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EXHIBIT 3
<br />*Jamboree WISEPIace PSH 9% - TCAC Application
<br />City of Santa Ana 02/08/23
<br />Project Data Operating Economic Assumptions
<br />1411 N. Broadway
<br />Vacancy Rate
<br />10.00%
<br />Total Units
<br />48
<br />Income Inflator
<br />2.00%
<br />Expense Inflator
<br />3.00%
<br />Land Area
<br />0.6 Acres
<br />Tax Inflator
<br />2.00%
<br />Units Per Acre
<br />80.00
<br />QCT/DDA
<br />YES
<br />Construction Loans
<br />Prevailing Wage
<br />YES
<br />Construction Period
<br />22 Months
<br />Loan Amount
<br />15,584,322
<br />Loan Fees
<br />1.00%
<br />4% or 9% Financing
<br />9.00%
<br />Loan Rate
<br />7.25%
<br />Federal Tax Credit Price
<br />$0.95
<br />Permanent Loans Fee Interest Amortizaton Amount
<br />Permanent Loans 0.75% 6.DO% 420
<br />Overhang Loans 1.000/0 4.75% 180
<br />.UNIT MIX
<br />MONTHLY
<br />ANNUAL
<br />AVERAGE
<br />BEDROOMS
<br />SF
<br />UNITS
<br />MGR:
<br />PERCENT
<br />AVG
<br />UTILITY
<br />AVG
<br />GROSS
<br />RENT/SF
<br />GROSS
<br />ALLOWANCE
<br />NET
<br />INCOME
<br />PER MONTH
<br />0
<br />650
<br />47
<br />0
<br />98%
<br />286
<br />0
<br />286
<br />161,304
<br />0.44
<br />1
<br />0
<br />0
<br />0
<br />0%
<br />0
<br />74
<br />0
<br />0
<br />2
<br />0
<br />0
<br />1
<br />20%
<br />0
<br />103
<br />0
<br />0
<br />3
<br />0
<br />0
<br />D
<br />0%
<br />0
<br />133
<br />0
<br />0
<br />4
<br />0
<br />0
<br />0
<br />0%
<br />0
<br />163
<br />0
<br />0
<br />TOTAL
<br />47
<br />1
<br />300%
<br />286
<br />161,304
<br />0.44
<br />PERMANENT SOURCES
<br />Net Investor Equity (Federal)
<br />PERCENT
<br />68%
<br />TOTAL
<br />20,089,816
<br />PER UNIT
<br />418,538
<br />AMI
<br />30%
<br />NO. UNITS
<br />47
<br />PERCENT
<br />98%
<br />Net Investor Equity (State)
<br />0%
<br />0
<br />0
<br />35%
<br />0
<br />0%
<br />Permanent Loan
<br />0%
<br />0
<br />0
<br />40%
<br />0
<br />0%
<br />Tranche B- Loan
<br />0°%
<br />0
<br />0
<br />45%
<br />0
<br />0%
<br />OCHFT
<br />8%
<br />2,480,030
<br />51,667
<br />50%
<br />0
<br />0%
<br />City of Santa Ana
<br />14°%
<br />3,986,407
<br />83,050
<br />55%
<br />0
<br />0%
<br />City of Santa Ana - COSR
<br />4%
<br />1,269,920
<br />26,457
<br />60%
<br />0
<br />0%
<br />County ARPA
<br />5%
<br />1,500,000
<br />31,250
<br />TOTAL
<br />47
<br />98%
<br />Land Donation
<br />0%
<br />0
<br />0
<br />Deferred Developer Fee
<br />0%
<br />85,072
<br />1,772
<br />BASIS
<br />CALCULATIONS
<br />TOTAL SOURCES
<br />1000/a
<br />29,411,245
<br />612,734
<br />Threshold Basis
<br />21,502,403
<br />Land / Acquisition Costs
<br />0%
<br />0
<br />0
<br />Total Hard Costs
<br />18,024,033
<br />375,501
<br />Hard Cost Contingency
<br />8.00%
<br />1,357,247
<br />28,276
<br />Construction Interest
<br />1,441,226
<br />30,026
<br />Loan Fees
<br />266,051
<br />5,543
<br />Soft Costs
<br />5,681,528
<br />118,365
<br />Soft Costs Contingency
<br />10.00%
<br />441,161
<br />9,191
<br />Developer Fee
<br />2,200,000
<br />45,833
<br />TOTAL DEVELOPMENT COSTS
<br />29,411,245
<br />612,734
<br />INCOME
<br />Stabilized Cash Flow
<br />PER UNIT
<br />1
<br />Gross Potential Rental Income
<br />3,361
<br />161,304
<br />Laundry Income
<br />108
<br />5,184
<br />Subsidy Income
<br />9,463
<br />454,200
<br />Vacancy and Collection
<br />(1,009)
<br />(48,443)
<br />EFFECTIVE GROSS INCOME
<br />11,922
<br />572,245
<br />Management Fee
<br />780
<br />37,440
<br />Real Estate Taxes
<br />139
<br />6,675
<br />Insurance - Property
<br />396
<br />19,000
<br />Operating Expenses
<br />6,836
<br />328,117
<br />Supportive Services
<br />3,104
<br />149,000
<br />Reserves
<br />5D0
<br />24,000
<br />TOTAL OPERATING EXPENSES
<br />11,755
<br />564,232
<br />NET OPERATING INCOME 167 8,014
<br />TOTAL DEBT SERVICE 0
<br />NET CASH FLOW 8,014
<br />Stabilized DSC N/A
<br />Eligible Basis 25,934,565
<br />Involuntary Reduction D
<br />Voluntary Reduction (6,793,110)
<br />Unadjusted Eligible Basis 19,141,455
<br />Qualified Basis
<br />DDA/QCT Boost
<br />Credit Rate
<br />Adjusted Qualified Basis (Acquisition)
<br />Credit Rate (Acquisition)
<br />Total Available Annual Credits
<br />Total Requested Credits
<br />Total Available State Credits
<br />Total Requested State Credits
<br />Public Funds
<br />c Construction Cost Per Unit =
<br />including General Conditions Profit, GC Bond, PW)
<br />Based Vouchers
<br />21,502,403
<br />130%
<br />27,953,123
<br />9.00%
<br />0
<br />9.00%
<br />2,515,781
<br />2,114,929
<br />5,742,436
<br />0
<br />12,276,858
<br />$323,186
<br />25
<br />City Council 13 - 83 3/7/2023
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