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TABLE 4
<br />CAPITALIZED OPERATING SUBSIDY RESERVE ANALYSIS
<br />9% TAX CREDITS
<br />WISEPLACE PSH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
<br />I.Gross Residential Income 1
<br />Gross Rent Income $161,300 $164,526 $167,817 $171,173 $174,596 $178,088 $181,650 $185,283 $188,989 $192,768 $196,624
<br />Section 8 Subsidy Income 418,800 427,176 435,720 444,434 453,323 462,389 471,637 481,070 490,691 500,505 510,515
<br />Laundry/Miscellaneous Income 5,200 5,304 5,410 5,518 5,629 5,741 5,856 5,973 6,093 6,214 6,339
<br />(Less) Vacancy & Collection Allowance (40,971)(41,790)(42,626)(43,479)(44,348)(45,235)(46,140)(47,063)(48,004)(48,964)(49,943)
<br />Effective Gross Rent Income $544,329 $555,216 $566,320 $577,646 $589,199 $600,983 $613,003 $625,263 $637,768 $650,524 $663,534
<br />II.Operating Expenses 2
<br />General Operating Expenses $405,600 $417,768 $430,301 $443,210 $456,506 $470,202 $484,308 $498,837 $513,802 $529,216 $545,092
<br />Property Taxes 6,700 6,834 6,971 7,110 7,252 7,397 7,545 7,696 7,850 8,007 8,167
<br />Social Services 149,000 152,725 156,543 160,457 164,468 168,580 172,794 177,114 181,542 186,081 190,733
<br />OCHFT Monitoring Fee 4,800 4,944 5,092 5,245 5,402 5,565 5,731 5,903 6,080 6,263 6,451
<br />Replacement Reserve 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300
<br />Total Operating Expenses $583,400 $599,571 $616,207 $633,322 $650,929 $669,043 $687,679 $706,851 $726,575 $746,867 $767,743
<br />III.Net Operating Income ($39,071)($44,355)($49,887)($55,675)($61,730)($68,060)($74,676)($81,588)($88,806)($96,343)($104,209)
<br />IV.Required COSR Amount (20-Year Total)($2,116,781)
<br />1
<br />2
<br />The affordable rents, PBV subsidy and
<br />miscellaneous income are assumed to increase
<br />by 102.0%/year. Assumes Year 1 is at
<br />stabilization.
<br />General operating expenses are assumed to
<br />increase by 103.0%/year, property taxes at
<br />102.0%/year, social services at 102.5%/year and
<br />replacement reserves remain constant.
<br />EXHIBIT 3
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