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EXHIBIT 2 <br />Judson Brown, City of Santa Ana May 22, 2019 <br />1126-46 E. Washington Ave: Preliminary Financial Gap Analysis Page 3 <br />Credit Allocation Committee (TCAC). The net Federal Tax Credit proceeds are <br />estimated at $18.98 million. <br />4. The Developer is proposing to apply for State Housing Tax Credits (State Tax <br />Credits) that are awarded by TCAC. The net State Tax Credit proceeds are <br />estimated at $5.0 million. <br />5. The Developer is proposing to apply for a loan of permanent supportive housing <br />(OCHA PSH Loan) funds awarded by the Orange County Housing Authority <br />(OCHA). <br />6. The Developer proposes to ground lease the Housing Authority and County <br />parcels based on current fair market value of the Site. The capital ground rent <br />payment amounts are estimated as follows: <br />a. A $2.50 million capitalized ground rent payment to the County; and <br />b. A $3.08 million capitalized ground rent payment to the Housing <br />Authority. <br />PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />1. The site is comprised of 2.28 acres, or 99,317 square feet of land area. <br />2. The Project's unit mix is as follows: <br />Number of <br />Unit Size <br />Units <br />SF <br />Studio Units <br />16 <br />400 <br />One -Bedroom Units <br />26 <br />600 <br />Two -Bedroom Units <br />22 <br />850 <br />Three -Bedroom Units <br />17 <br />1,100 <br />Four -Bedroom Units <br />5 <br />1,300 <br />Total / Weighted Average <br />86 <br />766 <br />1905019:SA:TRB <br />19090.017.019 <br />F4 <br />