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EXHIBIT 2 <br />TABLE 2 <br />STABILIZED NET OPERATING INCOME <br />112646 EAST WASHINGTON AVENUE <br />SANTA ANA, CALIFORNIA <br />I. Gross Income ' <br />Manager's Unit <br />1 <br />Unit <br />$0 <br />/Unit/Month <br />$0 <br />Base Rental Income <br />TC @ 30%Median/Low HOME/Moderate H&SC <br />Studio Units @ (400-Sf) <br />16 <br />Units <br />$575 <br />/Unit/Month <br />110,400 <br />1-Bedroom Units @ (600-50 <br />26 <br />Units <br />$611 <br />/Unit/Month <br />190,600 <br />2-Bedroom Units @ (850-Sf) <br />21 <br />Units <br />$723 <br />/Unit/Month <br />182,200 <br />3-Bedroom Units @ (1,100-Sf) <br />17 <br />Units <br />$825 <br />/Unit/Month <br />168,300 <br />4-Bedroom Units @ (1,300-Sf) <br />5 <br />Units <br />$907 <br />/Unit/Month <br />54,400 <br />Operating Subsidv <br />PBV Subsidy -TC Cw 30% Median/Low HOME/Moderate H&SC <br />Studio Units @ (400-Sf) <br />16 <br />Units <br />$787 <br />/Unit/Month <br />151,100 <br />1-Bedroom Units @ (600-Sf) <br />26 <br />Units <br />$859 <br />/Unit/Month <br />268,000 <br />2-Bedroom Units @ (850-5f) <br />1 <br />Unit <br />$1,084 <br />/Unit/Month <br />13,000 <br />Laundry/Miscellaneous Income <br />86 <br />Units <br />$6 <br />/Unit/Month <br />6,200 <br />Gross Income <br />$1,144,200 <br />(Less) Vacancy & Collection Allowance <br />7.5% <br />Affordable Income <br />(53,400) <br />(Less) Vacancy & Collection Allowance 10.0% <br />Section 8 Subsidy <br />(43,200) <br />Effective Gross Income <br />$1,047,600 <br />Operatine Expenses <br />General Operating Expenses <br />86 <br />Units <br />$5,880 <br />/Unit <br />$505,700 <br />Property Taxes ' <br />86 <br />Units <br />$23 <br />/Unit <br />2,000 <br />Services <br />86 <br />Units <br />$1,977 <br />/Unit <br />170,000 <br />PSH Monitoring Fee <br />2,400 <br />Replacement Reserve <br />86 <br />Units <br />$300 <br />/Unit <br />25,800 <br />Total Operating Expenses <br />86 <br />Units <br />$8,208 <br />/Unit <br />$705,900 <br />Ill. IStabilized Net Operating Income <br />$341,700 <br />t Based on Orange County Incomes distributed by HUD/HCD in 2019. The rents are based on those published in 2018 by the HOME Program, and in <br />2019 by TCAC and the CA HSC Section 50053 calculation methodology. Utility Allowances per the Developer: $48 for studio units; $56 for 1-Bdrm <br />units; $78 for 2-Bdrm units; $100 for 3-Bdrm units and $125 for 4-Bdrm units. <br />z Based on Developer estimate. Assumes that the Developer will receive the property tax exemption available to non-profit housing organizations that <br />own and operate apartment units restricted to households earning less than 80%AMI. <br />Prepared by: Keyser Marston Associates, Inc. <br />Filename: 1126-46 E Washington_5 22 19; PF; trb Q U B-3 A <br />