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ADviso RS IN: <br />Real Estate <br />Affordable Housing <br />Economic Development <br />BERKELEY <br />A. Jerry Keyser <br />Timothy C. Kelly <br />Debbie M. Kern <br />David Doezema <br />Kevin Feeney <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 />SAN DIEGO <br />Paul C. Marra <br />KEYSER MARSTON ASSOCIATES <br />ADVISORS IN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT <br />MEMORANDUM <br />To: Judson Brown, Housing Division Manager <br />City of Santa Ana <br />From: Tim Bretz <br />Date: February 21, 2019 <br />Subject: Budget Inn: Preliminary Financial Gap Analysis <br />EXHIBIT 3 <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis <br />for the project proposed to be developed at 1108 North Harbor Boulevard (Site) by <br />Jamboree Housing Corporation (Developer). The Site contains an existing motel which <br />the Developer proposes to acquire and convert into a 91 -unit permanent supportive <br />housing (PSH) apartment project (Project). Eight -nine (89) apartment units will be <br />restricted to extremely -low households and two units will be unrestricted and reserved <br />for on-site managers. <br />The Developer is requesting financial assistance from the City of Santa Ana (City). The <br />City proposes to utilize Community Development Block Grant Program (CDBG) funds <br />which are allocated to the City by the United States Department of Housing and Urban <br />Development (HUD). In addition, the Santa Ana Housing Authority (Authority) proposes <br />to provide 89 HUD-VASH Project -Based Vouchers (PBVs) allocated to the Authority by <br />HUD. The purpose of the KMA analysis is to evaluate the Developer's financial <br />assistance request. <br />500 SOUTH GRAND AVENUE, SUITE 1480 > LOS ANGELES, CALIFORNIA 90071> PHONE 213.622.8095 <br />wW W.KEYSERMARSTON.COM <br />LFoolimpo <br />1902016.SA.TRB <br />19090.017.009 <br />