|
EXHIBIT 2
<br />TABLE 4
<br />CASH FLOW ANALYSIS
<br />BEWLEY STREET PSH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />Year 48
<br />Year 49
<br />Year 50
<br />Year 51
<br />Year 52
<br />Year 53
<br />Year 54
<br />Year 55
<br />I. Gross Residential Income'
<br />Tenant -Paid Income
<br />$161,500
<br />$165,537
<br />$169,676
<br />$173,918
<br />$178,266
<br />$182,722
<br />$187,290
<br />$191,973
<br />PBV Subsidy Income
<br />686,215
<br />703,370
<br />720,955
<br />738,978
<br />757,453
<br />776,389
<br />795,799
<br />815,694
<br />(Less) Vacancy Allowance
<br />(84,771)
<br />(86,891)
<br />(89,063)
<br />(91,290)
<br />(93,572)
<br />(95,911)
<br />(98,309)
<br />(100,767)
<br />Effective Gross Base Income
<br />$762,943
<br />$782,017
<br />$801,567
<br />$821,606
<br />$842,147
<br />$863,200
<br />$884,780
<br />$906,900
<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 />$509,773
<br />$527,615
<br />$546,082
<br />$565,195
<br />$584,976
<br />$605,451
<br />$626,641
<br />30,224
<br />31,282
<br />32,376
<br />33,510
<br />34,682
<br />35,896
<br />37,153
<br />$539,997
<br />$558,897
<br />$578,458
<br />$598,704
<br />$619,659
<br />$641,347
<br />$663,794
<br />$222,946
<br />$223,120
<br />$223,109
<br />$222,902
<br />$222,488
<br />$221,853
<br />$220t986
<br />240,714
<br />247,935
<br />255,373
<br />263,034
<br />270,925
<br />279,053
<br />287,425
<br />$463,660
<br />$471,055
<br />$478,482
<br />$485,937
<br />$493,413
<br />$500,907
<br />$508,411
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$463,660
<br />$471,055
<br />$478,482
<br />$485,937
<br />$493,413
<br />$500,907
<br />$508,411
<br />$648,574
<br />38,453
<br />$687,027
<br />$219,873
<br />296.047
<br />$515,921
<br />$0
<br />$515,921
<br />Prepared by: Keyser Marston Associates, Inc.
<br />File name: Bewley Street-6 6 23; CF; trb
<br />
|