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APPENDIX B - TABLE 3-2
<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
<br />$2,004,480
<br />12,252,240
<br />$1,691,280
<br />10, 410,120
<br />68,460
<br />317,724
<br />Difference
<br /> 35,604
<br /> 186,480
<br />$14,256,720 $12,709,668 $1,547,052
<br />$14,256,720 $12,709,668 $1,547,052
<br />(712,836) (635,483) (77,353)
<br />
<br />$13,543,884 $12,074,185 $1,469,699
<br />$1,575,000 $1,575,000 $0
<br />1,855,000 1,627,500 227,500
<br />($3,430,000) ($3,202,500) ($227,500)
<br />$10,113,884 $8,871,685 $1,242,199
<br />$10,113,884 $8,871,685
<br />6.0% 6.0%
<br />$168,565,000 $147,861,000 $20,704,000
<br />Total In-Lieu Fee 3 $20,704,000
<br />Per Total Unit $59,200
<br />Per Income Restricted Unit $390,600
<br />Per Square Foot of Total Building Area $37.90
<br />:i
<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 63-2 75B-24 Page 7 of 7
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