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EXHIBIT 1 TABLE 2 STABILIZED NET OPERATING INCOME FIRST STREET APARTMENTS SANTA ANA, CALIFORNIA I. jp5¢111Q L Manager's Unit 1 Unit $0 /Unit/Month $0 2 -Bedroom Units 0 (782-5} VL Inc H&SC/TC@30%TC Median 3 Units $579 /Unit/Month 20,800 VL Inc H&SC/TC @ 35% TC Median 6 Units $689 /Unit/Month 49,600 VL Inc H&SC/fC @ 40% TC Median 7 Units $799 /Unit/MCnth 67,$00 VL Inc H&SC/TC @ 45% TC Median 7 Units $902 /Unit/Manth 75,800 Low Inc H&SC/TC @ 50% TC Median 7 Units $1,018 /Unit/Month 85,500 Mad Inc H&SC/TC @ 60% TC Median A Units $1,238 /Unit/Month 59,400 3 -Bedroom UNts @ (1,031-Sfl VL Inc H&SC/TC @ 30% TC Median 3 Units $645 /Unit/Month 23,200 VL Inc H&SC/TC @ 35% TC Median 1 Unit $772 /Unit/Month 9,300 Mod Inc H&SC/fC @ 60% TC Median 24 Units $1,406 /Unit/Month 404,900 4-Badroom Units @ 11.219-Sfl VL Inc H&SC/TC@30%TC Median 1 Unit $720 /Unit/Month 81600 Mod Inc H&SC/TC @ 60% TC Median 5 Units $1,568 /Unit/Month 94,100 PBV Subsidy 2 VL Inc H&SC/TC @ 30% TC Median 2 -Bedroom Units @ (782-Sf) 3 Units $885 /Unit/Month $1,900 3 -Bedroom Units @ (1,031-Sfl 3 Units $1,400 /Unit/Month 50,400 VL Inc H&SC/TC to 35% TC Median 2 -Bad room Units @ (782-Sf) 1 Unit $775 /Unit/Month 9,300 B -Bedroom Units @ (1,031-Sf) 1 Unit - $1,273 /Unit/Month 15,300 Laundry/Miscellaneous Income 69 Units $9 /Unit/Month 7,500 Gross Income $1,012,700 (Less) Vacancy & Collection Allowance 5% Gross Base Income (50,600) Effective Gross Income $962,100 R. Operating Expenses General Operating Expenses 69 Units $4,790 /Un[t $330,500 Property Taxes s 69 Units $36 /Unit 21500 Services 69 Units $261 /Unit 18,000 Replacement Reserve 69 Units $300 /Unit 20,700 Total Operating Expenses 69 Units $5,400 /Unit $371,700 III, IStabilIzed Net Operating Income $590,400 1 As pertinent, rents are based on the 2016 rents published by ICAC, and the rents calculated under H&SC Section 50053. The H&SC Section 50053 rents aro calculated based on 2015 Income information published by HCD. Utility Allowances per the Developer: $79 for 2-Bdrm units; $115 for 3- Bdrm units; and $128 for 4-Bdrm units. r Thu Sectlon 8 subsidy is equal to the difference between the Fair Market Rent (FMR) established by HUD and the rent paid bythe tenant. a Based on Developer estimate. Assumes that the Developer will receive the property tax abatement accorded to non-proflt housing organisations that own and operate apartment units that are restricted to households earning less than 80% of the County median Income. Prepared by; Xeyser Marston Associates, Inc. File name! AMCAL_41516; PF 9%; trb FO ' 1 •Y