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TABLE 3 <br />FINANCIAL GAP CALCULATION <br />FIRST STREET APARTMENTS <br />SANTA ANA, CALIFORNIA <br />I.Available Funding Sources <br />Permanent Loan - Base Income <br />1 <br />Net Operating Income$488,845NOI (See Table 2) <br />Income Available for Mortgage1.15DCR$425,100Debt Service <br />Interest Rate5.00%Interest Rate6.06%Mortgage Constant <br />Permanent Loan - Base Income$7,019,000 <br />Permanent Loan - PBV Subsidy <br />2 <br />Net Operating Income$101,555EGI <br />Income Available for Mortgage1.15DCR$88,309Debt Service <br />Interest Rate5.00%Interest Rate6.06%Mortgage Constant <br />Permanent Loan - PBV Subsidy$1,458,000 <br />3 <br />Tax Credit Equity <br />Gross Tax Credit Value$10,121,000 <br />Syndication Rate$1.11/Tax Credit Dollar <br />Net Tax Credit Equity$11,234,000 <br />Deferred Developer Fee$0 <br />Total Available Funding Sources$19,711,000 <br />II.Financial Gap Calculation <br />Total Available Funding Sources$19,711,000 <br />(Less) Total Development Costs (28,506,000) <br />Financial Gap Calculation69Units$127,500/Unit$8,795,000 <br />III.Estimated Tie-Breaker Score46% <br />Assumes a 35-year amortization term. <br />1 <br />Assumes a 35-year amortization term. <br />2 <br />3 Assumes an $8.7 million requested unadjusted eligible basis, which includes a $9,017,000 voluntary basis reduction, a 130% difficult-to-develop <br />premium, a 9.0% Tax Credit rate and an applicable fraction of 100%. <br />Prepared by: Keyser Marston Associates, Inc. <br />File name: AMCAL_4 15 16; PF_9% ; trb <br />