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Low Income Housing Tax Credit Syndication Demo

Schedule D: Present Value By Participant By Line Item

discount rate = 0.12

Developer  
Land ( 1 132) -350000
Start-up Oper. Losses (exp.) ( 1 167) -512478
Land Residual ( 1 195) 200616
Equity Residual ( 1 196) 5355
Investment Adj. ( 1 320) 511404
Ground Rent ( 1 631) 143028
Net Cash Flow (NCF) ( 1 699) 300
Subtotal: Developer -1774
   
Lender  
Financing Fees ( 2 158) 51025
Financing Fees ( 2 158) 23550
Orig.Mtge(s) ( 2 240) -785000
Mtge Interest ( 2 660) 465390
Mtge Amortization ( 2 670) 95160
Mtge Amortization ( 2 670) 96835
Subtotal: Lender -53040
   
Investor  
Equity Residual ( 3 196) 530160
Investment ( 3 310) -2327369
Net Cash Flow (NCF) ( 3 699) 29725
Income Taxes (Annual) ( 3 850) 434215
Inc.Taxes:Equity Residual ( 3 880) -123262
Tax Credit ( 3 890) 2,450,028
Subtotal: Investor 993497
   
Other  
Const.Interest ( 4 155) 577307
Const.Loan ( 4 220) -622114
Subtotal: Other -44807
   
Public  
Income Taxes (Annual) ( 5 850) -434215
Inc.Taxes:Equity Residual ( 5 880) 123262
Tax Credit ( 5 890) -2450028
Subtotal: Public -2760981
   
Secondary Lender  
Orig.Mtge(s) ( 6 240) -1896000
Mtge Interest ( 6 660) 322836
Mtge Amortization ( 6 670) 412006
Mtge Amortization ( 6 670) 170114
Subtotal: Secondary Lender -991045
   
Underwriter/Syndctr  
Financing Fees ( 7 158) 177879
Credit Enhancement ( 7 641) 57511
Subtotal: Underwriter/Syndctr 235391
   
Total -2622760



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