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APPENDIX A -TABLE 2 <br />STABILIZED NET OPERATING INCOME <br />VETERANS VILLAGE <br />SANTA ANA, CALIFORNIA <br />I. Project Revenue 3 <br />Manager Unit(s) <br />30%MedianTCAC / 30% SNHP / Low HOME <br />1 -Bedroom Units @ (536-5f) <br />2 -Bedroom Units @ (788-Sf) <br />30% MedianTCAC / 30% SNHP <br />1 -Bedroom Units @ (536-5f) <br />2 -Bedroom Units @ (788 -Sq <br />Total Potential Gross Rental Income <br />Add: PBVSubsidy2 <br />Add: Miscellaneous Income 3 <br />Total Potential Gross Income <br />(Less) Vacancy & Collection Allowance 3 <br />Effective Gross Income <br />EXHIBIT 2 <br />1 <br />Units <br />$0 /Month <br />$0 <br />1 <br />Units <br />$225 <br />/Month <br />2,700 <br />Property Taxes <br />1 <br />Units <br />$337 <br />/Month <br />4,044 <br />76 <br />69 <br />Units <br />$225 <br />/Month <br />186,300 <br />Units <br />4 <br />Units <br />$337 <br />/Month <br />16,176 <br />$500 /Unit <br />76 <br />Units <br />$229 <br />/Month <br />$209,220 <br />$595,942 <br />75 <br />Units <br />$1,375 <br />/Month <br />1,237,620 <br />76 <br />Units <br />$9 <br />/Unit/Month <br />8,208 <br />$1,455,048 <br />10% <br />of Potential Gross Income <br />(145,505) <br />$1,309,543 <br />II. Operating Expenses 3 <br />General Operating Expenses <br />76 <br />Units <br />$5,641 /Unit <br />$428,696 <br />Property Taxes <br />76 <br />Units <br />$66 /Unit <br />5,016 <br />Social Services <br />76 <br />Units <br />$1,474 /Unit <br />112,000 <br />HCD Loan Payment <br />76 <br />Units <br />$161 /Unit <br />12,230 <br />Replacement Reserve <br />76 <br />Units <br />$500 /Unit <br />38,000 <br />Total Operating Expenses <br />76 <br />Units <br />$7,840 /Unit <br />$595,942 <br />III. INet Operating Income <br />$713,601 <br />Based on 2018 TCAC, SNHP and HOME rents. The tenants will not be responsible for utilities. <br />' Assumes that the City will provide the difference between the fair market rents at $1,580/1-bdrm units and $1,994/two-bedroom units, and the actual <br />rent paid by the tenants for at least 15 years. <br />3 Based on Developer's estimates. <br />Prepared by: Keyser Marston Associates, Inc. 2 5 L �� V <br />Filename: Santa Ana VV - 2018 4% Model - 08.14.18; Financial Gap -4%-KMA; II <br />