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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.
<br />Rent Income
<br />3,184,200
<br />Market Rate Units
<br />$110,800
<br />One - bedroom Units
<br />107,580
<br />Two - bedroom Units
<br />Very-Low Income Rents
<br />One - bedroom Units
<br />59,340
<br />Two - bedroom Units
<br />Low Income Rents
<br />One - bedroom Units
<br />$4,593,900
<br />Two - bedroom Units
<br />$4,907,880
<br />Total Rent Income
<br />B.
<br />Effective Gross Income
<br />(229, 695)
<br />Total Rent Income
<br />$4,662,486
<br />(Less) Vacancy Allowance
<br />$298,281
<br />Effective Gross Income (EGI)
<br />C.
<br />Operating Expenses (Excluding Debt Service
<br />546,500
<br />General Operating Expenses
<br />45,600
<br />Property Taxes
<br />($1,639,400)
<br />Total Operating Expenses
<br />D.
<br />Net Operating Income (EGI - Expenses)
<br />E.
<br />Project Value
<br />$2,724,805
<br />Net Operating Income
<br />6.0%
<br />Capitalization Rate
<br />Total Project Value
<br />V
<br />Project with
<br />100% @ Market Inclusionary
<br />Rent Standards Difference
<br />$1,723,680
<br />$1,468,320
<br />Per Total Unit
<br />3,184,200
<br />2,701,080
<br />$110,800
<br />Per Square Foot of Total Building Area
<br />107,580
<br />164,340
<br />59,340
<br />93,240
<br />$4,907,880
<br />$4,593,900
<br />$313,980
<br />$4,907,880
<br />$4,593,900
<br />$313,980
<br />(245, 394)
<br />(229, 695)
<br />(15, 699)
<br />$4,662,486
<br />$4,364,205
<br />$298,281
<br />$1,138,500
<br />$1,138,500
<br />$0
<br />546,500
<br />500,900
<br />45,600
<br />($1,685,000)
<br />($1,639,400)
<br />($45,600)
<br />$2,977,486
<br />$2,724,805
<br />$252,681
<br />$2,977,486
<br />$2,724,805
<br />6.0%
<br />6.0%
<br />$49,625,000 $45,413,000 1 $4,212,000
<br />Total In -Lieu Fee 3
<br />$4,212,000
<br />Per Total Unit
<br />$16,600
<br />Per Income Restricted Unit
<br />$110,800
<br />Per Square Foot of Total Building Area
<br />$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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