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Judson Brown, City of Santa Ana <br />Westview House: Financial Gap Analysis <br />March 19, 2020 <br />Page 9 <br />C. One percent (1%) of the gross Tax Credit proceeds for one year. <br />KMA estimates the total financing costs at $2.59 million. <br />Total Development Costs <br />As shown in Table 1, KMA estimates the total development costs at $39.02 million, <br />which equates to approximately $459,000 per unit. This is approximately equal to the <br />Developer's development cost estimate <br />Stabilized Net Operating Income <br />The Project's outside funding sources include Bonds, Tax Credits, NPLH funds, and <br />HOME funds. These programs all publish income limits for the households that are <br />qualified to reside in the development. <br />TCAC publishes rents standards for projects that receive Tax Credits. In addition, HUD <br />publishes rent standards for projects that utilize HOME funds and HCD utilizes Tax Credit <br />rent standards for projects that utilize NPLH funds. The Developer will be required to <br />adhere to the strictest of the standards imposed by the funding sources contributed to <br />the Project. <br />Tenant -Paid Rents <br />The rents used in this analysis are based on 2019 income and rent information published <br />by TCAC, HCD and HUD. The maximum allowable rents, net of the appropriate utility <br />allowance, is estimated as follows:° <br />The Developer stated that the Project will pay the utility costs for the 26 NPLH units. The utility <br />allowances for the remaining units are estimated by the Developer as follows: $61 for a three -bedroom <br />unit and $75 for a four -bedroom unit. <br />2003012:SA:TRB <br />60 B-23 19090.017.022 <br />