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              Social Investment Partners for Sandtown-Winchester             
                                                                             
                    (assumes investment of $  40,000,000)                    
                                                                             
                                                                             
                     Estimated Public Costs                                  
                                                                             
                         /W with                                             
        Investor         Housing                                             
         Pay-ins         Program     /W with 15     Estimated     Estimated  
      (or Social      (Balt.City Year Transform      Annual      Cumulative  
     Investment)        profile)          ation      Savings       Savings   
                                                                             
1996   8,000,000      66,974,791     63,606,381      3,368,410      3,368,410
1997   8,000,000      66,626,952     62,635,823      3,991,129      7,359,539
1998   7,500,000      69,853,621     64,857,151      4,996,470     12,356,009
1999   4,500,000      71,986,671     65,972,782      6,013,889     18,369,898
2000   3,500,000      75,267,778     68,044,220      7,223,558     25,593,456
2001   2,000,000      74,727,421     65,923,739      8,803,682     34,397,138
2002   1,500,000      74,230,466     64,006,875     10,223,591     44,620,729
2003   1,000,000      73,535,078     61,828,967     11,706,111     56,326,840
2004   1,000,000      72,801,351     59,462,961     13,338,390     69,665,230
2005     500,000      72,003,969     56,882,780     15,121,189     84,786,419
2006     250,000      71,584,490     54,828,747     16,755,743    101,542,162
2007     250,000      70,804,278     52,357,270     18,447,008    119,989,170
2008     250,000      70,553,065     50,215,259     20,337,806    140,326,976
2009     250,000      70,092,638     47,741,081     22,351,557    162,678,533
2010     250,000      69,448,106     45,513,384     23,934,722    186,613,255
2011     250,000      69,292,797     44,925,142     24,367,655    210,980,910
2012     250,000      69,769,868     44,823,074     24,946,794    235,927,704
2013     250,000      69,963,777     44,433,785     25,529,992    261,457,696
2014     250,000      70,156,433     44,132,763     26,023,670    287,481,366
2015     250,000      70,274,142     43,922,234     26,351,908    313,833,274
2016                  71,128,179     44,312,101     26,816,078    340,649,352
2017                  71,851,848     44,862,693     26,989,155    367,638,507
2018                  72,509,198     45,532,883     26,976,315    394,614,822
2019                  73,110,914     46,075,500     27,035,414    421,650,236
2020                  73,938,104     46,663,809     27,274,295    448,924,531
Total 40,000,000   1,782,485,935  1,333,561,404    448,924,531               
P.V.  31,054,394     829,038,796    666,341,002    162,697,794               
                                                                             
                        Current Projected IRR       40.3%                    
assumptions:                                                                 
   Transformation Funds plus Equity for Physical Development $  40,000,000   
   Years Projected                                                      25   
                                                                             
   Years Included in Annual Display                                     25   
   Discount Rate for Calculating Capitalized Cost ("P.V.")               0.07
       (While savings do continue after "Years Projected",                   
        this analysis does not value savings after that point.)              
                                                                             
note: This analysis represents interim conclusions from work in process      
      and will be revised.  This analysis is as of  2/22/96.                 
      The $40 million "social investment" shown above is for illustrative    
      purposes only and will be revised when the "transformation plan"       
      is updated.                                                            


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