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TABLE 2
<br />IN -LIEU FEE CALCULATIONS
<br />RENTAL PROJECT
<br />INCLUSIONARY HOUSING IN -LIEU FEE CALCULATION
<br />SANTA ANA, CALIFORNIA
<br />Im
<br />E. Project Value
<br />Net Operating Income
<br />Capitalization Rate
<br />Total Project Value
<br />$1,556,496 $1,447,778
<br />5.5% 5.5%
<br />$28,300,000 $26,323,000 $1,977,000
<br />rotai In -Lieu Fee 3
<br />$1,977,000
<br />Per Total Unit
<br />Project with
<br />Per Income Restricted Unit
<br />$70,600
<br />Per Square Foot of Total Building Area
<br />100 %@Market
<br />Inclusionary
<br />IV. Protect Value Comparison
<br />Rent
<br />Standards
<br />Difference
<br />A.
<br />Rentlncome
<br />Market Rate Units
<br />One - bedroom Units
<br />$1,927,500
<br />$1,634,520
<br />Two-bedroom Units
<br />1,058,400
<br />888,300
<br />Three - bedroom Units
<br />26,220
<br />26,220
<br />Very-Low Income Units
<br />One - bedroom Units
<br />109,956
<br />Two - bedroom Units
<br />56,040
<br />Three - bedroom Units
<br />0
<br />Low Income Units
<br />One - bedroom Units
<br />96,672
<br />Two - bedroom Units
<br />54,288
<br />Three - bedroom Units
<br />0
<br />Total Rent Income
<br />$3,012,120
<br />$2,865,996
<br />$146,124
<br />B.
<br />Effective Gross Income
<br />Total Rent Income
<br />$3,012,120
<br />$2,865,996
<br />$146,124
<br />(Less) Vacancy Allowance
<br />(150,606)
<br />(143,300)
<br />(7,306)
<br />Effective Gross Income (EGI)
<br />$2,861,514
<br />$2,722,696
<br />$138,818
<br />C.
<br />Operating Expenses (Excluding Debt Service)
<br />General Operating Expenses
<br />$685,518
<br />$685,518
<br />$0
<br />Property Taxes
<br />619,500
<br />589,400
<br />30,100
<br />Total Operating Expenses
<br />($1,305,018)
<br />($1,274,918)
<br />($30,100)
<br />D.
<br />Net Operating Income (EGI - Expenses)
<br />$1,556,496
<br />$1,447,778
<br />$108,718
<br />Im
<br />E. Project Value
<br />Net Operating Income
<br />Capitalization Rate
<br />Total Project Value
<br />$1,556,496 $1,447,778
<br />5.5% 5.5%
<br />$28,300,000 $26,323,000 $1,977,000
<br />rotai In -Lieu Fee 3
<br />$1,977,000
<br />Per Total Unit
<br />$10,900
<br />Per Income Restricted Unit
<br />$70,600
<br />Per Square Foot of Total Building Area
<br />$10.80
<br />3 The Total In -Lieu Fee is equal to the difference between the project's value with 100% market rents and the value
<br />with the inclusionary housing obligation.
<br />Prepared by: Keyser Marston Associates
<br />Filename: 301 Jeannette 10_31_13; Fee Calcs 750 -116 Page 2 of 2
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