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EXHIBIT 3 <br />Judson Brown, City of Santa Ana January 9, 2019 <br />Francis Xavier Residence: Preliminary Financial Gap Analysis Page 3 <br />3. The Developer is proposing to defer $365,000 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 by the Project over time. <br />PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />1. The Site area totals 0.34 acres, or approximately 15,000 square feet of land area. <br />2. The 12 -unit Project represents a density of 35 units per acre. <br />3. The Project's unit mix is as follows: <br />Number of Units Unit Size (SF) <br />One -Bedroom Units 10 600 <br />Two -Bedroom Units 2 800 <br />Total / Weighted Average 12 633 <br />4. The Project's gross building area (GBA) is estimated at approximately 14,800 <br />square feet. <br />5. The Project will include 12 garage parking spaces, which equates to one space <br />per unit. <br />6. Each of the 12 units in the Project will be restricted to households earning the <br />lesser of: <br />a. Extremely Low Income per the definitions set forth in California Health <br />and Safety Code (H&SC); and <br />b. 25% of the NPLH Area Median Income (AMI). <br />7. The Project will not include an on-site manager's unit. <br />1901007:SA:TRB <br />19090.017.010 <br />3-20 <br />