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TABLE 2 <br />STABILIZED NET OPERATING INCOME <br />FIRST STREET APARTMENTS <br />SANTA ANA, CALIFORNIA <br />1 <br />I.Income <br />Manager's Unit1Unit$0/Unit/Month$0 <br />2-Bedroom Units @ (782-Sf) <br />VL Inc H&SC/TC @ 30% TC Median3Units$579/Unit/Month20,800 <br />VL Inc H&SC/TC @ 35% TC Median6Units$689/Unit/Month49,600 <br />VL Inc H&SC/TC @ 40% TC Median7Units$799/Unit/Month67,100 <br />VL Inc H&SC/TC @ 45% TC Median7Units$902/Unit/Month75,800 <br />Low Inc H&SC/TC @ 50% TC Median7Units$1,018/Unit/Month85,500 <br />Mod Inc H&SC/TC @ 60% TC Median4Units$1,238/Unit/Month59,400 <br />3-Bedroom Units @ (1,031-Sf) <br />VL Inc H&SC/TC @ 30% TC Median3Units$645/Unit/Month23,200 <br />VL Inc H&SC/TC @ 35% TC Median1Unit$772/Unit/Month9,300 <br />Mod Inc H&SC/TC @ 60% TC Median24Units$1,406/Unit/Month404,900 <br />4-Bedroom Units @ (1,219-Sf) <br />VL Inc H&SC/TC @ 30% TC Median1Unit$720/Unit/Month8,600 <br />Mod Inc H&SC/TC @ 60% TC Median5Units$1,568/Unit/Month94,100 <br />PBV Subsidy <br />2 <br />VL Inc H&SC/TC @ 30% TC Median <br />2-Bedroom Units @ (782-Sf)3Units$885/Unit/Month31,900 <br />3-Bedroom Units @ (1,031-Sf)3Units$1,400/Unit/Month50,400 <br />VL Inc H&SC/TC @ 35% TC Median <br />2-Bedroom Units @ (782-Sf)1Unit$775/Unit/Month9,300 <br />3-Bedroom Units @ (1,031-Sf)1Unit$1,273/Unit/Month15,300 <br />Laundry/Miscellaneous Income69Units$9/Unit/Month7,500 <br />Gross Income$1,012,700 <br />(Less) Vacancy & Collection Allowance5%Gross Base Income(50,600) <br />Effective Gross Income$962,100 <br />II.Operating Expenses <br />General Operating Expenses69Units$4,790/Unit$330,500 <br />3 <br />Property Taxes69Units$36/Unit2,500 <br />Services69Units$261/Unit18,000 <br />Replacement Reserve69Units$300/Unit20,700 <br />Total Operating Expenses69Units$5,400/Unit$371,700 <br />III.Stabilized Net Operating Income$590,400 <br />1 As pertinent, rents are based on the 2016 rents published by TCAC, and the rents calculated under H&SC Section 50053. The H&SC Section 50053 <br />rents are calculated based on 2015 income information published by HCD. Utility Allowances per the Developer: $79 for 2-Bdrm units; $115 for 3- <br />Bdrm units; and $128 for 4-Bdrm units. <br />2 The Section 8 subsidy is equal to the difference between the Fair Market Rent (FMR) established by HUD and the rent paid by the tenant. <br />Based on Developer estimate. Assumes that the Developer will receive the property tax abatement accorded to non-profit housing organizations <br />3 <br />that own and operate apartment units that are restricted to households earning less than 80% of the County median income. <br />Prepared by: Keyser Marston Associates, Inc. <br />File name: AMCAL_4 15 16; PF_9% ; trb <br />