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Judson Brown, City of Santa Ana February 21, 2019 <br />Budget Inn: Preliminary Financial Gap Analysis Page 3 <br />5. The Developer is proposing to apply for a loan of $890,000 in Affordable Housing <br />Program (AHP) funds awarded by the Federal Home Loan Bank of San Francisco. <br />6. The Developer is proposing to defer $139,000 of the Developer Fee that is <br />included in the Project's development costs. The deferred amount will be repaid <br />from the cash flow generated from the Project over time. <br />PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />1. The Site is comprised of 1.79 acres, or 77,972 square feet of land area. <br />2. The 91 -unit Project represents a density of 50 units per acre. <br />3. The Project will include 89 studio units, one (1) one -bedroom unit, and one (1) <br />two-bedroom unit. <br />4. The Project will include 89 PSH units which will be restricted to households <br />earning no more than 30% of the Tax Credit Median. <br />5. The Project will include two unrestricted units reserved for on-site managers. <br />6. The Project will include a 4,000 square foot medical clinic. <br />7. The Project will include 107 surface parking spaces. <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 />Table 1: Estimated Development Costs <br />Table 2: Stabilized Net Operating Income <br />Table 3: Financial Gap Calculation <br />TRB <br />80B-21 119090.17.009 <br />19090.017.009 <br />