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3%/3% Cash Flow
<br />Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
<br />INCOME
<br />Gross Rental Income 833,928 858,946 884,714 911,256 938,593 966,751 995,754 1,025,626 1,056,395 1,088,087 1,120,729 1,154,351 1,188,982 1,224,651 1,261,391
<br />Project Based Voucher Overhang (SAHA)392,160 403,925 416,043 428,524 441,380 454,621 468,260 482,307 496,777 511,680 527,030 542,841 559,126 575,900 593,177
<br />Project Based Voucher Overhang (OCHA)547,548 563,974 580,894 598,320 616,270 634,758 653,801 673,415 693,617 714,426 735,859 757,934 780,673 804,093 828,215
<br />Vacancy @ 7.57%(134,237)(138,265)(142,412)(146,685)(151,085)(155,618)(160,286)(165,095)(170,048)(175,149)(180,404)(185,816)(191,390)(197,132)(203,046)
<br />Laundry Income 6,192 6,378 6,569 6,766 6,969 7,178 7,394 7,615 7,844 8,079 8,322 8,571 8,828 9,093 9,366
<br />Unit Weighted Vacancy @ 7.53%(466)(480)(495)(509)(525)(540)(557)(573)(591)(608)(627)(645)(665)(685)(705)
<br />EFFECTIVE GROSS INCOME 1,645,124 1,694,478 1,745,312 1,797,672 1,851,602 1,907,150 1,964,365 2,023,295 2,083,994 2,146,514 2,210,910 2,277,237 2,345,554 2,415,921 2,488,398
<br />EXPENSES
<br />Administrative (52,044)(53,605)(55,213)(56,870)(58,576)(60,333)(62,143)(64,007)(65,927)(67,905)(69,942)(72,041)(74,202)(76,428)(78,721)
<br />Management Fee (54,696)(56,337)(58,027)(59,768)(61,561)(63,408)(65,310)(67,269)(69,287)(71,366)(73,507)(75,712)(77,983)(80,323)(82,733)
<br />Operating (92,227)(94,994)(97,843)(100,779)(103,802)(106,916)(110,124)(113,427)(116,830)(120,335)(123,945)(127,663)(131,493)(135,438)(139,501)
<br />Maintenance (122,960)(126,649)(130,448)(134,362)(138,393)(142,544)(146,821)(151,225)(155,762)(160,435)(165,248)(170,205)(175,312)(180,571)(185,988)
<br />Salaries (181,563)(187,010)(192,620)(198,399)(204,351)(210,482)(216,796)(223,300)(229,999)(236,899)(244,006)(251,326)(258,866)(266,632)(274,631)
<br />Taxes (escalated at 2.00%)(4,869)(4,966)(5,065)(5,167)(5,270)(5,375)(5,483)(5,593)(5,704)(5,819)(5,935)(6,054)(6,175)(6,298)(6,424)
<br />Insurance (51,600)(53,148)(54,742)(56,385)(58,076)(59,819)(61,613)(63,461)(65,365)(67,326)(69,346)(71,426)(73,569)(75,776)(78,050)
<br />Renting (1,371)(1,412)(1,454)(1,498)(1,543)(1,589)(1,637)(1,686)(1,736)(1,788)(1,842)(1,897)(1,954)(2,013)(2,073)
<br />Social Programs (140,000)(144,200)(148,526)(152,982)(157,571)(162,298)(167,167)(172,182)(177,348)(182,668)(188,148)(193,793)(199,607)(205,595)(211,763)
<br />Other Expenses: PSH Monitoring Fees (OCHA/OCCS) (no escalation)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)
<br />Other Expenses: PSH Monitoring Fees (OCHFT) (escalated at 2%)(1,300)(1,326)(1,353)(1,380)(1,407)(1,435)(1,464)(1,493)(1,523)(1,554)(1,585)(1,616)(1,649)(1,682)(1,715)
<br />Other Expenses: Annual Environmental Monitoring Fees (10,000)(10,300)(10,609)(10,927)(11,255)(11,593)(11,941)(12,299)(12,668)(13,048)(13,439)(13,842)(14,258)(14,685)(15,126)
<br />Replacement Reserves (escalated at 10% every 5 years)(29,800)(29,800)(29,800)(29,800)(29,800)(32,780)(32,780)(32,780)(32,780)(32,780)(36,058)(36,058)(36,058)(36,058)(36,058)
<br />TOTAL OPERATING EXPENSES Op Exp / Income: 45% (744,794)(766,111)(788,067)(810,680)(833,970)(860,937)(885,643)(911,088)(937,295)(964,288)(995,366)(1,023,999)(1,053,490)(1,083,864)(1,115,147)
<br />NET OPERATING INCOME 900,330 928,367 957,246 986,992 1,017,632 1,046,213 1,078,722 1,112,207 1,146,699 1,182,226 1,215,543 1,253,238 1,292,064 1,332,057 1,373,251
<br />DEBT SERVICE
<br />Permanent Loan Note A (32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)
<br />Permanent Loan Note B (SAHA PBV Tranche B Loan)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)
<br />Permanent Loan Note B (OCHA PBV Tranche B Loan)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)
<br />Conventional Refinance Loan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />Cash Flow After Debt Service 117,532 145,568 174,447 204,194 234,834 263,415 295,923 329,409 363,900 399,428 432,745 470,439 509,265 549,258 590,452
<br />SLP Fee (5,000)(5,150)(5,305)(5,464)(5,628)(5,796)(5,970)(6,149)(6,334)(6,524)(6,720)(6,921)(7,129)(7,343)(7,563)
<br />Partnership Administration Fee (20,000)(20,600)(21,218)(21,855)(22,510)(23,185)(23,881)(24,597)(25,335)(26,095)(26,878)(27,685)(28,515)(29,371)(30,252)
<br />Cash Flow After Fees 92,532 119,818 147,925 176,875 206,696 234,433 266,072 298,662 332,231 366,809 399,147 435,833 473,621 512,545 552,638
<br />12,520 16,211 20,014 23,931 27,966 31,719 36,000 40,409 44,951 49,629 54,005 58,968 64,081 69,348 74,772
<br />Only after County Cash Loan is paid off 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />21,938 28,408 35,072 41,936 49,006 55,582 63,083 70,810 78,769 86,967 94,634 103,332 112,292 121,520 131,026
<br />Only after City Cash Loan is paid off 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />11,808 15,290 18,876 22,571 26,376 29,916 33,953 38,112 42,395 46,808 50,934 55,616 60,438 65,405 70,521
<br />Total Residual Receipts Payments 46,266 59,909 73,962 88,438 103,348 117,216 133,036 149,331 166,116 183,404 199,573 217,917 236,811 256,272 276,319
<br />Orange County PSH Loan
<br />Beginning Loan Balance 2,650,701 2,717,702 2,781,012 2,840,519 2,896,108 2,947,663 2,995,466 3,038,987 3,078,099 3,112,669 3,142,561 3,168,077 3,188,629 3,204,069 3,214,243
<br />79,521 79,521 79,521 79,521 79,521 79,521 79,521 79,521 79,521 79,521 79,521 79,521 79,521 79,521 79,521
<br />Cash Flow Payment (12,520)(16,211)(20,014)(23,931)(27,966)(31,719)(36,000)(40,409)(44,951)(49,629)(54,005)(58,968)(64,081)(69,348)(74,772)
<br />Ending Loan Balance 2,717,702 2,781,012 2,840,519 2,896,108 2,947,663 2,995,466 3,038,987 3,078,099 3,112,669 3,142,561 3,168,077 3,188,629 3,204,069 3,214,243 3,218,992
<br />Orange County Residual Receipts Loan (Land Value)
<br />Beginning Loan Balance 2,341,864 2,412,120 2,482,376 2,552,632 2,622,888 2,693,144 2,763,400 2,833,655 2,903,911 2,974,167 3,044,423 3,114,679 3,184,935 3,255,191 3,325,447
<br />70,256 70,256 70,256 70,256 70,256 70,256 70,256 70,256 70,256 70,256 70,256 70,256 70,256 70,256 70,256
<br />Cash Flow Payment 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />Ending Loan Balance 2,412,120 2,482,376 2,552,632 2,622,888 2,693,144 2,763,400 2,833,655 2,903,911 2,974,167 3,044,423 3,114,679 3,184,935 3,255,191 3,325,447 3,395,703
<br />City Residual Receipts Loan
<br />Beginning Loan Balance 4,644,909 4,762,318 4,873,257 4,977,533 5,074,944 5,165,286 5,249,051 5,325,315 5,393,852 5,454,430 5,506,810 5,551,523 5,587,538 5,614,594 5,632,421
<br />139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347
<br />Cash Flow Payment (21,938)(28,408)(35,072)(41,936)(49,006)(55,582)(63,083)(70,810)(78,769)(86,967)(94,634)(103,332)(112,292)(121,520)(131,026)
<br />Ending Loan Balance 4,762,318 4,873,257 4,977,533 5,074,944 5,165,286 5,249,051 5,325,315 5,393,852 5,454,430 5,506,810 5,551,523 5,587,538 5,614,594 5,632,421 5,640,743
<br />City Residual Receipts Loan (Land Value)
<br />Beginning Loan Balance 4,108,136 4,231,380 4,354,624 4,477,868 4,601,112 4,724,356 4,847,600 4,970,845 5,094,089 5,217,333 5,340,577 5,463,821 5,587,065 5,710,309 5,833,553
<br />123,244 123,244 123,244 123,244 123,244 123,244 123,244 123,244 123,244 123,244 123,244 123,244 123,244 123,244 123,244
<br />Cash Flow Payment 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />Ending Loan Balance 4,231,380 4,354,624 4,477,868 4,601,112 4,724,356 4,847,600 4,970,845 5,094,089 5,217,333 5,340,577 5,463,821 5,587,065 5,710,309 5,833,553 5,956,797
<br />OCHFT MHSA Loan (2021 PSH NOFA)
<br />Beginning Loan Balance 2,500,000 2,563,192 2,622,902 2,679,026 2,731,455 2,780,079 2,825,164 2,866,211 2,903,099 2,935,704 2,963,896 2,987,961 3,007,345 3,021,908 3,031,503
<br />75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000
<br />Cash Flow Payment (11,808)(15,290)(18,876)(22,571)(26,376)(29,916)(33,953)(38,112)(42,395)(46,808)(50,934)(55,616)(60,438)(65,405)(70,521)
<br />Ending Loan Balance 2,563,192 2,622,902 2,679,026 2,731,455 2,780,079 2,825,164 2,866,211 2,903,099 2,935,704 2,963,896 2,987,961 3,007,345 3,021,908 3,031,503 3,035,982
<br />DCR 1.15 1.19 1.22 1.26 1.30 1.34 1.38 1.42 1.46 1.51 1.55 1.60 1.65 1.70 1.75
<br />Cash Flow to Subsidy Provider - County (PSH Loan) (13.5%)
<br />Cash Flow to Subsidy Provider - County (Land Loan) (13.5%)
<br />Cash Flow to Subsidy Provider - City (Cash Loan) (23.7%)
<br />Cash Flow to Subsidy Provider - City (Land Loan) (23.7%)
<br />Cash Flow to Subsidy Provider - OCHFT (PSH Loan) (12.8%)
<br />Accrued Interest at 3.00%
<br />Accrued Interest at 3.00%
<br />Accrued Interest at 3.00%
<br />Accrued Interest at 3.00%
<br />Accrued Interest at 3.00%
<br />STABILIZED CASH FLOW ANALYSIS
<br />The Crossroads at Washington - Updated Closing Proforma (v04r)
<br />Related Companies of California
<br />EXHIBIT 5
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