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EXHIBIT 2
<br />TABLE 4
<br />CASH FLOW ANALYSIS
<br />BEWLEY STREET PSH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />Year 40
<br />Year 41
<br />Year 42
<br />Year 43
<br />Year 44
<br />Year 45
<br />Year 46
<br />Year 47
<br />I. Gross Residential Income'
<br />Tenant -Paid Income
<br />$132,550
<br />$135,864
<br />$139,261
<br />$142,742
<br />$146,311
<br />$149,969
<br />$153,718
<br />$157,561
<br />PBV Subsidy Income
<br />563,209
<br />577,289
<br />591,721
<br />606,514
<br />621,677
<br />637,219
<br />653,149
<br />669,478
<br />(Less) Vacancy Allowance
<br />(69,576)
<br />(71,315)
<br />(73,098)
<br />(74,926)
<br />(76,799)
<br />(78,719)
<br />(80,687)
<br />(82,704)
<br />Effective Gross Base Income
<br />$626,183
<br />$641,838
<br />$657,884
<br />$674,331
<br />$691,189
<br />$708,469
<br />$726,180
<br />$744,335
<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 />$387,128
<br />$400,677
<br />$414,701
<br />$429,215
<br />$444,238
<br />$459,786
<br />$475,879
<br />22,952
<br />23,756
<br />24,587
<br />25,448
<br />26,338
<br />27,260
<br />28,214
<br />$410,080
<br />$424,433
<br />$439,288
<br />$454,663
<br />$470t576
<br />$487,046
<br />$504,093
<br />$216,103
<br />$217,405
<br />$218,596
<br />$219,668
<br />$220,613
<br />$221,422
<br />$222,088
<br />190,022
<br />195,722
<br />201,594
<br />207,642
<br />213,871
<br />220,287
<br />226,896
<br />$406,125
<br />$413,127
<br />$420,190
<br />$427,310
<br />$434,484
<br />$441,710
<br />$448,983
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$406,125
<br />$413,127
<br />$420,190
<br />$427,310
<br />$434,484
<br />$441,710
<br />$448,983
<br />$492,534
<br />29,202
<br />$521,736
<br />$222,599
<br />233.703
<br />$456,301
<br />$0
<br />$456,301
<br />Prepared by: Keyser Marston Associates, Inc.
<br />File name: Bewley Street-6 6 23; CF; trb
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