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4. The Project will provide permanent supportive housing for homeless veterans, and will <br />be restricted for affordability purposes by the City and HOME Program with the <br />following affordability mix: <br />Affordability <br />Extremely Low Income (30%AMI) 75 <br />Manager's Unit (unrestricted) 1 <br />Total Units 76 <br />5. The Project will include 6,080 sf of private open space, and 20,809 square feet of <br />common open space, for a total of 26,889 square feet. <br />6. Support services will be provided by the Long Beach VA in partnership with Step Up on <br />Second, Inc., an experienced veteran's services provider with a history of working in <br />conjunction with the Veterans Administration. Step Up's services will be augmented <br />with additional supportive services from the Tierney Center for Veteran Services, the <br />Veterans Legal Institute, and Strength in Support. Three full-time case managers will <br />provide general social services to residents, including counseling, medical services, and <br />mental health treatment. Additionally, two on -site Resident Service Coordinators will <br />provide support to the case managers along with a part-time employee who will provide <br />administrative support. <br />III. PROJECT UNDERWRITING ASSESSMENT <br />KMA prepared a pro forma analysis to assist in evaluating Developer's proposal. The analysis is <br />in Appendix A located at the end of this report and is organized as follows: <br />Table 1: <br />Estimated Development Costs <br />Table 2: <br />Stabilized Net Operating Income <br />Table 3: <br />Financial Gap Calculation <br />Table 4: <br />Cash Flow Analysis <br />Table 5: <br />Cost Allocation Analysis <br />A. Estimated Development Costs (Table 1) <br />KMA reviewed Developer's cost estimate provided in July 2019, which was originally based on a <br />cost estimate provided by Advent Companies dated May 25, 2018. Advent Companies is a <br />third -party contractor. After reviewing the proposed scope of work and the acquisition costs, <br />KMA found the assumptions to be reasonable and necessary to complete the proposed Project. <br />The resulting estimated development costs are as follows: <br />LandAssemblage Costs <br />Total land assemblage costs are estimated to total $4,400,000, or $66 per square foot of land <br />area or $57,900 per unit. The Developer entered into a Purchase and Sale Agreement on <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 14 <br />25B-38 <br />