Turnkey Syndication (+2.5%/yr)

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

Schedule A: Project Cash Flow

Annual

	Total	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002
DEVELOPMENT/CAPITAL ACCTS
Depr. assets acquired
Land Development	-741153	-741153
Building Cost	-3409478	-3409478
Service structures	-240000	-240000
Architecture & Engineering	-133445	-133445
Elevator/Escalator
Furniture & Equipment
Misc. Administration	-54800	-54800
Dev. Costs Expensed	-5760	-5760
Grants & Reimbursements
Contingency	-227606	-227606
Land	-350000	-350000
Financing Fees	-279127	-123109	-156018
Construction Interest	-548489	-141646	-165513	-130365	-82757	-28208
Internal Interest
Accounting Transfers	497553	90710	165513	130365	82757	28208
Capitalized Cost	-5492305	-5336287	-156018
Capital Replacement	-466097		-21600	-22680	-23814	-25005	-26255	-27568	-28946	-30393	-31913	-33509	-35184	-36943	-38790	-40730	-42767
Ending Value .	5,492,330																5,492,330
Capital Before Fin	-466072	-5336287	-177618	-22680	-23814	-25005	-26255	-27568	-28946	-30393	-31913	-33509	-35184	-36943	-38790	-40730	5,449,564
Principal Flows .	3,996,440	5,426,997	321531	121948	65738	2401											-1942175
Developers Capital	3,530,368	90710	143913	99268	41924	-22604	-26255	-27568	-28946	-30393	-31913	-33509	-35184	-36943	-38790	-40730	3,507,389

OPERATIONS
Income	10,604,898		535153	555810	577265	599547	622690	646725	671689	697616	724544	752512	781559	811727	843059	875601	909400
Expenses .	-4822095	-5760	-223200	-234360	-246078	-258382	-271301	-284866	-299109	-314065	-329768	-346256	-363569	-381748	-400835	-420877	-441921
Net Avail. for D.S.	5,782,802	-5760	311953	321450	331187	341165	351389	361859	372580	383551	394776	406255	417989	429979	442224	454725	467479
Debt Service	-4823095	-84950	-455867	-420718	-373111	-318561	-290353	-290353	-290353	-290353	-290353	-290353	-290353	-290353	-290353	-278353	-278353
Ground Rent
Participation .	-584320		165513	121948	65738	2401	-34780	-43938	-53280	-62805	-72510	-82393	-92452	-102682	-113080	-135641	-146359
Cash Flow	375387	-90710	21600	22680	23814	25005	26255	27568	28946	30393	31913	33509	35184	36943	38790	40730	42767
Amortization .	1,261,448		53339	56379	59653	63181	66987	71095	75534	80334	85528	91153	97249	103860	111035	118827	127294
Earnings B.N.C.C.	1,636,835	-90710	74939	79059	83467	88186	93242	98663	104480	110727	117441	124661	132433	140803	149826	159557	170061
Non-Cash Charges .	-2914666		-209757	-215201	-219406	-222741	-225472	-173577	-176588	-178786	-180130	-181541	-183023	-184578	-186212	-187927	-189728
Taxable Income	-1277831	-90710	-134818	-136141	-135938	-134555	-132231	-74914	-72108	-68059	-62689	-56880	-50590	-43775	-36386	-28370	-19667

FINANCING SUMMARY
Project Cash Flow.	5,652,553	-5162242	290353	298770	307373	316161	325134	334292	343634	353158	362863	372746	382805	393036	403434	413995	5,917,042
Operator	864334	-350000		1158	2320	3482	4638	5783	6913	8019	9096	10135	11128	12067	12941	13739	1,112,917
General Partner	-99723		-163858	-121886	-67401	-5858	30142	38155	46368	54786	63414	72258	-37926	-28634	-19110	2652	37176
Investor	4,063,769	30533	-46005	-88689	-144405	-207574	385515	366222	365277	363914	362107	360151	95733	93439	90952	88254	1,948,343
Other Entities	3,897,470	-4812242	886601	895018	903621	912409	290353	290353	290353	290353	290353	290353	290353	290353	290353	278353	2,220,528
Public	-3073297	-30533	-386385	-386831	-386763	-386297	-385515	-366222	-365277	-363914	-362107	-360151	23516	25810	28297	30996	598079

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