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

Schedule T: Detail Of Present Value

by participant

( bty )( aty ) 0% 10% 12% 15% 18% 20% 25%
Operator ( 9.0%)( )              
Land ( 1 132) -350000 -318182 -312500 -304348 -296610 -291667 -280000
Land Residual ( 1 195) 1,098,466 239058 179184 117387 77745 59414 30919
Participation ( 1 682) 115868 40769 33903 26067 20358 17407 12083
Subtotal: Operator ( 9.0%)( ) 864334 -38354 -99414 -160894 -198506 -214846 -236998
               
General Partner ( )( )              
Equity Residual ( 2 196) 24517 5336 3999 2620 1735 1326 690
Participation ( 2 682) 5,206,597 2,299,209 2,006,826 1,660,341 1,395,481 1,252,664 979761
Participation ( 2 682) 1,050,417 226282 156733 80443 27978 2396 -39571
Participation ( 2 682) -5788562 -2537253 -2211597 -1826247 -1532200 -1373880 -1071925
Participation ( 2 682) -596248 -158441 -123577 -85922 -60382 -47998 -27548
Net Cash Flow (NCF) ( 2 699) 3556 2748 2619 2441 2280 2182 1961
Subtotal: General Partner ( )( ) -99723 -162119 -164996 -166324 -165107 -163309 -156632
               
Investor ( 3.4%)( ****)              
Equity Residual ( 3 196) 2,427,172 528223 395924 259379 171786 131281 68319
Investment ( 3 310) -2384992 -1718205 -1616976 -1480239 -1359275 -1286273 -1126479
Participation ( 3 682) 596248 158441 123577 85922 60382 47998 27548
Net Cash Flow (NCF) ( 3 699) 352044 272052 259267 241673 225766 215997 194118
Income Taxes (Const.) ( 3 820) 1939 1763 1731 1686 1643 1616 1551
Income Taxes (from Disb.) ( 3 840) -202724 -53870 -42016 -29214 -20530 -16319 -9366
Income Taxes (Annual) ( 3 850) 428179 247896 226499 199677 177792 165361 140018
Inc.Taxes:Equity Residual ( 3 880) -564154 -122776 -92026 -60288 -39929 -30514 -15880
Tax Credit ( 3 890) 3,410,057 1,904,848 1,720,320 1,488,199 1,298,737 1,191,381 974050
Subtotal: Investor ( 3.4%)( ****) 4,063,769 1,218,371 976301 706796 516373 420526 253878
               
Other ( ****)( )              
Const.Interest ( 4 155) 548489 437541 419807 395380 373267 359667 329133
Const.Loan ( 4 220)   -388602 -441942 -510868 -568427 -601396 -668150
Subtotal: Other ( ****)( ) 548489 48939 -22135 -115487 -195160 -241729 -339017
               
Public ( )( )              
Income Taxes (Const.) ( 5 820) -1939 -1763 -1731 -1686 -1643 -1616 -1551
Income Taxes (from Disb.) ( 5 840) 202724 53870 42016 29214 20530 16319 9366
Income Taxes (Annual) ( 5 850) -428179 -247896 -226499 -199677 -177792 -165361 -140018
Inc.Taxes:Equity Residual ( 5 880) 564154 122776 92026 60288 39929 30514 15880
Tax Credit ( 5 890) -3410057 -1904848 -1720320 -1488199 -1298737 -1191381 -974050
Subtotal: Public ( )( ) -3073297 -1977861 -1814509 -1600061 -1417714 -1311524 -1090373
               
Secondary Lender ( 2.9%)( )              
Orig.Mtge(s) ( 6 240) -1200000 -1090909 -1071429 -1043478 -1016949 -1000000 -960000
Mtge Interest ( 6 660) 413618 204986 182434 155036 133473 121569 98147
Mtge Amortization ( 6 670) 610678 267188 232824 192177 161176 144490 112682
Mtge Amortization ( 6 670) 589322 128254 96131 62978 41710 31875 16588
Subtotal: Secondary Lender ( 2.9%)( ) 413618 -490481 -560039 -633287 -680590 -702065 -732584
               
Underwriter/Syndctr( )( )              
Financing Fees ( 7 158) 156018 128941 124377 117972 112050 108346 99852
Credit Enhancement ( 7 641) 156000 77491 68824 58259 49927 45327 36289
Subtotal: Underwriter/Syndctr( )( ) 312018 206432 193201 176231 161977 153673 136141
               
General Partner ( ****)( )              
Financing Fees ( 8 158) 63000 57273 56250 54783 53390 52500 50400
Financing Fees ( 8 158) 60109 54644 53668 52268 50940 50091 48087
Orig.Mtge(s) ( 8 240) -2003623 -1821475 -1788949 -1742281 -1697986 -1669686 -1602898
Mtge Interest ( 8 660) 2,500,236 1,198,323 1,060,584 894473 764849 693780 555126
Mtge Amortization ( 8 670) 650770 254211 216861 173649 141569 124689 93437
Mtge Amortization ( 8 670) 1,352,853 294420 220680 144572 95750 73173 38079
Subtotal: General Partner ( ****)( ) 2,623,344 37395 -180906 -422536 -591489 -675453 -817769
               
Operator ( )( )              
Start-up Oper. Losses (exp.) ( 9 167) -446310 -357263 -342877 -322992 -304920 -293770 -268647
Investment Adj. ( 9 320) 446310 357263 342877 322992 304920 293770 268647
Subtotal: Operator ( )( )              
               
Total 5,652,553 -1157678 -1672498 -2215561 -2570215 -2734728 -2983354


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