| ( 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) |
1098085 |
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 ( ****)( ) |
1091604 |
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 ( ****)( ) |
1054143 |
42458 |
-53040 |
-164035 |
-247110 |
-291221 |
-374150 |
| |
|
|
|
|
|
|
|
| Investor ( )( ****) |
|
|
|
|
|
|
|
| Equity Residual ( 3 196) |
2901864 |
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) |
4336162 |
2664384 |
2450028 |
2176219 |
1948709 |
1817924 |
1548228 |
| Subtotal: Investor ( )( ****) |
4287089 |
1266831 |
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 |
3711539 |
-2131941 |
-2622760 |
-3168674 |
-3555584 |
-3751752 |
-4099290 |
