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Analysis for Affordable Housing Study Commission:Trial 7: LIHTC (70%) & Bond w/ 221(d) Co-insurance

Schedule C: Residual Values & IROR's

(column heading(s) indicate method for calculating residual value)

  Original cost
PROJECT  
165 Capitalized Cost (TCC) 10171563
190 Residual Value 10171563
195 Land Residual 2034313
670 Mtge Amortization 5069847
710 Depreciation 3584051
   
Developer  
1 196 Equity Residual 51017
1 916 Pre-Tax Present Value 10319
1 926 Pre-Tax Net Cash 58077
   
Lender  
2 670 Mtge Amortization 3069847
2 916 Pre-Tax Present Value -688460
2 926 Pre-Tax Net Cash 4664571
   
Investor  
3 196 Equity Residual 5050699
3 880 Inc.Taxes:Equity Residual -1188963
3 916 Pre-Tax Present Value -2455055
3 917 After-Tax Present Value -439500
3 926 Pre-Tax Net Cash 621713
3 927 After-Tax Net Cash 3633770
   
Other  
4 916 Pre-Tax Present Value 470072
4 926 Pre-Tax Net Cash 2156334
   
Secondary Lender  
6 670 Mtge Amortization 2000000
6 916 Pre-Tax Present Value -1216226
6 926 Pre-Tax Net Cash 600000
   
All Participants  
99 916 Pre-Tax Present Value -3879349
99 926 Pre-Tax Net Cash 8100695
   
Developer  
1 936 IROR Pre-Tax  
1 938 FMRR Pre-Tax 99.47
   
Lender  
2 936 IROR Pre-Tax 8.85
2 938 FMRR Pre-Tax 11.14
   
Investor  
3 936 IROR Pre-Tax 0.96
3 937 IROR After-Tax 8.87
3 937.1 IROR After-Tax(w/o pass.loss) 7.08
3 938 FMRR Pre-Tax 3.4
3 939 FMRR After-Tax 10.46
3 939.1 FMRR After-Tax(w/o pass.loss) 9.23
   
Other  
4 936 IROR Pre-Tax 17.78
4 938 FMRR Pre-Tax 13.81
   
Secondary Lender  
6 936 IROR Pre-Tax 2
6 938 FMRR Pre-Tax 4.57
   
All Participants  
99 936 IROR Pre-Tax 5.48
99 938 FMRR Pre-Tax 8.43



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