|
EXHIBIT 2
<br />TABLE 4
<br />CASH FLOW ANALYSIS
<br />BEWLEY STREET PSH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />Year 32
<br />Year 33
<br />Year 34
<br />Year 35
<br />Year 36
<br />Year 37
<br />Year 38
<br />Year 39
<br />I. Gross Residential Income'
<br />Tenant -Paid Income
<br />$108,790
<br />$111,510
<br />$114,298
<br />$117,155
<br />$120,084
<br />$123,086
<br />$126,163
<br />$129,318
<br />PBV Subsidy Income
<br />462,251
<br />473,808
<br />485,653
<br />497,794
<br />510,239
<br />522,995
<br />536,070
<br />549,472
<br />(Less) Vacancy Allowance
<br />(57,104)
<br />(58,532)
<br />(59,995)
<br />(61,495)
<br />(63,032)
<br />(64,608)
<br />(66,223)
<br />(67,879)
<br />Effective Gross Base Income
<br />$513,938
<br />$526,786
<br />$539,956
<br />$553,455
<br />$567,291
<br />$581,473
<br />$596,010
<br />$610,910
<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 />$293,989
<br />$304,279
<br />$314,929
<br />$325,951
<br />$337,359
<br />$349,167
<br />$361,388
<br />17,430
<br />18,040
<br />18,672
<br />19,325
<br />20,002
<br />20,702
<br />21,426
<br />$311,419
<br />$322,319
<br />$333,600
<br />$345,276
<br />$357,361
<br />$369,869
<br />$382,814
<br />$202,518
<br />$204,467
<br />$206,355
<br />$208,178
<br />$209,930
<br />$211,605
<br />$213,196
<br />150,005
<br />154,505
<br />159,140
<br />163,914
<br />168,832
<br />173,897
<br />179,114
<br />$352,523
<br />$358,972
<br />$365,496
<br />$372,093
<br />$378,762
<br />$385,501
<br />$392,310
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$352,523
<br />$358,972
<br />$365,496
<br />$372,093
<br />$378,762
<br />$385,501
<br />$392,310
<br />$374,036
<br />22,176
<br />$396,212
<br />$214,698
<br />184.487
<br />$399,185
<br />$0
<br />$399,185
<br />Prepared by: Keyser Marston Associates, Inc.
<br />File name: Bewley Street-6 6 23; CF; trb
<br />
|