Page 56 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

Unit Mix Guardian Place I & II

Estimated
Current Immediate year 0 year 1 year 1 2021 Max net unrestricted year 4 year 10
unit Type Phase aMI % # of units SF utility
asking rent rent Increase rents rent Growth rents allowable rent Max rent Market rents rents Market rents
allowance
S Studio I 60 48 408 726 129 855 65 920 945 90 855 950 1,069 1,277
1 1x1 I 60 61 552 906 0 906 69 975 1,012 106 906 1,200 1,351 1,613
2 2x2 I 60 12 816 1,059 0 1,059 80 1,139 1,215 156 1,059 1,350 1,519 1,814
1 1x1 II 60 79 546 921 0 921 70 991 1,012 91 921 1,200 1,115 1,613
1 1x1 II Market 2 546 1,130 70 1,200 36 1,236 - - - 1,200 1,351 1,613
2 2x2 II 60 20 810 1,093 0 1,093 83 1,176 1,215 122 1,093 1,350 1,324 1,814
2 2x2 II Market 4 810 1,330 20 1,350 41 1,391 - - - 1,350 1,519 1,814
2 2x2 II 60 2 832 1,093 0 1,093 83 1,176 1,215 122 1,093 1,425 1,324 1,915
2 2x2 II Market 6 832 1,330 95 1,425 43 1,468 - - - 1,425 1,604 1,915
2 2x2 II Market 2 960 1,415 85 1,500 45 1,545 - - - 1,500 1,688 2,016
Total 236 135,290 $218,017 $7,152 $225,169 $16,223 $241,392 $228,350 $22,531 $205,819 $279,000 $290,958 $374,953
Average 573 $924 $30 $954 $69 $1,023 $1,029 $101 $927 $1,182 $1,233 $1,589
50
Notes
The number of residents utilizing Section 8 vouchers is unknown
Current asking rents reflect the October 31, 2021 rent rolls 2x2 Studio
Utility allowance was unavailable at the time of analysis. Analysis assumes all units are renting at net maximum allowable rents. Further 20% 20%
clarification is needed
Analysis assumes Phase I will convert to market rate starting in Year 4 and Phase II will convert to market rate starting in Year 10

Affordability Restrictions
Phase I LIHTC LURA: Restricts 100% of the units at 60% AMI for seniors 62 and older. Final year of restrictions is 2024
Phase II LIHTC LURA: Restricts 90.6% of the units at 60% AMI for seniors 55 and older. Final year of restrictions is 2030 1x1
60%

Asking Rents vs. Net Max Rents
$1,600
$1,415
$1,400 $1,330 $1,330
$1,130
$1,200
$1,059 $1,059 $1,093 $1,093 $1,093 $1,093
$921 $921
$1,000 $906 $906
$855
$800 $726
$600
$400
$200
$0
60 60 60 Market 60 60 Market 60 Market Market
408 552 546 816 810 832 960
Studio 1x1 2x2
Asking Rent Net Max Rent

Financial Analysis | 8