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Judson Brown, City of Santa Ana <br />Westview House: Financial Gap Analysis <br />March 19, 2020 <br />Page 3 <br />5. The Developer received a commitment letter from Rising Tide, a non-profit <br />affordable housing investment group, to provide a $1.0 million loan (Rising Tide <br />Loan). <br />6. The City is requiring that any amount of the Developer Fee above $2.5 million to <br />be contributed as Developer Equity. This amount is currently estimated at $1.43 <br />million, or 36% of the total Developer Fee. The Developer Equity should have <br />the following terms: <br />a. The Developer Equity will not be secured by a promissory note; <br />b. The Developer Equity may only be repaid from the Developer's share of <br />the Project's residual receipts; and <br />C. Any portion of the Developer Equity that is not repaid from the <br />Developer's share of the Project's residual receipts may only be repaid <br />upon sale or transfer of the property after the City Loans are repaid in <br />full. <br />7. The City's financial assistance will consist of the following: <br />a. A $1.51 million loan of Inclusionary Housing Funds (Inclusionary Loan). <br />b. A $2.0 million loan of HOME Investment Partnership Program (HOME) <br />funds allocated to the City by HUD (HOME Loan). The HOME Loan will <br />consist of the following components: <br />i. $1.14 million in general HOME funds; and <br />ii. $591,000 in HOME Community Housing Development <br />Organization (CHDO) funds. <br />C. A $387,000loan of Rental Rehabilitation Program funds (RRP Loan). <br />PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />2003012:SA:TRB <br />60 B-17 19090.017.022 <br />