Murrieta Family Apts.
A 126-Unit Affordable Housing Community
Murrieta, CA
Financial Pro Forma
Rev. 7/16/23
Prepared By:
Caleb Roope
[email protected]
Pacific West Communities, Inc.
430 East State Street, Suite 100
Eagle, ID 83616
208.461.0022 x 3015
Rev. 7/16/23
DEVELOPMENT BUDGET
Murrieta Family Apts.
Murrieta, CA
Project Cost Per Cost Per Tax Credit
Costs Unit Res. Sq. Ft. Eligible Basis
Total Land Costs $ 2,322,500 $ 22.76$ 18,433 XXXXXXXXXX Total Building Acquisition Costs $ - $ - $ - $ -
Construction Costs
Off-Site Work $ - $ - $ - $ -
Commercial Space $ - $ - $ XXXXXXXXX - X
On Site Work $ 1,890,000 $ 18.52$ 15,000 $ 1,890,000
Structures $ 23,723,295 $ 188,280 232.48$ $ 23,723,295
General Requirements $ 12,197 1,536,798 $ 15.06$ $ 1,536,798 Contractor Overhead $ 543,002 $ 4,310 5.32$ $ 543,002
Contractor Profit $ 12,929 1,629,006 $ 15.96$ $ 1,629,006 Construction Contingency $ 1,800,000 $ 14,286 17.64$ $ 1,800,000 Total Construction Costs $ 31,122,101 $ 247,001 304.98$ $ 31,122,101 Financing Costs
Construction Loan Interest - Series A $ 13,413 1,690,000 $ 16.56$ $ 1,690,000 Construction Loan Fee $ 1,548 195,000 $ 1.91$ $ 195,000 Construction Lender Costs (Legal, Etc.) $ 120,000 $ 1.18$ 952 $ 120,000 Bond Issuer / Trustee Fees & Costs $ 120,000 $ 1.18$ 952 $ 120,000 Permanent Loan Fees $ 464 58,500 $ 0.57$ XXXXXXXXXX
Permanent Loan Costs $ 397 50,000 $ 0.49$ XXXXXXXXXX
Tax Credit Fees $ 76,248 $ 605 0.75$ XXXXXXXXXX
Bond Counsel, Financial Advisor, Etc. $ 80,000 $ 635 0.78$ XXXXXXXXXX Taxable Bonds Interest & Fees $ 750,000 $ 7.35$ 5,952 $ 750,000 Total Financing Costs $ 3,139,748 $ 24,919 30.77$ $ 2,875,000 Soft Costs
Architectural $ 600,000 $ 4,762 5.88$ $ 600,000
Engineering/Surveying/Environmental $ 200,000 $ 1,587 1.96$ $ 200,000 Taxes During Construction $ 80,000 $ 635 0.78$ $ 80,000 Insurance $ 466,800 $ 3,705 4.57$ $ 466,800
Title & Recording $ 80,000 $ 635 0.78$ $ 80,000
Borrower Attorney $ 80,000 $ 0.78$ 635 $ 80,000
Appraisal $ 15,000 $ 119 0.15$ $ 15,000
Local Tap, Building Permit, & Impact Fees $ 26,024 3,279,080 $ 32.13$ $ 3,279,080 Marketing & Lease-Up $ 162,365 $ 1,289 1.59$ XXXXXXXXXX Relocation Costs $ - $ - $ XXXXXXXXX - X
Furnishings $ 50,000 $ 0.49$ 397 $ 50,000
Cost Certification $ 15,000 $ 119 0.15$ $ 15,000
Market Study $ 10,000 $ 0.10$ 79 $ 10,000
Soft Cost Contingency $ 300,000 $ 2.94$ 2,381 $ 300,000 Developer Overhead & Fees $ 5,875,947 $ 46,635 57.58$ $ 5,875,947 Consultant Fee $ - $ - $ - $ -
Total Soft Costs $ 11,214,192 $ 89,002 109.89$ $ 11,051,827 Post Construction Interest & Reserves
Post Construction Interest - Series A $ 250,000 $ 2.45$ XXXXXXXXX 1,984 X Post Construction Interest - Series B $ - $ - $ XXXXXXXXX - X Operating Reserve $ 377,253 $ 3.70$ XXXXXXXXX 2,994 X
Total Post Construction Interest & Reserves 627,253 $ 4,978 $ 6.15$ XXXXXXXXXX Totals $ 48,425,794 $ 384,332 474.55$ $ 45,048,928
Rev. 7/16/23
$ 2,827,971 Total Tax Credit Financing $ 28,775,224
$ 2,500,000 Tax-Exempt Bonds - Series A $ 11,700,000
$ 1,772,123 Riverside County PLHA $ 2,500,000
$ 822,500 City of Murrieta Fee Deferral $ 1,772,123
$ - $ 822,500
$ - $ -
$ 627,253 $ -
$ 5,875,947 $ -
$ 8,000,000 $ -
$ 26,000,000 $ 2,855,947
Tax Credit Financing
Riverside County PLHA City
of Murrieta Fee Deferral
WRCOG Waiver
Other
Other
Deferred Costs
Deferred Developer Fee
Taxable Bonds
Tax-Exempt Bonds - Series A
Total Sources of Funds $ 48,425,794
WRCOG Waiver
Other
Other
Other
Other
Deferred Developer Fee
Total Sources of Funds $ 48,425,794
Total Land Costs $ 2,322,500 Total Land Costs $ 2,322,500 Total Building Acquisition Costs $ - Total Building Acquisition Costs $ - Construction Costs $ 29,322,101 Construction Costs $ 29,322,101 Construction Contingency $ 1,800,000 Construction Contingency $ 1,800,000 Financing Costs $ 3,139,748 Financing Costs $ 3,139,748 Architecture & Engineering $ 800,000 Architecture & Engineering $ 800,000 Other Soft Costs $ 4,238,245 Other Soft Costs $ 4,238,245 Developer Fees $ 5,875,947 Developer Fees $ 5,875,947
Soft Cost Contingency $ 300,000 Soft Cost Contingency $ 300,000 Post Construction Interest & Reserves 627,253 $ Post Construction Interest & Reserves $ 627,253 Total Uses of Funds $ 48,425,794 Total Uses of Funds $ 48,425,794 Sources of Funds Sources of Funds
Uses of Funds Uses of Funds
SOURCES & USES
Murrieta Family Apts.
Murrieta, CA
CONSTRUCTION PHASE PERMANENT PHASE
FINANCING & COMPLIANCE DETAILS Rev. 7/16/23
Murrieta Family Apts.
Murrieta, CA
PERMANENT FINANCING
Total Project Costs Tie Breaker 159,884 $ $ 48,425,794
Tax Credit Financing
Tax Credit Eligible Basis $ 45,048,928
Less: Grant Proceeds & Other Exclusions $ 822,500
Voluntary Basis Reduction $ -
Requested Eligible Basis $ 44,226,428
Difficult to Develop Bonus (Yes - 130%, No - 100%) 130% Total Adjusted Eligible Basis $ 57,494,356
Times % of Affordable Units or Square Feet 100.00%
Qualified Basis Eligible to Receive Tax Credits $ 57,494,356 Less Voluntary Credit Reduction 0.00% $ - $ 57,494,356
Federal Credits State Credits
Times Credit % Floor 4.00% 30.00%
Times Number of Years 10 1
Total Tax Credits $ + 10,750,000 22,997,740 $ = 33,747,740 $ Syndicated at an Investment Rate of 99.99% at a Price of $ 0.8527 Credit Price $0.84 $0.88
$ 28,775,224
59.42% $ (28,775,224)
24.16% $ (11,700,000)
5.16% $ (2,500,000)
3.66% $ (1,772,123)
1.70% $ (822,500)
0.00% $ -
5.90% $ (2,855,947)
Equals Tax Credit Equity Proceeds
Total Tax Credit Financing
Tax-Exempt Bonds - Series A
Riverside County PLHA
City of Murrieta Fee Deferral
WRCOG Waiver
Other
Deferred Developer Fee
Financing Shortfall / (Overage) 0.00% $ -
Max. HOME - No Davis Bacon HOME Units # Max. Subsidy Total Limit Max. HOME Units 0 1-Bedroom 0- $ $ - $ -
Ratio to Tot. Units 0.00% 2-Bedroom 0- $ $ - Loan Amount Tot. Project Costs $ 3-Bedroo 48,425,794 m 0- $ $ - $ - HOME Loan $ - 4-Bedroom 0- $ $ - O.K.
Construction Financing
Riverside $ 2,827,971
Unit Number County Basis $ 2,500,000
Size of Units Limits Totals $ 1,772,123
S0 $ - $ - $ 822,500
1 48 $ 362,770 $ 17,412,960 $ -
2 42 $ 437,600 $ 18,379,200 $ -
3 36 $ 560,128 $ 20,164,608 $ 627,253
Base Limit $ 55,956,768 $ 5,875,947
Base Limit Plus Adjustments $ 80,339,476 $ 8,000,000
Requested Eligible Basis $ 45,048,928
Tax Credit Financing
Riverside County PLHA City
of Murrieta Fee Deferral
WRCOG Waiver
Other
Other
Deferred Costs
Deferred Developer Fee
Taxable Bonds
Tax-Exempt Bonds - Series A $ 26,000,000
% Below / (Above) Cost Limit 43.9268% Total Project Costs $ 48,425,794 Subsidy by Type
Compliance with LIHTC Eligible Basis Limits
OPERATING & LOAN DETAILS
Project: Murrieta Family Apts. Location: Murrieta, CA Rev. 7/16/23 AMI Number Avg. Unit Gross Utility Net Monthly Annual
Type Rent Level of Units Sq. Ft. Rent Allowance Rent Totals Totals Studio 30% 0 0 0 00 00
Studio 50% 0 0 0 00 00
Studio 60% 0 0 0 00 00
Studio 80% 0 0 0 00 00
1BR/1BA 30% 6 582 524 61 463 2,778 33,336
1BR/1BA 50% 6 582 874 61 813 4,878 58,536
1BR/1BA 60% 32 582 1,049 61 988 31,616 379,392
1BR/1BA 80% 4 582 1,399 61 1,338 5,352 64,224
2BR/1BA 30% 4 757 629 83 546 2,184 26,208
2BR/1BA 50% 4 757 1,048 83 965 3,860 46,320
2BR/1BA 60% 26 757 1,258 83 1,175 30,550 366,600
2BR/1BA 80% 7 757 1,678 83 1,595 11,165 133,980
3BR/2BA 30% 3 1,034 727 106 621 1,863 22,356
3BR/2BA 50% 3 1,034 1,211 106 1,105 3,315 39,780
3BR/2BA 60% 16 1,034 1,454 106 1,348 21,568 258,816
3BR/2BA 80% 14 1,034 1,939 106 1,833 25,662 307,944
2BR/1BA Manager's 1 757 0 0 0 00
Total Units & Sq. Ft. 126 96,954 % of Sq. Ft. % of Units 144,791 $ 1,737,492 $ Community Facilities & Common Areas 5,091 Affordable Affordable Total Project Sq. Ft. 102,045 100.00% 100.00% $ 1,968,960 Total Annual Rental Income $ 1,737,492
Operating Deficit Guarantee
10% of Perm. $ 1,170,000 Other Income
Year 1 Op. Exp. $ 711,900 Resident Charges $ 150 $ 18,900 Guarantee $ 1,170,000 Commercian Income (Net of Vacancy) $ - $ - Total Annual Other Income 18,900 $
Replacement Reserves Total Annual Potential Gross Income $ 1,756,392 Standard/Unit $ 250 Vacancy & Collection Loss 5% $ (87,820) UMR Min/Unit $ 600
Reserve / Unit 250 $ Annual Effective Gross Income $ 1,668,572 Project Unit Mix
Unit Type Number % of Total
Studio 0 0.00%
1 Bdrm./1 Bath. 48 38.10%
2 Bdrm./1 Bath. 42 33.33%
3 Bdrm./2 Bath. 36 28.57%
Totals 126 100.00%
Unit Type Number % of Units Factor
30% 13 10.40% 0.03
50% 13 10.40% 0.05
60% 74 59.20% 0.36
80% 25 20.00% 0.16
59.84%
Average Affordability
Average Affordability
OPERATING & LOAN DETAILS (continued)
Project: Murrieta Family Apts. Location: Murrieta, CA Rev. 7/16/23 ANNUAL EXPENSES % of Annual % of Total
EGI Operating Exp. Per Unit Total
Real Estate Taxes & Special Assessments 3.24% 7.60% 429.00 $ 54,100 $ State Taxes 0.05% 0.11% 6.00 $ $ 800
Insurance 3.40% 7.96% 450.00 $ 56,700 $
Licenses 0.02% 0.05% 3.00 $ $ 350
Fuel & Gas 0.11% 0.25% $ 1,800 14.00 $
Electricity 1.49% 3.50% $ 24,900 198.00 $
Water & Sewer 5.12% 12.00% $ 85,400 678.00 $
Trash Removal 2.56% 6.00% $ 42,700 339.00 $
Pest Control 0.11% 0.25% 14.00 $ 1,800 $
Building & Maintenance Repairs 5.12% 12.00% $ 85,400 678.00 $ Building & Maintenance Supplies 3.42% 8.00% $ 57,000 452.00 $ Supportive Services 0.90% 2.11% 119.00 $ $ 15,000
Annual Issuer, Trustee & Monitoring Fees 1.00% 2.35% 133.00 $ $ 16,700 Gardening & Landscaping 2.14% 5.00% $ 35,700 283.00 $
Management Fee 4.00% 9.27% 524.00 $ 66,000 $
On-Site Manager(s) 3.62% 8.50% 480.00 $ 60,480 $
Other Payroll 0.85% 2.00% $ 14,200 113.00 $
Manager's Unit Expense 0.00% 0.00% - $ $ -
Cleaning Supplies 0.85% 2.00% $ 14,200 113.00 $
Benefits 0.12% 0.28% 16.00 $ 2,000 $
Payroll Taxes & Work Comp 1.03% 2.42% 137.00 $ 17,200 $ Advertising 0.11% 0.25% $ 1,800 14.00 $
Telephone 0.09% 0.21% 12.00 $ $ 1,500
Legal & Accounting 0.48% 1.12% 63.00 $ $ 8,000
Operating Reserves 0.00% 0.00% - $ $ -
Office Supplies & Expense 0.30% 0.70% 40.00 $ $ 5,000
Miscellaneous Administrative 0.70% 1.65% 92.00 $ 11,670 $ Replacement Reserves 1.89% 4.42% 250.00 $ 31,500 $
Annual Expenses - Per Unit & Total $ 5,650 $ 711,900
Annual Net Operating Income - Per Unit & Total $ 956,672 7,593 $
PERMANENT DEBT ANALYSIS
LTV Restricted Loan Amounts DSC Ratio Restricted Loan Amounts Cap Rate 8.500% 9.000% 9.500% ** ** Fixed Loan
Loan-To-Value Restriction 90% 90% 90% ** ** Amount
Debt Service Coverage 1.39 1.47 1.55 1.15 1.20 1.20
Loan Amount $ 9,566,720 10,129,468 $ 9,063,208 $ 12,210,538 $ 11,701,766 $ $ 11,700,000 Constant ** ** ** 0.068129 0.068129 0.068129
Interest Rate 6.250% 6.250% 6.250% 6.250% 6.250% 6.250% Amortization Period in Years 40 40 40 40 40 40
Annual Debt Service $ 651,769 690,108 $ 617,465 $ 831,889 $ 797,227 $ 797,112 $ Annual Cash Flow $ 304,903 266,564 $ 339,207 $ 124,783 $ 159,445 $ 159,560 $ Loan Selection x
Murrieta Family Apts. Murrieta, CA Rev. 7/16/23
Multi-Year Stabilized Operating Pro-Forma
Net Rent / No. of Annual Year Year Year Year Year
RENTAL INCOME % AMI Unit - Year 1 Units Increase 1 2 3 4 5 Studio 30% 0 0 2.5% - - - - -
Studio 50% 0 0 2.5% - - - - -
Studio 60% 0 0 2.5% - - - - -
Studio 80% 0 0 2.5% - - - - -
1BR/1BA 30% 463 6 2.5% 33,336 34,169 35,024 35,899 36,797 1BR/1BA 50% 813 6 2.5% 58,536 59,999 61,499 63,037 64,613 1BR/1BA 60% 988 32 2.5% 379,392 388,877 408, 398,599 418,778 564 1BR/1BA 80% 1,338 4 2.5% 64,224 65,830 67,475 69,162 70,891 2BR/1BA 30% 546 4 2.5% 26,208 26,863 27,535 28,223 28,929 2BR/1BA 50% 965 4 2.5% 46,320 47,478 48,665 49,882 51,129 2BR/1BA 60% 1,175 26 2.5% 366,600 375,765 394, 385,159 404,658 788 2BR/1BA 80% 1,595 7 2.5% 133,980 137,330 144, 140,763 147,889 282 3BR/2BA 30% 621 3 2.5% 22,356 22,915 23,488 24,075 24,677 3BR/2BA 50% 1,105 3 2.5% 39,780 40,775 41,794 42,839 43,910 3BR/2BA 60% 1,348 16 2.5% 258,816 265,286 278, 271,919 285,684 717 3BR/2BA 80% 1,833 14 2.5% 307,944 315,643 331, 323,534 339,913 622 2BR/1BA Manager's 0 1 2.5% - - - - -
TOTAL RENTAL INCOME 126 1,737,492 1,780,929 1,825,453 1,871,089 1,917,866 OTHER INCOME Units Incr./Yr. Year-1 Year-2 Year-3 Year-4 Year-5 Resident Charges 126 2.5% 19,373 18,900 19,857 20,353 20,862 Commercian Income (Net of Vacancy) 126 2.5% - - - - -
TOTAL OTHER INCOME 19,373 18,900 19,857 20,353 20,862
TOTAL INCOME 1,800,302 1,756,392 1,845,309 1,891,442 1,938,728 Less Vacancy Allowance 5% (87,820) ( ( 90,015) ( 92,265) ( 94,572) 96,936) GROSS INCOME 1,710,287 1,668,572 1,753,044 1,796,870 1,841,792 OPERATING EXPENSES Per Unit - Yr. 1 %EGI Incr./Yr. Year-1 Year-2 Year-3 Year-4 Year-5 Advertising 14 $ 0.1% 3.5% 1,863 1,800 1,928 1,996 2,066 Legal 16 $ 0.1% 3.5% 2,000 2,070 2,142 2,217 2,295
Accounting/Audit 48 $ 0.4% 3.5% 6,000 6,210 6,427 6,652 6,885 Security - $ 0.0% 3.5% - - - - -
Other: Telephone, Office Expense, Misc. 144 $ 1.1% 3.5% 18,170 18,806 19,464 20,145 20,850 Management Fee 524 $ 4.0% 3.5% 66,000 68,310 70,701 73,175 75,737 Fuel 2 $ 0.0% 3.5% 200 207 214 222 230
Gas 13 $ 0.1% 3.5% 1,600 1,656 1,714 1,774 1,836
Electricity 198 $ 1.5% 3.5% 24,900 25,772 26,674 27,607 28,573 Water/Sewer 678 $ 5.1% 3.5% 85,400 88,389 91,483 94,685 97,998 On-Site Manager 480 $ 3.6% 3.5% 60,480 62,597 64,788 67,055 69,402 Maintenance Personnel 113 $ 0.9% 3.5% 14,200 14,697 15,211 15,744 16,295 Other: Payroll Taxes, Work Comp, Benefits 152 $ 1.2% 3.5% 19,200 19,872 20,568 21,287 22,032 Insurance 450 $ 3.4% 3.5% 56,700 58,685 60,738 62,864 65,065 Painting 50 $ 0.4% 3.5% 6,300 6,521 6,749 6,985 7,229
Repairs 628 $ 4.7% 3.5% 79,100 81,869 84,734 87,700 90,769 Trash Removal 339 $ 2.6% 3.5% 42,700 44,195 45,741 47,342 48,999 Exterminating 14 $ 0.1% 3.5% 1,800 1,863 1,928 1,996 2,066 Grounds 283 $ 2.1% 3.5% 35,700 36,950 38,243 39,581 40,967 Elevator - $ 0.0% 3.5% - - - - -
Other: Cleaning & Building Supplies 565 $ 4.3% 3.5% 71,200 73,692 76,271 78,941 81,704 Other: Licenses 3 $ 0.0% 3.5% 350 362 375 388 402
Other: State Tax 6 $ 0.0% 3.5% 800 828 857 887 918
Other: Issuer / Trustee Fees 133 $ 1.0% 3.5% 16,700 17,285 17,889 18,516 19,164 Other: - $ 0.0% 3.5% - - - - -
Other: - $ 0.0% 3.5% - - - - -
TOTAL OPERATING EXPENSES 4,852 $ 632, 611,300 696 677, 654,840 701,481 759 Internet Expense - $ 0.0% 3.5% - - - - -
Service Amenities 119 $ 0.9% 3.5% 15,000 15,525 16,068 16,631 17,213 Reserve for Replacement 250 $ 1.9% 0.0% 31,500 31,500 31,500 31,500 31,500 Real Estate Taxes 429 $ 3.2% 2.0% 55,182 54,100 56,286 57,411 58,560 TOTAL EXPENSES, TAXES & RESERVES 5,650 $ 734, 711,900 903 783, 758,694 808,753 301 CASH FLOW AVAILABLE FOR DEBT SERVICE 956,672 975, 384 1, 994,350 013,569 1,033,039 DEBT SERVICE & OTHER DISTRIBUTIONS Loan Amount Year-1 Year-2 Year-3 Year-4 Year-5 Tax-Exempt Bonds - Series A Hard $ 11,700,000 797,112 797,112 797, 797,112 797,112 112 Other NA $ - - - - - -
Asset Management Fees Soft $ 20,100 20,100 20,100 20,100 20,100 20,100 Deferred Developer Fee Soft $ 2,855,947 125,514 142,355 176, 159,424 194,244 721 Riverside County PLHA Soft $ 2,500,000 9,256 8,161 10,366 11,491 12,630 City of Murrieta Fee Deferral Soft $ 1,772,123 6,561 5,785 7,348 8,145 8,953 Other Soft $ - - - - - -
Other Soft $ - - - - - -
ANNUAL NET CASH FLOW - - - - -
Deferred Dev. Fee Balance Interest Rate: 0.00% 2,588,078 2,730,433 2,428,654 2,251,933 2,057,689 Debt Service Coverage Ratio on Hard Debt 1.20 1.22 1.25 1.27 1.30 Murrieta Family Apts. Murrieta, CA
Multi-Year Stabilized Operating Pro-Forma
Net Rent / No. of Annual
RENTAL INCOME % AMI Unit - Year 1 Units Increase
Studio 30% 0 0 2.5%
Studio 50% 0 0 2.5%
Studio 60% 0 0 2.5%
Studio 80% 0 0 2.5%
1BR/1BA 30% 463 6 2.5%
1BR/1BA 50% 813 6 2.5%
1BR/1BA 60% 988 32 2.5%
1BR/1BA 80% 1,338 4 2.5%
2BR/1BA 30% 546 4 2.5%
2BR/1BA 50% 965 4 2.5%
2BR/1BA 60% 1,175 26 2.5%
2BR/1BA 80% 1,595 7 2.5%
3BR/2BA 30% 621 3 2.5%
3BR/2BA 50% 1,105 3 2.5%
3BR/2BA 60% 1,348 16 2.5%
3BR/2BA 80% 1,833 14 2.5%
2BR/1BA Manager's 0 1 2.5%
TOTAL RENTAL INCOME 126
OTHER INCOME Units Incr./Yr.
Resident Charges 126 2.5%
Commercian Income (Net of Vacancy) 126 2.5%
TOTAL OTHER INCOME
TOTAL INCOME
Less Vacancy Allowance 5%
GROSS INCOME
OPERATING EXPENSES Per Unit - Yr. 1 %EGI Incr./Yr.
Advertising 14 $ 0.1% 3.5%
Legal 16 $ 0.1% 3.5%
Accounting/Audit 48 $ 0.4% 3.5%
Security - $ 0.0% 3.5%
Other: Telephone, Office Expense, Misc. 144 $ 1.1% 3.5% Management Fee 524 $ 4.0% 3.5%
Fuel 2 $ 0.0% 3.5%
Gas 13 $ 0.1% 3.5%
Electricity 198 $ 1.5% 3.5%
Water/Sewer 678 $ 5.1% 3.5%
On-Site Manager 480 $ 3.6% 3.5%
Maintenance Personnel 113 $ 0.9% 3.5%
Other: Payroll Taxes, Work Comp, Benefits 152 $ 1.2% 3.5% Insurance 450 $ 3.4% 3.5%
Painting 50 $ 0.4% 3.5%
Repairs 628 $ 4.7% 3.5%
Trash Removal 339 $ 2.6% 3.5%
Exterminating 14 $ 0.1% 3.5%
Grounds 283 $ 2.1% 3.5%
Elevator - $ 0.0% 3.5%
Other: Cleaning & Building Supplies 565 $ 4.3% 3.5%
Other: Licenses 3 $ 0.0% 3.5%
Other: State Tax 6 $ 0.0% 3.5%
Other: Issuer / Trustee Fees 133 $ 1.0% 3.5%
Other: - $ 0.0% 3.5%
Other: - $ 0.0% 3.5%
TOTAL OPERATING EXPENSES 4,852 $
Internet Expense - $ 0.0% 3.5%
Service Amenities 119 $ 0.9% 3.5%
Reserve for Replacement 250 $ 1.9% 0.0%
Real Estate Taxes 429 $ 3.2% 2.0%
TOTAL EXPENSES, TAXES & RESERVES 5,650 $
CASH FLOW AVAILABLE FOR DEBT SERVICE
DEBT SERVICE & OTHER DISTRIBUTIONS Loan Amount
Tax-Exempt Bonds - Series A Hard $ 11,700,000
Other NA $ -
Asset Management Fees Soft $ 20,100
Deferred Developer Fee Soft $ 2,855,947
Riverside County PLHA Soft $ 2,500,000
City of Murrieta Fee Deferral Soft $ 1,772,123
Other Soft $ -
Other Soft $ -
ANNUAL NET CASH FLOW
Deferred Dev. Fee Balance Interest Rate: 0.00%
Debt Service Coverage Ratio on Hard Debt
Year Year Year Year Year
6 7 8 9 10
- - - - -
- - - - -
- - - - -
- - - - -
38,660 37,717 39,626 40,617 41,632
67,884 66,228 69,581 71,320 73,103
439,978 429,247 450,978 462,252 473,809
74,480 72,664 76,342 78,251 80,207
30,393 29,652 31,153 31,932 32,730
53,717 52,407 55,060 56,436 57,847
425,144 414,774 435,772 446,667 457,833
155,376 151,586 159,260 163,242 167,323
25,926 25,294 26,574 27,239 27,920
46,133 45,007 47,286 48,468 49,680
300,147 292,827 307,651 315,342 323,226
357,121 348,410 366,049 375,200 384,580
- - - - -
1,965,813 2,014,958 2,065,332 2,116,965 2,169,889
Year-6 Year-7 Year-8 Year-9 Year-10
21,918 21,384 22,466 23,028 23,604
- - - - -
21,918 21,384 22,466 23,028 23,604
2,036,876 1,987,196 2,087,798 2,139,993 2,193,493
( (99,360) (104,390) 101,844) (107,000) (109,675)
1,887,836 1,935,032 1,983,408 2,032,993 2,083,818
Year-6 Year-7 Year-8 Year-9 Year-10
2,213 2,138 2,290 2,370 2,453
2,459 2,375 2,545 2,634 2,726
7,376 7,126 7,634 7,901 8,177
- - - - -
22,336 21,580 23,117 23,926 24,764
81,131 78,387 83,970 86,909 89,951
246 238 254 263 273
1,967 1,900 2,036 2,107 2,181
30,608 29,573 31,680 32,789 33,936
104,978 101,428 108,653 112,455 116,391
74,345 71,831 76,947 79,641 82,428
17,455 16,865 18,066 18,699 19,353
23,602 22,804 24,428 25,283 26,168
69,699 67,342 72,138 74,663 77,276
7,744 7,482 8,015 8,296 8,586
97,234 93,946 104,160 100,637 107,805
52,489 50,714 54,326 56,228 58,196
2,213 2,138 2,290 2,370 2,453
43,884 42,400 45,420 47,010 48,655
- - - - -
87,523 84,563 90,586 93,757 97,038
430 416 445 461 477
983 950 1,018 1,053 1,090
20,529 19,834 21,247 21,991 22,760
- - - - -
- - - - -
751,444 726,033 777,744 804,965 833,139
- - - - -
18,439 17,815 19,084 19,752 20,443
31,500 31,500 31,500 31,500 31,500
60,925 59,731 62,144 63,387 64,655
862,308 835,079 890,472 919,604 949,737
1,052,758 1,072,724 1,092,936 1,113,389 1,134,081
Year-6 Year-7 Year-8 Year-9 Year-10
797,112 797,112 797,112 797,112 797,112
- - - - -
20,100 20,100 20,100 20,100 20,100
229,961 211,991 248,152 266,559 285,182
14,952 13,784 16,135 17,332 18,543
10,599 9,771 11,437 12,286 13,144
- - - - -
- - - - -
- - - - -
1,845,698 1,615,737 1,367,585 1,101,026 815,844
1.32 1.35 1.37 1.40 1.42
Murrieta Family Apts. Murrieta, CA
Multi-Year Stabilized Operating Pro-Forma
Net Rent / No. of Annual
RENTAL INCOME % AMI Unit - Year 1 Units Increase
Studio 30% 0 0 2.5%
Studio 50% 0 0 2.5%
Studio 60% 0 0 2.5%
Studio 80% 0 0 2.5%
1BR/1BA 30% 463 6 2.5%
1BR/1BA 50% 813 6 2.5%
1BR/1BA 60% 988 32 2.5%
1BR/1BA 80% 1,338 4 2.5%
2BR/1BA 30% 546 4 2.5%
2BR/1BA 50% 965 4 2.5%
2BR/1BA 60% 1,175 26 2.5%
2BR/1BA 80% 1,595 7 2.5%
3BR/2BA 30% 621 3 2.5%
3BR/2BA 50% 1,105 3 2.5%
3BR/2BA 60% 1,348 16 2.5%
3BR/2BA 80% 1,833 14 2.5%
2BR/1BA Manager's 0 1 2.5%
TOTAL RENTAL INCOME 126
OTHER INCOME Units Incr./Yr.
Resident Charges 126 2.5%
Commercian Income (Net of Vacancy) 126 2.5%
TOTAL OTHER INCOME
TOTAL INCOME
Less Vacancy Allowance 5%
GROSS INCOME
OPERATING EXPENSES Per Unit - Yr. 1 %EGI Incr./Yr.
Advertising 14 $ 0.1% 3.5%
Legal 16 $ 0.1% 3.5%
Accounting/Audit 48 $ 0.4% 3.5%
Security - $ 0.0% 3.5%
Other: Telephone, Office Expense, Misc. 144 $ 1.1% 3.5% Management Fee 524 $ 4.0% 3.5%
Fuel 2 $ 0.0% 3.5%
Gas 13 $ 0.1% 3.5%
Electricity 198 $ 1.5% 3.5%
Water/Sewer 678 $ 5.1% 3.5%
On-Site Manager 480 $ 3.6% 3.5%
Maintenance Personnel 113 $ 0.9% 3.5%
Other: Payroll Taxes, Work Comp, Benefits 152 $ 1.2% 3.5% Insurance 450 $ 3.4% 3.5%
Painting 50 $ 0.4% 3.5%
Repairs 628 $ 4.7% 3.5%
Trash Removal 339 $ 2.6% 3.5%
Exterminating 14 $ 0.1% 3.5%
Grounds 283 $ 2.1% 3.5%
Elevator - $ 0.0% 3.5%
Other: Cleaning & Building Supplies 565 $ 4.3% 3.5%
Other: Licenses 3 $ 0.0% 3.5%
Other: State Tax 6 $ 0.0% 3.5%
Other: Issuer / Trustee Fees 133 $ 1.0% 3.5%
Other: - $ 0.0% 3.5%
Other: - $ 0.0% 3.5%
TOTAL OPERATING EXPENSES 4,852 $
Internet Expense - $ 0.0% 3.5%
Service Amenities 119 $ 0.9% 3.5%
Reserve for Replacement 250 $ 1.9% 0.0%
Real Estate Taxes 429 $ 3.2% 2.0%
TOTAL EXPENSES, TAXES & RESERVES 5,650 $
CASH FLOW AVAILABLE FOR DEBT SERVICE
DEBT SERVICE & OTHER DISTRIBUTIONS Loan Amount
Tax-Exempt Bonds - Series A Hard $ 11,700,000
Other NA $ -
Asset Management Fees Soft $ 20,100
Deferred Developer Fee Soft $ 2,855,947
Riverside County PLHA Soft $ 2,500,000
City of Murrieta Fee Deferral Soft $ 1,772,123
Other Soft $ -
Other Soft $ -
ANNUAL NET CASH FLOW
Deferred Dev. Fee Balance Interest Rate: 0.00%
Debt Service Coverage Ratio on Hard Debt
Year Year Year Year Year
11 12 13 14 15
- - - - -
- - - - -
- - - - -
- - - - -
43,740 42,673 44,833 45,954 47,103
76,804 74,931 78,724 80,693 82,710
497,795 485,654 510,240 522,996 536,071
84,267 82,212 86,374 88,533 90,747
34,387 33,548 35,247 36,128 37,031
60,776 59,294 62,295 63,853 65,449
481,011 469,279 493,036 505,362 517,996
175,793 171,506 180,188 184,693 189,310
29,333 28,618 30,066 30,818 31,588
52,195 50,922 53,500 54,837 56,208
339,589 331,306 348,079 356,781 365,700
404,049 394,194 414,150 424,504 435,117
- - - - -
2,224,137 2,279,740 2,336,734 2,395,152 2,455,031
Year-11 Year-12 Year-13 Year-14 Year-15
24,798 24,194 25,418 26,054 26,705
- - - - -
24,798 24,194 25,418 26,054 26,705
2,304,539 2,248,330 2,362,152 2,421,206 2,481,736
(115,227) (112,417) (118,108) (121,060) (124,087)
2,135,913 2,189,312 2,244,044 2,300,146 2,357,649
Year-11 Year-12 Year-13 Year-14 Year-15
2,628 2,539 2,720 2,815 2,914
2,920 2,821 3,022 3,128 3,237
8,760 8,464 9,066 9,384 9,712
- - - - -
26,528 25,631 27,456 28,417 29,412
96,358 93,100 99,731 106,834 103,221
292 282 302 313 324
2,336 2,257 2,418 2,502 2,590
36,353 35,124 37,626 38,943 40,305
124,681 120,465 129,045 133,562 138,237
88,299 85,313 91,389 94,588 97,899
20,732 20,031 21,457 22,208 22,985
28,031 27,083 29,013 30,028 31,079
82,780 79,981 85,678 88,676 91,780
9,198 8,887 9,520 9,853 10,198
115,484 111,578 119,526 123,709 128,039
62,341 60,233 64,523 66,781 69,118
2,628 2,539 2,720 2,815 2,914
52,121 50,358 53,945 55,833 57,787
- - - - -
103,950 100,435 107,588 111,354 115,251
511 494 529 547 567
1,168 1,128 1,209 1,251 1,295
24,381 23,557 25,235 26,118 27,032
- - - - -
- - - - -
892,479 862,299 923,716 956,046 989,508
- - - - -
21,900 21,159 22,666 23,459 24,280
31,500 31,500 31,500 31,500 31,500
67,267 65,948 68,612 69,984 71,384
1,013,146 1,046,494 980,906 1,080,990 1,116,672
1,155,008 1,176,166 1,197,550 1,219,156 1,240,977
Year-11 Year-12 Year-13 Year-14 Year-15
797,112 797,112 797,112 797,112 797,112
- - - - -
20,100 20,100 20,100 20,100 20,100
323,058 304,017 188,769 - -
21,006 19,767 22,257 23,521 24,798
14,890 14,012 15,777 16,673 17,578
- - - - -
- - - - -
- - 361,750 153,535 381,389
188,769 511,827 - - -
1.45 1.48 1.50 1.53 1.56