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C. Fiscal Soundness <br />The Developer has extensive affordable housing development and asset management <br />experience using HOME funds as well as a variety of other federal funding sources. Therefore, it <br />is determined that the Developer meets the financial management systems and practices <br />required by the HOME Program. <br />The Developer provided audited financial statements for 2016 and 2017 prepared in <br />accordance with generally accepted accounting principles. The financial statements <br />demonstrate that the Developer has sufficient cash -on -hand and financial strength to complete <br />the Project. <br />D. Conclusion <br />The Developer has demonstrated the development capacity and fiscal soundness to undertake <br />the Project. <br />V. MARKET ASSESSMENT <br />The Developer provided KMA with a multifamily rental market study conducted by Novogradac <br />& Company, LLP. KMA has reviewed the Market Study and prepared a summary of the findings. <br />A. Identification of Neighborhood Target Area <br />The market study identifies the neighborhood target area to be central Santa Ana, as well as <br />portions of the cities of Garden Grove and Orange with the following boundaries <br />Direction <br />Boundary <br />North: <br />Chapman Avenue <br />South: <br />Interstate 405/San Diego Freeway <br />East: <br />Costa Mesa Freeway/State Highway 55 <br />West: <br />Harbor Boulevard <br />B. Pricing <br />The following compares the Project's highest proposed rents to the adjusted market rents of <br />surveyed properties: <br />City of Santa Ana HOME Subsidy Layering Review: Santa Ana Arts Collective Page 116 <br />25J-38 <br />