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Judson Brown, City of Santa Ana February 10, 2025 <br />Habitat Wellington – Preliminary Financial Gap Analysis Page 3 <br /> <br /> 2412002v3.SA.TRB <br /> 19090.018.035 <br /> <br />will based on actual amounts determined immediately prior to the relocation of existing <br />tenants. <br />PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />1. The Site area totals approximately 9,150 square feet, or approximately 0.21 acres of <br />land area. <br />2. The Site consists of one existing apartment building. The apartment units will be <br />converted to condominium units. <br />3. The Project’s unit mix can be summarized as follows: <br />a. The Project will include 9 for-sale units, which equates to a density of 43 units <br />per acre. <br />b. The unit mix consists of the following: <br />i. Eight (8) one-bedroom units consisting of approximately 550 square feet <br />of living area; and <br />ii. One (1) two bedroom unit consisting of approximately 850 square feet of <br />living area. <br />c. The Project’s total gross building area (GBA) is estimated at 5,266 square feet. <br />4. Each unit has an existing one-car garage for a total of 9 parking spaces for the Project. <br />5. The Project’s affordability mix will consist of the following: <br />a. All nine units will be sold to Low or Moderate Income households. For the <br />purposes of this financial gap analysis, KMA assumed that all units will be sold to <br />Moderate Income households. <br />b. To limit displacement, existing apartment tenants with household incomes of <br />less than 120% of the Area Median Income (AMI) and that qualify to purchase a <br />unit will be given the first right to purchase a unit at an affordable sales price. <br />EXHIBIT 5