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<br />EXHIBIT 3
<br />WISEPlace PSH 9% - TCAC Application
<br />02/08/23City of Santa Ana
<br />Project Data Operating Economic Assumptions
<br />1411 N. Broadway
<br />Total Units
<br />Vacancy Rate 10.00%
<br />48 Income Inflator
<br />Expense Inflator
<br />Tax Inflator
<br />2.00%
<br />3.00%
<br />2.00%Land Area
<br />Units Per Acre
<br />QCT/DDA
<br />0.6 Acres
<br />80.00
<br />YES Construction Loans
<br />Construction Period
<br />Loan Amount
<br />Prevailing Wage YES 22 Months
<br />15,584,322
<br />1.00%Loan Fees
<br />4% or 9% Financing
<br />Federal Tax Credit Price
<br />9.00%
<br />$0.95
<br />Loan Rate 7.25%
<br />Permanent Loans
<br />Permanent Loans
<br />Overhang Loans
<br />Fee Interest Amortizaton Amount
<br />0.75%
<br />1.00%
<br />6.00%
<br />4.75%
<br />420
<br />180
<br />0
<br />0
<br />UNIT MIX
<br />UNITS
<br />MONTHLY
<br />UTILITY
<br />ANNUAL
<br />GROSS
<br />AVERAGE
<br />RENT/SFBEDROOMSSFMGRPERCENTAVGAVG
<br />GROSS ALLOWANCE NET
<br />286
<br />0
<br />INCOME PER MONTH
<br />0
<br />1
<br />2
<br />3
<br />650
<br />0
<br />0
<br />0
<br />0
<br />47
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />1
<br />0
<br />0
<br />1
<br />98%
<br />0%
<br />2%
<br />0%
<br />0%
<br />286
<br />0
<br />0
<br />74
<br />161,304
<br />0
<br />0.44
<br />0
<br />0
<br />0
<br />103
<br />133
<br />163
<br />0
<br />0
<br />0
<br />0
<br />0
<br />04
<br />TOTAL 47 100%286 161,304 0.44
<br />PERMANENT SOURCES
<br />Net Investor Equity (Federal)
<br />Net Investor Equity (State)
<br />Permanent Loan
<br />Tranche B - Loan
<br />OCHFT
<br />City of Santa Ana
<br />City of Santa Ana - COSR
<br />County ARPA
<br />PERCENT
<br />68%
<br />0%
<br />TOTAL
<br />20,089,816
<br />0
<br />PER UNIT AMI
<br />30%
<br />35%
<br />40%
<br />45%
<br />50%
<br />55%
<br />60%
<br />TOTAL
<br />NO. UNITS PERCENT
<br />98%
<br />0%
<br />418,538 47
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />47
<br />0
<br />0
<br />0
<br />0%
<br />0%
<br />8%
<br />14%
<br />4%
<br />0
<br />0
<br />0%
<br />0%
<br />0%
<br />0%
<br />0%
<br />98%
<br />2,480,030
<br />3,986,407
<br />1,269,920
<br />1,500,000
<br />0
<br />51,667
<br />83,050
<br />26,457
<br />31,250
<br />0
<br />5%
<br />0%Land Donation
<br />Deferred Developer Fee 0%85,072 1,772 BASIS CALCULATIONS
<br />TOTAL SOURCES 100%29,411,245 612,734 Threshold Basis
<br />Eligible Basis
<br />Involuntary Reduction
<br />Voluntary Reduction
<br />21,502,403
<br />25,934,565
<br />0
<br />(6,793,110)
<br />19,141,455
<br />USES OF FUNDS
<br />Land / Acquisition Costs
<br />Total Hard Costs
<br />Hard Cost Contingency
<br />Construction Interest
<br />Loan Fees
<br />PERCENT TOTAL
<br />0
<br />18,024,033
<br />1,357,247
<br />1,441,226
<br />266,051
<br />PER UNIT
<br />0%0
<br />375,501
<br />28,276
<br />30,026
<br />5,543
<br />Unadjusted Eligible Basis
<br />8.00%
<br />Qualified Basis
<br />DDA/QCT Boost
<br />21,502,403
<br />130%
<br />Soft Costs
<br />Soft Costs Contingency
<br />Developer Fee
<br />5,681,528
<br />441,161
<br />2,200,000
<br />29,411,245
<br />118,365
<br />9,191
<br />45,833
<br />612,734
<br />27,953,123
<br />9.00%10.00%Credit Rate
<br />Adjusted Qualified Basis (Acquisition)
<br />Credit Rate (Acquisition)
<br />0
<br />TOTAL DEVELOPMENT COSTS 9.00%
<br />Total Available Annual Credits
<br />Total Requested Credits
<br />2,515,781
<br />2,114,929Stabilized Cash Flow
<br />INCOME
<br />Gross Potential Rental Income
<br />Laundry Income
<br />PER UNIT
<br />3,361
<br />1
<br />161,304
<br />5,184
<br />Total Available State Credits
<br />Total Requested State Credits
<br />5,742,436
<br />108 0
<br />Subsidy Income
<br />Vacancy and Collection
<br />EFFECTIVE GROSS INCOME
<br />9,463
<br />(1,009)
<br />11,922
<br />454,200
<br />(48,443)
<br />572,245
<br />Public Funds 12,276,858
<br />OPERATING EXPENSES
<br />Management Fee
<br />Real Estate Taxes
<br />NOTES
<br />780
<br />139
<br />37,440
<br />6,675
<br />Insurance - Property
<br />Operating Expenses
<br />Supportive Services
<br />Reserves
<br />396 19,000 Basic Construction Cost Per Unit =
<br />(Not including General Conditions Profit, GC Bond, PW)
<br />$323,186
<br />25
<br />6,836
<br />3,104
<br />500
<br />328,117
<br />149,000
<br />24,000 Project Based Vouchers
<br />TOTAL OPERATING EXPENSES 11,755 564,232
<br />NET OPERATING INCOME
<br />TOTAL DEBT SERVICE
<br />NET CASH FLOW
<br />167 8,014
<br />0
<br />8,014
<br />Stabilized DSC N/A
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