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500 SOUTH GRAND AVENUE, SUITE 1480  LOS ANGELES, CALIFORNIA 90071  PHONE 213.622.8095 <br />2206004.SA.TRB <br />WWW.KEYSERMARSTON.COM 19090.018.025 <br />ADVISORS IN: <br />Real Estate <br />Affordable Housing <br />Economic Development <br />BERKELEY <br />A. Jerry Keyser <br />Debbie M. Kern <br />David Doezema <br />LOS ANGELES <br />Kathleen H. Head <br />James A. Rabe <br />Gregory D. Soo-Hoo <br />Kevin E. Engstrom <br />Julie L. Romey <br />Tim R. Bretz <br />SAN DIEGO <br />Paul C. Marra <br />MEMORANDUM <br /> To: Judson Brown, Housing Division Manager <br />City of Santa Ana <br /> From: Tim Bretz <br /> Date: June 4, 2022 <br /> Subject: WISEPlace Permanent Supportive Housing – Preliminary Financial Gap <br />Analysis <br /> At your request, Keyser Marston Associates, Inc. (KMA) prepared a preliminary financial <br />gap analysis for the project proposed to be developed at 1411 North Broadway (Site) by <br />WISEPlace and Jamboree Housing Corporation (collectively “Developer”). The Developer <br />is proposing to construct a 48-unit apartment project with 47 units designated as <br />Permanent Supportive Housing (PSH) units and restricted to extremely-low income <br />households (Project). One unit will be unrestricted and reserved for an on-site manager. <br />The Developer is requesting financial assistance from the City of Santa Ana (City) for the <br />purposes of developing the Project. The purpose of this KMA analysis is to evaluate the <br />Developer’s request for financial assistance. <br />EXECUTIVE SUMMARY <br />Estimated Financial Gap <br />The results of the KMA preliminary financial gap analysis are compared to the <br />Developer’s financial assistance request in the following table: <br />EXHIBIT 3