Laserfiche WebLink
Judson Brown, City of Santa Ana December 10, 2024 <br />Habitat Alton – Preliminary Financial Gap Analysis Page 3 <br /> <br /> 2412001v2.SA.TRB <br /> 19090.018.038 <br /> <br />4. The Project will include 96 parking spaces consisting of the following: <br />a. Each unit incorporates an attached garage consisting of one parking space plus <br />an additional surface parking space adjacent to each unit. <br />b. Sixteen (16) additional surface parking spaces will be provided, including two <br />accessible stalls. <br />5. The Project’s affordability mix will consist of the following: <br />a. Thirty (30) units will be designated as HOME units and restricted to Low Income <br />households; and <br />b. The remaining ten (10) units will be restricted to Moderate Income households. <br />FINANCIAL GAP ANALYSIS <br />KMA prepared a pro forma analysis to estimate the Project’s financial gap. The analysis is <br />located at the end of this memorandum, and is organized as follows: <br />Table 1: Estimated Development Costs <br />Table 2: Estimated Available Revenue <br />Table 3: Estimated Financial Gap <br />Table 4: Silent Second Mortgage Revenue Calculations <br />Table 5: Preliminary HOME Cost Allocation <br />Table 6: Affordable Sales Price Calculation (HOME Units) <br /> <br />ESTIMATED DEVELOPMENT COSTS (TABLE 1) <br />KMA reviewed Habitat’s December 2024 pro forma, and then independently prepared a pro <br />forma analysis for the Project. The resulting development costs are estimated as follows: <br />Property Assemblage Costs <br />The property assemblage costs are estimated at $4.93 million as follows: <br />EXHIBIT 3