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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 9 <br />a. A $2,000 application fee; <br />b. A $410 per unit monitoring fee; and <br />C. One percent (1%) of gross Tax Credit proceeds for one year. <br />KMA estimates the total financing costs at $3.47 million. <br />Total Development Costs <br />As shown in Table 1, KMA estimates the total development costs at $46.75 million, <br />which equates to approximately $502,700 per unit. In comparison, the Developer <br />estimates the total development costs at $46.73 million. This equates to a less than 1% <br />differential, which can be considered an insignificant difference. <br />Stabilized Net Operating Income (Table 2) <br />The Project's funding sources include Bonds, Tax Credits, AHSC funds, and City <br />Inclusionary Housing Funds. These programs all publish the applicable income limits for <br />households that are qualified to reside in the development. <br />TCAC publishes rent standards for projects that receive Tax Credits. CDLAC and HCD <br />publish regulations regarding the applicable rents for Projects with Bond funds and <br />AHSC funds, respectively. Per City staff, the City will apply Tax Credit rent standards to <br />units funded with Inclusionary Housing Program funds. The Developer will be required <br />to adhere to the strictest of the standards imposed by the funding sources contributed <br />to the Project. <br />Tenant -Paid Rents <br />The rents used in this analysis are based on 2018 income and rent information published <br />by TCAC. The maximum allowable rents, net of the appropriate utility allowances, are <br />estimated as follows:° <br />4 The utility allowances are estimated at: $41 for one -bedroom units; $55 for two-bedroom units; and $71 <br />for three-bedroom units. <br />1812009:SA:TRB <br />19090.017.008 <br />• A • <br />L�' <br />