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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 />56 57 58 59 60 61 62
<br />4,238,146 4,365,290 4,496,249 4,631,137 4,770,071 4,913,173 5,060,568
<br />1,993,015 2,052,806 2,114,390 2,177,822 2,243,156 2,310,451 2,379,765
<br />2,782,720 2,866,202 2,952,188 3,040,754 3,131,976 3,225,935 3,322,714
<br />(682,214)(702,681)(723,761)(745,474)(767,838)(790,873)(814,600)
<br />31,469 32,413 33,385 34,387 35,418 36,481 37,575
<br />(2,369)(2,440)(2,514)(2,589)(2,667)(2,747)(2,829)
<br />8,360,767 8,611,590 8,869,937 9,136,035 9,410,116 9,692,420 9,983,192
<br />(264,494)(272,429)(280,602)(289,020)(297,690)(306,621)(315,820)
<br />(277,973)(286,312)(294,902)(303,749)(312,861)(322,247)(331,915)
<br />(468,710)(482,771)(497,254)(512,172)(527,537)(543,363)(559,664)
<br />(624,901)(643,648)(662,957)(682,846)(703,332)(724,432)(746,164)
<br />(922,731)(950,413)(978,925)(1,008,293)(1,038,542)(1,069,698)(1,101,789)
<br />(14,469)(14,758)(15,053)(15,354)(15,661)(15,974)(16,294)
<br />(262,239)(270,106)(278,209)(286,555)(295,152)(304,007)(313,127)
<br />(6,966)(7,175)(7,390)(7,612)(7,840)(8,075)(8,317)
<br />(711,501)(732,846)(754,831)(777,476)(800,800)(824,824)(849,569)
<br />(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)(2,365)
<br />(3,863)(3,941)(4,019)(4,100)(4,182)(4,265)(4,351)
<br />(50,821)(52,346)(53,917)(55,534)(57,200)(58,916)(60,684)
<br />(85,023)(85,023)(85,023)(85,023)(85,023)(93,525)(93,525)
<br />(3,696,056)(3,804,133)(3,915,448)(4,030,099)(4,148,186)(4,278,314)(4,403,584)
<br />4,664,711 4,807,457 4,954,489 5,105,936 5,261,930 5,414,106 5,579,608
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />(3,778,212)(3,778,212)(3,778,212)(3,778,212)(3,778,212)0 0
<br />886,498 1,029,244 1,176,277 1,327,724 1,483,718 5,414,106 5,579,608
<br />(25,411)(26,173)(26,958)(27,767)(28,600)(29,458)(30,342)
<br />(101,643)(104,692)(107,833)(111,068)(114,400)(117,832)(121,367)
<br />759,445 898,379 1,041,486 1,188,889 1,340,718 5,266,816 5,427,900
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />0 0 0 0 0 0 0
<br />1.23 1.27 1.31 1.35 1.39 0.00 0.00
<br />EXHIBIT 5
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