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EXHIBIT 2 <br />KEYSER MARSTON ASSOCIATES,. <br />ADVISORS IN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT <br />MEMORANDUM <br />ADVISORS IN: <br />Real Estate <br />To: <br />Judson Brown, Housing Division Manager <br />Affordable Housing <br />Economic Development <br />City of Santa Ana <br />BERKELEY <br />A. Jerry Keyser <br />From: <br />Tim Bretz <br />Timothy C. Kelly <br />Debbie M. Kern <br />David Doezema <br />Date: <br />March 19, 2020 <br />Kevin Feeney <br />Los ANGELES <br />Kathleen H. Head Subject: Westview House: Financial Gap Analysis <br />James A. Rabe <br />Gregory D. Soo-Hoo <br />Kevin E. Engstrom <br />Julie L. Burney <br />Tim R. Bretz At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis <br />SAN DIEGO for the project proposed to be developed at 2530 and 2534 Westminster Avenue (Site) <br />Paul C. Marra by Community Development Partners (CDP) and Mercy House Development <br />Organization (Mercy House CHDO) — collectively referred to in this analysis as <br />"Developer." As proposed, the project will include 84 apartment units that will be <br />restricted to extremely low and low income households and one (1) unrestricted <br />manager's unit (Project). The Developer is requesting financial assistance from the City <br />of Santa Ana (City) for the purposes of developing the Project. The purpose of this KMA <br />analysis is to evaluate the Developer's request for financial assistance. <br />EXECUTIVE SUMMARY <br />Estimated Financial Gap <br />The results of the KMA financial gap analysis are compared to the Developer's financial <br />proposal in the following table: <br />500 SOUTH GRAND AVENUE, SUITE 1480 ➢ LOS ANGELES, CALIFORNIA 90071 ➢ PHONE 213.622.8095 <br />W W W.KEYSERMARSTON.COM 6 U B -15 <br />2003012:SA:TRB <br />19090.017.022 <br />