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1:*AVMII: to <br />TABLE 2 <br />STABILIZED NET OPERATING INCOME <br />DEVELOPER PROPOSAL: $2.0 MILLION DEVELOPER PEE WITH NO DEFERRAL <br />SANTA ANA ARTS COLLECTIVE <br />SANTA ANA, CALIFORNIA <br />I. GcRall oill entlal lneame` <br />Manager's Unit <br />1 <br />Unit <br />$0 <br />/Unit/Month <br />$0 <br />Law HOMEIAHSC/TC 60 30%Median <br />1 -Bedroom Units @ (550-Sf) <br />14 <br />Units <br />$506 <br />/Unit/Month <br />85,000 <br />2 -Bedroom Units @ (871-59 <br />2 <br />Units <br />$606 <br />/Unit/Month <br />14,500 <br />3 -Bedroom Units @ (1,252.51) <br />4 <br />Units <br />$681 <br />/Unit/Month <br />82,700 <br />Law HOME/AHSCITC fat 3546 Median <br />1 -Bedroom Units @ (SSD.Sf) <br />6 <br />Units <br />$598 <br />/Unit/Month <br />43,100 <br />Low HQME/6115C/7C @ 40% Median <br />1-Badroom Units@ (550-50 <br />6 <br />Units <br />$609 <br />/Unit/Month <br />49,600 <br />High HOME/AHSCITC is 6096 Median <br />2 -Bedroom Units @ (871-Sf) <br />12 <br />Units <br />$1„265 <br />/Unit/Month <br />182,200 <br />3 -Bedroom Units @ (1,252Sf) <br />13 <br />Units <br />$1,442 <br />/Unit/Month <br />225,000 <br />Laundry/Miscellaneous Income <br />58 <br />Units <br />$10 <br />/Unit/Month <br />7,000 <br />Gross Base Income <br />$639,100 <br />(Less) Vacancy & Collection Allowance <br />5% <br />Gross Base l ncome <br />(32,000) <br />Effective Gross Base Income <br />$607,100 <br />II. Ooeratlns Exnenses <br />General Operating Expenses <br />58 <br />Units <br />$5,990 <br />/Unit <br />$347,400 <br />Property Taxes <br />58 <br />Units <br />$43 <br />/Unit <br />2,500 <br />Services <br />58 <br />Units <br />$690 <br />/Unit <br />40,000 <br />HCD Required Debt Service <br />0.42% <br />AHSC Loan Amount <br />20,800 <br />Replacement Reserve <br />58 <br />Units <br />$600 <br />/Unit <br />34,800 <br />Total Operating Expenses <br />$445,50D <br />ill. Net Operating Income 161,600 <br />s Based on Orange County Incomes distributed by HUD/HCI). As pertinent, the rents are based on those published In 2016 by TCAC, and the HOME <br />Program. Utility Allowances per the Developer: $42 for 1-Bdrm units; $52 for 2-Bdrm units; and $79 for 3-Bdrm units. <br />' Based on Developer estimate. Assumes that the Developer will receive the property tax abatement accorded to non-proflt housing organizatlons <br />that develop Incoms-restricted apartments. <br />Prepared by; Keyser Marston Associates, Inc. <br />rilenama; Meta_22617; PF_9%; Irb <br />