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              Social Investment Partners for Sandtown-Winchester             
                                                                             
                    (assumes investment of $  40,000,000)                    
                                                                             
                                                                             
                     Estimated Public Costs                                  
                                                                             
                         /W with        /W with                              
        Investor         Housing        Housing                              
         Pay-ins         Program        Program     Estimated     Estimated  
      (or Social      (Balt.City      (Sandtown      Annual      Cumulative  
     Investment)        profile)       profile)      Savings       Savings   
                                                                             
1996   8,000,000      66,974,791     68,211,575     -1,236,784     -1,236,784
1997   8,000,000      66,626,952     68,196,414     -1,569,462     -2,806,246
1998   7,500,000      69,853,621     71,768,293     -1,914,672     -4,720,918
1999   4,500,000      71,986,671     74,311,541     -2,324,870     -7,045,788
2000   3,500,000      75,267,778     77,996,867     -2,729,089     -9,774,877
2001   2,000,000      74,727,421     77,539,594     -2,812,173    -12,587,050
2002   1,500,000      74,230,466     77,095,385     -2,864,919    -15,451,969
2003   1,000,000      73,535,078     76,406,486     -2,871,408    -18,323,377
2004   1,000,000      72,801,351     75,678,315     -2,876,964    -21,200,341
2005     500,000      72,003,969     74,905,040     -2,901,071    -24,101,412
2006     250,000      71,584,490     74,477,935     -2,893,445    -26,994,857
2007     250,000      70,804,278     73,700,688     -2,896,410    -29,891,267
2008     250,000      70,553,065     73,405,649     -2,852,584    -32,743,851
2009     250,000      70,092,638     72,929,913     -2,837,275    -35,581,126
2010     250,000      69,448,106     72,321,568     -2,873,462    -38,454,588
2011     250,000      69,292,797     72,115,752     -2,822,955    -41,277,543
2012     250,000      69,769,868     72,632,200     -2,862,332    -44,139,875
2013     250,000      69,963,777     72,828,698     -2,864,921    -47,004,796
2014     250,000      70,156,433     72,990,907     -2,834,474    -49,839,270
2015     250,000      70,274,142     73,136,994     -2,862,852    -52,702,122
2016                  71,128,179     73,988,910     -2,860,731    -55,562,853
2017                  71,851,848     74,715,980     -2,864,132    -58,426,985
2018                  72,509,198     75,343,948     -2,834,750    -61,261,735
2019                  73,110,914     75,975,324     -2,864,410    -64,126,145
2020                  73,938,104     76,747,345     -2,809,241    -66,935,386
Total 40,000,000   1,782,485,935  1,849,421,321    -66,935,386               
P.V.  31,054,394     829,038,796    858,454,168    -29,415,371               
                                                                             
                        Current Projected IRR          0%                    
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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