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Judson Brown, City of Santa Ana June 28, 2021 <br />Housing Opportunity Ordinance: Updated In-Lieu Fee Analysis Page 12 <br /> <br /> 2106011.SA:KHH <br /> 19090.017.021 <br /> <br />Sales Price Estimates <br />MARKET RATE UNITS <br />In June 2021, KMA surveyed ownership housing projects in the Santa Ana vicinity that <br />have been built within the past five years (Attachment 2 – Appendix A). It is important <br />to note that the prototype analysis is intended to reflect average or typical ownership <br />housing projects rather than any specific project. It should be expected that specific <br />projects will vary to some degree from the prototype. <br />The average sales prices used in the pro forma analysis are set at the following amounts: <br />Projected Market Rate Sales Prices – Ownership Housing Development <br /> Three-Bedroom Units $690,000 <br /> Four-Bedroom Units $775,000 <br /> Weighted Average Price Per Square Foot of Saleable Area $417 <br /> <br />AFFORDABLE SALES PRICE CALCULATIONS <br />The Ordinance calls for Affordable Sales Prices to be set using the H&SC Section 50052.5 <br />calculation methodology. The calculations are presented in Attachment 2 – Appendix B <br />– Exhibit I, and the assumptions and results can be summarized as follows: <br />1. The household income information used in the calculations is based on 2021 <br />income statistics distributed by HCD. <br />2. The household size appropriate for the unit is based on the H&SC Section <br />50052.5 standard of the number of bedrooms in the home plus one. As was the <br />case in the Affordable Rent calculations, this is a benchmark, not an occupancy <br />cap.