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>1rl{{,.> <br />KEYSER MARSTON ASSOCIATES, <br />ADVISOR& IN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT <br />MEMORANDUM <br />AWILOar INI <br />Real Eamm <br />To: <br />Judson Brown, Housing Division Manager <br />Redevelopment <br />Affordable Housing <br />City of Santa Ana <br />Economic Development <br />SAN PBAKISCO <br />A. Jerry Keyser <br />From: <br />Kathleen Head <br />TlmothyC Kelly <br />Tim Bretz <br />Kate Earle Rank <br />Debbie M. Kern <br />Reed T. Kzwahara <br />David Doezems <br />ec: <br />Natalie Verlinfch, Housing Programs Analyst <br />L05AN4rteS <br />Kathleen Fh Head <br />Date: <br />March 1, 2017 <br />fames A. Rabe <br />Gregory A Soo -Hou <br />KevinE.Engsnom <br />Subject: <br />Santa Ana Arts Collective: FinanciaiGapAnalysls <br />Julie L. Romey <br />SAN 01060 <br />Paul G More <br />EXHIBIT 4 <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis for the <br />Santa Ana Arts Collective project being proposed by Meta Housing Corporation (Developer). <br />The purpose of the KMA analysls is to quantify the maximum amount of Ill nonclal assistance <br />necessary to provide the proposed affordable housing units. <br />EXECUTIVE SUMMARY <br />The Developer acquired an existing office building located at 1666 North Main Street (Site) and <br />is proposing to convert the building through adaptive reuse into a 58 -unit apartment project <br />(Project). Fifty-seven (57) of the units will be subject to long-term income and affordability <br />covenants, and one unit will be provided to an on-site manager. The Developer proposes to <br />target a tenant population that consists of working artistfamilles. <br />Previous Financial Assistance Request <br />The Developer submitted an initial proposal for the Project in Fall 2015. In that proposal, the <br />Developer requested $4.64 million in financial assistance from the City of Santa Ana (City), KMA <br />reviewed the Developer's proposal and confirmed that the financial assistance request was <br />warranted by the Project economics at that time. <br />500 SOUTH GRAND AVENUE, SUITE 1480 Y LOS ANGELES, CAUrORNIA 0071% PHONE 293,622.8095 <br />W W W.KEYSERMARSTON.COM <br />1709001:SNA:TRe <br />19090.014.007 <br />