Bond Amount						% of bond
		Long Term Amount		3,255,000		30.42%
		Short Term Amount		7,445,000		69.58%
		Total Bond Amount		10,700,000
Term				Months		Years
		Construction term		18		1.50
		Rent-up and Conversion term		3		.25
		Total term		21		1.75
Fixed Rates
		HDC Bond - Long Term		5.50%		1.67% 2 yr fixed rate
		HDC Bond - Short Term		3.95%		2.75% 2 yr fixed rate
		HDC 2nd Construction		1.25%		(1% + .25% servicing fee)
		HDC MIRP Construction		1.25%		(1% + .25% servicing fee)

Interest Calculations

Fixed Rate		Amount		Outstanding		Term (yrs)		Interest Rate		Interest
HDC 1st - Short Term		7,445,000		50%		1.50		3.95%		220,558.13
		7,445,000		100%		0.25		3.95%		73,519.38
HDC 1st - Long Term		3,255.000		50%		1.50		5.50%		134,258.75
		3,255,000		100%		0.25		5.50%		44,756.25
HDC 2nd		3,575,000		100%		1.75		1.25%		78,203.13
MIRP		0		100%		1.75		1.25%		0.00
Total Fixed Rate Construction Interest										551,305.63

NEGATIVE ARBITRAGE (for fixed-rate deals only)
Investment Rate: 3.50%
		Short Term		Long Term
Rate		3.95%		5.50%
Short Term Amount		7,445,000		7,445,000
Percent Outstanding		50%		50%
Invstment Spread		0.45%		2.00%
Construction Term (Years)		1.5		1.5
Totals		25,126.88		111,675.00
Negative Arbitrage		136,801.88

NYC HOUSING DEVELOPMENT CORPORATION     04/05/06