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Low Income Housing Tax Credit Syndication Demo

Schedule C: Residual Values & IROR's

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

  Original cost
PROJECT  
165 Capitalized Cost (TCC) 5,490,424
190 Residual Value 5,490,424
195 Land Residual 1,098,085
670 Mtge Amortization 1,461,163
710 Depreciation 3,247,851
   
Developer  
1 195 Land Residual 1,098,085
1 196 Equity Residual 29312
1 916 Pre-Tax Present Value -1774
1 926 Pre-Tax Net Cash 1,091,604
   
Lender  
2 670 Mtge Amortization 530035
2 916 Pre-Tax Present Value -53040
2 926 Pre-Tax Net Cash 1,054,143
   
Investor  
3 196 Equity Residual 2,901,864
3 880 Inc.Taxes:Equity Residual -674681
3 916 Pre-Tax Present Value -1767484
3 917 After-Tax Present Value 993497
3 926 Pre-Tax Net Cash -74353
3 927 After-Tax Net Cash 4,287,089
   
Other  
4 916 Pre-Tax Present Value -44807
4 926 Pre-Tax Net Cash 675334
   
Secondary Lender  
6 670 Mtge Amortization 931129
6 916 Pre-Tax Present Value -991045
6 926 Pre-Tax Net Cash 653517
   
Underwriter/Syndctr  
7 916 Pre-Tax Present Value 235391
7 926 Pre-Tax Net Cash 311293
   
All Participants  
99 916 Pre-Tax Present Value -2622760
99 926 Pre-Tax Net Cash 3,711,539
   
Developer  
1 936 IROR Pre-Tax 11.95
1 938 FMRR Pre-Tax 12.81
   
Lender  
2 936 IROR Pre-Tax 10.84
2 938 FMRR Pre-Tax 12.27
   
Investor  
3 936 IROR Pre-Tax  
3 937 IROR After-Tax 30.91
3 937.1 IROR After-Tax(w/o pass.loss) 20.87
3 938 FMRR Pre-Tax 1.96
3 939 FMRR After-Tax 19.03
3 939.1 FMRR After-Tax(w/o pass.loss) 16.15
   
Other  
4 936 IROR Pre-Tax 11.08
4 938 FMRR Pre-Tax 12.69
   
Secondary Lender  
6 936 IROR Pre-Tax 2.94
6 938 FMRR Pre-Tax 7.42
   
Underwriter/Syndctr  
7 936 IROR Pre-Tax  
7 938 FMRR Pre-Tax  
   
All Participants  
99 936 IROR Pre-Tax 4.67
99 938 FMRR Pre-Tax 7.63



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