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TABLE 3 <br />FINANCIAL GAP CALCULATION <br />BUDGETINN <br />SANTA ANA, CALIFORNIA <br />I. Available Funding Sources <br />Permanent Loan <br />Net Operating Income <br />Income Available for Mortgage <br />Interest Rate <br />Permanent Loan <br />Federal Tax Credit Equiri <br />Gross Tax Credit Value <br />Syndication Rate <br />Net Federal Tax Credit Equity <br />OCCF <br />VHHP <br />AHP <br />Deferred Developer Fee <br />Total Available Funding Sources <br />II. Unfunded Financial Gap Calculation <br />Total Available Funding Sources <br />(Less) Total Development Costs <br />$488,700 NOI (See Table 2) <br />1.15 DCR <br />5.75% Interest Rate <br />$16,071,000 <br />97% /Tax Credit Dollar <br />$425,000 Debt Service <br />6.64% Mortgage Constant <br />$6,399,000 <br />$15,587,000 <br />3 $1,500,000 <br />3 $3,560,000 <br />' $890,000 <br />3 8% Total Developer Fee $139,000 <br />$28,075,000 <br />$28,075,000 <br />(29,745,000) <br />Unfunded Financial Gap 91 Units $18,400 /Unit $1,670,000 <br />1 Assumes a 35 -year amortization period. <br />' Assumes a $10.3 million requested unadjusted eligible basis, which includes a $2.49 million voluntary basis reduction, a 130%difficult-to-develop <br />premium, a 9.0% Tax Credit rate and an applicable fraction of 100%. <br />3 Based on Developer estimate. <br />Prepared by: Keyser Marston Associates, Inc. 80B-34 <br />Filename: Jamboree Budget Inn -2 19 19; PF -9%; trb <br />