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Guggenheim LIHTC Tests:Trial 7: Moderate Rehab: Tax Exempt.Fin.

Schedule C: Residual Values & IROR's

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

  Original cost
PROJECT  
165 Capitalized Cost (TCC) 31029
190 Residual Value 31029
195 Land Residual 6206
670 Mtge Amortization 13754
710 Depreciation 11736
   
Developer  
1 196 Equity Residual 172.7573
1 916 Pre-Tax Present Value -2662
1 926 Pre-Tax Net Cash -4114
   
Lender  
2 670 Mtge Amortization 13754
2 916 Pre-Tax Present Value -1973
2 926 Pre-Tax Net Cash 22740
   
Investor  
3 196 Equity Residual 17103
3 880 Inc.Taxes:Equity Residual -4419
3 916 Pre-Tax Present Value -4239
3 917 After-Tax Present Value 1849
3 926 Pre-Tax Net Cash 9333
3 927 After-Tax Net Cash 17609
   
Other  
4 916 Pre-Tax Present Value 612.854
4 926 Pre-Tax Net Cash 5682
   
All Participants  
99 916 Pre-Tax Present Value -8261
99 926 Pre-Tax Net Cash 33641
   
Developer  
1 936 IROR Pre-Tax  
1 938 FMRR Pre-Tax -15.65
   
Lender  
2 936 IROR Pre-Tax 9.92
2 938 FMRR Pre-Tax 9.69
   
Investor  
3 936 IROR Pre-Tax 5.07
3 937 IROR After-Tax 17.67
3 937.1 IROR After-Tax(w/o pass.loss) 13.97
3 938 FMRR Pre-Tax 6.57
3 939 FMRR After-Tax 13.46
3 939.1 FMRR After-Tax(w/o pass.loss) 11.95
   
Other  
4 936 IROR Pre-Tax 14.2
4 938 FMRR Pre-Tax 9.65
   
All Participants  
99 936 IROR Pre-Tax 7.46
99 938 FMRR Pre-Tax 8.31



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