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Table 5: W/O MUPTE; Applicant’s Data; Except: 5% Interest; Revised Property Taxes; Reserves below NOI @ $300/unit
<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, reserves
<br />$127,141 $155,586 $159,476 $163,463 $167,549 $171,738 $176,031 $180,432 $184,943 $189,566
<br /> Property Taxes-Improvements $72,657 $88,912 $91,135 $93,413 $95,748 $98,142 $100,596 $103,111 $105,688 $108,331
<br />Total Expenses $199,798 $244,498 $250,610 $256,876 $263,298 $269,880 $276,627 $283,543 $290,631 $297,897
<br />Net Operating Income $381,313 $466,017 $477,667 $489,609 $501,849 $514,395 $527,255 $540,436 $553,947 $567,796
<br />Reserves $12,258 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
<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 -$45,135 $24,568 $36,218 $48,160 $60,400 $72,946 $85,806 $98,988 $112,499 $126,347
<br />Cash-on-Cash Return (CashFlow)-2.73%1.48%2.19%2.91%3.65%4.41%5.18%5.98%6.80%7.63%
<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 $52,533 $127,233 $144,136 $161,599 $179,643 $198,290 $217,563 $237,485 $258,082 $279,379
<br />Cash-0n-Cash (Return on Equity)3.2%7.7%8.7%9.8%10.9%12.0%13.1%14.3%15.6%16.9%
<br />Debt Coverage Ratio Goal 1.2 0.894 1.093 1.120 1.148 1.177 1.206 1.236 1.267 1.299 1.331
<br />MUPTE APPLICATION MINORITY REPORT FERRY STREET MANOR PROJECT
<br />TABLE 5 Revisions to Applicant's Data Revised 08/08/19September 11, 2019, Work Session – Item 1
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