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EXHIBIT 3 <br /> Judson Brown, City of Santa Ana February 10, 2025 <br /> Habitat Wellington — Preliminary Financial Gap Analysis Page 3 <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, I<MA 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 /> 2412002v3.SA.TRB <br /> 19090.018.035 <br />