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

Schedule C: Residual Values & IROR's

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

  Original cost
PROJECT  
165 Capitalized Cost (TCC) 5,499,344
190 Residual Value 5,505,104
195 Land Residual 1,101,021
670 Mtge Amortization 3,083,242
710 Depreciation 2,723,739
   
Developer  
1 195 Land Residual 1,101,021
1 196 Equity Residual 13208
1 670 Mtge Amortization 912698
1 916 Pre-Tax Present Value 369426
1 926 Pre-Tax Net Cash 2,303,074
   
Lender  
2 670 Mtge Amortization 1,570,544
2 916 Pre-Tax Present Value -167082
2 926 Pre-Tax Net Cash 3,255,980
   
Investor  
3 196 Equity Residual 1,307,633
3 880 Inc.Taxes:Equity Residual -400243
3 916 Pre-Tax Present Value -1413467
3 917 After-Tax Present Value 367337
3 926 Pre-Tax Net Cash -821057
3 927 After-Tax Net Cash 2,145,735
   
Other  
4 670 Mtge Amortization 600000
4 916 Pre-Tax Present Value -987261
4 926 Pre-Tax Net Cash -509861
   
Secondary Lender  
6 916 Pre-Tax Present Value 209803
6 926 Pre-Tax Net Cash 325000
   
All Participants  
99 916 Pre-Tax Present Value -1988581
99 926 Pre-Tax Net Cash 4,553,136
   
Developer  
1 936 IROR Pre-Tax 23.26
1 938 FMRR Pre-Tax 17.25
   
Lender  
2 936 IROR Pre-Tax 10.81
2 938 FMRR Pre-Tax 12.16
   
Investor  
3 936 IROR Pre-Tax  
3 937 IROR After-Tax 21.57
3 937.1 IROR After-Tax(w/o pass.loss) 13.99
3 938 FMRR Pre-Tax -0.26
3 939 FMRR After-Tax 15.14
3 939.1 FMRR After-Tax(w/o pass.loss) 12.76
   
Other  
4 936 IROR Pre-Tax  
4 938 FMRR Pre-Tax -2.64
   
Secondary Lender  
6 936 IROR Pre-Tax  
6 938 FMRR Pre-Tax  
   
All Participants  
99 936 IROR Pre-Tax 5.86
99 938 FMRR Pre-Tax 8.44


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