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may_g R A Tt� EXHIBIT 3 <br /> V G� <br /> KEYSER MARSTON ASSOCIATES <br /> MEMORANDUM <br /> ADVISORS IN: <br /> Real Estate To: Judson Brown, Housing Division Manager <br /> Affordable Housing <br /> Economic Development City of Santa Ana <br /> BERKELEY <br /> Debbie M.Kern From: Tim Bretz <br /> David Doezema <br /> Los ANGELES Date: February 10, 2025 <br /> Kathleen H.Head <br /> Kevin E.Engstrom <br /> Julie L.Romey Subject: Habitat Wellington Avenue— Preliminary Financial Gap Analysis <br /> Tim R.Bretz <br /> SANDIEGO At your request, Keyser Marston Associates, Inc. (KMA) prepared a preliminary financial <br /> Paul C.Marra <br /> Linnie A.Gavino gap analysis for the project proposed to be developed at 425 East Wellington Avenue <br /> EMERITUS (Site) by Habitat for Humanity of Orange County (Habitat). Habitat purchased the Site in <br /> A.Jerry Keyser November 2024. <br /> Timothy C.Kelly <br /> The Site includes an existing 9-unit apartment building. Habitat proposes to convert the <br /> existing rental units into for-sale condominium units which will be sold to Low or <br /> Moderate Income households (Project). Habitat is requesting up to $920,000 in financial <br /> assistance from the City of Santa Ana (City). The City's financial assistance package is <br /> proposed to be structured as follows: <br /> 1. The City proposes to utilize up to $720,000 in Inclusionary Housing (Inclusionary) <br /> Funds to provide down payment assistance to eligible homebuyers (Down Payment <br /> Assistance Program Allocation). <br /> 2. The City may provide up to $200,000 in Inclusionary Funds to provide relocation <br /> assistance to existing apartment tenants that do not purchase an affordable unit at the <br /> property (Conditional Relocation Allocation). <br /> 777 SOUTH FIGUEROA STREET,SUITE 2555 LOS ANGELES,CALIFORNIA 90017),-PHONE 213.622.8095 <br /> 2412002v3.SA.TRB <br /> WWW.KEYSERMARSTON.COM 19090.018.035 <br />