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EXHIBIT 3 <br />ADVISORS IN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT <br />MEMORANDUM <br />Au)vosoizs IIS,' <br />Real Estate To: <br />Judson Brown, Housing Division Manager <br />Affordable Housing <br />Economic Development <br />City of Santa Ana <br />]BusuzKusLE <br />A. Jerry Keyser From: <br />Tim Bretz <br />Timothy C. Kelly <br />Debbie M. Kern <br />David Doezema Date: <br />October 6, 2021 <br />Kevin Feeney <br />Los Arun u LES <br />Kathleen H. Head Subject: Francis Xavier Residence: Financial Gap Analysis <br />James A. Rabe <br />Gregory D. Soo-Hoo <br />Kevin E. Engstrom <br />Julie L. Romey <br />Tim R. Bretz At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis <br />SfkNDIEGO for the project proposed to be developed at 801— 809 % East Santa Ana Boulevard (Site) <br />Paul C. Marra <br />by HomeAid Orange County (HomeAid) and Mercy House (Mercy House), collectively <br />referred to as "Developer." The Site is currently owned by the City of Santa Ana Housing <br />Authority (Authority). As proposed, the project will include 17 units that will be <br />restricted to extremely -low income households (Project). <br />EXECUTIVE SUMMARY <br />Background <br />In 2018, the Developer responded to a request for proposals (RFP) issued by the City of <br />Santa Ana (City) / Authority to provide financial assistance to affordable housing <br />projects. The Developer proposed to construct a 12-unit permanent supportive housing <br />(PSH) apartment project located on the Site. The City/Authority approved the <br />Developer's proposal and agreed to provide the following financial assistance: <br />1. A $1.07 million loan of Low and Moderate Income Housing Asset Funds <br />(LMIHAF); <br />500 SOUTH <br />City Council 16 <br />WWW.KEYSERMARSTON.COM 19090.017.010 <br />