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Judson Brown, City of Santa Ana October 27, 2022 <br />Habitat Washington Avenue – Preliminary Financial Gap Analysis Page 2 <br /> <br /> 2208010v2:SA:TRB <br /> 19090.018.026 <br /> <br />As shown in the preceding table, KMA estimates the Project’s financial gap at $2.24 <br />million. Comparatively, Habitat is requesting $2.20 million in financial assistance from <br />the City. This equates to a $36,000, or less than 2% differential. As such, it can be <br />concluded that the proposed City financial assistance will not provide a windfall profit to <br />Habitat. <br />PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />1. The Site area totals approximately 16,000 square feet, or approximately 0.37- <br />acres of land area. <br />2. The Project’s unit mix can be summarized as follows: <br />a. The Project will include six for-sale units developed in three duplex <br />buildings, which equates to a density of 16 units per acre. <br />b. Each of the units will include three bedrooms and two bathrooms. <br />c. Four units will be approximately 1,430 square feet of gross building area <br />(GBA) and two units will be approximately 1,165 square feet of GBA, <br />which results in an average unit size of 1,340 square feet of GBA; and <br />d. The Project’s total GBA is estimated at 8,050 square feet. <br />3. Each unit incorporates an attached garage consisting of two parking spaces. An <br />additional surface parking space will be provided for a van stall. This results in a <br />total of 13 parking spaces for the Project. <br />4. All six units will be restricted to low income households per the definitions set <br />forth in California Health and Safety Code (H&SC). <br />FINANCIAL GAP ANALYSIS <br />KMA prepared a pro forma analysis to estimate the Project’s financial gap. The analysis <br />is located at the end of this memorandum, and is organized as follows: <br /> <br />EXHIBIT 3