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

Schedule C: Residual Values & IROR's

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

  Original cost
PROJECT  
165 Capitalized Cost (TCC) 5,469,458
190 Residual Value 5,475,218
195 Land Residual 1,095,044
670 Mtge Amortization 3,286,301
710 Depreciation 3,244,739
   
NOAH Dev.Corp.(sub)  
1 195 Land Residual 1,095,044
1 196 Equity Residual 10939
1 320 Investment Adj. 345685
1 670 Mtge Amortization 1,235,300
1 916 Pre-Tax Present Value 263386
1 926 Pre-Tax Net Cash 2,666,019
   
Southeast Bank  
2 670 Mtge Amortization 1,251,002
2 916 Pre-Tax Present Value -227668
2 926 Pre-Tax Net Cash 2,779,063
   
Syndication  
3 196 Equity Residual 1,082,934
3 880 Inc.Taxes:Equity Residual -549929
3 916 Pre-Tax Present Value -1345323
3 917 After-Tax Present Value 832732
3 926 Pre-Tax Net Cash -965427
3 927 After-Tax Net Cash 2,781,705
   
Palm Beach County  
4 670 Mtge Amortization 800000
4 916 Pre-Tax Present Value -1245497
4 926 Pre-Tax Net Cash -675637
   
Permanent Lender  
6 916 Pre-Tax Present Value 199340
6 926 Pre-Tax Net Cash 319000
   
All Participants  
99 916 Pre-Tax Present Value -2355762
99 926 Pre-Tax Net Cash 4,123,019
   
NOAH Dev.Corp.(sub)  
1 936 IROR Pre-Tax 17.75
1 938 FMRR Pre-Tax 17.59
   
Southeast Bank  
2 936 IROR Pre-Tax 10.2
2 938 FMRR Pre-Tax 12.23
   
Syndication  
3 936 IROR Pre-Tax  
3 937 IROR After-Tax  
3 937.1 IROR After-Tax(w/o pass.loss) 28.33
3 938 FMRR Pre-Tax -0.18
3 939 FMRR After-Tax 22.96
3 939.1 FMRR After-Tax(w/o pass.loss) 17.27
   
Palm Beach County  
4 936 IROR Pre-Tax  
4 938 FMRR Pre-Tax -2.27
   
Permanent Lender  
6 936 IROR Pre-Tax  
6 938 FMRR Pre-Tax  
   
All Participants  
99 936 IROR Pre-Tax 4.93
99 938 FMRR Pre-Tax 7.58


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