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TABLE 3 <br />FINANCIAL GAP CALCULATION <br />SANTA ANA UNITED METHODIST CHURCH PROJECT <br />SANTA ANA. CALIFORNIA <br />I. Available Funding Sources <br />Tax -Exempt Multifamily Bonds 1 <br />Net Operating Income $138,000 N01 (See Table 2) <br />Income Available for Mortgage 1.46 OCR <br />Interest Rate 5.60% Interest Rate <br />Tax -Exempt Multifamily Bonds <br />Tax Credit Ectuiri 2 <br />Gross Tax Credit Value $17,151,000 <br />Syndication Rate $0.94 /Tax Credit Dollar <br />Net Tax Credit Equity <br />AHSC 3 <br />OC HCD/HP Funds 3 <br />AHP 3 <br />Deferred Fee 3 6% Total Developer Fee <br />GP Equity 3 52% Total Developer Fee <br />Total Available Funding Sources <br />II. Financial Gap Calculation <br />Total Available Funding Sources <br />(Less) Total Development Costs <br />$94,317 Debt Service <br />8.32% Mortgage Constant <br />EXHIBIT 3 <br />$1,133,000 <br />$16,122,000 <br />$20,000,000 <br />$2,360,000 <br />$920,000 <br />$300,000 <br />$2,715,000 <br />$43,550,000 <br />(46,749,000) <br />$43,550,000 <br />III. I Financial Surplus/ (Financial Gap) 93 Units ($34,400) /Unit ($3,199,000) <br />1 Assumes 20 -year amortization term. <br />2 Assumes a $40.0 million eligible basis, plus a 130% difficult -to -develop premium, a 3.3% Tax Credit rate and an applicable fraction of 100.00%. <br />3 Based on Developer estimate. <br />Prepared by: Keyser Marston Associates, Inc. <br />Filename: SA United Methodist Church -4% TC_AHSC_1 3 191@r6F %38 <br />