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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 44 Year 45 Year 46 Year 47 Year 48 Year 49 Year 50 Year 51 Year 52 Year 53 Year 54
<br />$377,956 $385,516 $393,226 $401,090 $409,112 $417,294 $425,640 $434,153 $442,836 $451,693 $460,727
<br />981,328 1,000,954 1,020,973 1,041,393 1,062,221 1,083,465 1,105,134 1,127,237 1,149,782 1,172,777 1,196,233
<br />12,185 12,428 12,677 12,930 13,189 13,453 13,722 13,996 14,276 14,562 14,853
<br />(96,002)(97,922)(99,881)(101,879)(103,916)(105,994)(108,114)(110,277)(112,482)(114,732)(117,026)
<br />$1,275,466 $1,300,976 $1,326,995 $1,353,535 $1,380,606 $1,408,218 $1,436,382 $1,465,110 $1,494,412 $1,524,300 $1,554,786
<br />$1,445,768 $1,489,141 $1,533,815 $1,579,830 $1,627,225 $1,676,041 $1,726,323 $1,778,112 $1,831,456 $1,886,399 $1,942,991
<br />15,699 16,013 16,334 16,660 16,994 17,333 17,680 18,034 18,394 18,762 19,137
<br />430,836 441,607 452,648 463,964 475,563 487,452 499,638 512,129 524,932 538,056 551,507
<br />17,110 17,623 18,152 18,696 19,257 19,835 20,430 21,043 21,674 22,324 22,994
<br />17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300 17,300
<br />$1,926,714 $1,981,685 $2,038,248 $2,096,450 $2,156,338 $2,217,961 $2,281,371 $2,346,618 $2,413,756 $2,482,842 $2,553,930
<br />($651,247)($680,709)($711,253)($742,915)($775,732)($809,744)($844,989)($881,508)($919,344)($958,541)($999,144)
<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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