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EXHIBIT 2 <br />Terri Eggers / Judson Brown, City of Santa Ana June 22, 2023 <br />Bewley Street — Preliminary Financial Gap Analysis Page 4 <br />4. The Project's residential GBA is estimated at 7,473 square feet, inclusive of the <br />new ADU space. <br />5. Twenty-nine (29) surface parking spaces will be provided consisting of: <br />a. Twenty (20) parking spaces for the residential component; and <br />b. Nine (9) parking spaces for the preschool component. <br />6. The Project's proposed affordability mix is as follows: <br />a. Two (2) one -bedroom units and six (6) two -bedroom units will be <br />restricted to homeless TAY households that earn no more than 30% of <br />the Area Median Income (AMI) as published by the California Department <br />of Housing and Community Development (HCD) for Multifamily Tax <br />Subsidy Programs (MTSP);2 <br />b. Two (2) three -bedroom units will be structured as shared housing for <br />homeless senior citizens that earn no more than 50% MTSP AMI; and <br />C. One two -bedroom unit will be unrestricted and reserved for an on -site <br />manager. <br />FINANCIAL GAP ANALYSIS <br />KMA prepared a pro forma analysis to assist in evaluating the Developer's proposal. The <br />analysis is located at the end of this memorandum, and is organized as follows: <br />Table 1: Estimated Development Costs <br />Table 2: Stabilized Net Operating Income <br />Table 3: Financial Gap Calculation <br />Table 4: Cash Flow Analysis <br />z Although the Project's financing does not utilize Tax Credits, the City has elected to utilize the MTSP <br />income and rent limits published by HCD. <br />2306002v3.SA.TRB <br />19090.018.028 <br />