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777 SOUTH FIGUEROA STREET, SUITE 2555  LOS ANGELES, CALIFORNIA 90017  PHONE 213.622.8095 <br />2412001v2.SA.TRB <br />WWW.KEYSERMARSTON.COM 19090.018.038 <br />ADVISORS IN: <br />Real Estate <br />Affordable Housing <br />Economic Development <br />BERKELEY <br />Debbie M. Kern <br />David Doezema <br />LOS ANGELES <br />Kathleen H. Head <br />Kevin E. Engstrom <br />Julie L. Romey <br />Tim R. Bretz <br />SAN DIEGO <br />Paul C. Marra <br />Linnie A. Gavino <br />EMERITUS <br />A. Jerry Keyser <br />Timothy C. Kelly <br />MEMORANDUM <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a preliminary financial <br />gap analysis for the project to be developed at 621 West Alton Avenue (Site) by Habitat <br />for Humanity of Orange County (Habitat). Habitat is currently in discussions with the <br />property owner to purchase the Site. <br />Habitat proposes to demolish the existing structures on the Site, and construct 40 for- <br />sale units to be sold to low and moderate income households (Project). Habitat is <br />requesting $9.81 million in financial assistance from the City of Santa Ana (City). The <br />purpose of the KMA analysis is to evaluate Habitat’s financial assistance request. <br />EXECUTIVE SUMMARY <br />The results of the KMA financial gap analysis are compared to Habitat’s financial proposal <br />in the following table: <br /> To: Judson Brown, Housing Division Manager <br />City of Santa Ana <br /> From: Tim Bretz <br /> Date: December 10, 2024 <br /> Subject: Habitat Alton Avenue – Preliminary Financial Gap Analysis <br /> <br />EXHIBIT 3