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

Schedule T: Detail Of Present Value

by participant

( bty )( aty ) 0% 10% 12% 15% 18% 20% 25%
Developer ( )( )              
Start-up Oper. Losses (exp.) ( 1 167) -920874 -736009 -706218 -665075 -627717 -604688 -552843
Equity Residual ( 1 196) 51017 11103 8322 5452 3611 2759 1436
Investment Adj. ( 1 320) 920871 736007 706216 665073 627716 604687 552842
Net Cash Flow (NCF) ( 1 699) 7063 2420 1999 1520 1172 993 671
Subtotal: Developer ( )( ) 58077 13521 10319 6970 4781 3751 2106
               
Lender ( 8.9%)( )              
Financing Fees ( 2 158) 198211 180192 176974 172357 167975 165176 158569
Orig.Mtge(s) ( 2 240) -3964215 -3603832 -3539478 -3447143 -3359504 -3303512 -3171372
Mtge Interest ( 2 660) 4466360 2114201 1867504 1570840 1340097 1213914 968502
Mtge Amortization ( 2 670) 894368 356958 305781 246329 201969 178527 134882
Mtge Amortization ( 2 670) 3069847 668088 500759 328058 217272 166042 86409
Subtotal: Lender ( 8.9%)( ) 4664571 -284393 -688460 -1129559 -1432191 -1579854 -1823010
               
Investor ( 1.0%)( 8.9%)              
Equity Residual ( 3 196) 5050699 1099179 823878 539742 357470 273182 142165
Investment ( 3 310) -5128200 -3694478 -3476816 -3182804 -2922707 -2765739 -2422151
Net Cash Flow (NCF) ( 3 699) 699214 239574 197882 150443 116012 98275 66446
Income Taxes (Annual) ( 3 850) 977581 627860 583326 526117 478087 450171 391586
Inc.Taxes:Equity Residual ( 3 880) -1188963 -258753 -193946 -127058 -84150 -64309 -33466
Tax Credit ( 3 890) 3223440 1800604 1626175 1406756 1227663 1126182 920744
Subtotal: Investor ( 1.0%)( 8.9%) 3633770 -186014 -439500 -686805 -827626 -882238 -934677
               
Other ( ****)( )              
Const.Interest ( 4 155) 1116732 876894 838764 786362 739047 710011 645023
Financing Fees ( 4 158) 333333 275482 265731 252048 239395 231481 213333
Const.Loan ( 4 220)   -838825 -954056 -1103008 -1227451 -1298758 -1443220
Credit Enhancement ( 4 641) 706269 358554 319633 271964 234159 213189 171756
Subtotal: Other ( ****)( ) 2156334 672105 470072 207365 -14850 -144077 -413108
               
Public ( )( )              
Income Taxes (Annual) ( 5 850) -977581 -627860 -583326 -526117 -478087 -450171 -391586
Inc.Taxes:Equity Residual ( 5 880) 1188963 258753 193946 127058 84150 64309 33466
Tax Credit ( 5 890) -3223440 -1800604 -1626175 -1406756 -1227663 -1126182 -920744
Subtotal: Public ( )( ) -3012058 -2169711 -2015555 -1805815 -1621599 -1512045 -1278864
               
Secondary Lender( 2.0%)( )              
Orig.Mtge(s) ( 6 240) -2000000 -1818182 -1785714 -1739130 -1694915 -1666667 -1600000
Mtge Interest ( 6 660) 600000 276585 243245 203387 172596 155849 123496
Mtge Amortization ( 6 670) 2000000 435258 326243 213730 141553 108176 56295
Subtotal: Secondary Lender( 2.0%)( ) 600000 -1106339 -1216226 -1322014 -1380767 -1402642 -1420209
               
Total 8100695 -3060831 -3879349 -4729858 -5272251 -5517104 -5867762



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