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EXHIBIT 2
<br />TABLE 4
<br />CASH FLOW ANALYSIS
<br />BEWLEY STREET PSH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />I. Gross Residential Income'
<br />Tenant -Paid Income
<br />PBV Subsidy Income
<br />(Less) Vacancy Allowance
<br />Effective Gross Base Income
<br />II. Residential Operating Expenses Z
<br />General Operating Expenses
<br />Property Taxes
<br />Supportive Services
<br />Replacement Reserve
<br />Total Operating Expenses
<br />III. Residential Net Operating Income
<br />Preschool Income
<br />IV. Project Net Operating Income
<br />(Less) Interest Only Pmts - Illumination Foundation Loan 3
<br />V. Net Cash Flow
<br />Nominal Dollars
<br />1 The affordable rents and PBV subsidy are assumed to increase by
<br />102.5%/year. Assumes Year 1 is at stabilization.
<br />z General operating expenses/supportive services/replacement reserve
<br />deposits are assumed to increase by 103.5%/year, and property taxes
<br />at 102.0%/year.
<br />3 Based on a $2,770,000 loan balance and an 8.25% interst rate. Per
<br />discussions with the Developer, KMA assumes that this loan will be paid
<br />off within the first 10 years of operations through a capital campaign.
<br />Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
<br />$50,600
<br />$51,865
<br />$53,162
<br />$54,491
<br />$55,853
<br />$57,249
<br />$58,680
<br />215,000
<br />220,375
<br />225,884
<br />231,531
<br />237,320
<br />243,253
<br />249,334
<br />(26,560)
<br />(27,224)
<br />(27,905)
<br />(28,602)
<br />(29,317)
<br />(30,050)
<br />(30,801)
<br />$239,040
<br />$245,016
<br />$251,141
<br />$257,420
<br />$263,855
<br />$270,452
<br />$277,213
<br />$101,200
<br />$104,742
<br />$108,408
<br />$112,202
<br />$116,129
<br />$120,194
<br />$124,401
<br />0
<br />0
<br />6 000
<br />6 210
<br />6 427
<br />6 652
<br />6 885
<br />7 126
<br />7376
<br />$107,200
<br />$110,952
<br />$114,835
<br />$118,855
<br />$123,014
<br />$127,320
<br />$131,776
<br />$131,840
<br />$134,064
<br />$136,306
<br />$138,565
<br />$140,841
<br />$143,132
<br />$145,437
<br />60,000
<br />61,800
<br />63,654
<br />65,564
<br />67,531
<br />69,556
<br />71,643
<br />$191,840
<br />$195,864
<br />$199,960
<br />$204,129
<br />$208,371
<br />$212,688
<br />$217,080
<br />(228,484)
<br />(228,484)
<br />(228,484)
<br />(228,484)
<br />(228,484)
<br />(228,484)
<br />(228,484)
<br />($36,644)
<br />($32,620)
<br />($28,524)
<br />($24,355)
<br />($20,113)
<br />($15,796)
<br />($11,404)
<br />$16,247,243
<br />$2,524,000
<br />NPV @ 6% Discount Rate
<br />Prepared by: Keyser Marston Associates, Inc.
<br />File name: Bewley Street-6 6 23; CF; trb
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