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Covenant Village: 9% Tax Credit: $1.2M 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) -335456 -263623 -252110 -236245 -221879 -213042 -193212
Land Residual ( 1 195) 1,100,531 217734 160286 102268 66010 49605 24782
Equity Residual ( 1 196) 40617 8036 5916 3774 2436 1831 915
Orig.Mtge(s) ( 1 240) -600000 -495868 -478316 -453686 -430911 -416667 -384000
Investment ( 1 310) 600000 495868 478316 453686 430911 416667 384000
Investment Adj. ( 1 320) 647345 484662 459692 425802 395644 377349 337010
Refinancing Net Proceeds ( 1 330) -2685447 -531301 -391120 -249548 -161073 -121042 -60471
Ground Rent ( 1 631) 346500 158907 140137 117860 100771 91517 73708
Mtge Interest ( 1 660) 340459 142139 122796 100101 82952 73792 56492
Mtge Amortization ( 1 670) -340459 -142139 -122796 -100101 -82952 -73792 -56492
Mtge Amortization ( 1 670) 340459 67358 49586 31637 20421 15346 7666
Mortgage Balloon Payment ( 1 678) 600000 118707 87387 55756 35988 27044 13511
Net Cash Flow (NCF) ( 1 699) 4509 1304 1047 766 571 474 307
Subtotal: NOAH Dev.Corp.(sub)( )( ) -290942 -56399 -51681 -52277 -57722 -62586 -75784
               
Southeast Bank ( ****)( )              
Const.Interest ( 2 155) 530860 424662 407523 383837 362313 349035 319113
Financing Fees ( 2 158) 69000 62727 61607 60000 58475 57500 55200
Financing Fees ( 2 158) 66000 54545 52615 49905 47400 45833 42240
Const.Loan ( 2 220)   -512356 -586537 -684531 -768690 -818111 -921886
Orig.Mtge(s) ( 2 240) -2200000 -1818182 -1753827 -1663516 -1580006 -1527778 -1408000
Mtge Interest ( 2 660) 2,745,286 1,256,264 1,102,449 918382 776039 698566 548824
Mtge Amortization ( 2 670) 714553 266139 225058 177939 143308 125231 92092
Mtge Amortization ( 2 670)              
Mortgage Balloon Payment ( 2 678) 1,485,447 293888 216347 138037 89097 66954 33449
Subtotal: Southeast Bank ( ****)( ) 3,411,146 27687 -274765 -619946 -872063 -1002769 -1238967
               
Syndication ( 4.8%)( )              
Equity Residual ( 3 196) 4,021,048 795543 585643 373659 241182 181242 90546
Investment ( 3 310) -2400000 -1729018 -1627151 -1489554 -1367828 -1294367 -1133568
Net Cash Flow (NCF) ( 3 699) 446417 129065 103657 75847 56539 46934 30391
Income Taxes (Annual) ( 3 850) 813485 462546 421719 370847 329592 306255 258871
Inc.Taxes:Equity Residual ( 3 880) -1516423 -300016 -220858 -140915 -90955 -68350 -34147
Tax Credit ( 3 890) 3,423,563 2,008,011 1,830,761 1,606,150 1,421,229 1,315,709 1,100,146
Subtotal: Syndication ( 4.8%)( ) 4,788,090 1,366,131 1,093,771 796035 589760 487422 312239
               
Palm Beach County ( )( )              
Const.Interest ( 4 155) 6422 5611 5471 5273 5087 4970 4698
Const.Loan ( 4 220)   -99174 -114796 -136106 -155128 -166667 -192000
Orig.Mtge(s) ( 4 240) -600000 -495868 -478316 -453686 -430911 -416667 -384000
Investment ( 4 310) -600000 -495868 -478316 -453686 -430911 -416667 -384000
Mtge Interest ( 4 660) 90000 39602 34532 28518 23915 21429 16672
Mortgage Balloon Payment ( 4 678) 600000 118707 87387 55756 35988 27044 13511
Subtotal: Palm Beach County ( )( ) -503578 -926989 -944039 -953932 -951959 -946557 -925119
               
IRS ( )( )              
Income Taxes (Annual) ( 5 850) -813485 -462546 -421719 -370847 -329592 -306255 -258871
Inc.Taxes:Equity Residual ( 5 880) 1,516,423 300016 220858 140915 90955 68350 34147
Tax Credit ( 5 890) -3423563 -2008011 -1830761 -1606150 -1421229 -1315709 -1100146
Subtotal: IRS ( )( ) -2720624 -2170541 -2031622 -1836082 -1659867 -1553614 -1324870
               
Underwriter/Syndctr( )( )              
Financing Fees ( 7 158) 25000 20661 19930 18904 17955 17361 16000
Financing Fees ( 7 158) 60000 49587 47832 45369 43091 41667 38400
Financing Fees ( 7 158) 72000 59504 57398 54442 51709 50000 46080
Credit Enhancement ( 7 641) 174000 85818 76373 64951 56014 51106 41511
Subtotal: Underwriter/Syndctr( )( ) 331000 215570 201533 183666 168769 160133 141991
               
Total 5,015,092 -1544540 -2006803 -2482536 -2783082 -2917970 -3110511


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