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TABLE 3 <br />FINANCIAL GAP CALCULATION <br />DEVELOPER PROPOSAL; $2.0 MILLION DEVELOPER FEE WITH NO DEFERRAL <br />SANTA ANA ARTS COLLECTIVE <br />SANTA ANA. CALIFORNIA <br />I. Available Funding Sources <br />Permanent Loan <br />Net Operating Income <br />Income Available for Mortgage <br />Interest Rate <br />Permanent Loan <br />Tax Credit Equity <br />Gross Tax Credit Value <br />Syndication Rate <br />Net Tax Credit Equity <br />AHSC Affordable Housing Capital <br />AHSC STI <br />AHSC PRG <br />Deferred Developer Fee <br />City of Santa Ana Commitment <br />Total Available Funding Sources <br />II. Unfunded Financial Gap Calculation <br />Total Available Funding Sources <br />(Less) Total Development Costs <br />i $161,600 NOI (See Table 2) <br />1.17 DCR <br />5.65% Interest Rate <br />z <br />$17,908,000 <br />$0.99 /Tax Credit Dollar <br />$137,800 Debt Service <br />6.56% Mortgage Constant <br />$2,100,000 <br />$17,704,000 <br />3 $4,944,000 <br />3 $1,288,000 <br />3 $23,000 <br />3 $0 <br />$4,635,000 <br />$30,694,000 <br />(34,145,000) <br />$30,694,000 <br />Unfunded Financial Gap $3,451,000 <br />r Assumes a 35 -year amortization term. <br />2 Assumes an $15.9 million requested unadjusted eligible basis, which includes a $776,000 million voluntary basis reduction, a 130% difficult -to - <br />develop premium, a 9,0% Tax Credit rate and an applicable fraction of 100%. <br />3 Based on Developer estimate. <br />Prepared by: Keyser Marston Associates, Inc. <br />Filename: Meta_2 25 17; PF_9°/ ; trb <br />65A-34 <br />