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Mercy House
<br />Louis Martin Residence
<br />9511 S,Mills End Road, Anaheim, CA 92804 FINAL - 4 rental bedrooms/1 on -site manager
<br />Summary Assumes no prevailing wages
<br />DEVELOPMENT SCHEDULE
<br />DEBT FINANCING ASSUMPTIONS
<br />Bedrooms for Rent
<br />4
<br />CONSTRUCTION LOAN:
<br />Manager's Units
<br />1
<br />Construction Loan Interest Rate
<br />5.000%
<br />Total Number of Bedrooms
<br />5
<br />Loan Fee
<br />1.00%
<br />Density Per Acre
<br />Construction Start
<br />PERMANENT LOAN:
<br />Completion/Certificate of Occupancy
<br />Permanent Loan Rate
<br />0.000
<br />Construction Period (Months)
<br />3
<br />Permanent Loan Constant
<br />3.33 %
<br />Start of Leasing
<br />Loan Points and Fees
<br />0.00%
<br />Units Leased per Month
<br />Debt Service Coverage Ratio
<br />1.20
<br />Stabilized Occupancy
<br />Loan Underwriting Term (Years)
<br />30
<br />Lease -Up Period (Months)
<br />Maximum Loan to Value Ratio
<br />75.00%
<br />Permanent Loan Takeout
<br />Capitalization Rate
<br />6.50%
<br />Total Months - Contt Start to Takeout
<br />Project Value (NOI/Cap Rate)
<br />$ 21,685
<br />Maximum Loan to Cost Ratio
<br />100,00%
<br />SOURCES AND USES OF FUNDS
<br />Cash Available for Debt Service (NOI)
<br />$ 1,410
<br />Loan to Value Ratio (restricted)
<br />$ 16,263
<br />Per Unit Constriction
<br />Permanent
<br />Final Penn.
<br />Permanent Loan
<br />$ -
<br />USES:
<br />Annual Payment
<br />$ -
<br />Actual DSC
<br />Land/Acquisition
<br />$
<br />82,533 $
<br />- $
<br />412,663
<br />$ 412,663
<br />OTHER DEBT/LOANS:
<br />Redev't Loan
<br />Other Loan
<br />Design & Engineering
<br />$
<br />470 $
<br />2.350 $
<br />2,350
<br />$ 2,350
<br />Interest Rate
<br />0.00%
<br />0.00%
<br />Legal/Financial/Other Consultants
<br />$
<br />1,150 $
<br />5,749 $
<br />5,749
<br />$ 5,749
<br />Loan Points and Fees
<br />0.000%
<br />0.0001%
<br />Permits & Fees
<br />$
<br />500 $
<br />2,500 $
<br />2,500
<br />$ 2,500
<br />Loan Term Years
<br />55
<br />0
<br />Furniture/Fixtures
<br />$
<br />4,030 $
<br />20,150 $
<br />20,150
<br />$ 20,150
<br />TAX CREDIT'FINANCING ASSUMPTIONS
<br />Direct Building Construction
<br />$
<br />28,418 $
<br />142,090 $
<br />142,090
<br />$ 142,090
<br />Financing Costs
<br />$
<br />2,916 $
<br />14,581 $
<br />14,581
<br />$ 14,581
<br />Credit Year
<br />2012
<br />Marketing/General & Administrative
<br />$
<br />13,763 $
<br />68,813 $
<br />68,813
<br />$ 68,813
<br />Federal Tax Credit Rate
<br />3,28%
<br />Developer Fees
<br />$
<br />13,498 $
<br />- $
<br />67,490
<br />$ 67,490
<br />State Tax Credit Rate
<br />0,00
<br />Hard Cost Contingency
<br />$
<br />2,642 $
<br />13,209 $
<br />13,209
<br />$ 13,209
<br />Difficult to Develop %
<br />130.00%
<br />Soft Cost Contingency
<br />$
<br />1,775 $
<br />8,877 $
<br />8,877
<br />$ 8877
<br />Applicable Fraction
<br />100.00%
<br />Total Project Uses
<br />$151,694 $
<br />278,319 $
<br />756.472
<br />$ 758.472
<br />Adjusted Eligible Basis
<br />0
<br />Annual Tax Credits
<br />0
<br />SOURCES:
<br />Investor Yield on 99% of Total Credit Allocation
<br />Per Investor
<br />90.001%
<br />Gross Investor Contribution to Lower Tier
<br />0
<br />Tax Credit Equity
<br />$
<br />- $
<br />- $
<br />-
<br />$ -
<br />Deferred Pay -In on Tax Credit Equity
<br />0
<br />Permanent Loan
<br />$
<br />- $
<br />- $
<br />-
<br />$ _
<br />Construction Loan/LOC
<br />$
<br />- $
<br />105,179 $
<br />-
<br />$ -
<br />Neighborhood Stabilization Program (NSP) -acquisition
<br />$
<br />41,266
<br />0 $
<br />206,332
<br />$ 206,332
<br />Neighborhood Stabilization Program (NSP) - rehab
<br />$
<br />16,628 $
<br />83,140 $
<br />83,140
<br />$ 83,140
<br />TCAC Actual Points
<br />Supportive Housing Program (SHP)
<br />$
<br />75,800 $
<br />- $
<br />379.000
<br />$ 379,000
<br />TCAC Possible Points
<br />HOPWA
<br />$
<br />18,000 $
<br />90,000 $
<br />90,000
<br />$ 90,000
<br />Tiebreaker: Tax Credits per Bedroom
<br />Deferred Developer Fee
<br />$
<br />- $
<br />- $
<br />-
<br />$ -
<br />Financing Gap:
<br />$
<br />- $
<br />- $
<br />-
<br />$ -
<br />Total Project Sources
<br />$
<br />151,694 $
<br />278,319 $
<br />758.472
<br />$ 758,472
<br />Property Taxes:
<br />Tax Rate
<br />1.25%
<br />Existing Property Basis (per unit)
<br />0
<br />New Unit Basis (per unit)
<br />RESIDENTIALUNIT YWAFFMASUffANALYSIS
<br />Ground Lease:
<br />Return on Ground Lease
<br />0,00%
<br />Mgrs. Units
<br />Inflation Indexes:
<br />0
<br />Bedroom/ Bedroom/
<br />Shared bath Private bath 1BRJ1BA
<br />28R/2BA
<br />3BR12BA
<br />4BR/2BA
<br />Total Bedrooms
<br />Income Inflator
<br />2.00%
<br />Income
<br />Expense Inflator
<br />2.50%
<br />25.00% 0 0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Real Estate Tax Inflator
<br />2.00%
<br />30.001/6 0 0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />SHP Income Inflator
<br />2.50%
<br />35.00% 0 0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />50,00% 5 0
<br />0
<br />0
<br />0
<br />0
<br />5
<br />60.00% 0 0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />80,00% 0 0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Market 0 0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Total Unit 5 0
<br />0
<br />0
<br />0
<br />0
<br />5
<br />% 100.00 % 0.0% 0.0%
<br />0.0%
<br />0.0%
<br />0.0%
<br />Sq. FL/Unit 0 0 0
<br />Total Resid
<br />Sq Ft 0 0 0
<br />Related Residential Sq. Ft.
<br />Laundry/Community Room/Circulation
<br />Subtotal Square Feet
<br />Parking
<br />Storage
<br />0 0 0 $ psf
<br />0 0 0 0
<br />2,535 sq. ft.
<br />620
<br />Other Space Total 0
<br />Total Space 3,155
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