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TABLE 3 <br />FINANCIAL GAP CALCULATION <br />WESTVIEW HOUSE <br />SANTA ANA, CALIFORNIA <br />I. Available Funding Sources <br />Tax -Exempt Multifamily Bonds <br />Stabilized Net Operating Income <br />Income Available for Mortgage <br />Interest Rate <br />Tax -Exempt Multifamily Bonds <br />Tax Credit Equity <br />Gross Tax Credit Value <br />Syndication Rate <br />Net Tax Credit Equity <br />NPLH <br />Rising Tide Funds <br />Developer Equity <br />Total Available Funding Sources <br />II. Financial Gap Calculation <br />Total Development Costs <br />(Less) Total Available Funding Sources <br />$913,000 (See TABLE 2) <br />1.15 DSCR <br />4.50% Interest Rate <br />$12,483,000 <br />$0.93 /Tax Credit Dollar <br />$793,917 Debt Service <br />5.68% Mortgage Constant <br />$13,980,000 <br />$11,608,000 <br />3 $7,111,000 <br />4 $1,000,000 <br />4 36% Total Developer Fee $1,426,000 <br />$39,020,000 <br />(35,125,000) <br />$35,125,000 <br />III. I Financial Gap 85 Units $45,800 /Unit $3,895,000 <br />1 Assumes a 35-year amortization term and a 20-year repayment term. <br />z Assumes a $30.1 million eligible basis, plus a 130%difficult-to-develop premium, a 3.2%Tax Credit rate and an applicable fraction of 100%. <br />3 The Developer proposes to apply for the maximum amount of NPLH funds. <br />4 Based on Developer estimate. <br />60 B-� Prepared by: Keyser Marston Associates, Inc. <br />Jam} File name: Westview House 3 19 20.xlsm; Pro Forma; trb <br />