Form D Raw Data - Electronic Filing Depository

EFDID: 14594EFD: Raw Data

Issuer: WNC Tax Credits 38, LLC (0001471106) - D/A

Accession: 0001140361-10-046196 () (EDGAR Files) (Form D)

Edgar Posted: Nov. 17, 2010
EFD Posted: Aug. 7, 2014

- < edgarSubmission >

< schemaVersion > X0704 </ schemaVersion >

< submissionType > D/A </ submissionType >

< testOrLive > LIVE </ testOrLive >

- < primaryIssuer >

< cik > 0001471106 </ cik >

< entityName > WNC Tax Credits 38, LLC </ entityName >

- < issuerAddress >

< street1 > 17782 SKY PARK CIRCLE </ street1 >

< city > IRVINE </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92614 </ zipCode >

</ issuerAddress >

< issuerPhoneNumber > 714-662-5565 </ issuerPhoneNumber >

< jurisdictionOfInc > CALIFORNIA </ jurisdictionOfInc >

- < issuerPreviousNameList >

< value > None </ value >

</ issuerPreviousNameList >

- < edgarPreviousNameList >

< value > None </ value >

</ edgarPreviousNameList >

< entityType > Limited Liability Company </ entityType >

- < yearOfInc >

< withinFiveYears > true </ withinFiveYears >

< value > 2008 </ value >

</ yearOfInc >

</ primaryIssuer >

- < relatedPersonsList >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > NA </ firstName >

< lastName > WNC Housing Tax Credits Manager, LLC </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 17782 Sky Park Circle </ street1 >

< city > Irvine </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92614 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Promoter </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Manager of Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > NA </ firstName >

< lastName > WNC & Associates, Inc. </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 17782 Sky Park Circle </ street1 >

< city > Irvine </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92614 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Promoter </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Manager of Manager of Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Wilfred </ firstName >

< middleName > N. </ middleName >

< lastName > Cooper, Sr. </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 17782 Sky Park Circle </ street1 >

< city > Irvine </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92614 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Director </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Relationship is with Manager of Manager </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Wilfred </ firstName >

< middleName > N. </ middleName >

< lastName > Cooper, Jr. </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 17782 Sky Park Circle </ street1 >

< city > Irvine </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92614 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

< relationship > Director </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Relationship is with Manager of Manager </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > David </ firstName >

< middleName > N. </ middleName >

< lastName > Shafer </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 17782 Sky Park Circle </ street1 >

< city > Irvine </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92614 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Relationship is with Manager of Manager </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Michael </ firstName >

< middleName > J. </ middleName >

< lastName > Gaber </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 17782 Sky Park Circle </ street1 >

< city > Irvine </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92614 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Relationship is with Manager of Manager </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Melanie </ firstName >

< lastName > Wenk </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 17782 Sky Park Circle </ street1 >

< city > Irvine </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92614 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Relationship is with Manager of Manager </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Kay </ firstName >

< middleName > L. </ middleName >

< lastName > Cooper </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 17782 Sky Park Circle </ street1 >

< city > Irvine </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92614 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Director </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Relationship is with Manager of Manager </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Jennifer </ firstName >

< middleName > E. </ middleName >

< lastName > Cooper </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 17782 Sky Park Circle </ street1 >

< city > Irvine </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92614 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Director </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Relationship is with Manager of Manager </ relationshipClarification >

</ relatedPersonInfo >

</ relatedPersonsList >

- < offeringData >

- < industryGroup >

< industryGroupType > Other Real Estate </ industryGroupType >

</ industryGroup >

- < issuerSize >

< revenueRange > Decline to Disclose </ revenueRange >

</ issuerSize >

- < federalExemptionsExclusions >

< item > 06 </ item >

</ federalExemptionsExclusions >

- < typeOfFiling >

- < newOrAmendment >

< isAmendment > true </ isAmendment >

< previousAccessionNumber > 0001140361-10-015966 </ previousAccessionNumber >

</ newOrAmendment >

- < dateOfFirstSale >

< value > 2010-04-09 </ value >

</ dateOfFirstSale >

</ typeOfFiling >

- < durationOfOffering >

< moreThanOneYear > true </ moreThanOneYear >

</ durationOfOffering >

- < typesOfSecuritiesOffered >

< isOtherType > true </ isOtherType >

< descriptionOfOtherType > limited liability company interests </ descriptionOfOtherType >

</ typesOfSecuritiesOffered >

- < businessCombinationTransaction >

< isBusinessCombinationTransaction > false </ isBusinessCombinationTransaction >

</ businessCombinationTransaction >

< minimumInvestmentAccepted > 25000 </ minimumInvestmentAccepted >

- < salesCompensationList >

- < recipient >

< recipientName > WNC Capital Corporation </ recipientName >

< recipientCRDNumber > 36174 </ recipientCRDNumber >

< associatedBDName > WNC Capital Corporation </ associatedBDName >

< associatedBDCRDNumber > 36174 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 17782 Sky Park Circle </ street1 >

< city > Irvine </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92614 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > AZ </ state >

< description > ARIZONA </ description >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > CO </ state >

< description > COLORADO </ description >

< state > DE </ state >

< description > DELAWARE </ description >

< state > FL </ state >

< description > FLORIDA </ description >

< state > HI </ state >

< description > HAWAII </ description >

< state > IA </ state >

< description > IOWA </ description >

< state > IL </ state >

< description > ILLINOIS </ description >

< state > IN </ state >

< description > INDIANA </ description >

< state > LA </ state >

< description > LOUISIANA </ description >

< state > MD </ state >

< description > MARYLAND </ description >

< state > MN </ state >

< description > MINNESOTA </ description >

< state > MO </ state >

< description > MISSOURI </ description >

< state > NE </ state >

< description > NEBRASKA </ description >

< state > NJ </ state >

< description > NEW JERSEY </ description >

< state > NY </ state >

< description > NEW YORK </ description >

< state > OR </ state >

< description > OREGON </ description >

< state > PA </ state >

< description > PENNSYLVANIA </ description >

< state > SC </ state >

< description > SOUTH CAROLINA </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > VT </ state >

< description > VERMONT </ description >

< state > WA </ state >

< description > WASHINGTON </ description >

< state > WI </ state >

< description > WISCONSIN </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Securities America, Inc. </ recipientName >

< recipientCRDNumber > 10205 </ recipientCRDNumber >

< associatedBDName > Securities America, Inc. </ associatedBDName >

< associatedBDCRDNumber > 10205 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 12325 Port Grace Blvd. </ street1 >

< city > Lavista </ city >

< stateOrCountry > NE </ stateOrCountry >

< stateOrCountryDescription > NEBRASKA </ stateOrCountryDescription >

< zipCode > 68128 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > CO </ state >

< description > COLORADO </ description >

< state > IL </ state >

< description > ILLINOIS </ description >

< state > LA </ state >

< description > LOUISIANA </ description >

< state > MN </ state >

< description > MINNESOTA </ description >

< state > MO </ state >

< description > MISSOURI </ description >

< state > NE </ state >

< description > NEBRASKA </ description >

< state > SC </ state >

< description > SOUTH CAROLINA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Michael A. Sebald </ recipientName >

< recipientCRDNumber > 1426782 </ recipientCRDNumber >

< associatedBDName > Landold Securities, Inc. </ associatedBDName >

< associatedBDCRDNumber > 28352 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 701 Oregon Street </ street1 >

< city > Oshkosh </ city >

< stateOrCountry > WI </ stateOrCountry >

< stateOrCountryDescription > WISCONSIN </ stateOrCountryDescription >

< zipCode > 54902 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > FL </ state >

< description > FLORIDA </ description >

< state > WI </ state >

< description > WISCONSIN </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > William B. Elson </ recipientName >

< recipientCRDNumber > 1808374 </ recipientCRDNumber >

< associatedBDName > VSR Financial Services, Inc. </ associatedBDName >

< associatedBDCRDNumber > 14503 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 3705 Grand Avenue </ street1 >

< city > Des Moines </ city >

< stateOrCountry > IA </ stateOrCountry >

< stateOrCountryDescription > IOWA </ stateOrCountryDescription >

< zipCode > 50312 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > IA </ state >

< description > IOWA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Robert D'Agosta </ recipientName >

< recipientCRDNumber > 1903105 </ recipientCRDNumber >

< associatedBDName > Berthel, Fisher and Company Financial Services, Inc. </ associatedBDName >

< associatedBDCRDNumber > 13609 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 2821 Spring Haven Place </ street1 >

< city > Macungie </ city >

< stateOrCountry > PA </ stateOrCountry >

< stateOrCountryDescription > PENNSYLVANIA </ stateOrCountryDescription >

< zipCode > 18062 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > NJ </ state >

< description > NEW JERSEY </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > John M. Weiss </ recipientName >

< recipientCRDNumber > 1851547 </ recipientCRDNumber >

< associatedBDName > Ameritas Investment Corp. </ associatedBDName >

< associatedBDCRDNumber > 14869 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 6422 Timber Walk Drive </ street1 >

< city > Indianapolis </ city >

< stateOrCountry > IN </ stateOrCountry >

< stateOrCountryDescription > INDIANA </ stateOrCountryDescription >

< zipCode > 46236 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > FL </ state >

< description > FLORIDA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Francis L. Woods IV </ recipientName >

< recipientCRDNumber > 2726454 </ recipientCRDNumber >

< associatedBDName > Ameritas Investment Corp. </ associatedBDName >

< associatedBDCRDNumber > 14869 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 10585 North Meridian St., Suite 205 </ street1 >

< city > Indianapolis </ city >

< stateOrCountry > IN </ stateOrCountry >

< stateOrCountryDescription > INDIANA </ stateOrCountryDescription >

< zipCode > 46290 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > IN </ state >

< description > INDIANA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Richard D. VanParis II </ recipientName >

< recipientCRDNumber > 2815624 </ recipientCRDNumber >

< associatedBDName > Ameritas Investment Corp. </ associatedBDName >

< associatedBDCRDNumber > 14869 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 10858 North Meridian St., Suite 205 </ street1 >

< city > Indianapolis </ city >

< stateOrCountry > IN </ stateOrCountry >

< stateOrCountryDescription > INDIANA </ stateOrCountryDescription >

< zipCode > 46290 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > IN </ state >

< description > INDIANA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Robert T. Tweed </ recipientName >

< recipientCRDNumber > 2339324 </ recipientCRDNumber >

< associatedBDName > Capwest Securities, Inc. </ associatedBDName >

< associatedBDCRDNumber > 30002 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 2060 Huntington Drive, Suite 1 </ street1 >

< city > San Marino </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91108 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > TX </ state >

< description > TEXAS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Albert B. Woodward, Jr. </ recipientName >

< recipientCRDNumber > 705453 </ recipientCRDNumber >

< associatedBDName > NPB Financial Group, LLC </ associatedBDName >

< associatedBDCRDNumber > 137743 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 5445 DTC Parkway, Suite 415 </ street1 >

< city > Greenwood Village </ city >

< stateOrCountry > CO </ stateOrCountry >

< stateOrCountryDescription > COLORADO </ stateOrCountryDescription >

< zipCode > 80111 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > AR </ state >

< description > ARKANSAS </ description >

< state > CO </ state >

< description > COLORADO </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Young S. Kim-Epstein </ recipientName >

< recipientCRDNumber > 716606 </ recipientCRDNumber >

< associatedBDName > NPB Financial Group, LLC </ associatedBDName >

< associatedBDCRDNumber > 137743 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1230 Rosecrans Avenue </ street1 >

< city > Manhattan Beach </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 90266 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Gregory S. DeCamp </ recipientName >

< recipientCRDNumber > 4552078 </ recipientCRDNumber >

< associatedBDName > VSR Financial Services, Inc. </ associatedBDName >

< associatedBDCRDNumber > 14503 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 2103 Swift Avenue, Suite 201 </ street1 >

< city > North Kansas City </ city >

< stateOrCountry > MO </ stateOrCountry >

< stateOrCountryDescription > MISSOURI </ stateOrCountryDescription >

< zipCode > 64116 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CT </ state >

< description > CONNECTICUT </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Arlene R. Moore </ recipientName >

< recipientCRDNumber > 2427590 </ recipientCRDNumber >

< associatedBDName > Intervest International Equities Corporation </ associatedBDName >

< associatedBDCRDNumber > 20289 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 3205 South Gate Circle, Suite 20 </ street1 >

< city > Sarasota </ city >

< stateOrCountry > FL </ stateOrCountry >

< stateOrCountryDescription > FLORIDA </ stateOrCountryDescription >

< zipCode > 32439 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > FL </ state >

< description > FLORIDA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Walter I. Miller </ recipientName >

< recipientCRDNumber > 335720 </ recipientCRDNumber >

< associatedBDName > Capital Growth Resources </ associatedBDName >

< associatedBDCRDNumber > 7779 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 2221 Camino Del Rio S., Suite 303 </ street1 >

< city > San Diego </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92108 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > OR </ state >

< description > OREGON </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Chad M. Tusa </ recipientName >

< recipientCRDNumber > 4524325 </ recipientCRDNumber >

< associatedBDName > Crown Capital Securities, L.P. </ associatedBDName >

< associatedBDCRDNumber > 6312 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1601 Belle Chasse Hwy, Suite 200 </ street1 >

< city > Gretna </ city >

< stateOrCountry > LA </ stateOrCountry >

< stateOrCountryDescription > LOUISIANA </ stateOrCountryDescription >

< zipCode > 70056 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > LA </ state >

< description > LOUISIANA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Douglas J. Bauerband </ recipientName >

< recipientCRDNumber > 2850269 </ recipientCRDNumber >

< associatedBDName > SagePoint Financial, Inc. </ associatedBDName >

< associatedBDCRDNumber > 133763 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1184 Fischer Blvd., Suite 2-C </ street1 >

< city > Toms River </ city >

< stateOrCountry > NJ </ stateOrCountry >

< stateOrCountryDescription > NEW JERSEY </ stateOrCountryDescription >

< zipCode > 08753 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > NJ </ state >

< description > NEW JERSEY </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > James A. Werner </ recipientName >

< recipientCRDNumber > 2254147 </ recipientCRDNumber >

< associatedBDName > FSC Securities Corporation </ associatedBDName >

< associatedBDCRDNumber > 7461 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 4810 Spicewood Springs Road, Suite 100 </ street1 >

< city > Austin </ city >

< stateOrCountry > TX </ stateOrCountry >

< stateOrCountryDescription > TEXAS </ stateOrCountryDescription >

< zipCode > 78759 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > TX </ state >

< description > TEXAS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > LIsa M. Lyons </ recipientName >

< recipientCRDNumber > 2086482 </ recipientCRDNumber >

< associatedBDName > Royal Alliance Associates, Inc. </ associatedBDName >

< associatedBDCRDNumber > 23131 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 21800 Burbank Blvd., Suite 325 </ street1 >

< city > Woodland Hills </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91367 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Vernon L. Albright </ recipientName >

< recipientCRDNumber > 1346110 </ recipientCRDNumber >

< associatedBDName > Workman Securities Corporation </ associatedBDName >

< associatedBDCRDNumber > 31898 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 2310 West Arthur Ave., No. 3 </ street1 >

< city > Chicago </ city >

< stateOrCountry > IL </ stateOrCountry >

< stateOrCountryDescription > ILLINOIS </ stateOrCountryDescription >

< zipCode > 60645 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > DE </ state >

< description > DELAWARE </ description >

< state > PA </ state >

< description > PENNSYLVANIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > H. Beck, Inc. </ recipientName >

< recipientCRDNumber > 1763 </ recipientCRDNumber >

< associatedBDName > H. Beck, Inc. </ associatedBDName >

< associatedBDCRDNumber > 1763 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 11140 Rockville Pike, Suite 400 </ street1 >

< city > Rockville </ city >

< stateOrCountry > MD </ stateOrCountry >

< stateOrCountryDescription > MARYLAND </ stateOrCountryDescription >

< zipCode > 20852 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > HI </ state >

< description > HAWAII </ description >

< state > TX </ state >

< description > TEXAS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > David G. Gott </ recipientName >

< recipientCRDNumber > 1915608 </ recipientCRDNumber >

< associatedBDName > Berthel, Fisher and Company FInancial Services, Inc. </ associatedBDName >

< associatedBDCRDNumber > 13609 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1732 Lininger Lane </ street1 >

< city > North Liberty </ city >

< stateOrCountry > IA </ stateOrCountry >

< stateOrCountryDescription > IOWA </ stateOrCountryDescription >

< zipCode > 52317 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > IA </ state >

< description > IOWA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > National Planning Corporation </ recipientName >

< recipientCRDNumber > 29604 </ recipientCRDNumber >

< associatedBDName > National Planning Corporation </ associatedBDName >

< associatedBDCRDNumber > 29604 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 401 Wilshire Blvd., Suite 1100 </ street1 >

< city > Santa Monica </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 90401 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > HI </ state >

< description > HAWAII </ description >

< state > MD </ state >

< description > MARYLAND </ description >

< state > PA </ state >

< description > PENNSYLVANIA </ description >

< state > TX </ state >

< description > TEXAS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Independent Financial Group, LLC </ recipientName >

< recipientCRDNumber > 7717 </ recipientCRDNumber >

< associatedBDName > Independent Financial Group, LLC </ associatedBDName >

< associatedBDCRDNumber > 7717 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 12636 High Bluff Drive, Suite 100 </ street1 >

< city > San Diego </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92130 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > TX </ state >

< description > TEXAS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Jeffrey Rachlin </ recipientName >

< recipientCRDNumber > 823547 </ recipientCRDNumber >

< associatedBDName > Alternative Wealth Strategies, Inc. </ associatedBDName >

< associatedBDCRDNumber > 130933 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 380 N. Broadway, Suite 310 </ street1 >

< city > Jericko </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 11753 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CT </ state >

< description > CONNECTICUT </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Michael Brent Hanson </ recipientName >

< recipientCRDNumber > 1832012 </ recipientCRDNumber >

< associatedBDName > Royal Alliance Associates, Inc. </ associatedBDName >

< associatedBDCRDNumber > 23131 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 340 Rosewood, Suite P </ street1 >

< city > Camarillo </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 93010 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Neil Vanzandt </ recipientName >

< recipientCRDNumber > 1239770 </ recipientCRDNumber >

< associatedBDName > Transamerica Financial Advisors, Inc. </ associatedBDName >

< associatedBDCRDNumber > 16164 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 6300 Ridglea Place, Suite 315 </ street1 >

< city > Forth Worth </ city >

< stateOrCountry > TX </ stateOrCountry >

< stateOrCountryDescription > TEXAS </ stateOrCountryDescription >

< zipCode > 76116 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > TX </ state >

< description > TEXAS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Marshall J. Fleming, Jr. </ recipientName >

< recipientCRDNumber > 5584609 </ recipientCRDNumber >

< associatedBDName > VSR FInancial Services, Inc. </ associatedBDName >

< associatedBDCRDNumber > 14503 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1 Market Place, #22 </ street1 >

< city > Essex Junction </ city >

< stateOrCountry > VT </ stateOrCountry >

< stateOrCountryDescription > VERMONT </ stateOrCountryDescription >

< zipCode > 05452 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > VT </ state >

< description > VERMONT </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Robert J. Hudson, Jr. </ recipientName >

< recipientCRDNumber > 1715001 </ recipientCRDNumber >

< associatedBDName > VSR Financial Services, Inc. </ associatedBDName >

< associatedBDCRDNumber > 14503 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1 Market Place, #22 </ street1 >

< city > Essex Junction </ city >

< stateOrCountry > VT </ stateOrCountry >

< stateOrCountryDescription > VERMONT </ stateOrCountryDescription >

< zipCode > 05452 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > VT </ state >

< description > VERMONT </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Christopher J. Jacob </ recipientName >

< recipientCRDNumber > 1501352 </ recipientCRDNumber >

< associatedBDName > Transamerica Financial Advisors, Inc. </ associatedBDName >

< associatedBDCRDNumber > 16164 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 12140 Woodcrest Executive Dr., Ste. 290 </ street1 >

< city > St. Louis </ city >

< stateOrCountry > MO </ stateOrCountry >

< stateOrCountryDescription > MISSOURI </ stateOrCountryDescription >

< zipCode > 63141 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > MO </ state >

< description > MISSOURI </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Richard G. Mueller </ recipientName >

< recipientCRDNumber > 720925 </ recipientCRDNumber >

< associatedBDName > Crown Capital Securities, L.P. </ associatedBDName >

< associatedBDCRDNumber > 6312 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 34249 Camino Capistrano, Suite 204 </ street1 >

< city > Capistrano Beach </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92624 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Gary L. Flater </ recipientName >

< recipientCRDNumber > 1049132 </ recipientCRDNumber >

< associatedBDName > MCL Financial Group, Inc. </ associatedBDName >

< associatedBDCRDNumber > 41180 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1869 West Littleton Blvd. </ street1 >

< city > Littleton </ city >

< stateOrCountry > CO </ stateOrCountry >

< stateOrCountryDescription > COLORADO </ stateOrCountryDescription >

< zipCode > 80120 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CO </ state >

< description > COLORADO </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Samir C. Thakkar </ recipientName >

< recipientCRDNumber > 1839047 </ recipientCRDNumber >

< associatedBDName > Ameritas Investment Corp. </ associatedBDName >

< associatedBDCRDNumber > 14869 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 575 Anton Blvd., Suite 150 </ street1 >

< city > Costa Mesa </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92868 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

</ salesCompensationList >

- < offeringSalesAmounts >

< totalOfferingAmount > 15000000 </ totalOfferingAmount >

< totalAmountSold > 5089000 </ totalAmountSold >

< totalRemaining > 9911000 </ totalRemaining >

</ offeringSalesAmounts >

- < investors >

< hasNonAccreditedInvestors > false </ hasNonAccreditedInvestors >

< totalNumberAlreadyInvested > 94 </ totalNumberAlreadyInvested >

</ investors >

- < salesCommissionsFindersFees >

- < salesCommissions >

< dollarAmount > 1050000 </ dollarAmount >

< isEstimate > true </ isEstimate >

</ salesCommissions >

- < findersFees >

< dollarAmount > 0 </ dollarAmount >

</ findersFees >

</ salesCommissionsFindersFees >

- < useOfProceeds >

- < grossProceedsUsed >

< dollarAmount > 2025000 </ dollarAmount >

< isEstimate > true </ isEstimate >

</ grossProceedsUsed >

</ useOfProceeds >

- < signatureBlock >

< authorizedRepresentative > false </ authorizedRepresentative >

- < signature >

< issuerName > WNC Tax Credits 38, LLC </ issuerName >

< signatureName > /s/ Melanie Wenk </ signatureName >

< nameOfSigner > Melanie Wenk </ nameOfSigner >

< signatureTitle > VP - CFO of Managing Member of Manager of Issuer </ signatureTitle >

< signatureDate > 2010-11-17 </ signatureDate >

</ signature >

</ signatureBlock >

</ offeringData >

</ edgarSubmission >