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LMA Report - Public Benefit Analysis JPA Escaya 8 31 21
o o o ▪ ▪ ▪ ▪ ▪ ▪ o o • • o o o o o o • • • • Benefit-to-Cost Reconciliation (From Rent Savings) / Years 1-15 Inflation of Market Rents:3.0%Inflation of Market Rents:3.5%Inflation of Market Rents:4.0% Costs:Costs:Costs: Foregone Property Taxes Foregone Property Taxes Foregone Property Taxes City of Chula Vista - Otay Ranch No. 1 $1,448,514 City of Chula Vista - Otay Ranch No. 1 $1,448,514 City of Chula Vista - Otay Ranch No. 1 $1,448,514 Local Educational Authorities $10,251,846 Local Educational Authorities $10,251,846 Local Educational Authorities $10,251,846 San Diego County $1,448,514 San Diego County $1,448,514 San Diego County $1,448,514 Other San Diego County Services $149,658 Other San Diego County Services $149,658 Other San Diego County Services $149,658 Otay Water District $238,576 Otay Water District $238,576 Otay Water District $238,576 San Diego Unified Port District $0 San Diego Unified Port District $0 San Diego Unified Port District $0 Other Regional Services $81,457 Other Regional Services $81,457 Other Regional Services $81,457 Various Props $2,019,225 Various Props $2,019,225 Various Props $2,019,225 Total Costs $15,637,791 Total Costs $15,637,791 Total Costs $15,637,791 # of Units 272 # of Units 272 # of Units 272 Net Costs/Units $57,492 Net Costs/Units $57,492 Net Costs/Units $57,492 Benefits:Benefits:Benefits: Affordability Savings Affordability Savings Affordability Savings Market Rate Revenue $130,626,299 Market Rate Revenue $135,519,923 Market Rate Revenue $140,632,252 Rent Restricted Revenue $122,654,160 Rent Restricted Revenue $122,654,160 Rent Restricted Revenue $122,654,160 Total Rent Savings $7,972,138 Total Rent Savings $12,865,763 Total Rent Savings $17,978,091 Total Benefits $7,972,138 Total Benefits $12,865,763 Total Benefits $17,978,091 # of Units 272 # of Units 272 # of Units 272 Diff./Units $29,309 Diff./Units $47,301 Diff./Units $66,096 Benefit-to-Cost Ratio 0.51 Benefit-to-Cost Ratio 0.82 Benefit-to-Cost Ratio 1.15 Benefit-to-Cost Ratio (Year 15 From Operations + Net Sale Proceeds) Low High Inflation of Market Rents 3.0%4.0% Cap Rate at Sale 5.00%4.75% Sale at Year 15 - Total Benefits From Operations $7,972,138 $17,978,091 Net Sale Proceeds $29,857,335 $36,536,428 Total Public Benefit $37,829,473 $54,514,520 Total Costs $15,637,791 $15,637,791 Benefit-to-Cost Ratio 2.42 3.49 Benefit-to-Cost Reconciliation (From Rent Savings) / Years 1-30 Inflation of Market Rents:3.0%Inflation of Market Rents:3.5%Inflation of Market Rents:4.0% Costs:Costs:Costs: Foregone Property Taxes Foregone Property Taxes Foregone Property Taxes City of Chula Vista - Otay Ranch No. 1 $3,398,024 City of Chula Vista - Otay Ranch No. 1 $3,398,024 City of Chula Vista - Otay Ranch No. 1 $3,398,024 Local Educational Authorities $24,049,481 Local Educational Authorities $24,049,481 Local Educational Authorities $24,049,481 San Diego County $3,398,024 San Diego County $3,398,024 San Diego County $3,398,024 Other San Diego County Services $351,077 Other San Diego County Services $351,077 Other San Diego County Services $351,077 Otay Water District $559,669 Otay Water District $559,669 Otay Water District $559,669 San Diego Unified Port District $0 San Diego Unified Port District $0 San Diego Unified Port District $0 Other Regional Services $191,088 Other Regional Services $191,088 Other Regional Services $191,088 Various Props $4,736,835 Various Props $4,736,835 Various Props $4,736,835 Total Costs $36,684,198 Total Costs $36,684,198 Total Costs $36,684,198 # of Units 272 # of Units 272 # of Units 272 Net Costs/Units $134,868 Net Costs/Units $134,868 Net Costs/Units $134,868 Benefits:Benefits:Benefits: Affordability Savings Affordability Savings Affordability Savings Market Rate Revenue $334,137,816 Market Rate Revenue $362,563,067 Market Rate Revenue $393,902,992 Rent Restricted Revenue $312,934,107 Rent Restricted Revenue $312,934,107 Rent Restricted Revenue $312,934,107 Total Rent Savings $21,203,709 Total Rent Savings $49,628,960 Total Rent Savings $80,968,886 Total Benefits $21,203,709 Total Benefits $49,628,960 Total Benefits $80,968,886 # of Units 272 # of Units 272 # of Units 272 Diff./Units $77,955 Diff./Units $182,459 Diff./Units $297,680 Benefit-to-Cost Ratio 0.58 Benefit-to-Cost Ratio 1.35 Benefit-to-Cost Ratio 2.21 Benefit-to-Cost Ratio (Year 30 From Operations + Net Sale Proceeds) Low High Inflation of Market Rents 3.0%4.0% Cap Rate at Sale 6.0%5.5% Sale at Year 35 - Total Benefits From Operations $21,203,709 $80,968,886 Net Sale Proceeds $148,298,777 $163,658,131 Total Public Benefit $169,502,486 $244,627,016 Total Costs $36,684,198 $36,684,198 Benefit-to-Cost Ratio 4.62 6.67 Escaya - JPA Moderate-Income Program Chula Vista, CA Rent Roll Assumptions Summary Target Unit Mix AMI Level % of Mix 80%33.3% 100%33.3% 120%33.3% Total Monthly $/S.F.Potential Monthly $/S.F.Potential Monthly $/S.F.Potential Monthly $/S.F.Potential Total Unit Mix # of Units % of Mix Unit Size Net Rentable Rent Rent Gross Rent Rent Rent Gross Rent Rent Rent Gross Rent Rent Rent Gross Rent 1 Bed 141 51.8%789 111,249 $2,005 $2.54 $3,392,460 $2,180 $2.76 $3,688,560 $2,692 $3.41 $4,555,380 $1,959 $0.98 $3,314,131 2 Bed 111 40.8%1,068 118,548 $2,431 $2.28 $3,238,092 $2,578 $2.41 $3,433,896 $3,030 $2.84 $4,036,360 $2,359 $0.97 $3,142,151 3 Bed 20 7.4%1,569 31,380 $3,408 $2.17 $817,920 $3,576 $2.28 $858,240 $3,366 $2.15 $807,751 $3,119 $0.92 $748,451 Total 272 100%960 261,177 $2,282 $2.38 $7,448,472 $2,445 $2.55 $7,980,696 $2,880 $3.00 $9,399,491 $2,207 $0.97 $7,204,732 Moderate Income Mix 1 Bed - 80% AMI 47 51.8%789 37,046 $2,005 $2.54 $1,129,689 $2,180 $2.76 $1,228,290 $2,156 $2.73 $1,214,768 $1,804 $2.29 $1,016,439 2 Bed - 80% AMI 37 40.8%1,068 39,476 $2,431 $2.28 $1,078,285 $2,578 $2.41 $1,143,487 $2,427 $2.27 $1,076,510 $2,185 $2.05 $969,170 3 Bed - 80% AMI 7 7.4%1,569 10,450 $3,408 $2.17 $272,367 $3,576 $2.28 $285,794 $2,695 $1.72 $215,384 $2,651 $1.69 $211,868 Total 91 100%960 86,972 $2,282 $2.38 $2,480,341 $2,445 $2.55 $2,657,572 $2,306 $2.40 $2,506,663 $2,022 $2.11 $2,197,476 1 Bed - 100% AMI 47 51.8%789 37,046 $2,005 $2.54 $1,129,689 $2,180 $2.76 $1,228,290 $2,695 $3.42 $1,518,460 $2,079 $2.63 $1,171,383 2 Bed - 100% AMI 37 40.8%1,068 39,476 $2,431 $2.28 $1,078,285 $2,578 $2.41 $1,143,487 $3,033 $2.84 $1,345,305 $2,476 $2.32 $1,098,245 3 Bed - 100% AMI 7 7.4%1,569 10,450 $3,408 $2.17 $272,367 $3,576 $2.28 $285,794 $3,369 $2.15 $269,250 $3,306 $2.11 $264,216 Total 91 100%960 86,972 $2,282 $2.38 $2,480,341 $2,445 $2.55 $2,657,572 $2,882 $3.00 $3,133,016 $2,331 $2.43 $2,533,844 1 Bed - 120% AMI 47 51.8%789 37,046 2,005 $2.54 $1,129,689 $2,180 $2.76 $1,228,290 $3,234 $4.10 $1,822,152 $1,999 $2.53 $1,126,309 2 Bed - 120% AMI 37 40.8%1,068 39,476 2,431 $2.28 $1,078,285 $2,578 $2.41 $1,143,487 $3,640 $3.41 $1,614,544 $2,423 $2.27 $1,074,736 3 Bed - 120% AMI 7 7.4%1,569 10,450 3,408 $2.17 $272,367 $3,576 $2.28 $285,794 $4,043 $2.58 $323,117 $3,408 $2.17 $272,367 Total 91 100%960 86,972 $2,282 $2.38 $2,480,341 $2,445 $2.55 $2,657,572 $3,459 $3.60 $3,759,812 $2,276 $2.37 $2,473,412 Source: HomeFed Corporation In-Place Rents Market Rents Max Restricted Rent Actual Restricted Rent Escaya - JPA Moderate-Income Program Chula Vista, CA Rent Savings Forecast Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 1 2 3 4 5 6 7 8 9 Program Rental Revenue Potential Gross Rent $7,367,758 $7,282,865 $7,413,834 $7,606,746 $7,834,900 $8,069,947 $8,312,045 $8,561,407 $8,818,249 Potential Gross Income $7,367,758 $7,282,865 $7,413,834 $7,606,746 $7,834,900 $8,069,947 $8,312,045 $8,561,407 $8,818,249 Non-Revenue Units ($46,448)($47,842)($49,277)($50,755)($52,278)($53,847)($55,462)($57,126)($58,840) Vacancy ($368,388)($364,143)($370,692)($380,337)($391,745)($403,497)($415,602)($428,070)($440,912) Total Costs ($414,836)($411,985)($419,969)($431,093)($444,023)($457,344)($471,064)($485,196)($499,752) Effective Residential Revenue $6,952,922 $6,870,880 $6,993,865 $7,175,653 $7,390,877 $7,612,603 $7,840,981 $8,076,211 $8,318,497 Market Rate Rental Revenue - 3% Inflation Potential Gross Rent $7,448,052 $7,671,494 $7,901,638 $8,138,688 $8,382,848 $8,634,334 $8,893,364 $9,160,165 $9,434,969 Potential Gross Income $7,448,052 $7,671,494 $7,901,638 $8,138,688 $8,382,848 $8,634,334 $8,893,364 $9,160,165 $9,434,969 Non-Revenue Units ($52,320)($53,890)($55,506)($57,171)($58,887)($60,653)($62,473)($64,347)($66,277) Vacancy ($372,403)($383,575)($395,082)($406,934)($419,142)($431,717)($444,668)($458,008)($471,748) Total Costs ($424,723)($437,464)($450,588)($464,106)($478,029)($492,370)($507,141)($522,355)($538,026) Effective Residential Revenue $7,023,329 $7,234,029 $7,451,050 $7,674,582 $7,904,819 $8,141,964 $8,386,223 $8,637,809 $8,896,944 Program v. Market Rate Residential Revenue $70,408 $363,149 $457,185 $498,928 $513,942 $529,361 $545,241 $561,599 $578,447 Market Rate Rental Revenue - 3.5% Inflation 3.5% Potential Gross Rent $7,448,052 $7,708,734 $7,978,540 $8,257,788 $8,546,811 $8,845,949 $9,155,558 $9,476,002 $9,807,662 Potential Gross Income $7,448,052 $7,708,734 $7,978,540 $8,257,788 $8,546,811 $8,845,949 $9,155,558 $9,476,002 $9,807,662 Non-Revenue Units ($52,320)($54,151)($56,046)($58,008)($60,038)($62,140)($64,315)($66,566)($68,895) Vacancy ($372,403)($385,437)($398,927)($412,889)($427,341)($442,297)($457,778)($473,800)($490,383) Total Costs ($424,723)($439,588)($454,973)($470,898)($487,379)($504,437)($522,093)($540,366)($559,279) Effective Residential Revenue $7,023,329 $7,269,146 $7,523,566 $7,786,891 $8,059,432 $8,341,512 $8,633,465 $8,935,636 $9,248,384 Program v. Market Rate Residential Revenue $70,408 $398,266 $529,701 $611,238 $668,555 $728,909 $792,484 $859,426 $929,887 Market Rate Rental Revenue - 4.0% Inflation 4.0% Potential Gross Rent $7,448,052 $7,745,974 $8,055,813 $8,378,046 $8,713,167 $9,061,694 $9,424,162 $9,801,128 $10,193,173 Potential Gross Income $7,448,052 $7,745,974 $8,055,813 $8,378,046 $8,713,167 $9,061,694 $9,424,162 $9,801,128 $10,193,173 Non-Revenue Units ($52,320)($54,413)($56,589)($58,853)($61,207)($63,655)($66,201)($68,850)($71,604) Vacancy ($372,403)($387,299)($402,791)($418,902)($435,658)($453,085)($471,208)($490,056)($509,659) Total Costs ($424,723)($441,712)($459,380)($477,755)($496,865)($516,740)($537,410)($558,906)($581,262) Effective Residential Revenue $7,023,329 $7,304,263 $7,596,433 $7,900,290 $8,216,302 $8,544,954 $8,886,752 $9,242,222 $9,611,911 Program v. Market Rate Residential Revenue $70,408 $433,383 $602,568 $724,637 $825,425 $932,351 $1,045,771 $1,166,012 $1,293,414 Escaya - JPA Moderate-Income Program Chula Vista, CA Rent Savings Forecast Program Rental Revenue Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Market Rate Rental Revenue - 3% Inflation Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Program v. Market Rate Residential Revenue Market Rate Rental Revenue - 3.5% Inflation Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Program v. Market Rate Residential Revenue Market Rate Rental Revenue - 4.0% Inflation Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Program v. Market Rate Residential Revenue Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 10 11 12 13 14 15 16 17 $9,082,796 $9,355,280 $9,635,939 $9,925,017 $10,222,767 $10,529,450 $10,845,334 $11,170,694 $9,082,796 $9,355,280 $9,635,939 $9,925,017 $10,222,767 $10,529,450 $10,845,334 $11,170,694 ($60,605)($62,423)($64,296)($66,224)($68,211)($70,257)($72,365)($74,536) ($454,140)($467,764)($481,797)($496,251)($511,138)($526,473)($542,267)($558,535) ($514,745)($530,187)($546,092)($562,475)($579,350)($596,730)($614,632)($633,071) $8,568,052 $8,825,093 $9,089,846 $9,362,542 $9,643,418 $9,932,720 $10,230,702 $10,537,623 $9,718,019 $10,009,559 $10,309,846 $10,619,141 $10,937,715 $11,265,847 $11,603,822 $11,951,937 $9,718,019 $10,009,559 $10,309,846 $10,619,141 $10,937,715 $11,265,847 $11,603,822 $11,951,937 ($68,266)($70,314)($72,423)($74,596)($76,834)($79,139)($81,513)($83,958) ($485,901)($500,478)($515,492)($530,957)($546,886)($563,292)($580,191)($597,597) ($554,167)($570,792)($587,915)($605,553)($623,719)($642,431)($661,704)($681,555) $9,163,852 $9,438,767 $9,721,930 $10,013,588 $10,313,996 $10,623,416 $10,942,118 $11,270,382 $595,800 $613,674 $632,084 $651,047 $670,578 $690,695 $711,416 $732,759 $10,150,930 $10,506,213 $10,873,930 $11,254,518 $11,648,426 $12,056,121 $12,478,085 $12,914,818 $10,150,930 $10,506,213 $10,873,930 $11,254,518 $11,648,426 $12,056,121 $12,478,085 $12,914,818 ($71,307)($73,803)($76,386)($79,059)($81,826)($84,690)($87,654)($90,722) ($507,547)($525,311)($543,697)($562,726)($582,421)($602,806)($623,904)($645,741) ($578,853)($599,113)($620,082)($641,785)($664,247)($687,496)($711,559)($736,463) $9,572,077 $9,907,100 $10,253,848 $10,612,733 $10,984,179 $11,368,625 $11,766,527 $12,178,355 $1,004,025 $1,082,006 $1,164,002 $1,250,191 $1,340,761 $1,435,904 $1,535,825 $1,640,732 $10,600,900 $11,024,936 $11,465,934 $11,924,571 $12,401,554 $12,897,616 $13,413,521 $13,950,062 $10,600,900 $11,024,936 $11,465,934 $11,924,571 $12,401,554 $12,897,616 $13,413,521 $13,950,062 ($74,468)($77,446)($80,544)($83,766)($87,117)($90,601)($94,225)($97,994) ($530,045)($551,247)($573,297)($596,229)($620,078)($644,881)($670,676)($697,503) ($604,513)($628,693)($653,841)($679,995)($707,194)($735,482)($764,901)($795,497) $9,996,388 $10,396,243 $10,812,093 $11,244,577 $11,694,360 $12,162,134 $12,648,619 $13,154,564 $1,428,336 $1,571,150 $1,722,247 $1,882,035 $2,050,942 $2,229,414 $2,417,917 $2,616,941 Escaya - JPA Moderate-Income Program Chula Vista, CA Rent Savings Forecast Program Rental Revenue Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Market Rate Rental Revenue - 3% Inflation Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Program v. Market Rate Residential Revenue Market Rate Rental Revenue - 3.5% Inflation Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Program v. Market Rate Residential Revenue Market Rate Rental Revenue - 4.0% Inflation Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Program v. Market Rate Residential Revenue Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 18 19 20 21 22 23 24 25 $11,505,815 $11,850,989 $12,206,519 $12,572,714 $12,949,896 $13,338,393 $13,738,545 $14,150,701 $11,505,815 $11,850,989 $12,206,519 $12,572,714 $12,949,896 $13,338,393 $13,738,545 $14,150,701 ($76,772)($79,075)($81,448)($83,891)($86,408)($89,000)($91,670)($94,420) ($575,291)($592,549)($610,326)($628,636)($647,495)($666,920)($686,927)($707,535) ($652,063)($671,625)($691,774)($712,527)($733,903)($755,920)($778,597)($801,955) $10,853,752 $11,179,364 $11,514,745 $11,860,188 $12,215,993 $12,582,473 $12,959,947 $13,348,746 $12,310,495 $12,679,810 $13,060,204 $13,452,010 $13,855,571 $14,271,238 $14,699,375 $15,140,356 $12,310,495 $12,679,810 $13,060,204 $13,452,010 $13,855,571 $14,271,238 $14,699,375 $15,140,356 ($86,477)($89,071)($91,743)($94,496)($97,331)($100,251)($103,258)($106,356) ($615,525)($633,990)($653,010)($672,601)($692,779)($713,562)($734,969)($757,018) ($702,002)($723,062)($744,754)($767,096)($790,109)($813,812)($838,227)($863,374) $11,608,493 $11,956,748 $12,315,451 $12,684,914 $13,065,462 $13,457,425 $13,861,148 $14,276,983 $754,742 $777,384 $800,705 $824,726 $849,468 $874,952 $901,201 $928,237 $13,366,837 $13,834,676 $14,318,890 $14,820,051 $15,338,753 $15,875,609 $16,431,255 $17,006,349 $13,366,837 $13,834,676 $14,318,890 $14,820,051 $15,338,753 $15,875,609 $16,431,255 $17,006,349 ($93,897)($97,184)($100,585)($104,106)($107,749)($111,521)($115,424)($119,464) ($668,342)($691,734)($715,944)($741,003)($766,938)($793,780)($821,563)($850,317) ($762,239)($788,918)($816,530)($845,108)($874,687)($905,301)($936,987)($969,781) $12,604,598 $13,045,758 $13,502,360 $13,974,943 $14,464,066 $14,970,308 $15,494,269 $16,036,568 $1,750,846 $1,866,394 $1,987,615 $2,114,755 $2,248,072 $2,387,835 $2,534,321 $2,687,822 $14,508,064 $15,088,387 $15,691,922 $16,319,599 $16,972,383 $17,651,278 $18,357,330 $19,091,623 $14,508,064 $15,088,387 $15,691,922 $16,319,599 $16,972,383 $17,651,278 $18,357,330 $19,091,623 ($101,914)($105,991)($110,230)($114,640)($119,225)($123,994)($128,954)($134,112) ($725,403)($754,419)($784,596)($815,980)($848,619)($882,564)($917,866)($954,581) ($827,317)($860,410)($894,826)($930,620)($967,844)($1,006,558)($1,046,820)($1,088,693) $13,680,747 $14,227,977 $14,797,096 $15,388,980 $16,004,539 $16,644,720 $17,310,509 $18,002,930 $2,826,995 $3,048,612 $3,282,350 $3,528,792 $3,788,545 $4,062,247 $4,350,562 $4,654,184 Escaya - JPA Moderate-Income Program Chula Vista, CA Rent Savings Forecast Program Rental Revenue Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Market Rate Rental Revenue - 3% Inflation Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Program v. Market Rate Residential Revenue Market Rate Rental Revenue - 3.5% Inflation Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Program v. Market Rate Residential Revenue Market Rate Rental Revenue - 4.0% Inflation Potential Gross Rent Potential Gross Income Non-Revenue Units Vacancy Total Costs Effective Residential Revenue Program v. Market Rate Residential Revenue Year 26 Year 27 Year 28 Year 29 Year 30 26 27 28 29 30 $14,575,222 $15,012,479 $15,462,853 $15,926,739 $16,404,541 $14,575,222 $15,012,479 $15,462,853 $15,926,739 $16,404,541 ($97,253)($100,170)($103,175)($106,271)($109,459) ($728,761)($750,624)($773,143)($796,337)($820,227)Cumulative Cumulative ($826,014)($850,794)($876,318)($902,608)($929,686)Total (Yr. 1 - 15)Total (Yr. 1 - 30) $13,749,208 $14,161,684 $14,586,535 $15,024,131 $15,474,855 $122,654,160 $312,934,107 $15,594,567 $16,062,404 $16,544,276 $17,040,604 $17,551,822 $15,594,567 $16,062,404 $16,544,276 $17,040,604 $17,551,822 ($109,546)($112,833)($116,218)($119,704)($123,296) ($779,728)($803,120)($827,214)($852,030)($877,591) ($889,275)($915,953)($943,432)($971,735)($1,000,887) $14,705,292 $15,146,451 $15,600,844 $16,068,870 $16,550,936 $130,626,299 $334,137,816 $956,084 $984,767 $1,014,310 $1,044,739 $1,076,081 $7,972,138 $21,203,709 $17,601,572 $18,217,627 $18,855,243 $19,515,177 $20,198,208 $17,601,572 $18,217,627 $18,855,243 $19,515,177 $20,198,208 ($123,645)($127,973)($132,452)($137,087)($141,885) ($880,079)($910,881)($942,762)($975,759)($1,009,910) ($1,003,724)($1,038,854)($1,075,214)($1,112,846)($1,151,796) $16,597,848 $17,178,773 $17,780,030 $18,402,331 $19,046,412 $135,519,923 $362,563,067 $2,848,640 $3,017,088 $3,193,495 $3,378,200 $3,571,558 $12,865,763 $49,628,960 $19,855,288 $20,649,499 $21,475,479 $22,334,498 $23,227,878 $19,855,288 $20,649,499 $21,475,479 $22,334,498 $23,227,878 ($139,477)($145,056)($150,858)($156,892)($163,168) ($992,764)($1,032,475)($1,073,774)($1,116,725)($1,161,394) ($1,132,241)($1,177,531)($1,224,632)($1,273,617)($1,324,562) $18,723,047 $19,471,969 $20,250,847 $21,060,881 $21,903,316 $140,632,252 $393,902,992 $4,973,839 $5,310,284 $5,664,312 $6,036,750 $6,428,462 $17,978,091 $80,968,886 Escaya - JPA Moderate-Income Program Chula Vista, CA Cash Flow Forecast Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 1 2 3 4 5 6 NOI (from operations)$5,470,499 $5,658,772 $5,780,897 $6,056,237 $6,293,581 $6,482,389 Other Capex $0 $0 $0 $0 $0 $0 Capital Reserve Deposit ($81,600)($108,800)($136,000)($163,200)($190,400)($190,400) Other Administrative Fee ($30,000)($30,900)($31,827)($32,782)($33,765)($34,778) Authority Monitoring Fee (CMFA)($150,000)($150,000)($150,000)($150,000)($150,000)($150,000) Asset Management Fees ($360,000)($360,000)($360,000)($360,000)($360,000)($370,800) Total Other Expenses ($621,600)($649,700)($677,827)($705,982)($734,165)($745,978) NOI (after other expenses & capex)$4,848,899 $5,009,072 $5,103,070 $5,350,255 $5,559,416 $5,736,411 Trailing Excess NOI $0 $0 $0 $0 $1,715 $7,873 Investment Income $100,584 $98,183 $97,176 $96,935 $96,935 $96,935 Total Available Funds for Debt Service $4,949,483 $5,107,255 $5,200,246 $5,447,190 $5,658,066 $5,841,219 A Bond BOP A Bond Outstanding $130,823,000 $130,823,000 $130,823,000 $130,823,000 $130,823,000 $130,803,000 Interest Accrual $5,232,920 $5,232,920 $5,232,920 $5,232,920 $5,232,720 $5,230,120 Interest Payment from NOI ($4,848,899)($5,009,072)($5,103,070)($5,232,920)($5,232,720)($5,230,120) Capitalized Interest Release ($283,438)($125,665)($32,674)$0 $0 $0 Investment Income Release ($100,584)($98,183)($97,176)$0 $0 $0 Coverage Reserve Release $0 $0 $0 $0 $0 $0 Debt Service Reserve Release $0 $0 $0 $0 $0 $0 Unfunded Interest $0 $0 $0 $0 $0 $0 Funds Remaining for B Bond Payment $0 $0 $0 $214,270 $425,346 $611,099 B Bond $1,385,730 BOP B Bond Outstanding $5,000,000 $5,400,000 $5,800,000 $6,200,000 $6,385,730 $6,385,730 Interest Accrual $400,000 $400,000 $400,000 $400,000 $400,000 $400,000 Interest Payment $0 $0 $0 ($214,270)($400,000)($400,000) PIK Principal Accrual $400,000 $400,000 $400,000 $185,730 $0 $0 Funds Available for A Bond Redemption $0 $0 $0 $0 $25,346 $211,099 A Bonds - Redemption Special Redemption $0 $0 $0 $0 ($20,000)($205,000) EOP A Bonds Outstanding $130,823,000 $130,823,000 $130,823,000 $130,823,000 $130,803,000 $130,598,000 Funds Available for B Bond Redemption $0 $0 $0 $0 $5,346 $6,099 B Bonds - Redemption Special Redemption $0 $0 $0 $0 $0 $0 B Bonds Outstanding $5,400,000 $5,800,000 $6,200,000 $6,385,730 $6,385,730 $6,385,730 Cash Flow After Bond Redemption ------------------ Source: HomeFed Corporation Escaya - JPA Moderate-Income Program Chula Vista, CA Cash Flow Forecast NOI (from operations) Other Capex Capital Reserve Deposit Other Administrative Fee Authority Monitoring Fee (CMFA) Asset Management Fees Total Other Expenses NOI (after other expenses & capex) Trailing Excess NOI Investment Income Total Available Funds for Debt Service A Bond BOP A Bond Outstanding Interest Accrual Interest Payment from NOI Capitalized Interest Release Investment Income Release Coverage Reserve Release Debt Service Reserve Release Unfunded Interest Funds Remaining for B Bond Payment B Bond BOP B Bond Outstanding Interest Accrual Interest Payment PIK Principal Accrual Funds Available for A Bond Redemption A Bonds - Redemption Special Redemption EOP A Bonds Outstanding Funds Available for B Bond Redemption B Bonds - Redemption Special Redemption B Bonds Outstanding Cash Flow After Bond Redemption Source: HomeFed Corporation Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 7 8 9 10 11 12 $6,676,860 $6,877,166 $7,083,481 $7,295,986 $7,514,865 $7,740,311 $0 $0 $0 $0 $0 $0 ($190,400)($190,400)($190,400)($190,400)($190,400)($190,400) ($35,822)($36,896)($38,003)($39,143)($40,317)($41,527) ($150,000)($150,000)($150,000)($150,000)($150,000)($150,000) ($381,924)($393,382)($405,183)($417,339)($429,859)($442,755) ($758,146)($770,678)($783,586)($796,882)($810,576)($824,682) $5,918,714 $6,106,488 $6,299,895 $6,499,104 $6,704,289 $6,915,629 $4,575 $2,621 $6,973 $4,610 $3,799 $5,136 $96,935 $96,935 $78,925 $60,915 $60,915 $60,915 $6,020,224 $6,206,044 $6,385,793 $6,564,629 $6,769,003 $6,981,680 $130,598,000 $130,203,000 $129,603,000 $125,063,000 $123,893,000 $122,468,000 $5,220,020 $5,202,120 $5,102,720 $4,990,920 $4,941,620 $4,882,020 ($5,220,020)($5,202,120)($5,102,720)($4,990,920)($4,941,620)($4,882,020) $0 $0 ($2,616,460)$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($1,046,584)$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $800,204 $1,003,924 $4,946,117 $1,573,709 $1,827,383 $2,099,660 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $400,000 $400,000 $400,000 $400,000 $400,000 $400,000 ($400,000)($400,000)($400,000)($400,000)($400,000)($400,000) $0 $0 $0 $0 $0 $0 $400,204 $603,924 $4,546,117 $1,173,709 $1,427,383 $1,699,660 ($395,000)($600,000)($4,540,000)($1,170,000)($1,425,000)($1,695,000) $130,203,000 $129,603,000 $125,063,000 $123,893,000 $122,468,000 $120,773,000 $5,204 $3,924 $6,117 $3,709 $2,383 $4,660 $0 $0 $0 $0 $0 $0 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 ------------------ Escaya - JPA Moderate-Income Program Chula Vista, CA Cash Flow Forecast NOI (from operations) Other Capex Capital Reserve Deposit Other Administrative Fee Authority Monitoring Fee (CMFA) Asset Management Fees Total Other Expenses NOI (after other expenses & capex) Trailing Excess NOI Investment Income Total Available Funds for Debt Service A Bond BOP A Bond Outstanding Interest Accrual Interest Payment from NOI Capitalized Interest Release Investment Income Release Coverage Reserve Release Debt Service Reserve Release Unfunded Interest Funds Remaining for B Bond Payment B Bond BOP B Bond Outstanding Interest Accrual Interest Payment PIK Principal Accrual Funds Available for A Bond Redemption A Bonds - Redemption Special Redemption EOP A Bonds Outstanding Funds Available for B Bond Redemption B Bonds - Redemption Special Redemption B Bonds Outstanding Cash Flow After Bond Redemption Source: HomeFed Corporation Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 13 14 15 16 17 18 $7,972,520 $8,211,696 $8,458,047 $8,711,788 $8,973,142 $9,242,336 $0 $0 $0 $0 $0 $0 ($190,400)($190,400)($190,400)($190,400)($190,400)($190,400) ($42,773)($44,056)($45,378)($46,739)($48,141)($49,585) ($150,000)($150,000)($150,000)($150,000)($150,000)($150,000) ($456,037)($469,718)($483,810)($498,324)($513,274)($528,672) ($839,210)($854,174)($869,588)($885,463)($901,815)($918,657) $7,133,310 $7,357,522 $7,588,459 $7,826,325 $8,071,327 $8,323,679 $1,925 $4,440 $4,541 $6,082 $4,822 $3,841 $60,915 $60,915 $60,915 $60,915 $60,915 $60,915 $7,196,150 $7,422,877 $7,653,915 $7,893,322 $8,137,064 $8,388,435 $120,773,000 $118,793,000 $116,503,000 $113,888,000 $110,928,000 $107,598,000 $4,811,320 $4,729,020 $4,634,220 $4,526,220 $4,404,120 $4,267,120 ($4,811,320)($4,729,020)($4,634,220)($4,526,220)($4,404,120)($4,267,120) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,384,830 $2,693,857 $3,019,695 $3,367,102 $3,732,944 $4,121,315 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $400,000 $400,000 $400,000 $400,000 $400,000 $400,000 ($400,000)($400,000)($400,000)($400,000)($400,000)($400,000) $0 $0 $0 $0 $0 $0 $1,984,830 $2,293,857 $2,619,695 $2,967,102 $3,332,944 $3,721,315 ($1,980,000)($2,290,000)($2,615,000)($2,960,000)($3,330,000)($3,715,000) $118,793,000 $116,503,000 $113,888,000 $110,928,000 $107,598,000 $103,883,000 $4,830 $3,857 $4,695 $7,102 $2,944 $6,315 $0 $0 $0 $0 $0 $0 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 ------------------ Escaya - JPA Moderate-Income Program Chula Vista, CA Cash Flow Forecast NOI (from operations) Other Capex Capital Reserve Deposit Other Administrative Fee Authority Monitoring Fee (CMFA) Asset Management Fees Total Other Expenses NOI (after other expenses & capex) Trailing Excess NOI Investment Income Total Available Funds for Debt Service A Bond BOP A Bond Outstanding Interest Accrual Interest Payment from NOI Capitalized Interest Release Investment Income Release Coverage Reserve Release Debt Service Reserve Release Unfunded Interest Funds Remaining for B Bond Payment B Bond BOP B Bond Outstanding Interest Accrual Interest Payment PIK Principal Accrual Funds Available for A Bond Redemption A Bonds - Redemption Special Redemption EOP A Bonds Outstanding Funds Available for B Bond Redemption B Bonds - Redemption Special Redemption B Bonds Outstanding Cash Flow After Bond Redemption Source: HomeFed Corporation Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 19 20 21 22 23 24 $9,519,606 $9,805,194 $10,099,350 $10,402,331 $10,714,401 $11,035,833 $0 $0 $0 $0 $0 $0 ($190,400)($190,400)($190,400)($190,400)($190,400)($190,400) ($51,073)($52,605)($54,183)($55,809)($57,483)($59,208) ($150,000)($150,000)($150,000)($150,000)($150,000)($150,000) ($544,532)($560,868)($577,694)($595,025)($612,876)($631,262) ($936,005)($953,873)($972,277)($991,234)($1,010,759)($1,030,870) $8,583,601 $8,851,321 $9,127,073 $9,411,097 $9,703,642 $10,004,963 $8,048 $4,699 $3,806 $2,353 $5,208 $4,741 $60,915 $60,915 $60,915 $60,915 $60,915 $60,915 $8,652,564 $8,916,935 $9,191,794 $9,474,365 $9,769,765 $10,070,619 $103,883,000 $99,753,000 $95,183,000 $90,153,000 $84,633,000 $78,593,000 $4,114,420 $3,944,820 $3,757,520 $3,551,420 $3,325,520 $3,078,520 ($4,114,420)($3,944,820)($3,757,520)($3,551,420)($3,325,520)($3,078,520) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,538,144 $4,972,115 $5,434,274 $5,922,945 $6,444,245 $6,992,099 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $400,000 $400,000 $400,000 $400,000 $400,000 $400,000 ($400,000)($400,000)($400,000)($400,000)($400,000)($400,000) $0 $0 $0 $0 $0 $0 $4,138,144 $4,572,115 $5,034,274 $5,522,945 $6,044,245 $6,592,099 ($4,130,000)($4,570,000)($5,030,000)($5,520,000)($6,040,000)($6,585,000) $99,753,000 $95,183,000 $90,153,000 $84,633,000 $78,593,000 $72,008,000 $8,144 $2,115 $4,274 $2,945 $4,245 $7,099 $0 $0 $0 $0 $0 $0 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 ------------------ Escaya - JPA Moderate-Income Program Chula Vista, CA Cash Flow Forecast NOI (from operations) Other Capex Capital Reserve Deposit Other Administrative Fee Authority Monitoring Fee (CMFA) Asset Management Fees Total Other Expenses NOI (after other expenses & capex) Trailing Excess NOI Investment Income Total Available Funds for Debt Service A Bond BOP A Bond Outstanding Interest Accrual Interest Payment from NOI Capitalized Interest Release Investment Income Release Coverage Reserve Release Debt Service Reserve Release Unfunded Interest Funds Remaining for B Bond Payment B Bond BOP B Bond Outstanding Interest Accrual Interest Payment PIK Principal Accrual Funds Available for A Bond Redemption A Bonds - Redemption Special Redemption EOP A Bonds Outstanding Funds Available for B Bond Redemption B Bonds - Redemption Special Redemption B Bonds Outstanding Cash Flow After Bond Redemption Source: HomeFed Corporation Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 25 26 27 28 29 30 $11,366,908 $11,707,915 $12,059,152 $12,420,927 $12,793,555 $13,177,361 $0 $0 $0 $0 $0 $0 ($190,400)($190,400)($190,400)($190,400)($190,400)($190,400) ($60,984)($62,813)($64,698)($66,639)($68,638)($70,697) ($150,000)($150,000)($150,000)($150,000)($150,000)($150,000) ($650,200)($669,706)($689,797)($710,491)($731,806)($753,760) ($1,051,584)($1,072,919)($1,094,895)($1,117,530)($1,140,844)($1,164,857) $10,315,324 $10,634,996 $10,964,257 $11,303,397 $11,652,711 $12,012,504 $6,337 $3,409 $2,421 $2,994 $3,235 $4,743 $60,915 $60,915 $60,915 $60,915 $60,915 $60,915 $10,382,576 $10,699,320 $11,027,593 $11,367,306 $11,716,861 $12,078,162 $72,008,000 $64,838,000 $57,058,000 $48,633,000 $39,523,000 $29,693,000 $2,809,320 $2,516,520 $2,198,920 $1,855,120 $1,483,620 $1,082,920 ($2,809,320)($2,516,520)($2,198,920)($1,855,120)($1,483,620)($1,082,920) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $7,573,256 $8,182,800 $8,828,673 $9,512,186 $10,233,241 $10,995,242 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $400,000 $400,000 $400,000 $400,000 $400,000 $400,000 ($400,000)($400,000)($400,000)($400,000)($400,000)($400,000) $0 $0 $0 $0 $0 $0 $7,173,256 $7,782,800 $8,428,673 $9,112,186 $9,833,241 $10,595,242 ($7,170,000)($7,780,000)($8,425,000)($9,110,000)($9,830,000)($10,590,000) $64,838,000 $57,058,000 $48,633,000 $39,523,000 $29,693,000 $19,103,000 $3,256 $2,800 $3,673 $2,186 $3,241 $5,242 $0 $0 $0 $0 $0 $0 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 $6,385,730 ------------------ Escaya - JPA Moderate-Income Program Chula Vista, CA Cash Flow Forecast NOI (from operations) Other Capex Capital Reserve Deposit Other Administrative Fee Authority Monitoring Fee (CMFA) Asset Management Fees Total Other Expenses NOI (after other expenses & capex) Trailing Excess NOI Investment Income Total Available Funds for Debt Service A Bond BOP A Bond Outstanding Interest Accrual Interest Payment from NOI Capitalized Interest Release Investment Income Release Coverage Reserve Release Debt Service Reserve Release Unfunded Interest Funds Remaining for B Bond Payment B Bond BOP B Bond Outstanding Interest Accrual Interest Payment PIK Principal Accrual Funds Available for A Bond Redemption A Bonds - Redemption Special Redemption EOP A Bonds Outstanding Funds Available for B Bond Redemption B Bonds - Redemption Special Redemption B Bonds Outstanding Cash Flow After Bond Redemption Source: HomeFed Corporation Year 31 Year 32 Year 33 Year 34 Year 35 31 32 33 34 35 $13,572,682 $13,979,863 $14,399,259 $14,831,236 $15,276,173 $0 $0 $0 $0 $0 ($190,400)($190,400)($190,400)($190,400)($190,400) ($72,818)($75,002)($77,252)($79,570)($81,957) ($150,000)($150,000)($150,000)($150,000)($150,000) ($776,373)($799,664)($823,654)($848,364)($873,814) ($1,189,591)($1,215,066)($1,241,306)($1,268,334)($1,296,171) $12,383,091 $12,764,797 $13,157,953 $13,562,902 $13,980,002 $2,834 $4,132 $0 $0 $0 $60,915 $35,186 $0 $0 $0 $12,446,840 $12,804,115 $13,157,953 $13,562,902 $13,980,002 $19,103,000 $7,713,000 $0 $0 $0 $651,320 $154,260 $0 $0 $0 ($651,320)($154,260)$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ($5,232,920)$0 $0 $0 $0 $0 $0 $0 $0 $11,795,520 $17,882,775 $13,157,953 $13,562,902 $13,980,002 $6,385,730 $6,385,730 $0 $0 $0 $400,000 $400,000 $0 $0 $0 ($400,000)($400,000)$0 $0 $0 $0 $0 $0 $0 $0 $11,395,520 $17,482,775 $13,157,953 $13,562,902 $13,980,002 ($11,390,000)($7,713,000)$0 $0 $0 $7,713,000 $0 $0 $0 $0 $5,520 $9,769,775 $13,157,953 $13,562,902 $13,980,002 $0 ($6,385,731)$0 $0 $0 $6,385,730 $0 $0 $0 $0 ---$3,384,044 $13,157,953 $13,562,902 $13,980,002 Escaya - JPA Moderate-Income Program Chula Vista, CA Cash Flow Forecast NOI (from operations) Other Capex Capital Reserve Deposit Other Administrative Fee Authority Monitoring Fee (CMFA) Asset Management Fees Total Other Expenses NOI (after other expenses & capex) Trailing Excess NOI Investment Income Total Available Funds for Debt Service A Bond BOP A Bond Outstanding Interest Accrual Interest Payment from NOI Capitalized Interest Release Investment Income Release Coverage Reserve Release Debt Service Reserve Release Unfunded Interest Funds Remaining for B Bond Payment B Bond BOP B Bond Outstanding Interest Accrual Interest Payment PIK Principal Accrual Funds Available for A Bond Redemption A Bonds - Redemption Special Redemption EOP A Bonds Outstanding Funds Available for B Bond Redemption B Bonds - Redemption Special Redemption B Bonds Outstanding Cash Flow After Bond Redemption Source: HomeFed Corporation Cumulative Cumulative Cumulative Total (Yr. 1 - 15)Total (Yr. 1 - 30)Total (Yr. 1 - 35) $103,573,307 $265,603,106 $337,662,319 $97,324,495 $238,916,750 $304,765,495 $75,908,500 $122,824,600 $123,630,180 $4,614,270 $10,614,270 $11,414,270 $16,935,000 $111,720,000 $130,823,000 $0 $0 $6,385,731 $0 $0 $44,084,901 • • • • • •