Laserfiche WebLink
Judson Brown, City of Santa Ana <br />Lacy Street Project: Preliminary Financial Gap Analysis <br />a <br />5. <br />EXHIBIT 2 <br />January 18, 2019 <br />Page 12 <br />C. Should the Authority consider selling the Site on an unrestricted basis and <br />then utilize the sales proceeds for other more cost efficient affordable <br />housing projects? <br />The Affordable Sales Prices cannot be finalized until the Project commences sales <br />activities. It is likely that the actual Affordable Sales Prices will vary from the <br />amounts estimated in this analysis. <br />The cash financial assistance provided by the City should be secured by silent <br />second mortgage loans. <br />a. The City's financial assistance should fall second in the lien hierarchy <br />behind the conventional first trust deed mortgage. <br />A re-evaluation will be performed once marketing of the units <br />commences. If at that time the gap between the unrestricted market <br />prices and the Affordable Sales Prices is less than projected in this <br />analysis, a portion of the City's assistance may have to be provided as a <br />grant instead of a loan. <br />1901009:SA:TRB <br />80A-24 19090.017.011 <br />