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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 />I.Gross Residential Income 1
<br />Gross Rent Income
<br />Section 8 Subsidy Income
<br />Laundry/Miscellaneous Income
<br />(Less) Vacancy & Collection Allowance
<br />Effective Gross Rent Income
<br />II.Operating Expenses 2
<br />General Operating Expenses
<br />Property Taxes
<br />Social Services
<br />OCHFT Monitoring Fee
<br />Replacement Reserve
<br />Total Operating Expenses
<br />III.Net Operating Income
<br />IV.Required COSR Amount (20-Year Total)
<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 />Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
<br />$200,556 $204,567 $208,659 $212,832 $217,089 $221,430 $225,859 $230,376 $234,984
<br />520,725 531,140 541,762 552,598 563,650 574,923 586,421 598,150 610,113
<br />6,466 6,595 6,727 6,861 6,999 7,138 7,281 7,427 7,575
<br />(50,942)(51,961)(53,000)(54,060)(55,141)(56,244)(57,369)(58,516)(59,687)
<br />$676,805 $690,341 $704,148 $718,231 $732,595 $747,247 $762,192 $777,436 $792,985
<br />$561,445 $578,289 $595,637 $613,506 $631,912 $650,869 $670,395 $690,507 $711,222
<br />8,331 8,497 8,667 8,841 9,017 9,198 9,382 9,569 9,761
<br />195,501 200,388 205,398 210,533 215,796 221,191 226,721 232,389 238,199
<br />6,644 6,844 7,049 7,260 7,478 7,703 7,934 8,172 8,417
<br />17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300
<br />$789,221 $811,318 834,052 $857,440 $881,504 $906,261 $931,731 $957,937 $984,898
<br />($112,416)($120,977)($129,904)($139,210)($148,908)($159,013)($169,539)($180,501)($191,914)
<br />EXHIBIT 3
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