Item 62 - Pre-Commitment of Affordable Housing Funds for Jamboree Housing Corporation and WISEPlace

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Judson Brown, City of Santa Ana June 4, 2022 WISEPlace PSH Preliminary Financial Gap Analysis Page 2 2206004.SA.TRB 19090.018.025 KMA Developer Difference Total Development Costs $28,726,000 $28,785,000 ($59 ,000) Outside Funding Sources 23,529,000 23,529,000 -0- Financial Gap $5,197,000 $5,256,000 ($59,000) As shown in the preceding table, KMA estimates the Project’s financial gap at $5.20 million, which is $59,000, or approximately 1% less than the Developer’s financial gap estimate. This differential can be considered inconsequential for a Project of this magnitude. Proposed Funding Sources The following summarizes the proposed funding sources for the Project: 1. The Housing Authority of the City of Santa Ana (Housing Authority) proposes to provide twenty-five (25) Section 8 Project-Based Vouchers (PBVs) that are allocated to the Housing Authority by the United States Department of Housing and Urban Development (HUD). 2. The Developer is proposing to apply for 9% Federal Low Income Housing Tax Credits (Tax Credits) that are competitively awarded by the California Tax Credit Allocation Committee (TCAC). The net Federal Tax Credit proceeds are estimated at $20.05 million. 3. The Developer was awarded a $2.48 million loan of Mental Health Services Act (MHSA) funds from the Orange County Housing Finance Trust (OCHFT). 4. The Developer applied for a $1.0 million loan of Affordable Housing Program (AHP) funds that are awarded by the Federal Home Loan Bank of San Francisco. PROJECT DESCRIPTION WISEPlace currently owns the Site, and uses the location for their headquarters. The property has earned a Landmark Designation for serving women as the former YWCA. The Site is improved with a one-story structure facing Broadway and a two-story structure along Sycamore Street. As the Landmark Designation status prohibits EXHIBIT 3