|
TABLE 5
<br />CASH FLOW ANALYSIS
<br />9% TAX CREDITS
<br />WISEPLACE PSH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />I.Gross Residential Income 1 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
<br />Gross Rent Income $161,300 $164,526 $167,817 $171,173 $174,596 $178,088 $181,650 $185,283 $188,989 $192,768
<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
<br />City COSR Withdrawl 2 39,071 44,355 49,887 55,675 61,730 68,060 74,676 81,588 88,806 96,343
<br />Laundry/Miscellaneous Income 5,200 5,304 5,410 5,518 5,629 5,741 5,856 5,973 6,093 6,214
<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)
<br />Effective Gross Rent Income $583,400 $599,571 $616,207 $633,322 $650,929 $669,043 $687,679 $706,851 $726,575 $746,867
<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
<br />Property Taxes 6,700 6,834 6,971 7,110 7,252 7,397 7,545 7,696 7,850 8,007
<br />Social Services 149,000 152,725 156,543 160,457 164,468 168,580 172,794 177,114 181,542 186,081
<br />OCHFT Monitoring Fee 4,800 4,944 5,092 5,245 5,402 5,565 5,731 5,903 6,080 6,263
<br />Replacement Reserve 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
<br />III.Net Operating Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />IV.Cash Flow Available for Contingent Payments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />(Less) Asset and Partnership Fees 4 0 0 0 0 0 0 0 0 0 0
<br />(Less) Deferred Developer Fee 0 0 0 0 0 0 0 0 0 0
<br />V.Cash Flow after Contingent Payments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />Nominal Dollars $0 $0 NPV @ 6% Discount Rate
<br />VI.Residual Receipt Payments to CIty $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />Nominal Dollars $0 $0 NPV @ 6% Discount Rate
<br />VII.Residual Receipt Payments to OCHFT $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />Nominal Dollars $0 $0 NPV @ 6% Discount Rate
<br />VIII.Net Cash Flow to Developer $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />Nominal Dollars $0 $0 NPV @ 6% Discount Rate
<br />1
<br />2
<br />3
<br />4
<br />The affordable rents and miscellaneous income
<br />are assumed to increase by 102.0%/year.
<br />Assumes Year 1 is at 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 and operating reserves remain
<br />constant.
<br />Assumes fees increase at 103.0%/year.
<br />SEE TABLE 4
<br />EXHIBIT 3
|