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