|
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 33 Year 34 Year 35 Year 36 Year 37 Year 38 Year 39 Year 40 Year 41 Year 42 Year 43
<br />$303,976 $310,056 $316,257 $322,582 $329,034 $335,615 $342,327 $349,173 $356,157 $363,280 $370,546
<br />789,246 805,031 821,131 837,554 854,305 871,391 888,819 906,595 924,727 943,222 962,086
<br />9,800 9,996 10,196 10,399 10,607 10,820 11,036 11,257 11,482 11,711 11,946
<br />(77,211)(78,755)(80,331)(81,937)(83,576)(85,247)(86,952)(88,691)(90,465)(92,275)(94,120)
<br />$1,025,810 $1,046,327 $1,067,253 $1,088,598 $1,110,370 $1,132,578 $1,155,229 $1,178,334 $1,201,900 $1,225,938 $1,250,457
<br />$1,044,454 $1,075,787 $1,108,061 $1,141,303 $1,175,542 $1,210,808 $1,247,132 $1,284,546 $1,323,083 $1,362,775 $1,403,658
<br />12,626 12,879 13,137 13,399 13,667 13,941 14,219 14,504 14,794 15,090 15,392
<br />328,360 336,569 344,983 353,608 362,448 371,509 380,797 390,317 400,075 410,076 420,328
<br />12,360 12,731 13,113 13,507 13,912 14,329 14,759 15,202 15,658 16,128 16,611
<br />17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300
<br />$1,415,100 $1,455,266 $1,496,593 $1,539,116 $1,582,868 $1,627,887 $1,674,207 $1,721,868 $1,770,909 $1,821,369 $1,873,289
<br />($389,290)($408,940)($429,340)($450,518)($472,498)($495,309)($518,978)($543,535)($569,008)($595,430)($622,832)
<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
|