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APPENDIX A - TABLE 2 <br />STABILIZED NET OPERATING INCOME <br />VETERANS VILLAGE <br />SANTA ANA, CALIFORNIA <br />I. Project Revenue 1 <br />Manager Unit(s) <br />30% MedianTCAC / 30%SNHP / Low HOME <br />1-Bedroom Units @ (536-Sf) <br />2-Bedroom Units @ (788-Sf) <br />30% MedianTCAC / 30%SNHP <br />1-Bedroom Units @ (536-Sf) <br />2-Bedroom Units @ (788-So <br />Total Potential Gross Rental Income <br />Add: PBVSu1bsidy2 <br />Add: Miscellaneous Income' <br />Total Potential Gross Income <br />(Less) Vacancy & Collection Allowance 3 <br />Effective Gross Income <br />II. Operating Expenses a <br />General Operating Expenses <br />Property Taxes <br />Social Services <br />Agency Debt Service <br />Replacement Reserve <br />Total Operating Expenses <br />1 <br />Units <br />$0 /Month <br />$0 <br />2 <br />Units <br />$231 /Month <br />5,544 <br />1 <br />Units <br />$347 /Month <br />4,164 <br />68 <br />Units <br />$231 /Month <br />188,496 <br />4 <br />Units <br />$347 /Month <br />16,656 <br />76 <br />Units <br />$236 /Month <br />$214,860 <br />75 <br />Units <br />$1,369 /Month <br />1,231,980 <br />76 <br />Units <br />$9 /Unit/Month <br />8,208 <br />$1,455,048 <br />7% <br />of Potential Gross Income <br />(101,853) <br />$1,353,195 <br />76 <br />Units <br />$5,641 /Unit <br />$428,696 <br />76 <br />Units <br />$66 /Unit <br />5,016 <br />76 <br />Units <br />$1,474 /Unit <br />112,000 <br />2,912,000 <br />MHSA Loan <br />0.42%MHSALoan <br />12,230 <br />76 <br />Units <br />$500 /Unit <br />38,000 <br />76 <br />Units <br />$7,840 /Unit <br />$595,942 <br />Ill. I Net Operating Income $757,253 <br />1 Based on 2019 TCAC, SNHP and HOME rents. The tenants will not be responsible for utilities. <br />' Assumes that the City will provide the difference between the fair market rents at $1,580/1-bdrm units and $1,994/two-bedroom units, and the actual <br />rent paid by the tenants for at least 15 years. <br />a Based on Developer's estimates. <br />Prepared by: Keyser Marston Associates, Inc. <br />Filename: Santa Ana VV - 2018 9% Model - 7 319; Financial Gap - 9%- KMA; jlr 2 5 B -60 <br />