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

Schedule C: Residual Values & IROR's

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

  Original cost
PROJECT  
165 Capitalized Cost (TCC) 5,496,895
190 Residual Value 5,502,655
195 Land Residual 1,100,531
670 Mtge Amortization 340459
710 Depreciation 3,452,993
   
NOAH Dev.Corp.(sub)  
1 195 Land Residual 1,100,531
1 196 Equity Residual 40617
1 670 Mtge Amortization 340459
1 916 Pre-Tax Present Value -51681
1 926 Pre-Tax Net Cash -290942
   
Southeast Bank  
2 670 Mtge Amortization  
2 916 Pre-Tax Present Value -274765
2 926 Pre-Tax Net Cash 3,411,146
   
Syndication  
3 196 Equity Residual 4,021,048
3 880 Inc.Taxes:Equity Residual -1516423
3 916 Pre-Tax Present Value -937851
3 917 After-Tax Present Value 1,093,771
3 926 Pre-Tax Net Cash 2,067,466
3 927 After-Tax Net Cash 4,788,090
   
Palm Beach County  
4 916 Pre-Tax Present Value -944039
4 926 Pre-Tax Net Cash -503578
   
Permanent Lender  
6 916 Pre-Tax Present Value 201533
6 926 Pre-Tax Net Cash 331000
   
All Participants  
99 916 Pre-Tax Present Value -2006803
99 926 Pre-Tax Net Cash 5,015,092
   
NOAH Dev.Corp.(sub)  
1 936 IROR Pre-Tax  
1 938 FMRR Pre-Tax -5.76
   
Southeast Bank  
2 936 IROR Pre-Tax 10.17
2 938 FMRR Pre-Tax 12.17
   
Syndication  
3 936 IROR Pre-Tax 4.84
3 937 IROR After-Tax  
3 937.1 IROR After-Tax(w/o pass.loss) 29.58
3 938 FMRR Pre-Tax 6.32
3 939 FMRR After-Tax 23.79
3 939.1 FMRR After-Tax(w/o pass.loss) 18.47
   
Palm Beach County  
4 936 IROR Pre-Tax  
4 938 FMRR Pre-Tax -2.01
   
Permanent Lender  
6 936 IROR Pre-Tax  
6 938 FMRR Pre-Tax  
   
All Participants  
99 936 IROR Pre-Tax 5.89
99 938 FMRR Pre-Tax 8.82


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