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APPENDIX A - TABLE 3 <br />FAIR REUSE VALUE ANALYSIS <br />VETERANS VILLAGE <br />SANTA ANA. CALIFORNIA <br />EXHIBIT 2 <br />I. Potential Funding Sources <br />Total Potential Funding Sources <br />A. Supportable Permanent Financing <br />(Less) Total Development Costs <br />(29,355,000) <br />Net Operating Income <br />$713,601 NO1 <br />III. Proposed Funding of Financial Gap by City <br />Income Available for Mortgage <br />1.158 DCR <br />$616,353 Debt Service <br />Interest Rate / Mortgage Constant <br />5.63% Int. Rate <br />6.30% Mort. Constant <br />Supportable Permanent Financing <br />Total City Funding Sources <br />$9,790,000 <br />B. 9% Federal Tax Credit Equity <br />$12,648,740 Gross Value <br />101.99% Synd. Rate $12,900,000 <br />C. OCCF Loan <br />$1,500,000 <br />D. Home Depot Foundation <br />$500,000 <br />E. County MHSA Loan <br />$2,912,000 <br />F. AHP Loan <br />$750,000 <br />G. Deferred Developer Fee <br />30% Developer Fee <br />$650,000 <br />Total Potential Funding Sources <br />$29,002,000 <br />II. Financial Surplus/ (Gap) Calculation <br />Total Potential Funding Sources <br />$29,002,000 <br />(Less) Total Development Costs <br />(29,355,000) <br />Financial surplus/(Gap) <br />75 Affordable Units ($4,700)/Unit ($353,000) <br />III. Proposed Funding of Financial Gap by City <br />LMIHAF Loan <br />$0 <br />CDBG Loan <br />0 <br />HOME Loan <br />352,963 <br />Total City Funding Sources <br />75 Affordable Units $4,700 /Affordable Unit $352,963 <br />Prepared by: Keyser Marston Associates, Inc. <br />Filename: Santa Ana VV - 2018 491 Model - 08.14.18; Financial Gap - 4%- KMA25 L -37 <br />