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HOUSING OPERATING BUDGET - EXPENSES
<br />Pr°ject Name: Santa Clara Pliza [
<br />Date: 05/04/04 Annual Inflation Rate Factor: 3.00%
<br />Annual per
<br />Annual Operating Expenses U nit 1 2 3 4 5 10 15 20 30
<br />I
<br />insurance 254 15,000 15,450 15,914 16,391 16,883 19,572 22,689 26,303 35,348
<br />Utilities:(common areas) I I
<br />Gas/Oil 0 0 0 0 0 0 0 0 0
<br />Electric 132 7,800 8,034 8,275 8,523 8,779 10,177 11,798 13,677 18,381
<br />Water & Sewer 424 25,000 25,750 26,523 27,318 28,138 32,619 37,815 43,838 58,914
<br />Garbage Removal 163 9,600 9,888 10,185 10,490 10,805 12,526 14,521 16,834 22,623
<br />Cable TV I 0 0 0 0 0 0 0 0 0
<br />Repairs 280 16,500 16,995 17,505 18,030 18,571~ 21,529 24,958 28,933 38,883
<br />General Maintenance 220 13,000 13,390 13,792 14,205 14,632: 16,962 19,664 22,796 30,635
<br />Landscape Maintenance 122 7,200 7,416 7,638 7,868 8,104 9,394 10,891 12,625 16,967
<br />Replacement Reserve 254 15,000 15,450 15,914 16,391 16,883 19,572 22,689 26,303 35,348
<br />Proper'b/Management: I I
<br />On-site 243 14,352 14,783 15,226 15,683 16,153 18,726 21,709 25,166 33,821
<br />Contracted (Off-Site) 427 25.200 25,956 26,735 27,537 28,363 32,880 38,117 44,188 59.385
<br />:)rofessional Services: I [ I
<br />Resident Services 169 10.000 10,300 10,609 10,927: 11,255 13,048 15,126 17,535 23,566
<br />Case Management 0 0 0 0 0 0 0 0 0
<br />Le~lal 0 0 0 0 0 0 0 0 0
<br />Accounting 150 0 0 0 0 0 01 0
<br />Compliance Monitoring Fees 25 1.500 1,545 1,591 1,639 1,688 1.957 2,269 2.630 3,535
<br />Office&Administration I 150 8,850 9,116 9,389 9,671 9,961 11,548 13,387 15,519 20.857
<br />Advertising/Marketing & Promotion 0 0 0 ~ 0 0 0 0 0 (~
<br />Unit Turnover 203 12.000 12,360 12,731 13,113 13,506 15,657 18,151 21,042 28,27g
<br />Taxes(non-real estate) 0 0 0 0 0 0 0 0 (~
<br />Real Estate Taxes 0 0 0 0 0 0 0 0 0=
<br />Payroll Taxes 0 0 0 0 0 0 0 0 0
<br />Other: Audit 0 0 0 0 0 0 0 0 0
<br />Other: 73 4,300 4,429 ~ 4.562 4,699 4,840 5,611 6,504 7.540 10,133
<br />Other: 0 0 0. 0 0 0 0 0 0
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<br /> Total Annual Operating Expenses: 3,291 185,302 190,862 196,587 202,485 208,560 241,778 280,287 324,929 436,677
<br /> Less Debt Service:
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<br /> Permanent loan
<br /> Rate ITerm (Years) Loan Amount
<br /> 7.25% 30 867,000 1,203 70,974 70.974 70,974 70,974 70,974 70,974 70,974 70,974 70,974
<br /> OAHTC Permanent loan
<br /> Rate ITerm (Years) Loan Amount
<br /> 3.25% 30 350,000 310 18,279 18,279 18,279 18,279 18,279 18,279 18,279 18,279 0
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<br /> Portion of perm loan wlo OAHTC (if applicable)
<br /> 7.25% 30 517,000 717 ~ 42,322 42,322 42,322 42,322 42,322 42,322 42,322 42,322 42,322
<br /> Deferred Developer Fee
<br /> Rate ITerm (Years) Loan Amount
<br /> 1.00% 15 57,249 70 4,112 4,112 4,112 4,112 4,112 4,112 4,112 0 0
<br /> Amortized Debt (HOME Loan,, I
<br /> Partnership Loans,etc.)
<br /> I
<br /> Rate ITerm (Years) ILoan Amount
<br /> 5.46% 30 425,000 489 23,205 23,205 23,205 23,205 23,205 23,205 23,205 23,205 23,205
<br /> 1 0 0 0 0 0 0 0 0 0 (~
<br /> 1 0 0 0 0 0 0 0 0 0 (~
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<br /> WITHOUT OAHTC
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<br /> Effective Gross Income: 4,768 281,306 286,933 292,671 298,525 304,495 336,187 371,178 409,810 499,556
<br /> Total Annual Operating ExI ,enses: 3,291 185,302 190,862 196,587 202,485 208,560 241,778 280,287 324,929 436,677
<br /> Net Operatin~ Income: 1,477 96,004 96,071 96,084 96,040 95,936 94,409 90,891 84,881 62,879
<br /> Primary Debt Service 1,203 70,974 70,974 70,974 70,974 70,974 70,974 70,974 70,974 70,974
<br /> Total Debt Service 1,761 98,290 98,290 98,290 98,290 98,290 98,290 98,290 94,179 94,179
<br /> Cash Flow Per Year (284) (2,286) (2,219) (2,206) {2,25t) {2,355) (3,881) (7,399) (9,297) (31,300)
<br /> Primary Debt Coverage Ratio 1.23 1.35 1.35 1.35 1.35 1.35 1.33 1.28 1.20 0.89
<br /> Total Debt Coverage Ratio 0.84 0.98 0.98 0.98 0.98 0.98' 0.96 0.92 0.90 0.67
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<br /> WITH OAHTC
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<br /> Effective Gross Income: 4,521 266,760 272,095 277,537 283,088 288,750 318,803 351,984 388,619 473,724
<br /> Total Annual Operating Ex~ )enses: 3,291 185,302 190,862 196,587 202,485 208,560 241,778 280,287 324,929 436,677
<br /> Net Operating Income: 1,231 81,458 81,234 80,950 80,603 80,190 77,025 71,698 63,690 37,047
<br /> ~fimaq/ Debt Service 1,027 60,601 60,601 60,601 60,601 60,601 60,601 60,601 60,601 42,322
<br /> Total Debt Service: 1,585 87,917 87,917 87,917 87,917 87,917 87,917 87,917 83,806 65,527
<br /> Cash Flow Per Year: (355) (6,459) (6,684) (6,968) (7,315) (7,727) (10,892) (16,220) (20,116) (28,480)
<br /> Pdmary Debt Coverage Ratio: 1.20 1.34 1.34 1.34 1.33 1.32 1.27 1.18 1.05 0.88
<br /> Total Debt Coverage Ratio: O. 78 0.93 0.92 0.92 0.92 0.91 0.88 0.82 O. 76 O. 57
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<br /> Fall 2003 Funding Pro Forma 1 of 1 OHCS
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