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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 />31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
<br />2,024,162 2,084,887 2,147,434 2,211,857 2,278,212 2,346,559 2,416,955 2,489,464 2,564,148 2,641,072 2,720,305 2,801,914 2,885,971 2,972,550 3,061,727
<br />951,875 980,432 1,009,844 1,040,140 1,071,344 1,103,484 1,136,589 1,170,686 1,205,807 1,241,981 1,279,241 1,317,618 1,357,147 1,397,861 1,439,797
<br />1,329,043 1,368,914 1,409,981 1,452,281 1,495,849 1,540,725 1,586,947 1,634,555 1,683,592 1,734,099 1,786,122 1,839,706 1,894,897 1,951,744 2,010,296
<br />(325,829)(335,604)(345,672)(356,043)(366,724)(377,726)(389,057)(400,729)(412,751)(425,133)(437,887)(451,024)(464,555)(478,491)(492,846)
<br />15,030 15,480 15,945 16,423 16,916 17,423 17,946 18,485 19,039 19,610 20,199 20,804 21,429 22,071 22,734
<br />(1,132)(1,166)(1,201)(1,237)(1,274)(1,312)(1,351)(1,392)(1,434)(1,477)(1,521)(1,566)(1,613)(1,662)(1,712)
<br />3,993,149 4,112,943 4,236,331 4,363,421 4,494,324 4,629,154 4,768,028 4,911,069 5,058,401 5,210,153 5,366,458 5,527,452 5,693,275 5,864,073 6,039,996
<br />(126,324)(130,114)(134,017)(138,037)(142,179)(146,444)(150,837)(155,362)(160,023)(164,824)(169,769)(174,862)(180,108)(185,511)(191,076)
<br />(132,762)(136,744)(140,847)(145,072)(149,424)(153,907)(158,524)(163,280)(168,178)(173,224)(178,420)(183,773)(189,286)(194,965)(200,814)
<br />(223,859)(230,574)(237,492)(244,616)(251,955)(259,513)(267,299)(275,318)(283,577)(292,085)(300,847)(309,873)(319,169)(328,744)(338,606)
<br />(298,456)(307,410)(316,632)(326,131)(335,915)(345,993)(356,372)(367,063)(378,075)(389,418)(401,100)(413,133)(425,527)(438,293)(451,442)
<br />(440,702)(453,923)(467,540)(481,566)(496,013)(510,894)(526,221)(542,007)(558,268)(575,016)(592,266)(610,034)(628,335)(647,185)(666,601)
<br />(8,819)(8,995)(9,175)(9,359)(9,546)(9,737)(9,932)(10,130)(10,333)(10,540)(10,750)(10,965)(11,185)(11,408)(11,637)
<br />(125,247)(129,004)(132,874)(136,860)(140,966)(145,195)(149,551)(154,038)(158,659)(163,419)(168,321)(173,371)(178,572)(183,929)(189,447)
<br />(3,327)(3,427)(3,529)(3,635)(3,744)(3,857)(3,972)(4,092)(4,214)(4,341)(4,471)(4,605)(4,743)(4,886)(5,032)
<br />(339,817)(350,011)(360,512)(371,327)(382,467)(393,941)(405,759)(417,932)(430,470)(443,384)(456,685)(470,386)(484,497)(499,032)(514,003)
<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 />(2,355)(2,402)(2,450)(2,499)(2,549)(2,600)(2,652)(2,705)(2,759)(2,814)(2,870)(2,928)(2,986)(3,046)(3,107)
<br />(24,273)(25,001)(25,751)(26,523)(27,319)(28,139)(28,983)(29,852)(30,748)(31,670)(32,620)(33,599)(34,607)(35,645)(36,715)
<br />(52,793)(52,793)(52,793)(52,793)(52,793)(58,072)(58,072)(58,072)(58,072)(58,072)(63,879)(63,879)(63,879)(63,879)(63,879)
<br />(1,781,096)(1,832,762)(1,885,977)(1,940,785)(1,997,235)(2,060,656)(2,120,539)(2,182,216)(2,245,741)(2,311,169)(2,384,365)(2,453,772)(2,525,259)(2,598,888)(2,674,723)
<br />2,212,053 2,280,181 2,350,355 2,422,636 2,497,089 2,568,498 2,647,489 2,728,853 2,812,660 2,898,984 2,982,093 3,073,679 3,168,016 3,265,185 3,365,273
<br />(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)(32,435)0 0 0 0 0
<br />(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)(323,949)0 0 0 0 0
<br />(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)(426,415)0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />1,429,254 1,497,382 1,567,556 1,639,838 1,714,290 1,785,699 1,864,691 1,946,054 2,029,861 2,116,185 2,982,093 3,073,679 3,168,016 3,265,185 3,365,273
<br />(12,136)(12,500)(12,875)(13,262)(13,660)(14,069)(14,491)(14,926)(15,374)(15,835)(16,310)(16,799)(17,303)(17,823)(18,357)
<br />(48,545)(50,002)(51,502)(53,047)(54,638)(56,277)(57,966)(59,705)(61,496)(63,341)(65,241)(67,198)(69,214)(71,290)(73,429)
<br />1,368,573 1,434,880 1,503,179 1,573,530 1,645,993 1,715,353 1,792,234 1,871,424 1,952,992 2,037,010 2,900,542 2,989,682 3,081,498 3,176,072 3,273,486
<br />185,168 194,140 203,381 212,899 222,704 232,088 242,490 253,204 264,241 275,608 392,445 404,505 416,928 0 0
<br />0 0 0 0 0 0 0 0 0 0 0 0 366,338 429,724 442,904
<br />324,477 340,198 356,391 373,070 390,251 406,695 424,923 443,698 463,037 482,957 687,693 708,828 730,597 0 0
<br />0 0 0 0 0 0 0 0 0 0 0 0 641,946 753,019 776,115
<br />174,641 183,102 191,818 200,795 210,042 218,893 228,704 238,809 249,218 259,939 370,133 381,508 393,224 0 0
<br />684,286 717,440 751,590 786,765 822,996 857,676 896,117 935,712 976,496 1,018,505 1,450,271 1,494,841 2,549,034 1,182,743 1,219,020
<br />2,530,844 2,421,601 2,300,109 2,165,732 2,017,804 1,855,635 1,679,216 1,487,103 1,278,511 1,052,626 808,596 440,409 49,116 0 0
<br />75,925 72,648 69,003 64,972 60,534 55,669 50,376 44,613 38,355 31,579 24,258 13,212 1,473 0 0
<br />(185,168)(194,140)(203,381)(212,899)(222,704)(232,088)(242,490)(253,204)(264,241)(275,608)(392,445)(404,505)(50,590)0 0
<br />2,421,601 2,300,109 2,165,732 2,017,804 1,855,635 1,679,216 1,487,103 1,278,511 1,052,626 808,596 440,409 49,116 0 0 0
<br />4,449,542 4,519,798 4,590,053 4,660,309 4,730,565 4,800,821 4,871,077 4,941,333 5,011,589 5,081,845 5,152,101 5,222,357 5,292,613 4,996,530 4,637,062
<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 (366,338)(429,724)(442,904)
<br />4,519,798 4,590,053 4,660,309 4,730,565 4,800,821 4,871,077 4,941,333 5,011,589 5,081,845 5,152,101 5,222,357 5,292,613 4,996,530 4,637,062 4,264,414
<br />4,434,880 4,243,450 4,030,556 3,795,082 3,535,864 3,251,689 2,942,545 2,605,898 2,240,376 1,844,550 1,416,929 771,744 86,068 0 0
<br />133,046 127,304 120,917 113,852 106,076 97,551 88,276 78,177 67,211 55,337 42,508 23,152 2,582 0 0
<br />(324,477)(340,198)(356,391)(373,070)(390,251)(406,695)(424,923)(443,698)(463,037)(482,957)(687,693)(708,828)(88,650)0 0
<br />4,243,450 4,030,556 3,795,082 3,535,864 3,251,689 2,942,545 2,605,898 2,240,376 1,844,550 1,416,929 771,744 86,068 0 0 0
<br />7,805,458 7,928,702 8,051,947 8,175,191 8,298,435 8,421,679 8,544,923 8,668,167 8,791,411 8,914,655 9,037,899 9,161,143 9,284,387 8,765,685 8,135,910
<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 (641,946)(753,019)(776,115)
<br />7,928,702 8,051,947 8,175,191 8,298,435 8,421,679 8,544,923 8,668,167 8,791,411 8,914,655 9,037,899 9,161,143 9,284,387 8,765,685 8,135,910 7,483,039
<br />2,386,958 2,283,925 2,169,341 2,042,603 1,903,086 1,750,136 1,583,747 1,402,556 1,205,824 992,781 762,625 415,371 46,324 0 0
<br />71,609 68,518 65,080 61,278 57,093 52,504 47,512 42,077 36,175 29,783 22,879 12,461 1,390 0 0
<br />(174,641)(183,102)(191,818)(200,795)(210,042)(218,893)(228,704)(238,809)(249,218)(259,939)(370,133)(381,508)(47,714)0 0
<br />2,283,925 2,169,341 2,042,603 1,903,086 1,750,136 1,583,747 1,402,556 1,205,824 992,781 762,625 415,371 46,324 0 0 0
<br />2.83 2.91 3.00 3.09 3.19 3.28 3.38 3.49 3.59 3.70 0.00 0.00 0.00 0.00 0.00
<br />EXHIBIT 5
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