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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 />V
<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 />Project with
<br />100% @ Market Inclusionary
<br />Rent Standards Difference
<br />$2,004,480 $1,691,280
<br />12,252,240 10,410,120
<br />68,460
<br />317,724
<br />$10,113,884 $8,871,685
<br />6.0% 6.0%
<br />$168,565,000 $147,861,000 1 $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 />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
<br />35,604
<br />186,480
<br />$14,256,720
<br />$12,709,668
<br />$1,547,052
<br />$14,256,720
<br />$12,709,668
<br />$1,547,052
<br />(712,836)
<br />(635,483)
<br />(77,353)
<br />$13,543,884
<br />$12,074,185
<br />$1,469,699
<br />$1,575,000
<br />$1,575,000
<br />$0
<br />1,855,000
<br />1,627,500
<br />227,500
<br />($3,430,000)
<br />($3,202,500)
<br />($227,500)
<br />$10,113,884
<br />$8,871,685
<br />$1,242,199
<br />$10,113,884 $8,871,685
<br />6.0% 6.0%
<br />$168,565,000 $147,861,000 1 $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 />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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