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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 Fundine Sources <br />Permanent Loan <br />Net Operating Income r $161,600 NO[ (See Table 2) <br />Income Available for Mortgage 1.17 DCR <br />Interest Rate 5.65% Interest Rate <br />Permanent Loan <br />Tax Credit Equity z <br />Gross Tax Credit Value $17,908,000 <br />Syndication Rate $0.99 /Tax Credit Dollar <br />Net Tax Credit Equity <br />AHSC Affordable Housing Capital a <br />AHSC STI a <br />AHSC PRG s <br />Deferred Developer Fee a <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 />$137,800 Debt Service <br />6.56% Mortgage Constant <br />$2,100,000 <br />$17,704,000 <br />$4,944,000 <br />$1,288,000 <br />$23,000 <br />$0 <br />$4,635,000 <br />$30,694,000 <br />$30,694,000 <br />(34,145,000) <br />Unfunded Financial Gap $3,451,000 <br />r Assumes a 35 -year amortization term. <br />z 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 />a Based on Developer estimate. <br />Prepared by: Keyser Marston Associates, Inc. Q w <br />Filename: Meta_ 22517; PF_9%;it 65A-34 <br />