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TABLE 3 <br />FINANCIAL GAP CALCULATION <br />9% TAX CREDITS <br />WISEPLACE PSH PROJECT <br />SANTA ANA, CALIFORNIA <br />I.Available Funding Sources <br />Federal 9% Tax Credit Equity 1 <br />Gross Tax Credit Value $21,331,000 <br />Syndication Rate $0.94 /Tax Credit Dollar <br />Net Tax Credit Equity $20,049,000 <br />OC Housing Finance Trust 2 $2,480,000 <br />AHP 2 $1,000,000 <br />Deferred Developer Fee 2 $0 <br />Total Available Funding Sources $23,529,000 <br />II.Financial Gap Calculation <br />Total Development Costs $28,726,000 <br />(Less) Total Available Funding Sources (23,529,000) <br />III.Financial Gap 48 Units $108,300 /Unit $5,197,000 <br />1 <br />2 Based on Developer estimate. <br />Assumes a $18.2 million eligible basis, plus a 130% difficult-to-develop premium, a 9.0% Tax Credit rate and an applicable fraction of 100%. <br />Prepared by: Keyser Marston Associates, Inc. <br />File name: Santa Ana Wiseplace_6 4 22.xlsx; Pro Forma_9%; trb <br />EXHIBIT 3