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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 55 <br />$469,941 <br />1,220,158 <br />15,150 <br />(119,367) <br />$1,585,882 <br />$2,001,281 <br />19,520 <br />565,295 <br />23,684 <br />17,300 <br />$2,627,080 <br />($1,041,198) <br />$0 <br />0 <br />0 <br />$0 <br />$0 <br />$0 <br />$0 <br />EXHIBIT 3