Note: Numbers in red indicate apparent arithmetic errors.

Tax Credit Inputs 1/19/06 13:29 Total Project Cost   24,237,419          Four or nine percent credit   4.00              Current credit as of    Jan. 06   3.46%                             ADD: Depreciation Basis   23,222,848   A   5.0% LESS: Non-Residential Deprec. Basis (commercial)   1,161,142           Res. Portion of Historic Rehab Credit   4,369,570           Disallowed Acquisition   1,275,000           Grants   0           Home Loans Greater Than AFR   0                   6,825,712   B                       Eligible LIHTC Basis   16,397,136   A-B       Eligible Basis Limit as per Cost Caps   0           Eligible Basis Used in Tax Credit Calculations   16,397,136           Adjust for Difficult to Develop Area   130.00%           Adjusted Eligible Basis   21,316,277           Low Income Occupancy Percentage   100.00%           Qualified Basis   21,316,277           Credit Percentage   3.45%           Calculated Annual Credit   737,543           Allocated Credits (if 9%) assumption   0           Used in Forecast   737,543       11,524                   Credits to Limited Partner @ 99.99   737,469                           Estimated Price   0.9200                           Estimated Equity   6,784,719         (1) Only eligible basis attributable to new construction or rehabiulitation expenditures can qualify for difficult to develop area basis increase.

 

Historic Credits       Residential   Non-Residential   Total Elig. Depr. Basis for Historic Credits   20,634,022   1,031,701   21,665,723 Less Acquisition   1   0   1 Less Personal Property   0   0   0 Less Pro Rata Grant   0   0   0 Eligible Hist. Basis   20,634,022   1,031,701   21,665,723 Hist. Credit Rate   20%   20%   20% Hist. Rehab Credits   4,126,804   206,340   4,333,145 Credits to LP @ 99.99%   4,126,392   206,320   4,332,711 Estimated Price   1,000   1,000   1,000 Estimated Equity   4,126,392   206,320   4,332,711

 

Acquisition Credits   Acqisition Basis    Y    1 Adjustment       (0)  4% Acquisition Credit Rate       3.43% Acquisition Credits       0 Credits to LP @ 99.99%       0 Aquisition Equity @   1,000   0

 

Tax Credit Summary Rehabilitation Credits   696,089 Acquisition Credits   0 Total Tax Credits   696,089