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TABLE 5
<br />CASH FLOW 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 />City COSR Withdrawl 2
<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.Cash Flow Available for Contingent Payments
<br />(Less) Asset and Partnership Fees 4
<br />(Less) Deferred Developer Fee
<br />V.Cash Flow after Contingent Payments
<br />Nominal Dollars
<br />VI.Residual Receipt Payments to CIty
<br />Nominal Dollars
<br />VII.Residual Receipt Payments to OCHFT
<br />Nominal Dollars
<br />VIII.Net Cash Flow to Developer
<br />Nominal Dollars
<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 />Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21
<br />$196,624 $200,556 $204,567 $208,659 $212,832 $217,089 $221,430 $225,859 $230,376 $234,984 $239,683
<br />510,515 520,725 531,140 541,762 552,598 563,650 574,923 586,421 598,150 610,113 622,315
<br />104,209 112,416 120,977 129,904 139,210 148,908 159,013 169,539 180,501 191,914
<br />6,339 6,466 6,595 6,727 6,861 6,999 7,138 7,281 7,427 7,575 7,727
<br />(49,943)(50,942)(51,961)(53,000)(54,060)(55,141)(56,244)(57,369)(58,516)(59,687)(60,881)
<br />$767,743 $789,221 $811,318 $834,052 $857,440 $881,504 $906,261 $931,731 $957,937 $984,898 $808,844
<br />$545,092 $561,445 $578,289 $595,637 $613,506 $631,912 $650,869 $670,395 $690,507 $711,222 $732,559
<br />8,167 8,331 8,497 8,667 8,841 9,017 9,198 9,382 9,569 9,761 9,956
<br />190,733 195,501 200,388 205,398 210,533 215,796 221,191 226,721 232,389 238,199 244,154
<br />6,451 6,644 6,844 7,049 7,260 7,478 7,703 7,934 8,172 8,417 8,669
<br />17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300
<br />$767,743 $789,221 $811,318 834,052 $857,440 $881,504 $906,261 $931,731 $957,937 $984,898 $1,012,638
<br />$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($203,793)
<br />$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />0 0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0 0
<br />$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />EXHIBIT 3
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