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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 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 Year 31 Year 32
<br />$244,477 $249,367 $254,354 $259,441 $264,630 $269,922 $275,321 $280,827 $286,444 $292,173 $298,016
<br />634,761 647,456 660,405 673,614 687,086 700,828 714,844 729,141 743,724 758,598 773,770
<br />7,881 8,039 8,200 8,364 8,531 8,702 8,876 9,053 9,234 9,419 9,607
<br />(62,098)(63,340)(64,607)(65,899)(67,217)(68,561)(69,933)(71,331)(72,758)(74,213)(75,697)
<br />$825,021 $841,522 $858,352 $875,519 $893,030 $910,890 $929,108 $947,690 $966,644 $985,977 $1,005,696
<br />$754,535 $777,172 $800,487 $824,501 $849,236 $874,713 $900,955 $927,983 $955,823 $984,498 $1,014,033
<br />10,155 10,358 10,565 10,777 10,992 11,212 11,436 11,665 11,898 12,136 12,379
<br />250,258 256,514 262,927 269,500 276,238 283,144 290,222 297,478 304,915 312,538 320,351
<br />8,929 9,197 9,473 9,757 10,050 10,352 10,662 10,982 11,312 11,651 12,000
<br />17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300
<br />$1,041,178 $1,070,541 $1,100,752 $1,131,835 $1,163,816 $1,196,721 $1,230,575 $1,265,408 $1,301,247 $1,338,122 $1,376,063
<br />($216,156)($229,019)($242,400)($256,316)($270,787)($285,830)($301,467)($317,718)($334,603)($352,145)($370,366)
<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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