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Home My WebLink AboutCasaLago Eastlake_OHG Proforma_20220218Opportunity Housing Group, LLC Asset Underwriting Casalago Eastlake 2816 Cielo Circulo, Chula Vista, CA February 18, 2022 Cashflow, taxable income, appreciation and all other investment factors may all vary significantly. All Information contained herein is based on best estimates and is not to be construed as a guaranty. CONFIDENTIAL 2/18/2022 1 DEAL HIGHLIGHTS Casalago Eastlake Date Prepared 2/18/2022 PROJECT SUMMARY Project Name Casalago Eastlake Product Type 2‐story garden/TH Address 2816 Cielo Circulo Total Units 427 City Chula Vista State CA County San Diego RENTS CURRENT LOW MIDDLE MODERATE TOTAL MARKET <80% AMI <100% AMI <120% AMI CSCDA Rent/Unit 143 units 142 units 142 units RESTRICTED Unit Type Total Units % Avg SF Income <$79,895 Income <$99,869 Income <$119,843 RENT 1‐Bed 79 18.5% 808 $2,447 $2,240 $2,250 $2,259 $2,250 2‐Bed 183 42.9% 1161 $3,319 $2,622 $2,842 $2,849 $2,771 3‐Bed 165 38.6% 1311 $4,210 $2,913 $3,210 $3,245 $3,244 TOTAL 427 100.0% 1154 $3,502 $2,666 $2,867 $2,897 $2,810 Initial Resident Rent Savings/Mo. Vs. In Place ‐$836 ‐$635 ‐$605 ‐$692 % Savings ‐23.9%‐18.1%‐17.3%‐19.8% Initial Resident Rent Savings/Year ‐$1,434,112 ‐$1,082,110 ‐$1,030,390 ‐$3,546,613 Income limits shown for a family of two (one bed unit) OPERATING EXPENSES Per Unit Total Payroll ($1,726) ($736,968) Administrative ($375) ($160,121) Advertising & Promotion ($177) ($75,645) Repairs & Maintenance ($376) ($160,460) Contract Services ($1,040) ($444,258) Utilities ($958) ($409,139) Turnover ($299) ($127,740) SUBTOTAL CONTROLLABLE ($4,952) ($2,114,331) Insurance ($765) ($326,640) Property Management ($571) ($243,912) Host City Charge ($468) ($200,000) Monitoring Fee ($65) ($27,755) Bond Admin Expenses (Trustee Fee, Audit & Admin Expenses)($105) ($45,000) Capital Reserve Deposit ($700) ($298,900) Direct Assessments & Charges on Tax Bill ($94) ($40,222) SUBTOTAL NON‐CONTROLLABLE ($2,769) ($1,182,429) TOTAL 23.65% ($7,721) ($3,296,760) BONDS Series A Face Value $318,390,000 Capital Reserve 3,000,000$ Coupon 4.00% Debt Service Reserves $21,650,520 Yield to Call 4.00% Extraordinary Reserves $500,000 Cap I Reserve Used 54.64% Other Operating Reserves $4,042,219 Coverage Reserve Used 0.00%Total Reserves $29,192,739 Opportunity Housing Group Acquisition Proforma CSCDA Rents Post‐Closing This confidential presentation is furnished by Opportunity Housing Group, LLC (the “Company”) on a confidential basis. This information is confidential, for your eyes only, and may not be shared with others, (other than your employees, representatives) without Company's written permission. By accepting this document, you agree that you will, and will cause its representatives to, use the information only to evaluate its potential interest in investingin the Company's Developments and for no other purpose and will cause its representativesand advisors not to divulge any such information to any other party Any reproduction of this informationin whole or in Opportunity Housing Group Acquisition ProformaSources & UsesCasalago Eastlake2/18/2022SOURCES OF FUNDSPrincipal Amount of Series A Bonds$318,390,000Original Issue Premium$6,141TOTAL$318,396,141USES OF FUNDSDeposit to Project Acquisition Account$278,580,402Deposit to Capitalized Interest Account$6,367,800Deposit to Capital Reserve Fund$3,000,000Deposit to Operating Reserve Fund$826,725Deposit to Coverage Reserve Fund$2,547,120Deposit to Administration & Authority Reserve Fund$2,664,344Deposit to Senior Debt Service Reserve Fund$12,735,600Deposit to Extraordinary Expense Fund$500,000Deposit to Operating Account (Under PM Agreement)$551,150Initial Payment to Project Administrator$2,750,000Costs of Issuance$7,873,000TOTAL$318,396,141 Annual Operating Cash FlowCasalago EastlakeProforma Date2/18/2022Calendar Year2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038Year #1234567891011121314151617Operating Months8 12121212121212121212121212121212Opportunity Housing Group Acquisition ProformaINCOMEGross Potential Residential Rent $9,874,384 $14,928,252 $15,206,326 $15,619,758$16,086,335 $16,568,925 $17,065,992 $17,577,972 $18,105,311 $18,648,471 $19,207,925 $19,784,162 $20,377,687 $20,989,018 $21,618,688 $22,267,249 $22,935,267Physical Vacancy‐ Residential ($543,091) ($771,165) ($760,316) ($780,988) ($804,317) ($828,446) ($853,300) ($878,899) ($905,266) ($932,424) ($960,396) ($989,208) ($1,018,884) ($1,049,451) ($1,080,934) ($1,113,362) ($1,146,763)Concessions($49,372) ($74,641) ($76,032) ($78,099) ($80,432) ($82,845) ($85,330) ($87,890) ($90,527) ($93,242) ($96,040) ($98,921) ($101,888) ($104,945) ($108,093) ($111,336) ($114,676)Rent Loss/Bad Debt($296,232) ($298,181) ($126,317)($78,099) ($80,432) ($82,845) ($85,330) ($87,890) ($90,527) ($93,242) ($96,040) ($98,921) ($101,888) ($104,945) ($108,093) ($111,336) ($114,676)Net Rental Income$8,985,690 $13,784,265 $14,243,661 $14,682,573 $15,121,154 $15,574,789 $16,042,033 $16,523,294 $17,018,993 $17,529,562 $18,055,449 $18,597,113 $19,155,026 $19,729,677 $20,321,567 $20,931,214 $21,559,151Other Income$557,407 $845,632 $870,825 $896,949 $923,858 $951,574$980,121 $1,009,525 $1,039,810 $1,071,005$1,103,135 $1,136,229 $1,170,316 $1,205,425 $1,241,588 $1,278,835 $1,317,201EFFECTIVE GROSS INCOME$9,543,098 $14,629,898 $15,114,487 $15,579,524 $16,045,014 $16,526,364 $17,022,155 $17,532,820 $18,058,804 $18,600,569 $19,158,586 $19,733,343 $20,325,343 $20,935,104 $21,563,157 $22,210,051 $22,876,353EXPENSESPayroll($491,312) ($745,361) ($767,566) ($790,593) ($814,311) ($838,740) ($863,902) ($889,819) ($916,514) ($944,009) ($972,330) ($1,001,500) ($1,031,545) ($1,062,491) ($1,094,366) ($1,127,197) ($1,161,013)Administrative($106,747) ($161,945) ($166,769) ($171,772) ($176,925) ($182,233) ($187,700) ($193,331) ($199,131) ($205,105) ($211,258) ($217,596) ($224,124) ($230,847) ($237,773) ($244,906) ($252,253)Advertising & Promotion($50,430) ($76,507) ($78,786) ($81,150) ($83,584) ($86,092) ($88,674) ($91,335) ($94,075) ($96,897) ($99,804) ($102,798) ($105,882) ($109,058) ($112,330) ($115,700) ($119,171)Repairs & Maintenance($106,973) ($162,287) ($167,122) ($172,136) ($177,300) ($182,619) ($188,097) ($193,740) ($199,552) ($205,539) ($211,705) ($218,056) ($224,598) ($231,336) ($238,276) ($245,424) ($252,787)Contract Services($296,172) ($449,317) ($462,703) ($476,584) ($490,881) ($505,608) ($520,776) ($536,399) ($552,491) ($569,066) ($586,138) ($603,722) ($621,834) ($640,489) ($659,703) ($679,494) ($699,879)Utilities($272,759) ($413,798) ($426,125) ($438,909) ($452,076) ($465,639) ($479,608) ($493,996) ($508,816) ($524,080) ($539,803) ($555,997) ($572,677) ($589,857) ($607,553) ($625,779) ($644,553)Turnover($85,160) ($129,195) ($133,044) ($137,035) ($141,146) ($145,380) ($149,742) ($154,234) ($158,861) ($163,627) ($168,536) ($173,592) ($178,799) ($184,163) ($189,688) ($195,379) ($201,240)Insurance($217,760) ($330,359) ($340,201) ($350,407) ($360,919) ($371,747) ($382,899) ($394,386) ($406,218) ($418,404) ($430,957) ($443,885) ($457,202) ($470,918) ($485,045) ($499,597) ($514,585)Property Management($167,004) ($256,023) ($264,504) ($272,642) ($280,788) ($289,211) ($297,888) ($306,824) ($316,029) ($325,510) ($335,275) ($345,334) ($355,694) ($366,364) ($377,355) ($388,676) ($400,336)Host City Charge($133,333) ($204,000) ($208,080) ($212,242) ($216,486) ($220,816) ($225,232) ($229,737) ($234,332) ($239,019) ($243,799) ($248,675) ($253,648) ($258,721) ($263,896) ($269,174) ($274,557)Monitoring Fee($18,503) ($28,310) ($28,876) ($29,454) ($30,043) ($30,644) ($31,257) ($31,882) ($32,519) ($33,170) ($33,833) ($34,510) ($35,200) ($35,904) ($36,622) ($37,355) ($38,102)Bond Admin Expenses (Trustee Fee, Audit & Admin Expenses) ($30,000) ($45,900) ($46,818) ($47,754) ($48,709) ($49,684) ($50,677) ($51,691) ($52,725) ($53,779) ($54,855) ($55,952) ($57,071) ($58,212) ($59,377) ($60,564) ($61,775)Capital Reserve Deposit($199,267) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900)Direct Assessments & Charges on Tax Bill ($26,815) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222)TOTAL EXPENSES($2,202,236) ($3,342,124) ($3,429,716) ($3,519,799) ($3,612,292) ($3,707,534) ($3,805,575) ($3,906,497) ($4,010,385) ($4,117,328) ($4,227,414) ($4,340,738) ($4,457,395) ($4,577,484) ($4,701,107) ($4,828,367) ($4,959,374)Expense Ratio23% 23% 23% 23% 23% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22%Expenses Per Unit($7,736) ($7,827) ($8,032) ($8,243) ($8,460) ($8,683) ($8,912) ($9,149) ($9,392) ($9,642) ($9,900) ($10,166) ($10,439) ($10,720) ($11,010) ($11,308) ($11,614)NET OPERATING INCOME$7,340,861 $11,287,774 $11,684,771 $12,059,725 $12,432,722 $12,818,830 $13,216,580 $13,626,323 $14,048,419 $14,483,241 $14,931,172 $15,392,605 $15,867,948 $16,357,620 $16,862,050 $17,381,684 $17,916,979Yield Before Debt & Reserves3.46% 3.55% 3.67% 3.79% 3.90% 4.03% 4.15% 4.28% 4.41% 4.55% 4.69% 4.83% 4.98% 5.14% 5.30% 5.46% 5.63%Investment Income$181,274 $259,420 $248,350 $241,488 $238,536 $238,285 $238,285 $238,285 $238,285 $238,285 $238,285 $208,389 $178,493 $178,493 $178,493 $178,493 $178,493Series A Bond InterestSeries A Bond Interest($8,490,400) ($12,735,600) ($12,735,600) ($12,735,600) ($12,735,600) ($12,735,600) ($12,735,600)($12,734,491) ($12,722,015) ($12,691,975) ($12,643,090) ($12,433,797) ($12,224,919) ($12,103,323) ($11,956,928) ($11,784,125) ($11,583,223)Capitalized Interest ($6367800) % used: 54.6% $968,265 $1,188,405 $802,479 $434,387 $85,797 $0 $0 $0 $0 $0 $0 $2,888,466 $0 $0 $0 $0 $0Coverage Reserve ($2547120) % used:0.0% $0$0$0$0$0$0$0$0$0$0$0$2,547,120$0$0$0$0$0Series A Bond DSCR (incl. Investment Income)Month 530.89 0.91 0.94 0.97 0.99 1.03 1.061.09 1.12 1.161.20 1.25 1.31 1.37 1.43 1.49 1.56Payment of Subordinated FeesAsset Management Fee (Project Administrator‐ OHG) ($142,333) ($219,905) ($226,502) ($233,297) ($240,296) ($247,505) ($254,930) ($262,578) ($270,455) ($278,569) ($286,926) ($295,534) ($304,400) ($313,532) ($322,938) ($332,626) ($342,605)Agency Fee (JPA)($100,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000)Administration & Authority Reserve Fund % used: 68.9% $242,333 $369,905 $376,502 $383,297 $368,841 $94,936 $0 $0 $0 $0 $0 $828,529 $0 $0 $0 $0 $0Series B Bond InterestSeries B Bond Interest$0 $0 $0 $0 $0 ($18,946) ($314,334) ($589,637) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000)Series A & B Bond DSCR (incl. Investment Income)Month 840.82 0.84 0.87 0.89 0.92 0.95 0.98 1.01 1.04 1.08 1.11 1.161.22 1.27 1.32 1.38 1.44Cash Flow After Bond Interest Payments$0 $0 $0 ($0) $0 ($0) ($0) $127,901 $544,234 $1,000,981 $1,489,440 $8,385,779 $2,767,123 $3,369,258 $4,010,678 $4,693,426 $5,419,645Operating Reserve$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0EXCESS NOI$0 $0 $0 ($0) $0 ($0) ($0) $127,901 $544,234 $1,000,981 $1,489,440 $8,385,779 $2,767,123 $3,369,258 $4,010,678 $4,693,426 $5,419,645Series A Bond Principal RepaymentBeginning Balance$318,390,000Principal Payments‐ From Operating CF $0 $0 $0 $0 $0 $0 $0 ($127,901) ($544,234) ($1,000,981) ($1,489,440) ($8,385,779) ($2,767,123) ($3,369,258) ($4,010,678) ($4,693,426) ($5,419,645)Principal Payments‐ From Release of Reserves $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Principal Payments‐ At Disposition $0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0Balance Outstanding$318,390,000 $318,390,000 $318,390,000 $318,390,000 $318,390,000 $318,390,000 $318,390,000 $318,262,099 $317,717,866 $316,716,884 $315,227,444 $306,841,665 $304,074,542 $300,705,284 $296,694,606 $292,001,179 $286,581,535Series B Bond Principal & Deferred Interest RepaymentBeginning Balance$6,000,000Plus: Deferred Interest$400,000 $600,000 $600,000 $600,000 $600,000 $581,054$285,666 $10,363 $0 $0 $0 $0 $0 $0 $0 $0 $0Principal & Deferred Interest Payment‐ From Operating CF $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Principal & Deferred Interest Payment‐ At Disposition $0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0Balance Outstanding$6,400,000 $7,000,000 $7,600,000 $8,200,000 $8,800,000 $9,381,054 $9,666,720 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083Excess Cash Flow & Residual Value (to City) $0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0Sale Assumes: Middle Income Affordability Remains in Place at sale with 3% annual rent growth for restricted rents, 5% exit cap rate.CONFIDENTIALAnnual Cash Flow2/18/20221 of 3 Casalago EastlakeCalendar YearYear #Operating MonthsOpportunity Housing Group Acquisition ProformaINCOMEGross Potential Residential RentPhysical Vacancy‐ ResidentialConcessionsRent Loss/Bad DebtNet Rental IncomeOther IncomeEFFECTIVE GROSS INCOMEEXPENSESPayrollAdministrativeAdvertising & PromotionRepairs & MaintenanceContract ServicesUtilitiesTurnoverInsuranceProperty ManagementHost City ChargeMonitoring FeeBond Admin Expenses (Trustee Fee, Audit & Admin Expenses)Capital Reserve DepositDirect Assessments & Charges on Tax BillTOTAL EXPENSESExpense RatioExpenses Per UnitNET OPERATING INCOMEYield Before Debt & ReservesInvestment IncomeSeries A Bond InterestSeries A Bond InterestCapitalized Interest ($6367800) % used: 54.6%Coverage Reserve ($2547120) % used: 0.0%Series A Bond DSCR (incl. Investment Income)Month 53Payment of Subordinated FeesAsset Management Fee (Project Administrator‐ OHG)Agency Fee (JPA)Administration & Authority Reserve Fund % used: 68.9%Series B Bond InterestSeries B Bond InterestSeries A & B Bond DSCR (incl. Investment Income)Month 84Cash Flow After Bond Interest PaymentsOperating ReserveEXCESS NOISeries A Bond Principal RepaymentBeginning BalancePrincipal Payments‐ From Operating CFPrincipal Payments‐ From Release of ReservesPrincipal Payments‐ At DispositionBalance OutstandingSeries B Bond Principal & Deferred Interest RepaymentBeginning BalancePlus: Deferred InterestPrincipal & Deferred Interest Payment‐ From Operating CFPrincipal & Deferred Interest Payment‐ At DispositionBalance OutstandingExcess Cash Flow & Residual Value (to City)Sale Assumes: Middle Income Affordability Remains in Place at sale with 3% annual rent growth fo2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 205518 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 3412 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12$23,623,325 $24,332,024 $25,061,985 $25,813,845 $26,588,260 $27,385,908 $28,207,485 $29,053,710$29,925,321 $30,823,080 $31,747,773 $32,700,206 $33,681,212 $34,691,649 $35,732,398 $36,804,370 $37,908,501($1,181,166) ($1,216,601) ($1,253,099) ($1,290,692) ($1,329,413) ($1,369,295) ($1,410,374)($1,452,685) ($1,496,266) ($1,541,154) ($1,587,389) ($1,635,010) ($1,684,061) ($1,734,582) ($1,786,620) ($1,840,218) ($1,895,425)($118,117) ($121,660) ($125,310) ($129,069) ($132,941) ($136,930) ($141,037) ($145,269) ($149,627) ($154,115) ($158,739) ($163,501) ($168,406) ($173,458) ($178,662) ($184,022) ($189,543)($118,117) ($121,660) ($125,310) ($129,069) ($132,941) ($136,930) ($141,037) ($145,269) ($149,627) ($154,115) ($158,739) ($163,501) ($168,406) ($173,458) ($178,662) ($184,022) ($189,543)$22,205,925 $22,872,103 $23,558,266 $24,265,014 $24,992,964 $25,742,753 $26,515,036 $27,310,487 $28,129,802 $28,973,696 $29,842,906 $30,738,194 $31,660,339 $32,610,150 $33,588,454 $34,596,108 $35,633,991$1,356,717 $1,397,418 $1,439,341 $1,482,521 $1,526,996 $1,572,806 $1,619,991 $1,668,590 $1,718,648 $1,770,207 $1,823,314 $1,878,013 $1,934,353 $1,992,384 $2,052,156 $2,113,720 $2,177,132$23,562,644 $24,269,523 $24,997,609 $25,747,537 $26,519,963 $27,315,562 $28,135,029 $28,979,079 $29,848,452 $30,743,905 $31,666,222 $32,616,209 $33,594,695 $34,602,536 $35,640,612 $36,709,831 $37,811,125($1,195,843) ($1,231,718) ($1,268,670) ($1,306,730) ($1,345,932) ($1,386,310) ($1,427,899)($1,470,736) ($1,514,858) ($1,560,304) ($1,607,113) ($1,655,326) ($1,704,986) ($1,756,136) ($1,808,820) ($1,863,084) ($1,918,977)($259,821) ($267,615) ($275,644) ($283,913) ($292,431) ($301,204) ($310,240) ($319,547) ($329,133) ($339,007) ($349,177) ($359,653) ($370,442) ($381,556) ($393,002) ($404,792) ($416,936)($122,746) ($126,429) ($130,221) ($134,128) ($138,152) ($142,296) ($146,565) ($150,962) ($155,491) ($160,156) ($164,961) ($169,909) ($175,007) ($180,257) ($185,665) ($191,234) ($196,971)($260,371) ($268,182) ($276,227) ($284,514) ($293,049) ($301,841) ($310,896) ($320,223) ($329,830) ($339,725) ($349,916) ($360,414) ($371,226) ($382,363) ($393,834) ($405,649) ($417,818)($720,876) ($742,502) ($764,777) ($787,720) ($811,352) ($835,692) ($860,763) ($886,586) ($913,184) ($940,579) ($968,797) ($997,860) ($1,027,796) ($1,058,630) ($1,090,389) ($1,123,101) ($1,156,794)($663,889) ($683,806) ($704,320) ($725,450) ($747,213) ($769,630) ($792,719) ($816,500) ($840,995) ($866,225) ($892,212) ($918,978) ($946,547) ($974,944) ($1,004,192) ($1,034,318) ($1,065,347)($207,278) ($213,496) ($219,901) ($226,498) ($233,293) ($240,291) ($247,500) ($254,925) ($262,573) ($270,450) ($278,564) ($286,921) ($295,528) ($304,394) ($313,526) ($322,932) ($332,620)($530,022) ($545,923) ($562,301) ($579,170) ($596,545) ($614,441) ($632,874) ($651,861) ($671,416) ($691,559) ($712,306) ($733,675) ($755,685) ($778,356) ($801,706) ($825,757) ($850,530)($412,346) ($424,717) ($437,458) ($450,582) ($464,099) ($478,022) ($492,363) ($507,134) ($522,348) ($538,018) ($554,159) ($570,784) ($587,907) ($605,544) ($623,711) ($642,422) ($661,695)($280,048) ($285,649) ($291,362) ($297,189) ($303,133) ($309,196) ($315,380) ($321,687) ($328,121) ($334,684) ($341,377) ($348,205) ($355,169) ($362,272) ($369,518) ($376,908) ($384,446)($38,864) ($39,641) ($40,434) ($41,242) ($42,067) ($42,909) ($43,767) ($44,642) ($45,535) ($46,446) ($47,375) ($48,322) ($49,289) ($50,274) ($51,280) ($52,305) ($53,352)($63,011) ($64,271) ($65,557) ($66,868) ($68,205) ($69,569) ($70,960) ($72,380) ($73,827) ($75,304) ($76,810) ($78,346) ($79,913) ($81,511) ($83,141) ($84,804) ($86,500)($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900) ($298,900)($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222) ($40,222)($5,094,237) ($5,233,071) ($5,375,994) ($5,523,126) ($5,674,593) ($5,830,524) ($5,991,049) ($6,156,306) ($6,326,434) ($6,501,579) ($6,681,888) ($6,867,515) ($7,058,618) ($7,255,359) ($7,457,906) ($7,666,430) ($7,881,109)22% 22% 22% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21% 21%($11,930) ($12,255) ($12,590) ($12,935) ($13,289) ($13,655) ($14,031) ($14,418) ($14,816)($15,226) ($15,648) ($16,083) ($16,531) ($16,991) ($17,466) ($17,954) ($18,457)$18,468,407 $19,036,452 $19,621,615 $20,224,410 $20,845,369 $21,485,038 $22,143,980 $22,822,774 $23,522,018 $24,242,327 $24,984,335 $25,748,694 $26,536,077 $27,347,177 $28,182,706 $29,043,400 $29,930,0165.80% 5.98% 6.16% 6.35% 6.55% 6.75% 6.95% 7.17% 7.39% 7.61% 7.85% 8.09% 8.33% 8.59% 8.85% 9.12% 9.40%$178,493 $178,493 $178,493 $178,493 $178,493 $178,493 $178,493 $178,493 $178,493 $178,493 $178,493 $178,493 $178,493 $178,493 $178,493 $178,493 $178,493($11,352,442) ($11,089,910) ($10,793,661) ($10,461,628) ($10,091,636) ($9,681,405) ($9,228,536)($8,730,510) ($8,184,685) ($7,588,282) ($6,938,389) ($6,231,945) ($5,465,742) ($4,636,411) ($3,740,419) ($2,774,061) ($1,733,449)$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 $0 $0 $0 $01.64 1.73 1.83 1.95 2.08 2.24 2.42 2.63 2.90 3.22 3.63 4.164.89 5.94 7.58 10.53 17.37($352,883) ($363,469) ($374,374) ($385,605) ($397,173) ($409,088) ($421,361) ($434,002) ($447,022) ($460,432) ($474,245) ($488,473) ($503,127) ($518,221) ($533,767) ($549,780) ($566,274)($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000) ($150,000)$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000)1.52 1.60 1.69 1.80 1.92 2.05 2.21 2.40 2.63 2.91 3.263.70 4.30 5.13 6.38 8.45 12.60$6,191,575 $7,011,565 $7,882,073 $8,805,671 $9,785,053 $10,823,038 $11,922,577 $13,086,755 $14,318,805 $15,622,106 $17,000,194 $18,456,770$19,995,702 $21,621,039 $23,337,013 $25,148,053 $27,058,788$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$6,191,575 $7,011,565 $7,882,073 $8,805,671 $9,785,053 $10,823,038 $11,922,577 $13,086,755 $14,318,805 $15,622,106 $17,000,194 $18,456,770$19,995,702 $21,621,039 $23,337,013 $25,148,053 $27,058,788($6,191,575) ($7,011,565) ($7,882,073)($8,805,671) ($9,785,053) ($10,823,038) ($11,922,577)($13,086,755) ($14,318,805) ($15,622,106) ($17,000,194) ($18,456,770) ($19,995,702) ($21,621,039) ($23,337,013) ($25,148,053) ($27,058,788)$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 $0 $0 $0 $0$280,389,959 $273,378,394 $265,496,321 $256,690,649 $246,905,596 $236,082,557 $224,159,981 $211,073,226 $196,754,421 $181,132,315 $164,132,121 $145,675,352 $125,679,650 $104,058,611 $80,721,598 $55,573,545 $28,514,757$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 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083 $9,677,083$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0CONFIDENTIALAnnual Cash Flow2/18/20222 of 3 Casalago EastlakeCalendar YearYear #Operating MonthsOpportunity Housing Group Acquisition ProformaINCOMEGross Potential Residential RentPhysical Vacancy‐ ResidentialConcessionsRent Loss/Bad DebtNet Rental IncomeOther IncomeEFFECTIVE GROSS INCOMEEXPENSESPayrollAdministrativeAdvertising & PromotionRepairs & MaintenanceContract ServicesUtilitiesTurnoverInsuranceProperty ManagementHost City ChargeMonitoring FeeBond Admin Expenses (Trustee Fee, Audit & Admin Expenses)Capital Reserve DepositDirect Assessments & Charges on Tax BillTOTAL EXPENSESExpense RatioExpenses Per UnitNET OPERATING INCOMEYield Before Debt & ReservesInvestment IncomeSeries A Bond InterestSeries A Bond InterestCapitalized Interest ($6367800) % used: 54.6%Coverage Reserve ($2547120) % used: 0.0%Series A Bond DSCR (incl. Investment Income)Month 53Payment of Subordinated FeesAsset Management Fee (Project Administrator‐ OHG)Agency Fee (JPA)Administration & Authority Reserve Fund % used: 68.9%Series B Bond InterestSeries B Bond InterestSeries A & B Bond DSCR (incl. Investment Income)Month 84Cash Flow After Bond Interest PaymentsOperating ReserveEXCESS NOISeries A Bond Principal RepaymentBeginning BalancePrincipal Payments‐ From Operating CFPrincipal Payments‐ From Release of ReservesPrincipal Payments‐ At DispositionBalance OutstandingSeries B Bond Principal & Deferred Interest RepaymentBeginning BalancePlus: Deferred InterestPrincipal & Deferred Interest Payment‐ From Operating CFPrincipal & Deferred Interest Payment‐ At DispositionBalance OutstandingExcess Cash Flow & Residual Value (to City)Sale Assumes: Middle Income Affordability Remains in Place at sale with 3% annual rent growth fo2056 205735 3612 4$39,045,756 $13,273,843($1,952,288) ($663,692)($195,229) ($66,369)($195,229) ($66,369)$36,703,011 $12,477,412$2,242,446 $762,333$38,945,459 $13,239,746($1,976,546) ($671,939)($429,444) ($145,992)($202,881) ($68,971)($430,353) ($146,301)($1,191,498) ($405,057)($1,097,308) ($373,036)($342,598) ($116,468)($876,046) ($297,817)($681,546) ($231,696)($392,135) ($133,326)($54,419) ($18,502)($88,230) ($29,998)($298,900) ($99,633)($40,222) ($13,407)($8,102,126) ($2,752,145)21% 21%($18,975) ($19,336)$30,843,333 $10,487,6029.69% 9.88%$108,448 $12,801($457,190) $0$0 $0$0 $067.70 0.00($583,262) ($200,253)($150,000) ($50,000)$0 $0($550,000) $030.00 0.00$29,211,329 $10,250,149$0 $0$29,211,329 $10,250,149($15,779,157) $0($12,735,600) $0$0 $0$0 $0$0 $0($9,677,083) $0$0 $0$0 $0$3,755,089 $639,624,330CONFIDENTIALAnnual Cash Flow2/18/20223 of 3