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Covenant Village: 9% Tax Credit (S)

Schedule C: Residual Values & IROR's

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

  Original cost
PROJECT  
165 Capitalized Cost (TCC) 5,504,029
190 Residual Value 5,509,789
195 Land Residual 1,101,958
670 Mtge Amortization 2,755,825
710 Depreciation 2,789,224
   
NOAH Dev.Corp.(sub)  
1 195 Land Residual 1,101,958
1 196 Equity Residual 16520
1 670 Mtge Amortization 940459
1 916 Pre-Tax Present Value -75094
1 926 Pre-Tax Net Cash 1,686,337
   
Southeast Bank  
2 670 Mtge Amortization 1,215,366
2 916 Pre-Tax Present Value -177922
2 926 Pre-Tax Net Cash 3,042,556
   
Syndication  
3 196 Equity Residual 1,635,486
3 880 Inc.Taxes:Equity Residual -634885
3 916 Pre-Tax Present Value -1309461
3 917 After-Tax Present Value 409059
3 926 Pre-Tax Net Cash -601690
3 927 After-Tax Net Cash 2,347,048
   
Palm Beach County  
4 670 Mtge Amortization 600000
4 916 Pre-Tax Present Value -934006
4 926 Pre-Tax Net Cash -506570
   
Permanent Lender  
6 916 Pre-Tax Present Value 203263
6 926 Pre-Tax Net Cash 313000
   
All Participants  
99 916 Pre-Tax Present Value -2293221
99 926 Pre-Tax Net Cash 3,933,634
   
NOAH Dev.Corp.(sub)  
1 936 IROR Pre-Tax 10.57
1 938 FMRR Pre-Tax 11.29
   
Southeast Bank  
2 936 IROR Pre-Tax 10.69
2 938 FMRR Pre-Tax 12.44
   
Syndication  
3 936 IROR Pre-Tax  
3 937 IROR After-Tax 23.16
3 937.1 IROR After-Tax(w/o pass.loss) 13.85
3 938 FMRR Pre-Tax 0.62
3 939 FMRR After-Tax 16.25
3 939.1 FMRR After-Tax(w/o pass.loss) 13.08
   
Palm Beach County  
4 936 IROR Pre-Tax  
4 938 FMRR Pre-Tax -2.27
   
Permanent Lender  
6 936 IROR Pre-Tax  
6 938 FMRR Pre-Tax  
   
All Participants  
99 936 IROR Pre-Tax 4.91
99 938 FMRR Pre-Tax 7.93


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