Brandon Villas of Tampa

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MV AVAR AVI CM OM MTGES A87SCH ENT DEP UNITMIX Format420 Format418 Format424 Format426 Format421 Format409 Format410 Format401 Format423 Format413 Format414 Format412 Format404 Format425 Format429 Format402 Format422 Format428 Format405 Format406 Format407 Format408 Format415 Format416 Format417

Brandon Villas of Tampa

Schedule T: Detail Of Present Value

by participant

( bty )( aty )	0%	10%	12%	15%	18%	20%	25%
Developer( )( )
Acquisition Fee ( 1 142.9)	68000	61818	60714	59130	57627	56667	54400
Partnership Managmt Fee (exp) ( 1 166.2)	75000	68182	66964	65217	63559	62500	60000
Start-up Oper. Losses (exp.) ( 1 167 )	-15028	-13662	-13418	-13068	-12735	-12523	-12022
Funded Expenses ( 1 169 )	-155700	-110104	-103184	-93845	-85597	-80628	-69782
Operating Reserve ( 1 173 )	-104500	-71375	-66412	-59748	-53900	-50395	-42803
Equity Residual ( 1 196 )	1,413,363	544913	455065	349362	270043	228266	151759
Investment ( 1 310 )	-200	-182	-179	-174	-169	-167	-160
Investment Adj. ( 1 320 )	411400	282298	262782	236490	213319	199385	169058
Investment Adj. ( 1 320 )	104500	40289	33646	25831	19966	16877	11221
Management Fee ( 1 551 )	585048	336615	305570	266304	234070	215729	178426
Supervisory Mgmt Fee ( 1 553 )	50312	29759	27174	23894	21193	19651	16502
Net Cash Flow(var:taxexempt) ( 1 698 )	8059	6505	6250	5897	5575	5375	4923
Net Cash Flow (NCF) ( 1 699 )	34816	18103	16083	13563	11530	10390	8118
Subtotal: Developer( )( )	2,475,069	1,193,160	1,051,057	878855	744481	671127	529640

Lender ( ****)( )
Orig.Mtge(s) ( 2 240 )	-5300000	-4818182	-4732143	-4608696	-4491525	-4416667	-4240000
Mtge Interest ( 2 660 )	6,009,613	3,605,413	3,298,222	2,906,475	2,581,684	2,395,354	2,012,263
Interest (Mtge) Variance ( 2 669 )	-544385	-400734	-379085	-349888	-324089	-308527	-274453
Mtge Amortization ( 2 670 )	159326	69668	59653	47540	38138	33044	23359
Mtge Amortization ( 2 670 )	5,140,685	1,981,956	1,655,163	1,270,699	982202	830249	551977
Amortization (Mtge) Variance ( 2 679 )	-11	-6	-5	-4	-3	-3	-2
Subtotal: Lender ( ****)( )	5,465,228	438115	-98195	-733874	-1213594	-1466550	-1926857

Investor ( **)( **)
Equity Residual ( 3 196 )	3,297,847	1,271,463	1,061,818	815177	630101	532621	354104
Investment ( 3 310 )	-2100000	-1664179	-1594608	-1498864	-1412282	-1359086	-1239840
Return of Investment ( 3 370 )	2,100,000	809641	676144	519088	401235	339162	225486
Net Cash Flow(var:taxexempt) ( 3 698 )	395774	319383	306884	289533	273686	263873	241653
Net Cash Flow (NCF) ( 3 699 )	1,705,963	887029	788077	664608	564963	509101	397805
Income Taxes (Annual) ( 3 850 )	348707	274899	262754	245957	230718	221345	200350
Inc.Taxes:Equity Residual ( 3 880 )	-1860590	-717338	-599060	-459909	-355493	-300496	-199779
Subtotal: Investor ( **)( **)	3,887,700	1,180,897	902009	575591	332929	206520	-20222

Other ( )( )
Const.Interest ( 4 155 )	243288	201179	194205	184476	175540	169980	157310
Const.Loan ( 4 220 )		-167335	-192095	-225048	-253596	-270477	-306243
Net Cash Flow(var:taxexempt) ( 4 698 )	-403833	-325887	-313135	-295431	-279261	-269248	-246576
Subtotal: Other ( )( )	-160545	-292044	-311024	-336003	-357317	-369745	-395509

Public ( )( ****)
Income Taxes (Annual) ( 5 850 )	-348707	-274899	-262754	-245957	-230718	-221345	-200350
Inc.Taxes:Equity Residual ( 5 880 )	1,860,590	717338	599060	459909	355493	300496	199779
Subtotal: Public ( )( ****)	1,511,883	442439	336306	213952	124775	79151	-570

Total	13,179,336	2,962,567	1,880,153	598521	-368726	-879497	-1813518

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