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Low Income Housing Tax Credit Syndication Demo

Schedule T: Detail Of Present Value

by participant

( bty )( aty ) 0% 10% 12% 15% 18% 20% 25%
Developer ( ****)( )              
Land ( 1 132) -350000 -350000 -350000 -350000 -350000 -350000 -350000
Start-up Oper. Losses (exp.) ( 1 167) -607265 -525957 -512478 -493663 -476366 -465594 -441013
Land Residual ( 1 195) 1,098,085 262873 200616 134949 91708 71272 38635
Equity Residual ( 1 196) 29312 7017 5355 3602 2448 1902 1031
Investment Adj. ( 1 320) 605576 524803 511404 492698 475494 464779 440321
Ground Rent ( 1 631) 315000 159728 143028 122795 106923 98185 81045
Net Cash Flow (NCF) ( 1 699) 897 354 300 237 189 163 116
Subtotal: Developer ( ****)( ) 1,091,604 78818 -1774 -89383 -149604 -179292 -229864
               
Lender ( ****)( )              
Financing Fees ( 2 158) 51025 51025 51025 51025 51025 51025 51025
Financing Fees ( 2 158) 23550 23550 23550 23550 23550 23550 23550
Orig.Mtge(s) ( 2 240) -785000 -785000 -785000 -785000 -785000 -785000 -785000
Mtge Interest ( 2 660) 979568 516440 465390 403013 353599 326179 271866
Mtge Amortization ( 2 670) 254965 109557 95160 78239 65449 58622 45760
Mtge Amortization ( 2 670) 530035 126886 96835 65138 44266 34402 18649
Subtotal: Lender ( ****)( ) 1,054,143 42458 -53040 -164035 -247110 -291221 -374150
               
Investor ( )( ****)              
Equity Residual ( 3 196) 2,901,864 694683 530160 356623 242352 188347 102100
Investment ( 3 310) -3065000 -2428909 -2327369 -2187627 -2061260 -1983618 -1809576
Net Cash Flow (NCF) ( 3 699) 88783 35085 29725 23432 18695 16183 11506
Income Taxes (Annual) ( 3 850) 699961 463101 434215 397553 367150 349626 313159
Inc.Taxes:Equity Residual ( 3 880) -674681 -161513 -123262 -82915 -56347 -43790 -23738
Tax Credit ( 3 890) 4,336,162 2,664,384 2,450,028 2,176,219 1,948,709 1,817,924 1,548,228
Subtotal: Investor ( )( ****) 4,287,089 1,266,831 993497 683286 459299 344671 141680
               
Other ( ****)( )              
Const.Interest ( 4 155) 675334 591221 577307 557902 540077 528986 503700
Const.Loan ( 4 220)   -537206 -622114 -738508 -843268 -907381 -1050324
Subtotal: Other ( ****)( ) 675334 54014 -44807 -180607 -303191 -378395 -546624
               
Public ( )( )              
Income Taxes (Annual) ( 5 850) -699961 -463101 -434215 -397553 -367150 -349626 -313159
Inc.Taxes:Equity Residual ( 5 880) 674681 161513 123262 82915 56347 43790 23738
Tax Credit ( 5 890) -4336162 -2664384 -2450028 -2176219 -1948709 -1817924 -1548228
Subtotal: Public ( )( ) -4361442 -2965972 -2760981 -2490858 -2259512 -2123760 -1837649
               
Secondary Lender ( 2.9%)( )              
Orig.Mtge(s) ( 6 240) -1896000 -1896000 -1896000 -1896000 -1896000 -1896000 -1896000
Mtge Interest ( 6 660) 653517 356266 322836 281701 248847 230495 193840
Mtge Amortization ( 6 670) 964871 464373 412006 349186 300496 273954 222546
Mtge Amortization ( 6 670) 931129 222905 170114 114431 77764 60435 32761
Subtotal: Secondary Lender ( 2.9%)( ) 653517 -852456 -991045 -1150682 -1268893 -1331116 -1446853
               
Underwriter/Syndctr( )( )              
Financing Fees ( 7 158) 199225 181114 177879 173239 168835 166021 159380
Credit Enhancement ( 7 641) 112068 63251 57511 50366 44591 41340 34791
Subtotal: Underwriter/Syndctr( )( ) 311293 244365 235391 223605 213426 207361 194171
               
Total 3,711,539 -2131941 -2622760 -3168674 -3555584 -3751752 -4099290



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