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30%AMI TCAC & SNHP / Low HOME <br /># of Units <br />2 <br />1 <br />TCAC Rent <br />$667 <br />$801 <br />SNHP Rent <br />$231 <br />$347 <br />HOME Rent <br />$1,113 <br />$1,336 <br />Applicable Rent <br />$231 <br />$347 <br />Project -Based Vouchers <br />Yes <br />Yes <br />30%AMI TCAC & SNHP <br /># of Units <br />68 <br />4 <br />TCAC Rent <br />$667 <br />$801 <br />SNHP Rent <br />$231 <br />$347 <br />Applicable Rent <br />$231 <br />$347 <br />Project -Based Vouchers <br />Yes <br />Yes <br />Estimated Net Opeiat/ng Income (NO/) <br />The Project's effective gross income (EGI) is estimated at approximately $1.35 million based on <br />the following assumptions: <br />1. The gross potential rental income is estimated at approximately $215,000. <br />2. The PBV subsidy overhand is estimated at $1.23 million. <br />3. The miscellaneous income is estimated at $9 per unit per month. <br />4. A vacancy and collection allowance equal to 7% of gross income is deducted, which is <br />standard for a special needs project. <br />The residential operating expenses are estimated at $596,000 based on the following <br />assumptions: <br />1. The general operating expenses are estimated at $5,640 per unit per year. It should be <br />noted that the property management expenses are estimated at $60 per unit per month <br />and limited to 8% of gross rental income in the HOME Agreement. <br />2. KMA assumes Developer will apply for the property tax abatement that is accorded to <br />non-profit housing organizations that own income -restricted apartments. Developer <br />estimated the property tax assessment overrides at $5,016 per year. <br />3. The social services budget is estimated at $112,000, or $1,474 per unit. <br />4. The mandatory HCD debt services payment for the SNHP loan is equal to $12,230. <br />5. The annual capital replacement reserve deposits are estimated at $500 per unit. <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 18 <br />25B-42 <br />