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Judson Brown, City of Santa Ana December 10, 2024 <br />Habitat Alton – Preliminary Financial Gap Analysis Page 2 <br /> <br /> 2412001v2.SA.TRB <br /> 19090.018.038 <br /> <br /> KMA Habitat Difference <br />Total Development Costs $27,281,000 $27,247,000 $34,000 <br />(Less) Total Available Revenue (17,438,000) (17,439,000) (1,000) <br /> <br />Estimated Financial Gap $9,843,000 $9,808,000 $35,000 <br /> <br />As shown in the preceding table, KMA estimates the Project’s financial gap at $9.84 million. <br />Comparatively, Habitat is requesting $9.81 million in financial assistance from the City. This <br />equates to a $35,000 or less than 1% differential. As such, it can be concluded that the <br />proposed City’s financial assistance is warranted by the Project’s economics. <br />The City proposes to utilize HOME Program (HOME) funds that are allocated to the City by the <br />United States Department of Housing and Urban Development (HUD). Based on a preliminary <br />HOME unit subsidy estimate, the Project will need to designate at least 30 units as HOME units. <br />PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />1. The Site area totals approximately 87,110 square feet, or approximately 2.0 acres of <br />land area. <br />2. The Site consists of multiple buildings that are used for religious entities. The buildings <br />will be demolished in order to undertake the Project. <br />3. The Project’s unit mix can be summarized as follows: <br />a. The Project will include 40 for-sale units, in 20 duplex buildings, which equates to <br />a density of 20 units per acre. <br />b. Each of the units will include three bedrooms and one and a half bathrooms. <br />c. The units will consist of approximately 1,070 square feet of gross building area <br />(GBA). <br />d. The Project’s total GBA is estimated at 42,800 square feet. <br />EXHIBIT 3