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EXECUTIVE SUMMARY <br />The Developer proposes to develop the 76-unit Project on the 1.54-acre Site, currently owned <br />by the Developer. The Project will be financed with the following funding sources: <br />Funding <br />Conventional Loan <br />Source <br />Provided by Union Bank <br />9%Tax Credits <br />Allocated by TCAC, Provided by Union Bank as Investor <br />HOME Loan <br />Provided by City <br />OCCF Loan <br />Provided by Orange County Community Foundation <br />Home Depot Grant <br />Provided by Home Depot <br />SNHP Loan <br />Allocated by CaIHFA and Orange County <br />AHP Loan <br />Allocated by Federal Home Loan Bank <br />Deferred Developer Fee <br />Provided by Developer <br />VASH Vouchers <br />Allocated by Santa Ana Housing Authority <br />The KMA analysis concluded the following: <br />1. Underwriting Analysis: <br />a. The Project costs are estimated at $29.95 million and the available funding <br />sources are estimated at $29.48 million, resulting in a financial gap of <br />approximately $477,000. The financial gap is equal to Developer's request of <br />HOME funds from the City. Thus, the analysis demonstrates that the proposed <br />$477,346 in HOME assistance is necessary to provide the proposed affordable <br />housing units. <br />b. The cash flow analysis projects that the Project will have positive cash flow <br />through the 55-year affordability and loan term. <br />C. The developer fee, cash flow projection, equity appreciation and profit <br />anticipated to be generated by the Project are appropriate. <br />2. Developer has demonstrated the development capacity and fiscal soundness to <br />undertake the Project. <br />3. Developer provided a market study which demonstrates that there is more than <br />adequate demand for affordable housing to support the Project. <br />4. Other HOME Requirements: <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 12 <br />25B-36 <br />