Turnkey Syndication (+2.5%/yr)

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Turnkey Syndication (+2.5%/yr):Trial 7: Conv.Fin.: 9% LIHTC:$1.2M FAHP

Schedule B: Cash Flow By Participant

Annual

( BTY )( ATY )	Total	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002
Operator ( 9.0%)( )
Land ( 1 132)	-350000	-350000
Land Residual ( 1 195)	1,098,466																1,098,466
Participation ( 1 682)	115868			1158	2320	3482	4638	5783	6913	8019	9096	10135	11128	12067	12941	13739	14451
Subtotal: Operator ( 9.0%)( )	864334	-350000		1158	2320	3482	4638	5783	6913	8019	9096	10135	11128	12067	12941	13739	1,112,917

General Partner ( )( )
Equity Residual ( 2 196)	24517																24517
Participation ( 2 682)	5,206,597		290353	297612	305053	312679	320496	328508	336721	345139	353768	362612	371677	380969	390493	400255	410262
Participation ( 2 682)	1,050,417		-143913	-99268	-41924	22604	61035	71506	82226	93198	104423	115902	127636	139626	151871	176371	189125
Participation ( 2 682)	-5788562		-311953	-321450	-331187	-341165	-351389	-361859	-372580	-383551	-394776	-406255	-417989	-429979	-442224	-454725	-467479
Participation ( 2 682)	-596248												-119250	-119250	-119250	-119250	-119250
Net Cash Flow (NCF) ( 2 699)	3556		1655	1219	657	24
Subtotal: General Partner ( )( )	-99723		-163858	-121886	-67401	-5858	30142	38155	46368	54786	63414	72258	-37926	-28634	-19110	2652	37176

Investor ( 3.4%)( ****)
Equity Residual ( 3 196)	2,427,172																2,427,172
Investment ( 3 310)	-2384992		-596248	-596248	-596248	-596248
Participation ( 3 682)	596248												119250	119250	119250	119250	119250
Net Cash Flow (NCF) ( 3 699)	352044		163858	120728	65081	2377
Income Taxes (Const.) ( 3 820)	1939	1939
Income Taxes (from Disb.) ( 3 840)	-202724												-40545	-40545	-40545	-40545	-40545
Income Taxes (Annual) ( 3 850)	428179	28594	45380	45825	45757	45291	44509	25216	24272	22909	21101	19146	17029	14735	12248	9549	6620
Inc.Taxes:Equity Residual ( 3 880)	-564154																-564154
Tax Credit ( 3 890)	3,410,057		341006	341006	341006	341006	341006	341006	341006	341006	341006	341006
Subtotal: Investor ( 3.4%)( ****)	4,063,769	30533	-46005	-88689	-144405	-207574	385515	366222	365277	363914	362107	360151	95733	93439	90952	88254	1,948,343

Other ( ****)( )
Const.Interest ( 4 155)	548489	141646	165513	130365	82757	28208
Const.Loan ( 4 220)		-1873374	274717	474300	530510	593847
Subtotal: Other ( ****)( )	548489	-1731728	440230	604665	613267	622055

Public ( )( )
Income Taxes (Const.) ( 5 820)	-1939	-1939
Income Taxes (from Disb.) ( 5 840)	202724												40545	40545	40545	40545	40545
Income Taxes (Annual) ( 5 850)	-428179	-28594	-45380	-45825	-45757	-45291	-44509	-25216	-24272	-22909	-21101	-19146	-17029	-14735	-12248	-9549	-6620
Inc.Taxes:Equity Residual ( 5 880)	564154																564154
Tax Credit ( 5 890)	-3410057		-341006	-341006	-341006	-341006	-341006	-341006	-341006	-341006	-341006	-341006
Subtotal: Public ( )( )	-3073297	-30533	-386385	-386831	-386763	-386297	-385515	-366222	-365277	-363914	-362107	-360151	23516	25810	28297	30996	598079

Secondary Lender ( 2.9%)( )
Orig.Mtge(s) ( 6 240)	-1200000	-1200000
Mtge Interest ( 6 660)	413618		35552	34557	33531	32474	31384	30262	29105	27914	26686	25420	24117	22773	21389	19962	18493
Mtge Amortization ( 6 670)	610678		32734	33730	34756	35813	36902	38024	39181	40373	41601	42866	44170	45513	46898	48324	49794
Mtge Amortization ( 6 670)	589322																589322
Subtotal: Secondary Lender ( 2.9%)( )	413618	-1200000	68286	68286	68286	68286	68286	68286	68286	68286	68286	68286	68286	68286	68286	68286	657608

Underwriter/Syndctr( )( )
Financing Fees ( 7 158)	156018		156018
Credit Enhancement ( 7 641)	156000		12000	12000	12000	12000	12000	12000	12000	12000	12000	12000	12000	12000	12000
Subtotal: Underwriter/Syndctr( )( )	312018		168018	12000	12000	12000	12000	12000	12000	12000	12000	12000	12000	12000	12000

General Partner ( ****)( )
Financing Fees ( 8 158)	63000	63000
Financing Fees ( 8 158)	60109	60109
Orig.Mtge(s) ( 8 240)	-2003623	-2003623
Mtge Interest ( 8 660)	2,500,236		189462	187417	185169	182698	179982	176996	173714	170106	166140	161781	156988	151720	145929	139564	132567
Mtge Amortization ( 8 670)	650770		20605	22650	24898	27369	30085	33071	36353	39961	43927	48287	53079	58347	64138	70503	77500
Mtge Amortization ( 8 670)	1,352,853																1,352,853
Subtotal: General Partner ( ****)( )	2,623,344	-1880514	210067	210067	210067	210067	210067	210067	210067	210067	210067	210067	210067	210067	210067	210067	1,562,920

Operator ( )( )
Start-up Oper. Losses (exp.) ( 9 167)	-446310	-90710	-165513	-121948	-65738	-2401
Investment Adj. ( 9 320)	446310	90710	165513	121948	65738	2401
Subtotal: Operator ( )( )

Total	5,652,553	-5162242	290353	298770	307373	316161	325134	334292	343634	353158	362863	372746	382805	393036	403434	413995	5,917,042

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