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Judson Brown, City of Santa Ana June 28, 2021 <br />Housing Opportunity Ordinance: Updated In-Lieu Fee Analysis Page 7 <br /> <br /> 2106011.SA:KHH <br /> 19090.017.021 <br /> <br />4. The parking provided for the prototype project complies with the City’s parking <br />code.2 <br />Rent Estimates <br />MARKET RATE UNITS <br />In June 2021, KMA surveyed rental residential projects in Santa Ana and Anaheim that <br />have been built within the past five years and that received four or more stars in the <br />CoStar quality ranking system. The survey is presented in Attachment 1 – Appendix A. <br />The purpose of this survey was to assist in estimating the currently achievable market <br />rents for the types of projects likely to be constructed in Santa Ana. However, the <br />characteristics of actual projects will vary to some degree from the prototypes. <br />The market rate monthly rent estimates that are used in this pro forma analysis are: <br />Projected Monthly Market Rate Rents – Rental Residential Development <br /> Average Monthly Rent Per Unit <br /> Studio Units $2,420 <br /> One-Bedroom Units $2,600 <br /> Two-Bedroom Units $2,830 <br /> Three-Bedroom Units $3,750 <br /> Weighted Average Rent Per Square Foot of Leasable Area $2.86 <br /> <br />AFFORDABLE RENT CALCULATIONS <br />The Ordinance calls for “Affordable Rents” to be calculated using the methodology <br />imposed by California Health and Safety Code (H&SC) Section 50053. The calculations <br />are presented in Attachment 1 – Appendix B – Exhibit I, and the assumptions and results <br />can be summarized as follows: <br /> <br />2 The density bonus scenario used to test the on-site production requirement is based on the Section <br />65915 (p) provision that allows no guest parking requirement to be applied.