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Judson Brown, City of Santa Ana February 10, 2025 <br />Habitat Wellington – Preliminary Financial Gap Analysis Page 11 <br /> <br /> 2412002v3.SA.TRB <br /> 19090.018.035 <br /> <br />Available Silent Second Mortgage Revenue <br />Based on the estimated market rate sales prices, the available silent second mortgage revenue <br />is estimated at as follows: <br /> Moderate Income Units <br /> One-Bedroom <br />Units <br /> Two-Bedroom <br />Unit <br />Market Rate Sales Price $345,600 $389,700 <br />(Less) Affordable Sales Price (310,400) (350,500) <br /> Silent Second Mortgage Amounts (Per Unit) $35,200 $39,200 <br />Number of Units 8 1 <br /> Available Silent Second Mortgage Capacity $281,600 $39,200 <br /> <br />Total Amount of City Down Payment <br />Assistance Secured as Silent Mortgages <br /> $320,800 <br /> <br />Thus, it is important to note that based on the estimated market rate prices, the City will not be <br />able to secure the full $80,000 in City Down Payment Assistance Program funding per unit. The <br />City will only be able to secure the amount of mortgage capacity between the appraised market <br />value and the first mortgage amount. <br />Based on current estimates, the City will be able to secure $320,800 of the $720,000 in City <br />Down Payment Assistance Program funding as silent mortgages. <br />Proposed City Down Payment Assistance $720,000 <br />(Less) Amount Secured by Silent Mortgages (320,800) <br /> Estimated Amount Unable to be Secured Against <br />Affordable Units <br /> $399,200 <br /> <br />EXHIBIT 5