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815 N Harbor Page 2 of
<br />Revised: 712612013
<br />Version: Preliminary Feasibility (9 %)
<br />DEVELOPMENT BUDGET
<br />Tax Credit Elialble
<br />Costs do not assume payment of Davis Bacon wages.
<br />File: 130726_N Harbor_prf
<br />80A -139
<br />Total
<br />Total Project
<br />Residential
<br />Depreciable
<br />Non -
<br />Acq. Construction
<br />Item
<br />Costs
<br />Costs (100 %)
<br />Residential
<br />Depreciable
<br />Amortize Expense
<br />Basis /Rehab Basis
<br />ACOUISITTON
<br />Lesser of Land Cost or Value
<br />$3,856,365
<br />$3,856,366
<br />$0
<br />$3,856,366
<br />Demolition
<br />$200,000
<br />$200,000
<br />$0
<br />$200,000
<br />$0
<br />Legal: Acquisition
<br />$30,000
<br />$30,000
<br />$0
<br />$30,000
<br />$0
<br />$0
<br />$4,086,366
<br />$0 $0
<br />$0 $0
<br />Subtotal Acquisition $4,086,366 $4,086,366
<br />CONSTRUCTION
<br />Residential Structures (Inc. Site Work)*
<br />$12,550,000
<br />$12,550,000
<br />$12,550,000
<br />$12,550,000
<br />GC Gen. Requtrement
<br />$191,250
<br />$191,250
<br />$191,250
<br />$191,250
<br />GC Overhead
<br />$573,750
<br />$573,750
<br />$573,750
<br />$573,750
<br />Contractor Profit
<br />$1,020,000
<br />$1,020,000
<br />$1,020,000
<br />$1,020,000
<br />Construction Bonds
<br />$275,000
<br />$275,000
<br />$275,000
<br />$275,000
<br />Construction Contingency (5 %)
<br />$726,750
<br />$726,750
<br />$726,75D
<br />$726,750
<br />$15,336,750
<br />$0
<br />$0 $0
<br />$0 $15,336,750
<br />Subtotal Construction $15,336,750 $15,336,750
<br />SOFT C05T5
<br />Local Development Impact Fees
<br />$1,250,000
<br />$1,250,000
<br />$1,250,000
<br />$1,250,000
<br />Local Permit Processing Fees
<br />$215,000
<br />$215,000
<br />$215,000
<br />$215,000
<br />Environmental Studies - CEQA
<br />$40,000
<br />$40,000
<br />$40,000
<br />$40,000
<br />Appraisal
<br />$15,000
<br />$15,000
<br />$15,000
<br />$15,000
<br />Architectural Design & Supervision
<br />$718,504
<br />$718,504
<br />$718,504
<br />$718,504
<br />Market Study
<br />$15,000
<br />$15,000
<br />$0
<br />$15,000
<br />$0
<br />Survey & Engineering
<br />$300,000
<br />$300,000
<br />$300,000
<br />$300,000
<br />Syndication Consultant
<br />$65,000
<br />$65,000
<br />$0
<br />$65,000
<br />$0
<br />Legal: Construction
<br />$20,000
<br />$20,000
<br />$20,000
<br />$20,000
<br />Legal: Permanent
<br />$20,000
<br />$20,000
<br />$0
<br />$20,000
<br />$0
<br />Legal: Organization of Partnership
<br />$20,000
<br />$20,000
<br />$0
<br />$20,000
<br />$0
<br />Legal: Syndication
<br />$40,000
<br />$40,000
<br />$0
<br />$40,000
<br />s0
<br />Title /Retarding /Escrow - Acquisition
<br />$20,000
<br />$20,000
<br />$0
<br />$20,000
<br />$0
<br />Title /Recording /Escrow - Construction
<br />$20,000
<br />$20,000
<br />$20,000
<br />$20,000
<br />Cunst. Loan Interest (60% ADS)
<br />$633,859
<br />$633,859
<br />$475,394
<br />$158,465
<br />$475,394
<br />Marketing (lease -up, Advertisement, Setup)
<br />$40,000
<br />$40,000
<br />$0
<br />$40,000
<br />$0
<br />Lender Construction Inspection
<br />$15,000
<br />$15,000
<br />$15,000
<br />;15,00
<br />Furnishing Excluded from Contract
<br />$50,000
<br />$50,000
<br />$0
<br />$50,000
<br />$0
<br />$
<br />Insurance
<br />$120,000
<br />$120,000
<br />$90,000
<br />$30,000
<br />$90,000
<br />Real Estate Taxes
<br />$84,840
<br />$84,840
<br />$63,630
<br />$21,210
<br />$63,630
<br />TCAC App /Allocation - (Monitoring Fee Below)
<br />$76,373
<br />;76,373
<br />$0
<br />$76,373
<br />$0
<br />Soft Cost Contingency
<br />$150,000
<br />$150,000
<br />$150,000
<br />;150,000
<br />Investor Due Diligence
<br />$54,500
<br />$54,500
<br />$0
<br />$54,500
<br />$0
<br />Audit /Cost Certification
<br />$30,000
<br />$30,000
<br />$30,000
<br />$30,000
<br />Developer Fee (Over)ead)
<br />$500,000
<br />$500,000
<br />$500,000
<br />$0 $500,000
<br />Developer Fee(Prorit)
<br />$1,500000
<br />$1,500,000
<br />$900,000
<br />$600,000
<br />$0 $900,000
<br />$4,802,528
<br />$829,500
<br />$131,373 $249,675
<br />$0 $4,802,528
<br />Subtotal Solt Costs $6,013,076 $6,013,076
<br />COSTS DEFERRED UNTIL CONVERSION
<br />Title /Recording /Escrow - Permanent
<br />$10,000
<br />$10,000
<br />$0
<br />$10,000
<br />$0
<br />Operating Reserve
<br />$396,600
<br />$396,600
<br />$0
<br />$396,600
<br />$0
<br />Replacement Reserve
<br />$66,500
<br />$66,500
<br />$0
<br />$66,500
<br />$0
<br />TCAC Monitoring Fee
<br />$28,290
<br />$28,290
<br />$0
<br />$28,290
<br />$0
<br />$0
<br />$463,100
<br />$38,290 $0
<br />$0 $0
<br />Subtotal Deferred Costs $501,390 $501,390
<br />FINANCING COSTS
<br />Constr. Lender Ong. Fees
<br />$176,072
<br />$176,072
<br />$176,072
<br />$176,072
<br />Constr. Lender Expense
<br />$60,000
<br />$60,000
<br />;60,000
<br />$60,000
<br />Constr. Lender Legal
<br />$45,000
<br />;45,000
<br />$45,000
<br />$45,00
<br />Perm Lender Orig. Fees
<br />$43,704
<br />$93,704
<br />$0
<br />$43,704
<br />$0
<br />Perm Lender Legal
<br />s25,000
<br />$25,000
<br />$0
<br />$25,000
<br />$0
<br />$281,072
<br />$0
<br />$58,704 $0
<br />$0 $281,072
<br />Subtotal Financing Costs $349,776 $349,776
<br />TOTAL DEVELOPMENT COST
<br />$26,287,358
<br />$26,2HJ,358
<br />$20,420,350
<br />$5,378,966
<br />$238,367 ;249,675
<br />$0 $20,420,350
<br />Costs do not assume payment of Davis Bacon wages.
<br />File: 130726_N Harbor_prf
<br />80A -139
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