Laserfiche WebLink
EXHIBIT 2 <br />TABLE 3 <br />FINANCIAL GAP CALCULATION <br />1126-46 EAST WASHINGTON AVENUE <br />SANTA ANA, CALIFORNIA <br />I. Available Funding Sources <br />Permanent Loan ' <br />Stabilized Net Operating Income $341,700 NO1 (See Table 2) <br />Income Available for Mortgage 1.20 DCR <br />Interest Rate/Mortgage Constant 5.50°% Interest Rate <br />Permanent Loan <br />Federal Tax Credit Equity <br />Gross Tax Credit Value <br />Syndication Rate <br />Net Federal Tax Credit Equity <br />State Tax Credit Equity <br />Gross Tax Credit Value <br />Syndication Rate <br />Net State Tax Credit Equity <br />OCHA PSH Loan 3 <br />County Capitalized Ground Rent Payment 3 <br />City Capitalized Ground Rent Payment 3 <br />Deferred Developer Fee <br />Total Available Funding Sources <br />If. Financial Gap Calculation <br />Total Development Costs <br />(Less) Total Available Funding Sources <br />$19,372,000 <br />$0.98 /Tax Credit Dollar <br />$6,457,000 <br />$0.77 /Tax Credit Dollar <br />0% Total Developer Fee <br />$284,750 Debt Service <br />9.81% Mortgage Constant <br />$2,904,000 <br />$18,982,000 <br />$4,999,000 <br />$2,281,000 <br />$2,500,000 <br />$3,080,000 <br />$38,688,000 <br />(34,746,000) <br />$34,746,000 <br />Total Financial Gap 85 Units $45,800 /Unit $3,942,000 <br />3 Assumes a 15-year amortization period. <br />2 Assumes a $21.5 million requested unadjusted eligible basis, which includes a $8.89 million voluntary basis reduction, a 100°%difficult-to-develop <br />premium, a 9.0%Tax Credit rate, and an applicable fraction of 100°%. <br />3 Based on Developer estimates. <br />Prepared by: Keyser Marston Associates, Inc. <br />Filename: 1126-46 E Washington-5 22 19; PF; trb 80 B-35 <br />