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Covenant Village: 9% Tax Credit: $1.2M PBC

Schedule A: Project Cash Flow

Annual

  Total 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
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 -292000 -69000 -223000                              
Construction Interest -537282 -93358 -248773 -112464 -63878 -18809                        
Internal Interest                                    
Accounting Transfers 488869 44946 248773 112464 63878 18809                        
Capitalized Cost -5502655 -5279655 -223000                              
Capital Replacement -540898 -10800 -21600 -22680 -23814 -25005 -26255 -27568 -28946 -30393 -51009 -33509 -35184 -36943 -38790 -40730 -42767 -44905
Ending Value . 5,502,655                                 5,502,655
Capital Before Fin -540898 -5290455 -244600 -22680 -23814 -25005 -26255 -27568 -28946 -30393 -51009 -33509 -35184 -36943 -38790 -40730 -42767 5,457,750
Principal Flows . 2,774,094 4,974,600 471773 112464 63878 177285                       -3025906
Developers Capital 2,233,196 -315854 227173 89784 40064 152280 -26255 -27568 -28946 -30393 -51009 -33509 -35184 -36943 -38790 -40730 -42767 2,431,844
                                     
OPERATIONS                                    
Income 10,607,529 144250 515536 532077 549136 566730 584876 603592 622897 642809 657124 672086 693941 716486 739743 763735 788488 814024
Expenses . -5397712 -117360 -223200 -234360 -246078 -258382 -271301 -284866 -299109 -314065 -329768 -346256 -363569 -381748 -400835 -420877 -441921 -464017
Net Avail. for D.S. 5,209,816 26890 292336 297717 303058 308348 313575 318726 323788 328744 327356 325830 330371 334738 338908 342859 346567 350008
Debt Service -4211982 -50220 -379101 -361120 -312534 -267465 -248656 -248656 -248656 -248656 -248656 -248656 -248656 -248656 -248656 -248656 -236656 -118328
Ground Rent -341466 -5466 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000 -21000
Participation .                                    
Cash Flow 656369 -28796 -107765 -84404 -30476 19883 43919 49070 54132 59088 57700 56174 60716 65082 69252 73203 88911 210680
Amortization . 374094   1988 5195 6986 8993 11240 13750 16552 19676 23155 27026 31329 36108 41412 47295 53816 29570
Earnings B.N.C.C. 1,030,462 -28796 -105777 -79208 -23490 28876 55159 62821 70684 78765 80855 83200 92045 101190 110664 120498 142727 240250
Non-Cash Charges . -3452993 -58803 -235214 -235214 -235214 -235214 -221174 -179054 -179054 -179054 -217349 -244703 -225946 -212548 -202979 -202979 -201879 -186616
Taxable Income -2422531 -87599 -340990 -314422 -258704 -206337 -166015 -116233 -108370 -100289 -136494 -161504 -133902 -111359 -92315 -82481 -59151 53634
                                     
FINANCING SUMMARY                                    
Project Cash Flow. 5,015,092 -5140392 270736 275037 279244 283343 287320 291159 294842 298351 276347 292321 295187 297794 300117 302129 303800 5,807,758
NOAH Dev.Corp.(sub) -290942 -334150 140408 26381 30588 193163 21177 21215 21252 21287 21067 21227 21255 21281 21305 21325 21461 -581183
Southeast Bank 3,411,146 -3615914 555578 830656 830656 672180 230656 230656 230656 230656 230656 230656 230656 230656 230656 230656 230656 1,600,775
Syndication 4,788,090 198725 -142866 -151809 -170564 -188191 415724 402768 403767 404522 394924 247979 70347 65340 61230 59911 65593 2,650,689
Other Entities -172578 -1190328 174750 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 18000 6000 603000
IRS -2720624 -198725 -457134 -448191 -429436 -411809 -398237 -381480 -378833 -376114 -388300 -225540 -45071 -37483 -31073 -27763 -19910 1,534,476


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