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NDC Covenant Village in Belle Glade - 144 Units

Schedule A: Project Cash Flow

Annual

  Total 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
DEVELOPMENT/CAPITAL ACCTS                          
Depr. assets acquired                          
Land Development -657324 -657324                      
Building Cost -3149362 -3149362                      
Service structures -240000 -240000                      
Architecture & Engineering -125830 -125830                      
Elevator/Escalator                          
Furniture & Equipment                          
Misc. Administration -449120 -449120                      
Dev. Costs Expensed                          
Grants & Reimbursements                          
Contingency -308018 -308018                      
Land -350000 -350000                      
Financing Fees -229500 -40500   -189000                  
Construction Interest -26024 -26024                      
Internal Interest                          
Accounting Transfers                          
Capitalized Cost -5535178 -5346178   -189000                  
Capital Replacement -352017 -10800 -23390 -25269 -26532 -27859 -29252 -30714 -32250 -33863 -35556 -37333 -39200
Ending Value . 5,535,178                       5,535,178
Capital Before Fin -352017 -5356978 -23390 -214269 -26532 -27859 -29252 -30714 -32250 -33863 -35556 -37333 5,495,978
Principal Flows . 2,113,821 5,727,000   60964               -1350000 -2324143
Developers Capital 1,761,804 370022 -23390 -153305 -26532 -27859 -29252 -30714 -32250 -33863 -35556 -1387333 3,171,835
                           
OPERATIONS                          
Income 8,678,196 281447 591038 620590 651619 684200 718410 754331 792047 831650 873232 916894 962738
Expenses . -3142186 -111600 -223200 -223200 -234360 -246078 -258382 -271301 -284866 -299109 -314065 -329768 -346256
Net Avail. for D.S. 5,536,010 169847 367838 397390 417259 438122 460028 483030 507181 532540 559167 587126 616482
Debt Service -3273570 -24715 -296578 -296578 -296578 -296578 -296578 -296578 -296578 -296578 -296578 -296578 -283078
Ground Rent                          
Participation .                          
Cash Flow 2,262,441 145132 71260 100812 120682 141545 163451 186452 210604 235963 262590 290548 333404
Amortization . 436821 2215 27986 30763 27766 30522 33551 36881 40541 44565 48988 53850 59194
Earnings B.N.C.C. 2,699,262 147347 99246 131575 148448 172066 197002 223333 251145 280527 311577 344398 392598
Non-Cash Charges . -2600490 -172588 -350790 -314408 -254878 -256329 -212742 -169221 -170682 -172216 -173826 -175517 -177292
Taxable Income 98772 -25242 -251544 -182833 -106431 -84263 -15741 54112 80463 108312 137751 168881 215306
                           
FINANCING SUMMARY                          
Project Cash Flow. 5,439,517 -5501430 725270 372121 390727 410263 430777 452315 474931 498678 523612 549792 6,112,460
NOAH Dev.Corp.(sub) 4,024,245 134332 428692 -52493 94149 113686 134199 155738 178354 202100 227034 -1096785 3,505,239
Bond Trustee/Lender 2,360,843     -2511000 283078 283078 283078 283078 283078 283078 283078 283078 2,607,221
Syndication                          
Other Entities 588995 -2616196 283078 2,922,114                  
Palm Beach County -1534565 -3019565 13500 13500 13500 13500 13500 13500 13500 13500 13500 1,363,500  


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