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					ROEM Development Corporation

GENERAL INFORMATION                                                  DEVELOPMENT COSTS

Project Name:                                     McCarthy Steel     Land                                                3,000,000
                                       San Luis Obispo, California   Off-Site Improvements                                  50,000
                                                                     Parking Garage                          $ 18,182    2,000,000
# Revenue Producing Units                                     64     Construction                            $ 110.00    6,204,990
Square Footage of Units                                   56,409     General Requirements (incl.)                6.0%      495,299
Site Acreage                                 1.45         63,162     Overhead (incl.)                            2.0%      165,100
Parking Spaces                                               110     Profit (incl.)                              6.0%      495,299
LIHTC% - Not Locked Yet                                    9.00%     Hard Cost Contingency                       5.0%      470,534
QCT/DDA Adjustment                                       130.00%     Construction/Liability Insurance           1.25%      109,379
Qualified Occupancy                                      100.00%     Appraisal/Market Study                                 15,000
                                                                     Architect                                             325,000
                                                                     Engineering/Consultants                               280,000
Project Start Date:               1st Year                  2010     Permits & Fees                            17,188    1,100,000
             1-Mar-10             1st Month                    3     Title / Recording - Construction Loan                  15,000
                                                                     Taxes/Assessment                                       30,000
Constuction Duration              # Months                    17     Bonds                                      1.25%      117,634
Lease Up Duration                 # Months                     4     Accounting                                             20,000
                                                                     Construction Loan Interest                            988,985
                          Project Timeline                           Lender Inspections                                     14,000
Construction Start                                    01-Apr-10      City Loan Interest                                    160,000
Construction Completion                               31-Aug-11      RDA Loan Interest                                           0
                                                                     Borrower Legal                                        125,000
Placed-In-Service Date                                   1-Sep-11    Construction Loan Fee                      0.75%       90,188
Full Occupancy Date                                      1-Jan-12    Construction Loan Application Fee                      10,000
                                                                     Bond Costs                                                  0
Conversion to Permanent Financing                       1-Mar-12
                                                                     Marketing/Lease Up/Start Up                            45,000
Sales Date                                            31-Dec-26      Furnishings                                            50,000
                                                                     Permanent Loan Fees                        1.00%       30,062
FINANCING ASSUMPTIONS                                                                                                            0
                                                                     Title / Recording - Permanent Loan                     15,000
Construction Loan                                     12,025,000     Legal - Construction Lender                            30,000
Interest Rate                                             6.500%     Legal - Permanent Lender                               35,000
Term                                                          24     TCAC Application Fee                                    2,000
                                                                     TCAC Allocation Fee                                    67,682
                                                                     TCAC Monitoring Fee                                    26,240
Perm - Loan                                            2,700,000     Soft Cost Contingency                        5%       119,043
Interest Rate                                             7.500%     Developer Fee                                       2,000,000
Term                                                         420     Cash Reserves                                         117,865
DCR                                                         1.15
                                                                     TOTAL DEVELOPMENT COSTS                            18,819,300
Amortization                                                420
Start Date                                             01-Mar-12
Re-Amortization Date:                                  01-Mar-47
Re-Amortization Term:                                       360

City of San Luis Obispo Loan                           2,000,000
Loan per Unit                                             31,250
Interest Rate - Simple                                    4.000%
Pay Rate                                                   4.00%
Term                                                         396
Amortization                                                 396
Start Date                                             01-Mar-10

AHP Grant                                n                     0
Interest Rate                                             0.000%
MHP Loan                                                                 0
Interest Rate                                                       3.000%
Pay Rate                                                            0.420%                                                         16,819,300
Term                                                                   600
Amortization                                                           600       Personal Property Included in Contract    3.00%      186,150
Start Date                                                       01-Mar-10       Site Work Included in Contract           20.95%    1,300,000

Prop 1C Funds                                   n                        0
Interest Rate                                                       0.000%
Term                                                                   396
Amortization                                                           396
Start Date                                                       01-Mar-10

File Name:C:\Docstoc\Working\pdf\[48a5d5ea-170e-4f5c-a95f-65fa4666660b.xls]GEN
RF&S Contact:


Tax Rate-Federal                                                     35.00%
Tax Rate - Sale                                                      35.00%

Depreciation-                           Real Ppty                       27.5
                                        Pers Ppty                          5
                                        Sitework                          15
Maximum Eligible Development Fee & O/H Calculation

Total dev costs less land and development fee        #REF!
Allowable %                                              20.00%
Maximum allowable Fees                               #REF!
Developer & Consultant Fee                           #REF!
Ineligible Fees                                      #REF!
        495,299




                    5,317,000
$       184,017     1,056,708

    $6,254,990.00    0.06240
           0.00%
           1.00%
Development Sources and Uses (Cost Estimates)   9% Credits



McCarthy Steel
San Luis Obispo, California

CONSTRUCTION SOURCES                  Total
Investor Capital                  2,837,920
Construction Loan                12,025,000
City of San Luis Obispo Loan      2,000,000
Accrued Interest - City Loan        160,000
Lease Up Income                      96,380
Deferred Developer Fee            1,700,000
TOTAL CONS. SOURCES             18,819,300



PERMANENT SOURCES                     Total
Investor Capital                 12,689,113
Perm - Loan                       2,700,000
City of San Luis Obispo Loan      2,000,000
Accrued Interest - City Loan        160,000
Lease Up Income                     102,470
Deferred Developer Fee            1,167,717
TOTAL PERM. SOURCES             18,819,300
McCarthy Steel
San Luis Obispo, California
Development Sources and Uses (Cost Estimates)                                                                            9% Credits


DEVELOPMENT COSTS                                                 Per Rentable             Per                               Eligible
                                             Total                Square Foot             Unit    Retail      Housing          Basis
Land                                                  3,000,000          53.18          46,875      -        3,000,000           -
LAND COSTS TOTAL                                     3,000,000          53.18          46,875      -        3,000,000            -
HARD CONSTRUCTION COSTS
Parking Garage                                     2,000,000             35.46          31,250                             2,000,000
Off-Site Improvements                                 50,000              0.89             781      -          132,314       132,314
Construction                                       6,204,990            110.00          96,953      -        6,204,990     6,204,990
General Requirements (incl.)                         495,299              8.78           7,739      -          495,299       495,299
Overhead (incl.)                                     165,100              2.93           2,580      -          165,100       165,100
Profit (incl.)                                       495,299              8.78           7,739      -          495,299       495,299
Hard Cost Contingency                   5%           470,534              8.34           7,352      -          470,534       470,534
HARD COSTS TOTAL                                  9,881,223            175.17         154,394       -       7,963,537     9,963,537
Construction/Liability Insurance                     109,379              1.94           1,709      -          109,379       109,379
Appraisal/Market Study                                15,000              0.27             234                  15,000        15,000
Architect                                            325,000              5.76           5,078       -         325,000       325,000
Engineering/Consultants                              280,000              4.96           4,375       -         280,000       280,000
Permits & Fees                                     1,100,000             19.50          17,188       -       1,100,000     1,100,000
Title / Recording - Construction Loan                 15,000              0.27             234       -          15,000        15,000
Taxes/Assessment                                      30,000              0.53             469       -          30,000        30,000
Bonds                                                117,634              2.09           1,838       -         117,634       117,634
Accounting                                            20,000              0.35             313       -          20,000        20,000
Construction Loan Interest                           988,985             17.53          15,453       -         988,985       540,708
Lender Inspections                                    14,000              0.25             219       -          14,000        14,000
City Loan Interest                                   160,000              2.84           2,500                 160,000       107,486
Borrower Legal                                       125,000              2.22           1,953                 125,000       125,000
Construction Loan Fee                                 90,188              1.60           1,409       -          90,188        90,188
Furnishings                                           50,000              0.89             781                  50,000        50,000
Construction Loan Application Fee                     10,000              0.18             156       -          10,000        10,000
Marketing/Lease Up/Start Up                           45,000              0.80             703                  45,000           -
Permanent Loan Fees                                   30,062              0.53             470       -          30,062           -
Title / Recording - Permanent Loan                    15,000              0.27             234       -          15,000           -
Legal - Construction Lender                           30,000              0.53             469       -          30,000        30,000
Legal - Permanent Lender                              35,000              0.62             547       -          35,000           -
TCAC Application Fee                                   2,000              0.04              31       -           2,000           -
TCAC Allocation Fee                                   67,682              1.20           1,058       -          67,682           -
TCAC Monitoring Fee                                   26,240              0.47             410       -          26,240           -
Soft Cost Contingency                                119,043              2.11           1,860       -         119,043       119,043
Cash Reserves                                        117,865              2.09           1,842       -         117,865           -
SOFT COSTS TOTAL                                  3,938,078             69.81          61,532        -      3,938,078     3,098,438
Developer Fee                                      2,000,000             35.46          31,250       -       2,000,000     1,400,000
DEVELOPMENT TOTAL                                18,819,300            333.62         294,052        -     16,901,614    14,461,974
                                                         -                                       550,000
                                                                                 50% Test
                                                                                 w/land                                          69%
                                                                                 w/out land                                      83%
0
                           s.f.            %
            Housing s.f.          47,242        89.6%
            Retail s.f.            5,500        10.4%
                                  52,742       100.0%




(132,314)
(132,314)
Rental Income & Expenses

McCarthy Steel                                                                                                                                                                     ROEM Corporation
San Luis Obispo, California


RENTAL INCOME                                                                  Total        Gross                                     Net            Subsidy         Total
                                   No. of                        Unit Size     Unit        Rent per           Utility              Rent per           per           Rent per
Type of Units                         Units          Perc.         sq.ft.      Area         Month           Allowance               Month            Month           Month
1 BR - 60%                                     2        3.13%          581       1,162           796                      48                 748                           1,496
1 BR -50%                                      7       10.94%          581       4,067           663                      48                 615                           4,305
1 BR - 40%                                     3        4.69%          581       1,743           531                      48                 483                           1,449
1 BR - 30%                                     2        3.13%          581       1,162           372                      48                 324                             648
2 BR - 60%                                     8       12.50%          875       7,000           955                      79                 876                           7,008
2 BR -50%                                     15       23.44%          875      13,125           796                      79                 717                          10,755
2 BR - 40%                                     3        4.69%          875       2,625           637                      79                 558                           1,674
2 BR - 30%                                     3        4.69%          875       2,625           477                      79                 398                           1,194
3 BR - 60%                                     5        7.81%        1,100       5,500         1,104                      96                1,008                          5,040
3 BR -50%                                      9       14.06%        1,100       9,900           920                      96                 824                           7,416
3 BR - 40%                                     3        4.69%        1,100       3,300           736                      96                 640                           1,920
3 BR - 30%                                     3        4.69%        1,100       3,300           552                      96                 456                           1,368
2 BR Resident Mgr                              1        1.56%          900         900                0                    0                     0                         1,100
             Total                            64     100.00%                    56,409                             Gross Potential Revenue                                45,373


             Year 1 Operating Statement              Total       Total/Unit   Total/sf
       Gross Potential Revenue From Above            544,476         8,507         9.65                                           Affordability Target
                                Other Income            8,448          132         0.15                       Afford.
              Less: Vacancy Commercial (35%)                 0
                Less: Vacancy Residential (5%)        (27,646)        (432)       (0.49)                          Level           % of Project                    Count
                     Effective Gross Income          525,278         8,207         9.31                       80% AMI                       0.00%                              0
                                                                                                              60% AMI                    23.81%                               15
                        Operating Expenses                                                                    55% AMI                       0.00%                              0
                                Administrative        (92,236)      (1,441)       (1.64)                      50% AMI                    49.21%                               31
                              Management Fee          (26,264)        (410)       (0.47)                      45% AMI                       0.00%                              0
                            Operating & Maint         (85,000)      (1,328)       (1.51)                      40% AMI                    14.29%                                9
                                        Utilities     (27,000)        (422)       (0.48)                      35% AMI                       0.00%                              0
                            Taxes & Insurance         (22,500)        (352)       (0.40)                      30% AMI                    12.70%                                8
                     Total Operating Expenses        (253,000)      (3,953)       (4.49)                  Manager Units                     0.00%
                        Replacement Reserves          (19,200)        (300)       (0.34)                                                    100%                              63
                               Total Expenses        (272,200)      (4,253)       (4.83)
             NET OPERATING INCOME                    253,078         3,954         4.49
                     1st Mortgage Debt Service       (218,455)      (3,413)       (3.87)
      Net Cash Flow After Debt Service                34,623          541         0.61
              less Partnership Asset Mgt Fees         (10,000)        (156)       (0.18)                                                (10,000)
        Net Cash Flow Before Soft Payments            24,623           385         0.44                                                  (8,696)


        Debt Coverage Ratio - 1st Mortgage            1.1585


 Operating Expenses Per Unit Per Year                 $4,253




General Variables
Operations Commence            Year                     2011                                                                      % of AMI to
                               Month                         9                                               % of AMI           Tax Credit Units     Points
                               # Months Yr 1                 4                                                            55%               0.00%           0.0
                                                                                                                          50%            49.21%          25.0
Base Rental Income                                   544,476                                                              45%               0.00%           0.0
         2011 Rental Income                          121,231                                                              40%            14.29%             10
         2012 Rental Income                         #VALUE!                                                               30%            12.70%          15.0
         2013 Rental Income                          544,476                                              Total                                         50.0
Annual Rev. Increase                                  102.50%


Section 8 Market Rent                                        0
Base Other Inc. (Incl. Sect. 8 Rents)      8,448
         2011 Other Income                 1,881
         2012 Other Income                 1,408
         2013 Other Income                 8,448
Annual Increase                          102.50%


Vacancy & Bad Debt                         5.00%


Base Operating Expenses                 (253,000)
   2011 Operating Expenses               (70,629)
   2012 Operating Expenses               (42,167)
   2013 Operating Expenses              (253,000)   TCAC Chart
Annual Exp. Increase                     103.50%                         AMI Level
                                                    % of Project              55%           50%      45%
Replacement Reserves            $300     19,200                    50%               22.5     25.0         27.5
                                                                   45%               20.0     22.5         25.0
2011 Replacement Reserves                19,200                    40%               17.5     20.0         22.5
Annual Increase                          100.00%                   35%               15.0     17.5         20.0
                                                                   30%               12.5     15.0         17.5
Asset Management Fee                     10,000                    25%               10.0     12.5         15.0
                                                                   20%                7.5     10.0         12.5
Incentive Management                       90.0%                   15%                5.0      7.5         10.0
                                                                   10%                2.5      5.0          7.5
Per Unit Before Repl. Reserve             (3,953)




                                                                                    12.00
      9% Credits


ROEM Corporation
  Santa Clara, CA


      Total
     Annual
       Rent
          17,952
          51,660
          17,388
              7,776
          84,096
         129,060
          20,088
          14,328
          60,480
          88,992
          23,040
          16,416
          13,200
        544,476




                      Mix                      Total Count
                        % 1 BRS      31.82%             14
                        % 2 BRS      68.18%             30
                                    100.00%             44


                      Mix                 Count (Excl. Mgr)
                            % SRO     0.00%              0
                        % 1 BRS      22.22%             14
                        % 2 BRS      46.03%             29
                        % 3 BRS      31.75%             20
                                    100.00%             63
40%
      30.0
      27.5
      25.0
      22.5
      20.0
      17.5
      15.0
      12.5
      10.0
              Mix 1     Mix 2     Mix 3     Mix 4
1 BR - 60%      0        2         3         1                    2
1 BR -50%       0        4         3         4                    4
1 BR - 40%      0        0          0        0                    1
1 BR - 30%      0        1          1        3                    1
2 BR - 60%      6        4          6        4                    5
2 BR -50%      10        10         9        10                  10
2 BR - 40%      2        0          0        0                    2
2 BR - 30%      2        2          2        6                    2
3 BR - 60%      6        3          4        3                    4
3 BR -50%      10        6          6        6                    6
3 BR - 40%      2        0          0        0                    1
3 BR - 30%      2        1         1         3                    1
               40        39        39        40
             367,992   365,604   367,668   338,760


              Mix 1     Mix 2     Mix 3     Mix 4
      30%      10%      10%       10%       30%
      35%                         10%


      40%      10%
      45%               15%
      50%      50%      50%       45%       50%
      55%
      60%      30%      25%       35%       20%




                       60% AMI   55% AMI   50% AMI   45% AMI   40% AMI   35% AMI   30% AMI
      2 br     20       6.00      0.00      10.00     0.00      2.00      0.00      2.00     20.00
      3 br     20       6.00      0.00      10.00     0.00      2.00      0.00      2.00     20.00
               40       #REF!     #REF!     #REF!     #REF!     #REF!     #REF!     #REF!
                          0.09   30.0%   2.70
                          0.25   30.0%   7.50




35%          30%
      32.5         35.0
      30.0         32.5
      27.5         30.0
      25.0         27.5
      22.5         25.0
      20.0         22.5
      17.5         20.0
      15.0         17.5
      12.5         15.0
15 Year Cash Flow Schedule
McCarthy Steel
San Luis Obispo, California
                                                           Annual Rental Income Increase                    3.00%                 Partnership Management Fee Index                    3.00%                 1st Mortgate Amount                            $    2,700,000
                                                           Annual Misc. Income Increase                     3.00%                 Vacancy/Collection Loss                             5.00%                 Interest Rate                                          7.500%
                                                           Annual Expense Increase                          3.50%                 Replacement Reserve/Per Unit                        $300                  Amortization Period (Years)                                35

                                                        2012 (Partial)        2013          2014         2015         2016            2017           2018             2019         2020         2021           2022            2023           2024              2025           2026         2027
                                                           Year 0            Year 1        Year 2       Year 3       Year 4          Year 5         Year 6           Year 7       Year 8       Year 9         Year 10         Year 11        Year 12           Year 13       Year 14      Year 15
Gross Potential Revenue                                   #VALUE!             544,476       560,810      577,635       594,964         612,813        631,197          650,133      669,637     689,726         710,418          731,730        753,682           776,293      799,581      823,569
Retail Income                                                        -               -            -             -            -               -              -                -            -            -              -                -              -                 -            -            -
Other Income                                              #VALUE!                8,448        8,701         8,962        9,231           9,508          9,794           10,087       10,390       10,702         11,023           11,353         11,694            12,045       12,406       12,778
Less: Vacancy Commercial (35%)                      35%              -               -            -             -            -               -              -                -            -            -              -                -              -                 -            -            -
Less: Vacancy Residential (5%)                            #VALUE!              (27,646)     (28,476)      (29,330)     (30,210)        (31,116)       (32,050)         (33,011)     (34,001)     (35,021)       (36,072)         (37,154)       (38,269)          (39,417)     (40,599)     (41,817)
Effective Gross Income                                    #VALUE!             525,278       541,036      557,267       573,985         591,205        608,941          627,209      646,025     665,406         685,368          705,929        727,107           748,921      771,388      794,530
     less Operating Expenses                              #VALUE!            (253,000)     (261,855)    (271,020)     (280,506)       (290,323)      (300,485)        (311,002)    (321,887)   (333,153)       (344,813)        (356,881)      (369,372)         (382,300)    (395,681)    (409,530)
     less Replacement Reserves                            #VALUE!              (19,200)     (19,200)      (19,200)     (19,200)        (19,200)       (19,200)         (19,200)     (19,200)     (19,200)       (19,200)         (19,200)       (19,200)          (19,200)     (19,200)     (19,200)
Net Operating Income                                      #VALUE!             253,078       259,981      267,047       274,280         281,681        289,256          297,008      304,939     313,054         321,355          329,848        338,535           347,420      356,507      365,800
     less Debt Service - 1st Mortgage                     #VALUE!            (218,455)     (218,455)    (218,455)     (218,455)       (218,455)      (218,455)        (218,455)    (218,455)   (218,455)       (218,455)        (218,455)      (218,455)         (218,455)    (218,455)    (218,455)
Net Cash Flow                                             #VALUE!               34,623       41,527        48,593       55,825          63,227         70,802           78,553       86,484       94,599        102,901          111,393        120,080           128,966      138,053      147,345
     less Partnership Asset Mgt Fees                      #VALUE!              (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)
     less Deferred Developer Fee                          #VALUE!              (24,623)     (31,227)      (37,984)     (44,898)        (51,972)       (59,209)         (66,612)     (74,185)     (81,931)       (89,853)         (97,954)      (106,238)         (114,708)    (123,367)    (132,220)
Cash Flow After GP Payments                               #VALUE!                    -            -             -            -               -              -                -            -            -              -                -              -                 -            -            -
     City of San Luis Obispo - Payment          70%                  -               -            -             -            -               -              -                -            -            -              -                -              -                 -            -            -
Net Cash Flow                                             #VALUE!                    -            -             -            -               -              -                -            -            -              -                -              -                 -            -            -


DCR                                                                               1.16          1.19         1.22         1.26            1.29           1.32             1.36         1.40         1.43             1.47            1.51          1.55              1.59         1.63         1.67

                                                              Year 0         Year 1        Year 2       Year 3       Year 4          Year 5         Year 6           Year 7       Year 8       Year 9         Year 10         Year 11        Year 12           Year 13       Year 14      Year 15
City of San Luis Obispo Loan
     Beg Balance                                              2,000,000     #VALUE!        #VALUE!      #VALUE!      #VALUE!        #VALUE!        #VALUE!       #VALUE!          #VALUE!      #VALUE!        #VALUE!         #VALUE!        #VALUE!           #VALUE!       #VALUE!      #VALUE!
    Accrued Interest                           4.00%         #VALUE!          80,000         80,000        80,000       80,000         80,000         80,000        80,000           80,000       80,000         80,000          80,000         80,000            80,000       80,000       80,000
    Payment                                                           -             -              -            -            -              -              -             -                -            -              -               -              -                 -             -            -
    End Balance                                              #VALUE!        #VALUE!        #VALUE!      #VALUE!      #VALUE!        #VALUE!        #VALUE!       #VALUE!          #VALUE!      #VALUE!        #VALUE!         #VALUE!        #VALUE!           #VALUE!       #VALUE!      #VALUE!

Deferred Developer Fee Payment
    Beginning Balance                                         1,167,717      1,167,717     1,143,094    1,111,867    1,073,884       1,028,986        977,014         917,805       851,193      777,007         695,076          605,223       507,269           401,031      286,323      162,955
    Payment                                                  #VALUE!           (24,623)      (31,227)     (37,984)     (44,898)        (51,972)       (59,209)        (66,612)      (74,185)     (81,931)        (89,853)         (97,954)     (106,238)         (114,708)    (123,367)    (132,220)
    Ending Balance                                           #VALUE!         1,143,094     1,111,867    1,073,884    1,028,986         977,014        917,805         851,193       777,007      695,076         605,223          507,269       401,031           286,323      162,955       30,736

Year 31 First Mortgage Refinance
   Refinance Date                             31-Dec-42
   Amortization Period                              30
   Interest Rate                                 8.00%
   Year 31 NOI                                 545,668
   Required DCR                                   1.15

    Supportable Loan Proceeds                 5,388,810
    Repayment of Existing Mortgage             (908,504)
    Net Proceeds Available to Repay City Loan 4,480,306

    CSR Loan - Outstanding Balance           #VALUE!
    Net Proceeds Available to Repay CSR       4,480,306
    Surplus/(Deficit)                        #VALUE!
15 Year Cash Flow Schedule
McCarthy Steel
San Luis Obispo, California




                                                 2028           2029          2030          2031          2032          2033          2034          2035          2036          2037          2038          2039          2040          2041          2042          2043
                                                Year 16       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       Year 31
Gross Potential Revenue                           848,276       873,724       899,936       926,934       954,742       983,384     1,012,886     1,043,272     1,074,570     1,106,808     1,140,012     1,174,212     1,209,439     1,245,722     1,283,093      1,321,586
Retail Income                                           -             -             -             -             -             -             -             -             -             -             -             -              -            -              -             -
Other Income                                       13,162        13,557        13,963        14,382        14,814        15,258        15,716        16,187        16,673        17,173        17,688        18,219         18,765       19,328         19,908        20,506
Less: Vacancy Commercial (35%)                          -             -             -             -             -             -             -             -             -             -             -             -              -            -              -             -
Less: Vacancy Residential (5%)                    (43,072)      (44,364)      (45,695)      (47,066)      (48,478)      (49,932)      (51,430)      (52,973)      (54,562)      (56,199)      (57,885)      (59,622)       (61,410)     (63,253)       (65,150)      (67,105)
Effective Gross Income                            818,366       842,917       868,204       894,250       921,078       948,710       977,171     1,006,487     1,036,681     1,067,782     1,099,815     1,132,810     1,166,794     1,201,798     1,237,852      1,274,987
     less Operating Expenses                     (423,863)     (438,698)     (454,053)     (469,945)     (486,393)     (503,417)     (521,036)     (539,272)     (558,147)     (577,682)     (597,901)     (618,828)     (640,486)     (662,904)     (686,105)      (710,119)
     less Replacement Reserves                    (19,200)      (19,200)      (19,200)      (19,200)      (19,200)      (19,200)      (19,200)      (19,200)      (19,200)      (19,200)      (19,200)      (19,200)       (19,200)     (19,200)       (19,200)      (19,200)
Net Operating Income                              375,302       385,018       394,951       405,106       415,485       426,094       436,935       448,014       459,334       470,900       482,714       494,782       507,107       519,694       532,546        545,668
     less Debt Service - 1st Mortgage            (218,455)     (218,455)     (218,455)     (218,455)     (218,455)     (218,455)     (218,455)     (218,455)     (218,455)     (218,455)     (218,455)     (218,455)     (218,455)     (218,455)     (218,455)      (474,494)
Net Cash Flow                                     156,848       166,564       176,497       186,651       197,030       207,639       218,481       229,560       240,880       252,445       264,259       276,327       288,653       301,240       314,092         71,174
     less Partnership Asset Mgt Fees              (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)            -
     less Deferred Developer Fee                  (30,736)            -             -             -             -             -             -             -             -             -             -             -              -            -              -             -
Cash Flow After GP Payments                       110,532       150,517       159,968       169,627       179,495       189,578       199,878       210,399       221,144       232,117       243,322       254,761       266,440       278,360       290,526              -
     City of San Luis Obispo - Payment            (77,373)     (105,362)     (111,978)     (118,739)     (125,647)     (132,704)     (139,914)     (147,279)     (154,801)     (162,482)     (170,325)     (178,333)     (186,508)     (194,852)     (203,368)             -
Net Cash Flow                                      33,160        45,155        47,990        50,888        53,849        56,873        59,963        63,120        66,343        69,635        72,997        76,428         79,932       83,508         87,158             -


DCR                                                   1.72         1.76          1.81          1.85          1.90          1.95          2.00          2.05          2.10          2.16          2.21          2.26          2.32          2.38          2.44           1.15

                                                Year 16       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       Refinance
City of San Luis Obispo Loan
     Beg Balance                                #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!
    Accrued Interest                                80,000       80,000        80,000        80,000        80,000        80,000        80,000        80,000        80,000        80,000        80,000        80,000        80,000        80,000        80,000               -
    Payment                                        (77,373)    (105,362)     (111,978)     (118,739)     (125,647)     (132,704)     (139,914)     (147,279)     (154,801)     (162,482)     (170,325)     (178,333)     (186,508)     (194,852)     (203,368)    #VALUE!
    End Balance                                 #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!       #VALUE!

Deferred Developer Fee Payment
    Beginning Balance                               30,736              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -
    Payment                                        (30,736)             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -
    Ending Balance                                       -              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -

Year 31 First Mortgage Refinance
   Refinance Date
   Amortization Period
   Interest Rate
   Year 31 NOI
   Required DCR

    Supportable Loan Proceeds
    Repayment of Existing Mortgage
    Net Proceeds Available to Repay City Loan

    CSR Loan - Outstanding Balance
    Net Proceeds Available to Repay CSR
    Surplus/(Deficit)
                                       With Prop 1C Funds
ROEM Development Corporation
LOW INCOME TAX CREDIT CALCULATION


                                                                          Low-Income
                                                                         Rehabilitation
                                                                                Credit

Gross Eligible Basis                                                       14,461,974

Less Voluntary Basis Reduction                                                      0

Adjusted Eligible Basis Before Credit Reduction                            14,461,974




Less Credit Reduction                                       0%                      0

Elgible Basis After Credit Reduction                                       14,461,974

DDA/QCT                                                                          130%
Eligible Basis                                                             18,800,567

Low Income Percentage                                                        100.00%
Qualified Basis                                                            18,800,567




Annual LIH Credit Calculated                            9.00%               1,692,051

Total Federal Credit                                                       16,920,510
Total State Credit                                     30.00%    n                  0
Total State and Federal Credits                                            16,920,510

Percentage of Credit to Investors                      99.99%              16,918,818

Tax Credit Price - Federal                                           $          0.750
Tax Credit Price - State                                             $          0.720

Tax Credit Equity - Federal                                                12,689,113
Tax Credit Equity - State                                                           0

Total Tax Credit Equity Raised                                             12,689,113
                                                                                          SOUTH MANCHESTER APARTMENTS

ROEM Development Corporation

SYNDICATION INFORMATION                                                                         CAPITAL CONTRIBUTIONS
                                                                                                                   Investor
                                                                                                        Date of     Capital
General Partner's Capital Contribution           Pct. of Ownership:                                    Payment Contribution               GP
Entry Date:          Year                2010    General Partner                  0.01%                         Tax Credit             Equity   Percentage
                     Month                  3    Investor                        99.99%      2
                     Day                    1                                   100.00%      3             Mar-10 2,837,920                        22.37%
                                                                                             6             Aug-08              0                    0.00%
Investor Entry                       01-Mar-10                                               8             Apr-09              0                    0.00%     126,891
                                                                                             9              Oct-09             0                    0.00%          32
                                                 Cash Flow Distribution:                    10              Jan-11 9,851,193                       77.64%       6,090 remaining construction proceeds at perm.
                                                 General Partner                 0.01%      11
                                                 Investor                       99.99%      12                        12,689,113           0     100.00%
                                                                                            13
                                                 Income, Loss & Credits Allocation:         14
                                                 General Partner                  0.01%     19 Price per Federal Credit                $0.750
                                                 Investor                        99.99%        Price per State Credit                  $0.720
                                                                                                                                                              IRR
                                                                                                Total Credits                      16,918,818                10.01%
                                                 Sales Proceeds Distribution:                   Credit Equity                      12,689,113
                                                 General Partner                85.00%
                                                 Investor                       15.00%          Total Equity                       12,689,113




                                                                                                ASK MARCUS ABOUT TAX CREDIT EQUITY TIMING




                                                                                                                              0




   4/8/2012                                                                          DRAFT - FOR DISCUSSION PURPOSES ONLY                                                                       PAGE 18 OF 20
                                                 SOUTH MANCHESTER APARTMENTS




           Appreciation Rate             3.00%

           Appreciation Period - Years     15




4/8/2012                                    DRAFT - FOR DISCUSSION PURPOSES ONLY   PAGE 19 OF 20
                                 SOUTH MANCHESTER APARTMENTS




5th Contrib:   Year    1999
               Month      4
               Day        1




   4/8/2012                   DRAFT - FOR DISCUSSION PURPOSES ONLY   PAGE 20 OF 20

				
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