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Judson Brown, City of Santa Ana October 6, 2021 <br />Francis Xavier Residence: Financial Gap Analysis Page 7 <br /> <br /> 2108022:SA:TRB <br /> 19090.017.010 <br /> <br />Total Construction Costs <br />As shown in Table 1, KMA estimates the total construction costs at $6.90 million, which <br />equates to approximately $405,800 per unit. The KMA estimate is approximately equal <br />to the Developer’s estimate. <br />Stabilized Net Operating Income (Table 2) <br />The Project’s funding sources include NPLH funds, SNHP funds, OCHTF funds and <br />LMIHAF funds. The Project’s income and affordability standards must comport with the <br />most stringent of the following: <br />1. Income Restrictions: The tenants’ household incomes cannot exceed the stricter <br />of: <br />a. H&SC Section 50106 for extremely low income households; and <br />b. The applicable income limits published by HCD for the NPLH and SNHP <br />Program. <br />2. Affordability Restrictions: Rents applied to all of the units must reflect the more <br />stringent of: <br />a. H&SC extremely low income rents based on the calculation defined in <br />Section 50053; and <br />b. The applicable rents published by HCD for the NPLH and SNHP Program. <br />Tenant-Paid Rents <br />The rents used in this analysis are based on 2021 income and rent information published <br />by HCD. Additionally, for the purposes of underwriting the project, the maximum <br />tenant-paid rents are also limited to 30% of the monthly Supplemental Security Income <br />allowance. The maximum allowable rents, net of the appropriate utility allowances, are <br />estimated as follows:3 <br /> <br />3 The utility allowances are estimated at $31 for one-bedroom units. <br />EXHIBIT 3