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					                                                    ATTACHMENT D
                                                       Exhibit A
TABLE 1

ESTIMATED CONSTRUCTION COST
MULTI-FAMILY HOUSING DEVELOPMENT
ANAHEIM, CALIFORNIA




I.    Direct Costs
       Off-Sites/Infrastructure                                                            $
       On-Site Improvements                                  Sf Land        $     /Sf      $
       Parking
         Surface Parking                                     Spaces         $     /Sp      $
         Above-Ground Parking                                Spaces         $     /Sp      $
         Subterranean Parking                                Spaces         $     /Sp      $
       Building Costs
         Residential Shell                                   Sf GBA         $     /Sf      $
         Community Room                                      Sf GBA         $     /Sf      $
       Furnishings                                                          $     /Unit    $
       General Requirements                                % Direct Costs                  $
       Contractor OH & Profit                              % Direct Costs                  $
       Liability Insurance                                                                 $
       Direct Cost Contingency Allowance                   % Direct Costs                  $

      Total Direct Costs                                     Per Sf GBA     $     /Unit              $

II.   Indirect Costs
        Architecture & Engineering                         % Direct Costs                  $
        Consulting                                         % Direct Costs                  $
        Environmental Studies & Surveys                    % Direct Costs                  $
        Public Permits & Impact Fees                         Units        $       /Unit    $
        Taxes, Legal & Accounting                          % Direct Costs                  $
        Insurance                                          % Direct Costs                  $
        Marketing/Leasing                                  % Direct Costs                  $
        Development Management/Developer Fee               % Direct Costs                  $
        Indirect Costs Contingency Allowance               % Other Soft Costs              $

      Total Indirect Costs                                 % Direct Costs                            $

III. Financing Costs
       Interest During Construction
         Land                                  $             Financed @         % Int.     $
         Building Construction                 $             Financed @         % Int.     $
       Financing/Loan Origination Fees                                                     $
         Construction Loan                     $             Loan Amount          Points   $
         Permanent Loan                        $             Loan Amount          Points   $
       Tax Credit Costs                                                                    $
       Capitalized Reserve Account                                                         $

      Total Financing Costs                                % Direct Costs                            $

IV. Total Construction Costs                                                                         $




      C:\Docstoc\Working\pdf\bc489544-03e6-4620-a86a-72d00e736c3c.xls                          Exhibit A - Page 1 of 4
                                                    ATTACHMENT D
                                                       Exhibit A
TABLE 2

ESTIMATED NET OPERATING INCOME
MULTI-FAMILY HOUSING DEVELOPMENT
ANAHEIM, CALIFORNIA




I.    Income (Less Utilities Allowances)
      Manager's Unit                                         Unit(s) @      $     /Month           $

      Very-Low Income Unit
       Studio @___% County Median                            Unit(s) @      $     /Month           $
       One-Bedroom @___% County Median                       Unit(s) @      $     /Month           $
       Two-Bedroom @___% County Median                       Unit(s) @      $     /Month           $
       Three-Bedroom @___% County Median                     Unit(s) @      $     /Month           $
       Four-Bedroom @___% County Median                      Unit(s) @      $     /Month           $

      Low Income Unit
       Studio @___% County Median                            Unit(s) @      $     /Month           $
       One-Bedroom @___% County Median                       Unit(s) @      $     /Month           $
       Two-Bedroom @___% County Median                       Unit(s) @      $     /Month           $
       Three-Bedroom @___% County Median                     Unit(s) @      $     /Month           $
       Four-Bedroom @___% County Median                      Unit(s) @      $     /Month           $

      Moderate Income Unit
       Studio @___% County Median                            Unit(s) @      $     /Month           $
       One-Bedroom @___% County Median                       Unit(s) @      $     /Month           $
       Two-Bedroom @___% County Median                       Unit(s) @      $     /Month           $
       Three-Bedroom @___% County Median                     Unit(s) @      $     /Month           $
       Four-Bedroom @___% County Median                      Unit(s) @      $     /Month           $

      Market Rate Unit
       Studio                                                Unit(s) @      $     /Month           $
       One-Bedroom                                           Unit(s) @      $     /Month           $
       Two-Bedroom                                           Unit(s) @      $     /Month           $
       Three-Bedroom @___% County Median                     Unit(s) @      $     /Month           $
       Four-Bedroom @___% County Median                      Unit(s) @      $     /Month           $

      Laundry/Miscellaneous Income                           Unit(s) @      $     /Month           $

      Gross Income                                                                                           $

      (Less): Vacancy & Collection                         % Gross Income                          $

      Effective Gross Income                                                                                 $

II.   Operating Expenses
      General Operating Expenses                             Units @      $       /Unit            $
      Property Management Fee                                Units @      $       /Unit            $
      Service Ammenities/Provider                            Units @      $       /Unit            $
      Property Taxes                                         Units @      $       /Unit            $
      Operating & Capital Reserve                            Units @      $       /Unit            $
      Ground Lease Payment                     $             Property Value     % Rate of Return   $

      Total Operating Expenses                               Units @        $     /Unit                      $

III. Net Operating Income                                                                                    $




      C:\Docstoc\Working\pdf\bc489544-03e6-4620-a86a-72d00e736c3c.xls                                  Exhibit A - Page 2 of 4
                                                       ATTACHMENT D
                                                          Exhibit A
TABLE 3

ESTIMATED FINANCIAL GAP
MULTI-FAMILY HOUSING DEVELOPMENT
ANAHEIM, CALIFORNIA




I.    Available Funding Sources

      A. Debt
         Net Operating Income (TABLE 2)            $
         Income Available for Debt Service         $         @              % Coverage
         Interest Rate/Mortgage Constant                   % Interest       % Constant
                                                                                         $
      B. Other Funding Sources
           Net Tax Credit Value (TABLE 3A)                              $
           Deferred Developer Fee                                       $
           Other (specify)                                              $
           Private Equity                                               $                $

      Total Available Funding Sources                                                    $

II.   Financial Gap Calculation
       Total Available Funding Sources                                  $
       (Less) Total Construction Costs (TABLE 1)                        $

      Total Financial Gap                                                                $
      Per Unit                                                                           $




      C:\Docstoc\Working\pdf\bc489544-03e6-4620-a86a-72d00e736c3c.xls                        Exhibit A - Page 3 of 4
                                                        ATTACHMENT D
                                                           Exhibit A
TABLE 3A

LOW INCOME HOUSING TAX CREDITS UNDERWRITING ASSUMPTIONS
MULTI-FAMILY HOUSING DEVELOPMENT
ANAHEIM, CALIFORNIA




I.    Tax Credit Basis
         Gross Eligible Basis                                                              $
         Discount to Maximize Points/Tie Breaker                                                     %

      Actual Tax Credit Basis                                                                             $

II.   Tax Credit Adjustments
           Difficult to Develop Premium Census TractYes = 130% / No = 100%                           %
           Annual Tax Credit Percentage                                                              %
           Tax Credit Period                                                                   10 Years
           % of Costs Eligible for Tax Credits                                                       %

III. Net Tax Credit Funds
      Gross Tax Credits                            Actual Tax Credit Basis X Adjustments   $
      Syndication Proceeds Per Tax Credit $0.75                                            $

      Net Tax Credit Value                                                                                $




      C:\Docstoc\Working\pdf\bc489544-03e6-4620-a86a-72d00e736c3c.xls                                         Exhibit A - Page 4 of 4

				
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