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TABLE B <br />FINANCIAL GAP CALCULATION <br />FIRST STREET APARTMENTS <br />SANTAANA, CALIFORNIA <br />I, Available Funding Sources ' <br />pe,tmanont Loan - Base Income <br />Net Operating Income <br />Income Available for Mortgage <br />Interest Rate <br />Permanent Loan - Base Income <br />Permonent Loan - PBV Subsidy <br />Net Operating Income <br />Income Avallabfa for Mortgage <br />Interest Rate <br />Permanent Loan - PBV Subsidy <br />Tax Credit Eoulty <br />Grass Tax Credit Value <br />Syndication Rate <br />Net Tax Credit Equity <br />Deferred Developer Fee <br />Total Available Funding Sources <br />II, Financial Gap Celeulatignn <br />Total Available Funding Sources <br />(Los)Total Development Costs <br />I <br />$488,845 NOI (See Table 2) <br />1.15 DCR $425,100 Debt Service <br />5.00% Interest Rate 6.06% Mortgage Constant <br />$7,019,000 <br />$101,555 EGI <br />1,15 DCR $88,309 Debtservlce <br />5,60% Interest Rate 6,06% Mortgage Constant <br />$10,121,000 <br />$1,11 /Tax Credit Dollar <br />$1,458,000 <br />$11,234,000 <br />$19,7L1,Otltl <br />(zaso6,DDtl) <br />$19,711,000 <br />Finantml Gap Ca1CUleClon 69 Units $127,500 /Unit $8,795,000 <br />III. Estimated Tie-areaker Score <br />I Assume$a 35 -year amortization term. <br />a Assumes a 85 -year amortization term. <br />a 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 />Properedby: Keyser Marstan Associates,lnc, <br />File name: AMCA1,.,41915; PF 9%; trb <br />46% <br />