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Table 7: W/O MUPTE; Applicant’s Data; Except: 5% Interest; Revised Property Taxes; Reserves below NOI @ $300/unit; Reduce Contingencies; Remove Development Fee
<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:$32,933.17
<br />Equity (20%): $1,533,711 Loan Amount (80%):$6,134,845 Project Cost:$7,668,556
<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 $67,332 $82,396 $84,456 $86,567 $88,731 $90,950 $93,224 $95,554 $97,943 $100,392
<br />Total Expenses $194,473 $237,982 $243,932 $250,030 $256,281 $262,688 $269,255 $275,986 $282,886 $289,958
<br />Net Operating Income $386,638 $472,533 $484,346 $496,454 $508,866 $521,587 $534,627 $547,993 $561,693 $575,735
<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 $395,198 $395,198 $395,198 $395,198 $395,198 $395,198 $395,198 $395,198 $395,198 $395,198
<br />Cash Flow -$8,560 $62,334 $74,148 $86,256 $98,668 $111,389 $124,429 $137,795 $151,495 $165,537
<br />Cash-on-Cash Return (CashFlow)-0.56%4.06%4.83%5.62%6.43%7.26%8.11%8.98%9.88%10.79%
<br /> (Cash Flow/Equity)
<br />EOY Loan Balance $6,044,334 $5,949,191 $5,849,182 $5,744,055 $5,633,550 $5,517,392 $5,395,290 $5,266,942 $5,132,027 $4,990,210
<br /> Payments to Principal $90,511 $95,142 $100,010 $105,126 $110,505 $116,159 $122,101 $128,348 $134,915 $141,817
<br /> Cash Flow w/ Principal Payments $81,951 $157,477 $174,158 $191,383 $209,173 $227,548 $246,531 $266,143 $286,410 $307,354
<br />Cash-0n-Cash (Return on Equity)5.3%10.3%11.4%12.5%13.6%14.8%16.1%17.4%18.7%20.0%
<br />Debt Service Coverage Ratio Goal 1.2 0.978 1.196 1.226 1.256 1.288 1.320 1.353 1.387 1.421 1.457
<br />MUPTE APPLICATION MINORITY REPORT FERRY STREET MANOR PROJECT
<br />TABLE 7 Revisions to Applicant's Data Revised 08/08/19September 11, 2019, Work Session – Item 1
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