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<br />500 SOUTH GRAND AVENUE, SUITE 1480  LOS ANGELES, CALIFORNIA 90071  PHONE 213.622.8095 <br /> 1901007:SA:TRB <br />WWW.KEYSERMARSTON.COM 19090.017.010 <br /> <br /> <br /> <br /> <br /> <br /> <br />ADVISORS IN: <br />Real Estate <br />Affordable Housing <br />Economic Development <br /> <br />BERKELEY <br />A. Jerry Keyser <br />Timothy C. Kelly <br />Debbie M. Kern <br />David Doezema <br />Kevin Feeney <br /> <br />LOS ANGELES <br />Kathleen H. Head <br />James A. Rabe <br />Gregory D. Soo-Hoo <br />Kevin E. Engstrom <br />Julie L. Romey <br />Tim R. Bretz <br /> <br />SAN DIEGO <br />Paul C. Marra <br /> <br /> <br />MEMORANDUM <br /> <br />To: Judson Brown, Housing Division Manager <br />City of Santa Ana <br /> From: Tim Bretz <br /> Date: January 9, 2019 <br /> Subject: Francis Xavier Residence: Preliminary Financial Gap Analysis <br /> <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a preliminary financial <br />gap analysis for the project proposed to be developed at 801 – 809 ½ East Santa Ana <br />Boulevard (Site) by HomeAid Orange County (HomeAid) and Mercy House (Mercy <br />House), collectively referred to as “Developer.” The Site is currently owned by the City <br />of Santa Ana Housing Authority (Authority). As proposed, the project will include 12 <br />units that will be restricted to extremely-low income households (Project). <br />The Developer is requesting the following financial assistance: <br />1. $1.07 million in Low and Moderate Income Housing Asset Funds (LMIHAF) from <br />the Authority; <br />2. Veterans Affairs Supportive Housing (VASH) Vouchers allocated to the Authority <br />by the United States Department of Housing and Urban Development (HUD); and <br />3. To enter into a long-term ground lease with the Authority for the Site. <br />The purpose of the KMA analysis is to evaluate the Developer’s financial assistance <br />request. <br />EXHIBIT 3 <br />3-18