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• Since 1990, JHC has built a $1.1 billion asset portfolio that includes the development of <br />and/or ownership interest in more than 8,300 housing units in more than 88 affordable <br />housing developments. <br />■ JHC has 15 years of experience providing quality housing for veterans, and <br />approximately 7% of the organization's 17,000 residents are veterans. <br />■ JHC has successfully completed three similar projects in Orange County utilizing HOME <br />Funds in the past 5 years. <br />■ JHC has affirmed that none of their projects have been placed into foreclosure or are at <br />risk of foreclosure. <br />C. Fiscal Soundness <br />JHC has extensive affordable housing development and asset management experience using <br />HOME funds as well as a variety of other federal funding sources. Therefore, it is determined <br />that JHC meets the financial management systems and practices required by the HOME <br />Program. <br />JHC provided audited financial statements for 2015, 2016, and 2017. The financial statements <br />demonstrate that JHC has sufficient cash -on -hand and financial strength to complete the <br />Project. <br />D. Conclusion <br />JHC has demonstrated the development capacity and fiscal soundness to undertake the Project. <br />V. MARKET ASSESSMENT <br />The Developer provided KMA with a multifamily rental market study conducted by Lea & <br />Company. The study includes an overview of the market area economy, household and income <br />trends, demand estimates, and absorption rates. The study also presents rental comparables <br />for both affordable and market rate properties as follows: <br />Development <br />Ross & Durant Apartments <br />Structure <br />LIHTC <br />Subject Site <br />2.61 miles <br />Triada at the Station District Apartments <br />LIHTC <br />3.08 miles <br />Warwick Square Apartments <br />LIHTC <br />4.01 miles <br />Bentley Parke Apartments <br />Market <br />0.26 miles <br />Vintage Wood Apartments <br />Market <br />0.50 miles <br />Villa Del Sur Apartments <br />Market <br />0.89 miles <br />The market study offers the following conclusions: <br />• The achievable market rent for one -bedroom units is approximately $1,510 per month. <br />• The achievable market rent for two -bedroom units is approximately $1,840 per month. <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 116 <br />25B-50 <br />