|
TABLE 4
<br />CASH FLOW ANALYSIS
<br />FRANCIS XAVIER RESIDENCE
<br />SANTA ANA, CALIFORNIA
<br />Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
<br />I.Gross Residential Income 1
<br />Gross Affordable Rental Income $40,300 $41,308 $42,340 $43,399 $44,484 $45,596 $46,736 $47,904 $49,102 $50,329
<br />VASH/COSR Subsidy 118,100 121,053 124,079 127,181 130,360 133,619 136,960 140,384 143,893 147,491
<br />(Less) Vacancy & Collection Allowance (15,841)(16,237)(16,643)(17,059)(17,485)(17,922)(18,370)(18,830)(19,300)(19,783)
<br />Effective Gross Base Income $142,559 $146,123 $149,776 $153,521 $157,359 $161,293 $165,325 $169,458 $173,695 $178,037
<br />II.Operating Expenses 2
<br />General Operating Expenses $68,200 $70,587 $73,058 $75,615 $78,261 $81,000 $83,835 $86,769 $89,806 $92,950
<br />Property Taxes 4,200 4,284 4,370 4,457 4,546 4,637 4,730 4,824 4,921 5,019
<br />HCD Mandatory Interest Payment 9,900 10,247 10,605 10,976 11,360 11,758 12,170 12,596 13,036 13,493
<br />Replacement Reserve 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
<br />Total Operating Expenses $88,300 $91,118 $94,032 $97,048 $100,168 $103,395 $106,735 $110,189 $113,764 $117,462
<br />III.Net Operating Income $54,259 $55,006 $55,744 $56,473 $57,191 $57,897 $58,590 $59,269 $59,931 $60,575
<br />(Less) Debt Service 3 (45,905)(45,905)(45,905)(45,905)(45,905)(45,905)(45,905)(45,905)(45,905)(45,905)
<br />Net Income After Debt Service $8,354 $9,101 $9,839 $10,568 $11,286 $11,992 $12,685 $13,364 $14,026 $14,670
<br />IV.Cash Flow Available for Contingent Payments $8,354 $9,101 $9,839 $10,568 $11,286 $11,992 $12,685 $13,364 $14,026 $14,670
<br />(Less) Deferred Developer Fee (8,354)(9,101)(9,839)(10,568)(11,286)(11,992)(12,685)(13,364)(14,026)(14,670)
<br />V.Cash Flow after Contingent Payments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />Nominal Dollars $2,105,259 $116,000 NPV @ 10% Discount Rate
<br />VI.Residual Receipt Payments to NPLH Loan $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />Nominal Dollars $723,281 $40,000 NPV @ 10% Discount Rate
<br />VII.Residual Receipt Payments to Authority Loan $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />Nominal Dollars $329,348 $18,000 NPV @ 10% Discount Rate
<br />VIII.Residual Receipt Payments to Developer $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />Nominal Dollars $1,052,630 $58,000 NPV @ 10% Discount Rate
<br />1
<br />2
<br />3
<br />The affordable rents and VASH/COSR subsidy are assumed to
<br />increase by 102.5%/year. Assumes Year 1 is at stabilization.
<br />General operating expenses are assumed to increase by
<br />103.5%/year, property taxes at 102.0%/year and replacement
<br />reserves remain constant.
<br />SEE TABLE 3
<br />Prepared by: Keyser Marston Associates, Inc.
<br />Filename: Francis Xavier Residence PF_1 9 19; CF; trb3-32EXHIBIT 1
|