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VMmI:31WA <br />TABLE 2 <br />STABILIZED NET OPERATING INCOME <br />BEWLEY STREET PSH PROJECT <br />SANTA ANA, CALIFORNIA <br />I. Effective Gross Residential Income 1 <br />2-Bedroom Manager's Unit <br />1 <br />Unit @ <br />$0 <br />/Month <br />$0 <br />1-Bedroom Units (TAY PSH) - PBV 2 <br />2 <br />Units @ <br />$306 <br />/Month <br />71300 <br />2-Bedroom Units (TAY PSH) - PBV 2 <br />6 <br />Units @ <br />$289 <br />/Month <br />20,800 <br />3-Bedroom Units (Senior PSH - Shared Hsg) 3 <br />2 <br />Units @ <br />$939 <br />/Month <br />22,500 <br />Section 8 Subsidy <br />1-Bedroom Units (TAY PSH) - PBV <br />2 <br />Units @ <br />$1,906 <br />/Month <br />45,700 <br />2-Bedroom Units (TAY PSH) - PBV <br />6 <br />Units @ <br />$2,352 <br />/Month <br />169,300 <br />(Less) Vacancy and Collection 10.0% Gross Income <br />Total Effective Gross Residential Income <br />(26,600) <br />$239,000 <br />II. Residential Operating Expenses <br />General Operating Expenses 11 Units @ $9,200 /Unit $101,200 <br />Property Taxes 4 0 <br />Supportive Services 5 11 Units @ $0 /Unit 0 <br />Replacement Reserve 11 Units @ $545 /Unit 61000 <br />Total Residential Operating Expenses 11 Units @ $9,700 /Unit ($107,200) <br />III. Residential Stabilized Net Operating Income $131,800 <br />IV. Preschool Income 6 $60,000 <br />V. ITotal Project Stabilized Net Operating Income $191,800 <br />1 Per Developer, tenants will only pay for electricity. KMA deducted a utility allowance for Basic Electricity based on the utilility allowance <br />schedule published by the Santa Ana Housing Authority on October 1, 2022: $27 for shared housing bedrooms; $34 for one -bedroom units; <br />and $51 for two -bedroom units. <br />2 Based on Orange County 2022 Incomes distributed by HUD. As pertinent, the rents are based on rents published in 2022 by HCD for MTSP <br />programs and 30% CA SSI. <br />3 The two 3-bedroom units will be structured as shared housing for senior citizens. KMA assumes that the City will restrict each bedroom's <br />rent to the lesser of: 1/3 of the 50% MTSP AMI rent for a 3-bdrm unit or 30% of each household's income. <br />4 Assumes the Developer will apply for the property tax welfare exemption accorded to non-profit housing organizations that own and <br />operate apartment units restricted to households earning no more than 80% AMI. <br />5 The Developer did not include any supportive service costs in the pro forma. KMA assumes the Developer will provide/pay for case <br />management/social services outside of the Project's operating expenses. <br />6 Based on Developer estimate. <br />Prepared by: Keyser Marston Associates, Inc. <br />File name: Bewley Street_6 6 23; Pf; trb <br />