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

Schedule T: Detail Of Present Value

by participant

( bty )( aty ) 0% 10% 12% 15% 18% 20% 25%
NOAH Dev.Corp.(sub)( ****)( )              
Land ( 1 132 ) -350000 -318182 -312500 -304348 -296610 -291667 -280000
Start-up Oper. Losses (exp.) ( 1 167 ) -329097 -259329 -248135 -232703 -218720 -210116 -190796
Operating Reserve ( 1 173 ) -345685 -234872 -218751 -197313 -178694 -167625 -143868
Land Residual ( 1 195 ) 1,095,044 238313 178625 117022 77503 59229 30823
Equity Residual ( 1 196 ) 10939 2381 1784 1169 774 592 308
Orig.Mtge(s) ( 1 240 ) -800000 -661157 -637755 -604915 -574548 -555556 -512000
Investment ( 1 310 ) 800000 661157 637755 604915 574548 555556 512000
Investment Adj. ( 1 320 ) 674782 493720 466328 429355 396661 376932 333732
Investment Adj. ( 1 320 ) 345685 75231 56389 36942 24466 18697 9730
Ground Rent ( 1 631 ) 325500 154752 137079 115908 99511 90571 73236
Mtge Interest ( 1 660 ) 435300 185829 161012 131735 109485 97548 74903
Mtge Amortization ( 1 670 ) -435300 -185829 -161012 -131735 -109485 -97548 -74903
Mtge Amortization ( 1 670 ) 1,235,300 268837 201504 132010 87430 66815 34771
Net Cash Flow (NCF) ( 1 699 ) 3552 1275 1062 818 638 544 374
Subtotal: NOAH Dev.Corp.(sub)( ****)( ) 2,666,019 422126 263386 98860 -7041 -56028 -131691
               
Southeast Bank ( ****)( )              
Const.Interest ( 2 155 ) 474644 378575 363078 341666 322215 310219 283196
Construction Fin.Fees ( 2 158.3 ) 63000 57273 56250 54783 53390 52500 50400
Perm.Fin.Closing Fees ( 2 158.5 ) 54000 44628 43048 40832 38782 37500 34560
Const.Loan ( 2 220 )   -464405 -531559 -620217 -696297 -740941 -834578
Orig.Mtge(s) ( 2 240 ) -1800000 -1487603 -1434949 -1361059 -1292732 -1250000 -1152000
Mtge Interest ( 2 660 ) 2,187,419 1,016,234 893451 745947 631419 568907 447715
Mtge Amortization ( 2 670 ) 548998 210699 178948 142275 115114 100855 74546
Mtge Amortization ( 2 670 ) 1,251,002 272254 204065 133688 88541 67664 35213
Subtotal: Southeast Bank ( ****)( ) 2,779,063 27655 -227668 -522085 -739568 -853296 -1060948
               
Syndication ( )( )              
Equity Residual ( 3 196 ) 1,082,934 235678 176650 115728 76646 58574 30482
Investment ( 3 310 ) -2400000 -1729018 -1627151 -1489554 -1367828 -1294367 -1133568
Net Cash Flow (NCF) ( 3 699 ) 351639 126245 105178 80957 63157 53893 37051
Income Taxes (Const.) ( 3 820 ) 1939 1763 1731 1686 1643 1616 1551
Income Taxes (Annual) ( 3 850 ) 876235 482080 437769 383070 339142 314467 264752
Inc.Taxes:Equity Residual ( 3 880 ) -549929 -119681 -89705 -58768 -38922 -29744 -15479
Tax Credit ( 3 890 ) 3,418,887 2,005,269 1,828,261 1,603,956 1,419,288 1,313,912 1,098,643
Subtotal: Syndication ( )( ) 2,781,705 1,002,336 832732 637074 493127 418349 283432
               
Palm Beach County ( )( )              
Const.Interest ( 4 155 ) 8363 7300 7116 6857 6614 6460 6104
Const.Loan ( 4 220 )   -132231 -153061 -181474 -206837 -222222 -256000
Orig.Mtge(s) ( 4 240 ) -800000 -661157 -637755 -604915 -574548 -555556 -512000
Investment ( 4 310 ) -800000 -661157 -637755 -604915 -574548 -555556 -512000
Mtge Interest ( 4 660 ) 116000 52011 45460 37653 31646 28392 22139
Mtge Amortization ( 4 670 ) 800000 174103 130497 85492 56621 43270 22518
Subtotal: Palm Beach County ( )( ) -675637 -1221131 -1245497 -1261303 -1261051 -1255211 -1229239
               
IRS ( )( )              
Income Taxes (Const.) ( 5 820 ) -1939 -1763 -1731 -1686 -1643 -1616 -1551
Income Taxes (Annual) ( 5 850 ) -876235 -482080 -437769 -383070 -339142 -314467 -264752
Inc.Taxes:Equity Residual ( 5 880 ) 549929 119681 89705 58768 38922 29744 15479
Tax Credit ( 5 890 ) -3418887 -2005269 -1828261 -1603956 -1419288 -1313912 -1098643
Subtotal: IRS ( )( ) -3747132 -2369431 -2178056 -1929944 -1721152 -1600250 -1349467
               
Underwriter/Syndctr( )( )              
Syndication Costs:Legal ( 7 158.12) 25000 20661 19930 18904 17955 17361 16000
Syndication Costs:Legal ( 7 158.12) 60000 49587 47832 45369 43091 41667 38400
Credit Enh.(Gtd.Inv.Cntrct) ( 7 158.14) 72000 59504 57398 54442 51709 50000 46080
Credit Enhancement ( 7 641 ) 162000 82946 74181 63476 55012 50327 41089
Subtotal: Underwriter/Syndctr( )( ) 319000 212698 199340 182191 167767 159355 141569
               
Total 4,123,019 -1925747 -2355762 -2795207 -3067918 -3187081 -3346344


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