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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 12 <br />OCHA PSH Loan <br />The Developer is proposing to apply for $2.28 million in permanent supportive housing <br />funds awarded by the Orange County Housing Authority. <br />County Capitalized Ground Rent Payment <br />The County's Capitalized Ground Rent Payment is estimated at $2.50 million. This <br />amount will be secured by a promissory note on the property and be repaid through a <br />share of the Project's residual receipts. <br />City Capitalized Ground Rent Payment <br />The City's Capitalized Ground Rent Payment is estimated at $3.08 million. This amount <br />will be secured by a promissory note on the property and be repaid through a share of <br />the Project's residual receipts. <br />Deferred Developer Fee <br />The Developer is not proposing to defer any of the Developer Fee as a permanent <br />funding source. <br />Total Available Funding Sources <br />As shown in Table 3, the outside funding sources available to the Project are estimated <br />at $34.75 million. In comparison, the Developer estimates the available outside funding <br />sources at $34.76 million. This equates to an approximately $16,000 differential, which <br />is due to a slight difference in vacancy and collection allowance assumptions between <br />KMA and the Developer. <br />Estimated Financial Gap <br />Based on the preceding analysis, KMA estimates the Project's financial gap as follows: <br />Total Development Costs $38,688,000 <br />(Less) Total Available Outside Funding Sources (34,746,000) <br />Financial Gap $3,942,000 <br />Per Unit $45,800 <br />1905019:SA:TRB <br />19090.017.019 <br />Fo I P M <br />