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Table 3
<br /> Financing Gap Analysis--Rental Product Type
<br /> Pleasanton Housing Impact Fee,EPS#151111
<br /> 2-Story Multifamily With Surface Parking
<br /> Very Low Low Low Median Moderate
<br /> Income Income Income Income Income
<br /> Item (50%AMI) (60%AMI) (80%AMI) (100%AMI) (120%AMI)
<br /> Development Program Assumptions
<br /> Density/Acre 30 30 30 30 30
<br /> Average Gross Unit Size 1,100 1,100 1,100 1,100 1,100
<br /> Average Net Unit Size 950 950 950 950 950
<br /> Average Number of Bedrooms 2 2 2 2 2
<br /> Average Number of Persons per Household 3 3 3 3 3
<br /> Parking Spaces/Unit[1] 2.00 2.00 2.00 2.00 2.00
<br /> Cost Assumptions
<br /> Land/Acre $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000
<br /> Land/Unit $66,667 $66,667 $66,667 $66,667 $66,667
<br /> Direct Construction Costs/Gross SF[2] $215 $215 $215 $215 $215
<br /> Direct Construction Costs/Unit $236,500 $236,500 $236,500 $236,500 $236,500
<br /> Parking Construction Costs/Space $3,000 $3,000 $3,000 $3,000 $3,000
<br /> Parking Construction Costs/Unit $6,000 $6,000 $6,000 $6,000 $6,000
<br /> Subtotal,Direct Costs/Unit $242,500 $242,500 $242,500 $242,500 $242,500
<br /> Indirect Costs as a%of Direct Costs[3] 35% 35% 35% 35% 35%
<br /> Indirect Costs/Unit $84,875 $84,875 $84,875 $84,875 $84,875
<br /> Total Cost/Unit(rounded) $394,000 $394,000 $394,000 $394,000 $394,000
<br /> Maximum Supported Unit Value
<br /> Household Income[4] $42,100 $49,550 $64,450 $84,150 $101,000
<br /> Income Available for Housing Costs/Year[5] $12,630 $14,865 $19,335 $25,245 $30,300
<br /> Operating Expenses per Unit/Year[6] $6,200 $6,200 $6,200 $10,700 $10,700
<br /> Net Operating Income $6,430 $8,665 $13,135 $14,545 $19,600
<br /> Capitalization Rate 5.0% 5.0% 5.0% 5.0% 5.0%
<br /> Total Supportable Unit Value $128,600 $173,300 $262,700 $290,900 $392,000
<br /> Financing Gap $265,400 $220,700 $131,300 $103,100 $2,000
<br /> [1]Reflects an average as apartments with up to 2 bedrooms are required to provide a minimum of 2 spaces for the first 4 units and 1.5 spaces for each additional unit. In addition,
<br /> visitor parking ratio of 1 space for each 7 units is also required.
<br /> [2]Direct construction costs based upon EPS findings in Pleasanton.Includes costs for labor and materials. Assumes Direct Construction Costs for rentals are$10/SF less than for-
<br /> sale developments.
<br /> [3]Includes costs for architecture and engineering;entitlement and fees;project management,marketing,commissions,and general administration:financing and charges:insurance;
<br /> and contingency.
<br /> [4]Based on HCD 2015 income limits for Alameda County.
<br /> [5]Assumes housing costs to be 30%of gross household income.
<br /> [6]Operating expenses based upon previous findings in other Bay Area jurisdictions,and include costs of tenants'utilities. Units for median-and moderate-income households are
<br /> assumed to be built as for-profit projects and thus subject to property tax.
<br /> Sources:Alameda County housing developers;Department of Housing and Urban Development;Economic&Planning Systems,Inc.
<br /> Economic&Planning Systems.Inc. 2/262018 9 P:115100081151111PIeasentonFeewode11151111modl forse/e011515810
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