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Covenant Village: 9% Tax Credit: $1.2M 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) -252110
Land Residual ( 1 195) 160286
Equity Residual ( 1 196) 5916
Orig.Mtge(s) ( 1 240) -478316
Investment ( 1 310) 478316
Investment Adj. ( 1 320) 459692
Refinancing Net Proceeds ( 1 330) -391120
Ground Rent ( 1 631) 140137
Mtge Interest ( 1 660) 122796
Mtge Amortization ( 1 670) -122796
Mtge Amortization ( 1 670) 49586
Mortgage Balloon Payment ( 1 678) 87387
Net Cash Flow (NCF) ( 1 699) 1047
Subtotal: NOAH Dev.Corp.(sub) -51681
   
Southeast Bank  
Const.Interest ( 2 155) 407523
Financing Fees ( 2 158) 61607
Financing Fees ( 2 158) 52615
Const.Loan ( 2 220) -586537
Orig.Mtge(s) ( 2 240) -1753827
Mtge Interest ( 2 660) 1,102,449
Mtge Amortization ( 2 670) 225058
Mtge Amortization ( 2 670)  
Mortgage Balloon Payment ( 2 678) 216347
Subtotal: Southeast Bank -274765
   
Syndication  
Equity Residual ( 3 196) 585643
Investment ( 3 310) -1627151
Net Cash Flow (NCF) ( 3 699) 103657
Income Taxes (Annual) ( 3 850) 421719
Inc.Taxes:Equity Residual ( 3 880) -220858
Tax Credit ( 3 890) 1,830,761
Subtotal: Syndication 1,093,771
   
Palm Beach County  
Const.Interest ( 4 155) 5471
Const.Loan ( 4 220) -114796
Orig.Mtge(s) ( 4 240) -478316
Investment ( 4 310) -478316
Mtge Interest ( 4 660) 34532
Mortgage Balloon Payment ( 4 678) 87387
Subtotal: Palm Beach County -944039
   
IRS  
Income Taxes (Annual) ( 5 850) -421719
Inc.Taxes:Equity Residual ( 5 880) 220858
Tax Credit ( 5 890) -1830761
Subtotal: IRS -2031622
   
Underwriter/Syndctr  
Financing Fees ( 7 158) 19930
Financing Fees ( 7 158) 47832
Financing Fees ( 7 158) 57398
Credit Enhancement ( 7 641) 76373
Subtotal: Underwriter/Syndctr 201533
   
Total -2006803


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