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Westview House Project Summary 04/28/22
<br />Project Data Operating Economic Assumptions
<br />Project: Westview House Vacancy Rate Non-PSH Units 5.00%
<br />Vacancy Rate PSH Units 5.00%
<br />Total Units 85 Income Inflator 2.00%
<br />Expense Inflator 3.00%
<br />Land Area 2.12 RE Tax Inflator 2.00%
<br />Units Per Acre 40.09
<br />QCT/DDA YES Construction Loans
<br />Construction Period 30
<br />4% or 9% Financing 4.00% Loan Amount 40,200,000
<br />Federal Tax Credit Price 0.925 Loan Fees 0.60%
<br />Tax-Exempt Loan $23,990,343 1.95%
<br />Taxable Loan $16,209,657 2.25%
<br />Blended Loan Rate 2.60%
<br />Permanent Loans Fee Interest Amortizaton Amount
<br />Permanent Loans 4.05% 480 13,642,615
<br />Soft Debt Loans Interest
<br />3.00%
<br />PROJECT UNIT MIX
<br />AMI BEDROOMS SF UNITS MGR PERCENT GROSS UTILITY NET TCAC PBV ANNUAL
<br />TCAC RENT ALLOWANCE RENT CONTRACT RENTS RENTAL INCOME
<br />30%1 489-523 23 0 27%762 0 762 1,867 515,292.00
<br />30%2 756 3 1 4%915 0 915 2,278 82,008.00
<br />30%3 933-1,101 21 0 25%1,057 76 981 0 247,212.00
<br />60%3 933-1,101 13 0 15%2,114 76 2,038 0 317,928.00
<br />30%4 1,178 16 0 19%1,179 95 1,084 0 208,128.00
<br />60%4 1,178 8 0 10%2,358 95 2,263 0 217,248.00
<br />TOTAL 84 1 100%1,587,816
<br />CONSTRUCTION SOURCES TOTAL CONSTRUCTION USES OF FUNDS TOTAL
<br />Construction Loan $39,251,491 Land / Acquisition Costs $6,675,000
<br />Net Investor Equity $4,705,272 Total Hard Costs $30,689,128
<br />OCHFT $1,450,349 Hard Cost Contingency $1,535,000
<br />City of Santa Ana $3,904,341 Construction Interest $1,633,319
<br />CDP OZ LLC $350,000 Loan Fees $377,626
<br />DDF $103,967 Soft Costs $5,739,022
<br />Operating Reserves $343,824
<br />Soft Costs Contingency $272,500
<br />TOTAL SOURCES $49,765,420 Developer Fee $2,500,000
<br />TOTAL DEVELOPMENT COSTS $49,765,420
<br />PERMANENT SOURCES TOTAL PERMANENT USES OF FUNDS TOTAL
<br />Net Investor Equity (Federal)$18,821,088 Land / Acquisition Costs $6,675,000
<br />Permanent Loan $13,642,615 Total Hard Costs $30,689,128
<br />CDP OZ LLC $350,000 Hard Cost Contingency $1,535,000
<br />OCHFT $1,450,349 Construction Interest $1,633,319
<br />City of Santa Ana $3,904,341 Loan Fees $377,626
<br />NPLH $7,312,537 Soft Costs $5,739,022
<br />County of Orange MHSA $4,258,280 Operating Reserves $343,824
<br />Deferred Developer Fee $26,210 Soft Costs Contingency $272,500
<br />TOTAL SOURCES $49,765,420 Developer Fee $2,500,000
<br />TOTAL DEVELOPMENT COSTS $49,765,420
<br />AMI NO. UNITS
<br />30.00%63
<br />35.00% 0 Threshold Basis 129,507,377
<br />40.00% 0 Eligible Basis 39,860,120
<br />45.00% 0
<br />50.00% 0 Reduction 0
<br />55.00% 0
<br />60.00% 21
<br />Total Affordable 84
<br />Manager Unit 1 Total Adjusted Eligible Basis 51,818,156
<br />TOTAL UNITS 85 DDA/QCT Boost 130%
<br />Total Qualified Basis 51,818,156
<br />Credit Rate 4.00%
<br />Stabilized Cash Flow Total Available Annual Credits 2,072,726
<br />INCOME TOTAL PER UNIT Total Requested Federal Credits 2,072,726
<br />Gross Potential Rental Income 1,587,816 18,680 Credit Price 0
<br />Laundry Income 12,240 144 Net Investor Equity 18,821,088
<br />Gross Commercial Income 0 0
<br />Vacancy and Collection (80,003) (941)Total Requested State Credits 0
<br />EFFECTIVE GROSS INCOME 1,520,053 17,883 Credit Price $0.00
<br />Net Investor Equity 0
<br />EXPENSES TOTAL PER UNIT
<br />Operating Expenses 643,485 7,570 TOTAL NET INVESTOR EQUITY $18,821,088.00
<br />Other ( )0 0 `
<br />Social Services 42,500 500
<br />Reserves 0 0
<br />TOTAL EXPENSES 685,985 8,070
<br />NET OPERATING INCOME 834,068 9,813
<br />TOTAL DEBT SERVICE 689,313
<br />NET CASH FLOW 144,756
<br />MONTHLY
<br />BASIS CALCULATIONS
<br />EXHIBIT 3
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