time by~~ the ~~General~~Housing ~~Partner~~Complexes, inand ~~its~~the ~~discretion.~~tax ~~While~~consequences ~~liquidation~~to of the ~~Housing~~Limited ~~Complexes~~Partners ~~continues~~from ~~to be evaluated,~~ the ~~dissolution~~sale of the ~~Partnership was~~Housing ~~not imminent as of December 31, 2012~~Complexes.

FUpon identifying those Housing Complexes with the highest potential for a successful sale, refinancing or re-7syndication, the Partnership expects to proceed with efforts to liquidate them. The objective is to maximize the Limited Partners’ return wherever possible and, ultimately, to wind down the Partnership. Local Limited Partnership Interests may be disposed of any time by the General Partner in its discretion. While liquidation of the Housing Complexes continues to be evaluated, the dissolution of the Partnership was not imminent as of June 30, 2013. The remaining Housing Complex will complete its Compliance Period in 2013.

~~WNC~~As of March 31, 2013, the Partnership ~~HOUSING~~sold ~~TAX~~the ~~CREDIT~~Housing ~~FUND~~Complex Vof two Local Limited Partnerships, Cascade Pines II, L.P. (“Cascade Pines”), ~~SERIES~~and 3Evergreen Apartments I L.P. (“Evergreen”). The Partnership also sold its Local Limited Partnership Interest in Raymond S. King Apartments, L.P., Patten Towers L.P. II, Alliance Apartments I L.P., Hastings Apartments I L.P, Shepherd South I, L.P., Escatawpa Village Associates, Hillcrest Associates, Rosedale L.P., Heritage Apartments I, L.P., Curtis Associates I, L.P., Prairieland Properties of Syracuse II, L.P., Solomon Associates I, L.P., and Talladega County Housing Ltd.

~~(A California Limited Partnership)~~F-7

~~NOTES TO~~WNC ~~CONDENSED~~HOUSING ~~FINANCIAL~~TAX ~~STATEMENTS~~CREDIT -FUND ~~CONTINUED~~V, L.P., SERIES 3

~~For the Quarterly~~(A ~~Period Ended~~California ~~December~~Limited ~~31, 2012~~Partnership)

~~(Unaudited)~~NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

~~NOTE 1~~For -the ~~SUMMARY~~Quarterly OFPeriod ~~SIGNIFICANT~~Ended ~~ACCOUNTING POLICIES~~June 30, ~~continued~~2013

~~As of March 31, 2011, the Partnership sold the Housing Complex of two Local Limited Partnerships, Cascade Pines II, L.P.~~ (~~“Cascade Pines”~~Unaudited), and Evergreen Apartments I L.P. (“Evergreen”). The Partnership also sold its Local Limited Partnership Interest in Raymond S. King Apartments, L.P., Patten Towers L.P. II, Alliance Apartments I L.P. and Hastings Apartments I L.P.

~~During the~~NOTE ~~nine~~1 ~~months~~- ~~ended~~SUMMARY ~~December~~OF ~~31, 2012, the Partnership sold the Housing Complex of Shepherd South I, L.P. The Partnership also~~SIGNIFICANT ~~sold~~ACCOUNTING ~~its Local Limited Partnership Interest in Escatawpa Village Associates~~POLICIES, Hillcrest Associates, Rosedale Limited Partnership, and Heritage Apartments I, L.P. No distributions will be made to the Limited Partners as a result of these dispositions. Each of the Local Limited Partnerships had completed its Compliance Period so there is no risk of recapture to the investors in the Partnership.continued

Local Limited Partnership	Debt at 12/31/11		Appraisal Value		Date of Sale		Sales Price		Sales Related Expenses		Gain (loss) on sale
Shepherd South I L.P.	$	507,000	$	350,000		06/28/2012	$	89,280	$	27,529	$	61,751
Escatawpa Village Associates		849,000		655,000		06/01/2012		22,450		3,289		19,161
Hillcrest Associates		1,232,000		805,000		12/31/2012		40,000		3,000		37,000
Rosedale Limited Partnership		1,257,000		510,000		12/31/2012		30,000		3,000		27,000
Heritage Apartments I, L.P.		509,000		160,000		12/31/2012		15,000		2,600		12,400

During the three months ended June 30, 2013, the 49.49% Local Limited Partnership Interest in Blessed Rock was sold for an adjusted price of $4,707,317. Blessed Rock was appraised for $6,910,000 and had a mortgage note balance of $2,054,000 as of December 31, 2012. Proceeds in the amount of $2,355,385 were received from the sale of Blessed Rock, of which $250,000 was received in advance and is included in prepaid disposition proceeds on the condensed balance sheet as of March 31, 2013. The Partnership used the cash proceeds to pay $497,731 in accrued asset management fees, $1,448 to reimburse the General Partner or an affiliate for expenses paid on its behalf, $1,805,852 to reimburse the general partner or its affiliates for debts previously written off and the remaining $100,000 was placed in the Partnership’s reserves for future operating expenses. The Partnership incurred $6,968 in sales related expenses which were netted against the proceeds from the sale in calculating the gain on sale. No cash distribution was made to the Limited Partners as a result of this sale. The Compliance Period has been completed therefore there is no risk of recapture and investor approval is not required.

~~The sales~~During ~~proceeds from~~ the ~~sale~~three ofmonths ~~Escatawpa~~ended ~~Village~~June ~~Associates~~30, 2013, ~~were~~The ~~paid~~Willows ~~directly~~was tosold ~~Associates~~for $30,000. AsThe ~~shown~~Willows inwas ~~the~~appraised ~~table~~for ~~below~~$710,000 and had a mortgage note balance of $19937,~~450 was~~000 ~~used~~as toof ~~reimburse~~December ~~the~~31, ~~General~~2012. ~~Partner~~Cash orproceeds ~~affiliates~~of $30,000 were received in advance for ~~accrued~~the ~~asset~~sale ~~management~~the ~~fees~~Local orLimited Partnership ~~operating~~Interest ~~expenses~~and ~~paid~~are included in prepaid disposition proceeds on ~~behalf~~ the condensed balance sheet as of ~~the~~March ~~Partnership~~31, 2013. The Partnership ~~remaining~~incurred $3,~~000~~612 ~~was~~in ~~returned~~sales torelated expenses which were netted against the ~~Partnership’s~~proceeds ~~reserves~~from ~~during~~the sale in calculating the gain ~~nine~~on ~~months~~the ~~ended~~sale. ~~December~~No cash distribution will be made to the Limited Partners as a result of this sale. The Compliance Period has ~~31,~~been ~~2012~~completed therefore there is no risk of recapture and investor approval is not required.

~~The following~~As ~~table~~of ~~represents~~June 30, 2013, the ~~anticipated~~Partnership has ~~use~~identified ofBroadway ~~the~~Apartments, ~~cash~~L.P. ~~proceeds~~for ~~from~~disposition. Contracts regarding the ~~disposition~~potential sale of Broadway have been drafted and are currently under review by the ~~five~~potential purchaser of the Local Limited ~~Partnerships~~Partnership Interest. Broadway was appraised for $875,000 and had a mortgage note balance of $1,110,000 as of December 31, 2012. The estimated closing date is unknown for this property. The purchase price is estimated to be $30,000.

Local Limited Partnership	Sale Proceeds		Payment of accrued asset management fees		Reimburse GP or affiliates for expenses		Remaining cash to remain in reserves for future expenses
Shepherd South I L.P.	$	89,280	$	25,000	$	12,164	$	52,116
Escatawpa Village Associates		22,450		7,286		12,164		3,000
Hillcrest Associates		40,000		17,500		17,500		5,000
Rosedale Limited Partnership		30,000		12,500		12,500		5,000
Heritage Apartments I, L.P.		15,000		5,000		5,000		5,000

Method of Accounting for Investments in Local Limited Partnerships

~~Subsequent to~~The ~~December~~Partnership ~~31,~~accounts ~~2012,~~for ~~the~~its investments in Local Limited ~~Partnership~~Partnerships ~~Interest~~using inthe ~~Blessed~~equity ~~Rock~~method of ~~El Monte~~accounting, ~~L.P.~~whereby ~~(“Blessed~~the ~~Rock”)~~Partnership adjusts its ~~was~~investment ~~identified~~balance for ~~sale.~~its ~~The~~share ~~buyer~~of ~~offered $4,771,287 to purchase~~ the Local Limited ~~Partnership~~Partnerships’ ~~Interest.~~results ~~Blessed~~of ~~Rock~~operations ~~was appraised~~and for ~~$6,910,000~~any contributions made and ~~had~~distributions areceived. ~~mortgage~~The ~~note~~Partnership ~~balance~~reviews ofthe ~~$2,054,454~~carrying asamount of ~~December~~an ~~31,~~individual ~~2012.~~investment ~~Proceeds~~ in ~~the~~a ~~amount~~Local ofLimited ~~$2,385,644~~Partnership ~~are expected~~for topossible beimpairment ~~received~~at ~~from~~least annually or whenever events or changes in circumstances indicate that the carrying ~~sale~~amount of ~~Blessed~~such ~~Rock.~~investment ~~The~~may ~~Partnership~~not ~~will~~be ~~use~~recoverable. ~~all~~Recoverability of ~~the~~such ~~cash~~investment ~~proceeds~~is ~~to pay~~measured by the ~~remaining~~estimated value ~~debts~~derived ~~and~~by ~~obligations~~management, generally consisting of the ~~Partnership,~~sum ~~accrued~~of ~~asset~~the ~~management~~remaining ~~fees,~~future ~~and~~Low ~~sale~~Income ~~related~~Housing ~~expenses.~~Tax NoCredits ~~cash~~estimated ~~distribution~~to ~~will~~ be ~~made~~allocable to the ~~Limited~~Partnership ~~Partners~~and asthe aestimated ~~result~~residual ofvalue ~~this~~to ~~sale~~the Partnership. ~~The~~If ~~Compliance~~an ~~Period~~investment ~~has~~is ~~been~~considered ~~completed~~to be ~~therefore~~impaired, ~~there~~the isPartnership noreduces ~~risk~~the carrying value of ~~recapture~~its ~~and~~investment ~~investor~~in ~~approval~~any issuch ~~not~~Local ~~required~~Limited Partnership. The ~~sale~~accounting policies of the Local Limited ~~Partnership~~Partnerships, is generally, are expected to ~~close~~be consistent with those of the Partnership. Costs incurred by the Partnership in ~~April~~acquiring ~~2013~~the investments are capitalized as part of the investment account and were amortized over 27.5 years (see Note 2).

F“Equity in losses of Local Limited Partnerships” for the periods ended June 30, 2013 and 2012 has been recorded by the Partnership. Management’s estimate for the three-8month periods is based on either actual unaudited results reported by the Local Limited Partnerships or historical trends in the operations of the Local Limited Partnerships. Equity in losses of Local Limited Partnerships allocated to the Partnership is not recognized to the extent that the investment balance would be adjusted below zero. If the Local Limited Partnerships report net income in future years, the Partnership will resume applying the equity method only after its share of such net income equals the share of net losses not recognized during the period(s) the equity method was suspended (see Note 2).

~~WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3~~F-8

~~(A California~~WNC ~~Limited~~HOUSING ~~Partnership)~~TAX CREDIT FUND V, L.P., SERIES 3

~~NOTES TO~~(A ~~CONDENSED~~California ~~FINANCIAL~~Limited ~~STATEMENTS - CONTINUED~~Partnership)

~~For the Quarterly~~NOTES ~~Period Ended~~TO ~~December~~CONDENSED ~~31,~~FINANCIAL ~~2012~~STATEMENTS - CONTINUED

~~(Unaudited)~~For the Quarterly Period Ended June 30, 2013

~~NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued~~(Unaudited)

~~Method of~~NOTE ~~Accounting~~1 ~~for~~- ~~Investments~~SUMMARY inOF ~~Local~~SIGNIFICANT ACCOUNTING ~~Limited~~POLICIES, ~~Partnerships~~continued

~~“Equity in~~In ~~losses~~accordance ofwith ~~Local~~the ~~Limited~~accounting ~~Partnerships”~~ guidance for the ~~periods~~consolidation ~~ended~~of ~~December~~variable 31interest entities, ~~2012~~the ~~and~~Partnership ~~2011~~determines ~~has~~when ~~been~~it ~~recorded~~should byinclude the ~~Partnership.~~assets, liabilities, ~~Management’s~~and ~~estimate~~activities ~~for~~of ~~the~~a ~~three~~variable ~~and~~interest ~~nine-month~~entity ~~periods~~(VIE) isin ~~based~~its onfinancial ~~either~~statements, ~~actual~~and ~~unaudited~~when ~~results~~it ~~reported~~should bydisclose ~~the~~information ~~Local~~about ~~Limited~~its ~~Partnerships~~relationship orwith ~~historical~~a ~~trends~~VIE. inThe ~~the~~analysis ~~operations~~that ofmust ~~the~~be ~~Local~~performed ~~Limited~~to ~~Partnerships.~~determine ~~Equity~~which inentity ~~losses~~should ofconsolidate ~~Local~~a ~~Limited~~VIE focuses on ~~Partnerships~~control ~~allocated~~and toeconomic ~~the~~factors. ~~Partnership~~A VIE is ~~not~~a ~~recognized~~legal structure used to ~~the~~conduct ~~extent~~activities ~~that~~or ~~the~~hold ~~investment~~assets, ~~balance~~which ~~would~~must be ~~adjusted below~~consolidated ~~zero.~~by Ifa ~~the~~company ~~Local~~if ~~Limited~~it ~~Partnerships~~is ~~reported~~the ~~net~~primary ~~income~~beneficiary inbecause ~~future~~it ~~years,~~has (1) the ~~Partnership~~power ~~will~~to ~~resume~~direct ~~applying~~the activities of the ~~equity~~VIE ~~method~~that most significantly ~~only~~impact ~~after~~the ~~its~~VIE’s ~~share~~economic ofperformance ~~such~~and ~~net~~(2) ~~income~~the ~~equals~~obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share ofsuch ~~net~~power, ~~losses~~as ~~not~~defined, ~~recognized~~no ~~during~~party will be required to consolidate the ~~period(s)~~VIE. Further, the ~~equity~~guidance ~~method~~requires ~~was suspended~~continual ~~(see~~reconsideration ~~Note~~of 2)the primary beneficiary of a VIE.

InBased on this guidance, the Local Limited ~~accordance~~Partnerships ~~with~~in which the ~~accounting~~Partnership ~~guidance~~invests ~~for~~meet the ~~consolidation~~definition of ~~variable~~a ~~interest~~VIE ~~entities,~~because the ~~Partnership~~owners ~~determines~~of ~~when~~the itequity at risk in these entities ~~should~~do ~~include~~not have the ~~assets,~~power ~~liabilities,~~to ~~and~~direct ~~activities~~their ofoperations. aHowever, ~~variable~~management ~~interest~~does ~~entity~~not ~~(VIE)~~consolidate inthe ~~its~~Partnership’s ~~financial~~interests ~~statements~~in these VIEs, ~~and~~as ~~when~~ it ~~should~~is ~~disclose~~not ~~information~~considered ~~about~~to ~~its~~be ~~relationship~~the ~~with~~primary abeneficiary ~~VIE.~~since ~~The~~it ~~analysis~~does ~~that~~not ~~must~~have bethe ~~performed~~power to ~~determine~~direct ~~which~~the ~~entity~~activities that are ~~should~~considered ~~consolidate~~most asignificant ~~VIE~~to ~~focuses~~the oneconomic ~~control~~performance ~~and~~of ~~economic~~these ~~factors~~entities. AThe ~~VIE~~Partnership iscurrently arecords ~~legal~~the ~~structure~~amount ~~used~~of toits investment ~~conduct~~in ~~activities~~these orLocal ~~hold assets,~~Limited ~~which~~Partnerships ~~must~~as bean ~~consolidated~~asset byon aits ~~company~~balance ifsheets, itrecognizes isits share of partnership income or losses in the ~~primary~~statements ~~beneficiary~~of ~~because~~operations, itand ~~has~~discloses ~~(1)~~how ~~the~~it ~~power~~accounts tofor ~~direct~~material ~~the~~types ~~activities~~ of ~~the~~these ~~VIE~~investments ~~that~~in ~~most~~its ~~significantly~~financial statements. ~~impact~~The ~~the VIE~~Partnership’s ~~economic~~balance ~~performance~~in ~~and~~investment ~~(2)~~in Local Limited Partnerships, plus the ~~obligation~~risk toof ~~absorb~~recapture ~~losses~~of ortax ~~receive~~credits previously ~~benefits~~recognized ~~that~~on ~~could~~these ~~potentially~~investments, berepresents ~~significant~~its tomaximum ~~the~~exposure ~~VIE~~to loss. IfThe ~~multiple~~Partnership’s ~~unrelated~~exposure ~~parties~~to ~~share~~loss ~~such~~on ~~power,~~these asLocal ~~defined,~~Limited Partnerships nois ~~party will~~mitigated beby ~~required~~the tocondition ~~consolidate~~and ~~the~~financial ~~VIE.~~performance ~~Further,~~of the ~~guidance~~underlying ~~requires~~Housing ~~continual~~Complexes ~~reconsideration~~as well as the strength of the ~~primary~~Local ~~beneficiary~~General ~~of a~~Partners ~~VIE~~and their guarantee against credit recapture to the investors in the Partnership.

~~Based on~~Distributions ~~this~~received ~~guidance,~~by the ~~Local Limited Partnerships in which the~~ Partnership are ~~invests~~accounted ~~meet~~for ~~the~~as ~~definition of~~ a ~~VIE~~reduction ~~because the owners~~ of the ~~equity~~investment ~~at risk in these entities do not have the power to direct their operations~~balance. ~~However,~~Distributions ~~management~~received ~~does~~after ~~not consolidate~~ the ~~Partnership’s~~investment ~~interests~~has inreached ~~these~~zero ~~VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that~~ are ~~considered most significant to the economic performance of these entities. The Partnership~~recognized ~~currently records the amount of its investment in these Local Limited Partnerships~~ as ~~an asset on its balance sheets, recognizes its share of partnership~~ income ~~or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements~~. ~~The~~As ~~Partnership’s balance in investment in Local Limited Partnerships, plus the risk~~ of ~~recapture~~all ofperiods ~~tax credits previously recognized on these investments~~presented,all ~~represents its maximum exposure to loss. The Partnership’s exposure to loss on these Local Limited Partnerships is mitigated by the condition and financial performance~~ of the ~~underlying~~investment ~~Housing~~balances ~~Complexes~~had asreached ~~well as the strength of the Local General Partners and their guarantee against credit recapture to the investors in the Partnership~~zero.

~~Distributions received~~Use ~~by the Partnership are accounted for as a reduction~~ of ~~the investment balance. Distributions received after the investment has reached zero are recognized as income. As of all periods presented, all of the investment balances had reached zero.~~Estimates

~~Use~~The preparation of financial statements in conformity with accounting principles generally accepted in the United States of ~~Estimates~~America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

~~The preparation~~Cash ~~of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates~~ and ~~assumptions~~Cash that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.Equivalents

~~F-9~~The Partnership considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. As of June 30, 2013 and March 31, 2013, the Partnership had no cash equivalents.

~~WNC HOUSING~~Reporting ~~TAX~~Comprehensive ~~CREDIT FUND V, L.P., SERIES 3~~Income

(AThe Partnership had no items of other ~~California~~comprehensive ~~Limited~~income ~~Partnership)~~for all periods presented.

~~NOTES TO CONDENSED FINANCIAL STATEMENTS~~ F- ~~CONTINUED~~9

~~For the Quarterly~~WNC ~~Period Ended~~HOUSING ~~December~~TAX 31CREDIT FUND V, ~~2012~~L.P., SERIES 3

(~~Unaudited~~A California Limited Partnership)

~~NOTE 1~~NOTES -TO ~~SUMMARY~~CONDENSED FINANCIAL OFSTATEMENTS ~~SIGNIFICANT~~- ~~ACCOUNTING POLICIES, continued~~CONTINUED

~~Cash and~~For ~~Cash~~the ~~Equivalents~~Quarterly Period Ended June 30, 2013

The Partnership considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. As of December 31, 2012 and March 31, 2012, the Partnership had no cash equivalents.(Unaudited)

~~Reporting~~NOTE 1 - SUMMARY OF SIGNIFICANT ~~Comprehensive~~ACCOUNTING ~~Income~~POLICIES, continued

~~The Partnership~~Income ~~had no items of other comprehensive income for all periods presented.~~Taxes

The Partnership has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure. Income tax returns filed by the Partnership are subject to ~~Taxes~~examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.

~~The Partnership~~Net ~~has~~Loss ~~elected~~Per to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure. Income tax returns filed by the Partnership are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.Unit

Net ~~Loss~~loss ~~Per~~per Partnership Unit includes no dilution and is computed by dividing loss allocated to Limited Partners by the weighted average number of Partnership Units outstanding during the period. Calculation of diluted net loss per Partnership Unit is not required.

~~Net loss~~Revenue per Partnership Unit includes no dilution and is computed by dividing loss allocated to Limited Partners by the weighted average number of Partnership Units outstanding during the period. Calculation of diluted net loss per Partnership Unit is not required.Recognition

~~Revenue~~The Partnership is entitled to receive ~~Recognition~~reporting fees from the Local Limited Partnerships. The intent of the reporting fees is to offset (in part) administrative costs incurred by the Partnership in corresponding with the Local Limited Partnerships. Due to the uncertainty of the collection of these fees, the Partnership recognizes reporting fees as collections are made.

The Partnership is entitled to receive reporting fees from the Local Limited Partnerships. The intent of the reporting fees is to offset (in part) administrative costs incurred by the Partnership in corresponding with the Local Limited Partnerships. Due to the uncertainty of the collection of these fees, the Partnership recognizes reporting fees as collections are made.F-10

~~NOTE 2~~WNC -HOUSING ~~INVESTMENTS~~TAX INCREDIT ~~LOCAL~~FUND ~~LIMITED~~V, ~~PARTNERSHIPS~~L.P., SERIES 3

~~As of~~(A ~~December~~California ~~31, 2012 and March 31, 2012, the Partnership owns Local~~ Limited Partnership interests in 7 and 12 Local Limited Partnerships, respectively. All of these Local Limited Partnership’s own one Housing Complex consisting of an aggregate of 317 and 463 apartment units, respectively. The respective Local General Partners of the Local Limited Partnerships manage the day to day operations of the entities. Significant Local Limited Partnership business decisions require approval from the Partnership. The Partnership, as a Limited Partner, is generally entitled to 99%, as specified in the Local Limited Partnership agreements, of the operating profits and losses, taxable income and losses, and Low Income Housing Tax Credits of the Local Limited Partnerships, except for one of the investments in which it is entitled to 49.49% of such amount.)

FNOTES TO CONDENSED FINANCIAL STATEMENTS -10 CONTINUED

~~WNC HOUSING~~For ~~TAX~~the ~~CREDIT~~Quarterly ~~FUND~~Period V,Ended ~~L.P.~~June 30, ~~SERIES 3~~2013

(~~A California Limited Partnership~~Unaudited)

~~NOTES~~NOTE TO2 ~~CONDENSED~~- ~~FINANCIAL~~INVESTMENTS ~~STATEMENTS~~IN -LOCAL ~~CONTINUED~~LIMITED PARTNERSHIPS

~~For~~As of June 30, 2013 and March 31, 2013, the ~~Quarterly~~ ~~Period Ended~~Partnership ~~December~~owns Local Limited Partnership interests in 1 and 3 Local Limited Partnerships, respectively. All of these Local Limited Partnership’s own one Housing Complex consisting of an aggregate of 78 and 251 apartment units as of June 30, 2013 and March 31, ~~2012~~2013, respectively. The respective Local General Partners of the Local Limited Partnerships manage the day to day operations of the entities. Significant Local Limited Partnership business decisions require approval from the Partnership. The Partnership, as a Limited Partner, is generally entitled to 99%, as specified in the Local Limited Partnership Agreements, of the operating profits and losses, taxable income and losses, and Low Income Housing Tax Credits of the Local Limited Partnerships, except for one of the investments in which it is entitled to 49.49% of such amount.

~~(Unaudited)~~Selected financial information for the three months ended June 30, 2013 and 2012 from the unaudited combined condensed financial statements of the Local Limited Partnerships in which the Partnership has invested is as follows:

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS, continued

COMBINED CONDENSED STATEMENTS OF OPERATIONS

	2013			2012

Revenues	$	126,000		$	627,000

Expenses:
Interest expense		18,000			104,000
Depreciation and amortization		30,000			138,000
Operating expenses		93,000			395,000
Total expenses		141,000			637,000

Net loss	$	(15,000	)	$	(10,000	)
Net loss allocable to the Partnership	$	(14,000	)	$	(19,000	)
Net loss recorded by the Partnership	$	-		$	-

~~Selected~~Certain ~~financial~~Local ~~information~~Limited ~~for~~Partnerships have incurred significant operating losses and/or have working capital deficiencies. In the ~~nine~~event these ~~months~~Local ~~ended~~Limited ~~December~~Partnerships 31continue to incur significant operating losses, ~~2012~~additional ~~and~~capital ~~2011~~contributions ~~from~~by the Partnership ~~unaudited~~may ~~combined~~be ~~condensed~~required ~~financial~~to ~~statements~~ sustain operations of ~~the~~such Local Limited Partnerships. inIf ~~which~~additional capital contributions are not made when they are required, the Partnership’s ~~has~~investments ~~invested~~in iscertain asof ~~follows:~~such Local Limited Partnerships could be impaired, and the loss and recapture of the related Low Income Housing Tax Credits could occur.

~~COMBINED CONDENSED STATEMENTS OF OPERATIONS~~F-11

	2012			2011
Revenues	$	1,737,000		$	2,711,000
Expenses
Interest expense		278,000			423,000
Depreciation and amortization		373,000			719,000
Operating expenses		1,091,000			1,973,000
Total expenses		1,742,000			3,115,000
Net loss	$	(5,000	)		(404,000	)
Net loss allocable to the Partnership	$	(35,000	)	$	(426,000	)
Net loss recorded by the Partnership	$	-		$	-

WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3

~~Certain Local~~(A ~~Limited~~California ~~Partnerships have incurred significant operating losses and/or have working capital deficiencies. In the event these Local~~ Limited ~~Partnerships continue to incur significant operating losses, additional capital contributions by the~~ Partnership may be required to sustain operations of such Local Limited Partnerships. If additional capital contributions are not made when they are required, the Partnership’s investments in certain of such Local Limited Partnerships could be impaired, and the loss and recapture of the related Low Income Housing Tax Credits could occur.)

~~NOTE 3~~NOTES -TO ~~RELATED~~CONDENSED ~~PARTY~~FINANCIAL ~~TRANSACTIONS~~STATEMENTS - CONTINUED

~~Under the~~For ~~terms of~~ the ~~Partnership~~Quarterly ~~Agreement,~~Period ~~the~~Ended ~~Partnership has paid or is obligated to the General Partner or its affiliates the~~June ~~following~~30, ~~fees:~~2013

(aUnaudited) An annual asset management fee equal to the greater amount of (i) $2,000 for each Housing complex, or (ii) 0.275% of gross proceeds. In either case, the fee will be decreased or increased annually based on changes to the Consumer Price Index. However, in no event will the maximum amount exceed 0.2% of the invested assets of the Local Limited Partnerships, as defined. “Invested Assets” means the sum of the Partnership’s investment in Local Limited Partnerships and the Partnership’s allocable share of mortgage loans on, and other debts related to, the Housing Complexes owned by such Local Limited Partnerships. Asset management fees of $24,107 and $32,984 were incurred during the nine months ended December 31, 2012 and 2011, respectively. The Partnership paid the General Partner and or its affiliates $81,786 and $9,946 of those fees during the nine months ended December 31, 2012 and 2011, respectively.

~~(b)~~NOTE 3 ~~The~~- ~~Partnership~~RELATED ~~reimburses~~PARTY the General Partner or its affiliates for operating expenses incurred by the Partnership and paid for by the General Partner or its affiliates on behalf of the Partnership. Operating expense reimbursements were $109,496 and $112,035 during the nine months ended December 31, 2012 and 2011, respectively.TRANSACTIONS

~~F-11~~Under the terms of the Partnership Agreement, the Partnership has paid or is obligated to the General Partner or its affiliates the following fees:

~~WNC HOUSING~~(a) ~~TAX~~An ~~CREDIT~~annual ~~FUND~~asset Vmanagement fee equal to the greater amount of (i) $2,000 Lfor each Housing complex, or (ii) 0.P275% of gross proceeds. In either case, ~~SERIES~~the 3fee will be decreased or increased annually based on changes to the Consumer Price Index. However, in no event will the maximum amount exceed 0.2% of the invested assets of the limited Partnerships, as defined. “Invested Assets” means the sum of the Partnership’s investment in Local Limited Partnership interests and the Partnership’s allocable share of mortgage loans on and other debts related to the Housing Complexes owned by such Local Limited Partnerships. Asset management fees of $2,716 and $5,796 were incurred during the three months ended June 30, 2013 and 2012, respectively. The Partnership paid the General Partner and its affiliates $497,731 and $7,286 of those fees during the three months ended June 30, 2013 and 2012, respectively.

(~~A California~~b) ~~Limited~~The Partnership) reimburses the General Partner or its affiliates for operating expenses incurred by the Partnership and paid for by the General Partner or its affiliates on behalf of the Partnership. Operating expense reimbursements were $35,786 and $12,164 during the three months ended June 30, 2013 and 2012, respectively.

~~NOTES TO~~(c) ~~CONDENSED~~A ~~FINANCIAL~~subordinated ~~STATEMENTS~~disposition -fee ~~CONTINUED~~in an amount equal to 1% of the sales price of real estate sold. Payment of this fee is subordinated to the limited partners receiving a preferred return of 14% through December 31, 2006 and 6% thereafter (as defined in the Partnership Agreement) and is payable only if the General Partner or its affiliates render services in the sales effort. No such fees were incurred for all periods presented.

~~For~~ The accrued fees and expenses due to the ~~Quarterly~~ General ~~Period Ended~~Partner ~~December~~and ~~31,~~affiliates ~~2012~~consisted of the following at:

(Unaudited)

	June 30, 2013		March 31, 2013

Expenses paid by the General Partner or an affiliate on behalf of the Partnership	$	7,375	$	485
Asset management fee payable		-		495,016

Total	$	7,375	$	495,501

~~NOTE~~The General Partner and affiliates do 3not -anticipate ~~RELATED~~that ~~PARTY~~these ~~TRANSACTIONS,~~accrued ~~continued~~fees will be paid until such time as capital reserves are in excess of future foreseeable working capital requirements of the Partnership.

~~(c)~~NOTE A4 ~~subordinated~~– ~~disposition~~RETURN ~~fee~~OF in an amount equal to 1% of the sales price of real estate sold. Payment of this fee is subordinated to the limited partners receiving a preferred return of 14% through December 31, 2006 and 6%thereafter (as defined in the Partnership Agreement) and is payable only if the General Partner or its affiliates render services in the sales effort. No such fees were incurred for all periods presented.CAPITAL

During prior years, the Partnership was relieved of debt which was owed to the General Partner or an affiliate totaling $2,260,247. The debt was a result of advances that had previously been ~~accrued~~made ~~fees~~to ~~and~~the ~~expenses~~Partnership ~~due~~by the General Partner or an affiliate to aid the Partnership in providing funding to several Local Limited Partnerships which were experiencing operational issues. During the three months ended June 30, 2013, $1,805,852 was reimbursed to the General Partner ~~and~~for ~~affiliates~~repayment ~~consist~~of the previously written off amounts, the repayment was a result of the ~~following~~sale ~~at:~~proceeds that resulted from the disposition of one of the Local Limited Partnerships.

	December 31, 2012		March 31, 2012
Expenses paid by the General Partner or affiliates on behalf of the Partnership	$	-	$	9,594
Asset management fee payable		469,745		551,059
Total	$	469,745	$	560,653

F-12

~~The~~Item ~~General~~2. ~~Partner~~Management’s Discussion and ~~affiliates~~Analysis ~~do not anticipate that these accrued fees will be paid until such time as capital reserves are in excess~~ of ~~future~~Financial ~~foreseeable~~Condition ~~working~~and ~~capital~~Results ~~requirements~~ of ~~the Partnership.~~Operations

~~NOTE 4~~Forward-Looking ~~– SUBSEQUENT EVENT~~Statements

~~Subsequent to~~With ~~December 31, 2012,~~ the ~~Local~~exception ~~Limited Partnership Interest in Blessed Rock~~ of Elthe ~~Monte,~~discussion ~~L.P. (“Blessed~~regarding ~~Rock”)~~historical ~~was identified for sale. The buyer offered $4~~information,~~771,287~~ tothis ~~purchase~~“Management’s ~~the~~Discussion ~~Local~~and ~~Limited~~Analysis ~~Partnership~~of ~~Interest. Blessed~~Financial ~~Rock~~Condition ~~was appraised for $6,910,000~~ and ~~had~~Results ~~a mortgage note balance~~ of ~~$2,054,454~~Operations” and asother ofdiscussions ~~December~~elsewhere ~~31, 2012. Proceeds~~ in ~~the~~ ~~amount~~this ofForm ~~$2,385,644 are~~10-Q ~~expected~~contain toforward belooking ~~received from the sale of Blessed Rock~~statements. ~~The~~Such ~~Partnership~~statements ~~will~~are ~~use~~based ~~all~~on ofcurrent ~~the cash~~expectations ~~proceeds~~subject to ~~pay~~uncertainties ~~the remaining debts~~ and ~~obligations~~other offactors ~~the~~which ~~Partnership,~~may ~~accrued~~involve ~~asset~~known ~~management fees,~~ and ~~sale~~unknown ~~related expenses.~~risks Nothat ~~cash~~could ~~distribution~~cause ~~will~~actual beresults ~~made~~of operations to ~~the~~differ ~~Limited~~materially ~~Partners~~from asthose aprojected ~~result~~or ~~of this sale~~implied. ~~The~~Further, ~~Compliance~~certain ~~Period~~forward-looking ~~has been~~statements ~~completed~~are ~~therefore~~based ~~there~~upon isassumptions noabout future ~~risk~~events ofwhich ~~recapture~~may ~~and investor approval is~~ not ~~required.~~prove ~~The sale of the Local Limited Partnership is expected~~ to ~~close~~be ~~in April 2013~~accurate.

~~F-12~~Risks and uncertainties inherent in forward looking statements include, but are not limited to, the Partnership’s future cash flows and ability to obtain sufficient financing, level of operating expenses, conditions in the Low Income Housing Tax Credit property market and the economy in general, as well as legal proceedings. Historical results are not necessarily indicative of the operating results for any future period.

~~Item~~Subsequent written and oral forward looking 2.statements ~~Management’s~~attributable ~~Discussion~~to ~~and~~the ~~Analysis~~Partnership ofor ~~Financial~~persons ~~Condition~~acting on its behalf are expressly qualified in their entirety by cautionary statements in this Form 10-Q and ~~Results~~in ofother ~~Operations~~reports filed with the Securities and Exchange Commission.

~~Forward-Looking~~The following discussion and analysis ~~Statements~~compares the results of operations for the three months ended June 30, 2013 and 2012, and should be read in conjunction with the condensed unaudited financial statements and accompanying notes included within this report.

~~With the exception of the discussion regarding historical information, this “Management’s Discussion and Analysis of~~ Financial Condition and Results of Operations” and other discussions elsewhere in this Form 10-Q contain forward looking statements. Such statements are based on current expectations subject to uncertainties and other factors which may involve known and unknown risks that could cause actual results of operations to differ materially from those projected or implied. Further, certain forward-looking statements are based upon assumptions about future events which may not prove to be accurate.

~~Risks~~The ~~and~~Partnership’s ~~uncertainties~~assets ~~inherent~~at inJune ~~forward looking statements include~~30, ~~but~~2013 ~~are~~consisted ~~not~~of ~~limited to~~$126,000 ~~the~~in ~~Partnership future~~ cash ~~flows~~ and ~~ability~~ ~~to obtain sufficient financing~~$9,000 ~~level of operating expenses, conditions~~ in ~~the~~other ~~Low~~assets. ~~Income~~Liabilities ~~Housing~~at ~~Tax Credit property~~June ~~market~~30, ~~and~~2013 ~~the~~consisted ~~economy~~of ~~in general~~$7,000 asin ~~well~~accrued asfees ~~legal~~and ~~proceedings.~~expenses ~~Historical~~due ~~results~~to ~~are not necessarily indicative of~~ the ~~operating results~~General ~~for~~Partner ~~any~~and ~~future period~~affiliates.

~~Subsequent~~Results ~~written~~of and oral forward looking statements attributable to the Partnership or persons acting on its behalf are expressly qualified in their entirety by cautionary statements in this Form 10-Q and in other reports filed with the Securities and Exchange Commission.Operations

Three Months Ended June 30, 2013 Compared to Three Months Ended June 30, 2012. The Partnership’s net income for the three months ended June 30, 2013 was $2,343,000, ~~following~~reflecting ~~discussion~~an ~~and~~increase ~~analysis~~of ~~compares~~approximately $2,243,000 from the ~~results~~$100,000 net income experienced for the three months ended June 30, 2012. The increase in net income was primarily due to the increase of ~~operations~~$2,274,000 in gain on sale of Local Limited Partnerships for the three months ended June 30, 2013. The gain on sale of Local Limited Partnerships will vary from period to period depending on the values and ~~nine~~sales prices of the Housing Complexes that have been identified for disposition and the closing dates of such transactions. There was also a $3,000 decrease in asset management fees for the three months ended ~~December~~June 3130, ~~2012~~2013. The fees are calculated based on the value of invested assets which decreased due to the sale of Local Limited Partnerships. Accounting and ~~2011~~legal expenses increased by $(2,000) ~~and~~for ~~should~~the bethree ~~read~~months ended June 30, 2013 compared to the three months ended June 30, 2012 due to the timing of the accounting work performed. In addition the partnership received $(30,000) less in ~~conjunction~~distribution ~~with~~income for the ~~condensed~~three ~~unaudited~~months ~~financial~~ended ~~statements~~June ~~and~~30, ~~accompanying~~2013. ~~notes~~Local ~~included~~Limited ~~within~~Partnerships pay the distributions to the Partnership when the Local Limited ~~this~~Partnerships’ ~~report~~cash flow will allow for the payment.

~~Financial Condition~~3

~~The~~Item ~~Partnership~~2. Management’s ~~assets~~Discussion atand ~~December~~Analysis ~~31, 2012 consisted~~ of ~~$51,000~~Financial inCondition ~~cash,~~ and ~~$3,000~~Results of ~~other assets. Liabilities at December 31~~Operations, ~~2012 consisted of$470,000 of accrued fees and expenses due to the General Partner and affiliates and $6,000 of accrued expenses.~~continued

~~Results~~Liquidity ofand ~~Operations~~Capital Resources

Three Months Ended ~~December~~June 3130, ~~2012~~ 2013 Compared to ~~the~~ Three Months Ended ~~December~~June 3130, ~~2011~~2012. The ~~Partnership’s~~ net ~~income for~~decrease in cash during the three months ended ~~December~~June 3130, ~~2012~~2013 was $71(233,000,) ~~reflecting~~compared anto ~~increase~~a ~~of approximately~~ $16120,000 ~~from~~increase ~~the~~in ~~$55,000 net~~cash ~~income experienced~~ for the three months ended ~~December~~June 3130, ~~2011~~2012. ~~The~~During ~~increase~~the inthree ~~net~~months ~~income~~ended June ~~was~~30, ~~primarily~~2013, ~~due to~~ the ~~decrease~~ ofPartnership received $202,385,000 in ~~write~~dispositions ~~off~~proceeds ofcompared ~~advances~~ to ~~Local~~$89,000 ~~Limited~~received ~~Partnerships~~during ~~for~~ the three months ended ~~December~~June 3130, 2012. ~~The advances~~During ~~and~~the ~~write~~three ~~offs~~months ~~vary~~ended ~~from~~June ~~period~~30, to2013 ~~period based on~~ the ~~needs~~partnership ofpaid the ~~Local~~General ~~Limited~~Partner ~~Partnerships.~~or ~~There was also~~an aaffiliate $(936,000) ~~decrease~~for inoperating ~~gain~~expenses paid on ~~sale~~its ofbehalf ~~Local~~compared ~~Limited~~to ~~Partnerships~~$(12,000) ~~for~~reimbursement during the three months ended ~~December~~June 3130, ~~2012~~2013. The ~~gain~~Partnership ~~on sale~~also inpaid ~~Local~~$(497,731) ~~Limited Partnerships will vary from period~~ to ~~period~~the ~~depending~~General onPartner ~~the~~or ~~values~~an ~~and~~affiliate ~~sales~~in ~~prices~~accrued ofasset ~~the~~management ~~Housing~~fees ~~Complexes that have been identified~~ for ~~disposition and~~ the ~~closing~~three ~~dates~~months ofended ~~such~~June ~~transactions.~~30, ~~There~~2013 ~~was~~compared ato $4(7,000 ~~decrease~~) inreimbursement ~~asset~~for ~~management~~the ~~fees.~~three months ended June 30, 2012. The ~~fees~~amount ~~are~~paid ~~calculated~~varies ~~based~~depending on the ~~value~~cash ofthat ~~invested~~the ~~assets~~Partnership ~~which~~collected ~~decreased~~throughout ~~due~~the toperiod. ~~the~~The Partnership paid ~~sales~~$(1,806,000) of ~~Local~~disposition ~~Limited~~proceeds ~~Partnerships.~~to ~~During~~ the ~~three~~General ~~months~~Partner ~~ended~~for ~~December~~advances ~~31,~~previously ~~2012~~forgiven. ~~the~~The Partnership received $4(30,000) ~~more~~less in reporting fees asfor ~~compared to~~ the three months ended ~~December~~June 3130, ~~2011.~~2013 ~~Reporting~~as ~~fees~~discussed ~~fluctuate from year to year due to the fact that Local Limited Partnerships pay those fees to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment~~above.

~~Nine~~During ~~Months Ended December 31, 2012 Compared to~~ the ~~Nine~~three ~~Months Ended December 31, 2011. The Partnership’s net income for the nine~~ months ended ~~December~~June 3130, ~~2012 was $125~~2013,~~000,~~ ~~reflecting~~accrued ~~an increase of approximately $115~~payables,~~000~~ ~~from~~which ~~the~~consist ~~$10,000net income experienced for the nine months ended December 31, 2011. The increase in net income was~~ primarily ~~due to an $82,000 increase in gain on sale~~ of ~~Local~~related ~~Limited~~party ~~Partnerships~~asset ~~for~~management ~~the~~fees ~~nine months ended December 31, 2012. The gain on sale in Local Limited Partnerships will vary from period to period depending on the values~~ and ~~sales prices of the Housing Complexes that have been identified for disposition and the closing dates of such transactions. There was also a decrease of $20,000 in write off of~~ advances ~~to Local Limited Partnerships for the nine months ended December 31, 2012. The advances and write offs~~ ~~vary~~due ~~from period~~ to ~~period based on~~ the ~~needs~~General ~~of the Local Limited Partnerships. There was a $9~~Partner,~~000~~ ~~decrease in asset management fees for the nine months ended December 31, 2012. The fees are calculated based on the value of invested assets which~~ decreased due to the sales of Local Limited Partnerships. Additionally, there was a $1,000 increase in legal and accounting fees for the nine months ended December 31, 2012 due to the timing of the accounting work performed. Outside service expenses increased by $(2488,000~~) for the nine months ended December 31, 2012 due to the Partnership outsourcing data entry management to increase efficiency~~. During the nine months ended December 31, 2012 the Partnership received $9,000 more in reporting fees as compared to the nine months ended December 31, 2011. Reporting fees fluctuate from year to year due to the fact that Local Limited Partnerships pay those fees to the Partnership when the Local Limited Partnerships’ cash flow will allow for the payment.

3Recent Accounting Changes

~~Item~~In May 2011, the FASB issued an update 2to existing guidance related to fair value measurements on how to measure fair value and what disclosures to provide about fair value measurements. ~~Management’s~~For ~~Discussion~~fair value measurements categorized as level 3, a reporting entity should disclose quantitative information of the unobservable inputs and ~~Analysis~~assumptions, a description of ~~Financial~~the ~~Condition~~valuation processes and ~~Results~~narrative description of ~~Operations~~the sensitivity of the fair value to changes in unobservable inputs. This update is effective for interim and annual periods beginning after December 15, ~~continued~~2011. The adoption of this update did not materially affect the Partnership’s condensed financial statements.

Liquidity and Capital Resources

Item 3.		Quantitative and Qualitative Disclosures About Market Risks

		NOT APPLICABLE

Item 4.		Controls and Procedures

(a)		Disclosure controls and procedures

		As of the end of the period covered by this report, the Partnership’s General Partner, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer of Associates, carried out an evaluation of the effectiveness of the Partnership’s “disclosure controls and procedures” as defined in Securities Exchange Act of 1934 Rule 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, the Partnership’s disclosure controls and procedures were not effective to ensure that material information required to be disclosed in the Partnership’s periodic report filings with SEC is recorded, processed, summarized and reported within the time period specified by the SEC’s rules and forms, consistent with the definition of “disclosure controls and procedures” under the Securities Exchange Act of 1934.

		The Partnership must rely on the Local Limited Partnerships to provide the Partnership with certain information necessary to the timely filing of the Partnership’s periodic reports. Factors in the accounting at the Local Limited Partnerships have caused delays in the provision of such information during past reporting periods, and resulted in the Partnership’s inability to file its periodic reports in a timely manner.

		Once the Partnership has received the necessary information from the Local Limited Partnerships, the Chief Executive Officer and the Chief Financial Officer of Associates believe that the material information required to be disclosed in the Partnership’s periodic report filings with SEC is effectively recorded, processed, summarized and reported, albeit not in a timely manner. Going forward, the Partnership will use the means reasonably within its power to impose procedures designed to obtain from the Local Limited Partnerships the information necessary to the timely filing of the Partnership’s periodic reports.

Nine Months Ended December 31, 2012 Compared to Nine Months Ended December 31, 2011. The net increase in cash during the nine months ended December 31, 2012 was $39,000 compared to a $(20,000) decrease in cash for the nine months ended December 31, 2011. During the nine months ended December 31, 2012, the Partnership received $177,000 in dispositions proceeds compared to $97,000 received during the nine months ended December 31, 2011. The reporting fees increased by $9,000 for the nine months ended December 31, 2012 as discussed above. During the nine months ended December 31, 2012 the Partnership paid the General Partner or an affiliate $172,000 in accrued asset management fees and reimbursements of operating expenses that were paid on the Partnership’s behalf compared to $122,000 paid during the nine months ended December 31, 2011. The amount paid varies depending on the cash that the Partnership collected throughout the period.4

~~During the~~(b) ~~nine~~Changes ~~months~~in ~~ended~~internal ~~December~~controls ~~31,~~There ~~2012,~~were ~~accrued~~no ~~payables,~~changes ~~which~~in ~~consist~~the ~~primarily~~Partnership’s ofinternal ~~related~~control ~~party~~over ~~management~~financial ~~fees~~reporting ~~and~~that ~~advances due~~occurred toduring the ~~General~~quarter ~~Partner,~~ended ~~decreased~~June ~~by $67~~30,~~000.~~ ~~The~~2013 ~~General Partner does not anticipate~~ that ~~the~~materially ~~balance~~affected, ofor ~~the~~are ~~accrued~~reasonably ~~fees and~~likely ~~advances~~to ~~will~~materially beaffect, ~~paid~~the ~~until~~Partnership’s ~~such~~internal ~~time~~control asover ~~capital~~financial ~~reserves are in excess of foreseeable working capital requirements of the Partnership~~reporting.

The Partnership expects its future cash flows, together with its net available assets as of December 31, 2012, to be insufficient to meet all currently foreseeable future cash requirements. Associates has agreed to continue providing advances sufficient enough to fund the operations and working capital requirements of the Partnership through February 28, 2014.

Part II.		Other Information

Item 1.		Legal Proceedings

		NONE

Item 1A.		Risk Factors

		No material changes in risk factors as previously disclosed in the Partnership’s Form 10-K.

Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds

		NONE

Item 3.		Defaults Upon Senior Securities

		NONE

Item 4.		Mine Safety Disclosures

		NOT APPLICABLE

Item 5.		Other Information

		NONE

Item 6.		Exhibits

31.1		Certification of the Chief Executive Officer pursuant to Rule 13a-14 or 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)

31.2		Certification of the Chief Financial Officer pursuant to Rule 13a-14 or 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)

32.1		Section 1350 Certification of the Chief Executive Officer. (filed herewith)

32.2		Section 1350 Certification of the Chief Financial Officer. (filed herewith)

101		Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Balance Sheets at June 30, 2013 and March 31, 2013, (ii) the Condensed Statements of Operations for the three-month periods ended June 30, 2013 and June 30, 2012, (iii) the Condensed Statement of Partners’ Equity (Deficit) for the three months ended June 30, 2013, (iv) the Condensed Statements of Cash Flows for the three months ended June 30, 2013 and June 30, 2012 and (v) the Notes to Condensed Financial Statements.

		Exhibits 32.1, 32.2 and 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934.

~~Recent Accounting Changes~~5

In June 2009, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting and disclosure requirements for the consolidation of variable interest entities (VIEs). The amended guidance modified the consolidation model to one based on control and economics, and replaced quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment was effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 did not have a material effect on the Partnership’s financial statements.SIGNATURES

InPursuant ~~May 2011, the FASB issued an update~~ to existing guidance related to fair value measurements on how to measure fair value and what disclosures to provide about fair value measurements. For fair value measurements categorized as level 3, a reporting entity should disclose quantitative information of the ~~unobservable~~requirements ~~inputs and assumptions, a description~~ of the ~~valuation~~Securities ~~processes~~Exchange ~~and~~Act ~~narrative description~~ of ~~the~~1934, ~~sensitivity of~~ the ~~fair~~registrant ~~value~~has toduly ~~changes~~caused inthis ~~unobservable~~report ~~inputs.~~to ~~This~~be ~~update~~signed ison ~~effective~~its ~~for interim and annual~~behalf ~~periods~~by ~~beginning~~the ~~after December 15~~undersigned, ~~2011.~~thereunto ~~The~~duly ~~adoption of this update did not materially affect the Partnership’s condensed financial statements~~authorized.

4WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3

~~Item 3.~~By: ~~Quantitative~~WNC ~~and~~& ~~Qualitative~~ASSOCIATES, ~~Disclosures~~INC. ~~About~~General ~~Market Risks~~Partner

NOT APPLICABLE

By:	/s/ Wilfred N. Cooper, Jr.
	Wilfred N. Cooper, Jr.
	President and Chief Executive Officer of WNC & Associates, Inc.

Date:	August 14, 2013

Item 4. Controls and Procedures

By:	/s/ Melanie R. Wenk
	Melanie R. Wenk
	Vice-President - Chief Financial Officer of WNC & Associates, Inc.

Date:	August 14, 2013

~~(a) Disclosure controls and procedures~~6

As of the end of the period covered by this report, the Partnership’s General Partner, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer of Associates, carried out an evaluation of the effectiveness of the Partnership’s “disclosure controls and procedures” as defined in Securities Exchange Act of 1934 Rule 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, the Partnership’s disclosure controls and procedures were not effective to ensure that material information required to be disclosed in the Partnership’s periodic report filings with SEC is recorded, processed, summarized and reported within the time period specified by the SEC’s rules and forms, consistent with the definition of “disclosure controls and procedures” under the Securities Exchange Act of 1934.

The Partnership must rely on the Local Limited Partnerships to provide the Partnership with certain information necessary to the timely filing of the Partnership’s periodic reports. Factors in the accounting at the Local Limited Partnerships have caused delays in the provision of such information during past reporting periods, and resulted in the Partnership’s inability to file its periodic reports in a timely manner.

Once the Partnership has received the necessary information from the Local Limited Partnerships, the Chief Executive Officer and the Chief Financial Officer of Associates believe that the material information required to be disclosed in the Partnership’s periodic report filings with SEC is effectively recorded, processed, summarized and reported, albeit not in a timely manner. Going forward, the Partnership will use the means reasonably within its power to impose procedures designed to obtain from the Local Limited Partnerships the information necessary to the timely filing of the Partnership’s periodic reports.

(b) Changes in internal controls

There were no changes in the Partnership’s internal control over financial reporting that occurred during the quarter ended December 31, 2012 that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

Part II.	Other Information
Item 1.	Legal Proceedings
	NONE
Item 1A.	Risk Factors
	No material changes in risk factors as previously disclosed in the Partnership’s Form 10-K.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	NONE
Item 3.	Defaults Upon Senior Securities
	NONE
Item 4.	Mine Safety Disclosure
	NOT APPLICABLE
Item 5.	Other Information
	NONE
Item 6.	Exhibits

31.1	Certification of the Chief Executive Officer pursuant to Rule 13a-14 and 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
31.2	Certification of the Chief Financial Officer pursuant to Rule 13a-14 and 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
32.1	Section 1350 Certification of the Chief Executive Officer. (filed herewith)
32.2	Section 1350 Certification of the Chief Financial Officer. (filed herewith)
101	Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Balance Sheets at December 31, 2012 and March 31, 2012, (ii) the Condensed Statements of Operations for the three-month and nine-month periods ended December 31, 2012 and December 31, 2011, (iii) the Condensed Statements of Cash Flows for the nine months ended December 31, 2012 and December 31, 2011 and (iv) the Notes to Condensed Financial Statements.
	Exhibits 32.1, 32.2 and 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934.

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, thereunto duly authorized.

WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 3

By: WNC & ASSOCIATES, INC. General Partner

By: /s/ Wilfred N. Cooper, Jr.

Wilfred N. Cooper, Jr.

President and Chief Executive Officer of WNC & Associates, Inc.

Date: February 13, 2013

By: /s/ Melanie R. Wenk

Melanie R. Wenk

Vice-President - Chief Financial Officer of WNC & Associates, Inc.

Date: February 13, 2013

Filing Compare · WNC HOUSING TAX CREDIT FUND V LP SERIES 3