Page 1: Cash Flow Project Name: San Leandro Cornerstone 682012
<br />600 PN
<br />San Leandro Cornerstone
<br />Assumptions
<br />Partnership & Investor
<br />Asset
<br />Partnership Management Fee Index
<br />3.50%
<br />Property
<br />Tax Rate
<br />0.00%
<br />Management
<br />Fe
<br />($35,000)
<br />Annual Rental Income Increase
<br />2.50%
<br />Taxes Incr.
<br />2.00
<br />Annual Misc. Income Increase
<br />1.00%
<br />Vacancy
<br />/Collection
<br />Loss (L.I. Ur
<br />5.00
<br />Annual Expense Increase
<br />3.50%
<br />Replacement
<br />Reserve
<br />400 per
<br />unit
<br />Social Service Increase
<br />3.50%
<br />Additional
<br />Replacement Reserve
<br />200 per
<br />unit
<br />Replacement Reserve Index
<br />000
<br />Description
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Year 5
<br />Year 6
<br />Year 7
<br />Year 8
<br />Year 9
<br />Year 10
<br />Year 11
<br />Year 12
<br />Year 13
<br />Year 14
<br />Year 15
<br />Year 16
<br />Year 17
<br />Tax - Credit Income
<br />$2,456,520
<br />$2,517,933
<br />$2,580,881
<br />$2,645,403
<br />$2,711,538
<br />$2,779,327
<br />$2,848,810
<br />$2,920,030
<br />$2,993,031
<br />$3,067,857
<br />$3,144,553
<br />$3,223,167
<br />$3,303,746
<br />$3,386,340
<br />$3,470,998
<br />$3,557,773
<br />$3,646,718
<br />Misc. Income (Laundry)
<br />$19,200
<br />$19,392
<br />$19,586
<br />$19,782
<br />$19,980
<br />$20,179
<br />$20,381
<br />$20,585
<br />$20,791
<br />$20,999
<br />$21,209
<br />$21,421
<br />$21,635
<br />$21,851
<br />$22,070
<br />$22,291
<br />$22,514
<br />Gross Potential Income
<br />$2,475,720
<br />$2,537,325
<br />$2,600,467
<br />$2,665,185
<br />$2,731,518
<br />$2,799,506
<br />$2,869,191
<br />$2,940,615
<br />$3,013,822
<br />$3,088,856
<br />$3,165,762
<br />$3,244,588
<br />$3,325,381
<br />$3,408,191
<br />$3,493,068
<br />$3,580,064
<br />$3,669,231
<br />Tess Vacancy /Collection Loss
<br />($122,826)
<br />($125,897)
<br />($129,044)
<br />($132,270)
<br />($135,577)
<br />($138,966)
<br />($142,441)
<br />($146,002)
<br />($149,652)
<br />($153,393)
<br />($157,228)
<br />($161,158)
<br />($165,187)
<br />($169,317)
<br />($173,550)
<br />($177,889)
<br />($182,336)
<br />Effective Gross Income
<br />$2,352,894
<br />$2,411,428
<br />$2,471,423
<br />$2,532,915
<br />$2,595,941
<br />$2,660,540
<br />$2,726,751
<br />$2,794,614
<br />$2,864,170
<br />$2,935,463
<br />$3,008,534
<br />$3,083,430
<br />$3,160,194
<br />$3,238,874
<br />$3,319,518
<br />$3,402,175
<br />$3,486,895
<br />Tess Operating Expenses
<br />($1,150,000)
<br />($1,190,250)
<br />($1,231,909)
<br />($1,275,026)
<br />($1,319,651)
<br />($1,365,839)
<br />($1,413,644)
<br />($1,463,121)
<br />($1,514,330)
<br />($1,567,332)
<br />($1,622,189)
<br />($1,678,965)
<br />($1,737,729)
<br />($1,798,549)
<br />($1,861,499)
<br />($1,926,651)
<br />($1,994,084)
<br />less Property Taxes
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />Net Operating Income
<br />$1,202,894
<br />$1,221,178
<br />$1,239,514
<br />$1,257,889
<br />$1,276,290
<br />$1,294,701
<br />$1,313,107
<br />$1,331,493
<br />$1,349,840
<br />$1,368,131
<br />$1,386,346
<br />$1,404,464
<br />$1,422,465
<br />$1,440,325
<br />$1,458,020
<br />$1,475,524
<br />$1,492,811
<br />Less Debt Service
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />Bond Issuer Fee 0.080%
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />($11,247)
<br />Less Replacement Reserves
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />Less Partnership & Asset Management Fee
<br />($35,000)
<br />($36,225)
<br />($37,493)
<br />($38,805)
<br />($40,163)
<br />($41,569)
<br />($43,024)
<br />($44,530)
<br />($46,088)
<br />($47,701)
<br />($49,371)
<br />($51,099)
<br />($52,887)
<br />($54,738)
<br />($56,654)
<br />($58,637)
<br />($60,690)
<br />Net Cash Flow
<br />$150,275
<br />$167,334
<br />$184,402
<br />$201,465
<br />$218,507
<br />$235,512
<br />$252,464
<br />$269,343
<br />$286,132
<br />$302,810
<br />$319,355
<br />$335,746
<br />$351,958
<br />$367,967
<br />$383,746
<br />$399,267
<br />$414,502
<br />Less Additional Replacement Reserves
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />Cash Flow
<br />$110,275
<br />$127,334
<br />$144,402
<br />$161,465
<br />$178,507
<br />$195,512
<br />$212,464
<br />$229,343
<br />$246,132
<br />$262,810
<br />$279,355
<br />$295,746
<br />$311,958
<br />$327,967
<br />$343,746
<br />$359,267
<br />$374,502
<br />Distribution to BRIDGE 50%
<br />($55,137)
<br />($63,667)
<br />($72,201)
<br />($80,732)
<br />($89,253)
<br />($97,756)
<br />($106,232)
<br />($114,672)
<br />($123,066)
<br />($131,405)
<br />($139,678)
<br />($147,873)
<br />($155,979)
<br />($163,983)
<br />($171,873)
<br />($179,634)
<br />($187,251)
<br />Distribution to City 50%
<br />($55,137)
<br />($63,667)
<br />($72,201)
<br />($80,732)
<br />($89,253)
<br />($97,756)
<br />($106,232)
<br />($114,672)
<br />($123,066)
<br />($131,405)
<br />($139,678)
<br />($147,873)
<br />($155,979)
<br />($163,983)
<br />($171,873)
<br />($179,634)
<br />($187,251)
<br />Net Cash Flow
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />Description
<br />Year 18
<br />Year 19
<br />Year 20
<br />Year 21
<br />Year 22
<br />Year 23
<br />Year 24
<br />Year 25
<br />Year 26
<br />Year 27
<br />Year 28
<br />Year 29
<br />Year 30
<br />Affordable Rents
<br />$3,737,886
<br />$3,831,333
<br />$3,927,116
<br />$4,025,294
<br />$4,125,926
<br />$4,229,075
<br />$4,334,801
<br />$4,443,171
<br />$4,554,251
<br />$4,668,107
<br />$4,784,810
<br />$4,904,430
<br />$5,027,041
<br />Misc. Income (Laundry)
<br />$22,739
<br />$22,966
<br />$23,196
<br />$23,428
<br />$23,662
<br />$23,899
<br />$24,138
<br />$24,379
<br />$24,623
<br />$24,869
<br />$25,118
<br />$25,369
<br />$25,622
<br />Gross Potential Income
<br />$3,760,624
<br />$3,854,299
<br />$3,950,312
<br />$4,048,722
<br />$4,149,588
<br />$4,252,973
<br />$4,358,939
<br />$4,467,550
<br />$4,578,873
<br />$4,692,976
<br />$4,809,927
<br />$4,929,799
<br />$5,052,663
<br />Tess Vacancy /Collection Loss
<br />($186,894)
<br />($191,567)
<br />($196,356)
<br />($201,265)
<br />($206,296)
<br />($212,649)
<br />($216,740)
<br />($222,159)
<br />($227,713)
<br />($233,405)
<br />($239,240)
<br />($245,221)
<br />($251,352)
<br />Effective Gross Income
<br />$3,573,730
<br />$3,662,732
<br />$3,753,956
<br />$3,847,457
<br />$3,943,292
<br />$4,040,324
<br />$4,142,199
<br />$4,245,392
<br />$4,351,161
<br />$4,459,571
<br />$4,570,687
<br />$4,684,577
<br />$4,801,311
<br />Tess Operating Expenses
<br />($2,063,877)
<br />($2,136,113)
<br />($2,210,877)
<br />($2,288,257)
<br />($2,368,346)
<br />($2,451,238)
<br />($2,537,032)
<br />($2,625,828)
<br />($2,717,732)
<br />($2,812,852)
<br />($2,911,302)
<br />($3,013,198)
<br />($3,118,660)
<br />less Property Taxes
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />Net Operating Income
<br />$1,509,853
<br />$1,526,620
<br />$1,543,080
<br />$1,559,200
<br />$1,574,946
<br />$1,589,086
<br />$1,605,167
<br />$1,619,564
<br />$1,633,429
<br />$1,646,718
<br />$1,659,385
<br />$1,671,379
<br />$1,682,651
<br />less Debt Service
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />($926,373)
<br />Bond Issuer Fee
<br />($5,000)
<br />($5,000)
<br />($5,000)
<br />($5,000)
<br />($5,000)
<br />($5,000)
<br />($5,000)
<br />($5,000)
<br />($5,000)
<br />($5,000)
<br />($5,000)
<br />($5,000)
<br />($5,000)
<br />Less Replacement Reserves
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />($80,000)
<br />Less Partnership Management Fee
<br />($60,690)
<br />($62,814)
<br />($65,012)
<br />($67,288)
<br />($69,643)
<br />($72,080)
<br />($74,603)
<br />($77,214)
<br />($79,916)
<br />($82,714)
<br />($85,609)
<br />($88,605)
<br />($91,706)
<br />Net Cash Flow
<br />$437,791
<br />$452,433
<br />$466,695
<br />$480,540
<br />$493,931
<br />$505,633
<br />$519,192
<br />$530,977
<br />$542,140
<br />$552,632
<br />$562,404
<br />$571,402
<br />$579,573
<br />Less Additional Replacement Reserves
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />($40,000)
<br />Cash Flow
<br />$437,791
<br />$452,433
<br />$466,695
<br />$480,540
<br />$493,931
<br />$505,633
<br />$519,192
<br />$530,977
<br />$542,140
<br />$552,632
<br />$562,404
<br />$571,402
<br />$579,573
<br />Distribution to BRIDGE 50%
<br />($218,896)
<br />($226,217)
<br />($233,347)
<br />($240,270)
<br />($246,965)
<br />($252,817)
<br />($259,596)
<br />($265,489)
<br />($271,070)
<br />($276,316)
<br />($281,202)
<br />($285,701)
<br />($289,786)
<br />Distribution to City 50%
<br />($218,896)
<br />($226,217)
<br />($233,347)
<br />($240,270)
<br />($246,965)
<br />($252,817)
<br />($259,596)
<br />($265,489)
<br />($271,070)
<br />($276,316)
<br />($281,202)
<br />($285,701)
<br />($289,786)
<br />Net Cash Flow
<br />_______$0
<br />$0 ______
<br />______
<br />_______$0
<br />$0
<br />_______$0
<br />$0 ______
<br />_______
<br />_______$0
<br />------
<br />$0 ______
<br />$0 ______
<br />_______$0
<br />$0 ______
<br />_______$
<br />0
<br />
|