Form D Raw Data - Electronic Filing Depository

EFDID: 14594EFD: Raw Data

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

Accession: 0001140361-11-056863 () (EDGAR Files) (Form D)

Edgar Posted: Dec. 9, 2011
EFD Posted: Aug. 7, 2014

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< submissionType > D/A </ submissionType >

< testOrLive > LIVE </ testOrLive >

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< cik > 0001471106 </ cik >

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

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< 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 >

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< value > None </ value >

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< value > None </ value >

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< entityType > Limited Liability Company </ entityType >

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< withinFiveYears > true </ withinFiveYears >

< value > 2008 </ value >

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< lastName > WNC Housing Tax Credits Manager 2, LLC </ lastName >

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< city > Irvine </ city >

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

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< relationship > Director </ relationship >

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< industryGroupType > Other Real Estate </ industryGroupType >

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< revenueRange > Decline to Disclose </ revenueRange >

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< minimumInvestmentAccepted > 25000 </ minimumInvestmentAccepted >

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< description > PENNSYLVANIA </ description >

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< description > TEXAS </ description >

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< state > VA </ state >

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

< recipientCRDNumber > 10205 </ recipientCRDNumber >

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

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

< city > Lavista </ city >

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< recipientName > Michael A. Sebald </ recipientName >

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

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< street1 > 701 Oregon Street </ street1 >

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

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

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< street1 > 8620 W. 110th Street, Ste. 200 </ street1 >

< city > Overland Park </ city >

< stateOrCountry > KS </ stateOrCountry >

< stateOrCountryDescription > KANSAS </ stateOrCountryDescription >

< zipCode > 66210 </ zipCode >

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< description > MISSOURI </ description >

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< description > TEXAS </ description >

< state > VT </ state >

< description > VERMONT </ description >

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< foreignSolicitation > false </ foreignSolicitation >

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< recipientName > Robert D'Agosta </ recipientName >

< recipientCRDNumber > 1903105 </ recipientCRDNumber >

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

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< street1 > 2821 Spring Haven Place </ street1 >

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< recipientName > Ameritas Investment Corp. </ recipientName >

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< street1 > 5900 O Street </ street1 >

< city > Lincoln </ city >

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< zipCode > 68510 </ zipCode >

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< description > ILLINOIS </ description >

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< description > INDIANA </ description >

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< description > TEXAS </ description >

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< description > MISSOURI </ description >

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< state > OH </ state >

< description > OHIO </ description >

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< recipientName > Jeffrey D. Noard </ recipientName >

< recipientCRDNumber > 1983392 </ recipientCRDNumber >

< associatedBDName > Allied Beacon Partners, Inc. </ associatedBDName >

< associatedBDCRDNumber > 46227 </ associatedBDCRDNumber >

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< street1 > 11805 W. Hampton Avenue, Suite 101 </ street1 >

< city > Milwaukee </ city >

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< zipCode > 53225 </ zipCode >

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

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< street1 > 3500 W. Olive Ave., 3rd Floor </ street1 >

< city > Burbank </ city >

< stateOrCountry > CA </ stateOrCountry >

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< description > ARIZONA </ description >

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< description > NEW MEXICO </ description >

< state > CA </ state >

< description > CALIFORNIA </ description >

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< recipientName > Lawrence W. Warren </ recipientName >

< recipientCRDNumber > 1694288 </ recipientCRDNumber >

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

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< description > NORTH DAKOTA </ description >

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

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

< associatedBDCRDNumber > 16164 </ associatedBDCRDNumber >

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< street1 > 570 Carillon Parkway </ street1 >

< city > St. Petersburg </ city >

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< zipCode > 33716 </ zipCode >

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< description > NORTH CAROLINA </ description >

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< state > WA </ state >

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< recipientName > Arlene R. Moore </ recipientName >

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< associatedBDName > Intervest International Equities Corporation </ associatedBDName >

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< description > FLORIDA </ description >

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< recipientCRDNumber > 1031368 </ recipientCRDNumber >

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

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< city > Dallas </ city >

< stateOrCountry > TX </ stateOrCountry >

< stateOrCountryDescription > TEXAS </ stateOrCountryDescription >

< zipCode > 75251 </ zipCode >

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< description > TEXAS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

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< recipientCRDNumber > 4524325 </ recipientCRDNumber >

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

< associatedBDCRDNumber > 6312 </ associatedBDCRDNumber >

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

< city > Gretna </ city >

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< zipCode > 70056 </ zipCode >

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

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< street1 > 2800 N. Central Ave., Suite 2100 </ street1 >

< city > Phoenix </ city >

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< zipCode > 85004 </ zipCode >

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< street1 > 2300 Windy Ridge Parkway, Suite 1100 </ street1 >

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< description > TEXAS </ description >

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< description > NEVADA </ description >

< state > NY </ state >

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< state > WA </ state >

< description > WASHINGTON </ description >

< state > WI </ state >

< description > WISCONSIN </ description >

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

< recipientCRDNumber > 23131 </ recipientCRDNumber >

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

< associatedBDCRDNumber > 23131 </ associatedBDCRDNumber >

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< street1 > One World Financial Center, 15th Floor </ street1 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10281 </ zipCode >

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< description > CALIFORNIA </ description >

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< description > NEW YORK </ description >

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</ recipient >

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< recipientName > Vernon L. Albright </ recipientName >

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< associatedBDName > Workman Securities Corporation </ associatedBDName >

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

< city > Chicago </ city >

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< description > DELAWARE </ description >

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< description > PENNSYLVANIA </ description >

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- < 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 > MN </ state >

< description > MINNESOTA </ description >

< state > PA </ state >

< description > PENNSYLVANIA </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > FL </ state >

< description > FLORIDA </ 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 > AZ </ state >

< description > ARIZONA </ description >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > OR </ state >

< description > OREGON </ description >

< state > TX </ state >

< description > TEXAS </ 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 > 32332 Camino Capistrano, Suite 201 </ street1 >

< city > San Juan Capistrano </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92675 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Lloyd M. Johnston </ recipientName >

< recipientCRDNumber > 1626695 </ recipientCRDNumber >

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

< associatedBDCRDNumber > 8408 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 9701 Apollo Drive, Suite 301 </ street1 >

< city > Largo </ city >

< stateOrCountry > MD </ stateOrCountry >

< stateOrCountryDescription > MARYLAND </ stateOrCountryDescription >

< zipCode > 20774 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > MD </ state >

< description > MARYLAND </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Dana D. Anderson </ recipientName >

< recipientCRDNumber > 2246831 </ recipientCRDNumber >

< associatedBDName > United Planners Financial Services of America </ associatedBDName >

< associatedBDCRDNumber > 20804 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 15815 Franklin Trail SE, Ste. 300 </ street1 >

< city > Prior Lake </ city >

< stateOrCountry > MN </ stateOrCountry >

< stateOrCountryDescription > MINNESOTA </ stateOrCountryDescription >

< zipCode > 55372 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > IA </ state >

< description > IOWA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Kenneth W. Rumbaugh </ recipientName >

< recipientCRDNumber > 1364691 </ recipientCRDNumber >

< associatedBDName > Harbour Investments, Inc. </ associatedBDName >

< associatedBDCRDNumber > 19258 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1301 Bellefontaine Ave., 2nd Floor </ street1 >

< city > Lima </ city >

< stateOrCountry > OH </ stateOrCountry >

< stateOrCountryDescription > OHIO </ stateOrCountryDescription >

< zipCode > 45804 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > OH </ state >

< description > OHIO </ description >

< state > TN </ state >

< description > TENNESSEE </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > William B. Bowers III </ recipientName >

< recipientCRDNumber > 4433033 </ recipientCRDNumber >

< associatedBDName > The Strategic Financial Alliance, Inc. </ associatedBDName >

< associatedBDCRDNumber > 126514 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1150 SE Maynard Road, Suite 250 </ street1 >

< city > Cary </ city >

< stateOrCountry > NC </ stateOrCountry >

< stateOrCountryDescription > NORTH CAROLINA </ stateOrCountryDescription >

< zipCode > 27511 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > NC </ state >

< description > NORTH CAROLINA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Jason L. Barney </ recipientName >

< recipientCRDNumber > 3167740 </ recipientCRDNumber >

< associatedBDName > United Planners Financial Services of America </ associatedBDName >

< associatedBDCRDNumber > 20804 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 3655 Nobel Dr., Suite 350 </ street1 >

< city > San Diego </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92122 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Ryan S. Ponsford </ recipientName >

< recipientCRDNumber > 4363535 </ recipientCRDNumber >

< associatedBDName > United Planners Financial Services of America </ associatedBDName >

< associatedBDCRDNumber > 20804 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1745 Star Crest Place </ street1 >

< city > San Marcos </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92078 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > James W. Olsen </ recipientName >

< recipientCRDNumber > 857594 </ recipientCRDNumber >

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

< associatedBDCRDNumber > 6312 </ associatedBDCRDNumber >

- < recipientAddress >

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

< city > Gretna </ city >

< stateOrCountry > LA </ stateOrCountry >

< stateOrCountryDescription > LOUISIANA </ stateOrCountryDescription >

< zipCode > 70056 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > LA </ state >

< description > LOUISIANA </ description >

< state > MD </ state >

< description > MARYLAND </ description >

< state > TX </ state >

< description > TEXAS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Scott M. Lehigh </ recipientName >

< recipientCRDNumber > 4420892 </ recipientCRDNumber >

< associatedBDName > Crown Capital Securities, Inc. </ associatedBDName >

< associatedBDCRDNumber > 6312 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 2688 S. Rainbow Blvd., Suite B </ street1 >

< city > Las Vegas </ city >

< stateOrCountry > NV </ stateOrCountry >

< stateOrCountryDescription > NEVADA </ stateOrCountryDescription >

< zipCode > 89146 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > NV </ state >

< description > NEVADA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > David H. Arnold </ recipientName >

< recipientCRDNumber > 864817 </ recipientCRDNumber >

< associatedBDName > Intervest International Equities Corporation </ associatedBDName >

< associatedBDCRDNumber > 20289 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 8130 Baymeadows Circle W., Suite 102 </ street1 >

< city > Jacksonville </ city >

< stateOrCountry > FL </ stateOrCountry >

< stateOrCountryDescription > FLORIDA </ stateOrCountryDescription >

< zipCode > 32256 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > FL </ state >

< description > FLORIDA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Cameron L. Stiles </ recipientName >

< recipientCRDNumber > 5489636 </ recipientCRDNumber >

< associatedBDName > SII Investments, Inc. </ associatedBDName >

< associatedBDCRDNumber > 2225 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 200 E. Long Lake Road, Suite 170 </ street1 >

< city > Bloomfield Hills </ city >

< stateOrCountry > MI </ stateOrCountry >

< stateOrCountryDescription > MICHIGAN </ stateOrCountryDescription >

< zipCode > 48304 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > MI </ state >

< description > MICHIGAN </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Preston A. Loss </ recipientName >

< recipientCRDNumber > 727531 </ recipientCRDNumber >

< associatedBDName > Geneos Wealth Management, Inc. </ associatedBDName >

< associatedBDCRDNumber > 120894 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 630 Delp Road, Suite 110 </ street1 >

< city > Lancaster </ city >

< stateOrCountry > PA </ stateOrCountry >

< stateOrCountryDescription > PENNSYLVANIA </ stateOrCountryDescription >

< zipCode > 17601 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > PA </ state >

< description > PENNSYLVANIA </ description >

< state > NC </ state >

< description > NORTH CAROLINA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Roger E. Sulhoff </ recipientName >

< recipientCRDNumber > 1057321 </ recipientCRDNumber >

< associatedBDName > The Strategic Financial Alliance, Inc. </ associatedBDName >

< associatedBDCRDNumber > 126514 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 329 Oak Street, Suite 201 </ street1 >

< city > Gainesville </ city >

< stateOrCountry > GA </ stateOrCountry >

< stateOrCountryDescription > GEORGIA </ stateOrCountryDescription >

< zipCode > 30205 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > GA </ state >

< description > GEORGIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Prakash D. Simha </ recipientName >

< recipientCRDNumber > 2970036 </ recipientCRDNumber >

< associatedBDName > The Strategic Financial Alliance, Inc. </ associatedBDName >

< associatedBDCRDNumber > 126514 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 2 Yardley Road </ street1 >

< city > Andover </ city >

< stateOrCountry > MA </ stateOrCountry >

< stateOrCountryDescription > MASSACHUSETTS </ stateOrCountryDescription >

< zipCode > 01810 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > MA </ state >

< description > MASSACHUSETTS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Garry N. Savage Sr. </ recipientName >

< recipientCRDNumber > 1195330 </ recipientCRDNumber >

< associatedBDName > Wall Street Strategies, Inc. </ associatedBDName >

< associatedBDCRDNumber > 31268 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 362 North Main Street </ street1 >

< city > Huron </ city >

< stateOrCountry > OH </ stateOrCountry >

< stateOrCountryDescription > OHIO </ stateOrCountryDescription >

< zipCode > 44839 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > OH </ state >

< description > OHIO </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Jeffrey P. Morand </ recipientName >

< recipientCRDNumber > 728191 </ recipientCRDNumber >

< associatedBDName > United Planners Financial Services of America </ associatedBDName >

< associatedBDCRDNumber > 20804 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 6500 S. Quebec Street, Suite 300 </ street1 >

< city > Englewood </ city >

< stateOrCountry > CO </ stateOrCountry >

< stateOrCountryDescription > COLORADO </ stateOrCountryDescription >

< zipCode > 80111 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CO </ state >

< description > COLORADO </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > David H. Yoder </ recipientName >

< recipientCRDNumber > 4905015 </ recipientCRDNumber >

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

< associatedBDCRDNumber > 6312 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 570 Pinehurst S., no. 2, 25 Down Circle </ street1 >

< city > Pinehurst </ city >

< stateOrCountry > NC </ stateOrCountry >

< stateOrCountryDescription > NORTH CAROLINA </ stateOrCountryDescription >

< zipCode > 28374 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > NC </ state >

< description > NORTH CAROLINA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Yi-Chen C. Yang </ recipientName >

< recipientCRDNumber > 4024717 </ recipientCRDNumber >

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

< associatedBDCRDNumber > 41180 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 3773 Cherry Creek North Drive, Suite 575 </ street1 >

< city > Denver </ city >

< stateOrCountry > CO </ stateOrCountry >

< stateOrCountryDescription > COLORADO </ stateOrCountryDescription >

< zipCode > 80209 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CO </ state >

< description > COLORADO </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > John J. John </ recipientName >

< recipientCRDNumber > 1785564 </ recipientCRDNumber >

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

< associatedBDCRDNumber > 8408 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 705 Old Fallston Road </ street1 >

< city > Fallston </ city >

< stateOrCountry > MD </ stateOrCountry >

< stateOrCountryDescription > MARYLAND </ stateOrCountryDescription >

< zipCode > 21047 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > MD </ state >

< description > MARYLAND </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

</ salesCompensationList >

- < offeringSalesAmounts >

< totalOfferingAmount > 15000000 </ totalOfferingAmount >

< totalAmountSold > 14999380 </ totalAmountSold >

< totalRemaining > 620 </ totalRemaining >

</ offeringSalesAmounts >

- < investors >

< hasNonAccreditedInvestors > false </ hasNonAccreditedInvestors >

< totalNumberAlreadyInvested > 305 </ 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 > Vice President - CFO of Managing Member of Manager of Issuer </ signatureTitle >

< signatureDate > 2011-12-09 </ signatureDate >

</ signature >

</ signatureBlock >

</ offeringData >

</ edgarSubmission >