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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                    Estimated     Estimated  
      (or Social      (Balt.City     /W without      Annual      Cumulative  
     Investment)        profile)   Intervention      Savings       Savings   
                                                                             
1996   8,000,000      66,974,791     67,281,297       -306,506       -306,506
1997   8,000,000      66,626,952     66,972,941       -345,989       -652,495
1998   7,500,000      69,853,621     66,868,716      2,984,905      2,332,410
1999   4,500,000      71,986,671     66,674,670      5,312,001      7,644,411
2000   3,500,000      75,267,778     66,441,582      8,826,196     16,470,607
2001   2,000,000      74,727,421     65,900,539      8,826,882     25,297,489
2002   1,500,000      74,230,466     65,366,603      8,863,863     34,161,352
2003   1,000,000      73,535,078     64,474,546      9,060,532     43,221,884
2004   1,000,000      72,801,351     63,766,215      9,035,136     52,257,020
2005     500,000      72,003,969     62,954,831      9,049,138     61,306,158
2006     250,000      71,584,490     62,626,544      8,957,946     70,264,104
2007     250,000      70,804,278     61,786,472      9,017,806     79,281,910
2008     250,000      70,553,065     61,452,959      9,100,106     88,382,016
2009     250,000      70,092,638     61,021,357      9,071,281     97,453,297
2010     250,000      69,448,106     60,328,784      9,119,322    106,572,619
2011     250,000      69,292,797     60,296,613      8,996,184    115,568,803
2012     250,000      69,769,868     60,959,328      8,810,540    124,379,343
2013     250,000      69,963,777     61,266,284      8,697,493    133,076,836
2014     250,000      70,156,433     61,501,756      8,654,677    141,731,513
2015     250,000      70,274,142     61,779,847      8,494,295    150,225,808
2016                  71,128,179     62,628,304      8,499,875    158,725,683
2017                  71,851,848     63,373,355      8,478,493    167,204,176
2018                  72,509,198     64,045,783      8,463,415    175,667,591
2019                  73,110,914     64,851,950      8,258,964    183,926,555
2020                  73,938,104     65,510,448      8,427,656    192,354,211
Total 40,000,000   1,782,485,935  1,590,131,724    192,354,211               
P.V.  31,054,394     829,038,796    749,865,582     79,173,214               
                                                                             
                        Current Projected IRR       22.6%                    
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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