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EXHIBIT 3
<br />TABLE 2
<br />STABILIZED NET OPERATING INCOME
<br />SANTA ANA UNITED METHODIST CHURCH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />I. Gross Residential Income 1
<br />Manager's Unit
<br />1
<br />Unit
<br />$0
<br />/Unit/Month
<br />$0
<br />Tax Credit @ 30% Median (PSHI
<br />8
<br />Units
<br />$1,121 /Unit/Month
<br />107,600
<br />1 -Bedroom Units @ (569 -Sq
<br />30
<br />Units
<br />$226
<br />/Unit/Month
<br />81,400
<br />2 -Bedroom Units @ (92D-59
<br />3
<br />Units
<br />$212
<br />/Unit/Month
<br />7,600
<br />Tax Credit @ 30% Median
<br />5.00%
<br />Gross Non -PSH Income
<br />(48,300)
<br />2 -Bedroom Units @ (920 -Sq
<br />6
<br />Units
<br />$683
<br />/Unit/Month
<br />49,200
<br />3 -Bedroom Units @ (1,364-Sf)
<br />5
<br />Units
<br />$781
<br />/Unit/Month
<br />46,900
<br />Tax Credit @ 50% Median
<br />2 -Bedroom Units @ (920-Sf)
<br />20
<br />Units
<br />$1,175
<br />/Unit/Month
<br />282,000
<br />3 -Bedroom Units @ (1,364-Sf)
<br />11
<br />Units
<br />$1,350
<br />/Unit/Month
<br />178,200
<br />Tax Credit @ 60% Median
<br />93
<br />Units
<br />$1,324 /Unit
<br />123,100
<br />2 -Bedroom Units @ (920-Sf)
<br />12
<br />Units
<br />$1,421
<br />/Unit/Month
<br />204,600
<br />3 -Bedroom Units @ (1,364-Sf)
<br />5
<br />Units
<br />$1,634
<br />/Unit/Month
<br />98,000
<br />Section 8 Subsidy
<br />Tax Credit @ 30% Median
<br />1 -Bedroom Units @ (569-Sf)
<br />8
<br />Units
<br />$1,121 /Unit/Month
<br />107,600
<br />Gross Rental Income
<br />93
<br />Units
<br />$1,055,500
<br />Laundry and Miscellaneous
<br />93
<br />Units
<br />$10 /Unit/Month
<br />11,200
<br />(Less) Vacancy & Collection Allowance
<br />5.00%
<br />Gross Non -PSH Income
<br />(48,300)
<br />(Less) Vacancy & Collection - PSH
<br />10.00%
<br />Gross PSH Income
<br />(8,900)
<br />Effective Gross Income
<br />$1,009,500
<br />II. Operating Expenses
<br />General Operating Expenses
<br />93
<br />Units
<br />$5,505 /Unit
<br />$511,900
<br />Property Taxes
<br />z 93
<br />Units
<br />$54 /Unit
<br />5,000
<br />Services
<br />93
<br />Units
<br />$1,324 /Unit
<br />123,100
<br />Ground Lease Payment
<br />3
<br />96,000
<br />Bond Issuer Fee
<br />93
<br />Units
<br />$54 /Unit
<br />5,000
<br />AHSC Mandatory Payment
<br />4 $20,000,000
<br />AHSC Loan
<br />0.42% AHSC Loan
<br />84,000
<br />Replacement Reserve
<br />4 93
<br />Units
<br />$500 /Unit
<br />46,500
<br />Total Operating Expenses
<br />93
<br />Units
<br />$9,371 /Unit
<br />$871,500
<br />III. lNet Operating Income$138,000
<br />' Based on Orange County 2018 Incomes distributed by HUD. Based on rents published in 2018 by TCAC. Utility Allowances per the Developer: $41 for
<br />1-Bdrm units; $55 for 2-Bdrm units; and $71 for 3-Bdrm units.
<br />z Based on the assumption that the Developer will receive the property tax abatement accorded to non-profit housing organizations that own and
<br />operate apartment units restricted to households earning less than 80% of the area median income.
<br />3 The Developer provided an appraisal prepared by Curtis -Rosenthal, Inc. on August 23, 2018, which estimates the Fee Simple Market Value of the Site
<br />as vacant at $4.70 million. The initial year ground rent payment is equal to approximately 2% of the appraised value, which can be considered a below
<br />market ground lease payment.
<br />4 Based on the requirements of the Affordable Housing and Sustainable Communities (AHSC) Program.
<br />Prepared by: Keyser Marston Associates, Inc.
<br />Filename: SA United Methodist Church -4% TC_AHSC_1 3 181DAma
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