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TABLE 2 <br />STABILIZED NET OPERATING INCOME <br />WESTVIEW HOUSE <br />SANTA ANA, CALIFORNIA <br />Income <br />Manager's Unit <br />1 <br />Unit <br />$0 <br />/Unit/Month <br />$0 <br />Base Income <br />Tax Credit Cn1 30% Median / NPLH <br />1-Bedroom Units @ (520-Sf) <br />20 <br />Units <br />$667 <br />/Unit/Month <br />160,100 <br />2-Bedroom Units @ (750-Sf) <br />2 <br />Units <br />$802 <br />/Unit/Month <br />19,200 <br />Tax Credit Cn1 30% Median / NPLH / Low HOME <br />1-Bedroom Units @ (520-Sf) <br />1 <br />Unit <br />$667 <br />/Unit/Month <br />8,000 <br />Tax Credit to 30% Median / NPLH / High HOME <br />1-Bedroom Units @ (520-Sf) <br />2 <br />Units <br />$667 <br />/Unit/Month <br />16,000 <br />2-Bedroom Units @ (750-Sf) <br />1 <br />Unit <br />$802 <br />/Unit/Month <br />9,600 <br />Tax Credit 0 30% Median <br />3-Bedroom Units @ (970-Sf) <br />20 <br />Units <br />$865 <br />/Unit/Month <br />207,600 <br />4-Bedroom Units @ (1,080-Sf) <br />16 <br />Units <br />$957 <br />/Unit/Month <br />183,700 <br />Tax Credit Cn1 30% Median / Low HOME <br />3-Bedroom Units @ (970-Sf) <br />1 <br />Unit <br />$865 <br />/Unit/Month <br />10,400 <br />Tax Credit C& 60% Median <br />3-Bedroom Units @ (970-Sf) <br />11 <br />Units <br />$1,791 <br />/Unit/Month <br />236,400 <br />4-Bedroom Units @ (1,080-Sf) <br />6 <br />Units <br />$1,990 <br />/Unit/Month <br />143,300 <br />Tax Credit P 60% Median / High HOME <br />3-Bedroom Units @ (970-Sf) <br />2 <br />Units <br />$1,791 <br />/Unit/Month <br />43,000 <br />4-Bedroom Units @ (1,080-Sf) <br />2 <br />Units <br />$1,990 <br />/Unit/Month <br />47,800 <br />Section 8 Subsidy <br />Tax Credit (@ 30% Median / NPLH z <br />1-Bedroom Units @ (520-Sf) <br />23 <br />Units <br />$1,297 <br />/Unit/Month <br />358,000 <br />2-Bedroom Units @ (750-Sf) <br />3 <br />Units <br />$1,636 <br />/Unit/Month <br />58,900 <br />Laundry/Miscellaneous Income <br />85 <br />Units <br />$15 <br />/Unit/Month <br />15,300 <br />Gross Rent Income <br />85 <br />Units <br />$1,517,300 <br />(Less) Vacancy & Collection Allowance <br />5.0% <br />Gross Rent Income <br />(75,900) <br />Effective Gross Rent Income <br />$1,441,40p <br />II. Operating Expenses <br />General Operating Expenses <br />85 <br />Units <br />$5,214 <br />/Unit <br />$443,200 <br />Property Taxes <br />z 85 <br />Units <br />$0 <br />/Unit <br />- <br />Social Services <br />3 85 <br />Units <br />$350 <br />/Unit <br />29,800 <br />NPLH Annual Fee <br />$7,111,000 <br />NPLH Loan <br />0.42% <br />NPLH Loan <br />29,900 <br />Replacement Reserve <br />85 <br />Units <br />$300 <br />/Unit <br />25,500 <br />Total Operating Expenses <br />85 <br />Units <br />$6,216 <br />/Unit <br />$528,400 <br />III. IStabilized Net Operating Income <br />$913,000 <br />Based on Orange County 2019 Incomes distributed by HUD. As pertinent, the rents are based on rents published in 2019 by TCAC/HOME. The NPLH <br />tenants will not pay for utilities. The utility allowances for the remaning units are per the Developer: $60 for 3-bdrm units; and $75 for 4-bdrm units. <br />The Developer will apply to Orange County for the PBVs. The Developer assumes the County will approve fair market rents based on 110% of the <br />published FMRs. <br />Based on Developer estimate. Assumes the Developer will apply for the property tax welfare exemption accorded to non-profit housing organizations <br />that own and operate apartment units restricted to households earning no more than 80%AMI, and that the property will not be subject to any <br />Per the Developer, the NPLH Program will coverall social service and case management services for the NPLH units. <br />60B—� �i Prepared by: Keyser Marston Associates, Inc. <br />JJ File name: Westview, House 3 19 20.xlsm; Pro Forma; trb <br />