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TABLE 2 <br />STABILIZED NET OPERATING INCOME <br />FIRST STREET APARTMENTS <br />SANTA ANA, CALIFORNIA <br />I. Income <br />Manager's Unit <br />2 -Bedroom Units Cal (782-5 <br />t <br />1 Unit <br />$0 /Unit/Month $0 <br />VL Inc H&SC/TC @ 30% TC Median <br />3 <br />Units <br />$579 <br />/Unit/Month <br />20,800 <br />VL Inc H&SC/TC @ 35% TC Median <br />6 <br />Units <br />$689 <br />/Unit/Month <br />49,600 <br />VL Inc H&SC/TC @ 40% TC Median <br />7 <br />Units <br />$799 <br />/Unit/Month <br />67,100 <br />VL Inc H&SC/TC @ 45% TC Median <br />7 <br />Units <br />$902 <br />/Unit/Month <br />75,800 <br />Low Inc H&SC/TC @ 50% TC Median <br />7 <br />Units <br />$1,018 <br />/Unit/Month <br />85,500 <br />Mod Inc H&SC/TC @ 60% TC Median <br />4 <br />Units <br />$1,238 <br />/Unit/Month <br />59,400 <br />3 -Bedroom Units @ (1,031-Sf) <br />VL Inc H&SC/TC @ 30% TC Median <br />3 <br />Units <br />$645 <br />/Unit/Month <br />23,200 <br />VL Inc H&SC/TC @ 35% TC Median <br />1 <br />Unit <br />$772 <br />/Unit/Month <br />9,300 <br />Mod Inc H&SC/TC @ 60% TC Median <br />24 <br />Units <br />$1,406 <br />/Unit/Month <br />404,900 <br />4 -Bedroom Units Cd (1.219-Sf) <br />VL Inc H&SC/TC @ 30% TC Median <br />1 <br />Unit <br />$720 <br />/Unit/Month <br />8,600 <br />Mod Inc H&SC/TC @ 60% TC Median <br />5 <br />Units <br />$1,568 <br />/Unit/Month <br />94,100 <br />PBV Subsidy z <br />VL Inc H&SC/TC Cal 30% TC Median <br />2 -Bedroom Units @ (782-5f) <br />3 <br />Units <br />$885 <br />/Unit/Month <br />31,900 <br />3 -Bedroom Units @ (1,031-Sf) <br />3 <br />Units <br />$1,400 <br />/Unit/Month <br />50,400 <br />VL Inc H&SC/TC @ 35% TC Median <br />2 -Bedroom Units @ (782-Sf) <br />1 <br />Unit <br />$775 <br />/Unit/Month <br />9,300 <br />3 -Bedroom Units @ (1,031-5f) <br />1 <br />Unit <br />$1,273 <br />/Unit/Month <br />15,300 <br />Laundry/Miscellaneous Income <br />69 <br />Units <br />$9 <br />/Unit/Month <br />7,500 <br />Gross Income <br />$1,012,700 <br />(Less) Vacancy & Collection Allowance <br />5% <br />Gross Base Income <br />(50,600) <br />Effective Gross Income <br />$962,100 <br />IL Operating Expenses <br />General Operating Expenses <br />69 <br />Units <br />$4,790 <br />/Unit <br />$330,500 <br />Property Taxes ' <br />69 <br />Units <br />$36 <br />/Unit <br />2,500 <br />Services <br />69 <br />Units <br />$261 <br />/Unit <br />18,000 <br />Replacement Reserve <br />69 <br />Units <br />$300 <br />/Unit <br />20,700 <br />Total Operating Expenses <br />69 <br />Units <br />$5,400 <br />/Unit <br />$371,700 <br />III. IStabilized Net Operating Income $590,400 <br />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 />z 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 />3 Based on Developer estimate. Assumes that the Developer will receive the property tax abatement accorded to non-profit housing organizations <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_41516; PF 9%; trb 65A-56 <br />