|
EXHIBIT 2
<br />TABLE 4
<br />CASH FLOW ANALYSIS
<br />BEWLEY STREET PSH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />Year 16
<br />Year 17
<br />Year 18
<br />Year 19
<br />Year 20
<br />Year 21
<br />Year 22
<br />Year 23
<br />I. Gross Residential Income'
<br />Tenant -Paid Income
<br />$73,284
<br />$75,116
<br />$76,994
<br />$78,919
<br />$80,892
<br />$82,914
<br />$84,987
<br />$87,112
<br />PBV Subsidy Income
<br />311,384
<br />319,169
<br />327,148
<br />335,327
<br />343,710
<br />352,303
<br />361,110
<br />370,138
<br />(Less) Vacancy Allowance
<br />(38,467)
<br />(39,428)
<br />(40,414)
<br />(41,425)
<br />(42,460)
<br />(43,522)
<br />(44,610)
<br />(45,725)
<br />Effective Gross Base Income
<br />$346,201
<br />$354,856
<br />$363,728
<br />$372,821
<br />$382,141
<br />$391,695
<br />$401,487
<br />$411,524
<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 />$169,545
<br />$175,479
<br />$181,621
<br />$187,978
<br />$194,557
<br />$201,367
<br />$208,414
<br />10,052
<br />10,404
<br />10,768
<br />11,145
<br />11,535
<br />11,939
<br />12,357
<br />$179,597
<br />$185,883
<br />$192,389
<br />$199,123
<br />$206,092
<br />$213,305
<br />$220t771
<br />$166,604
<br />$168,973
<br />$171,338
<br />$173,698
<br />$176,049
<br />$178,390
<br />$180,716
<br />93,478
<br />96,282
<br />99,171
<br />102,146
<br />105,210
<br />108,367
<br />111,618
<br />$260,082
<br />$265,255
<br />$270,509
<br />$275,844
<br />$281,260
<br />$286,756
<br />$292,334
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$260,082
<br />$265,255
<br />$270t5O9
<br />$275,844
<br />$281,260
<br />$286,756
<br />$292,334
<br />$215,709
<br />12,789
<br />$228,498
<br />$183,026
<br />114.966
<br />$297,993
<br />$0
<br />$297,993
<br />Prepared by: Keyser Marston Associates, Inc.
<br />File name: Bewley Street-6 6 23; CF; trb
<br />
|