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Judson Brown, City of Santa Ana June 4, 2022 <br />WISEPlace PSH Preliminary Financial Gap Analysis Page 12 <br /> <br /> 2206004.SA.TRB <br /> 19090.018.025 <br /> <br />OCHFT Loan <br />The Developer received an award for a $2.48 million loan from OCHFT. <br />AHP Loan <br />The Developer applied for a $1.0 million loan of AHP funds. <br />Deferred Developer Fee <br />The Developer is not proposing to defer any of the Developer Fee as a permanent <br />funding source. <br />Total Available Funding Sources <br />As shown in Table 3, KMA estimates the outside funding sources available to the Project <br />to be $23.53 million. <br />Estimated Financial Gap <br />Based on the preceding analysis, KMA estimates the Project’s financial gap as follows: <br />Total Development Costs $28,726 ,000 <br />(Less) Total Available Outside Funding Sources (23,529,000) <br /> Financial Gap $5,197,000 <br />Per Unit $108,300 <br /> <br />As shown in the table above, KMA estimates that the Project exhibits a $5.20 million <br />financial gap. In comparison, the Developer is requesting $5.26 million in financial <br />assistance from the City. This equates to a $59,000, or approximately 1% differential, <br />which can be considered inconsequential for a Project of this magnitude. <br />CAPITALIZED OPERATING SUBSIDY RESERVE ANALYSIS (TABLE 4) <br />KMA also conducted a COSR analysis to estimate the amount of capitalized operating <br />assistance necessary to sustain the Project’s operations for a 20-year period. <br />EXHIBIT 3