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APPENDIX A -TABLE 2 <br />STABILIZED NET OPERATING INCOME <br />SANTA ANA ARTS COLLECTIVE <br />SANTA ANA, CALIFORNIA <br />I. Gross Residential Income <br />Manager's Unit <br />1 <br />Unit <br />$0 <br />/Unit/Month <br />$0 <br />Low HOME/TC Cd 30% Median <br />1 -Bedroom Units @ (687-Sf) <br />14 <br />Units <br />$572 <br />/Unit/Month <br />96,100 <br />2 -Bedroom Units @ (939-Sf) <br />2 <br />Units <br />$689 <br />/Unit/Month <br />16,500 <br />3 -Bedroom Units @ (1,280-Sf) <br />4 <br />Units <br />$781 <br />/Unit/Month <br />37,500 <br />Low HOME/TC to 35% Median <br />1 -Bedroom Units @ (687-Sf) <br />6 <br />Units <br />$674 <br />/Unit/Month <br />48,500 <br />Low HOME/TC (x140%Median <br />1 -Bedroom Units @ (687-Sf) <br />6 <br />Units <br />$777 <br />/Unit/Month <br />55,900 <br />High HOME/TC Cel 60% Median <br />2 -Bedroom Units @ (939-Sf) <br />12 <br />Units <br />$1,427 <br />/Unit/Month <br />205,500 <br />3 -Bedroom Units @ (1,280-Sf) <br />13 <br />Units <br />$1,634 <br />/Unit/Month <br />254,900 <br />Laundry/Miscellaneous Income <br />58 <br />Units <br />$10 <br />/Unit/Month <br />7,200 <br />Gross Base Income <br />$722,100 <br />(Less) Vacancy & Collection Allowance <br />5% <br />Gross Base Income <br />(36,100) <br />Effective Gross Base Income <br />$686,000 <br />II. Operating Expenses <br />General Operating Expenses <br />58 <br />Units <br />$5,660 <br />/Unit <br />$328,300 <br />Property Taxes <br />z 58 <br />Units <br />$232 <br />/Unit <br />13,400 <br />Services <br />58 <br />Units <br />$345 <br />/Unit <br />20,000 <br />HCD Required Debt Service <br />$4,944,000 <br />AHSC Loan <br />0.42% <br />AHSC Loan <br />20,800 <br />Replacement Reserve <br />58 <br />Units <br />$600 <br />/Unit <br />34,800 <br />Total Operating Expenses <br />$417,300 <br />III. I Net Operating Income $268,700 <br />Based on Orange County Incomes distributed by HUD/HCD. As pertinent, the rents are based on those published in 2018 by TCAC, and the HOME <br />Program. Utility Allowances per the Developer: $43 for 1-Bdrm units; $49 for 2-Bdrm units; and $71 for 3-Bdrm units. <br />z Based on Developer estimate. Assumes that the Developer will receive the property tax abatement accorded to non-profit housing organizations <br />that develop income -restricted apartments. <br />Prepared by: Keyser Marston Associates, Inc. <br />Filename: Meta_8618; PF_9%; trb 25J -48 <br />Q O <br />