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Table 3: W/O MUPTE; Applicant’s Data; 5% Interest; Revised Property Taxes
<br />Year 1 - 2021 Year 2 - 2022 Year 3 - 2023 Year 4 - 2024 Year 5 - 2025 Year 6 - 2026 Year 7 - 2027 Year 8 - 2028 Year 9 - 2029 Year 10 - 2030
<br />Interest Rate:5%0.05 Amortization (Years):30 Monthly Debt Service:$35,537.38
<br />Equity (20%): $1,654,990 Loan Amount (80%):$6,619,960 Project Cost:$8,274,950
<br />Gross Revenue $599,809 $747,910 $766,608 $785,773 $805,417 $825,553 $846,192 $867,346 $889,030 $911,256
<br /> Vacancy 5%$18,698 $37,396 $38,330 $39,289 $40,271 $41,278 $42,310 $43,367 $44,451 $45,563
<br />Effective Gross Income $581,111 $710,515 $728,277 $746,484 $765,146 $784,275 $803,882 $823,979 $844,578 $865,693
<br /> Apartment Operating Expense,
<br />excluding property taxes
<br />$147,462 $180,454 $184,965 $189,589 $194,329 $199,187 $204,167 $209,271 $214,503 $219,866
<br /> Property Taxes-Improvements $70,455 $88,912 $91,135 $93,413 $95,748 $98,142 $100,596 $103,111 $105,688 $108,331
<br />Total Expenses $217,917 $269,366 $276,100 $283,003 $290,078 $297,330 $304,763 $312,382 $320,192 $328,196
<br />Net Operating Income $363,194 $441,149 $452,177 $463,482 $475,069 $486,945 $499,119 $511,597 $524,387 $537,497
<br />Debt Service 30YrAmort $426,449 $426,449 $426,449 $426,449 $426,449 $426,449 $426,449 $426,449 $426,449 $426,449
<br />Cash Flow -$63,255 $14,700 $25,729 $37,033 $48,620 $60,497 $72,670 $85,148 $97,938 $111,048
<br />Cash-on-Cash Return (CashFlow)-3.82%0.89%1.55%2.24%2.94%3.66%4.39%5.14%5.92%6.71%
<br /> (Cash Flow/Equity)
<br />EOY Loan Balance $6,522,291 $6,419,626 $6,311,708 $6,198,268 $6,079,025 $5,953,682 $5,821,925 $5,683,427 $5,537,844 $5,384,812
<br /> Payments to Principal $97,669 $102,666 $107,918 $113,439 $119,243 $125,344 $131,757 $138,498 $145,583 $153,032
<br /> Cash Flow w/ Principal Payments $34,414 $117,365 $133,647 $150,472 $167,863 $185,841 $204,427 $223,646 $243,522 $264,080
<br />Cash-0n-Cash (Return on Equity)2.1%7.1%8.1%9.1%10.1%11.2%12.4%13.5%14.7%16.0%
<br />Debt Coverage Ratio Goal 1.2 0.852 1.034 1.060 1.087 1.114 1.142 1.170 1.200 1.230 1.260
<br />MUPTE APPLICATION MINORITY REPORT FERRY STREET MANOR PROJECT
<br />TABLE 3 Revisions to Applicant's Data Revised 08/08/19September 11, 2019, Work Session – Item 1
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