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EXHIBIT 1 <br />TABLE 3 <br />FINANCIAL GAP CALCULATION <br />DEVELOPER PROPOSAU $2.0 MILLION DEVELOPER FEE WITH NO DEFERRAL <br />SANTA ANA ARTS COLLECTIVE <br />SANTA ANA, CALIFORNIA <br />1. Available Funding Sources <br />Permanent Loan <br />Net Operating Income <br />r $161,600 NOI(See Table 2) <br />Income Available for Mortgage <br />1.17 DCR <br />$137,800 Debt Service <br />IntarastRate <br />5.65% Interest Rate <br />6.56% Mortgage Constant <br />Permanent Loan <br />$2,100,000 <br />Tax Credit Eouity <br />° <br />Gross Tax Credit Valu a <br />$17,908,000 <br />Syndication Rete <br />$0.99 /Tax Credlt Pollar <br />Net Tax Credit Equity <br />$17,704,000 <br />AHSC Affordable Housing Capital <br />a <br />$4,444,000 <br />ANSC STI <br />a <br />$1,288,000 <br />AHSC PRG <br />s <br />$23,DDD <br />Deferred Developer Fee <br />a <br />$0 <br />City of Santa Ana Commitment <br />$4,635,000 <br />Total Available PUnd1n95ourc®9 <br />$30,694,000 <br />11. Unfunded Financial Gqp Calculation <br />Total Available Funding Sources <br />$30,694,000 <br />(Less) Total Development Costs <br />(94,145,000) <br />Unfunded Financial Clap $3,451000 <br />t Assumes a 35 -year amortization term. <br />1 Assumes an $15.9 million requested unadjusted eligible basis, which includes a $776,000 million voluntary basis reduction, a 130% difficult -to - <br />develop premium, a 9.0% Tax Credit rate and an applicabte fraction of 100%, <br />a 8asedon0eveloperestimate. <br />Prepared by: Keyser Mardon Associates, Inc, <br />Fllaname: Ma1a_22SI7;PF_0%;Irb <br />