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

Schedule T: Detail Of Present Value

by participant

( bty )( aty ) 0% 10% 12% 15% 18% 20% 25%
Developer ( ****)( )              
Land ( 1 132) -350000 -333712 -330719 -326377 -322201 -319505 -313050
Start-up Oper. Losses (exp.) ( 1 167) -336491 -269708 -258882 -243899 -230263 -221841 -202835
Land Residual ( 1 195) 1,101,021 251309 190071 126177 84649 65236 34649
Equity Residual ( 1 196) 13208 3015 2280 1514 1015 783 416
Orig.Mtge(s) ( 1 240) -600000 -520071 -506202 -486524 -468089 -456435 -429325
Investment ( 1 310) 600000 520071 506202 486524 468089 456435 429325
Investment Adj. ( 1 320) 644896 493022 469190 436583 407290 389385 349507
Ground Rent ( 1 631) 315000 156011 139089 118651 102677 93908 76766
Mtge Interest ( 1 660) 312698 139568 121797 100632 84376 75584 58740
Mtge Amortization ( 1 670) -312698 -139568 -121797 -100632 -84376 -75584 -58740
Mtge Amortization ( 1 670) 912698 208325 157561 104595 70171 54078 28722
Net Cash Flow (NCF) ( 1 699) 2741 1001 836 646 506 432 299
Subtotal: Developer ( ****)( ) 2,303,074 509264 369426 217889 113845 62476 -25525
               
Lender ( ****)( )              
Const.Interest ( 2 155) 521254 429531 414462 393498 374297 362377 335285
Financing Fees ( 2 158) 69000 65789 65199 64343 63520 62988 61715
Financing Fees ( 2 158) 66000 57208 55682 53518 51490 50208 47226
Const.Loan ( 2 220)   -387296 -444900 -521842 -588849 -628685 -713835
Orig.Mtge(s) ( 2 240) -2200000 -1906925 -1856076 -1783922 -1716326 -1673597 -1574192
Mtge Interest ( 2 660) 2,599,726 1,254,358 1,109,513 934111 796708 721198 573604
Mtge Amortization ( 2 670) 629456 254399 217912 175302 143347 126407 94785
Mtge Amortization ( 2 670) 1,570,544 358479 271126 179984 120748 93055 49425
Subtotal: Lender ( ****)( ) 3,255,980 125541 -167082 -505009 -755065 -886048 -1125986
               
Investor ( )( ****)              
Equity Residual ( 3 196) 1,307,633 298469 225739 149854 100534 77478 41151
Investment ( 3 310) -2400000 -1813409 -1722015 -1597369 -1485842 -1417908 -1267368
Net Cash Flow (NCF) ( 3 699) 271310 99140 82810 63964 50061 42806 29577
Income Taxes (Const.) ( 3 820) 1939 1777 1748 1707 1667 1642 1582
Income Taxes (Annual) ( 3 850) 677464 403869 371405 330630 297235 278187 239087
Inc.Taxes:Equity Residual ( 3 880) -400243 -91356 -69095 -45868 -30772 -23715 -12596
Tax Credit ( 3 890) 2,687,633 1,613,007 1,476,744 1,303,340 1,159,879 1,077,695 908965
Subtotal: Investor ( )( ****) 2,145,735 511498 367337 206258 92763 36185 -59600
               
Other ( )( )              
Const.Interest ( 4 155) 6139 5511 5400 5242 5092 4997 4775
Const.Loan ( 4 220)   -101352 -118365 -142181 -164125 -177802 -208997
Orig.Mtge(s) ( 4 240) -600000 -520071 -506202 -486524 -468089 -456435 -429325
Investment ( 4 310) -600000 -520071 -506202 -486524 -468089 -456435 -429325
Mtge Interest ( 4 660) 84000 39247 34530 28859 24453 22049 17387
Mtge Amortization ( 4 670) 600000 136951 103579 68760 46130 35550 18882
Subtotal: Other ( )( ) -509861 -959785 -987261 -1012369 -1024627 -1028077 -1026604
               
Public ( )( )              
Income Taxes (Const.) ( 5 820) -1939 -1777 -1748 -1707 -1667 -1642 -1582
Income Taxes (Annual) ( 5 850) -677464 -403869 -371405 -330630 -297235 -278187 -239087
Inc.Taxes:Equity Residual ( 5 880) 400243 91356 69095 45868 30772 23715 12596
Tax Credit ( 5 890) -2687633 -1613007 -1476744 -1303340 -1159879 -1077695 -908965
Subtotal: Public ( )( ) -2966793 -1927298 -1780804 -1589809 -1428009 -1333810 -1137039
               
Underwriter/Syndctr( )( )              
Financing Fees ( 7 158) 25000 21670 21092 20272 19504 19018 17889
Financing Fees ( 7 158) 60000 52007 50620 48652 46809 45644 42933
Financing Fees ( 7 158) 72000 62408 60744 58383 56171 54772 51519
Credit Enhancement ( 7 641) 168000 86343 77347 66375 57710 52917 43467
Subtotal: Underwriter/Syndctr( )( ) 325000 222428 209803 193683 180193 172350 155807
               
Total 4,553,136 -1518351 -1988581 -2489358 -2820900 -2976924 -3218948


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