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EXHIBIT 2
<br />TABLE 4
<br />CASH FLOW ANALYSIS
<br />BEWLEY STREET PSH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />Year 24
<br />Year 25
<br />Year 26
<br />Year 27
<br />Year 28
<br />Year 29
<br />Year 30
<br />Year 31
<br />I. Gross Residential Income'
<br />Tenant -Paid Income
<br />$89,289
<br />$91,522
<br />$93,810
<br />$96,155
<br />$98,559
<br />$101,023
<br />$103,548
<br />$106,137
<br />PBV Subsidy Income
<br />379,391
<br />388,876
<br />398,598
<br />408,563
<br />418,777
<br />429,246
<br />439,978
<br />450,977
<br />(Less) Vacancy Allowance
<br />(46,868)
<br />(48,040)
<br />(49,241)
<br />(50,472)
<br />(51,734)
<br />(53,027)
<br />(54,353)
<br />(55,711)
<br />Effective Gross Base Income
<br />$421,813
<br />$432,358
<br />$443,167
<br />$454,246
<br />$465,602
<br />$477,242
<br />$489,173
<br />$501,403
<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 />$223,259
<br />$231,073
<br />$239,160
<br />$247,531
<br />$256,195
<br />$265,161
<br />$274,442
<br />13,237
<br />13,700
<br />14,179
<br />14,676
<br />15,189
<br />15,721
<br />16,271
<br />$236,495
<br />$244,773
<br />$253,340
<br />$262,207
<br />$271,384
<br />$280,882
<br />$290,713
<br />$185,317
<br />$187,585
<br />$189,827
<br />$192,039
<br />$194,218
<br />$196,360
<br />$198,460
<br />118,415
<br />121,968
<br />125,627
<br />129,395
<br />133,277
<br />13 7, 276
<br />141,394
<br />$303,732
<br />$309,553
<br />$315,454
<br />$321,435
<br />$327,495
<br />$333,635
<br />$339,854
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$303,732
<br />$309,553
<br />$315,454
<br />$321,435
<br />$327,495
<br />$333,635
<br />$339,854
<br />$284,048
<br />16,841
<br />$300,888
<br />$200,514
<br />145.636
<br />$346,150
<br />$0
<br />$346,150
<br />Prepared by: Keyser Marston Associates, Inc.
<br />File name: Bewley Street-6 6 23; CF; trb
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