PROJECT SUMMARY CITRUS GROVE
150 units plus 2 mgr. units TE Bonds + 4% Credits
Rehabilitation Non-Rural
Non-PW Non-Targeted project QCT-No DDA-No
Amount Rate Amm. / Unit Amount Per Unit
Perm Bond Proceeds $3,575,567 5.77% 35 $23,523 Land Costs $26,620,000 $175,132 Tax Credit Proceeds 16,823,353 NA NA 110,680 Permits, Fees, & Studies 740,800 4,874 HCD- MHP 11,765,324 4.53% RR 77,403 Direct Construction Costs 13,084,089 86,080 Rialto Housing Authority 8,064,951 4.53% RR 53,059 Offsites 0 0 County of San Bernardino 4,773,912 4.53% RR 31,407 Contingency 1,538,409 10,121 GC Deferral 0 0.00% 0 0 Developer Fee 4,165,054 27,402
GP Loan 4,792,971 0.00% 0 31,533 Indirect Construction Costs 2,597,444 17,088 Interest Income 0 NA NA 0 Rent-Up Costs 0 0
Operating Income 504,309 NA NA 3,318 Reserves 527,297 3,469 Deferred Developer Fee 1,377,919 3.00% NA 9,065 Financing Costs 2,405,213 15,824 $51,678,307 $339,989 $51,678,307 $339,989
Source Amount Date Notes Source Amount Per Unit
Perm Bond Proceeds $3,575,567 Jan-27 Convert Tax Credit Proceeds 1,682,335 $11,068.00 Tax Credit Proceeds 1,682,335 Feb-25 Close HCD- MHP 11,765,324 77,403.44 Tax Credit Proceeds 8,411,677 Aug-26 CofO County of San Bernardino 4,773,912 31,407.32 Tax Credit Proceeds 6,485,403 Jan-27 Convert GP Loan 316,622 2,083.04 Tax Credit Proceeds 243,939 Jul-27 8609s Construction Loan 26,656,275 175,370.23 HCD- MHP 11,765,324 Feb-25 Close Operating Income 298,066 1,960.96 Rialto Housing Authority 8,064,951 Feb-25 Close Deferred Costs 6,185,772 40,695.87 Rialto Housing Authority -8,064,951 Dec-25
County of San Bernardino 4,773,912 Feb-25 Close
GP Loan 316,622 Feb-25 Close 0.00
GP Loan 3,340,544 Aug-26 CofO Totals 51,678,307 $339,988.86 GP Loan $1,135,805 Jan-27 Convert Bedroom Mix/Average Rent Rialto Housing Authority $8,064,951 Jan-27 Convert Bedrooms Quantity % of Units Avg. Rent 2 99 66% 926.15
3 51 34% 1,093.11
4+
Calculation Quantity Bedrooms AMI Rent Util. Amount Per Unit MGR 1 3 0% $0 $0 Management Fee 127,680 $840
MGR 1 2 0% 0 0 Administrative 106,198 699
TCAC 11 2 30% 521 170 Salaries & Benefits 329,917 2,171 TCAC 27 2 40% 752 170 Maintenance 90,393 595
TCAC 36 2 50% 982 170 Sewer 125,733 827
TCAC 25 2 60% 1,212 170 Trash 129,882 854
TCAC 5 3 30% 581 218 Gas 0 0
TCAC 12 3 40% 848 218 Electric 35,000 230
TCAC 16 3 50% 1,114 218 Water 47,959 316
TCAC 18 3 60% 1,380 218 Utility Consultant 1,730 11
Totals $1,310,924 $8,624
CDLAC Tiebreaker 121.17% Con. Length 18
Site (acres) 0.00 CL Closing: 2/1/25
Debt Cov. Ratio 1.40 Est. Completion 8/1/26
Vacancy Factor 5.0% Con. Loan 26,656,275
Con. Int. Rate 5.90%
Printed on 1/16/25 at 11:12 AM Version: 23.3.1 Updated by: T Aguilar on 1/16/25 Expenses
Assumptions Assumptions
Source Pay in Schedule Construction Sources
Rent Schedule Operating Expenses
Source Uses
Permanent Sources Permanent Uses
Kingdom Development Inc.
USES, EXPENSES AND CREDITS CITRUS GROVE
150 units plus 2 mgr. units TE Bonds + 4% Credits
Rehabilitation Non-Rural
Non-PW Non-Targeted project QCT-No DDA-No
Description Amount NC. Basis Acq. Basis Per Unit Amount Per Unit Acquisition Cost $26,600,000 $0 $26,330,000 $175,000 Property Management Fee 127,680 840 Holding Costs 20,000 0 0 132 Administrative Expenses 106,198 699 Building Fees & Permits $40,000 $40,000 0 263 Payroll Expenses 329,917 2,171 Enviromental Reports 60,000 60,000 0 395 Maintenance Expenses 90,393 595 Architectural & Engineering $640,800 $640,800 0 4,216 Sewer 125,733 827 Residential Construction 11,352,789 11,352,789 0 74,689 Trash Removal 129,882 854 General Conditions $908,223 $908,223 0 5,975 Electricity 35,000 230 Contractor's Overhead & Profit 681,167 681,167 0 4,481 Water 47,959 316 General Liability $141,910 $141,910 0 934 Utility Consultant 1,730 11 Developer Fee 4,165,054 2,848,554 1,316,500 27,402 Property & Liability Ins. 93,380 614 Financial Advisory $150,000 $150,000 0 987 Income Tax/Filing Fees 800 5 Builders Risk Insurance 258,844 258,844 0 1,703 Real Estate Taxes 10,647 70 Audit and Accounting $35,000 $15,000 0 230 Security 55,932 368 Legal Fees 165,000 82,500 0 1,086 Social Services 63,225 416 Syndication Fees $75,000 $0 0 493 Replacement Reserves 76,000 500 Relocation, Temporary 1,880,100 1,880,100 0 12,369 Bond Issuer Admin Fee 16,448 108 Market Study/Appraisal $12,500 $12,500 0 82
Appraisal 11,000 11,000 0 72
Capital Needs Assessment $10,000 $10,000 0 66
Project Contingency 230,000 50,000 0 1,513
Owner Construction Contingency $1,308,409 $1,308,409 0 8,608 Capitalized Operating Reserve 527,297 0 0 3,469
Construction Period Interest 1,652,088 1,080,574 0 10,869 Total 1,310,924 8,624 Construction Loan Fees 269,922 176,547 0 1,776
Construction Inspection 50,000 50,000 0 329
TCAC Fees 82,794 0 0 545 Bond allocation 32,895,715
CDLAC Fees 111,514 0 0 734 Aggregate basis 49,755,416 = 66.11% HCD Fees 1,000 0 0 7 Exceeding 50% test by 8,018,007
Bond Issuance Costs 137,896 0 0 907
Title and Recording 100,000 80,000 0 658 Amount
Construction Lender 26,656,275
26,656,275 Total
4% Federal Acq. Fed. State
Eligible Basis 21,838,916 27,646,500
Excluded 0 0
Unadjusted 21,838,916 27,646,500 0
Basis Limit
Boost 100% 100%
Adjusted 21,838,916 27,646,500
1,377,919 Applicable 100.0% 100.0% 100.0%
2,787,135 Qualified 21,838,916 27,646,500 0
4,165,054 TRUE Reduction 0 0 0
Adj. Qualified 21,838,916 27,646,500
Rate Factor 4.00% 4.00% 30.00%
Annual Credits 1,979,416 1,105,860
Federal Credits 19,794,160 0
Credit Price 0.85 0.88
Proceeds 16,823,353 0
Totals $51,678,307 $21,838,916 $27,646,500 $339,989 Total $16,823,353 Printed on 1/16/25 at 11:12 AM Updated by: T Aguilar on 1/16/25 Total Developer Fee
Version: 23.3.1
Tax Credit Calculation
131,195,981
50% Test
TE Bond Purchasers
Developer Fee
Deferred Developer fee Fee
Capitalized Developer Fee
Description
Development Uses Operating Expenses
Kingdom Development Inc.
CASH FLOW YR 1-10 CITRUS GROVE
150 units plus 2 mgr. units TE Bonds + 4% Credits
Rehabilitation Non-Rural
Non-PW Non-Targeted project QCT-No DDA-No
Year 1 2 3 4 5 6 7 8 9 10
Rental Income 1,769,242 1,813,473 1,858,809 1,905,280 1,952,912 2,001,734 2,051,778 2,103,072 2,155,649 2,209,540 Other Income 10,000 10,250 10,506 10,769 11,038 11,314 11,597 11,887 12,184 12,489 Vacancy Loss 88,962 91,186 93,466 95,802 98,197 100,652 103,169 105,748 108,392 111,101 Adjusted Gross Income 1,690,280 1,732,537 1,775,850 1,820,246 1,865,752 1,912,396 1,960,206 2,009,211 2,059,441 2,110,928 Standard Expenses 1,143,804 1,183,837 1,225,271 1,268,156 1,312,541 1,358,480 1,406,027 1,455,238 1,506,171 1,558,887 Property Taxes 11,447 11,676 11,909 12,148 12,391 12,638 12,891 13,149 13,412 13,680 Supportive Services 63,225 64,806 66,426 68,086 69,789 71,533 73,322 75,155 77,034 78,959 Non-Inflated Expenses 16,448 16,448 16,448 16,448 16,448 16,448 16,448 16,448 16,448 16,448 Replacement Reserves 76,000 76,000 76,000 76,000 76,000 76,000 76,000 76,000 76,000 76,000 Total Expenses 1,310,924 1,352,767 1,396,055 1,440,838 1,487,168 1,535,100 1,584,688 1,635,990 1,689,065 1,743,975 Perm Debt Service 237,945 237,945 237,945 237,945 237,945 237,945 237,945 237,945 237,945 237,945 HCD- MHP 33,023 33,023 33,023 33,023 33,023 33,023 33,023 33,023 33,023 33,023 Total Debt Service 270,968 270,968 270,968 270,968 270,968 270,968 270,968 270,968 270,968 270,968 Operating Reserve Balance 527,297 527,297 527,297 527,297 527,297 527,297 527,297 527,297 527,297 527,297 Draws on Reserves 0 0 0 0 0 0 0 0 0 0
Net Operating Income 379,356 379,770 379,795 379,408 378,584 377,296 375,518 373,222 370,377 366,953 Debt Service Coverage 1.40 1.40 1.40 1.40 1.40 1.39 1.39 1.38 1.37 1.35 Cash after Exp & DS 108,387 108,802 108,827 108,440 107,616 106,328 104,550 102,253 99,408 95,984 LP Fee 7,500 7,725 7,957 8,195 8,441 8,695 8,955 9,224 9,501 9,786 Cash after LP Fee 100,887 101,077 100,870 100,245 99,174 97,633 95,594 93,029 89,908 86,198 MGP Fee 10,000 10,300 10,609 10,927 11,255 11,593 11,941 12,299 12,668 13,048 Cash after MGP fee 90,887 90,777 90,261 89,317 87,919 86,041 83,654 80,730 77,240 73,151 Def. Dev. Fee Balance 1,377,919 1,373,813 1,369,639 1,365,598 1,361,907 1,358,804 1,356,548 1,355,418 1,355,715 1,357,767 Def Dev Fee Payment 50% 45,444 45,388 45,131 44,659 43,960 43,020 41,827 40,365 38,620 36,575 Cash after Def. Dev Fee 45,444 45,388 45,131 44,659 43,960 43,020 41,827 40,365 38,620 36,575 Rialto HA Balance 8,064,951 8,417,826 8,770,716 9,123,677 9,476,767 9,830,050 10.18 M 10.54 M 10.89 M 11.25 M Payment 27% 12,467 12,452 12,381 12,252 12,060 11,802 11,475 11,074 10,595 10,034 Ending Balance 8,417,826 8,770,716 9,123,677 9,476,767 9,830,050 10.18 M 10.54 M 10.89 M 11.25 M 11.6 M HCD Loan Balance 11.77 M 12.28 M 12.79 M 13.31 M 13.82 M 14.34 M 14.86 M 15.37 M 15.89 M 16.41 M Payment Prorata 40% 18,187 18,165 18,062 17,873 17,593 17,218 16,740 16,155 15,456 14,638 Ending Balance 12.28 M 12.79 M 13.31 M 13.82 M 14.34 M 14.86 M 15.37 M 15.89 M 16.41 M 16.92 M San B County Balance 4,773,912 4,982,791 5,191,678 5,400,607 5,609,613 5,818,733 6,028,005 6,237,471 6,447,174 6,657,160 Payment Prorata 16% 7,380 7,371 7,329 7,252 7,139 6,986 6,792 6,555 6,272 5,940 Ending Balance 4,982,791 5,191,678 5,400,607 5,609,613 5,818,733 6,028,005 6,237,471 6,447,174 6,657,160 6,867,479 GP Loan Balance 4,792,971 4,785,562 4,778,162 4,770,803 4,763,522 4,756,355 4,749,341 4,742,521 4,735,940 4,729,643 Payment Prorata 16% 7,409 7,400 7,358 7,281 7,167 7,014 6,820 6,581 6,297 5,963 Ending Balance 4,785,562 4,778,162 4,770,803 4,763,522 4,756,355 4,749,341 4,742,521 4,735,940 4,729,643 4,723,680 Year 1 2 3 4 5 6 7 8 9 10
Printed on 1/16/25 at 11:12 AM Version: 23.3.1 Updated by: T Aguilar on 1/16/25 Cash Flow
Kingdom Development Inc.
CASH FLOW YR 11-20 CITRUS GROVE
150 units plus 2 mgr. units TE Bonds + 4% Credits
Rehabilitation Non-Rural
Non-PW Non-Targeted project QCT-No DDA-No
Year 11 12 13 14 15 16 17 18 19 20
Rental Income 2,264,779 2,321,398 2,379,433 2,438,919 2,499,892 2,562,389 2,626,449 2,692,110 2,759,413 2,828,398 Other Income 12,801 13,121 13,449 13,785 14,130 14,483 14,845 15,216 15,597 15,987 Vacancy Loss 113,879 116,726 119,644 122,635 125,701 128,844 132,065 135,366 138,750 142,219 Adjusted Gross Income 2,163,701 2,217,793 2,273,238 2,330,069 2,388,321 2,448,029 2,509,229 2,571,960 2,636,259 2,702,166 Standard Expenses 1,613,449 1,669,919 1,728,366 1,788,859 1,851,469 1,916,271 1,983,340 2,052,757 2,124,604 2,198,965 Property Taxes 13,954 14,233 14,518 14,808 15,104 15,406 15,714 16,029 16,349 16,676 Supportive Services 80,933 82,957 85,031 87,156 89,335 91,569 93,858 96,204 98,609 101,075 Non-Inflated Expenses 16,448 16,448 16,448 16,448 16,448 16,448 16,448 16,448 16,448 16,448 Replacement Reserves 76,000 76,000 76,000 76,000 76,000 76,000 76,000 76,000 76,000 76,000 Total Expenses 1,800,784 1,859,557 1,920,362 1,983,271 2,048,356 2,115,693 2,185,360 2,257,438 2,332,010 2,409,163 Perm Debt Service 237,945 237,945 237,945 237,945 237,945 237,945 237,945 237,945 237,945 237,945 HCD- MHP 33,023 33,023 33,023 33,023 33,023 33,023 33,023 33,023 33,023 33,023 Total Debt Service 270,968 270,968 270,968 270,968 270,968 270,968 270,968 270,968 270,968 270,968 Operating Reserve Balance 527,297 527,297 527,297 527,297 527,297 527,297 527,297 527,297 527,297 527,297 Draws on Reserves 0 0 0 0 0 0 0 0 0 0
Net Operating Income 362,917 358,237 352,876 346,798 339,964 332,335 323,869 314,522 304,249 293,002 Debt Service Coverage 1.34 1.32 1.30 1.28 1.25 1.23 1.20 1.16 1.12 1.08 Cash after Exp & DS 91,949 87,268 81,907 75,829 68,996 61,367 52,901 43,554 33,281 22,034 LP Fee 10,079 10,382 10,693 11,014 11,344 0 0 0 0 0
Cash after LP Fee 81,869 76,886 71,214 64,815 57,651 61,367 52,901 43,554 33,281 22,034 MGP Fee 13,439 13,842 14,258 14,685 15,126 15,580 16,047 16,528 17,024 17,535 Cash after MGP fee 68,430 63,044 56,956 50,130 42,526 45,787 36,854 27,026 16,257 4,499 Def. Dev. Fee Balance 1,361,924 1,368,567 1,378,102 1,390,966 1,407,630 1,428,597 1,448,561 1,473,591 1,504,286 1,541,286 Def Dev Fee Payment 50% 34,215 31,522 28,478 25,065 21,263 22,894 18,427 13,513 8,128 2,249 Cash after Def. Dev Fee 34,215 31,522 28,478 25,065 21,263 22,894 18,427 13,513 8,128 2,249 Rialto HA Balance 11.6 M 11.96 M 12.31 M 12.67 M 13.03 M 13.39 M 13.75 M 14.11 M 14.47 M 14.83 M Payment 27% 9,387 8,648 7,813 6,876 5,833 6,281 5,055 3,707 2,230 617 Ending Balance 11.96 M 12.31 M 12.67 M 13.03 M 13.39 M 13.75 M 14.11 M 14.47 M 14.83 M 15.2 M HCD Loan Balance 16.92 M 17.44 M 17.96 M 18.49 M 19.01 M 19.53 M 20.06 M 20.58 M 21.11 M 21.64 M Payment Prorata 40% 13,694 12,616 11,398 10,032 8,510 6,281 5,055 3,707 2,230 900 Ending Balance 17.44 M 17.96 M 18.49 M 19.01 M 19.53 M 1,428,597 1,448,561 1,473,591 1,504,286 22.17 M San B County Balance 6,867,479 7,078,181 7,289,320 7,500,954 7,713,141 7,925,947 8,138,487 8,351,753 8,565,817 8,780,755 Payment Prorata 16% 5,556 5,119 4,625 4,070 3,453 3,718 2,992 2,194 1,320 365 Ending Balance 7,078,181 7,289,320 7,500,954 7,713,141 7,925,947 8,138,487 8,351,753 8,565,817 8,780,755 8,996,648 GP Loan Balance 4,723,680 4,718,102 4,712,962 4,708,319 4,704,232 4,700,766 4,697,033 4,694,029 4,691,825 4,690,500 Payment Prorata 16% 5,579 5,139 4,643 4,087 3,467 3,733 3,004 2,203 1,325 367 Ending Balance 4,718,102 4,712,962 4,708,319 4,704,232 4,700,766 4,697,033 4,694,029 4,691,825 4,690,500 4,690,133 Year 11 12 13 14 15 16 17 18 19 20
Printed on 1/16/25 at 11:12 AM Version: 23.3.1 Updated by: T Aguilar on 1/16/25 Cash Flow
Kingdom Development Inc.