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Covenant Village: 9% Tax Credit (S)

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) -435426
Land Residual ( 1 195) 179753
Equity Residual ( 1 196) 2695
Orig.Mtge(s) ( 1 240) -535714
Investment ( 1 310) 535714
Investment Adj. ( 1 320) 208757
Ground Rent ( 1 631) 127704
Mtge Interest ( 1 660) 129802
Mtge Amortization ( 1 670) -129802
Mtge Amortization ( 1 670) 153409
Net Cash Flow (NCF) ( 1 699) 514
Subtotal: NOAH Dev.Corp.(sub) -75094
   
Southeast Bank  
Const.Interest ( 2 155) 517304
Financing Fees ( 2 158) 56250
Financing Fees ( 2 158) 48214
Const.Loan ( 2 220) -538421
Orig.Mtge(s) ( 2 240) -1607143
Mtge Interest ( 2 660) 952800
Mtge Amortization ( 2 670) 194822
Mtge Amortization ( 2 670) 198253
Subtotal: Southeast Bank -177922
   
Syndication  
Equity Residual ( 3 196) 266783
Investment ( 3 310) -1627151
Net Cash Flow (NCF) ( 3 699) 50908
Income Taxes (Const.) ( 3 820) 1731
Income Taxes (Annual) ( 3 850) 435965
Inc.Taxes:Equity Residual ( 3 880) -103564
Tax Credit ( 3 890) 1,384,387
Subtotal: Syndication 409059
   
Palm Beach County  
Const.Interest ( 4 155) 3063
Orig.Mtge(s) ( 4 240) -535714
Investment ( 4 310) -535714
Mtge Interest ( 4 660) 36487
Mtge Amortization ( 4 670) 97873
Subtotal: Palm Beach County -934006
   
IRS  
Income Taxes (Const.) ( 5 820) -1731
Income Taxes (Annual) ( 5 850) -435965
Inc.Taxes:Equity Residual ( 5 880) 103564
Tax Credit ( 5 890) -1384387
Subtotal: IRS -1718520
   
Underwriter/Syndctr  
Financing Fees ( 7 158) 22321
Financing Fees ( 7 158) 47832
Financing Fees ( 7 158) 64286
Credit Enhancement ( 7 641) 68824
Subtotal: Underwriter/Syndctr 203263
   
Total -2293221


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