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Judson Brown, City of Santa Ana <br />1126-46 E. Washington Ave: Preliminary Financial Gap Analysis <br />EXHIBIT 2 <br />May 22, 2019 <br />Page 4 <br />3. Detailed project plans were not available for review. As such, KMA estimates <br />the Project's gross building area (GBA) at 85,000 square feet, which is comprised <br />of the following: <br />a. The residential GBA is estimated at 65,900 square feet; <br />b. The community building GBA is estimated at 3,500 square feet; and <br />C. The circulation / common area GBA is estimated at 15,600 square feet. <br />4. The Project includes 110 surface parking spaces, which equates to <br />approximately 1.28 parking spaces per unit. <br />5. The Project's proposed affordability mix is as follows: <br />Tax Credit @ 30% Median/Moderate H&SC/Low HOME 1 85 <br />Unrestricted Manager's Unit 1 <br />Total Units 86 <br />FINANCIAL GAP ANALYSIS <br />KMA prepared a pro forma analysis to assist in evaluating the Developer's proposal. The <br />analysis 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 />Table 4: Preliminary HOME Cost Allocation <br />1 H&SC = the California Health and Safety Code, and the "Median" represents the Orange County Median <br />Income published by HCD. The median income published by TCAC is referred to as the TC Median. <br />1905019:SA:TRB <br />19090.017.019 <br />FO <br />