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Covenant Village: 9% Tax Credit: $1.6M PBC

Schedule A: Project Cash Flow

Annual

  Total 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
DEVELOPMENT/CAPITAL ACCTS                                  
Depr. assets acquired                                  
Land Development -741153 -741153                              
Building Cost -3409478 -3409478                              
Service structures -240000 -240000                              
Architecture & Engineering -133445 -133445                              
Elevator/Escalator                                  
Furniture & Equipment                                  
Misc. Administration -54800 -54800                              
Dev. Costs Expensed -5760 -5760                              
Grants & Reimbursements                                  
Contingency -227606 -227606                              
Land -350000 -350000                              
Financing Fees -274000 -63000 -211000                            
Construction Interest -483007 -75165 -227744 -106762 -57607 -15730                      
Internal Interest                                  
Accounting Transfers 444031 36189 227744 106762 57607 15730                      
Capitalized Cost -5475218 -5264218 -211000                            
Capital Replacement -495993 -10800 -21600 -22680 -23814 -25005 -26255 -27568 -28946 -30393 -51009 -33509 -35184 -36943 -38790 -40730 -42767
Ending Value . 5,475,218                               5,475,218
Capital Before Fin -495993 -5275018 -232600 -22680 -23814 -25005 -26255 -27568 -28946 -30393 -51009 -33509 -35184 -36943 -38790 -40730 5,432,451
Principal Flows . 2,513,699 4,950,407 438744 106762 57607 246481                     -3286301
Developers Capital 2,017,706 -324611 206144 84082 33793 221476 -26255 -27568 -28946 -30393 -51009 -33509 -35184 -36943 -38790 -40730 2,146,150
                                   
OPERATIONS                                  
Income 9,233,971 133073 475598 490941 506766 523089 557602 574970 592886 611367 624208 637653 657944 678879 700478 722762 745755
Expenses . -4933695 -117360 -223200 -234360 -246078 -258382 -271301 -284866 -299109 -314065 -329768 -346256 -363569 -381748 -400835 -420877 -441921
Net Avail. for D.S. 4,300,275 15713 252398 256581 260688 264707 286301 290104 293776 297302 294440 291396 294375 297131 299642 301885 303834
Debt Service -3457723 -41463 -338103 -315480 -266325 -224448 -208718 -208718 -208718 -208718 -208718 -208718 -208718 -208718 -208718 -196718 -196718
Ground Rent -320466 -5466 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000
Participation .                                  
Cash Flow 522086 -31216 -106705 -79899 -26637 19259 56583 60385 64058 67584 64722 61678 64656 67413 69924 84167 86116
Amortization . 113699   -3039 -5293 -4118 -2774 -1245 492 2457 4676 7175 9984 13136 16666 20614 25024 29943
Earnings B.N.C.C. 635785 -31216 -109744 -85192 -30755 16484 55338 60877 66515 72260 71897 71662 77792 84078 90538 109190 116059
Non-Cash Charges . -3244739 -58244 -232975 -232975 -232975 -232975 -219235 -178015 -178015 -178015 -216311 -243665 -224908 -211510 -201940 -201940 -201040
Taxable Income -2608954 -89460 -342719 -318167 -263730 -216491 -163897 -117138 -111500 -105755 -144414 -172003 -147116 -127432 -111402 -92750 -84981
                                   
FINANCING SUMMARY                                  
Project Cash Flow. 4,123,019 -5151569 137186 229718 229718 -1032 260046 262536 264830 266909 243432 257888 259191 260188 260852 261155 6,081,970
NOAH Dev.Corp.(sub) 2,666,019 -345327 26827 21000 21000 21000 21303 21328 21351 21372 21137 21282 21295 21305 21311 21434 2,708,400
Southeast Bank 2,779,063 -3216939 533693 788718 788718 557968 188718 188718 188718 188718 188718 188718 188718 188718 188718 188718 1,439,720
Syndication 2,781,705 201057 -142752 -151016 -169340 -185240 427081 413807 414180 414304 404074 256728 78697 73058 68320 74222 604526
Other Entities -356637 -1589303 176667 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 8000 808000
IRS -3747132 -201057 -457248 -448984 -430660 -414760 -397056 -381317 -379420 -377486 -390498 -228841 -49519 -42893 -37498 -31220 521324


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