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Windsong Housing Associates, Ltd.

Schedule T: Detail Of Present Value

by participant

( bty )( aty ) 0% 10% 12% 15% 18% 20% 25%
Western Housing ( )( )              
Dev.Fee:Residential ( 1 144.72) 2,106,436 1,740,856 1,679,238 1,592,768 1,512,810 1,462,803 1,348,119
Equity Residual ( 1 196 ) 2,551,528 555287 416210 272669 180588 138007 71819
Investment Adj. ( 1 320 )   -416309 -463807 -520329 -562471 -584066 -620358
Return of Investment ( 1 370 )              
Supervisory Mgmt Fee ( 1 553 ) 157215 72472 63736 53292 45224 40836 32359
Net Cash Flow (NCF) ( 1 699 ) 8514 4128 3708 3215 2841 2639 2251
Subtotal: Western Housing ( )( ) 4,823,693 1,956,434 1,699,085 1,401,615 1,178,992 1,060,218 834190
               
Lender ( 9.2%)( )              
Orig.Mtge(s) ( 2 240 ) -5838700 -4825372 -4654576 -4414896 -4193263 -4054653 -3736768
Mtge Interest ( 2 660 ) 7,819,907 3,618,860 3,183,953 2,663,323 2,260,546 2,041,242 1,617,053
Interest (Mtge) Variance ( 2 669 ) -508298 -429082 -416427 -398831 -382667 -372586 -349478
Mtge Amortization ( 2 670 ) 443503 173490 148018 118532 96629 85099 63739
Mtge Amortization ( 2 670 ) 5,395,197 1,174,152 880074 576557 381852 291815 151861
Subtotal: Lender ( 9.2%)( ) 7,311,609 -287952 -858959 -1455315 -1836903 -2009084 -2253593
               
Individual Limited Partner ( 6.6%)( )              
Equity Residual ( 3 196 ) 1,225,734 266755 199944 130988 86753 66297 34501
Investment ( 3 310 ) -1369500 -934294 -872159 -789963 -718946 -676874 -586882
Return of Investment ( 3 370 ) 1,369,500 298043 223395 146351 96928 74073 38548
Net Cash Flow (NCF) ( 3 699 ) 208583 101141 90852 78773 69597 64653 55146
Income Taxes (Annual) ( 3 850 ) 597619 330803 300819 263847 234211 217595 184217
Inc.Taxes:Equity Residual ( 3 880 ) -1060496 -230795 -172990 -113330 -75058 -57360 -29850
Tax Credit ( 3 890 ) 2,359,484 1,372,917 1,249,838 1,094,070 966017 893034 744168
Subtotal: Individual Limited Partner ( 6.6%)( ) 3,330,923 1,204,571 1,019,700 810737 659503 581420 439848
               
Other ( ****)( )              
Const.Interest ( 4 155 ) 575492 498451 485214 466497 449032 438028 412529
Misc.Synd.Expense ( 4 158.19) 82170 67909 65505 62132 59013 57063 52589
Misc.Synd.Expense ( 4 158.19) 54780 45273 43670 41422 39342 38042 35059
Const.Loan ( 4 220 )   -479600 -555149 -658203 -750192 -805994 -928505
Credit Enhancement ( 4 641 ) 569667 292407 261551 223820 193943 177388 144703
Subtotal: Other ( ****)( ) 1,282,109 424440 300792 135668 -8862 -95475 -283625
               
IRS ( )( )              
Income Taxes (Annual) ( 5 850 ) -1097431 -610190 -555389 -487791 -433580 -403172 -342050
Inc.Taxes:Equity Residual ( 5 880 ) 1,933,846 420861 315452 206660 136870 104598 54433
Tax Credit ( 5 890 ) -4718968 -2745835 -2499677 -2188141 -1932034 -1786068 -1488336
Subtotal: IRS ( )( ) -3882553 -2935163 -2739614 -2469272 -2228743 -2084642 -1775953
               
Corporate Limited Partner ( 6.6%)( )              
Equity Residual ( 6 196 ) 1,225,734 266755 199944 130988 86753 66297 34501
Investment ( 6 310 ) -1369500 -934294 -872159 -789963 -718946 -676874 -586882
Return of Investment ( 6 370 ) 1,369,500 298043 223395 146351 96928 74073 38548
Net Cash Flow (NCF) ( 6 699 ) 208583 101141 90852 78773 69597 64653 55146
Income Taxes (Annual) ( 6 850 ) 499813 279386 254569 223943 199368 185576 157833
Inc.Taxes:Equity Residual ( 6 880 ) -873350 -190066 -142462 -93330 -61812 -47238 -24583
Tax Credit ( 6 890 ) 2,359,484 1,372,917 1,249,838 1,094,070 966017 893034 744168
Subtotal: Corporate Limited Partner ( 6.6%)( ) 3,420,264 1,193,882 1,003,977 790832 637905 559523 418732
               
March Securities & Inv.Svcs.( )( )              
Synd. Fees :Broker/Dealer ( 7 158.11) 219120 199200 195643 190539 185695 182600 175296
Investor Service Fee ( 7 554 ) 93500 44670 39612 33551 28855 26294 21324
Subtotal: March Securities & Inv.Svcs.( )( ) 312620 243870 235255 224091 214550 208894 196620
               
General Partner ( )( )              
Salaries ( 8 511 ) 540000 248926 218921 183048 155336 140264 111147
               
Collins & Associates ( )( )              
Management Fee ( 9 551 ) 707467 326124 286813 239816 203510 183763 145616
               
Special Limited Partner ( )( )              
Dev.Fee:Residential ( 10 144.72) 273900 226364 218351 207108 196711 190208 175296
               
Total 18,120,031 2,601,496 1,384,322 68329 -828002 -1264909 -1991721



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