FEDERAL AFFORDABLE HOUSING CORPORATION Computation of Income (Loss) Per Common Share (Unaudited) For the Nine Months Ended February 28, ----------------------------------------- 1999 1998 ------------------ ------------------ Shares outstanding: 493,500 493,500 Weighted average shares outstanding 493,500 493,500 Net income (loss) $ (35,324) $ 508 Net income (loss) per common share $ (0.072) $ 0.001 8