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Judson Brown, City of Santa Ana <br />EXHIBIT 3 <br />January 3, 2019 <br />Santa Ana United Methodist Church: Financial Gap Analysis Page 13 <br />4. 100% of the Project's building are that is included in the eligible basis is located <br />in units that qualify for Federal Tax Credits. <br />5. The net syndication value supported by the Tax Credits is ultimately determined <br />based on competitive market conditions and on the timing of disbursements. <br />Based on currently available information, the Developer estimates the Tax Credit <br />proceeds at $0.94 per gross Tax Credit dollar. <br />AHSC Loan <br />The Developer anticipates receiving a $20.0 million AHSC Loan. <br />Orange County Housing and Community Development & Homeless Prevention Funds <br />The Developer is proposing to apply for $2.36 million in OC HCD/HP funds managed by <br />the County of Orange. <br />AHP Loan <br />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 />Deferred Developer Fee <br />The Developer is proposing to defer $300,000, or 6% of the Developer Fee that is <br />included in the Project's development costs. The deferred amount will be repaid from <br />the cash flow generated by the Project over time. <br />General Partner Equity <br />The Developer is proposing to provide $2.72 million in General Partner Equity to the <br />Project. This equates to 52% of the Developer Fee that is included in the Project's <br />development costs. <br />Total Available Outside Funding Sources <br />As shown in Table 3, the outside funding sources available to the Project are estimated <br />at $43.55 million. <br />1812009SA:TRB <br />19090.017.008 <br />