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EXHIBIT 3 <br />Judson Brown, City of Santa Ana January 3, 2019 <br />Santa Ana United Methodist Church: Financial Gap Analysis Page 3 <br />5. The Developer is proposing to apply for a loan of $920,000 in Affordable Housing <br />Program (AHP) funds awarded by the Federal Home Loan Bank of San Francisco. <br />6. The Developer is proposing to provide $2.72 million in General Partner Equity to <br />the Project. <br />7. The Developer is proposing to defer $300,000 of the Developer Fee that is <br />included in the Project's development costs. The deferred amount will be repaid <br />from the cash flow generated by the Project over time. <br />PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />1. <br />2. <br />3. <br />4. <br />The Site area totals 1.74 acres, or approximately 75,794 square feet of land area. <br />The 93 -unit Project represents a density of 53 units per acre. <br />The Project's unit mix is as follows: <br />The Project's gross building area (GBA) is estimated at 123,062 square feet, and <br />is comprised of the following: <br />a. The residential GBA is estimated at 81,769 square feet; <br />b. The community room GBA is estimated at 2,576 square feet; <br />1812009:SA:TRB <br />19090.017.008 <br />Number of Units <br />Unit Size (SF) <br />One -Bedroom Units <br />30 <br />569 <br />Two -Bedroom Units <br />41 <br />920 <br />Three -Bedroom Units <br />22 <br />1,364 <br />Total / Weighted Average <br />93 <br />912 <br />The Project's gross building area (GBA) is estimated at 123,062 square feet, and <br />is comprised of the following: <br />a. The residential GBA is estimated at 81,769 square feet; <br />b. The community room GBA is estimated at 2,576 square feet; <br />1812009:SA:TRB <br />19090.017.008 <br />