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TABLE 1 <br />ESTIMATED DEVELOPMENT COSTS <br />6 FOR-SALE LOW INCOME UNITS <br />HABITAT FOR HUMANITY - WASHINGTON AVE <br />SANTA ANA, CALIFORNIA <br />I.Acquisition Costs 1 15,973 Sf Land $36 /Sf Land $580,000 <br />II.Direct Costs 2 <br />On-Site Improvements 15,973 Sf Land $36 /Sf Land $581,000 <br />Building Costs 8,053 Sf GBA $196 /Sf GBA 1,578,000 <br />General Conditions 3 0%Construction Costs 0 <br />Habitat Supervision 3 0%Construction Costs 0 <br />Contingency Allowance 10%Other Direct Costs 216,000 <br />Total Direct Costs 6 Units $395,833 /Unit $2,375,000 <br />III.Indirect Costs <br />Architecture, Engineering & Consulting 12%Direct Costs $285,000 <br />Public Permits & Fees 4 6 Units $40,000 /Unit 240,000 <br />Taxes, Legal & Accounting 3%Direct Costs 71,000 <br />Insurance 6 Units $7,200 /Unit 43,000 <br />Developer Fee 5 13%Net Development Cost (Excl. Dev Fee)480,000 <br />Contingency Allowance 10%Other Indirect Costs 112,000 <br />Total Indirect Costs $1,231,000 <br />IV.Financing Costs <br />Interest During Construction 6 $765,000 Loan 7.0%Interest $32,000 <br />Loan Origination Fee $765,000 Loan 1.0 Point 8,000 <br />Closing Costs 2.00%Sales Revenues 21,000 <br />Warranties 6 Units $7,183 /Unit 43,000 <br />Total Financing Costs $104,000 <br />IV.Total Development Costs 6 Units $715,000 /Unit $4,290,000 <br />1 Based on Habitat estimate. An appraisal or purchase and sale agreement was not provided for review. <br />2 <br />3 <br />4 <br />5 Based on estimate provided by Habitat. <br />6 <br />Based on Habitat estimates. Assumes that prevailing wage requirements will not be imposed on the Project. <br />The total loan amount is equal to the total development costs less the Developer Fee, closing costs, warranties, Habitat fundraising and 90% of the <br />City's financial assistance amount. The construction loan interest is based on a 12-month construction period and is estimated to have a 60% <br />average outstanding balance. <br />Based on Habitat estimates. City staff should verify the accuracy of this estimate. <br />Assumes that the general conditions and supervision costs are included in the Building Costs line item. <br />Prepared by: Keyser Marston Associates, Inc. <br />File name: Habitat Washington Avenue_10 27 22.xlsx; Pf <br />EXHIBIT 3