PROJECT ASSUMPTIONS Project Assumptions % Commercial Percent equity available during construction Anticipated Year of Sale Cap Rate at Sale Cost of Sale Historic Rehab Assumptions Historic Rehabilitation 1=yes,0=no 1. Historic RTC Equity Rate LIHTC Assumptions LIHTC Rate 4% or 9% LIHTC Bonus Area 1=yes,0=no Low Income Occupancy Percentage Bldg. Acquisition Eligible 1=yes,0=no 1. LIHTC Sale Rate Investment Assumptions Investor Tax Rate Investor Ownership Basis for Equity (1=Sale Rate; 2=IRR, 3=$Amt) 2. Expected Rate of Return IRR 3. Equity Investment Committed
Development Budget
40% 0% 15 10.00% 0.00% 1 $0.90 9% 0 100% 1 $0.56 35% 99.90% 1 18% $0.00
EQUITY ATTRACTED Equity attracted sale of credits Equity attracted based on all benefits Equity attracted based on dollar amount
0 0 0
NOTE: Go to and complete "RENT & EXPENSE" tab then complete entries below
DEBT ATTRACTION CALCULATION Debt Coverage Ratio Loan to Value Ratio Fair Market Value Interest Rate Amortization Period (years) Capitalization Rate Stabilized NOI Loan Amount Bank Loan Committed Loan Amount, 1 if Bank offer, 2 if calculated Requirements Loan Amount 1.15 $0 80% $0 $0 9.00% 30 10.00% $0 $0 This is the amount of debt (loan) the project will support $0 2
PROPOSED PERMANENT FINANCING AMOUNT RATE Amortization Term BANK 0 9.00% 30 15 City Loan 0 5.00% 30 18 Interest Only Loan 0 5.00% Pmts begin year 3 Interest Only Loan 0 5.00% Pmts begin year 4 Interest Only Loan 0 5.00% Pmts begin year 5 Deferred Loan 0 2.00% Pmts begin year 3 20 Term Deferred Loan 0 7.00% Pmts begin year 4 30 Term Developer Loan 0 5.00% 15 21 Cash Flow Loan 0 6.00% 20 20 40.00% Percent of CF Cash Flow Loan 0 5.00% 20 20 30.00% Percent of CF TOTAL LOANS 0 Grant - Land Acq 0 Source of Grant Grant - Building Acq 0 Source of Grant Grant - Other 0 Source of Grant TOTAL GRANTS 0 EQUITY 0 This is the equity required ( Total Development Cost - Total Loans) TOTAL SOURCES 0 GAP WO/BRIDGE GAP W/BRIDGE CASH FLOW 0 0
1
$ -
2
$ -
3
$ -
4
$ -
5
$ DESIRED DEV FEE $ ACTUAL DEV FEE $ 1 DEV FEE AT CLOSE $ 1 ACTUAL IRR #NUM!
TOTAL DEVELOPMENT COST Project cost
National Development Council
0
Rent & Expense
RENT AND EXPENSE ASSUMPTIONS
RESIDENTIAL RENTS size Mo Rent Efficiency 0.00 1br 0.00 2br 0.00 3br 0.00 4br 0.00 0.00 # units 0 0 0 0 0 $/unit/YR Annual rent 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $/sf/yr Annual rent 6 $0.00 $/sf/yr Ten. Cont. 1.5 $0.00 RESIDENTIAL ASSUMPTIONS Rent Inc/Yr Op Cost Inc/Yr Vac Yr 1 Vac Yr 2 Vac Yr 3 & Future Percent 3% 3% 5% 5% 5%
Total COMMERCIAL RENTS Commercial Tenant Contributions
0 leaseable sf 0 leaseable sf 0
TOTAL INCOME Residential Income Commercial Income Tenant Contributions Other Income TOTAL INCOME
0 0 0 0 0
COMMERCIAL ASSUMPTIONS Rent Inc/Yr Op Cost Inc/Yr Vac Yr 1 Vac Yr 2 Vac Yr 3 & Future Other Income Increase Weighted Op. Exp.
Percent 3% 3% 15% 10% 5% 0% 3%
DEVELOPMENT OPERATIONS OPERATING BUDGET Advertise/market Management fee Legal Administrative Utilities Trash Maintenance Grounds RE Prop Tax Insurance Replace Reserve Other (WC) Total
0 0 0 0 0 0 0 0 0 0 0 0 0
National Development Council
Tax & Appreciation Benefits
VALUE OF LIHTC Acquisition Rehab/New Construction -%Commercial -RTC(Housing only) -Tax Exempt Financing -Grants =Housing Basis *%Low Income *Bonus area =LIHTC Housing Basis Amount of Credit/YR 10 Yr LIH Tax Credit Equity *% Ownership Partnership Equity TOTAL EQUITY LIHTC Acquisition Rehab/New Rehab/New 4% 4% 9% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 100% 100% 100% 100% 100% 0 0 0 0 0 0 0 0 0 0 0 0 99.90% 99.90% 99.90% 0 0 0 0 This is the amount of equity attracted by the LIHTC
CALCULATION OF HISTORIC TAX CREDIT Eligible Costs 0 - Non RTC Basis Items 0 Historic Rate 20% Historic Tax Credit 0 *Ownership % 99.90% Historic RTC Equity Rate $0.90 Equity Raised by RTC 0 This is the amount of equity attracted by the Historic RTC
DEPRECIABLE BASIS Depreciable Expenses - Amount of Historic TC Adjusted Depreciable Basis Commercial Basis(39 yrs) Residential Basis(27.5yrs) Other Depreciable Depreciation per year
0 0 0 0 0 0 0
NET SALE PROCEEDS Sale Price 0 (NOI in YR of Sale/Cap Rate) -Cost of Sale 0 (Sales Commission) -Existing Debt 0 (Sum Unpaid Principal on all loans) - Tax Due 0 _____________________ __________ Net Sale Proceeds 0 Adjusted Basis Original Project Cost - Sum Depreciation - Sum Amortization -RTC Adjusted Basis Capital Gain Sale Price 0 -Cost of Sale 0 - Adjusted Basis 0 _____________________ __________ Capital Gain 0
0 0 0 0 0 Tax on Gain Capital Gain 0 x Tax Rate 20% __________ __________ Tax 0
National Development Council
Proforma
PRE-TAX CASH FLOW YEAR Revenues 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 _______________ ____________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ Gross residential rent -Vacancy = Residential income Gross commercial rent + Tenant Contributions = Commercial rent - Commercial vacancy =Commercial income +Other Income = Effective Gross income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Maint./Structural Repairs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Prop. Mgt. Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Misc. Oper. Exp. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Transfer to Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Operating Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 _______________ ____________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ = Net Operating Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Debt Service (p+i) bank - Other Debt Service (p + i) - Interest Only Loan Pmts - Debt Service (p+i) developer - Debt Service -CF Loans - Debt Service -CF Loans - Land Lease - Incentive Mgt. Fees - Partnership Mgt. Fees - Asset Mgt. Fees = Cash Flow Available for Distribution Debt Coverage Ratio-Bank Loan Debt Coverage Ratio- All loans Cash on Cash (e=CF/EQ) Balloon loan paymemt After-tax cash flow analysis Determining Taxes YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 15 16 17 18 19 20 21 22 ============== =========== ========= ========== ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Depreciation Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Amortization of Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Accrued Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + Amortization of Principal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + Funded Reserves 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 = Earnings(loss) before tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 * Tax Rate 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% _______________ ____________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ = Tax Incurred(Saved) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Tax Incurred(+ Saved) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 _______________ ____________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ Cash Flow After-tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00
After-tax Benefits Analysis Cash Flow - Taxes + ITC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
National Development Council
Proforma
Revenues 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 _______________ ____________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ + LIHTC 0 0 0 0 0 0 0 0 0 0 + Net Sales Proceeds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 _______________ ____________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ Net Cash Flow After-tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ltd. Partners 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 IRR Equity 0 Desired IRR 18.00% Actual IRR #NUM! Loan Amortization BANK 1ST MORT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 _______________ ____________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ INT APR 9.00% TERM in YRS 30 LOAN AMT 0 P&I 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 REMAINING PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
City/State Loans 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 _______________ ____________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ INT RT 5.00% TERM 30 LOAN AMT 0 P&I 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 REMAINING PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
INTEREST ONLY LOANS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 _______________ ____________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ LOAN ONE LOAN AMT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST 5.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LOAN TWO LOAN AMT INTEREST LOAN THREE LOAN AMT INTEREST
0 5.00%
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 5.00%
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
DEFERRED LOAN INTEREST RATE TERM Original Loan Loan to Amortize PAYMENT P&I INTEREST PRINCIPAL REMAINING PRINCIPAL ACCRUED INTEREST
2.00% 18 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DEFERRED LOAN INTEREST TERM Original Loan Loan to Amortize PAYMENT P&I INTEREST PRINCIPAL
7.00% 27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
National Development Council
Proforma
Revenues 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 _______________ ____________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ REMAINING PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ACCRUED INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Developer Loan AMORT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 _______________ ____________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ INT RATE 5.00% TERM 15 LOAN AMT 0 P&I 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 REMAINING PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ACCRUED INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CASH FLOW LOAN INTEREST TERM LOAN AMT P&I CF PAYMENT INTEREST PRINCIPAL REMAINING PRINCIPAL ACCRUED INTEREST
6.00% 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CASH FLOW LOAN INTEREST TERM LOAN AMT P&I CF PAYMENT INTEREST PRINCIPAL REMAINING PRINCIPAL ACCRUED INTEREST
5.00% 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DO NOT PRINT BELOW LINE sales price sum of dep sum of am remain prin internal rate of return equity leveraged net sales proceeds after tax cash flow actual irr sum of public loan payments net present value of subsidized loans NA Sum of Accrued Interest 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 #NUM!
0 0 0 0 NA 0 NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
NA
0 0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
0 NA
0 0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
National Development Council
Proforma
PRE-TAX CASH FLOW Revenues 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 _______________ ____________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ Gross residential rent -Vacancy = Residential income Gross commercial rent + Tenant Contributions = Commercial rent - Commercial vacancy =Commercial income +Other Income = Effective Gross income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Maint./Structural Repairs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Prop. Mgt. Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Misc. Oper. Exp. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Transfer to Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Operating Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 _______________ ____________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ = Net Operating Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Debt Service (p+i) bank - Other Debt Service (p + i) - Interest Only Loan Pmts - Debt Service (p+i) developer - Debt Service -CF Loans - Debt Service -CF Loans - Land Lease - Incentive Mgt. Fees - Partnership Mgt. Fees - Asset Mgt. Fees = Cash Flow Available for Distribution Debt Coverage Ratio-Bank Loan Debt Coverage Ratio- All loans Cash on Cash (e=CF/EQ) Balloon loan paymemt After-tax cash flow analysis Determining Taxes 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 ============== =========== ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= ========= Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Depreciation Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Amortization of Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Accrued Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + Amortization of Principal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + Funded Reserves 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 = Earnings(loss) before tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 * Tax Rate 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% _______________ ____________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ = Tax Incurred(Saved) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - Tax Incurred(+ Saved) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 _______________ ____________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ Cash Flow After-tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00
After-tax Benefits Analysis Cash Flow - Taxes + ITC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
National Development Council
Proforma
Revenues 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 _______________ ____________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ + LIHTC + Net Sales Proceeds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 _______________ ____________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ Net Cash Flow After-tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ltd. Partners 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 IRR Equity Desired IRR Actual IRR Loan Amortization BANK 1ST MORT 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 _______________ ____________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ INT APR 9.00% TERM in YRS 30 LOAN AMT 0 P&I 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 REMAINING PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
City/State Loans 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 _______________ ____________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ INT RT 5.00% TERM 30 LOAN AMT 0 P&I 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 REMAINING PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
INTEREST ONLY LOANS 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 _______________ ____________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ LOAN ONE LOAN AMT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST 5.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LOAN TWO LOAN AMT INTEREST LOAN THREE LOAN AMT INTEREST
0 5.00%
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 5.00%
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
DEFERRED LOAN INTEREST RATE TERM Original Loan Loan to Amortize PAYMENT P&I INTEREST PRINCIPAL REMAINING PRINCIPAL ACCRUED INTEREST
2.00% 18 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DEFERRED LOAN INTEREST TERM Original Loan Loan to Amortize PAYMENT P&I INTEREST PRINCIPAL
7.00% 27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
National Development Council
Proforma
Revenues 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 _______________ ____________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ REMAINING PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ACCRUED INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Developer Loan AMORT 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 _______________ ____________ _________ _________ _________ _________ _________ _________ _________ _________ _________ _________ __________ _________ _________ _________ _________ _________ _________ _________ _________ INT RATE 5.00% TERM 15 LOAN AMT 0 P&I 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 REMAINING PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ACCRUED INTEREST 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CASH FLOW LOAN INTEREST TERM LOAN AMT P&I CF PAYMENT INTEREST PRINCIPAL REMAINING PRINCIPAL ACCRUED INTEREST
6.00% 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CASH FLOW LOAN INTEREST TERM LOAN AMT P&I CF PAYMENT INTEREST PRINCIPAL REMAINING PRINCIPAL ACCRUED INTEREST
5.00% 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DO NOT PRINT BELOW LINE sales price sum of dep sum of am remain prin internal rate of return equity leveraged net sales proceeds after tax cash flow actual irr sum of public loan payments net present value of subsidized loans NA Sum of Accrued Interest 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0 NA NA
0 0 0 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
NA
0 0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
NA
0
National Development Council
Net Dev Fee
Developer Fee Calculator Uses of Funds Total Development Costs Less Developer Fee Net Development Cost Plus Reserves Less Other Savings Less Existing Reserves Total Cash Needed (Close of Perm Fin) Sources of Funds First Mortgage Subordinated Debt % equity at perm closing Equity at Close of Permanent Bridge Loan Total Sources Developer Fee Total Sources Less Total Cash Needed Developer Fee at Permanent NPV of future cash to developer TOTAL DEVELOPER FEE
0 0 0 0 Total reserve required by equity investor 0 0 0 Bridge Loan Calculator Interest Rate Term DCR Bridge Loan Payment Bridge Loan Amount
0 0 100.00% 0 0 1
6.00% 1 1.15 0 0
1 0 1 0 1
Net Present Value Calculator Discount Rate 10.00% Annual Refunded Total cash NPV of cash Equity Pay Ins Reserves to developer to Developer 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year Year Year Year Year Year Year Year Year Year Total
1 2 3 4 5 6 7 8 9 10
National Development Council
10