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Judson Brown, City of Santa Ana <br />EXHIBIT 2 <br />January 18, 2019 <br />Lacy Street Project: Preliminary Financial Gap Analysis Page 3 <br />1. A single -story "Craftsman -style" home, which will include three bedrooms and <br />two and a one-half bathroom; and <br />2. A two-story "Victorian -style" home, which will include four bedrooms and three <br />bathrooms. <br />It is important to note that the architectural designs proposed for the Project are more <br />in line with custom home developments as opposed to Habitat's original mission to <br />provide "simple, decent and affordable" housing. The proposed architectural designs <br />result in significantly higher construction costs than the projects typically constructed by <br />Habitat. <br />Scope of Development <br />The proposed scope of development can be described as follows: <br />1. The Site area totals 0.34 acres, or approximately 16,200 square feet of land area. <br />2. The two -unit Project represents a density of 5 units per acre. <br />3. The Project's unit mix is as follows: <br />a. One (1) three-bedroom house estimated at 1,500 square feet of gross <br />building area (GBA); and <br />b. One (1) four-bedroom house estimated at 1,700 square feet of GBA. <br />4. The Project's total GBA is estimated at 3,200 square feet. <br />5. Both units will be restricted to moderate income households per the definitions <br />set forth in California Health and Safety Code (H&SC). <br />FINANCIAL GAP ANALYSIS <br />KMA prepared a pro forma analysis to estimate the Project's financial gap. The analysis <br />is located at the end of this memorandum, and is organized as follows: <br />1901009:SA:TRB <br />19090.017.011 <br />