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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
<br />I.Gross Residential Income 1
<br />Tenant-Paid Income $53,200 $54,530 $55,893 $57,291 $58,723 $60,191 $61,696 $63,238
<br />PBV Subsidy Income 52,900 54,223 55,578 56,968 58,392 59,851 61,348 62,881
<br />NPLH COSR 64,957 66,969 69,057 71,223 73,471 75,803 78,223 80,733
<br />SNHP COSR 32,479 33,485 34,528 35,611 36,735 37,901 39,111 40,367
<br />(Less) Vacancy Allowance (7,427)(7,613)(7,803)(7,998)(8,198)(8,403)(8,613)(8,828)
<br />Effective Gross Base Income $196,109 $201,593 $207,253 $213,095 $219,123 $225,344 $231,765 $238,391
<br />II.Operating Expenses 2
<br />General Operating Expenses $96,200 $99,567 $103,052 $106,659 $110,392 $114,255 $118,254 $122,393
<br />Property Taxes 5,400 5,508 5,618 5,731 5,845 5,962 6,081 6,203
<br />Supportive Services 56,600 58,015 59,465 60,952 62,476 64,038 65,639 67,280
<br />NLPH Annual Fee 6,600 6,831 7,070 7,318 7,574 7,839 8,113 8,397
<br />SNHP Annual Fee 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500
<br />Replacement Reserve 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500
<br />Total Operating Expenses $180,800 $185,921 $191,205 $196,659 $202,286 $208,094 $214,087 $220,273
<br />III.Net Operating Income $15,309 $15,672 $16,048 $16,436 $16,836 $17,250 $17,677 $18,118
<br />V.Cash Flow Available for Residual Receipts Payments $15,309 $15,672 $16,048 $16,436 $16,836 $17,250 $17,677 $18,118
<br />Nominal Dollars $279,620 $174,000 NPV @ 6% Discount Rate
<br />VI.Residual Receipt Payments to NPLH Loan 4 $1,961 $2,007 $2,055 $2,105 $2,156 $2,209 $2,264 $2,321
<br />Nominal Dollars $35,814 $22,000 NPV @ 6% Discount Rate
<br />VII.Residual Receipt Payments to SNHP Loan 4 $2,569 $2,630 $2,693 $2,758 $2,825 $2,895 $2,966 $3,040
<br />Nominal Dollars $46,921 $29,000 NPV @ 6% Discount Rate
<br />VII.Residual Receipt Payments to OCHTF Loan 4 $1,044 $1,069 $1,094 $1,121 $1,148 $1,176 $1,206 $1,236
<br />Nominal Dollars $19,069 $12,000 NPV @ 6% Discount Rate
<br />IX.Residual Receipt Payments to Authority Loan 4 $2,081 $2,130 $2,181 $2,234 $2,288 $2,345 $2,403 $2,463
<br />Nominal Dollars $38,006 $24,000 NPV @ 6% Discount Rate
<br />X.Residual Receipt Payments to Developer $7,654 $7,836 $8,024 $8,218 $8,418 $8,625 $8,839 $9,059
<br />Nominal Dollars $139,810 $87,000 NPV @ 6% Discount Rate
<br />1
<br />2
<br />3
<br />4
<br />The affordable rents and VASH subsidy are assumed to increase by
<br />102.5%/year. The SNHP income is increased by 101.0%/year.
<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 />Based on pro rata share of 50% of Residual Receipts.
<br />Prepared by: Keyser Marston Associates, Inc.
<br />Filename: Francis Xavier Residence PF_8 27 21.xlsm; CF_w 3 PBV; trb 4 of 12
<br />EXHIBIT 3
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