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Year
<br />INCOME
<br />Gross Rental Income
<br />Project Based Voucher Overhang (SAHA)
<br />Project Based Voucher Overhang (OCHA)
<br />Vacancy @ 7.57%
<br />Laundry Income
<br />Unit Weighted Vacancy @ 7.53%
<br />EFFECTIVE GROSS INCOME
<br />EXPENSES
<br />Administrative
<br />Management Fee
<br />Operating
<br />Maintenance
<br />Salaries
<br />Taxes (escalated at 2.00%)
<br />Insurance
<br />Renting
<br />Social Programs
<br />Other Expenses: PSH Monitoring Fees (OCHA/OCCS) (no escalation)
<br />Other Expenses: PSH Monitoring Fees (OCHFT) (escalated at 2%)
<br />Other Expenses: Annual Environmental Monitoring Fees
<br />Replacement Reserves (escalated at 10% every 5 years)
<br />TOTAL OPERATING EXPENSES Op Exp / Income: 45%
<br />NET OPERATING INCOME
<br />DEBT SERVICE
<br />Permanent Loan Note A
<br />Permanent Loan Note B (SAHA PBV Tranche B Loan)
<br />Permanent Loan Note B (OCHA PBV Tranche B Loan)
<br />Conventional Refinance Loan
<br />Cash Flow After Debt Service
<br />SLP Fee
<br />Partnership Administration Fee
<br />Cash Flow After Fees
<br />Only after County Cash Loan is paid off
<br />Only after City Cash Loan is paid off
<br />Total Residual Receipts Payments
<br />Orange County PSH Loan
<br />Beginning Loan Balance
<br />Cash Flow Payment
<br />Ending Loan Balance
<br />Orange County Residual Receipts Loan (Land Value)
<br />Beginning Loan Balance
<br />Cash Flow Payment
<br />Ending Loan Balance
<br />City Residual Receipts Loan
<br />Beginning Loan Balance
<br />Cash Flow Payment
<br />Ending Loan Balance
<br />City Residual Receipts Loan (Land Value)
<br />Beginning Loan Balance
<br />Cash Flow Payment
<br />Ending Loan Balance
<br />OCHFT MHSA Loan (2021 PSH NOFA)
<br />Beginning Loan Balance
<br />Cash Flow Payment
<br />Ending Loan Balance
<br />DCR
<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 /> 3%/3% Cash Flow
<br />16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
<br />1,299,233 1,338,210 1,378,356 1,419,707 1,462,298 1,506,167 1,551,352 1,597,892 1,645,829 1,695,204 1,746,060 1,798,442 1,852,395 1,907,967 1,965,206
<br />610,973 629,302 648,181 667,626 687,655 708,285 729,533 751,419 773,962 797,181 821,096 845,729 871,101 897,234 924,151
<br />853,062 878,654 905,013 932,164 960,129 988,933 1,018,601 1,049,159 1,080,633 1,113,052 1,146,444 1,180,837 1,216,262 1,252,750 1,290,333
<br />(209,137)(215,412)(221,874)(228,530)(235,386)(242,448)(249,721)(257,213)(264,929)(272,877)(281,063)(289,495)(298,180)(307,125)(316,339)
<br />9,647 9,936 10,234 10,541 10,858 11,183 11,519 11,865 12,220 12,587 12,965 13,354 13,754 14,167 14,592
<br />(726)(748)(771)(794)(818)(842)(867)(893)(920)(948)(976)(1,005)(1,036)(1,067)(1,099)
<br />2,563,050 2,639,942 2,719,140 2,800,714 2,884,736 2,971,278 3,060,416 3,152,228 3,246,795 3,344,199 3,444,525 3,547,861 3,654,297 3,763,926 3,876,843
<br />(81,082)(83,515)(86,020)(88,601)(91,259)(93,997)(96,817)(99,721)(102,713)(105,794)(108,968)(112,237)(115,604)(119,072)(122,645)
<br />(85,215)(87,771)(90,404)(93,116)(95,910)(98,787)(101,751)(104,803)(107,947)(111,186)(114,521)(117,957)(121,496)(125,140)(128,895)
<br />(143,686)(147,997)(152,437)(157,010)(161,720)(166,572)(171,569)(176,716)(182,017)(187,478)(193,102)(198,895)(204,862)(211,008)(217,338)
<br />(191,568)(197,315)(203,234)(209,331)(215,611)(222,079)(228,742)(235,604)(242,672)(249,952)(257,451)(265,174)(273,130)(281,324)(289,763)
<br />(282,870)(291,356)(300,096)(309,099)(318,372)(327,923)(337,761)(347,894)(358,331)(369,081)(380,153)(391,558)(403,304)(415,403)(427,866)
<br />(6,553)(6,684)(6,817)(6,954)(7,093)(7,235)(7,379)(7,527)(7,677)(7,831)(7,988)(8,147)(8,310)(8,477)(8,646)
<br />(80,391)(82,803)(85,287)(87,846)(90,481)(93,195)(95,991)(98,871)(101,837)(104,892)(108,039)(111,280)(114,619)(118,057)(121,599)
<br />(2,135)(2,199)(2,265)(2,333)(2,403)(2,476)(2,550)(2,626)(2,705)(2,786)(2,870)(2,956)(3,045)(3,136)(3,230)
<br />(218,115)(224,659)(231,399)(238,341)(245,491)(252,856)(260,441)(268,254)(276,302)(284,591)(293,129)(301,923)(310,980)(320,310)(329,919)
<br />(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 />(1,750)(1,785)(1,820)(1,857)(1,894)(1,932)(1,970)(2,010)(2,050)(2,091)(2,133)(2,175)(2,219)(2,263)(2,309)
<br />(15,580)(16,047)(16,528)(17,024)(17,535)(18,061)(18,603)(19,161)(19,736)(20,328)(20,938)(21,566)(22,213)(22,879)(23,566)
<br />(39,664)(39,664)(39,664)(39,664)(39,664)(43,630)(43,630)(43,630)(43,630)(43,630)(47,993)(47,993)(47,993)(47,993)(47,993)
<br />(1,150,973)(1,184,159)(1,218,338)(1,253,541)(1,289,798)(1,331,108)(1,369,569)(1,409,183)(1,449,983)(1,492,006)(1,539,650)(1,584,227)(1,630,140)(1,677,428)(1,726,133)
<br />1,412,077 1,455,783 1,500,802 1,547,173 1,594,938 1,640,170 1,690,847 1,743,045 1,796,812 1,852,194 1,904,875 1,963,634 2,024,157 2,086,497 2,150,710
<br />(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 />(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 />(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 />0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />629,278 672,984 718,004 764,375 812,139 857,371 908,048 960,247 1,014,013 1,069,395 1,122,077 1,180,835 1,241,358 1,303,699 1,367,912
<br />(7,790)(8,024)(8,264)(8,512)(8,768)(9,031)(9,301)(9,581)(9,868)(10,164)(10,469)(10,783)(11,106)(11,440)(11,783)
<br />(31,159)(32,094)(33,057)(34,049)(35,070)(36,122)(37,206)(38,322)(39,472)(40,656)(41,876)(43,132)(44,426)(45,759)(47,131)
<br />590,329 632,867 676,682 721,814 768,301 812,219 861,541 912,344 964,674 1,018,575 1,069,732 1,126,920 1,185,826 1,246,501 1,308,998
<br />79,872 85,627 91,555 97,662 103,952 109,894 116,567 123,441 130,521 137,814 144,735 152,473 160,443 168,652 177,108
<br />0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />139,962 150,047 160,436 171,136 182,158 192,570 204,264 216,309 228,716 241,495 253,624 267,183 281,149 295,535 310,352
<br />0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />75,331 80,759 86,350 92,109 98,042 103,646 109,940 116,423 123,100 129,979 136,507 143,804 151,321 159,064 167,039
<br />295,165 316,433 338,341 360,907 384,151 406,109 430,770 456,172 482,337 509,288 534,866 563,460 592,913 623,250 654,499
<br />3,218,992 3,218,641 3,212,535 3,200,500 3,182,360 3,157,929 3,127,557 3,090,511 3,046,591 2,995,591 2,937,299 2,872,085 2,799,133 2,718,211 2,629,080
<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 78,872
<br />(79,872)(85,627)(91,555)(97,662)(103,952)(109,894)(116,567)(123,441)(130,521)(137,814)(144,735)(152,473)(160,443)(168,652)(177,108)
<br />3,218,641 3,212,535 3,200,500 3,182,360 3,157,929 3,127,557 3,090,511 3,046,591 2,995,591 2,937,299 2,872,085 2,799,133 2,718,211 2,629,080 2,530,844
<br />3,395,703 3,465,959 3,536,215 3,606,471 3,676,726 3,746,982 3,817,238 3,887,494 3,957,750 4,028,006 4,098,262 4,168,518 4,238,774 4,309,030 4,379,286
<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 />0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />3,465,959 3,536,215 3,606,471 3,676,726 3,746,982 3,817,238 3,887,494 3,957,750 4,028,006 4,098,262 4,168,518 4,238,774 4,309,030 4,379,286 4,449,542
<br />5,640,743 5,640,128 5,629,428 5,608,340 5,576,552 5,533,741 5,480,518 5,415,602 5,338,640 5,249,272 5,147,124 5,032,847 4,905,011 4,763,209 4,607,022
<br />139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 139,347 138,211
<br />(139,962)(150,047)(160,436)(171,136)(182,158)(192,570)(204,264)(216,309)(228,716)(241,495)(253,624)(267,183)(281,149)(295,535)(310,352)
<br />5,640,128 5,629,428 5,608,340 5,576,552 5,533,741 5,480,518 5,415,602 5,338,640 5,249,272 5,147,124 5,032,847 4,905,011 4,763,209 4,607,022 4,434,880
<br />5,956,797 6,080,041 6,203,285 6,326,529 6,449,774 6,573,018 6,696,262 6,819,506 6,942,750 7,065,994 7,189,238 7,312,482 7,435,726 7,558,970 7,682,214
<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 />0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />6,080,041 6,203,285 6,326,529 6,449,774 6,573,018 6,696,262 6,819,506 6,942,750 7,065,994 7,189,238 7,312,482 7,435,726 7,558,970 7,682,214 7,805,458
<br />3,035,982 3,035,651 3,029,892 3,018,541 3,001,432 2,978,391 2,949,745 2,914,805 2,873,383 2,825,282 2,770,304 2,708,797 2,639,993 2,563,672 2,479,608
<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 74,388
<br />(75,331)(80,759)(86,350)(92,109)(98,042)(103,646)(109,940)(116,423)(123,100)(129,979)(136,507)(143,804)(151,321)(159,064)(167,039)
<br />3,035,651 3,029,892 3,018,541 3,001,432 2,978,391 2,949,745 2,914,805 2,873,383 2,825,282 2,770,304 2,708,797 2,639,993 2,563,672 2,479,608 2,386,958
<br />1.80 1.86 1.92 1.98 2.04 2.10 2.16 2.23 2.30 2.37 2.43 2.51 2.59 2.67 2.75
<br />EXHIBIT 5
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