Item 39 - Affordable Housing Project at 2530 & 2534 Westminster Avenue

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Westview House Operating Budget - Detailed PER ADMINISTRATION TOTAL UNIT Advertising 4,000 47 Legal 8,000 94 Accounting/Audit 8,000 94 Security 26,400 311 Other Phone / Office Supplies / License / Misc 19,000 224 TOTAL ADMINISTRATION 65,400 769 MANAGEMENT FEE 61,872 728 TOTAL MANAGEMENT FEE 61,872 728 UTILITIES Fuel 0 0 Gas 12,000 141 Electricity 28,000 329 Water / Sewer 31,000 365 Other Cable / Misc 0 0 TOTAL UTILITIES 71,000 835 PAYROLL / PAYROLL TAXES On-site Manager 52,000 612 Maintenance Personnel 80,200 944 Other Payroll Taxes / Insurance / Workers Comp. 46,714 550 Total Payroll / Payroll Taxes 178,914 2,105 Total Insurance 0 0 TOTAL PAYROLL / PAYROLL TAXES 178,914 2,105 REPAIRS & MAINTENANCE Painting 6,000 71 Repairs 20,000 235 Trash Removal 20,000 235 Exterminating 5,000 59 Grounds 12,000 141 Elevator 5,000 59 Other Heating & Cooling R&M 10,000 118 TOTAL REPAIRS & MAINTENANCE 78,000 918 OTHER EXPENSES Insurance - Property 45,000 529 Real Estate Taxes 22,500 265 Community Facilities District (CFD)0 0 Contract Services 0 0 Manager Rent 0 0 Agency Debt Service 0 0 Operating Reserve 0 0 NPLH, MHSA, & OCHFT Monitoring Fees 38,229 450 Social Services 82,570 971 OTHER EXPENSES 188,299 2,215 TOTAL EXPENSES Total Annual Residential Operating Expenses 643,485 7,570 Total Number of Units in the Project 85 Total Annual Operating Expenses Per Unit 7,570 Total 3-Month Operating Reserve 343,824 Total Annual Internet Expense (Site Amenity Election)0 0 Total Annual Services Amenities Budget (From Project Expenses)0 0 Total Annual Reserve for Replacement 42,500 500 Total Annual Real Estate Taxes 0 0 TOTAL RES. OP. EXP. (W / SERVICES, RR, RE TAXES)685,985 8,070 EXHIBIT 3