Density Bonus Application
1315 Park Ave, Merced
1. Site plan showing total number of units, number, and location of target units, and number and location of proposed density bonus units.
Please see attached document
2. Level of affordability of target units and proposals for ensuring affordability. [See Section 20.56.060 (Affordability and Development Standards)]
All units will be income restricted for 55 years at 30% area median income. These deed restrictions will be recorded when HCD and tax credit funding is awarded.
3. Description of any requested incentives, waivers, or modifications of development standards, or modified parking standards.
Density Bonus Background
The City of Merced’s Density Bonus Program was adopted in September 2016 by Ordinance No. 2465.
Since that time, state legislation has significantly modified the requirements of State Density Bonus Law (California Government Code Sections 65915 – 65918), most notably with AB 1763 (2019), AB 2345 (2019), and SB 290 (2021). This legislation expanded the density and bonuses available for affordable housing projects beyond that which was previously available in the City’s Density Bonus Program. In instances where state and local density bonus are in conflict, state requirements supersede local requirements.
Gov. Code §65915.a.1 “failure to adopt an ordinance shall not relieve a city, county, or city and county from complying with this section.”
Mercy Village is a multifamily rental project where one hundred percent of all units in the development, including total units and density bonus units, but exclusive of a manager’s unit or units, are for lower income households, as defined by Section 50079.5 of the Health and Safety Code. As such, the project is eligible for an 80% density bonus, four incentives or concessions, and an unlimited number of additional waiver or reduction of development standards.
Government Code §65915.b.1: A city, county, or city and county shall grant one density bonus, the amount of which shall be as specified in subdivision (f), and, if requested by the applicant and consistent with the applicable requirements of this section, incentives or concessions, as described in subdivision (d), waivers or reductions of development standards, as described in subdivision (e),
Government Code §65915.b.1.G: One hundred percent of all units in the development, including total units and density bonus units, but exclusive of a manager’s unit or units, are for lower income households, as defined by Section 50079.5 of the Health and Safety Code, except that up ATTACHMENT 4
to 20 percent of the units in the development, including total units and density bonus units, may be for moderate-income households, as defined in Section 50053 of the Health and Safety Code.
Government Code §65915.d.1: An applicant for a density bonus pursuant to subdivision (b) may submit to a city, county, or city and county a proposal for the specific incentives or concessions that the applicant requests pursuant to this section, and may request a meeting with the city, county, or city and county. The city, county, or city and county shall grant the concession or incentive requested by the applicant unless the city, county, or city and county makes a written finding, based upon substantial evidence, of any of the following:
(A) The concession or incentive does not result in identifiable and actual cost reductions, consistent with subdivision (k), to provide for affordable housing costs, as defined in Section 50052.5 of the Health and Safety Code, or for rents for the targeted units to be set as specified in subdivision (c). (B) The concession or incentive would have a specific, adverse impact, as defined in paragraph (2) of subdivision (d) of Section 65589.5, upon public health and safety or the physical environment or on any real property that is listed in the California Register of Historical Resources and for which there is no feasible method to satisfactorily mitigate or avoid the specific, adverse impact without rendering the development unaffordable to low-income and moderate-income households. (C) The concession or incentive would be contrary to state or federal law.
Government Code §65915.d.2: The applicant shall receive the following number of incentives or concessions: … Four incentives or concessions for projects meeting the criteria of subparagraph (G) of paragraph (1) of subdivision (b).
Government Code §65915.e.1: In no case may a city, county, or city and county apply any development standard that will have the effect of physically precluding the construction of a development meeting the criteria of subdivision (b) at the densities or with the concessions or incentives permitted by this section. Subject to paragraph (3), an applicant may submit to a city, county, or city and county a proposal for the waiver or reduction of development standards that will have the effect of physically precluding the construction of a development meeting the criteria of subdivision (b) at the densities or with the concessions or incentives permitted under this section, and may request a meeting with the city, county, or city and county.
Government Code §65915.f.3.D: For housing developments meeting the criteria of subparagraph (G) of paragraph (1) of subdivision (b), the following shall apply:
(i) Except as otherwise provided in clause (ii), the density bonus shall be 80 percent of the number of units for lower income households.
Requested Density Bonus, Incentives, and/or Waivers
General Plan Designation and Zoning Designation - The General Plan Designation of the site is “High- Medium Density Residential” and the zoning is Planned Development #4 (PD-4). PD-4 does not have design standards. Therefore, the design standards revert to the zone that corresponds to the General Plan Designation which is R-3-1.5.
x Density Bonus – High-Medium Density residential allows for a density between 12-24 units/acre. State Density Bonus Law enables an increase in density of 80% above the base density for development where 100% of the units are affordable to Very Low-Income Households, exclusive of managers units. Applicant requests a density bonus of 43.2 units/acre. The proposed density is 66 units on approximately 1.54 acres which is a density of approximately 42.8 units/acre.
x Incentive #1: Parking – The development code requires “1.75 spaces per unit of 2 bedrooms or less up to 30 units and 1.5 spaces per unit thereafter”. The development code would require 106 parking spaces. The developer proposes 30 parking spaces. x Incentive #2: Height – The development code has a maximum height of 35 feet. The proposed height is 45 feet.
x Incentive #3: Setbacks – Per the development code, the minimum setbacks are 15 feet (front), 10 feet (side), and 14 feet (rear). The proposed minimum setbacks are 10 feet (front), 10 feet (side), and 35 feet (rear).
x Incentive #4: Lot area per dwelling – Per the development code, the minimum lot area per dwelling unit is 1,500 square feet. The proposed ratio is 1,260 square feet per dwelling unit. x Waivers: The applicant has not requested any waivers.
4. For all incentives, the application shall include substantial evidence that the requested incentives result in identifiable, financially sufficient, and actual cost reductions. x Density – Increasing the density on the site reduces the cost of land per unit. Because of construction efficiencies, the cost of construction per unit decreases as the total number of units increases. A tax credit project is not feasible with less units. Since the land area is fixed, in order to meet the target number of units, density must be increased. x Incentive #1: Parking – Decreasing parking provided on site decreases the amount of paving required which reduces overall project costs. Decreasing parking also enables greater utilization of the land for housing, which further decreases project costs. x Incentive #2: Height – Increasing the height of the buildings allows for greater efficiencies by enabling a greater building mass. This enables greater densities which reduces the cost of land per unit.
x Incentive #3: Setbacks – Decreasing setbacks allows for a greater building envelope which increases the efficiency of the development and decreases project costs per unit. x Incentive #4: Lot Area per Dwelling – Decreasing lot area per dwelling allows for a greater building envelope which increases the efficiency of the development and decreases project costs per unit.
5. For waivers or modifications of development standards, the application shall provide substantial evidence to show that the waiver or modification is necessary to make the housing units economically feasible and that the development standards, without waiver or modification, will have the effect of precluding the construction of a housing development meeting the criteria of Section 20.56.020 (Density Bonus; Incentives) at the densities or with the incentives permitted by this section Successful affordable housing requires appropriate scale. Without the waivers and modifications to the development standards requested herein, the per-unit cost of construction would not be feasible given the funding resources available for the development of affordable housing. The economies of scale are also realized on the operating side – this allows for sufficient flow of residential income to ensure that all day-to-day property management and maintenance. Without a density bonus and the related waivers and modifications, the development team will not be able to move forward on the creation of supportive housing units at this site.
6. The applicant shall submit a development pro forma in a form prescribed by the City or the City's Economic Consultant. The applicant shall pay the cost of peer review of the development pro forma.
See attached proforma
7. If a density bonus or concession is requested for a land donation, the application shall show the location of the land to be dedicated and provide evidence that each of the findings included in Section
20.56.030 (Land Donations) can be made.
Not applicable
8. If a density bonus or incentive is requested for a child care facility, the application shall show the location and square footage of the child care facility and provide substantial evidence that each of the findings included in Section 20.56.040 (Child Care Facilities) can be made.
Not applicable
9/11/2020 #ofunits # Square AMI%T e n a n trent Tenant Totalrent+util Max HTCrent Market FMR Rental Subsid Rent to Monthly 1 660 15% Ͳ$ 914$ Sec8 914$ Ͳ $ 32 1 660 30% 914$ Sec8 914$ 29,248$ Ͳ$ Ͳ $
13 1 660 30% Ͳ$ Ͳ $ 914$ 914$ 11,882$ 20 1 660 30% 362 $ 30$ 392$ 392$ 362$ 7,244$ Ͳ$ Ͳ $ Ͳ $
1 2 900 Ͳ$ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $
Ͳ$ Ͳ $
Ͳ$ Ͳ $
66 AvgAMI: 30.0% 48,374$
2 Annualrentalincome 580,488 $
Residentialvacancy 6% Ͳ$34,829 Studio 1 Ͳbed 2 Ͳbed 3 Ͳbed Commercialincome 914$ 1,120$ 1,591$ Vacancy 20% $0
Area 15%
30% 392 $ 471$ 545$
Interestincome 40%
Interestfromreserveaccounts 50% 653 $ 785$ 906$ Otherfinancialincome 60% 784 $ 942$ 1,087$ 80% 1,046 $ 1,256$ 1,450$
Laundry 6,864$
Tenantcharges/fees Market Rent
Elderlycare/servicedelivery
LaundryVacancy 20% (1,373)$ UnitCountbyIncome Parking Effectivegrossincome 551,150 $ 1bed 65 100.00% 15% 0 2bed 0 0.00% 30% 65
3bed 0 0.00% 60% 0
FinancialService UnitCountbySize
NPLH
ManagerunitsRental
Source:2022HUDFMRsforMercedCounty
FMR
TenantͲPaid 0 1 2 3 4 5
Heat(heatpump)
Cooking(naturalgas)
Electric 10.26$ 13.05$ 19.76$
WaterHeating(electric) 19.54 $ 23.70$ 26.56$ AirConditioning
Water/Sewer
Trash
Other:GasCustomerCharg
e Ͳ$ Ͳ .00$ Ͳ .00$Ͳ .00$ Ͳ .00$ Ͳ .00$ TOTAL Ͳ$ 30$ 37$ 46$ Ͳ $ Ͳ $ UtilityAllowance
Amount Basis
Land 800,000 $
Demolition Ͳ$
Legal 20,000 $ 20,000$
LandLease Ͳ$
ExistingImprovements Ͳ$
OffͲsiteImprovements Ͳ$
PredevelopmentInterest/HoldingCost 200,000 $ 200,000$ ExistingDebtInterest Ͳ$
ExcessPurchasePriceOverAppraisal Ͳ$ Other Ͳ$
Total 1,020,000$ 220,000$
SiteWork Ͳ$
Structures 18,000,000 $ 18,000,000$
Priceescalation Ͳ$
Generalrequirements Ͳ$
Contractoroverhead Ͳ$
Contractorprofit Ͳ$
Insurance 300,000 $ 300,000$
SDIͲSubcontractorBonding
Photovoltaic Ͳ$
PrevailingWages Ͳ$
Other: Ͳ$
Total 18,300,000$ 18,300,000$
Architecturalfee 800,000 $ 800,000$
Supervision 75,000 $ 75,000$
CivilEngineering 85,000 $ 85,000$
Survey Ͳ$
UtilityCoordination 50,000 $ 50,000$ Total 1,010,000$ 1,010,000$
ConstructionLoanInterest 940,000 $ 470,000$ HOMEloaninterest Ͳ$
OriginationFee 235,000 $ 235,000$
CreditEnhancement/ApplicationFee Ͳ$
BondPremium Ͳ$
CostofIssuance Ͳ$
Title&Recording 75,000 $ 75,000$
LenderInspection&thirdͲpartyestimate 75,000 $ 75,000$ Financialconsultant 60,000 $ 60,000$ Total 1,385,000$ 915,000$
AcquisitionHardconstructionArchFeesConstInterest&Fees LoanOriginationFee 250,000 $
CreditEnhancement/ApplicationFee
Title&Recording 20,000 $
Taxes Ͳ$
Insurance Ͳ$
Other Ͳ$
Other Ͳ$
Total 270,000$ Ͳ $
LenderLegalPaidbyApplicant 70,000 $ 70,000$ LegalCosts 90,000 $ 90,000$
Total 160,000$ 160,000$
Transitionreserve 175,488 $
CapitalizedOperatingSubsidyReserve
Operatingreserve 224,667 $
CommercialYear1reserve
OtherReserves
Total 400,155$ Ͳ $
SoftCostContingency 150,000 $ 150,000$ HardCostContingency5% 915,000 $ 915,000$ Total 1,065,000$ 1,065,000$
TCACApplicationFee 3,500 $
TCACReservationFee 35,000 $
TCACMonitoringFee 15,000 $
TCACAllocationFee
TCACPerformanceFee
EnvironmentalAudit 20,000 $ 20,000$ LocalDevelopmentImpactFees 252,648 $ 252,648$ PermitProcessingFees 200,000 $ 200,000$ Schooldistrictimpactfees 250,000 $ 250,000$ Marketing&LeaseUp 50,000 $
FF&E 495,000 $ 495,000$
MarketStudy 10,000 $ 10,000$
Accounting/Reimbursable 35,000 $ 35,000$ Appraisal 4,000 $ 4,000$
SoilStudies/geotech 5,000 $ 5,000$ Energyconsultant 25,000 $ 25,000$
MaterialsTesting 50,000 $ 50,000$
Constructionmonitor 80,000$ 80,000$ IT/NetworkingͲ $
Total 1,530,148$ 1,426,648$
LegalFeesReserves Permanent
Financing
Contingency
OtherProjectCosts
DeveloperFee 3,450,000 $ 3,450,000$
Consultant/ProcessingAgent Ͳ$ Ͳ $ ProjectAdministration Ͳ$ Ͳ $ BrokerFeesPaidtoaRelatedParty Ͳ$ Ͳ $ ConstructionOversightbyDeveloper Ͳ$ Ͳ $ Other Ͳ$ Ͳ $
Total 3,450,000$ 3,450,000$
Syndication LegalͲSyndication/Organization 50,000 $ Ͳ $ Audit 10,000 $
ConsultantͲSyndication
Total 60,000$ Ͳ $
Total 28,650,303 $ 26,546,648$
Totaldevelopmentcostsperunit 434,096 $ 402,221.94$ Hardcosts/unit 272,727 $
Hardcosts/SF
DeveloperCosts
Eligiblebasis 26,546,648 $ 26,546,648$
Deductedfederalfinancing
NonͲqualifyingunits
Historictaxcredit
Neteligiblebasis 26,546,648 $ 26,546,648$
Boost 30%
Adjustedbasis 34,510,642 $ 26,546,648$
Applicabletaxcreditpercentage 9.00% 13.00%
Annualcreditallocation 3,105,958 $ 3,451,064$ Taxcreditreductions
Totalhousingcreditseligible 2,500,000$
TotaltenͲyeartaxcreditequity 25,000,000$ Ͳ$ Netcentraise 0.90 $ 0.80$ Grossequity 22,497,750
$ Ͳ$
Bridgeloaninterest
Nettaxcreditequity 22,497,750$
Amount Interest Debt service Loan term Amort. Term
Constructionloan(taxͲexempt) 23,500,000$
Taxcreditequity 3,043,576 $
Deferreddeveloperfee 1,353,397 $
CityofMerced 1,325,000 $
CityofMercedadditional
GPequity 50,000 $
Deferredcosts
HCD(MHPorHHC) Ͳ$
Other
Totalconstructionperiodsources 29,271,972$
Adjustedbasis
Applicabletaxcreditpercentag
Grossequity
Bridgeloaninterest
Annualcreditallocation
Taxcreditreductions
StateTaxCredit
Eligiblebasis
Deductedfederalfinancing
NonͲqualifyingunits
Historictaxcredit
Neteligiblebasis
Nettaxcreditequity
Totalhousingcreditseligible
Netcentraise
4%LIHTCConstructionsources
Boost
Amount Interest D/S 1Ͳ15 D/S 16Ͳ30 Loan term Amort. Term Taxcreditequity 20,290,506 $
NPLH(competitive) 5,000,000 $ 3.00% Ͳ$ 30 55 NPLH(nonͲcompetitive) 631,401 $ 3.00% Ͳ$ 30 55 CityofMerced(PLHA) 1,325,000 $ 3.00% Ͳ$ Deferreddeveloperfee 1,353,397$
GPequity 50,000 $
HCD(MHPorHHC)
Other:
Totalpermanentsources 28,650,303$ Ann.Debt Ͳ$ Ͳ $ Totaldevelopmentcosts 28,650,303$
Gap $0.00
Permanentsources
Year1Y e a r 2Y e a r 3Y e a r 4Y e a r 5Y e a r 6Y e a r 7Y e a r 8Y e a r 9Y e a r 10 Year 11 Year 12 Year 13 Year 14 Year 15 Administration
AdvertisingandMarketing 5,000 $ 5,175$ 5,356$ 5,544$ 5,738$ 5,938$ 6,146$ 6,361$ 6,584$ 6,814$ 7,053$ 7,300$ 7,555$ 7,820$ 8,093$ OfficeExpenses 5,000 $ 5,175$ 5,356$ 5,544$ 5,738$ 5,938$ 6,146 $ 6,361$ 6,584$ 6,814$ 7,053$ 7,300$ 7,555$ 7,820$ 8,093$ AdministrativeSalaries Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Telephone 2,500 $ 2,588$ 2,678$ 2,772$ 2,869$ 2,969$ 3,073$ 3,181$ 3,292$ 3,407$ 3,526$ 3,650$ 3,778$ 3,910$ 4,047$ ManagementFee 6% 32,739.52 $ 33,885$ 35,071$ 36,299$ 37,569$ 38,884$ 40,245$ 41,654$ 43,112$ 44,621$ 46,182$ 47,799$ 49,472$ 51,203$ 52,995$ ManagementSalary 60,000$ 62,100$ 64,274$ 66,523$ 68,851$ 71,261$ 73,755$ 76,337$ 79,009$ 81,774$ 84,636$ 87,598$ 90,664$ 93,837$ 97,122$ LegalExpense 5,000 $ 5,175$ 5,356$ 5,544$ 5,738$ 5,938$ 6,146$ 6,361$ 6,584$ 6,814$ 7,053$ 7,300$ 7,555$ 7,820$ 8,093$ AuditExpense 10,000 $ 10,350$ 10,712$ 11,087$ 11,475$ 11,877$ 12,293$ 12,723$ 13,168$ 13,629$ 14,106$ 14,600$ 15,111$ 15,640$ 16,187$ AccountingFees 10,000 $ 10,350$ 10,712$ 11,087$ 11,475$ 11,877$ 12,293$ 12,723$ 13,168$ 13,629$ 14,106$ 14,600$ 15,111$ 15,640$ 16,187$ BadDebts Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ TenantRelations Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Misc.AdministrativeExpenses 5,000 $ 5,175$ 5,356$ 5,544$ 5,738$ 5,938$ 6,146$ 6,361$ 6,584$ 6,814$ 7,053$ 7,300$ 7,555$ 7,820$ 8,093$ HOMEMonitoringFee Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ CalHFAAdminFee Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ OtherAdmin3 Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Total 135,240$ 139,973$ 144,872$ 149,942$ 155,190$ 160,622$ 166,244$ 172,062$ 178,085$ 184,318$ 190,769$ 197,446$ 204,356$ 211,509$ 218,911$ Utilities
Electricityandgas 21,443 $ 22,194$ 22,970$ 23,774$ 24,607$ 25,468$ 26,359$ 27,282$ 28,237$ 29,225$ 30,248$ 31,306$ 32,402$ 33,536$ 34,710$ Water 7,500 $ 7,763$ 8,034$ 8,315$ 8,606$ 8,908$ 9,219$ 9,542$ 9,876$ 10,222$ 10,579$ 10,950$ 11,333$ 11,730$ 12,140$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Sewer 7,500 $ 7,763$ 8,034$ 8,315$ 8,606$ 8,908$ 9,219$ 9,542$ 9,876$ 10,222$ 10,579$ 10,950$ 11,333$ 11,730$ 12,140$ Cable/Internet Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ OtherUtility1 Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ OtherUtility2 Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Total 36,443$ 37,719$ 39,039$ 40,405$ 41,819$ 43,283$ 44,798$ 46,366$ 47,989$ 49,668$ 51,407$ 53,206$ 55,068$ 56,996$ 58,990$ Operating/Maintenance
Operating/MaintenanceContracts 45,000 $ 46,575$ 48,205$ 49,892$ 51,639$ 53,446$ 55,316$ 57,253$ 59,256$ 61,330$ 63,477$ 65,699$ 67,998$ 70,378$ 72,841$ Elevator Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Garbage/TrashRemoval 15,000 $ 15,525$ 16,068$ 16,631$ 17,213 $ 17,815$ 18,439$ 19,084$ 19,752$ 20,443$ 21,159$ 21,900$ 22,666$ 23,459$ 24,280$ VanDriverPayroll Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ JanitorPayroll 25,000 $ 25,875$ 26,781$ 27,718$ 28,688$ 29,692$ 30,731$ 31,807$ 32,920$ 34,072$ 35,265$ 36,499$ 37,777$ 39,099$ 40,467$ MaintenancePayroll Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ MaintenanceSupplies 10,000 $ 10,350$ 10,712$ 11,087$ 11,475$ 11,877$ 12,293$ 12,723$ 13,168$ 13,629$ 14,106$ 14,600$ 15,111$ 15,640$ 16,187$ PaintingandDecorating 7,500 $ 7,763$ 8,034$ 8,315$ 8,606$ 8,908$ 9,219$ 9,542$ 9,876$ 10,222$ 10,579$ 10,950$ 11,333$ 11,730$ 12,140$ HVACMaintenance 7,500 $ 7,763$ 8,034$ 8,315$ 8,606$ 8,908$ 9,219$ 9,542$ 9,876$ 10,222$ 10,579$ 10,950$ 11,333$ 11,730$ 12,140$ SnowRemoval/Landscaping 10,000 $ 10,350$ 10,712$ 11,087$ 11,475$ 11,877$ 12,293$ 12,723$ 13,168$ 13,629$ 14,106$ 14,600$ 15,111$ 15,640$ 16,187$ VehicleOperationandRepairsͲ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ RentConcessions/Incentives Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Extermination 5,000 $ 5,175$ 5,356$ 5,544$ 5,738$ 5,938$ 6,146$ 6,361$ 6,584$ 6,814$ 7,053$ 7,300$ 7,555$ 7,820$ 8,093$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Total 125,000$ 129,375$ 133,903$ 138,590$ 143,440$ 148,461$ 153,657$ 159,035$ 164,601$ 170,362$ 176,325$ 182,496$ 188,884$ 195,495$ 202,337$ TaxesandInsurance
RealEstateTaxes 2,000 $ 2,040$ 2,081$ 2,122$ 2,165$ 2,208$ 2,252$ 2,297$ 2,343$ 2,390$ 2,438$ 2,487$ 2,536$ 2,587$ 2,639$ PayrollTaxes 10,000 $ 10,300$ 10,609$ 10,927$ 11,255$ 11,593$ 11,941$ 12,299$ 12,668$ 13,048$ 13,439$ 13,842$ 14,258$ 14,685$ 15,126$ Property/LiabilityInsurance 50,000 $ 51,750$ 53,561$ 55,436$ 57,376$ 59,384$ 61,463$ 63,614$ 65,840$ 68,145$ 70,530$ 72,998$ 75,553$ 78,198$ 80,935$ FidelityBondInsurance Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ WorkersCompensation 5,000 $ 5,150$ 5,305$ 5,464$ 5,628$ 5,796$ 5,970$ 6,149$ 6,334$ 6,524$ 6,720$ 6,921$ 7,129$ 7,343$ 7,563$ HealthInsurance/Benefits 10,000 $ 10,300$ 10,609$ 10,927$ 11,255$ 11,593$ 11,941$ 12,299$ 12,668$ 13,048$ 13,439$ 13,842$ 14,258$ 14,685$ 15,126$ Misc.Taxes/Insurance/License Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Tax/InsOther1 Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Tax/InsOther2 Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Tax/InsOther3 Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Total 77,000$ 79,540$ 82,165$ 84,876$ 87,679$ 90,574$ 93,566$ 96,658$ 99,853$ 103,154$ 106,566$ 110,091$ 113,734$ 117,498$ 121,388$ Other
Replacementreserves $500 33,000 $ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ Other:servicecoordination 15,000 $ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ Bondmonitoringfee 4,000 $ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ HCDmonitoringfee 0.42% 23,652 $ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ Total 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ Totalannualexpenses 449,335 $ 462,259$ 475,630$ 489,466$ 503,781$ 518,592$ 533,917$ 549,773$ 566,179$ 583,154$ 600,718$ 618,891$ 637,694$ 657,149$ 677,279$ Lessreserves 416,335 $ 427,219$ 440,550$ 454,343$ 468,616$ 483,384$ 498,665$ 514,476$ 530,836$ 547,764$ 565,280$ 583,404$ 602,157$ 621,562$ 641,640$ Income
Residentialincome 545,659 $ 559,300$ 573,283$ 587,615$ 602,305$ 617,363$ 632,797$ 648,617$ 664,832$ 681,453$ 698,489$ 715,952$ 733,850$ 752,197$ 771,001$ Commercialincome Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Effectivegrossincome 545,659 $ 559,300$ 573,283$ 587,615$ 602,305$ 617,363$ 632,797$ 648,617$ 664,832$ 681,453$ 698,489$ 715,952$ 733,850$ 752,197$ 771,001$ Debtservice Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ NOI 96,324 $ 97,042$ 97,652$ 98,149$ 98,524$ 98,771$ 98,880$ 98,843$ 98,653$ 98,299$ 97,771$ 97,061$ 96,157$ 95,048$ 93,722$ Cashflow 96,324$ 97,042$ 97,652$ 98,149$ 98,524$ 98,771$ 98,880$ 98,843$ 98,653$ 98,299$ 97,771$ 97,061$ 96,157$ 95,048$ 93,722$ AssetMgmtFee 7,500$ 7,500$ 7,500$ 7,500$ 7,500$ 7,500$ 7,500$ 7,500$ 7,500$ 7,500$ 7,500$ 7,500$ 7,500$ 7,500$ 7,500$ Debtcoverageratio N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Expensecoverageratio 1.21 1.21 1.21 1.20 1.20 1.19 1.19 1.18 1.17 1.17 1.16 1.16 1.15 1.14 1.14 Year1Y e a r 2Y e a r 3Y e a r 4Y e a r 5Y e a r 6Y e a r 7Y e a r 8Y e a r 9Y e a r 10 Year 11 Year 12 Year 13 Year 14 Year 15 Expensesperunit 6,808 $ Traditional CTCAC Commercial Expensesperunitw/outilties 6,256 $ 2% 2.5% 2.0% 3% 3.5%
2% 2%
Assumptions
Incomeescalator
Expenseescalator
REtaxescalator
Administration
AdvertisingandMarketing
OfficeExpenses
AdministrativeSalaries
Telephone
ManagementFee
ManagementSalary
LegalExpense
AuditExpense
AccountingFees
BadDebts
TenantRelations
Misc.AdministrativeExpenses
HOMEMonitoringFee
CalHFAAdminFee
OtherAdmin3
Utilities
Electricityandgas
Water
Sewer
Cable/Internet
OtherUtility1
OtherUtility2
Operating/Maintenance
Operating/MaintenanceContracts
Elevator
Garbage/TrashRemoval
VanDriverPayroll
JanitorPayroll
MaintenancePayroll
MaintenanceSupplies
PaintingandDecorating
HVAC
Maintenance
SnowRemoval/Landscaping
VehicleOperationandRepairs
RentConcessions/Incentives
Extermination
TaxesandInsurance
RealEstateTaxes
PayrollTaxes
Property/LiabilityInsurance
FidelityBondInsurance
WorkersCompensation
HealthInsurance/Benefits
Misc.Taxes/Insurance/License
Tax/InsOther1
Tax/InsOther2
Tax/InsOther3
Year16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 8,377$ 8,670$ 8,973$ 9,287$ 9,613$ 9,949$ 10,297$ 10,658$ 11,031$ 11,417$ 11,816$ 12,230$ 12,658$ 13,101$ 13,559$ 8,377$ 8,670$ 8,973$ 9,287$ 9,613$ 9,949$ 10,297$ 10,658$ 11,031$ 11,417$ 11,816$ 12,230$ 12,658$ 13,101$ 13,559$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 4,188$ 4,335$ 4,487$ 4,644$ 4,806$ 4,974$ 5,149$ 5,329$ 5,515$ 5,708$ 5,908$ 6,115$ 6,329$ 6,550$ 6,780$ 54,850$ 56,770$ 58,757$ 60,813$ 62,942$ 65,145$ 67,425$ 69,785$ 72,227$ 74,755$ 77,372$ 80,080$ 82,882$ 85,783$ 88,786$ 100,521$ 104,039$ 107,681$ 111,449$ 115,350$ 119,387$ 123,566$ 127,891$ 132,367$ 137,000$ 141,795$ 146,758$ 151,894$ 157,210$ 162,713$ 8,377$ 8,670$ 8,973$ 9,287$ 9,613$ 9,949$ 10,297$ 10,658$ 11,031$ 11,417$ 11,816$ 12,230$ 12,658$ 13,101$ 13,559$ 16,753$ 17,340$ 17,947$ 18,575$ 19,225$ 19,898$ 20,594$ 21,315$ 22,061$ 22,833$ 23,632$ 24,460$ 25,316$ 26,202$ 27,119$ 16,753$ 17,340$ 17,947$ 18,575$ 19,225$ 19,898$ 20,594$ 21,315$ 22,061$ 22,833$ 23,632$ 24,460$ 25,316$ 26,202$ 27,119$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 8,377$ 8,670$ 8,973$ 9,287$ 9,613$ 9,949$ 10,297$ 10,658$ 11,031$ 11,417$ 11,816$ 12,230$ 12,658$ 13,101$ 13,559$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 226,573$ 234,503$ 242,711$ 251,206$ 259,998$ 269,098$ 278,517$ 288,265$ 298,354$ 308,796$ 319,604$ 330,790$ 342,368$ 354,351$ 366,753$ 35,925$ 37,182$ 38,484$ 39,831$ 41,225$ 42,667$ 44,161$ 45,706$ 47,306$ 48,962$ 50,676$ 52,449$ 54,285$ 56,185$ 58,151$ 12,565$ 13,005$ 13,460$ 13,931$ 14,419$ 14,923$ 15,446$ 15,986$ 16,546$ 17,125$ 17,724$ 18,345$ 18,987$ 19,651$ 20,339$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 12,565$ 13,005$ 13,460$ 13,931$ 14,419$ 14,923$ 15,446$ 15,986$ 16,546$ 17,125$ 17,724$ 18,345$ 18,987$ 19,651$ 20,339$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 61,055$ 63,192$ 65,404$ 67,693$ 70,062$ 72,514$ 75,052$ 77,679$ 80,398$ 83,212$ 86,124$ 89,139$ 92,258$ 95,487$ 98,830$ 75,391$ 78,029$ 80,760$ 83,587$ 86,513$ 89,540$ 92,674$ 95,918$ 99,275$ 102,750$ 106,346$ 110,068$ 113,921$ 117,908$ 122,035$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 25,130$ 26,010$ 26,920$ 27,862$ 28,838$ 29,847$ 30,891$ 31,973$ 33,092$ 34,250$ 35,449$ 36,689$ 37,974$ 39,303$ 40,678$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 41,884$ 43,350$ 44,867$ 46,437$ 48,063$ 49,745$ 51,486$ 53,288$ 55,153$ 57,083$ 59,081$ 61,149$ 63,289$ 65,504$ 67,797$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 16,753$ 17,340$ 17,947$ 18,575$ 19,225$ 19,898$ 20,594$ 21,315$ 22,061$ 22,833$ 23,632$ 24,460$ 25,316$ 26,202$ 27,119$ 12,565$ 13,005$ 13,460$ 13,931$ 14,419$ 14,923$ 15,446$ 15,986$ 16,546$ 17,125$ 17,724$ 18,345$ 18,987$ 19,651$ 20,339$ 12,565$ 13,005$ 13,460$ 13,931$ 14,419$ 14,923$ 15,446$ 15,986$ 16,546$ 17,125$ 17,724$ 18,345$ 18,987$ 19,651$ 20,339$ 16,753$ 17,340$ 17,947$ 18,575$ 19,225$ 19,898$ 20,594$ 21,315$ 22,061$ 22,833$ 23,632$ 24,460$ 25,316$ 26,202$ 27,119$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 8,377$ 8,670$ 8,973$ 9,287$ 9,613$ 9,949$ 10,297$ 10,658$ 11,031$ 11,417$ 11,816$ 12,230$ 12,658$ 13,101$ 13,559$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 209,419$ 216,748$ 224,334$ 232,186$ 240,313$ 248,724$ 257,429$ 266,439$ 275,764$ 285,416$ 295,406$ 305,745$ 316,446$ 327,521$ 338,985$ 2,692$ 2,746$ 2,800$ 2,856$ 2,914$ 2,972$ 3,031$ 3,092$ 3,154$ 3,217$ 3,281$ 3,347$ 3,414$ 3,482$ 3,552$ 15,580$ 16,047$ 16,528$ 17,024$ 17,535$ 18,061$ 18,603$ 19,161$ 19,736$ 20,328$ 20,938$ 21,566$ 22,213$ 22,879$ 23,566$ 83,767$ 86,699$ 89,734$ 92,874$ 96,125$ 99,489$ 102,972$ 106,576$ 110,306$ 114,166$ 118,162$ 122,298$ 126,578$ 131,009$ 135,594$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 7,790$ 8,024$ 8,264$ 8,512$ 8,768$ 9,031$ 9,301$ 9,581$ 9,868$ 10,164$ 10,469$ 10,783$ 11,106$ 11,440$ 11,783$ 15,580$ 16,047$ 16,528$ 17,024$ 17,535$ 18,061$ 18,603$ 19,161$ 19,736$ 20,328$ 20,938$ 21,566$ 22,213$ 22,879$ 23,566$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 125,408$ 129,563$ 133,855$ 138,292$ 142,876$ 147,614$ 152,510$ 157,570$ 162,799$ 168,203$ 173,788$ 179,560$ 185,524$ 191,689$ 198,060$ Other
Replacementreserves
Other:servicecoordination
Bondmonitoringfee
HCDmonitoringfee
Totalannualexpenses
Lessreserves
Income
Residentialincome
Commercialincome
Effectivegrossincome
Debtservice
NOI
Cashflow
AssetMgmtFee
Debtcoverageratio
Expensecoverageratio
Expensesperunit
Expensesperunitw/outilties
33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 33,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 4,000$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 23,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 75,652$ 698,107$ 719,658$ 741,957$ 765,029$ 788,901$ 813,602$ 839,160$ 865,605$ 892,967$ 921,279$ 950,574$ 980,885$ 1,012,248$ 1,044,700$ 1,078,279$ 662,416$ 683,913$ 706,156$ 729,172$ 752,988$ 777,630$ 803,129$ 829,513$ 856,813$ 885,062$ 914,293$ 944,538$ 975,835$ 1,008,218$ 1,041,727$ 790,277$ 810,033$ 830,284$ 851,041$ 872,317$ 894,125$ 916,478$ 939,390$ 962,875$ 986,947$ 1,011,621$ 1,036,911$ 1,062,834$ 1,089,405$ 1,116,640$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 790,277$ 810,033$ 830,284$ 851,041$ 872,317$ 894,125$ 916,478$ 939,390$ 962,875$ 986,947$ 1,011,621$ 1,036,911$ 1,062,834$ 1,089,405$ 1,116,640$ Ͳ$ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ Ͳ $ 92,169$ 90,375$ 88,328$ 86,013$ 83,416$ 80,523$ 77,319$ 73,786$ 69,908$ 65,668$ 61,047$ 56,026$ 50,586$ 44,704$ 38,361$ 92,169$ 90,375$ 88,328$ 86,013$ 83,416$ 80,523$ 77,319$ 73,786$ 69,908$ 65,668$ 61,047$ 56,026$ 50,586$ 44,704$ 38,361$ 7,500$ 7,500$ 7,500$ 7,500$ 7,500$
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
1.13 1.13 1.12 1.11 1.11 1.10 1.09 1.09 1.08 1.07 1.06 1.06 1.05 1.04 1.04 Year16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30