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Judson Brown, City of Santa Ana <br />Santa Ana United Methodist Church: Financial Gap Analysis <br />EXHIBIT 3 <br />January 3, 2019 <br />Page 10 <br />Rent Restriction <br />1 -Bedroom <br />2 -Bedrooms <br />3 -Bedrooms <br />Tax Credit @ 30% (PSH Units)a <br />30% of Social Security Income <br />$226 <br />$212 <br />NA <br />TCAC <br />$574 <br />$683 <br />NA <br />Applicable Rents <br />$226 <br />$212 <br />NA <br />Tax Credit @ 30% <br />$574 <br />$683 <br />$781 <br />Tax Credit @ 50% <br />$984 <br />$1,175 <br />$1,350 <br />Tax Credit @ 60% <br />$1,189 <br />$1,421 <br />$1,634 <br />The Housing Authority will provide PBVs for eight of the income -restricted units. The <br />PBV payments are based on the difference between the rent paid by the tenant and the <br />fair market rent (FMR) approved by HUD. The 2018 FMRs for the one -bedroom PBV <br />units are set at $1,347 per unit per month. <br />Estimated Effective Gross Income <br />KMA estimates the Project's effective gross income (EGI) at $1.01 million based on the <br />following: <br />1. The gross tenant -paid rents are estimated to total $947,900. <br />2. The gross Section 8 PBV subsidy is estimated to total $107,600. <br />3. Laundry and miscellaneous income is estimated to average $10 per unit per <br />month, or $11,200 per year. <br />4. The vacancy and collection allowances applied to the Project are as follows: <br />s The rents for the PSH units are set at the lesser of 30% of Social Security Income or 30% of the Tax Credit <br />Median. <br />1812009:SA:TRB <br />19090.017.008 <br />FO M U <br />