Attached files

WNC & ASSOCIATES, INC.


December 8, 2009

[[SORT NAME]]
[[SORT ADDRESS]]

Re:   WNC Housing Tax Credit Fund IV, L.P., Series 2 (the "Partnership")

Dear Limited Partner:

As you may be aware, the Partnership owned a limited partnership interest in
Comanche Retirement Village, Ltd., a Texas limited partnership ("Comanche"). The
Comanche limited partnership interest was sold by the Partnership during the
current fiscal year. In an appraisal conducted in 2009, the appraised value of
the apartment complex of Comanche conducted on an "as is," restricted rents
basis, was determined to be $260,000. The loan balance was approximately
$571,000. Inasmuch as the appraisal indicated no remaining equity in the
apartment complex, the transfer was made for consideration intended to be
sufficient to pay for the Partnership's closing costs.

We would like to remind you of the investment benefits you have received from
the Partnership. The average Limited Partner investing in the Partnership during
its initial offering has received federal tax credits of approximately 139% of
the amount invested. In addition, each Limited Partner has been allocated
losses, which are classified as passive losses for most Limited Partners.

The Partnership continues to own interests in 19 apartment complexes and is
seeking to dispose of each of them and thereafter terminate its operations.
Consistent with the Partnership's objectives, the Partnership has generated
passive losses from its operations. For a Limited Partner who is an individual,
the tax benefits of such passive losses generally are available (1) only upon
the Limited Partner's taxable disposition of his or her entire interest in the
Partnership, or (2) on a proportionate basis in connection with the taxable
disposition of the Partnership's interest in individual apartment complexes. The
taxable disposition of an interest in an apartment complex might allow a Limited
Partner to use passive losses previously allocated to him or her in connection
with such apartment complex and not previously used. The sale of the interest in
Comanche will result in gross taxable income to Limited Partners. Accordingly.
each Limited Partner is encouraged to consult his, her or its own tax advisor as
to the specific tax consequences as a result of the sales.

Please feel free to contact us if you have questions or concerns.

Sincerely,
WNC TAX CREDITS PARTNERS IV, L.P.,
General Partner






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