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12-20-2018 Housing and Community Development Commission
Unit Type 1 Bedroom 2 Bedroom 3 Bedroom 3 Bedroom 1 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom 2 Bedroom 3 Bedroom REVENUE G & A EXPENSES R & M EXPENSES UTILITIES INSURANCE TAX CREDIT REAL ESTATE TAXES REPLACEMENT RESERVES NETOPERATING INCOME DEBT SERVICE First Mortgage Housing Trust Fund Iowa City TOTAL DEBT SERVICE CASH FLOW DEBT SERVICE COVERAGE NEX APARTMENTS - CONTRACT RENT OPTIONS FOR IOWA CITY $ 151,929 $ 152,851 $ 153,727 $ 154,556 $ 155,334 $ (99,630) Current Development Plan (99,630) $ (99,630) $ (99,630) # of Units (99,630) Rent Restr Contact Rent Annual Rent $ (26,253) $ 1 $ 30% $ 450 $ 5,400 (6,775) $ (6,775) 1 (6,775) 30% $ 533 $ 6,396 565 Amortization 1 30% $ 628 $ 7,536 1 30% $ 628 $ 7,536 1 40% $ 612 $ 7,344 5 40% $ 729 $ 43,740 5 40% $ 839 $ 50,340 2 60% $ 804 $ 19,296 5 60% $ 959 $ 57,540 10 60% $ 1,104 $ 132,480 2 Mkt Rate $ 974 $ 23,376 1 Mkt Rate $ 1,163 $ 13,956 1 Mkt Rate $ 1,339 $ 16,068 Annual Gross Potential Revenue $ 391,008 Occupancy Rate 93% REVENUE $ 363,637 Year 1 2 3 4 5 $ 363,637 $ 370,910 $ 378,328 $ 385,895 $ 393,613 $ (62,200) $ (64,066) $ (65,988) $ (67,968) $ (70,007) $ (30,400) $ (31,312) $ (32,251) $ (33,219) $ (34,215) $ (44,000) $ (45,320) $ (46,680) $ (48,080) $ (49,522) $ (12,000) $ (12,360) $ (12,731) $ (13,113) $ (13,506) $ (5,508) $ (5,673) $ (5,843) $ (6,019) $ (6,199) $ (43,200) $ (44,496) $ (45,831) $ (47,206) $ (48,622) $ (14,400) $ (14,832) $ (15,277) $ (15,735) $ (16,207) $ 151,929 $ 152,851 $ 153,727 $ 154,556 $ 155,334 $ (99,630) $ (99,630) $ (99,630) $ (99,630) $ (99,630) $ (26,253) $ (26,253) $ (26,253) $ (26,253) $ (26,253) $ (6,775) $ (6,775) $ (6,775) $ (6,775) $ (6,775) $ (132,658) $ (132,658) $ (132,658) $ (132,658) $ (132,658) $ 19,272 $ 20,193 $ 21,070 $ 21,898 $ 22,676 1.15 1.15 1.16 1.17 1.17 First Mortgage: $ 1,500,000 Interest Rate (86,346) 5.75° Monthly Payment $ 8,303 Amortization Contact Rent 35 Housing Trust Fund: $ 775,000 Interest Rate $ 1.00° Monthly Payment $ 2,188 Amortization (13,550) 35 Iowa City Loan: $ 200,000 Interest Rate $ 1.00° Monthly Payment $ 565 Amortization 35 Unit Type 1 Bedroom 2 Bedroom 3 Bedroom 3 Bedroom 1 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom 2 Bedroom 3 Bedroom 1 Bedroom 2 Bedroom 3 Bedroom REVENUE G &A EXPENSES R & M EXPENSES UTILITIES INSURANCE TAX CREDIT REAL ESTATE TAXES REPLACEMENT RESERVES NET OPERATING INCOME DEBT SERVICE First Mortgage Housing Trust Fund Iowa City TOTAL DEBT SERVICE CASH FLOW DEBT SERVICE COVERAGE $ 145,222 $ 146,010 $ 146,749 $ 147,438 $ 148,074 $ (86,346) Optional Development Plan (86,346) $ (86,346) $ (86,346) # of Units (86,346) Restriction Contact Rent Annual Rent $ (26,253) $ 1 $ 30% $ 450 $ 5,400 (13,550) $ (13,550) 1 (13,550) 30% $ 450 $ 5,400 1,129 Amortization 1 30% $ 450 $ 5,400 1 30% $ 450 $ 5,400 1 40% $ 450 $ 5,400 5 40% $ 729 $ 43,740 5 40% $ 839 $ 50,340 2 60% $ 804 $ 19,296 5 60% $ 959 $ 57,540 10 60% $ 1,104 $ 132,480 2 Mkt Rate $ 974 $ 23,376 1 Mkt Rate $ 1,163 $ 13,956 1 Mkt Rate $ 1,339 $ 16,068 Annual Gross Potential Revenue $ 383,796 Occupancy Rate 93% REVENUE $ 356,930 Year 1 2 3 4 5 $ 356,930 $ 364,069 $ 371,350 $ 378,777 $ 386,353 $ (62,200) $ (64,066) $ (65,988) $ (67,968) $ (70,007) $ (30,400) $ (31,312) $ (32,251) $ (33,219) $ (34,215) $ (44,000) $ (45,320) $ (46,680) $ (48,080) $ (49,522) $ (12,000) $ (12,360) $ (12,731) $ (13,113) $ (13,506) $ (5,508) $ (5,673) $ (5,843) $ (6,019) $ (6,199) $ (43,200) $ (44,496) $ (45,831) $ (47,206) $ (48,622) $ (14,400) $ (14,832) $ (15,277) $ (15,735) $ (16,207) $ 145,222 $ 146,010 $ 146,749 $ 147,438 $ 148,074 $ (86,346) $ (86,346) $ (86,346) $ (86,346) $ (86,346) $ (26,253) $ (26,253) $ (26,253) $ (26,253) $ (26,253) $ (13,550) $ (13,550) $ (13,550) $ (13,550) $ (13,550) $ (126,148) $ (126,148) $ (126,148) $ (126,148) $ (126,148) $ 19,074 $ 19,861 $ 20,601 $ 21,290 $ 21,925 1.15 1.16 1.16 1.17 1.17 First Mortgage: $ 1,300,000 Interest Rate 5.75° Monthly Payment $ 7,196 Amortization 35 Housing Trust Fund: $ 775,000 Interest Rate 1.00° Monthly Payment $ 2,188 Amortization 35 Iowa City Loan: $ 400,000 Interest Rate 1.00° Monthly Payment $ 1,129 Amortization 35 TOTAL DEBT $ 2,475,000 TOTAL DEBT $ 2,475,000