PS 109, Harlem, NYC - 4 Percent Model										Artspace Projects, Inc.
SOURCES										04/05/2006
						DCR		Total		% of TDC		Rate		Term		PMT
First Mortgage      Debt Coverage						1.31		3,355,000		16%		5.50%		30		228,592
FHLB AHP										0%		AFR		40		NA		NA
LAMP/PLP						1.14		3,575,000		17%		1.00%		30		35,750		Interest Only
Other #1								-		0%		0.00%		0		0		NA
Other #2								-		0%		0.00%		0		0		NA
Other #3								-		0%		0.00%		0		0		NA
GP Capital (Philanthropic Grants)								1,632,516		8%		6.00%		40		Cash Flow		Fourth Lien
Deferred Developer's Fee								964,038		5%		6.00%		15		Cash Flow		Third Lien
Historic Tax Credit Equity								4,126,392		19%								NA
Limited Partner Equity - LIHTC								6,960,191		32%								NA
TOTAL PERMANENT FINANCING								20,513,137		95%
SURPLUS/(DEFICIT)								(806,188)
USES
		% Depn		% Comm				Total		100.00% Residential		5% Commercial		Depreciable		Other		Per Unit
Acqisition								1				0
Land		0%		5%		25%		0		0		0		0		0		0
Building		100%		5%		75%		1		1		0		1		0		0
Other - Site Improvements		100%		0%				0		0		0		0		0		0
Construction Costs
Pre-Construction Holding		100%		0%				0		0		0		0		0		0
Site Improvements		100%		0%				0		0		0		0		0		0
Construction Cost New		100%		0%				0		0		0		0		0		0
Construction Cost Rehab		100%		5%				10,875,000		10,331,250		543,750		10,875,000		0		161,426
Construction Contingency		100%		5%		10.0%		1,087,500		1,033,125		54,375		1,087,500		0		16,143
General Requirements		100%		5%		6.0%		717,750		681,863		35,888		717,750		0		10,654
Overhead/Profit		100%		0%		10.0%		1,196,250		1,136,438		58,813		1,196,250		0		17,757
Environmental Remediation		100%		5%				750,000		712,500		37,500		750,000		0		11,133
Future Cost Premium		100%		0%				0		0		0		0		0		0
Professional Fees (Construction Related)
Architect Design		100%		5%		6.0%		652,500		619,875		32,625		652,500		0		9,686
Architect Supervision		100%		5%		2.0%		217,500		206,625		10,875		217,500		0		3,229
Architect Reimbursables		100%		5%				40,000		38,000		2,000		40,000		0		594
Engineer/Survey		100%		5%				130,000		123,500		6,500		130,000		0		1,930
Permits/Impact Fees		100%		5%				680,000		646,000		34,000		680,000		0		10,094
Construction Interim Costs
Hazard Insurance		100%		5%				60,000		57,000		3,000		60,000		0		891
Liability Insurance		100%		5%				40,000		38,000		2,000		217,500		0		594
Paymen't/er'for'mance Bond		100%		0%				0		0		0		0		0		0
Credit Report		100%		0%				0		0		0		0		0
Construction Period Interest		100%		5%				584,456		555,233		29,223		584,456		0		8,676
LOC Origination		100%		5%				110,118		110,312		5,806		110,118		0		1,724
LOC Annual Maintenance		100%		5%				246,170		233,862		12,309		246,170		0		3,654
Inspection Fees		100%		5%				30,000		28,500		1,500		30,000		0		445
Legal (Developer & Lenders)		100%		0%				0		0		0		0		0		0
Construction Period Taxes		100%		5%				25,000		23,750		1,250		25,000		0		371
Permanent Financing
HDC Fees/HPD420C/DOB		0%		5%		0.0%		91,470		86,897		4,574		0		1,470		1,358
NA		100%		5%		0.0%		0		0		0		0		0		0
NA		100%		5%		0.0%		0		0		0		0		0		0
NA		100%		0%		0.0%		0		0		0		0		0		0
Cost of Insurance		50%		5%				172,500		163,875		8,625		86,250		86,250		2,561
Title and Recording		100%		5%				62,370		59,252		3,119		62,370		0		926
Lender Legal.		50%		5%				25,000		23,750		1,250		12,500		12,500		371
Lender Reimbrsbles		50%		5%				15,000		14,250		750		7,500		7,500		223
Soft Costs
Feasibility Study (artist survey)		0%		5%				15,000		14,250		750		0		15,000		223
Market Study		0%		5%				10,000		9,500		500		0		10,000		148
Environmental Study - SEQRA		100%		5%				10,000		9,500		500		10,0000		0		148
Tax Credit Fees		0%		5%				12,800		12,160		640		0		12,800		190
Compliance Fees		0%		5%				12,800		12,160		640		0		12,800		190
Rent-up Marketing/Advertising		0%		5%				35,000		33,250		1,750		0		35,000		520
Appraisal		50%		5%				7,500		7,125		375		3,750		3,750		111
Cost Certificate & other Acctng		100%		5%				20,000		19,000		1,000		20,000		0		297
Survey		100%		5%				0		0		0		0		0		0
Historic Consultant		100%		5%				75,000		71,250		3,750		75,000		0		1,113
Syndication Costs
Organization		0%		0%		0.0%		0		0		0		0		0		0
Bridge Loan Inteerest		0%		0%		0.0%		0		0		0		0		0		0
Tax Opinion		100%		0%		0.0%		30,000		30,000		0		30,000		0		469
PV Adjustment		0%		0%		0.0%		0		0		0		0		0		0
Legal Fees		0%		0%				0		0		0		0		0		0
Developer Fees
Overhead		100%		0%				0		0		0		0		0		0
Fee		100%		5%				2,546,492		2,419,167		167,326		2,546,492		0		37,799
Consultant		100%		0%				0		0		0		0		0		0
Soft Cost Contingency		50%		0%				239,503		239,503		0		119,752		119,752		3,742
Legal
Organization Legal		50%		0%				25,000		25,000		0		12,500		12,500		391
Permanent Finance Legal		0%		5%				25,000		23,750		1,250		0		0		371
Construction Legal		100%		5%				25,000		23,750		1,250		25,000		0		371
Real Estate Legal		100%		5%				25,000		23,750		1,250		25,000		0		271
Syndication Legal		0%		0%				25,000		25,000		0		0		25,000		391
Reserves
Up Front Op Re HDC		0%		0%				65,000		65,000		0		0		65,000		1,016
Operating -  HDC Required		0%		0%				221,731		221,731		0		0		221,731		3,465
HPD Soc. Serv.		0%		0%				29,250		29,250		0		0		29,250		457
Negative Arbitrage Escrow		100%		0%				149,664		149,664		0		149,664		0		2,339
TOTAL DEVELOPMENTT COSTS								21,419,325		20,387,616		1,031,709		20,634,022		785,303		318,557