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500 SOUTH GRAND AVENUE, SUITE 1480  LOS ANGELES, CALIFORNIA 90071  PHONE 213.622.8095 <br />2108022.SA:TRB <br />WWW.KEYSERMARSTON.COM 19090.017.010 <br />ADVISORS IN: <br />Real Estate <br />Affordable Housing <br />Economic Development <br />BERKELEY <br />A. Jerry Keyser <br />Timothy C. Kelly <br />Debbie M. Kern <br />David Doezema <br />Kevin Feeney <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: October 6, 2021 <br /> Subject: Francis Xavier Residence: Financial Gap Analysis <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial gap analysis <br />for the project proposed to be developed at 801 – 809 ½ East Santa Ana Boulevard (Site) <br />by HomeAid Orange County (HomeAid) and Mercy House (Mercy House), collectively <br />referred to as “Developer.” The Site is currently owned by the City of Santa Ana Housing <br />Authority (Authority). As proposed, the project will include 17 units that will be <br />restricted to extremely-low income households (Project). <br />EXECUTIVE SUMMARY <br />Background <br />In 2018, the Developer responded to a request for proposals (RFP) issued by the City of <br />Santa Ana (City) / Authority to provide financial assistance to affordable housing <br />projects. The Developer proposed to construct a 12-unit permanent supportive housing <br />(PSH) apartment project located on the Site. The City/Authority approved the <br />Developer’s proposal and agreed to provide the following financial assistance: <br />1.A $1.07 million loan of Low and Moderate Income Housing Asset Funds <br />(LMIHAF); <br />EXHIBIT 3