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EXHIBIT 2 <br />KEYSER MARSTON ASSOCIATES.. <br />ADVISORS IN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT <br />ADVISORS IN: <br />Kathleen H. Head <br />Real Estate <br />To: <br />Judson Brown, Housing Division Manager <br />Affordable Housing <br />Kevin E. Engstrom <br />Economic Development <br />Julie L. Romey <br />City of Santa Ana <br />BERKELEY <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a preliminary financial <br />SAN DIEGO <br />A. Jerry Keyser <br />From: <br />Tim Bretz <br />Timothy C. Kelly <br />parcels that are currently owned by the City of Santa Ana Housing Authority (Authority). <br />Debbie M. Kern <br />sold to moderate income households (Project). <br />David Doezema <br />Date: <br />January 18, 2019 <br />Kevin Feeney <br />LOSANGELES <br />Kathleen H. Head <br />Subject: Lacy Street Project: Preliminary Financial Gap Analysis <br />James A. Rabe <br />Gregory D. Sao -Hoo <br />Kevin E. Engstrom <br />Julie L. Romey <br />Tim R. Bretz <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a preliminary financial <br />SAN DIEGO <br />gap analysis for the project proposed to be developed at 826 and 830 North Lacy Street <br />Paul C. Marra <br />(Site) by Habitat for Humanity of Orange County (Habitat). The Site consists of two <br />parcels that are currently owned by the City of Santa Ana Housing Authority (Authority). <br />As proposed, Habitat will construct two single family homes on the Site which will be <br />sold to moderate income households (Project). <br />Habitat is requesting the following financial assistance: <br />1. $231,000 in Inclusionary Housing Funds from the City of Santa Ana (City); and <br />2. To enter into a 99 -year ground lease with the Authority for the Site at no cost. <br />The purpose of the KMA analysis is to evaluate Habitat's financial assistance request. <br />EXECUTIVE SUMMARY <br />Estimated Financial Gap <br />The results of the KMA financial gap analysis are compared to Habitat's financial <br />proposal in the following table: <br />500 SOUTH GRAND AVENUE, SUITE 1480 > LOS ANGELES, CAUFORNIA 90071i PHONE 213.622.8095 <br />1901009:SA:TRB <br />W W W.KEYSERMARSTON.COM 19090.017.011 <br />