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EXHIBIT 3
<br />Wsstvlew House Project Summary 04/28/22
<br />Project Data
<br />Operating Economic Assumptions
<br />Project:
<br />Westvlew House
<br />Vacancy Rate Non-PSH Units
<br />5.00 %
<br />Vacancy Rate PSH Units
<br />5.00%
<br />Total Units
<br />85
<br />Income Inflator
<br />2.00 %
<br />Expense Inflator
<br />3.00%
<br />Land Area
<br />2.12
<br />RE Tax Inflator
<br />2.00 %
<br />Units Per Acre
<br />40.09
<br />QCT/DDA
<br />YES
<br />Construction Loans
<br />Construction Period
<br />30
<br />4%or 9%Financing
<br />4.00%
<br />Loan Amount
<br />40,200,000
<br />Federal Tax Credit Price
<br />0.925
<br />Loan Fees
<br />0.60%
<br />Tax -Exempt Loan
<br />$23,990,343
<br />1.95 %
<br />Taxable Loan
<br />$16,209,657
<br />2.25%
<br />Blended Loan Rate
<br />2.60 %
<br />Permanent Loans Fee
<br />Interest Amorti-ton Amount
<br />Permanent Loans
<br />4.05% 480
<br />13,642,615
<br />Soft Debt Loans
<br />Interest
<br />3.00%
<br />PROJECT UNIT MIX
<br />MONTHLY
<br />AMI
<br />BEDROOMS
<br />SF
<br />UNITS
<br />MGR
<br />PERCENT
<br />GROSS
<br />UTILITY
<br />NETTCAC
<br />PBV ANNUAL
<br />TCAC RENT
<br />ALLOWANCE
<br />RENT
<br />CONTRACT RENTS RENTAL INCOME
<br />30%
<br />1
<br />489-523
<br />23
<br />0
<br />27%
<br />762
<br />0
<br />762
<br />1,867 515,292.00
<br />30%
<br />2
<br />756
<br />3
<br />1
<br />4%
<br />915
<br />0
<br />915
<br />2,278 82,008.00
<br />30%
<br />3
<br />933-1,101
<br />21
<br />0
<br />25%
<br />1.057
<br />76
<br />981
<br />0 247,212.00
<br />60%
<br />3
<br />933-1,101
<br />13
<br />0
<br />15%
<br />2,114
<br />76
<br />2,038
<br />0 317,928.00
<br />30%
<br />4
<br />1,178
<br />16
<br />0
<br />19%
<br />1,179
<br />95
<br />1,084
<br />0 208,128.00
<br />60%
<br />4
<br />1,178
<br />8
<br />0
<br />10%
<br />2,358
<br />95
<br />2,263
<br />0 217,248.00
<br />TOTAL
<br />84
<br />1
<br />100%
<br />1,587,816
<br />CONSTRUCTION SOURCES
<br />TOTAL
<br />Construction Loan
<br />$39,251,491
<br />Net Investor Equity
<br />$4,705,272
<br />OCHFT
<br />$1,450,349
<br />City of Santa Ana
<br />$3,904,341
<br />CDP OZ LLC
<br />$350,000
<br />DDF
<br />$103,967
<br />TOTAL SOURCES
<br />PERMANENT SOURCES
<br />TOTAL
<br />Net Investor Equity (Federal)
<br />$18,821,088
<br />Permanent Loan
<br />$13,642,615
<br />CDP OZ LLC
<br />$350'000
<br />OCHFT
<br />$1,450,349
<br />City of Santa Ana
<br />$3,904,341
<br />NPLH
<br />$7,312,537
<br />County of Orange MHSA
<br />$4,258,280
<br />Deferred Developer Fee
<br />$26,210
<br />TOTAL SOURCES
<br />$49,765,420
<br />AMI
<br />NO. UNITS
<br />30.00 %
<br />63
<br />35.00%
<br />0
<br />40.00 %
<br />0
<br />45.00%
<br />0
<br />50.00 %
<br />0
<br />55.00%
<br />0
<br />60.00 %
<br />21
<br />Total Affordable
<br />84
<br />Manager Unit
<br />1
<br />TOTAL UNITS
<br />85
<br />Stabilized Cash Flow
<br />INCOME
<br />TOTAL
<br />PER UNIT
<br />Gross Potential Rental Income
<br />1,587,816
<br />18,680
<br />Laundry Income
<br />12,240
<br />144
<br />Gross Commercial Income
<br />0
<br />0
<br />Vacancy and Collection
<br />(80,003)
<br />(941)
<br />EFFECTIVE GROSS INCOME
<br />1,520,053
<br />17,883
<br />EXPENSES
<br />TOTAL
<br />PER UNIT
<br />Operating Expenses
<br />643,485
<br />7,570
<br />Other( )
<br />0
<br />0
<br />Social Services
<br />42,500
<br />500
<br />Reserves
<br />0
<br />0
<br />TOTAL EXPENSES
<br />685,985
<br />8,070
<br />NET OPERATING INCOME
<br />TOTAL DEBT SERVICE
<br />NET CASH FLOW
<br />834,068 9,813
<br />144,756
<br />CONSTRUCTION USES OF FUNDS
<br />TOTAL
<br />Land / Acquisition Costs
<br />$6,675,000
<br />Total Hard Costs
<br />$30.689.128
<br />Hard Cost Contingency
<br />$1,535,000
<br />Construction Interest
<br />$1.633,319
<br />Loan Fees
<br />$377,626
<br />Sofl Costs
<br />$5,739,022
<br />Operating Reserves
<br />$343,824
<br />Sell Costs Contingency
<br />$272,500
<br />Developer Fee
<br />$2,500.000
<br />TOTAL DEVELOPMENT COSTS
<br />$49,765,420
<br />PERMANENT USES OF FUNDS
<br />TOTAL
<br />Land / Acquisition Costs
<br />$6,675,000
<br />Total Hard Costs
<br />$30,689,128
<br />Hard Cost Contingency
<br />$1,535,000
<br />Construction Interest
<br />$1,633,319
<br />Loan Fees
<br />$377,626
<br />Soft Costs
<br />$5,739,022
<br />Operating Reserves
<br />$343,824
<br />Soft Costs Contingency
<br />$272,500
<br />Developer Fee
<br />$2,500.000
<br />TOTAL DEVELOPMENT COSTS
<br />$49,765,420
<br />BASIS CALCULATIONS
<br />Threshold Basis 129,507,377
<br />Eligible Basis 39,860,120
<br />Reduction 0
<br />Total Adjusted Eligible Basis
<br />51,818,156
<br />DDA/QCT Boost
<br />130 %
<br />Total Qualified Basis
<br />51,818,156
<br />Credit Rate
<br />4.00%
<br />Total Available Annual Credits
<br />2,072,726
<br />Total Requested Federal Credits
<br />2,072,726
<br />Credit Price
<br />0
<br />Net Investor Equity
<br />18,821,088
<br />Total Requested State Credits 0
<br />Credit Price $0.00
<br />Net Investor Equity 0
<br />TOTAL NET INVESTOR EQUITY $18,821,088.00'
<br />City Council 39 - 81 5/17/2022
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