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EXHIBIT 3 <br />)OU <br />KEYSER MARSTON ASSOCIATES. <br />ADVISORS IN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT <br />MEMORANDUM <br />ADV13ons IN: <br />Real Estate <br />To: <br />Judson Brown, Housing Division Manager <br />Affordable Housing <br />James A. Rabe <br />Economic Development <br />City of Santa Ana <br />BERKELEYKeyser <br />Julie L. Ramey <br />Tim Bretz <br />eysFrom: <br />A. Jerry Keyserr <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis <br />SAN DIEGO <br />Timothy C. Kelly <br />Paul C. Marra <br />National Community Renaissance (CORE) and Mercy Housing Living Centers (Mercy <br />Debbie M. Kern <br />House), collectively referred to as "Developer." As proposed, the project will include 93 <br />David Doezema <br />Date: <br />January 3, 2019 <br />Kevin Feeney <br />Los ANGELES <br />Kathleen H. Head <br />Subject: Santa Ana United Methodist Church Project: Financial Gap Analysis <br />James A. Rabe <br />Gregory D. Soo -Hoo <br />Kevin E. Engstrom <br />Julie L. Ramey <br />Tim R. Bretz <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis <br />SAN DIEGO <br />for the project proposed to be developed at 609 North Spurgeon Street (Site) by <br />Paul C. Marra <br />National Community Renaissance (CORE) and Mercy Housing Living Centers (Mercy <br />House), collectively referred to as "Developer." As proposed, the project will include 93 <br />units that will be restricted to extremely -low, very -low, and low income households <br />(Project). <br />The Developer is requesting financial assistance from the City of Santa Ana (City), and <br />Section 8 Project -Based Vouchers allocated to the City of Santa Ana Housing Authority <br />(Authority) by the United States Department of Housing and Urban Development (HUD). <br />The purpose of the KMA analysis is to evaluate the Developer's financial assistance <br />request. <br />EXECUTIVE SUMMARY <br />Estimated Financial Gap <br />The results of the KMA financial gap analysis are compared to the Developer's financial <br />proposal in the following table: <br />500 SOUTH GRAND AVENUE, SUITE 1480 ➢ LOS ANGELES, CAUFORNIA 90071 ➢ PHONE 213.622.8095 <br />W W W.KEYSERMARSTON.COM <br />80A-21 <br />1812009:SA:TRB <br />19090.017.008 <br />