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Judson Brown, City of Santa Ana <br />Francis Xavier Residence: Financial Gap Analysis <br />October 6, 2021 <br />Page 4 <br />Extremely Low Income (ELI) H&SC 3 <br />ELI H&SC / NPLH/SNHP @ 25% Median 8 <br />ELI H&SC / SNHP @ 25% Median 1 <br />ELI H&SC / SNHP @ 30% Median 4 <br />Total Affordable Units 16 <br />6. The Project will include one on -site manager's unit. <br />7. The Project's units are targeted towards homeless individuals. <br />FINANCIAL GAP ANALYSIS <br />KMA prepared a pro forma analysis to estimate the Project's additional financial gap. <br />The analysis is located at the end of this memorandum, and is organized as follows: <br />Table 1: Estimated Construction Costs <br />Table 2: Stabilized Net Operating Income <br />Table 3: Financial Gap Calculation <br />Estimated Construction Costs (Table 1) <br />KMA reviewed the Developer's August 27, 2021, pro forma and then independently <br />prepared a pro forma analysis of the Project. The resulting construction costs are <br />estimated as follows: <br />Direct Costs <br />The direct costs assume that the Project will not be subject to State of California and/or <br />Federal Davis Bacon prevailing wage requirements. The direct costs applied in this <br />analysis can be summarized as follows: <br />1. The on -site improvement costs are estimated at $25 per square foot of land <br />area, or $375,000. <br />City Council 16 — 57 126F12WRIB <br />19090.017.010 <br />