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APPENDIX A - TABLE 3 <br />FINANCIAL GAP CALCULATION <br />SANTA ANA ARTS COLLECTIVE <br />SANTA ANA, CALIFORNIA <br />I. Available Funding Sources <br />Permanent Loan <br />Net Operating Income ' $268,700 NOI (See Table 2) <br />Income Available for Mortgage 1.16 DCR $230,900 Debt Service <br />Interest Rate 5.36% Interest Rate 6.71% Mortgage Constant <br />Permanent Loan <br />Tax Credit Equity z <br />Gross Tax Credit Value <br />Syndication Rate <br />Net Tax Credit Equity <br />AHSC Affordable Hsg Development Loan 3 <br />AHSC Program Grant 3 <br />Deferred Developer Fee <br />$17,908,000 <br />$1.01 /Tax Credit Dollar <br />$3,442,000 <br />$17,534,000 <br />$4,944,000 <br />$23,000 <br />$2,000,000 <br />City of Santa Ana Inclusionary Funds 3 <br />$4,775,000 <br />City of Santa Ana CDBG Funds 3 <br />$500,000 <br />Total Available Funding Sources <br />$33,218,000 <br />II. Unfunded Financial Gap Calculation <br />Total Available Funding Sources <br />$33,218,000 <br />(Less) Total Development Costs <br />(35,896,000) <br />Unfunded Financial Gap $2,678,000 <br />' Assumes a 30 -year amortization term. <br />z Assumes an $15.9 million requested unadjusted eligible basis, which includes a $776,000 million voluntary basis reduction, a 130% difficult -to - <br />develop premium, a 9.0% Tax Credit rate and an applicable fraction of 100%. Due to delays in construction, the Project is subject to a $509,000 <br />equity timing adjuster. <br />3 The Developer provided commitment documentation for these funding sources. <br />Prepared by: Keyser Marston Associates, Inc. A 9A <br />Filename: Meta _8618;PF_9%;trb 25J-4 <br />