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

Schedule D: Present Value By Participant By Line Item

discount rate = 0.12

Developer  
Land ( 1 132) -312500
Start-up Oper. Losses (exp.) ( 1 167) -201290
Land Residual ( 1 195) 32812
Equity Residual ( 1 196) 394
Orig.Mtge(s) ( 1 240) -427068
Investment ( 1 310) 427068
Investment Adj. ( 1 320) 346297
Ground Rent ( 1 631) 75517
Mtge Interest ( 1 660) 57534
Mtge Amortization ( 1 670) -57534
Mtge Amortization ( 1 670) 27200
Net Cash Flow (NCF) ( 1 699) 290
Subtotal: Developer -31280
   
Lender  
Const.Interest ( 2 155) 333070
Financing Fees ( 2 158) 61607
Financing Fees ( 2 158) 46977
Const.Loan ( 2 220) -720450
Orig.Mtge(s) ( 2 240) -1565917
Mtge Interest ( 2 660) 562858
Mtge Amortization ( 2 670) 92569
Mtge Amortization ( 2 670) 46805
Subtotal: Lender -1142480
   
Investor  
Equity Residual ( 3 196) 38970
Investment ( 3 310) -1255300
Net Cash Flow (NCF) ( 3 699) 28670
Income Taxes (Const.) ( 3 820) 1577
Income Taxes (Annual) ( 3 850) 236124
Inc.Taxes:Equity Residual ( 3 880) -11928
Tax Credit ( 3 890) 896211
Subtotal: Investor -65676
   
Other  
Const.Interest ( 4 155) 4756
Const.Loan ( 4 220) -211552
Orig.Mtge(s) ( 4 240) -427068
Investment ( 4 310) -427068
Mtge Interest ( 4 660) 17049
Mtge Amortization ( 4 670) 17881
Subtotal: Other -1026002
   
Public  
Income Taxes (Const.) ( 5 820) -1577
Income Taxes (Annual) ( 5 850) -236124
Inc.Taxes:Equity Residual ( 5 880) 11928
Tax Credit ( 5 890) -896211
Subtotal: Public -1121984
   
Underwriter/Syndctr  
Financing Fees ( 7 158) 17795
Financing Fees ( 7 158) 42707
Financing Fees ( 7 158) 51248
Credit Enhancement ( 7 641) 42774
Subtotal: Underwriter/Syndctr 154523
   
Total -3232899


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