Resonant Proforma v2.5

1 site· 5 slots available

Y1 NOI

871,251

post-reno, net of reserves

Y1 Debt Service

757,663

amortizing first mortgage

Y1 DCR

1.15x

< 1.15 floor

Y1 Replacement Reserve

28,000

deducted before NOI

Y15 NOI

1,125,146

after escalation to exit

NOI Roll-up — Deal Level (50 Year)

Years shown:

Line Item	Esc %	PUPY	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	2050	2051	2052	2053	2054	2055
Income
Gross Potential Rent - Residential	2.50%	11,504	920,340	943,348	966,932	991,106	1,015,883	1,041,280	1,067,312	1,093,995	1,121,345	1,149,379	1,178,113	1,207,566	1,237,755	1,268,699	1,300,416	1,332,927	1,366,250	1,400,406	1,435,416	1,471,302	1,508,084	1,545,786	1,584,431	1,624,042	1,664,643	1,706,259	1,748,915	1,792,638	1,837,454	1,883,391
Vacancy Loss	3.00%	-345	(27,610)	(28,300)	(29,008)	(29,733)	(30,476)	(31,238)	(32,019)	(32,820)	(33,640)	(34,481)	(35,343)	(36,227)	(37,133)	(38,061)	(39,012)	(39,988)	(40,987)	(42,012)	(43,062)	(44,139)	(45,243)	(46,374)	(47,533)	(48,721)	(49,939)	(51,188)	(52,467)	(53,779)	(55,124)	(56,502)
Rental Assistance Overhang - HAP / PBV	2.50%	6,275	501,984	514,534	527,397	540,582	554,096	567,949	582,148	596,701	611,619	626,909	642,582	658,647	675,113	691,990	709,290	727,023	745,198	763,828	782,924	802,497	822,559	843,123	864,201	885,806	907,951	930,650	953,917	977,764	1,002,209	1,027,264
Vacancy Loss - Rental Assistance Overhang	3.00%	-188	(15,060)	(15,436)	(15,822)	(16,217)	(16,623)	(17,038)	(17,464)	(17,901)	(18,349)	(18,807)	(19,277)	(19,759)	(20,253)	(20,760)	(21,279)	(21,811)	(22,356)	(22,915)	(23,488)	(24,075)	(24,677)	(25,294)	(25,926)	(26,574)	(27,239)	(27,920)	(28,617)	(29,333)	(30,066)	(30,818)
Subtotal: Net Rental Income		17,246	1,379,654	1,414,146	1,449,499	1,485,737	1,522,880	1,560,952	1,599,976	1,639,975	1,680,975	1,722,999	1,766,074	1,810,226	1,855,482	1,901,869	1,949,415	1,998,151	2,048,105	2,099,307	2,151,790	2,205,585	2,260,724	2,317,242	2,375,173	2,434,553	2,495,416	2,557,802	2,621,747	2,687,291	2,754,473	2,823,335
Other Income	2.50%	269	21,500	22,037	22,588	23,153	23,732	24,325	24,933	25,557	26,196	26,851	27,522	28,210	28,915	29,638	30,379	31,138	31,917	32,715	33,533	34,371	35,230	36,111	37,014	37,939	38,888	39,860	40,856	41,878	42,925	43,998
Vacancy Loss	3.00%	-8	(645)	(661)	(678)	(695)	(712)	(730)	(748)	(767)	(786)	(806)	(826)	(846)	(867)	(889)	(911)	(934)	(958)	(981)	(1,006)	(1,031)	(1,057)	(1,083)	(1,110)	(1,138)	(1,167)	(1,196)	(1,226)	(1,256)	(1,288)	(1,320)
Subtotal: Other Income		261	20,855	21,376	21,911	22,459	23,020	23,596	24,185	24,790	25,410	26,045	26,696	27,364	28,048	28,749	29,468	30,204	30,959	31,733	32,527	33,340	34,173	35,028	35,903	36,801	37,721	38,664	39,631	40,621	41,637	42,678
Total: Net Income		17,506	1,400,509	1,435,522	1,471,410	1,508,195	1,545,900	1,584,548	1,624,161	1,664,765	1,706,385	1,749,044	1,792,770	1,837,590	1,883,529	1,930,618	1,978,883	2,028,355	2,079,064	2,131,040	2,184,317	2,238,924	2,294,898	2,352,270	2,411,077	2,471,354	2,533,137	2,596,466	2,661,378	2,727,912	2,796,110	2,866,013
Expense
Administrative
6250-002Credit Services	3.50%	5	400	414	428	443	459	475	492	509	527	545	564	584	604	626	647	670	694	718	743	769	796	824	853	882	913	945	978	1,013	1,048	1,085
6311-000Office Supplies	3.50%	56	4,500	4,658	4,821	4,989	5,164	5,345	5,532	5,725	5,926	6,133	6,348	6,570	6,800	7,038	7,284	7,539	7,803	8,076	8,359	8,651	8,954	9,267	9,592	9,928	10,275	10,635	11,007	11,392	11,791	12,203
6311-001Telephone	3.50%	45	3,600	3,726	3,856	3,991	4,131	4,276	4,425	4,580	4,741	4,906	5,078	5,256	5,440	5,630	5,827	6,031	6,242	6,461	6,687	6,921	7,163	7,414	7,673	7,942	8,220	8,508	8,805	9,114	9,433	9,763
6311-002Internet	3.50%	9	700	725	750	776	803	831	860	891	922	954	987	1,022	1,058	1,095	1,133	1,173	1,214	1,256	1,300	1,346	1,393	1,442	1,492	1,544	1,598	1,654	1,712	1,772	1,834	1,898
6311-003Postage	3.50%	11	900	931	964	998	1,033	1,069	1,106	1,145	1,185	1,227	1,270	1,314	1,360	1,408	1,457	1,508	1,561	1,615	1,672	1,730	1,791	1,853	1,918	1,986	2,055	2,127	2,201	2,278	2,358	2,441
6340-000Legal	3.50%	50	4,000	4,140	4,285	4,435	4,590	4,751	4,917	5,089	5,267	5,452	5,642	5,840	6,044	6,256	6,475	6,701	6,936	7,179	7,430	7,690	7,959	8,238	8,526	8,824	9,133	9,453	9,784	10,126	10,481	10,848
6350-000Audit & Tax Returns	3.50%	100	8,000	8,280	8,570	8,870	9,180	9,501	9,834	10,178	10,534	10,903	11,285	11,680	12,089	12,512	12,950	13,403	13,872	14,357	14,860	15,380	15,918	16,475	17,052	17,649	18,267	18,906	19,568	20,253	20,961	21,695
6390-000Payroll Administrative Expense	3.50%	13	1,000	1,035	1,071	1,109	1,148	1,188	1,229	1,272	1,317	1,363	1,411	1,460	1,511	1,564	1,619	1,675	1,734	1,795	1,857	1,923	1,990	2,059	2,132	2,206	2,283	2,363	2,446	2,532	2,620	2,712
6390-004Travel	3.50%	8	650	673	696	721	746	772	799	827	856	886	917	949	982	1,017	1,052	1,089	1,127	1,167	1,207	1,250	1,293	1,339	1,385	1,434	1,484	1,536	1,590	1,646	1,703	1,763
6390-005Staff Training & Compliance	3.50%	19	1,500	1,552	1,607	1,663	1,721	1,782	1,844	1,908	1,975	2,044	2,116	2,190	2,267	2,346	2,428	2,513	2,601	2,692	2,786	2,884	2,985	3,089	3,197	3,309	3,425	3,545	3,669	3,797	3,930	4,068
6390-015Software	3.50%	44	3,500	3,622	3,749	3,881	4,016	4,157	4,302	4,453	4,609	4,770	4,937	5,110	5,289	5,474	5,665	5,864	6,069	6,281	6,501	6,729	6,964	7,208	7,460	7,721	7,992	8,271	8,561	8,860	9,171	9,492
Staff Payroll + PM Fee (derived)	3.50%	1,253	100,255	103,764	107,396	111,155	115,045	119,072	123,239	127,553	132,017	136,638	141,420	146,370	151,493	156,795	162,283	167,963	173,841	179,926	186,223	192,741	199,487	206,469	213,695	221,175	228,916	236,928	245,220	253,803	262,686	271,880
Subtotal: Administrative		1,613	129,005	133,520	138,194	143,030	148,037	153,218	158,580	164,131	169,875	175,821	181,975	188,344	194,936	201,759	208,820	216,129	223,693	231,523	239,626	248,013	256,693	265,678	274,976	284,600	294,561	304,871	315,542	326,586	338,016	349,847
Utilities
6450-000Electricity	3.50%	113	9,000	9,315	9,641	9,978	10,328	10,689	11,063	11,451	11,851	12,266	12,695	13,140	13,600	14,076	14,568	15,078	15,606	16,152	16,717	17,303	17,908	18,535	19,184	19,855	20,550	21,269	22,014	22,784	23,582	24,407
6451-000Water	3.50%	231	18,500	19,148	19,818	20,511	21,229	21,972	22,741	23,537	24,361	25,214	26,096	27,009	27,955	28,933	29,946	30,994	32,079	33,201	34,364	35,566	36,811	38,099	39,433	40,813	42,242	43,720	45,250	46,834	48,473	50,170
6452-000Gas	3.50%	231	18,500	19,148	19,818	20,511	21,229	21,972	22,741	23,537	24,361	25,214	26,096	27,009	27,955	28,933	29,946	30,994	32,079	33,201	34,364	35,566	36,811	38,099	39,433	40,813	42,242	43,720	45,250	46,834	48,473	50,170
6453-000Sewer	3.50%	388	31,000	32,085	33,208	34,370	35,573	36,818	38,107	39,441	40,821	42,250	43,729	45,259	46,843	48,483	50,180	51,936	53,754	55,635	57,582	59,598	61,683	63,842	66,077	68,390	70,783	73,261	75,825	78,479	81,225	84,068
6454-000Trash	3.50%	350	28,000	28,980	29,994	31,044	32,131	33,255	34,419	35,624	36,871	38,161	39,497	40,879	42,310	43,791	45,323	46,910	48,552	50,251	52,010	53,830	55,714	57,664	59,682	61,771	63,933	66,171	68,487	70,884	73,365	75,933
Derived	3.50%	0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Subtotal: Utilities		1,313	105,000	108,675	112,479	116,415	120,490	124,707	129,072	133,589	138,265	143,104	148,113	153,297	158,662	164,215	169,963	175,912	182,069	188,441	195,036	201,863	208,928	216,240	223,809	231,642	239,749	248,141	256,826	265,815	275,118	284,747
Operating & Maintenance
6515-000Supplies - Janitorial	3.50%	6	450	466	482	499	516	534	553	573	593	613	635	657	680	704	728	754	780	808	836	865	895	927	959	993	1,027	1,063	1,101	1,139	1,179	1,220
6515-001Supplies - Repair	3.50%	69	5,500	5,693	5,892	6,098	6,311	6,532	6,761	6,998	7,242	7,496	7,758	8,030	8,311	8,602	8,903	9,214	9,537	9,871	10,216	10,574	10,944	11,327	11,723	12,134	12,558	12,998	13,453	13,924	14,411	14,915
6515-003Supplies - Plumbing	3.50%	35	2,800	2,898	2,999	3,104	3,213	3,326	3,442	3,562	3,687	3,816	3,950	4,088	4,231	4,379	4,532	4,691	4,855	5,025	5,201	5,383	5,571	5,766	5,968	6,177	6,393	6,617	6,849	7,088	7,336	7,593
6515-004Supplies - Landscaping	3.50%	6	450	466	482	499	516	534	553	573	593	613	635	657	680	704	728	754	780	808	836	865	895	927	959	993	1,027	1,063	1,101	1,139	1,179	1,220
6515-005Supplies - Electrical	3.50%	11	900	931	964	998	1,033	1,069	1,106	1,145	1,185	1,227	1,270	1,314	1,360	1,408	1,457	1,508	1,561	1,615	1,672	1,730	1,791	1,853	1,918	1,986	2,055	2,127	2,201	2,278	2,358	2,441
6520-000Contract - Janitorial	3.50%	4	300	311	321	333	344	356	369	382	395	409	423	438	453	469	486	503	520	538	557	577	597	618	639	662	685	709	734	759	786	814
6520-001Contract - Repair	3.50%	56	4,500	4,658	4,821	4,989	5,164	5,345	5,532	5,725	5,926	6,133	6,348	6,570	6,800	7,038	7,284	7,539	7,803	8,076	8,359	8,651	8,954	9,267	9,592	9,928	10,275	10,635	11,007	11,392	11,791	12,203
6520-002Contract - Pest Control	3.50%	56	4,500	4,658	4,821	4,989	5,164	5,345	5,532	5,725	5,926	6,133	6,348	6,570	6,800	7,038	7,284	7,539	7,803	8,076	8,359	8,651	8,954	9,267	9,592	9,928	10,275	10,635	11,007	11,392	11,791	12,203
6520-003Contract - Plumbing	3.50%	56	4,500	4,658	4,821	4,989	5,164	5,345	5,532	5,725	5,926	6,133	6,348	6,570	6,800	7,038	7,284	7,539	7,803	8,076	8,359	8,651	8,954	9,267	9,592	9,928	10,275	10,635	11,007	11,392	11,791	12,203
6520-004Contract - Landscaping	3.50%	144	11,500	11,902	12,319	12,750	13,197	13,658	14,136	14,631	15,143	15,673	16,222	16,790	17,377	17,985	18,615	19,267	19,941	20,639	21,361	22,109	22,883	23,683	24,512	25,370	26,258	27,177	28,129	29,113	30,132	31,187
6520-005Contract - Electrical	3.50%	23	1,800	1,863	1,928	1,996	2,066	2,138	2,213	2,290	2,370	2,453	2,539	2,628	2,720	2,815	2,914	3,016	3,121	3,230	3,343	3,461	3,582	3,707	3,837	3,971	4,110	4,254	4,403	4,557	4,716	4,881
6520-006Contract - HVAC	3.50%	45	3,600	3,726	3,856	3,991	4,131	4,276	4,425	4,580	4,741	4,906	5,078	5,256	5,440	5,630	5,827	6,031	6,242	6,461	6,687	6,921	7,163	7,414	7,673	7,942	8,220	8,508	8,805	9,114	9,433	9,763
6520-008Contract - Security Alarm/Fire Protection	3.50%	43	3,400	3,519	3,642	3,770	3,902	4,038	4,179	4,326	4,477	4,634	4,796	4,964	5,138	5,317	5,504	5,696	5,896	6,102	6,315	6,537	6,765	7,002	7,247	7,501	7,763	8,035	8,316	8,607	8,909	9,220
6520-009Security Services	3.50%	93	7,400	7,659	7,927	8,205	8,492	8,789	9,096	9,415	9,744	10,085	10,438	10,804	11,182	11,573	11,978	12,398	12,831	13,281	13,745	14,227	14,724	15,240	15,773	16,325	16,897	17,488	18,100	18,734	19,389	20,068
6570-000Vehicle & Maint. Equipment Repair	3.50%	5	400	414	428	443	459	475	492	509	527	545	564	584	604	626	647	670	694	718	743	769	796	824	853	882	913	945	978	1,013	1,048	1,085
6590-003Decorating	3.50%	144	11,500	11,902	12,319	12,750	13,197	13,658	14,136	14,631	15,143	15,673	16,222	16,790	17,377	17,985	18,615	19,267	19,941	20,639	21,361	22,109	22,883	23,683	24,512	25,370	26,258	27,177	28,129	29,113	30,132	31,187
6590-OTHOther (Misc Maintenance)	3.50%	35	2,800	2,898	2,999	3,104	3,213	3,326	3,442	3,562	3,687	3,816	3,950	4,088	4,231	4,379	4,532	4,691	4,855	5,025	5,201	5,383	5,571	5,766	5,968	6,177	6,393	6,617	6,849	7,088	7,336	7,593
Maintenance Payroll (derived)	3.50%	702	56,160	58,126	60,160	62,266	64,445	66,700	69,035	71,451	73,952	76,540	79,219	81,992	84,862	87,832	90,906	94,088	97,381	100,789	104,317	107,968	111,747	115,658	119,706	123,895	128,232	132,720	137,365	142,173	147,149	152,299
Subtotal: Operating & Maintenance		1,531	122,460	126,746	131,182	135,774	140,526	145,444	150,535	155,803	161,256	166,900	172,742	178,788	185,045	191,522	198,225	205,163	212,344	219,776	227,468	235,430	243,670	252,198	261,025	270,161	279,616	289,403	299,532	310,016	320,866	332,097
Taxes & Insurance
6720-000Property & Liability Insurance	3.50%	1,200	96,000	99,360	102,838	106,437	110,162	114,018	118,009	122,139	126,414	130,838	135,417	140,157	145,063	150,140	155,395	160,833	166,463	172,289	178,319	184,560	191,020	197,705	204,625	211,787	219,200	226,872	234,812	243,030	251,537	260,340
6790-000Misc. Taxes, Licenses & Permits	3.50%	73	5,800	6,003	6,213	6,431	6,656	6,889	7,130	7,379	7,637	7,905	8,181	8,468	8,764	9,071	9,388	9,717	10,057	10,409	10,773	11,151	11,541	11,945	12,363	12,795	13,243	13,707	14,187	14,683	15,197	15,729
Property Tax, net of exemption (derived)	2.00%	0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Payroll Tax + WC + Health (derived)	3.50%	537	42,993	44,498	46,055	47,667	49,335	51,062	52,849	54,699	56,614	58,595	60,646	62,768	64,965	67,239	69,593	72,028	74,549	77,158	79,859	82,654	85,547	88,541	91,640	94,847	98,167	101,603	105,159	108,840	112,649	116,592
Subtotal: Taxes & Insurance		1,810	144,793	149,861	155,106	160,535	166,153	171,969	177,988	184,217	190,665	197,338	204,245	211,393	218,792	226,450	234,376	242,579	251,069	259,856	268,951	278,365	288,107	298,191	308,628	319,430	330,610	342,181	354,158	366,553	379,383	392,661
Supportive Services
Derived	3.50%	0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Subtotal: Supportive Services		0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financial Expense
Derived	3.50%	0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Subtotal: Financial Expense		0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total: Operating Expenses		6,266	501,258	518,802	536,960	555,754	575,205	595,338	616,174	637,741	660,061	683,164	707,074	731,822	757,436	783,946	811,384	839,782	869,175	899,596	931,082	963,670	997,398	1,032,307	1,068,438	1,105,833	1,144,537	1,184,596	1,226,057	1,268,969	1,313,383	1,359,351
NOI Before Replacement Reserve		11,241	899,251	916,720	934,450	952,441	970,695	989,210	1,007,987	1,027,025	1,046,323	1,065,881	1,085,696	1,105,768	1,126,094	1,146,672	1,167,499	1,188,573	1,209,889	1,231,445	1,253,235	1,275,255	1,297,499	1,319,963	1,342,639	1,365,520	1,388,600	1,411,870	1,435,321	1,458,943	1,482,727	1,506,661
Replacement Reserve	3.00%	-350	(28,000)	(28,840)	(29,705)	(30,596)	(31,514)	(32,460)	(33,433)	(34,436)	(35,470)	(36,534)	(37,630)	(38,759)	(39,921)	(41,119)	(42,353)	(43,623)	(44,932)	(46,280)	(47,668)	(49,098)	(50,571)	(52,088)	(53,651)	(55,260)	(56,918)	(58,626)	(60,385)	(62,196)	(64,062)	(65,984)
Net Operating Income		10,891	871,251	887,880	904,744	921,845	939,181	956,750	974,554	992,588	1,010,854	1,029,347	1,048,066	1,067,009	1,086,172	1,105,553	1,125,146	1,144,949	1,164,957	1,185,165	1,205,567	1,226,157	1,246,928	1,267,875	1,288,988	1,310,260	1,331,682	1,353,244	1,374,936	1,396,747	1,418,665	1,440,677
RA Overhang - HCV	2.50%	801	64,056	65,657	67,299	68,981	70,706	72,473	74,285	76,142	78,046	79,997	81,997	84,047	86,148	88,302	90,509	92,772	95,091	97,469	99,905	102,403	104,963	107,587	110,277	113,034	115,860	118,756	121,725	124,768	127,887	131,085
Total - Rental Subsidy Overhang		801	64,056	65,657	67,299	68,981	70,706	72,473	74,285	76,142	78,046	79,997	81,997	84,047	86,148	88,302	90,509	92,772	95,091	97,469	99,905	102,403	104,963	107,587	110,277	113,034	115,860	118,756	121,725	124,768	127,887	131,085
Balance - Cash Flow		11,691	935,307	953,537	972,043	990,826	1,009,886	1,029,224	1,048,839	1,068,731	1,088,900	1,109,344	1,130,063	1,151,056	1,172,320	1,193,855	1,215,656	1,237,722	1,260,049	1,282,634	1,305,472	1,328,560	1,351,891	1,375,462	1,399,265	1,423,294	1,447,542	1,472,000	1,496,661	1,521,515	1,546,552	1,571,762
Amortizing Debt Service
First Mortgage - Interest			(688,812)	(684,695)	(680,313)	(675,649)	(670,685)	(665,401)	(659,778)	(653,793)	(647,424)	(640,644)	(633,429)	(625,749)	(617,576)	(608,876)	(599,617)	(589,763)	(579,275)	(568,112)	(556,231)	(543,586)	(530,127)	(515,803)	(500,557)	(484,331)	(467,061)	(448,681)	(429,118)	(408,296)	(386,136)	(362,550)
First Mortgage - Principal			(64,011)	(68,128)	(72,510)	(77,174)	(82,138)	(87,421)	(93,044)	(99,029)	(105,399)	(112,178)	(119,394)	(127,074)	(135,247)	(143,946)	(153,205)	(163,060)	(173,548)	(184,711)	(196,592)	(209,237)	(222,696)	(237,020)	(252,265)	(268,492)	(285,761)	(304,142)	(323,705)	(344,526)	(366,687)	(390,273)
First Mortgage - MIP			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 1 Mortgage - Interest			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 1 Mortgage - Principal			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 1 Mortgage - MIP			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 2 Mortgage - Interest			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 2 Mortgage - Principal			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 2 Mortgage - MIP			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 3 Mortgage - Interest			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 3 Mortgage - Principal			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 3 Mortgage - MIP			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 4 Mortgage - Interest			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 4 Mortgage - Principal			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Sub 4 Mortgage - MIP			—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Debt Service			(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)	(752,823)
Cash Flow Net of Debt Service & Reserves			118,428	135,057	151,922	169,022	186,358	203,928	221,731	239,766	258,031	276,524	295,244	314,186	333,350	352,730	372,324	392,127	412,135	432,342	452,744	473,334	494,106	515,052	536,165	557,437	578,859	600,421	622,113	643,924	665,842	687,855
Debt Coverage Ratio			1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Residual Receipts Debt Service (accrued)
Deferred Developer Fee
Deferred Developer Fee (Beginning)			—	1,523,634	1,449,522	1,355,581	1,240,782	1,104,056	944,290	760,331	550,979	314,987	51,062	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Annual Interest	4.00%		—	60,945	57,981	54,223	49,631	44,162	37,772	30,413	22,039	12,599	2,042	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Payment Applied			—	(135,057)	(151,922)	(169,022)	(186,358)	(203,928)	(221,731)	(239,766)	(258,031)	(276,524)	(53,104)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Outstanding DDF P&I			1,523,634	1,449,522	1,355,581	1,240,782	1,104,056	944,290	760,331	550,979	314,987	51,062	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—