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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 />