APPRAISAL REPORT 70-UNIT PERMANENT SUPPORTIVE HOUSING (PSH) PROJECT Anaheim, California _______________________________________________ APPRAISAL REPORT 70-UNIT PERMANENT SUPPORTIVE HOUSING (PSH) PROJECT Anaheim, California ___________________________________________ SUBMITTED TO: SUBMITTED BY: TLP * REALTY ADVISORS 30497 Canwood Street, Suite 201 Agoura Hills, CA 91301 Telephone 818-851-9474 Email:
[email protected] Web: www.TLPRA.com File No.: 20-224 DATES OF VALUE: March 1, 2020 - Fee Simple Market Value As Is May 1, 2021 - Leased Fee PMVCC November 1, 2021 - Leased Fee PMVSO DATE OF REPORT: July 9, 2020 July 9, 2020 RE: In accordance with your request, we have made an examination of the above-referenced property, for the purpose of estimating the requested market value estimates of the property and the proposed improvements. Specifically requested, and provided in this report are the following value scenarios: VALUE CONCLUSIONS NO.VALUE PREMISE COMMENT 1 Fee Simple Market Value As Is Vacant - 70 Unit Motel 2 Leased Fee PMVCC - Restricted Rents Trending Considered 3 Leased Fee PMVSO - Restricted Rents Trending Considered 4 Hypothetical Leased Fee PMVSO - Market Rents Trending Considered and accounting for un- subordinated rents, if any 5 Market Value LIHTCs - Low Income Housing Tax Credits (RD) 6 Insurable Cost Estimate 7 Leased Fee PMVSO - Restricted Rents No Trending 8 Leased Fee Market Value NPV of subsidy rent over term of contract (15 years) 9 Leased Fee Market Value De Control Value With Tax Exemption 10 Leased Fee Market Value De Control Value Without Tax Exemption 11 Hypothetical Leased Fee PMVSO - Market Rents No Trending Definition of Appraisal Assignment and Report Format This appraisal has been prepared under the CCRC appraisal Guidelines and it has been completed in conformance with the requirements of the Appraisal Foundation's, Uniform Standards of Professional Appraisal Practice (USPAP and the written report options of USPAP Standards Rule 2-2(a) and Title XI of FIRREA.