Laserfiche WebLink
EXHIBIT 3 <br />KEYSER MARSTON ASSOCIATES,. <br />ADVISORS IN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT <br />MEMORANDUM <br />ADVISORS IN: <br />Real Estate To: Judson Brown, Housing Division Manager <br />Affordable Housing <br />Economic Development City of Santa Ana <br />BERKELEY <br />A. Jerry Keyser From: Tim Bretz <br />Timothy C. Kelly <br />Debbie M. Kern <br />David Doezema Date: January 9, 2019 <br />Kevin Feeney <br />LOS ANGELES <br />Kathleen H. Head Subject: Francis Xavier Residence: Preliminary Financial Gap Analysis <br />James A. Rabe <br />Gregory D. Soo -Hoo <br />Kevin E. Engstrom <br />Julie L. Romey <br />Tim R. Bretz At your request, Keyser Marston Associates, Inc. (KMA) prepared a preliminary financial <br />SAN DIEGO gap analysis for the project proposed to be developed at 801— 809 % East Santa Ana <br />Paul C. Marra Boulevard (Site) by HomeAid Orange County (HomeAid) and Mercy House (Mercy <br />House), collectively referred to as "Developer." The Site is currently owned by the City <br />of Santa Ana Housing Authority (Authority). As proposed, the project will include 12 <br />units that will be restricted to extremely -low income households (Project). <br />The Developer is requesting the following financial assistance: <br />1. $1.07 million in Low and Moderate Income Housing Asset Funds (LMIHAF) from <br />the Authority; <br />2. Veterans Affairs Supportive Housing (VASH) Vouchers allocated to the Authority <br />by the United States Department of Housing and Urban Development (HUD); and <br />3. To enter into a long-term ground lease with the Authority for the Site. <br />The purpose of the KMA analysis is to evaluate the Developer's financial assistance <br />request. <br />500 SOUTH GRAND AVENUE, SUITE 1480 , LOS ANGELES, CALIFORNIA 90071 PHONE 213.622.8095 <br />WWW.KEYSERMARSTON.COM <br />3-18 <br />1901007:SA:TRB <br />19090.017.010 <br />