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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 />46 47 48 49 50 51 52 53 54 55
<br />3,153,579 3,248,186 3,345,632 3,446,001 3,549,381 3,655,862 3,765,538 3,878,504 3,994,859 4,114,705
<br />1,482,991 1,527,480 1,573,305 1,620,504 1,669,119 1,719,193 1,770,768 1,823,891 1,878,608 1,934,966
<br />2,070,605 2,132,723 2,196,705 2,262,606 2,330,484 2,400,399 2,472,411 2,546,583 2,622,981 2,701,670
<br />(507,632)(522,861)(538,546)(554,703)(571,344)(588,484)(606,139)(624,323)(643,053)(662,344)
<br />23,416 24,118 24,842 25,587 26,355 27,145 27,960 28,798 29,662 30,552
<br />(1,763)(1,816)(1,870)(1,927)(1,984)(2,044)(2,105)(2,168)(2,233)(2,300)
<br />6,221,196 6,407,831 6,600,066 6,798,068 7,002,010 7,212,071 7,428,433 7,651,286 7,880,824 8,117,249
<br />(196,808)(202,713)(208,794)(215,058)(221,510)(228,155)(235,000)(242,050)(249,311)(256,790)Refi Loan
<br />(206,838)(213,043)(219,435)(226,018)(232,798)(239,782)(246,976)(254,385)(262,016)(269,877)Year 55 NOI 4,533,855
<br />(348,764)(359,227)(370,004)(381,104)(392,537)(404,313)(416,443)(428,936)(441,804)(455,058)Year of Refinancing 55
<br />(464,985)(478,935)(493,303)(508,102)(523,345)(539,045)(555,216)(571,873)(589,029)(606,700)Interest Rate 6.50%
<br />(686,599)(707,197)(728,412)(750,265)(772,773)(795,956)(819,835)(844,430)(869,763)(895,855)Term (years)5 years
<br />(11,869)(12,107)(12,349)(12,596)(12,848)(13,105)(13,367)(13,634)(13,907)(14,185)DCR 1.2
<br />(195,130)(200,984)(207,014)(213,224)(219,621)(226,210)(232,996)(239,986)(247,185)(254,601)Max Refi Loan 16,091,620
<br />(5,183)(5,339)(5,499)(5,664)(5,834)(6,009)(6,189)(6,375)(6,566)(6,763)
<br />(529,423)(545,306)(561,665)(578,515)(595,871)(613,747)(632,159)(651,124)(670,658)(690,777)Loan Balances
<br />(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)Orange County PSH Loan 0
<br />(3,169)(3,233)(3,297)(3,363)(3,430)(3,499)(3,569)(3,640)(3,713)(3,787)Orange County Residual Receipts Loan (Land Value)0
<br />(37,816)(38,950)(40,119)(41,323)(42,562)(43,839)(45,154)(46,509)(47,904)(49,341)
<br />(70,267)(70,267)(70,267)(70,267)(70,267)(77,294)(77,294)(77,294)(77,294)(77,294)City Residual Receipts Loan (Land Value)0
<br />(2,759,218)(2,839,665)(2,922,523)(3,007,863)(3,095,760)(3,193,318)(3,286,562)(3,382,599)(3,481,515)(3,583,394)City Residual Receipts Loan 0
<br />OCHFT MHSA Loan (2021 PSH NOFA)0
<br />3,461,978 3,568,166 3,677,544 3,790,206 3,906,250 4,018,753 4,141,871 4,268,686 4,399,309 4,533,855 Total Loan Balances (Actual Refi Loan Amount)0
<br />Balance after Payoff (Can't be below 0)16,091,620
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />3,461,978 3,568,166 3,677,544 3,790,206 3,906,250 4,018,753 4,141,871 4,268,686 4,399,309 4,533,855
<br />(18,908)(19,475)(20,059)(20,661)(21,281)(21,920)(22,577)(23,254)(23,952)(24,671)
<br />(75,632)(77,901)(80,238)(82,645)(85,124)(87,678)(90,308)(93,018)(95,808)(98,682)
<br />3,367,438 3,470,790 3,577,246 3,686,899 3,799,845 3,909,155 4,028,986 4,152,414 4,279,549 4,410,502
<br />0 0 0 0 0 0 0 0 0 0
<br />455,616 469,600 484,003 498,839 514,121 528,910 545,124 561,824 579,025 596,743
<br />0 0 0 0 0 0 0 0 0 0
<br />798,390 822,894 848,134 874,132 900,910 926,827 955,238 984,502 1,014,644 1,045,692
<br />0 0 0 0 0 0 0 0 0 0
<br />1,254,006 1,292,494 1,332,137 1,372,971 1,415,031 1,455,737 1,500,361 1,546,325 1,593,669 1,642,435
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />4,264,414 3,879,054 3,479,710 3,065,963 2,637,380 2,193,515 1,730,410 1,237,199 712,491 154,841
<br />70,256 70,256 70,256 70,256 70,256 65,805 51,912 37,116 21,375 4,645
<br />(455,616)(469,600)(484,003)(498,839)(514,121)(528,910)(545,124)(561,824)(579,025)(159,486)
<br />3,879,054 3,479,710 3,065,963 2,637,380 2,193,515 1,730,410 1,237,199 712,491 154,841 0
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />7,483,039 6,807,892 6,108,242 5,383,352 4,632,464 3,854,798 3,043,615 2,179,685 1,260,574 283,748
<br />123,244 123,244 123,244 123,244 123,244 115,644 91,308 65,391 37,817 8,512
<br />(798,390)(822,894)(848,134)(874,132)(900,910)(926,827)(955,238)(984,502)(1,014,644)(292,260)
<br />6,807,892 6,108,242 5,383,352 4,632,464 3,854,798 3,043,615 2,179,685 1,260,574 283,748 0
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0 0 0 0
<br />0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
<br />EXHIBIT 5
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