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Judson Brown, City of Santa Ana October 6, 2021 <br />Francis Xavier Residence: Financial Gap Analysis Page 2 <br /> <br /> 2108022:SA:TRB <br /> 19090.017.010 <br /> <br />2. Three (3) Section 8 Project-Based Vouchers (PBVs) allocated to the Authority by <br />the United States Department of Housing and Urban Development (HUD); and <br />3. To enter into a long-term ground lease with the Developer for the Site. <br />Subsequent to the Authority’s award, the Developer secured the following additional <br />funding sources: <br />1. The Project was awarded a $1.56 million loan of No Place Like Home (NPLH) <br />funds from the California Department of Housing and Community Development <br />(HCD); <br />2. The Project was awarded a $2.05 million loan of Special Needs Housing Program <br />(SNHP) funds from the County of Orange (County); <br />3. The Project was awarded an $832,000 loan from the Orange County Housing <br />Trust Fund (OCHTF); <br />4. A $1.44 million Capitalized Operating Subsidy Reserve (COSR) for 8 units was <br />awarded by HCD through the NPLH Program; and <br />5. A $630,000 COSR for four units was awarded by the County through the SNHP <br />Program. <br />Additional Financial Assistance Request <br />After receiving the Authority’s award of financial assistance, the Developer revised the <br />proposed project to include 17 one-bedroom units instead of the 12 units previously <br />proposed. In addition, the Developer received updated construction cost estimates, <br />which increased the development budget for the Project. As such, per the information <br />submitted by the Developer, the Project currently exhibits an additional unfunded <br />financial gap. The Developer is requesting that the Authority provide $588,000 in <br />additional financial assistance to the Project. <br />Estimated Additional Financial Gap <br />The purpose of this KMA analysis is to evaluate the Developer’s request for an <br />additional $588,000 in financial assistance. <br />EXHIBIT 3