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HA - Item 03 - Pre -Commitment of Affordable Housing Funds for Illumination Foundation
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HA - Item 03 - Pre -Commitment of Affordable Housing Funds for Illumination Foundation
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7/13/2023 10:43:01 AM
Creation date
7/12/2023 12:51:24 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Clerk of the Council
Item #
HA-3
Date
7/18/2023
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TABLE 3 <br />EXHIBIT 2 <br />FINANCIAL GAP CALCULATION <br />BEWLEY STREET PSH PROJECT <br />SANTA ANA, CALIFORNIA <br />I. Available Funding Sources <br />Illumination Foundation Loan Amount <br />Developer - Committed Fundraising <br />Developer - Additional Fundraising <br />Total Available Funding Sources <br />II. Financial Gap Calculation <br />Total Development Costs <br />(Less) Total Available Funding Sources <br />0 <br />$2,769,500 <br />$1,000,000 <br />$1, 500,000 <br />$5,269,500 <br />See TABLE 1 $7,339,000 <br />(5,269,500) <br />Total Financial Gap 11 Units $188,100 /Unit $2,069,500 <br />1 Based on Developer estimate. <br />Prepared by: Keyser Marston Associates, Inc. <br />File name: Bewley Street_6 6 23; Pf; trb <br />
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