3 - APPROVE PRE LOAN COMMITMENT_2019-01-15

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TABLE 2 STABILIZED NET OPERATING INCOME FRANCIS XAVIER RESIDENCE SANTA ANA, CALIFORNIA I.Gross Residential Income 1 Manager's Unit - Unit $0 /Unit/Month $0 ELI H&SC/NPLH @ 25% Median/VASH 1-Bedroom Units @ (600-Sf)1 Units $250 /Unit/Month 3,000 2-Bedroom Units @ (800-Sf)2 Units $429 /Unit/Month 10,300 ELI H&SC/NPLH @ 25% Median/COSR 1-Bedroom Units @ (600-Sf)9 Units $250 /Unit/Month 27,000 VASH/COSR Subsidy ELI H&SC/NPLH @ 25% Median/VASH 1-Bedroom Units @ (600-Sf)1 Units $1,349 /Unit/Month 16,200 2-Bedroom Units @ (800-Sf)2 Units $1,567 /Unit/Month 37,600 ELI H&SC/NPLH @ 25% Median/COSR 1-Bedroom Units @ (600-Sf)9 Units $595 /Unit/Month 64,300 Gross Rental Income 12 Units $158,400 (Less) Vacancy & Collection Allowance 10.0%Gross Income (15,800) Effective Gross Income $142,600 II.Operating Expenses General Operating Expenses 12 Units $5,680 /Unit $68,200 Property Taxes 2 12 Units $350 /Unit 4,200 HCD Mandatory Interest Payment 3 $2,350,000 NPLH Loan 0.42%NPLH Loan 9,900 Replacement Reserve 3 12 Units $500 /Unit 6,000 Total Operating Expenses 12 Units $7,358 /Unit $88,300 III.Net Operating Income $54,300 1 2 3 Based on the assumption that the Developer will receive the property tax abatement accorded to non-profit housing organizations that own and operate apartment units restricted to households earning less than 80% of the area median income. Based on the requirements of the No Place Like Home (NPLH) Program. Based on Orange County 2018 Incomes distributed by HUD/HCD. As pertinent, the rents are based on rents published in 2018 by HCD, CA H&SC Section 50053, and 30% of SSI. Utility Allowances per the Developer: $29 for 1-Bdrm units; and $40 for 2-Bdrm units. Prepared by: Keyser Marston Associates, Inc. Filename: Francis Xavier Residence PF_1 9 19; Pro Forma; trb EXHIBIT 3 3-30