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APPENDIX B - TABLE 3-1
<br />IN-LIEU FEE EXAMPLE
<br />RENTAL PROJECT
<br />INCLUSIONARY HOUSING IN-LIEU FEE METHODOLOGY
<br />SANTA ANA, CALIFORNIA
<br />IV. Proiect Value Comparison
<br />A. Rent Income
<br /> Market Rate Units
<br /> One-bedroom Units
<br /> Two-bedroom Units
<br /> Very-Low Income Rents
<br /> One-bedroom Units
<br /> Two-bedroom Units
<br /> Low Income Rents
<br /> One-bedroom Units
<br /> Two-bedroom Units
<br /> Total Rent Income
<br />B. Effective Gross Income
<br /> Total Rent Income
<br /> (Less) Vacancy Allowance
<br /> Effective Gross Income (EGI)
<br />C. Operating Expenses (Excluding Debt Service
<br /> General Operating Expenses
<br /> Property Taxes
<br /> Total Operating Expenses
<br />D. Net Operating Income (EGI - Expenses)
<br />E. Project Value
<br /> Net Operating Income
<br /> Capitalization Rate
<br /> Total Project Value
<br />V
<br />Project with
<br />100% @ Market Inclusionary
<br />Rent Standards Difference
<br />$1,723,680 $1,468,320
<br />3,184,200 2,701,080
<br /> 107,580
<br /> 164,340
<br /> 59,340
<br /> 93,240
<br />$4,907,880 $4,593,900 $313,980
<br />$4,907,880 $4,593,900 $313,980
<br />(245, 394) (229, 695) (15, 699)
<br />
<br />$4,662,486 $4,364,205 $298,281
<br />$1,138,500 $1,138,500 $0
<br />546,500 500,900 45,600
<br />($1,685,000) ($1,639,400) ($45,600)
<br />$2,977,486 $2,724,805 $252,681
<br />$2,977,486 $2,724,805
<br />6.0% 6.0%
<br />$49,625,000 $45,413,000 $4,212,000
<br />Total In-Lieu Fee 3 $4,212,000
<br />Per Total Unit $16,600
<br />Per Income Restricted Unit $110,800
<br />Per Square Foot of Total Building Area $17.40
<br />3
<br />The Total In-Lieu Fee is equal to the difference between the project's value with 100% market rents and the value with the
<br />inclusionary housing obligation.
<br />Prepared by: Keyser Marston Associates
<br />Filename: SA In-lieu Fee_6_7_11; APP 63-1 7,5B-22 Page 5 of 7
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