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TABLE 2 <br />STABILIZED NET OPERATING INCOME <br />BUDGET INN <br />SANTA ANA, CALIFORNIA <br />I. Gross Residential Income <br />1 <br />Manager's Unit <br />2 <br />Units <br />$0 <br />/Unit/Month <br />$0 <br />A. Base Rental Income <br />Low HOME/TC @ 30% Median <br />Studio Units @ (306-Sf) <br />89 <br />Units <br />$273 <br />/Unit/Month <br />291,600 <br />B. HUD-VASH PBV Income <br />Studio Units @ (306-Sf) <br />Low HOME/TC @ 30% Median <br />89 <br />Units <br />$1,114 <br />/Unit/Month <br />$1,189,800 <br />Laundry/Miscellaneous Income <br />91 <br />Units <br />$9 <br />/Unit/Month <br />9,800 <br />Gross Income <br />$1,491,200 <br />(Less) Vacancy & Collection Allowance <br />10% <br />Gross Income <br />(149,100) <br />Effective Gross Base Rent Income <br />$1,342,100 <br />II. Operatine Expenses <br />General Operating Expenses <br />91 <br />Units <br />$5,213 <br />/Unit <br />$474,400 <br />Property Taxes <br />1 91 <br />Units <br />$77 <br />/Unit <br />7,000 <br />Social Services <br />3 89 <br />Affordable Units <br />$3,500 <br />/Unit <br />311,500 <br />VHHP Mandatory Debt Service <br />4 $3,560,000 <br />VHHP Loan <br />0.42% <br />VHHP Loan <br />15,000 <br />Replacement Reserve <br />4 91 <br />Units <br />$500 <br />/Unit <br />45,500 <br />Total Operating Expenses $853,400 <br />III. I Net Operating Income $488,700 <br />1 Based on OC Incomes distributed by HUD. As pertinent, the rents are based on those published in 2018 by TCAC, the HOME Program, and 30% of SSI. <br />The project will pay for all utilities and no utility allowances are deducted from the gross rents. <br />z Based on Developer estimate. Assumes that the Developer will receive the property tax abatement accorded to non-profit housing organizations that <br />develop income -restricted apartments. <br />3 Based on Developer estimate. <br />4 Based on the requirements imposed by the VHHP Program. <br />Prepared by: Keyser Marston Associates, Inc. 80B-33 <br />Filename: Jamboree Budget Inn -2 19 19; PF -9%; trb <br />