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EXHIBIT 2
<br />TABLE 4
<br />CASH FLOW ANALYSIS
<br />BEWLEY STREET PSH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />Year 8
<br />Year 9
<br />Year 10
<br />Year 11
<br />Year 12
<br />Year 13
<br />Year 14
<br />Year 15
<br />I. Gross Residential Income'
<br />Tenant -Paid Income
<br />$60,147
<br />$61,651
<br />$63,192
<br />$64,772
<br />$66,392
<br />$68,051
<br />$69,753
<br />$71,496
<br />PBV Subsidy Income
<br />255,567
<br />261,957
<br />268,506
<br />275,218
<br />282,099
<br />289,151
<br />296,380
<br />303,789
<br />(Less) Vacancy Allowance
<br />(31,571)
<br />(32,361)
<br />(33,170)
<br />(33,999)
<br />(34,849)
<br />(35,720)
<br />(36,613)
<br />(37,529)
<br />Effective Gross Base Income
<br />$284,143
<br />$291,247
<br />$298,528
<br />$305,991
<br />$313,641
<br />$321,482
<br />$329,519
<br />$337,757
<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 />$128,755
<br />$133,261
<br />$137,925
<br />$142,753
<br />$147,749
<br />$152,920
<br />$158,272
<br />7 634
<br />7 901
<br />8 177
<br />8 464
<br />8 760
<br />9 066
<br />9 384
<br />$136,388
<br />$141,162
<br />$146,103
<br />$151,216
<br />$156,509
<br />$161,987
<br />167,656
<br />$147,755
<br />$150,085
<br />$152,426
<br />$154,775
<br />$157,132
<br />$159,496
<br />$161,863
<br />73,792
<br />76,006
<br />78,286
<br />80,635
<br />83,054
<br />85,546
<br />88,112
<br />$221,548
<br />$226,091
<br />$230,712
<br />$235,410
<br />$240,186
<br />$245,041
<br />$249,975
<br />(228,484)
<br />(228,484)
<br />(228,484)
<br />$0
<br />$0
<br />$0
<br />$0
<br />($6,936)
<br />($2,393)
<br />$2,228
<br />$235,410
<br />$240,186
<br />$245,041
<br />$249,975
<br />$163, 812
<br />9 712
<br />$173,524
<br />$164,233
<br />90,755
<br />$254,989
<br />$0
<br />$254,989
<br />Prepared by: Keyser Marston Associates, Inc.
<br />File name: Bewley Street-6 6 23; CF; trb
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