lis 217 stemming the tide - LISC

Proforma 3: NONPROFIT PURCHASE WITH ENHANCED VOUCHERSCurrent New RentUnits Rent Rent Increase Total Per UnitIncome/ ExpensesS8 Enhanced Vouchers 100 $500 $750 50% 900,000S8 Regular Vouchers 10% over time $650 0Tax Credit Rents 90% over time $550 0Gross Potential Income 900,000Vacancy 5% (45,000)Effective Gross Income 855,000Operating Expenses 500,000 5,000Net Operating Income 355,000Debt Service Minimum NOI/1.10 (Year 11) 153,372Cash Flow 201,628Debt Coverage 2.31Sources of Funds Rate Term (years) ConstantNew Mortgage 7.75% 30 0.08597 1,784,025 17,840Gap Financing 3,215,975 32,160Total Sources 5,000,000 50,000Uses of FundsAcquisition 3,000,000 30,000Rehab + Contingency 1,500,000 15,000Transaction Costs 11% of acquisition & rehab 500,000 5,000Total Uses 5,000,000 50,000Year 1 2 3 4 5 6 7 8 9 10 11 12EVs 100 90 80 70 60 50 40 30 20 10 0 0Reg. Vs 0 1 2 3 4 5 6 7 8 9 10 10LIHTC 0 9 18 27 36 45 54 63 72 81 90 90TrendS8 EV 1.02 900,000 826,200 749,088 668,561 584,513 496,836 405,418 310,145 210,899 107,558 0 0Reg. V 1.02 7,956 16,230 24,832 33,772 43,059 52,704 62,718 73,112 83,895 95,082 96,983LIHTC1.02 60,588 123,600 189,107 257,186 327,912 401,364 477,624 556,773 638,896 724,083 738,564GPI 900,000 894,744 888,918 882,501 875,471 867,808 859,487 850,487 840,783 830,350 819,164 835,548Vac. (45,000) (44,737) (44,446) (44,125) (43,774) (43,390) (42,974) (42,524) (42,039) (41,518) (40,958) (41,777)EGI 855,000 850,007 844,472 838,376 831,698 824,417 816,513 807,963 798,744 788,833 778,206 793,770Op. Exp. 1.020 500,000 510,000 520,200 530,604 541,216 552,040 563,081 574,343 585,830 597,546 609,497 621,687NOI 355,000 340,007 324,272 307,772 290,481 272,377 253,432 233,620 212,914 191,287 168,709 172,083DS 153,372 153,372 153,372 153,372 153,372 153,372 153,372 153,372 153,372 153,372 153,372 153,372CF 201,628 186,635 170,900 154,400 137,110 119,005 100,060 80,248 59,542 37,915 15,337 18,711DCR 2.31 2.22 2.11 2.01 1.89 1.78 1.65 1.52 1.39 1.25 1.10 1.12chapter two: Federal Preservation Tools17