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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 />Net Operating Income <br />$488,845 <br />NOI (See Table 2) <br />Income Available for Mortgage <br />1.15 <br />DCR <br />$425,100 <br />Debt Service <br />Interest Rate <br />5.00% <br />Interest Rate <br />6.06% <br />Mortgage Constant <br />Permanent Loan - Base Income <br />$7,019,000 <br />Permanent Loan - PBV Subsidy 3 <br />Net Operating Income <br />$101,555 <br />EGI <br />Income Available for Mortgage <br />1.15 <br />DCR <br />$88,309 <br />Debt Service <br />Interest Rate <br />5.00% <br />Interest Rate <br />6.06% <br />Mortgage Constant <br />Permanent Loan - PBV Subsidy <br />$1,458,000 <br />Tax Credit Equity 3 <br />Gross Tax Credit Value <br />$10,121,000 <br />Syndication Rate <br />$1.11 <br />/Tax Credit Dollar <br />Net Tax Credit Equity <br />$11,234,000 <br />Deferred Developer Fee <br />$0 <br />Total Available Funding Sources <br />$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 Calculation 69 Units $127,500 /Unit $8,795,000 <br />III. Estimated Tie -Breaker Score <br />' Assumes a 35 -year amortization term. <br />3 Assumes a 35 -year amortization term. <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_41516; PF_9%; trb <br />65A-57 <br />46% <br />