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

Schedule D: Present Value By Participant By Line Item

discount rate = 0.12

NOAH Dev.Corp.(sub)  
Land ( 1 132 ) -312500
Start-up Oper. Losses (exp.) ( 1 167 ) -248135
Operating Reserve ( 1 173 ) -218751
Land Residual ( 1 195 ) 178625
Equity Residual ( 1 196 ) 1784
Orig.Mtge(s) ( 1 240 ) -637755
Investment ( 1 310 ) 637755
Investment Adj. ( 1 320 ) 466328
Investment Adj. ( 1 320 ) 56389
Ground Rent ( 1 631 ) 137079
Mtge Interest ( 1 660 ) 161012
Mtge Amortization ( 1 670 ) -161012
Mtge Amortization ( 1 670 ) 201504
Net Cash Flow (NCF) ( 1 699 ) 1062
Subtotal: NOAH Dev.Corp.(sub) 263386
   
Southeast Bank  
Const.Interest ( 2 155 ) 363078
Construction Fin.Fees ( 2 158.3 ) 56250
Perm.Fin.Closing Fees ( 2 158.5 ) 43048
Const.Loan ( 2 220 ) -531559
Orig.Mtge(s) ( 2 240 ) -1434949
Mtge Interest ( 2 660 ) 893451
Mtge Amortization ( 2 670 ) 178948
Mtge Amortization ( 2 670 ) 204065
Subtotal: Southeast Bank -227668
   
Syndication  
Equity Residual ( 3 196 ) 176650
Investment ( 3 310 ) -1627151
Net Cash Flow (NCF) ( 3 699 ) 105178
Income Taxes (Const.) ( 3 820 ) 1731
Income Taxes (Annual) ( 3 850 ) 437769
Inc.Taxes:Equity Residual ( 3 880 ) -89705
Tax Credit ( 3 890 ) 1,828,261
Subtotal: Syndication 832732
   
Palm Beach County  
Const.Interest ( 4 155 ) 7116
Const.Loan ( 4 220 ) -153061
Orig.Mtge(s) ( 4 240 ) -637755
Investment ( 4 310 ) -637755
Mtge Interest ( 4 660 ) 45460
Mtge Amortization ( 4 670 ) 130497
Subtotal: Palm Beach County -1245497
   
IRS  
Income Taxes (Const.) ( 5 820 ) -1731
Income Taxes (Annual) ( 5 850 ) -437769
Inc.Taxes:Equity Residual ( 5 880 ) 89705
Tax Credit ( 5 890 ) -1828261
Subtotal: IRS -2178056
   
Underwriter/Syndctr  
Syndication Costs:Legal ( 7 158.12) 19930
Syndication Costs:Legal ( 7 158.12) 47832
Credit Enh.(Gtd.Inv.Cntrct) ( 7 158.14) 57398
Credit Enhancement ( 7 641 ) 74181
Subtotal: Underwriter/Syndctr 199340
   
Total -2355762


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