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Covenant Village: 9% Tax Credit: $1.2M PBC: Semi-Annual

Schedule *: Operating Cash Flow

Semi-annual

  Total I'88 II'88 I'89 II'89 I'90 II'90 I'91 II'91 I'92 II'92 I'93 II'93 I'94 II'94 I'95 II'95 I'96 II'96 I'97 II'97 I'98 II'98 I'99 II'99 I' 0 II' 0 I' 1 II' 1 I' 2 II' 2 I' 3
CAPITAL ACCOUNTS                                                                
Capital Replacement -450995   -10800 -10800 -10800 -10800 -11067 -11340 -11620 -11907 -12201 -12502 -12811 -13127 -13452 -13784 -14124 -14473 -14830 -15197 -15572 -26862 -16351 -16754 -17168 -17592 -18026 -18472 -18928 -19395 -19874 -20365
Ending Value 5,505,104                                                             5,505,104
Capital Before Financing -450995 -2132165 -3160739 -233800 -10800 -10800 -11067 -11340 -11620 -11907 -12201 -12502 -12811 -13127 -13452 -13784 -14124 -14473 -14830 -15197 -15572 -26862 -16351 -16754 -17168 -17592 -18026 -18472 -18928 -19395 -19874 5,484,739
Principal Flows 2,716,758 1,664,815 3,312,689 399738 66995 65504 44254 41656 19246 185103                                           -3083242
Equity Cash Flow 2,265,763 -467350 151950 165938 56195 54704 33187 30316 7626 173196 -12201 -12502 -12811 -13127 -13452 -13784 -14124 -14473 -14830 -15197 -15572 -26862 -16351 -16754 -17168 -17592 -18026 -18472 -18928 -19395 -19874 2,401,497
Subtotal: CAPITAL ACCOUNTS 9,585,634 -934699 293100 321076 101590 98607 55307 49292 3632 334485 -36603 -37507 -38433 -39382 -40355 -41352 -42373 -43419 -44491 -45590 -46716 -80586 -49052 -50263 -51504 -52776 -54079 -55415 -56783 -58186 -59623 10,287,732
                                                                 
OPERATING ACCOUNTS                                                                
Income 9,208,862   144115 257633 257903 258173 262276 266443 270675 274973 279337 283770 288271 292843 297485 302201 306989 311853 316792 321809 326904 328864 330905 336242 341664 347170 352762 358442 364211 370070 376022 382067
Expense -4553353 -979 -116381 -111600 -111600 -111600 -114356 -117180 -120074 -123039 -126077 -129191 -132381 -135650 -139000 -142433 -145950 -149555 -153248 -157032 -160910 -164884 -168956 -173128 -177404 -181785 -186274 -190874 -195588 -200418 -205367 -210438
Net Avail. for DS 4,655,509 -979 27734 146033 146303 146573 147920 149263 150601 151934 153260 154579 155890 157192 158485 159768 161039 162298 163544 164776 165993 163980 161949 163114 164260 165385 166488 167568 168623 169653 170655 171628
Debt Service -3956988   -50675 -182738 -191323 -189832 -168582 -165984 -143574 -141066 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -124328 -118328 -118328
Ground Rent -309966   -5466 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500 -10500
Participation                                                                
Cash Flow 388555 -979 -28406 -47205 -55520 -53759 -31161 -27221 -3473 367 18432 19751 21062 22364 23657 24940 26211 27470 28716 29949 31165 29152 27121 28286 29432 30557 31660 32740 33795 34825 41827 42800
Amortization 316758       1988 2387 2809 3256 3730 4231 4762 5323 5917 6544 7206 7907 8646 9426 10250 11119 12036 13003 14023 15098 16231 17425 18683 20008 21404 22874 24421 26051
Earnings BNCC 705313 -979 -28406 -47205 -53532 -51372 -28353 -23965 257 4599 23194 25074 26978 28908 30864 32846 34857 36897 38966 41068 43202 42155 41144 43384 45663 47982 50343 52748 55199 57699 66248 68851
Depreciation -2723739   -51564 -103128 -103128 -103128 -103128 -103128 -103128 -103128 -103128 -103128 -89088 -75048 -75048 -75048 -75048 -75048 -75048 -75048 -75048 -113344 -107873 -103184 -99164 -95719 -92766 -90235 -88066 -88066 -88066 -88066
Taxable Income -2018427 -979 -79970 -150333 -156660 -154500 -131481 -127093 -102871 -98530 -79935 -78054 -62110 -46140 -44185 -42202 -40191 -38152 -36082 -33980 -31847 -71189 -66729 -59800 -53501 -47737 -42423 -37487 -32866 -30367 -21817 -19215
Subtotal: OPERATING ACCOUNTS 1,712,524 -4896 -189020 -249044 -276068 -267559 -174555 -156109 -58357 -40159 35016 43294 79710 116184 124637 133150 141724 150362 159064 167832 176668 92909 96755 115185 132352 148450 163645 178083 191886 201442 235095 244849
                                                                 
Total 11,298,159 -939595 104081 72032 -174479 -168951 -119248 -106816 -54725 294326 -1587 5787 41277 76801 84282 91798 99352 106943 114573 122242 129952 12323 47703 64922 80847 95673 109566 122668 135102 143256 175473 10,532,581


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