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Covenant Village: 9% Tax Credit (S)

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) -579455 -455175 -435426 -408288 -383789 -368757 -335118
Land Residual ( 1 195) 1,101,958 239818 179753 117760 77993 59603 31017
Equity Residual ( 1 196) 16520 3595 2695 1765 1169 894 465
Orig.Mtge(s) ( 1 240) -600000 -545455 -535714 -521739 -508475 -500000 -480000
Investment ( 1 310) 600000 545455 535714 521739 508475 500000 480000
Investment Adj. ( 1 320) 240211 214277 208757 200507 192386 187080 174294
Ground Rent ( 1 631) 315000 145207 127704 106778 90613 81821 64836
Mtge Interest ( 1 660) 340459 148960 129802 107141 89857 80555 62821
Mtge Amortization ( 1 670) -340459 -148960 -129802 -107141 -89857 -80555 -62821
Mtge Amortization ( 1 670) 940459 204671 153409 100502 66562 50867 26472
Net Cash Flow (NCF) ( 1 699) 1645 614 514 399 313 267 185
Subtotal: NOAH Dev.Corp.(sub)( ****)( ) 1,686,337 34826 -75094 -184924 -251364 -279892 -317849
               
Southeast Bank ( ****)( )              
Const.Interest ( 2 155) 679413 539559 517304 486700 459046 442062 404003
Financing Fees ( 2 158) 63000 57273 56250 54783 53390 52500 50400
Financing Fees ( 2 158) 54000 49091 48214 46957 45763 45000 43200
Const.Loan ( 2 220)   -474000 -538421 -621342 -690248 -729546 -808617
Orig.Mtge(s) ( 2 240) -1800000 -1636364 -1607143 -1565217 -1525424 -1500000 -1440000
Mtge Interest ( 2 660) 2,246,143 1,076,540 952800 803570 687119 623273 498710
Mtge Amortization ( 2 670) 584634 228376 194822 156001 127182 112017 83941
Mtge Amortization ( 2 670) 1,215,366 264499 198253 129880 86019 65737 34210
Subtotal: Southeast Bank ( ****)( ) 3,042,556 104975 -177922 -508669 -757153 -888957 -1134153
               
Syndication ( )( ****)              
Equity Residual ( 3 196) 1,635,486 355929 266783 174776 115754 88460 46035
Investment ( 3 310) -2400000 -1729018 -1627151 -1489554 -1367828 -1294367 -1133568
Net Cash Flow (NCF) ( 3 699) 162824 60771 50908 39454 30945 26480 18290
Income Taxes (Const.) ( 3 820) 1939 1763 1731 1686 1643 1616 1551
Income Taxes (Annual) ( 3 850) 837521 477003 435965 384987 343710 320355 272832
Inc.Taxes:Equity Residual ( 3 880) -634885 -138169 -103564 -67847 -44935 -34340 -17870
Tax Credit ( 3 890) 2,744,163 1,532,881 1,384,387 1,197,593 1,045,128 958736 783843
Subtotal: Syndication ( )( ****) 2,347,048 561160 409059 241096 124417 66939 -28888
               
Palm Beach County ( )( )              
Const.Interest ( 4 155) 3430 3118 3063 2983 2907 2858 2744
Orig.Mtge(s) ( 4 240) -600000 -545455 -535714 -521739 -508475 -500000 -480000
Investment ( 4 310) -600000 -545455 -535714 -521739 -508475 -500000 -480000
Mtge Interest ( 4 660) 90000 41488 36487 30508 25889 23377 18524
Mtge Amortization ( 4 670) 600000 130577 97873 64119 42466 32453 16888
Subtotal: Palm Beach County ( )( ) -506570 -915726 -934006 -945869 -945687 -941312 -921843
               
IRS ( )( )              
Income Taxes (Const.) ( 5 820) -1939 -1763 -1731 -1686 -1643 -1616 -1551
Income Taxes (Annual) ( 5 850) -837521 -477003 -435965 -384987 -343710 -320355 -272832
Inc.Taxes:Equity Residual ( 5 880) 634885 138169 103564 67847 44935 34340 17870
Tax Credit ( 5 890) -2744163 -1532881 -1384387 -1197593 -1045128 -958736 -783843
Subtotal: IRS ( )( ) -2948738 -1873477 -1718520 -1516420 -1345546 -1246367 -1040356
               
Underwriter/Syndctr( )( )              
Financing Fees ( 7 158) 25000 22727 22321 21739 21186 20833 20000
Financing Fees ( 7 158) 60000 49587 47832 45369 43091 41667 38400
Financing Fees ( 7 158) 72000 65455 64286 62609 61017 60000 57600
Credit Enhancement ( 7 641) 156000 77491 68824 58259 49927 45327 36289
Subtotal: Underwriter/Syndctr( )( ) 313000 215260 203263 187975 175222 167827 152289
               
Total 3,933,634 -1872983 -2293221 -2726810 -3000113 -3121762 -3290799


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